China Great Wall Securities has maintained its "Buy" rating for BABA-W (09988), projecting the company will achieve revenues of 1.06/1.18/1.30 trillion yuan for FY2026-FY2028, with adjusted net profit attributable to shareholders of 125.6/159.9/190.3 billion yuan, corresponding to P/E ratios of 19.9/15.6/13.1 times respectively.
The company's instant retail and e-commerce main platform demonstrate significant synergistic effects, further strengthening its "major consumption platform" strategy. Meanwhile, the cloud business is expected to continue benefiting from AI applications and the commercialization of AI agents, combining both technology and consumer attributes.
Alibaba's Gaode Map has launched the world's first user behavior-based ranking system called "Gaode Street Scanning List," fully supporting offline dining and service consumption. The "Street Scanning List" is primarily divided into three categories: food, hotels, and attractions, with a particular focus on offline restaurant merchant rankings. It also includes specialty food lists such as "Local Favorites," "Frequent Visits," and "Neighborhood Gems," covering more than 300 prefecture-level cities nationwide, officially launching its "in-store group buying" business layout.
The research firm noted that following Alibaba's launch of Taobao Flash Shopping on April 30 with significant investment, the company has further introduced Gaode's "Street Scanning List," expanding into the local services business. The firm believes that local services and delivery services have certain synergistic effects, such as the ability to share merchant resources between in-store and takeaway services. Additionally, in-store consumption scenarios are less complex than delivery services, eliminating fulfillment and delivery processes, thus offering greater profit margins.
Furthermore, Gaode Map underwent a version upgrade in August, adding "spatial intelligence" AI functionality (accurately analyzing and utilizing user behavior data) while reorganizing the app's bottom navigation bar into Home (map), Explore (recommendations for nearby attractions, food, hotels, etc.), Chat (AI Q&A), and Ride-hailing. The overall design is more life-oriented, laying a solid foundation for Gaode Map's launch of "in-store group buying" services.
According to QuestMobile data, Gaode Map's average daily active users (DAU) reached 186 million in July 2025, six times that of Dianping during the same period, demonstrating strong traffic advantages. Currently, Gaode has integrated maps, ride-hailing, reviews, group buying, and travel services, potentially benchmarking against Google Maps to create China's map "super app."
With Alibaba's launch of the Gaode Street Scanning List, although Taobao Flash Shopping is not directly participating in the local services business, its future strategy may reference the progress of Gaode's rankings. Looking ahead, the firm believes Alibaba will further deepen its involvement in local services while entering the transaction segment, complementing Taobao Flash Shopping to further improve its "major consumption platform" layout.