Great Wall Securities: Maintains Alibaba-W "Buy" Rating, Gaode Launches "Street Scanning List" to Layout In-Store Business

According to Zhitong Finance APP, Great Wall Securities released a research report stating that it maintains a "Buy" rating for Alibaba-W (09988), expecting the company to achieve revenues of 1.06/1.18/1.30 trillion yuan for FY2026-FY2028; adjusted net profit attributable to the parent company of 125.6/159.9/190.3 billion yuan; corresponding PE ratios of 19.9/15.6/13.1 times. The company's instant retail and e-commerce main site have significant synergy effects, further intensifying the layout of the "big consumption platform." Meanwhile, the cloud business is expected to continue benefiting from AI applications and the commercialization of AIAgent, combining technology and consumption attributes.

Alibaba's Gaode Map has launched the world's first user behavior-based ranking list, the "Gaode Street Ranking," fully supporting offline dining and service consumption. The "Gaode Street Ranking" is mainly divided into three categories: food, hotels, and scenic spots, with a focus on offline dining merchants. It also includes some specialty food rankings, such as "Loved by Locals," "Frequently Visited," and "Hidden Gems," covering over 300 prefecture-level cities nationwide, officially starting the layout of the "in-store group buying" business.

The firm stated that after Alibaba launched Taobao Flash Sale on April 30 and made significant investments, it further introduced the Gaode "Street Ranking" to expand its in-store business layout. The firm believes that the in-store business has certain synergy effects with the home delivery business, as merchant resources for in-store and takeaway can be reused. Additionally, the complexity of in-store consumption scenarios is lower than that of takeaway business, reducing fulfillment and delivery steps, thus offering greater profit margins. Furthermore, Gaode Map underwent a version upgrade in August, adding "spatial intelligence" AI features (accurately analyzing and utilizing user behavior data) and reclassifying the app's bottom navigation bar into Home (Map), Explore (recommendations for nearby attractions, food, hotels, etc.), Dialogue (AI Q&A), and Ride-hailing, making it more aligned with daily life and laying a solid foundation for the launch of the "in-store group buying" business. According to QuestMobile data, Gaode Map's average 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 hotel travel, aiming to benchmark against Google Maps and create a domestic "super app" for maps.

Although Alibaba's launch of the Gaode Street Ranking does not directly involve Taobao Flash Sale in the in-store business, its future layout may reference the progress of the Gaode ranking. Looking ahead, the firm believes that Alibaba will further deepen its in-store business and will enter the transaction link, complementing Taobao Flash Sale to further enhance the layout of the "big consumption platform."