Internet vertical leaders: Don't hesitate, 'small but beautiful' can really work! | Year-end summary series (Part 3)
During the era of the internet's wild growth, giants expanded outward, pursuing boundless expansion. The market deeply questioned whether there was such a thing as "small but beautiful."
But as the industry entered a cycle of inward-focused efficiency and "restrained" survival, internet giants—whether it was the disillusionment of Meituan's community group buying, Alibaba's abandonment of its "N" strategy, or Tencent's divestment of investment assets from a financial ROI perspective—have, to some extent, created survival space for the "small but beautiful" players in the internet space. Whether it's Ctrip in the travel and lifestyle sector, KE Holdings in real estate, or BOSS Zhipin in recruitment.
Perhaps the industry's beta is tough, but in these challenging times, they are still striving to grow and increase their market share in their respective fields. Dolphin Research looks forward to these more consolidated vertical leaders making a comeback or shining even brighter after weathering the economic "harsh winter."
Among the "small but beautiful" vertical players, 2024 is the year of Ctrip and Tencent Music's outstanding performance, while in 2025 and 2026, as the macro environment stabilizes and recovers, Dolphin Research hopes KE Holdings, BOSS Zhipin, and others can replicate similar success.
After all, with their solid leadership positions, low valuations, and cash-cow internet businesses, all they need is a macro tailwind. With enough patience, it will come eventually.
Annual Highlights Review:
《Ctrip: Between Flopping and Going Crazy, There’s Finally a Normal One Among Chinese Stocks!》
《Ctrip: Can Domestic Markets Hold Steady in 2024, and Can Overseas Markets Take Over?》
《"Strong Medicine for Severe Illness"—Can KE Holdings Still Be Saved?》
《KE Holdings: "Wrecked" in Q3, Will Tomorrow Be Better?》
《Tencent Music: Minor Flaws but a Plunge—Was the Blue-Chip Stock Wrongly Punished?》
《BOSS Zhipin: Not Slacking Off, Just Facing Strong Headwinds》
《Big Differences in Perception? BOSS Zhipin "Confirms" Recruitment Recovery》
Risk Disclosures and Disclaimers:Dolphin Research Disclaimer and General Disclosures
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