1、Asia Pacific Equity Research10 September 2025Alibaba Group(BABA US&9988 HK)China local service shake-up:Alibabas advance challenge Meituans market leadershipHead of China Equity Research and Co-Head of Asia TMT ResearchAlex Yao AC(86 21)6106 SAC Registration Number:S1730523020001Andre Chang,CFA(86-2

2、1)6106 SAC Registration Number:S1730520080002Nancy Liu(86 21)6106 SAC Registration Number:S1730524090001J.P.Morgan Securities(China)Company Limited9988.HK,9988 HKOverweightPrice:HK$142.8010 Sep 2025Price Target:HK$165.00PT End Date:30 Jun 2026BABA,BABA USOverweightPrice:$147.1009 Sep 2025Price Targe

3、t:$170.00PT End Date:30 Jun 2026See page 3 for analyst certification and important disclosures,including non-US analyst disclosures.J.P.Morgan does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of inter

4、est that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment decision.What happened:Alibaba officially announced its re-entrance into thein-store business with Amap,its mobile map app,launching the“AmapSaojie(Street Exp

5、loration)ranking”in-app feature on 10 September2025(link).Based on the real travel data of 1bn users on Amap andleveraging its nationwide coverage of over 7mn restaurants and 13mnlocal service destinations,Amaps ranking displays the real-timepopularity of trendy destinations,including restaurants,ho

6、tels andtourist attractions.Moreover,Amap announced the distribution of overRmb1bn in subsidies through the“Local Gems Support Initiative”toencourage in-store consumer spending,including transportation and in-store subsidies.J.P.Morgan view:While Alibabas entrance into Chinas local service market mi