China Internet Sector "Quick commerce monthly: Competition stabilising" Fong

研报英文原文证据摘录

China Internet Sector "Quick commerce monthly: Competition stabilising" Fong

Global Research

19 May 2026ab

China Internet Sector Equities

ChinaQuick commerce monthly: Competition

stabilising Internet Services

Kenneth Fong

Analyst

kenneth-kc.fong@ubs.com

Our monthly tracker of China's quick commerce sector leverages app traffic statistics +852-3712 3890

from QuestMobile to identify sector growth trends, competitive dynamics and the

Sardonna Fong

activity of riders and merchants (activeness and overlap).

sardonna.fong@ubs.com

Sector growth: Steady despite moderating subsidies +852-3712 3042

We present key trends with the latest data as of 10 May. Growth trends: Our channel Wei Xiong

checks with third-party agencies indicate total daily food delivery volume across Analyst

Meituan, Taobao and JD averaged 124m in April (vs Mar's 122m; Jan-Feb's 116m). The S1460518100005

sequential volume increase primarily reflects stronger demand amid seasonality, while wei.xiong@ubs.com

sector-wide subsidies may have continued to moderate. Using rider time spent as a +86-21-3866 8883

proxy for the sector order volume, MTD growth has also moderated despite the May

Golden week holiday (Figure 2Sectorgrowth–totalrideraptimespentYoYgrowthmoderatedMTD). ()Regulations: On 8 May, the Cyberspace

Administration of China (CAC) announced that the national campaign to rectify

algorithms in lifestyle service platforms (including food delivery) had yielded tangible

progress since a trial negative list issued in Jan. That said, some platforms still showed

selective rectification and a reluctance to act unless competitors have made changes. We

believe the sector will continue progressing from volume growth towards operating

efficiency and execution.

Competition: Steady with revenue-driven UE optimisation