China Internet Sector "Local services monthly: Competition continues eas..."

研报英文原文证据摘录

China Internet Sector "Local services monthly: Competition continues eas..."

Global Research

17 June 2026ab

China Internet Sector Equities

ChinaLocal services monthly: Competition continues

easing Internet Services

Kenneth Fong

Analyst

kenneth-kc.fong@ubs.com

Our monthly tracker of China's local services sector leverages app traffic statistics from +852-3712 3890

QuestMobile and Sensor Tower to examine sector growth and competitive dynamics.

Sardonna Fong

We expanded the scope beyond quick commerce to in-store and overseas services.

sardonna.fong@ubs.com

Quick commerce: Continued stabilizing with moderating subsidies +852-3712 3042

We present key trends with the latest data as of 7 June. Growth: Our channel checks Wei Xiong

with third-party agencies indicate average daily food delivery volume across Meituan, Analyst

Taobao and JD remained sequentially stable at c120m in May, reflecting ongoing S1460518100005

normalization of subsidies across the sector. Competition: We use the sequential share wei.xiong@ubs.com

of rider time spent as a proxy for changes in each platform's order volume share (Figure +86-21-3866 8883

3VolumemarketshareMoM%change–totalrideraptimespentasproxy). In May, Meituan continued to gain share from BABA, also supported by our channel

checks, which suggest daily volume at c64m/49m/8m for Meituan/Taobao/JD (or

53%/41%/6% shares). For high-value orders, Meituan's relative share to BABA may

have marginally improved from the high 60% range to 70%, reflecting its stronger

customer loyalty. UE: Our channel checks indicate improvement in all platforms' UE,

driven by: 1) lower subsidies (Meituan refined focus on ToB subsidies, especially on high-

quality merchants, vs. BABA's ToC); and 2) higher take rates (Meituan mainly through