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<Research>G Sachs: CN Aug E-commerce Engagement Growth Keeps at 8%; BABA-W DAU Shr Sturdy at 41%
Recommend 36 Positive 65 Negative 9 |
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A research report released by Goldman Sachs, citing QuestMobile statistics, pointed out that the total time spent of the top 400 major mobile apps in China in August 2024 grew by 6% YoY, which was faster than the 4% increase in July. Among which, the growth rate of e-commerce apps reached 8%, which was slower than the 15% in July, while games engagement inched down 1% compared to the same period last year. Specifically, user engagement on e-commerce platforms remained healthy, with users of leading platforms JD.com (JD.US) and PDD (PDD.US) spending 24% and 16% more time on the platforms YoY, while Alibaba (BABA.US) saw a 2% YoY decline. Meanwhile, the merchant app DAU share ratio, as reflection of merchant onboarding and retention trend among platforms, remained sturdy with Alibaba/ PDD/ Douyin taking 41%/ 25%/ 20% share respectively. After reviewing the performance of ten key verticals, including e-commerce, games, video, social media, food delivery, local services, groceries, freight matching, online recruitment and real estate agencies, Goldman Sachs was more bullish on TENCENT (00700.HK), MEITUAN-W (03690.HK), XIAOMI-W (01810.HK), YMM (YMM.US), TME-SW (01698.HK)(TME.US), Alibaba and PDD. AAStocks Financial News |
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