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<Research>Nomura: Taobao/ Meituan/ Baidu Monthly Total Usage Time +17%/ +10%/ -6% YoY in Aug
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Nomura has released a report on the Chinese internet industry. In August 2025, China's monthly active smartphone users grew by 1.9% YoY to 1.27 billion, remaining steady in recent months, while the monthly total usage time increased by 8.9% YoY, a slowdown from July's 9.7%. The broker highlighted a divergence in e-commerce user engagement trends amid August's intense competition in the instant retail sector, mainly between BABA-W (09988.HK) and MEITUAN-W (03690.HK), which even overshadowed JD-SW (09618.HK). According to the report, BABA-W's Taobao saw accelerated growth in user usage time with its newly integrated instant retail services. Its monthly total usage time surged by 17% YoY in August (11% in July) on a 19% increase in daily active users (DAU). Meituan's app growth slowed, with August's monthly total usage time, mainly driven by a 10% increase in DAU, rising by only 10%, a nosedive from July's 21%. In terms of search, although BIDU-SW's (09888.HK) app remains China's major search engine, its monthly total usage time in August declined by 6% YoY because of a 10% YoY decrease in DAU, a headwind that couldn't be offset even by a 5% rise in average daily usage time per user. AAStocks Financial News |
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