中国移动应用雷达5月26日回顾

China MobileApp Radar:May’26inreview Industry Overview 22 June 2026 Keyapp data trends in May’26We track various mobile app engagement data per QuestMobile to help gauge user EquityChinaInternet/e-Commerce behavior trends across AI/social/digital entertainment/ecommerce/verticals. For May’26,we observed 1)AI chatbot:Doubao (ByteDance) DAU recovered in early June close tonew high; Deepseek time spent per DAU notably higher post V4 model, maintaining leadover peers; 2)Taobao DAUrecovered in May, butPDDstill holds notable time spentlead; 3)ByteDance’s Soda MusicDAU kept rising and now higher than allTME’s majorapps with time spent catching up quickly; 4)Travelcategory saw weak-than-seasonal Alex Liu>>Research AnalystMerrill Lynch (Hong Kong)+852 3508 5090 Miranda Zhuang, CFA>>Research AnalystMerrill Lynch (Hong Kong)miranda.zhuang@bofa.com Xiaohongshutime spent looks plateaued since late 25;Bilibilitime spent growhealthily; 6)Tencent’s key evergreen gamesengagement remains stable, withDeltaForcetime spent up notably MoM; 7)Bytedance’s short drama app Red Fruittimespent surpassed Kuaishou main app for the first time. Joyce Ju>>Research AnalystMerrill Lynch (Hong Kong)joyce.ju@bofa.com AI:engagement divergence with leader widening leadDoubao weekly DAU/total time spent grew to 163.7mn/12.3bn in the week of June 1, Joanna Du>>Research AnalystMerrill Lynch (Hong Kong)joanna.du@bofa.com followed by DeepSeek’s 32.2mn/3.8bn, Yuanbao’s 8.6mn/658mn and Qwen’s28.6mn/840mn. On a per user level, most AI apps show stable trends in daily user timespent and daily sessions. Doubao’s daily time spent/number of sessions per userremained broadly stable at 11 mins/6 times in the week of June 1. DeepSeek’s daily time DAU: daily active user Our take: ByteDance’s Doubao sustained rapid growth in both DAU and total time spent,widening the gap with peers including DeepSeek, Yuanbao (Tencent) and Qwen (Alibaba). HoK: Honor of Kings Transaction platforms:engagement remains resilienteCommerce:Taobao DAU/total time spent +1%/+7% YoY to 417mn/280bn mins in May. PDD’s DAU/total time spent was +8%/+13% YoY to 403mn/342bn mins in May.JD’s DAU/total time spent -3%/-10% YoY to 165mn/98bn mins in May. Local Service:Meituan’s DAU/total time spent +6%/-6% YoY to 176mn/75bn mins inMay. Amap’s DAU/total time spent +2%/-3% YoY to 180mn/155bn mins in May.Dianping’s DAU/total time spent +12%/-6% YoY to 33mn/9bn mins in May. Our take:user engagement picked up for Taobao in May. JD appears relatively resilient. Entertainment & social: growth concentrates on leadersSocial media:Weixin’s DAU/total time spent +3%/+2% YoY to 928mn/2.8tn mins in May. Weibo’s DAU/total time spent was -1%/-3% YoY to 233mn/291bn mins in May.Xiaohongshu’s DAU/total time spent +3%/-1% YoY to 122mn/333bn mins in May.Bilibili’s DAU/total time spent +4%/+10% YoY to 72mn/251bn mins in May. (Continue onpage 2) >> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analystunder the FINRA rules.Refer to "Other Important Disclosures" for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securities does and seeks to do business with issuers covered in its researchreports. As a result, investors should be aware that the firm may have a conflict of Short video:Douyin’s DAU/total time spent +21%/+28% YoY to 703mn/2.8tn mins inMay. Kuaishou’s DAU/total time spent was +1%/-11% YoY to 202mn/583bn mins in May. Red Fruit’s DAU/total time spent +110%/+134% YoY to 147mn/601bn mins in May. Online games:Honour of Kings’DAU/total time spent +6%/+13% YoY to 46mn/189bnin May. Peacekeeper Elite DAU/total time spent -4%/+1% YoY to 12mn/49bn in May.Delta Force shows meaningful user build-up since launch, with DAU/total time spent Online music:QQ Music’s DAU/total time spent -4%/-12% YoY to 51mn/17bn; KugouMusic’s DAU/total time spent -12%/-15% YoY to 49mn/23bn; Kuwo Music’s DAU/totaltime spent -13%/-10% YoY to 15mn/12bn in May. Cloud Music’s DAU/total time spentflat/flat YoY to 17mn/4bn in May. Soda Music DAU/total time spent +79%/+139% YoY Long-from video:iQIYI’s DAU/total time spent -12%/-6% YoY to 46mn/102bn in May.Tencent Video DAU/total time spent -22%/-31% YoY to 53mn/100bn in May. Youku’sDAU/total time spent -22%/-36% YoY to 26mn/40bn in May. Our take: social and digital entertainment user engagement continues to diverge, withDouyin and Bilibili gaining share while legacy players lagging. Game engagement resilientand recovered sequentially in May. Long-form video time spent decline continues, with shareloss to short-drama apps. Soda Music (ByteDance) stands out in terms of user scale growth Verticals: stable across the boardRide sharing:Didi dominates ride sharing sector, with DAU/total time spent +12%/+22% YoY to 34mn/10bn in May. Huolala’s DAU/total time spent +9%/+14% YoYto 2.4mn/0.7bn in May. Travel:Trip.com’s DAU/total time spent -9%/-19% YoY to 13m