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<Research>G Sachs Lists YoY GMV Changes, Mkt Shr Forecasts for Key CN E-commerce Platforms in 1Q (Table)
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Goldman Sachs’ report listed the YoY changes in GMV of China's major e-commerce platforms in 1Q25:

E-commerce│YoY changes in GMV in 1Q25
BABA-W (09988.HK)│+5%
JD-SW (09618.HK)│+13%
Pinduoduo (PDD.US)│+17%
Douyin│+23%
KUAISHOU-W (01024.HK)│+15%
WeChat Video Account under TENCENT (00700.HK)│+88%
Vipshop (VIP.US)│0%
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The broker also listed the GMV market share forecasts of China's major e-commerce platforms in 1Q25:

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E-commerce│GMV market share in 1Q25
Taobao under Alibaba│15%
Tmall under Alibaba│16%
JD.com│16%
Pinduoduo│21%
Douyin│22%
Kuaishou│6%
WeChat Video Account under Tencent│3%
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