SpecialistSalesJPMORGAN

APACSpecialistSales

20May2025

JPMChinaConsumerTour—Day12Takeaways

LisaOtani

+85228008871

lisa.otani@

AspartofourChinaSummitthisweek,ourconsumeranalystsKevinYinQianYaohosteda2-dayconsumertouron19/20

May.

Overall,mysensewasthatthereisnobroadsignof‘strongconsumptionrecovery’butismorein‘stabalization’phaseand

consumersgenerallyremainrationalabouthowtheyspend.Categoriesthatappearedmorefavorableinclude:Sportswear(but

withwinnersmorenarroweddowntothosewithstrongfunction),ToyswithIP,Goldjewelryandproductsthatgivecustomer

‘experience’and‘new-ness’.Babyproductsalsoappearedtoremainun-correlatedtomacrotrends(perBabyCare).Thatsaid,

investorfeedbackremainmixedonLaopuGold,whilemorepositiveonAntaSports,PopmartanddefensivestockslikeYili,

MengniuandTingyi.Asasidenotewiththe‘internet’spechaton,conversationssuggestedmerchantspotentiallynegotiating

commissions(down)withMeituan..onetowatchfornextMon(results).

Morecompanymtgs/presentationscomingthisweekI’llsharemorethoughts/ideas.Wouldlovetohearyourviewtoo!If

you’reattendingtheconference,don’tmisstheMinisoFounderpresentationonThurs@11:40,TopToyFounder@14:00and

AlexYao’sinterviewwithVPofAWSChinaotherstodiscussAI@17:00.Checkthelatestagendaatthe1x1desktomorrow

(orhere).Best,Lisa

Broaderthemestakeaways

AgendaRecap:Day1(Hangzhou)=MilkTea/CoffeeFranchisee,BabyCare(private),HangzhouXiaofanCabinetTechnology

(private),Guming(1364HK),Joyoung(002242CH);Day2(Shanghai)=Bloks(325HK),StorevisitsatMiniso,YumChina

restaurants(PizzaHut,KFC,LavAzza,KCoffee),GrandGateway66(Generalmalltour,Bosideng,Arc’teryx,Salomon,