Pulse Check: 2Q26/Post corp day wrap-up: Weakening demand with risks in pricing

Research evidence excerpt

Pulse Check: 2Q26/Post corp day wrap-up: Weakening demand with risks in pricing

Equity Research

13 July 2026 | 10:04PM HKT

CHINA CONSUMER

Pulse Check: 2Q26/Post corp day wrap-up: Weakening demand with

risks in pricing

Michelle Cheng

+852-2978-6631 |

michelle.cheng@gs.com

Goldman Sachs (Asia) L.L.C.

Leaf Liu

+852-3966-4169 | leaf.liu@gs.com

Our covered China consumer stocks saw an avg. -17% share price pull back and Nicolas Yi

+86(21)2401-8922 |

under-performed the HSI (-9.5%) and CSI300 (+10%) during 2Q26, reflecting softer nicolas.yi@goldmansachs.cn

Goldman Sachs (China) Securities

consumption trends from both macro and micro perspectives along with unfavorable Company Limited

fund flows. While the QoQ moderation is not surprising given consumers tend to Valerie Zhou

concentrate spending during holidays especially CNY, the market did turn +852-2978-0820Goldman Sachs (Asia)| valerie.zhou@gs.comL.L.C.

incrementally cautious on the China consumer space following the Xinyu Ruan

weaker-than-expected retail sales data, rising labor market pressures, and +852-2978-7347Goldman Sachs (Asia)| xinyu.ruan@gs.comL.L.C.

unfavourable weather etc. Our latest consumer corporate day and recent checks Carol Chen

generally reinforced the big picture view with the key observations including: 1) +852-2978-7999 | carol.chen@gs.com

Demand: 2Q26 domestic consumption ended up sequentially weaker for a majority

Cecilia Tang

of sectors but investor expectations should have already moved lower throughout +86(21)2401-8738 |

cecilia.tang@goldmansachs.cn

the quarter. 2) Pricing: weaker demand trends have triggered increasing concerns Goldman Sachs (China) Securities

Company Limited

towards the sustainability of pricing trends and the need for more