Asia Consumer Key Takeaways from the China Summit: Different Reasons, Same Weak Wallet

研报英文原文证据摘录

Asia Consumer Key Takeaways from the China Summit: Different Reasons, Same Weak Wallet

essie.j.xu@jpmorgan.com

out is still not there. J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

We stay selective on China Consumer stocks: we recommend owning names where Yibo Wu

the earnings floor is more visible and self-help can do the heavy (852) 2800-8559

yibo.wu@jpmorgan.com

lifting: Guming (OW) for unwavering network expansion and brand momentum; J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Nongfu (OW) for category leadership, pricing power and margin buffer; and Anta Morgan Broking (Hong Kong) Limited

and H-World (OWs) as “fallen angels” that have sold off despite stable consensus Qian Yao

and best-in-class execution. On the other hand, we’d avoid the following names: (86-21) 6106 6277

Mixue (UW) as the Snow King story shifts from land-grab to efficiency test, with qian.q.yao@jpmorgan.com

slower growth, unwinding subsidies, and cannibalization likely to challenge the SAC Registration Number: S1730521050001

J.P. Morgan Securities (China) Company Limited

multiple. Wuliangye (UW), where structurally low alcohol consumption and

Selina Li

recent accounting restatement make its recovery path feel more fragile than (852) 2800-8530

consensus implies. And BTG Hotel (UW) given protracted share loss and a weak selina.c.li@jpmorgan.com

brand portfolio. Also see our China Consumer report (link) for more details. J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

• This was not a “weak demand” trip; it was a “no inflection yet” trip. That Lindsey Qian

distinction matters. We did not come away thinking every company is (86 21) 6106 6269

deteriorating, but we also did not find the evidence we needed to turn more lindsey.qian@jpmorgan.com