Global Brands: China Pulse: Issue #11: Positive trends in 1Q26, but beware of post-CNY softness

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Global Brands: China Pulse: Issue #11: Positive trends in 1Q26, but beware of post-CNY softness

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Global Brands: China Pulse

Issue #11: Positive trends in 1Q26, but

beware of post-CNY softness

Industry Overview

“Global Brands: China Pulse” series 12 June 2026

The BofA “China Pulse” series aim to provide investors with a quick snapshot of how Equity

global consumer brands performed in China in the previous quarter, by tracking their Global

China data and management comments at earnings calls. Based on scale, exposure, and Consumer Products

data availability, we focus on nine sub-sectors (luxury, sportswear & apparel, beauty, milk

Chen Luo, CFA >>

powder, spirits, beer, restaurant, F&B and HPC), and 46 global consumer companies with Research Analyst

a combined market cap of c.US$3.2tn. Merrill Lynch (Hong Kong) +852 3508 2009

chen.luo@bofa.com

Heat Map: positive in 1Q but beware of post-CNY softness Lucy Yu >>

Our Heat Map suggests a positive trend for global brands in China in 1Q26, broadly ResearchMerrill LynchAnalyst(Singapore)

similar to 4Q25. Luxury held firm. Sportswear, spirits, beer and F&B improved, while lucy.yu@bofa.com

beauty, milk powder and restaurant worsened QoQ. We have five positives (luxury, Ashley Wallace >>

sportswear, spirits, beer and F&B), one neutral (other HPC) and three negatives (beauty, ResearchMerrill LynchAnalyst(Australia)

milk powder and restaurant), vs. five positives, two neutrals and two negatives in 4Q25. ashley.d.wallace@bofa.com

Meanwhile, China consumption in general has witnessed softness since March, and we Lorraine Hutchinson, CFA

would not rule out a similar slowdown among some global consumer names in 2Q26. ResearchBofAS Analyst

lorraine.hutchinson@bofa.com

Key sub-sector highlights Andrea Pistacchi >>