Gambol (301498.SZ): What‘s New from Citi Consumer Corp Day

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Gambol (301498.SZ): What‘s New from Citi Consumer Corp Day

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19 Jun 2026 01:46:35 ET │ 11 pages

Gambol (301498.SZ)

What’s New from Citi Consumer Corp Day

CITI’S TAKE

On Citi Consumer Corp Day yesterday (Jun 18), mgmt highlighted 2Q26

Neutral performance similar to 1Q for both own brand and OEM business. Own

Price (18 Jun 26 15:00) Rmb40.870 brand business kept growth momentum and drove topline to achieve

ESOP target. Mgmt are focusing on market share and GPM at this stage. Target price Rmb56.900

OEM pressure remains significant in 2026E given the high base in the first Expected share price return 39.2%

five months. Expected dividend yield 1.2%

Expected total return 40.5%

Own brand sales drivers — 2Q26 performance is stable, sustaining 1Q26’s 20% Market Cap Rmb16,367M

growth. For 618, mgmt are not pushing GMV rankings, but focusing on growth quality US$2,418Mby shifting from traffic and KOL investment to flagship stores and self-livestreaming,

making it brand-driven. Mgmt still prioritize market share gain, mainly from domestic

peers. New users are the key drivers. New users tend to favor value-for-money

products first and gradually trade up with trial and error, hence the industry

Tiffany FengACrepurchase rate remains low at ~20%. Gambol is seeing customers shifting to higher

+852-2501-2759price tiers and a path for upgrade: from domestic peer brands at Rmb100/kg, to

tiffany.feng@citi.comMyfoodie at Rmb100-200/kg, and to Fregate at Rmb200-300/kg.

Xiaopo Wei, CFA

+852-2501-2472

Fierce competition — The increase in industry supply has lowered all players’ return xiaopo.wei@citi.com

on investment (ROI) for online marketing, although Gambol’s ROI remains top-tier at

>4x vs. 2-3x industry average. Mid- to low-end market has excessive supply. Brian Cho

+852-2501-2712