Jun Check-in & Corp Day Wrap: Improvement MoM, but still soft; Corp Day cites strong momentum on Value Retailers by F&B brands and caution on pricing with moderating cost pressure

研报英文原文证据摘录

Jun Check-in & Corp Day Wrap: Improvement MoM, but still soft; Corp Day cites strong momentum on Value Retailers by F&B brands and caution on pricing with moderating cost pressure

Equity Research

7 July 2026 | 8:33PM HKT

CHINA CONSUMER STAPLES

Jun Check-in & Corp Day Wrap: Improvement MoM, but still soft; Corp

Day cites strong momentum on Value Retailers by F&B brands and

caution on pricing with moderating cost pressure

Leaf Liu

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

Goldman Sachs (Asia) L.L.C.

Valerie Zhou

+852-2978-0820 | valerie.zhou@gs.com

Christina LiuWe hosted 15+ Staples companies during our APAC Consumer & Leisure +852-2978-6983 | christina.liu@gs.com

Corporate Day last week. Despite weak consumer sentiment/unfavorable Goldman Sachs (Asia) L.L.C.

weather in 2Q26, most companies noted a sequential MoM improvement in June

compared to May, likely due to an easier comp base (June 2025 social

retail/catering sales slowed to 4.8%/0.9%), health channel inventory, as well as

Dragon Boat calendar shift, while weather remains as a drag to beverage/beer/pax

mobility. Key takeaways from our Corp Day: 1) Brights spots with divergence in

performance: Wanchen’s store openings running ahead of expectations with

relatively resilient SSSG trends. Mengniu/Tingyi/Yihai maintained their 1H/full-year

sales outlooks with resilient core NP performance with CR Beer maintaining its

outlook for the Beer segment. By contrast, Eastroc and Bud China/Chongqing/CR

Bev/Weilong recalibrated 1H or 2Q expectations on weather drag/de-stocking/soft

consumption sentiment, respectively. 2) Moderating Cost pressure: Majority of

companies commented on moderating cost pressure with recent pull-back of

PET/oil price. 1H26 GPM has remained at least resilient across most names, with