China Restaurants: Monthly Tracker: Jun update: weakness continued with weather headwind; FMD relatively resilient despite high base

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China Restaurants: Monthly Tracker: Jun update: weakness continued with weather headwind; FMD relatively resilient despite high base

Equity Research

11 July 2026 | 2:15AM HKT

China Restaurants: Monthly Tracker: Jun update: weakness continued

with weather headwind; FMD relatively resilient despite high base

Jun SSSG performance remained weak, with weather also a headwind during the Michelle Cheng

+852-2978-6631 |

month. By brand, Haidilao table turn was stable vs. May at ~3.8x implying LSD% yoy michelle.cheng@gs.com

Goldman Sachs (Asia) L.L.C.

decline; this translates to ~80% recovery compared to 2019, below low-mid 80% in

Xinyu Ruan

May and similar to Apr levels. Jiumaojiu’s Tai Er brand SSSG moderated to MSD% in +852-2978-7347 | xinyu.ruan@gs.com

Jun, impacted by unfavorable weather in the last week of Jun (the first three weeks Goldman Sachs (Asia) L.L.C.

Molly Daiof Jun saw DD% SSSG). For freshly made drinks (FMD), while SSSG faced yoy +852-3966-4000 | molly.dai@gs.com

pressure from last year’s tough base, several brands showed SSSG Goldman Sachs (Asia) L.L.C.

Chenresiliency/sequential improvement which is better than market had worried. For Carol +852-2978-7999 | carol.chen@gs.com

example, ChaPanda SSSG in Jun sequentially improved to slight LSD% decline in Jun, Goldman Sachs (Asia) L.L.C.

supported by coffee roll-out/campaign and successful products like Iced Lychee Keira Liu

+852-2978-0473 | keira.liu@gs.com

Milk. Guming SSSG also improved to slightly LSD% decline, partially thanks to Goldman Sachs (Asia) L.L.C.

promotion calendar shift (buy one get one free campaign in Jun vs. last year in May).

Chagee SSSG/per store GMV in Jun was also sequentially better than May, with

support from new product launches. On pricing, while promotions picked up