China Travel, Lodging and Leisure: Virtual tour - our key takeaways

研报英文原文证据摘录

China Travel, Lodging and Leisure: Virtual tour - our key takeaways

and 5) China airlines'

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domestic earnings remain under pressure, but international routes have been relatively bruce.mi@ubs.com

resilient, particularly Japan, Korea and Europe. +86-21-3866 8851

Beini Du

Beauty and HPC: premium growth slows; ASEAN remains long-term attractive

Associate

Last week, we hosted eight beauty/HPC-related calls, including two analyst sessions, five S1460525090002

company updates and one premium beauty expert event. Key takeaways are: 1) ASEAN betty-za.du@ubs.com

remains attractive in the long-term, but increasingly disrupted in the short term, with +86-213-866 8753

Chinese/local brands gaining share and Vietnam offering a stronger growth runway Zed Sheng

than Thailand; 2) Beauty saw a clear slowdown in premium online growth during 618 Analyst

versus Q1, while domestic leaders such as Mao Geping and Giant Biogene continued to S1460525030003

show strong growth momentum; 3) HPC favors Softcare, given upgraded FY26 revenue zed.sheng@ubs.com

guidance and higher dividend payout, while Blue Moon is improving profitability and +86-21-3866 8730

channel efficiency; and 4) Medical aesthetics continues to shift toward collagen/ Alex Manoonpol

regenerative products and higher-ticket treatments, benefiting platforms such as Beauty Analyst

Farm. alex.manoonpol@ubs.com

+662-613 5770

Cargo: tariff upside optionality, disciplined expansion and earnings resilience Sukrit Friestad

China Merchants Energy Shipping has seen a gradual improvement in vessel transits Analyst

through the Strait of Hormuz in first week of July and expects TCE rates to remain sukrit.friestad@ubs.com

+662-613 5732elevated amid strong shipping demand, supporting a sustained earnings upcycle.