CHINA SPIRITS Accelerated destocking and healthier inventories, but awaiting clear/broad-based demand recovery; Upgrade King's Luck/Gujing to Buy on risk/reward Since our spirits sector downgrade on 10 July 2025, the CSI liquor index has been down -30%, underperforming MSCI Consumer Staples at -18%, due to concerns over anti-graft policy impacts, industry-wide destocking risks, and a slow recovery in demand amid weak macro environment. While we acknowledge that some structural challenges likely remain (i.e. ...

Key themes we are exploring today: Australian Consumer Sector J P M O R G A N Asia Pacific Equity Research 24 June 2026 Stocktake Australian Consumer Primer for 24 June 2026 – Viva Energy, Endeavour, Baby Bunting, U.S. Nielsen data Bryan Raymond AC (61-2) 9003-6750 bryan.raymond@jpmorgan.com Christina Kim (61-2) 9003-7082 christina.kim@jpmorgan.com J.P. Morgan Securities Australia Limited See page 8 for analyst certification and important disclosures, including non-US analyst disclosures. {[{eieaSk6AtvETYm_ ...