1、Asia Pacific Equity Research01 September 2025This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China.This material or any portion hereof may not be reprinted,sold or redistributed

2、 without the written consent of J.P.Morgan.Eyes on Asia ConsumerAsia consumer results collection(China diary,liquor,sportswear;Japan;Asean;etc.)Head of Asia Consumer ResearchKevin Yin AC(852)2800-J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedLatika Chopra,CFA(91-22)6

3、157-J.P.Morgan India Private Limited,J.P.Morgan Tower,Santacruz(E),Mumbai-400098,SEBI Registration:INH000001873,(91-22)6157-3000.Dairo Murata(81-3)6736 JPMorgan Securities Japan Co.,Ltd.Akiko Kuwahara(81-3)6736-JPMorgan Securities Japan Co.,Ltd.Satoshi Fujiwara(81-3)6736-JPMorgan Securities Japan Co

4、.,Ltd.Jeanette Yutan(63-2)8878-J.P.Morgan Securities Philippines,Inc.Kae Pornpunnarath,CFA(66-2)684-JPMorgan Securities(Thailand)LimitedBenny Kurniawan,CFA(62-21)5291 PT J.P.Morgan Sekuritas IndonesiaYen Voo,CFA,CA(60-3)2718 JPMorgan Securities(Malaysia)Sdn.Bhd.(18146-X)See page 12 for analyst certi

5、fication and important disclosures,including non-US analyst disclosures.J.P.Morgan does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investo

6、rs should consider this report as only a single factor in making their investment decision.Asia Consumer News Headlines Thailand:2Q25 GDP moderates:Export front-loading gains neutralized by weak domestic demand.Real GDP rose 2.8%oya,undershooting JPM estimate(3.0%oya)but modestly beating consensus e