1、M FoundationInvestor Presentation|Asia PacificChina Consumer:Where is consumption trending now?Morgan Stanley Asia Limited+Lillian LouEquity Analyst Lillian.L +852 2848-6502 Dustin WeiEquity Analyst Dustin.W +852 2239-7823 Hildy LingEquity Analyst Hildy.L +852 2239-7834 Wilkins TongEquity Analyst Wi

2、lkins.T +852 2848-7408 Dave ZhengResearch Associate Dave.Z +852 3963-3921 Jenny YuResearch Associate Jenny.Y +852 3963-1925 Morgan Stanley Taiwan Limited+Terence ChengEquity Analyst Terence.C +886 2 2730-2873 Jenny TingResearch Associate Jenny.T +886 2 2730-2995 China/Hong Kong ConsumerAsia PacificI

3、ndustry ViewIn-Line Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research.Investors should consider Morgan Stanley

4、 Research as only a single factor in making their investment decision.For analyst certification and other important disclosures,refer to the Disclosure Section,located at the end of this report.+=Analysts employed by non-U.S.affiliates are not registered with FINRA,may not be associated persons of t

5、he member and may not be subject to FINRA restrictions on communications with a subject company,public appearances and trading securities held by a research analyst account.September 11,2025 09:01 AM GMTM Foundation2Consumer Industry Performance and CatalystsM FoundationMorgan Stanley Research3Marke

6、t cap of key“New Consumption”stocks and key consumer sub-sectorsSource:Factset,Morgan Stanley Research;Prices as of September 8,2025.Note:Key New Consumption stocks include Pop Mart,Bloks,Mixue,Guming,Giant Biogene,Weilong,Maogeping,Yantai China Pet,Gambol Pet and Laopu Gold.20%22%26%31%28%33%37%40%