英文美团和拼多多预览 中国峰会：主题、反馈、观点以及消费转型案例 泡泡玛特启动（自5月20日起）

Specialist SalesAPAC Specialist Sales25 May 2025JPMORGANMeituan & PDD Previews / China Summit: Themes, Feedback, Ideas & the case for Consumption Transition / Pop Mart Initiation (from 5/20)Lisa Otani+852 2800 8871lisa.otani@jpmorgan.comMeituan will report today after-mkt with key focus on Food Delivery/Guidance/Insta-shopping - see our numbers below. I also re-highlight key takes from our China Summit (pls ask for individual speaker/co notes) & Pop Mart we initiated on last week. Globalization is a key theme… watch the “leparisien” post on videos of massive queues in Paris, while sales of Labubu has been halted in UK.. the demand is real!Best, LisaHighlights Today•Earnings Previews - Meituan (3690 HK, OW) & PDD US (Neutral) (Link/Link)•China Summit - Themes/Feedback/Ideas + why China may be on the cusp of a Consumption Transition (Spec Sales Note)•Pop Mart (9992 HK, Initiate OW) - A Chinese “Helllo Kitty” in the making (Initiation on Tues, May 20) (Link)CALLS/ EVENTS (ask to register)