高盛：中国必需消费品-业绩发布后的三大关键议题；需求通缩压力持续下对利润率及产品周期的关注

13 May 2025 | 11:41PM HKT China Consumer Staples Three key debates post results; Margin focus and product cycles amid lingering demand/deflation headwinds Top-down, we note consumption demand sequentially stabilizing YTD (CCI stabilized in 1Q25, catering/retail sales improved in 1Q). For results, we observed a sequentially steadier 1Q25 growth (mostly in-line) at 4%/5% sales/NP growth vs. 3%/2% in 4Q24 and 2%/9% in 2024. The largely steady 1Q25 results and unexciting April-to-date trend for our staples cove ...