J P M O R G A N Asia Pacific Equity Research 14 November 2025 This 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 without the written consent of J.P. Morgan. China Bubble & Brew Sector The Taste of Growth: Initiate coverage of seven leading players; top picks Luckin Coffee and Guming We initiate coverage ...