Asia Pacific Equity Research 29 July 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 Battery & Materials Expect slowing growth momentum in August; demand not yet collapsed Auto & Auto Parts Retailing Rebecca Wen AC (852) 2800-8505 rebecca.y.wen@jp ...