Asia Pacific Equity Research August 2025 China Quick Commerce Deep Dive Alex Yao AC (86 21) 6106 6505 alex.yao@jpmorgan.com J.P. Morgan Securities (China) Company Limited Source: CAITEC (Quick commerce industry development report, Oct 2024). China quick commerce market size forecast (Rmb bn) 650 4,046 5,000 4,000 3,000 2,000 - 1,000 2023 2030E Source: CAITEC (Quick commerce industry development report, Oct 2024), J.P. Morgan estimates. 2 Andre Chang (86 21) 6106 6362 andre.ch.chang@jpmorgan.com J.P. Morgan ...