On April 1, we officially launched Baiguan Pro, our professional-tier subscription designed for investors seeking deeper, more specific coverage of Chinese equities. Baiguan Pro delivers the Baiguan team’s monthly outlook on overall Chinese equity assets, our quarterly focus on themes and sectors, richer company-level analysis, and follow-ups on the ideas and companies previously presented in the newsletter.
We update key performance metrics of a variety of companies we cover every month through our proprietary data at BigOne Lab. You can access a free sample from previous months here to get a sense of what we offer.
In Today’s Data Update
In our September monthly view, we were explicit: we turned more bearish on Chinese assets, continuing the caution we carried through July and August. The core reason was domestic demand — consumer names looked cheap on almost every screen, but we did not think the bottom was in.
Holiday demand since then has not overturned that read. In our Golden Week Charts of the Week, China traveled more than ever but spent cautiously while doing it. Trips rose while spending per trip slipped again — the same “more trips, thinner wallets” pattern that has shown up at every major holiday this year.
Today we go one level deeper: brand-level performance, with BigOne Lab’s proprietary offline payment data as of September 2026. Several threads we flagged in our August Data Update come due this month — LV after the Molly Tea / “toilet bag” backlash, Hermès after its first soft print, Laopu as the high August base rolls off, Pop Mart’s Twinkle Twinkle’s September supply release, etc.
In today’s issue, we cover:
Luxury goods: Q3 closed with Mid-Autumn in the quarter. We check whether LV’s slide is still deepening, whether Hermès and other ultra-high-end names that held up earlier are now turning, and whether accessible-luxury names like Coach and Ralph Lauren are still compounding into the holiday.
Gold & jewelry: Laopu rolls off last August’s pre-price-hike rush into a lower September base. We revisit mainland store sales, buyer counts, and what secondhand gram premiums say about brand strength — plus how weight-priced jewelers and high-end names (Richemont, Bulgari, Tiffany) fared in Q3.
Tea & coffee: Delivery platforms pulled back subsidies through the summer. We check whether the shift from apps to the storefront held into September and Q3, and how Luckin and Guming (funding their own in-store discounts) compare with Mixue, Chagee, and Starbucks.
Pop Mart: In August, we flagged September as the demand test for Twinkle Twinkle once supply was released. We look at whether restocking delivered, how Mid-Autumn timing helped the print, and what secondary-market premiums say about flagship IP vs. new series.
Sportswear & footwear: Mid-Autumn sits in September this year (vs. October last year, an easier base). We check how that calendar shift lands across offline vs. online, whether Nike’s inventory clearance is still reshaping peer pricing, how Lululemon looks after August’s weak China read, and which integrated and vertical brands are finding growth.
At BigOne Lab, we curate data highlights, analyze them, and deliver insights trusted by 100+ top institutional and corporate clients worldwide.
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