►Apple(AAPL-US, 15.7% of revenue in China in 2019)IPhoneReturn to growth, Greater China6月IPadDemand is a record, with new customers accounting for 2/3.The company's second-quarter net sales were $59.7 billion, up 11% from a year earlier, of which the exchange rate factor dragged down 3%. In terms of business, product revenue in the second quarter increased by 10% compared with the same period last year, reaching 46.5 billion US dollars.IPhoneReturn to positive growth, andIPad、MacAnd wearable devices have achieved strong double-digit growth.. In addition, service revenue continued to grow strongly, 15% year-on-year, and reached a record $13.2 billion (22%) in the second quarter.

The Chinese sideThe company's revenue in Greater China increased in the second quarter compared with the same period last year.2%Including a 4% drag on the exchange rate, resulting in a growth rate of 6% at a fixed exchange rate. Specifically, both iPad and Mac grew strongly in the second quarter, driven by demand for work from home and distance learning, especially the record monthly demand for iPad in June, with 2/3 and 3/4 new customers, respectively. IPhone 11 is the most popular among Chinese urban residents.

Look forward,The company expects that the good performance of the current products will continue.Including the strong performance of iPhone SE. In terms of service business, with the exception of AppleCare business, the company expects the performance in the third quarter to remain the same as that in the second quarter.

►Starbucks(SBUX-US, 14.4% of revenue in China in 2019)The Chinese market outperformed the world, improving month-on-month; promoting digital and online business.The company's same-store revenue fell 40% in the second quarter of 2020 (the third quarter of the fiscal year), of which customer unit prices increased by 23%, but sales fell by 51%. The number of stores increased by 130 in the second quarter, up 5% from a year earlier.

In China, same-store sales decline19%Sales have declined27%Increase in passenger unit price10%The number of stores increased13%. At present, 99% of the stores in China have reopened, of which about 90% are open for normal hours, and more than 70% are fully open. On the basis of the positive recovery in the first quarter, China's monthly same-store sales grew month-on-month in the second quarter, which was better than the company's expectations for the current quarter. The company has also accelerated the promotion of Starbucks Corp's Now store in China, adding nine new locations in the second quarter to a total of 15.In addition, the company has established a partnership with several platforms in BABA's digital economy by introducing Starbucks Corp's Now Mobile Order&Pay function.Including Taobao, digital map and information provider, Amap, etc., to provide customers with innovative digital services. Through these apps, customers will be able to order drinks and food online and then pick them up at most of Chinese mainland's Starbucks Corp stores.

Looking forward, management is satisfied with the progress made in resuming sales in China. Globally, management expects same-store sales to fall by 12% to 17% in the third quarter and fiscal year 2020.Same-store sales in China in the third quarter will be between-5Between% and evenIt will fall by 15% to 20% for the entire fiscal year, including a 2% VAT benefit.

►Coca-Cola(KO-US, 7% of revenue in China in 2019)The company's soda drinks in China grew in the second quarter.14%Especially Coke Zero618Strong growth. The company's endogenous revenue fell 26% in the second quarter compared with the same period last year, with 22% and 4% respectively affected by centralized shipments and price / product mix factors. As global restrictions relaxed, the company's business improved, shrinking from a 25% decline in April to a single-digit decline in July.

In China, the company focused its business on soda products during the quarantine period.Sales growth in the second quarter compared with the same period last year14%, among which Coca-Cola Company's sales growth is strong.. In addition, the company has partnered with a large Chinese e-commerce platform, through which the company's revenue has increased by 65% during the most recent 618 sessions. Looking ahead, the company believes that despite the challenges in the short term, the fundamentals of the beverage industry continue to be positive.

►Kimberly-Clark(KMB-US, China accounted for 3.5% of revenue in 2018, and the company's main products include diapers, Kleenex, paper towels, adult diapers, surgical clothes and disposable masks)The income of personal care products in China grew by double digits in the second quarter.Excluding the exchange rate factor, endogenous income grew by 4% in the second quarter, of which sales increased by 2%, and price and product mix contributed 1%. Although the market has been disrupted by the epidemic in the past few months, the company still has an advantage in global supply management and was not significantly affected in the second quarter. Meanwhile,The company is actively speeding up its e-commerce and digital strategyTo promote the long-term development of the company under the new normal. The company is actively promoting the e-commerce and digital strategy absorbed in the Chinese and Korean markets to the world. In terms of products, personal consumption paper towels grew by 14% in the second quarter, personal care increased by 2%, and commercial supplies fell by 10%. In terms of market segments, personal products in North America grew by 12% in the second quarter (personal care increased by 5%, personal consumption paper towels increased by 22%), but commercial products fell by 3%.

In the Chinese market, the company's personal care sales revenue achieved double-digit growth in the second quarter.The market share of key products is flat or rising (among them, the market share of infant care products is flat, while that of female care products is rising); according to management, the overall performance of the Chinese market showed a steady upward trend in the second quarter.

Looking ahead, management is optimistic about the company's future performance and raised its forecasts for endogenous sales revenue growth and profit growth; the company now expects organic sales revenue to grow by 4% to 5% in the future.