Yes. We believe China's snack & beverage market is experiencing a significant, long-term structural transformation in retail channels, characterised by a shift towards more fragmented and decentralised formats. A key driver of this change is the value retail model, and in particular snack discounters. As an innovative retail competitive prices, we estimate the value retail channel for snacks & beverages sustain a 23% CAGR during 2025-29; we expect its share of the industry's total retail sales to rise from 0% in 2019 to 5% in 2025 and further to 10% in 2029. that enhances operational efficiency and delivers cost advantages, alongside product features that prioritise variety and customisation. The model is supported efficient and low-cost logistics infrastructure, dense population enabling rapid inventory turnover, and a competitive void created by aging and less effective traditional retail formats. With the number of snack discounter outlets expanded robustly from just over 1,000 before 2020 to approximately 56,000 at present, our of the TAM—indicates a potential store ceiling of around 80,000 outlets, implying market is the largest segment of China's food and beverage industry, with an estimated market size of Rmb3,965bn in 2025, according to F&s. With products that are typically associated with relaxation, enjoyment and social engagement, snacks and beverages attract consumers through their taste, convenience and role in entertaining and 4.9% CAGR in 2019-25F and 4.6% CAGR in 2025F-29F. Snack & beverage, % share ■Other food, % share Retail channel undergoes long-term structural fragmentation. Snack & beverage retail channels have continually evolved, with greater diversification, improving convenience, cost efficiency and consumer engagement. We see this channel evolution small-scale distribution channels, primarily mom & pop stores selling bulk, unbranded goods. 2) 2000-10: Foreign supermarkets' entry inspired the development of domestic