1、2025/ 2025 2025 2010203042025-202620205-20260506072025/2026 2025 2025 2025 2025 22 83231738%2025 2025/2026423%24%24%23%6%77%23%Location62%38%Brand type 2025 2025-2026 2025 2025|20262025/20266地缘政治局势紧张关税政策影响尚不明确经济增长普遍放缓Q17%15%15%11%11%9%10%4%2%4%2%2025 12(pp)(%)澳大利亚1.81.6%中国-1.0-7.6%印度1.38.5%印尼-2.39.3

2、%日本1.47.0%马来西亚1.00.1%马尔代夫2.92.7%新西兰-1.2-0.1%菲律宾0.12.0%新加坡2.0-4.7%韩国1.32.6%泰国-0.63.1%越南7.94.1%20257OCCOCCADRADROCCOCC ADRADROCCOCC ADRADROCCOCC ADRADROCCOCC ADRADROCCOCC ADRADROCCOCC ADRADROCCOCCADRADROCCOCC ADRADROCCOCC ADRADROCCOCC ADRADR0 2 2 4 4 6 6 72025/2026OCCADR 2025 2025|2025/2026Q8-3%3%3%3%

3、6%6%1%1%6%6%2%2%3%3%-1%1%6%6%-4%4%6%6%1%1%-4%4%3%3%5%5%1%1%10%10%2%2%2%2%-3%3%6%6%-4%4%8%8%1%1%ChinaChinaAustraliaAustraliaIndiaIndiaIndonesiaIndonesiaJapanJapanMalaysiaMalaysiaMaldivesMaldivesSingaporeSingaporeSouth KoreaSouth KoreaThailandThailandVietnamVietnamASIA PACIFICASIA PACIFIC20252025 GOP

4、2025 2026|63%43%2025/202666%64%48%41%17%11%9%9%10%40%5%29%29%40%56%79%85%89%95%94%90%89%95%90%55%86%20242025202620242025大洋洲202620242025日本、韩国202620242025南亚+马尔代夫2026东南亚202420252026中国95%3%6%3%2025 2026GOP|62%58%44%44%25%14%7%9%12%40%10%32%31%38%51%69%81%85%97%85%91%84%85%87%49%70%2024202520262024202520

5、26202420252026202420252026202420252026大洋洲日本、韩国南亚+马尔代夫东南亚中国2025/2026103%8%2%7%2025 2026|2025预计总收入同比增长率预计GOP同比增长率-2%-1%0%1%2%3%4%5%6%-1%0%1%2%3%4%5%6%7%日本马尔代夫泰国中国韩国越南印度印尼澳大利亚马来西亚新加坡亚太区平均2025/202620262025GOPQ11 2025 2026|2026GOP68%总收入62%GOP2025/20261279%总收入65%GOP76%总收入66%GOP67%总收入61%GOP80%73%70%62%59%6

6、8%66%63%58%50%0%10%20%30%40%50%60%70%80%90%GOP 2025 2025-2026 2025 2025|2026#1#2#3#4#52025/2026Q2025/202631714 2025 20252026|20242025010203040506070低于-10%-10%至-8%-8%至-6%-6%至-4%-4%至-2%-2 至 0%持平0 至 2%2%至 4%4%至 6%6%至 8%8%至 10%高于 10%2025/20262024202520252026Q20252026 2025:65%2026:49%2025:28%2026:39%15 2