JPMorgan China Growth & Income PLC · LSE:JCGI
JPMorgan China Growth & Income — Shareholder Meeting (February 2026)
19 slides from JPMorgan China Growth & Income's shareholder meeting presentation, Feb 3, 2026
Slide 1: JPMorgan China Growth & Income plc Annual General Meeting
JPMorgan China Growth & Income plc Annual General Meeting 3 February 2026 Simmy Qi – Greater China Portfolio Manager Emily Whiting – Senior Investment Specialist, Emerging Markets & Asia Pacific Team This is a marketing communication. Please refer to the KID (JPMorgan China Growth & Income plc) befo
Slide 2: Results for the financial year ended 30 September 2025
JPMorgan China Growth & Income plc Results for the financial year ended 30 September 2025 • After a challenging few years, the Company’s total return on net assets (with net dividends reinvested) climbed +29.3% in the year ended 30th September Financial year ended 30 September 2025 2025. The Company
Slide 3: Performance attribution – Financial year ending 30 September 2025
Performance attribution – Financial year ending 30 September 2025 As of 30 September 2025 Stock: -2.80% | Sector: 3.39% Relative Stock Impact Relative Stock Impact Top contributors weight (%)1 return (%) Top detractors weight (%)1 (%) return (%) (%) Montage Technology 1.98 127.02 1.31 Xiaomi -0.57 1
Slide 4: Performance
Performance JPMorgan China Growth & Income plc as of 31 December 2025 Market Value JPMorgan China Growth & Income plc GBP 258.2m Cumulative performance (%) Three Six One Three Five Ten months months year years years years JPMorgan China Growth & Income plc -7.27 21.03 24.60 -5.47 -42.13 106.63 MSCI
Slide 5: Year of the Fire Horse
Year of the Fire Horse Image source: Shutterstock 5
Slide 6: Macro muddling through and China's AI catch-up
Macro muddling through and China’s AI catch-up Adverse structural and cyclical forces have changed the government’s policy posture while Deepseek has changed the game for China Tech Source: J.P.Morgan Asset Management as of December 2025. Image source: Shutterstock. Opinions, estimates, forecasts, p
Slide 7: Households' risk appetite is recovering slowly
Households’ risk appetite is recovering slowly New increases in household deposits and loans Rolling 12-month, trillion RMB GTM ASIA 6 20 15 10 5 0 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 Loans Deposits Non-bank financial institutions deposit YoY vs. stock market 50%
Slide 8: Despite trade pressures, Chinese exports remain competitive
Despite trade pressures, Chinese exports remain competitive China’s global goods export share (%12M trailing sum) 16% COVID shock - temporary Competitive surge in market share price High quality, Customisation 15% % rapid high-spec & 14.9% differentiation iteration 14% 13% 12% China Export Competiti
Slide 9: Growing market share across industrial categories
Growing market share across industrial categories China’s global export share in each category (%, 2024E) Change in China’s global export share in each category (%, 2024E vs. 2019) Batteries 46% Batteries 18% Mobile phones 36% Tractors 7% Industrial robots, construction Semiconductor components 34%
Slide 10: Chinese companies are competing on a global stage
Chinese companies are competing on a global stage Image source: Shutterstock 10
Slide 11: Chinese consumers: home to some of the market's most asymmetric bets
Chinese consumers: home to some of the market’s most asymmetric bets Travel: Emotional & experience: Liquor: Industry leaders benefitting from resilient Wallet share of emotional and experience From Consensus Long to Consensus Short travel demand, product upgrade and consumption rising with Gen Z co
Slide 12: Sector and market positions
Sector and market positions JPMorgan China Growth & Income plc – 31 December 2024 vs 31 December 2025 Benchmark MSCI China Active and absolute sector positions Relative to benchmark (%) 20.0 16.1 13.5 6.5 6.8 31-Dec-25 31-Dec-24 10.0 3.0 3.0 2.9 0.7 1.6 0.6 1.1 0.0 0.0 -0.6 -1.0 -1.1 -0.8 -2.6 -3.2
Slide 13: Portfolio characteristics
Portfolio characteristics JPMorgan China Growth & Income plc as of 31 December 2025 Benchmark MSCI CHINA Portfolio Benchmark Market capitalization (USD) 12-Month Forward Price to Earnings (x) 17.0 12.2 Price to book (x) 3.1 1.6 Dividend yield (%)* 1.2 2.0 Return on equity (%) 15.4 11.5 Expected Retu
Slide 14: Chinese corporates shifting focus to shareholder returns and capital discipline
GTM Asia 36 Chinese corporates gradually shifting from a growth at any cost mentality to focus on shareholder returns and greater capital discipline Greater capital discipline but dilution headwind Annual amount of share buyback announcements from offshore capital raising Percentage of index market
Slide 15: Can there be an equity market recovery without a macro recovery?
Can there be an equity market recovery without a macro recovery? Property and Equity market performance 110 220 100 200 180 90 160 80 140 70 120 100 60 80 50 60 40 40 May-24 May-25 Jul-24 Jul-25 May-21 May-22 May-23 Jul-23 Feb-24 Mar-24 Feb-25 Mar-25 Apr-25 Oct-25 Jul-21 Jul-22 Oct-23 Apr-24 Oct-24
Slide 16: Key Takeaways
Key Takeaways A broad-based recovery is yet to arrive. However, government policies are targeting Muddling both demand (subsidies for discretionary consumption and children) and supply through (anti-involution) A total decoupling of US-China relations is hard to achieve US-China Wide-spread ta
Slide 17: Investment objective and risk indicator
Investment objective and risk indicator JPMorgan China Growth & Income plc INVESTMENT OBJECTIVE The Company aims to provide long-term capital growth from investment in 'Greater China' companies which are quoted on the stock exchanges of Hong Kong, China and Taiwan or which derive a substantial part
Slide 18: Important information
Important information This is a marketing communication and as such the views contained herein do not form part of an offer, nor are they to be taken as advice or a recommendation, to buy or sell any investment or interest thereto. Reliance upon information in this material is at the sole discretion
Slide 19: JPMorgan China Growth & Income plc Annual General Meeting
JPMorgan China Growth & Income plc Annual General Meeting 3 February 2026 This is a marketing communication. Please refer to the KID (JPMorgan China Growth & Income plc) before making any final investment decisions FOR INSTITUTIONAL / WHOLESALE / PROFESSIONAL CLIENTS AND QUALIFIES INVESTORS ONLY—NOT
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