SCB EIC says Thai recovery is K-shaped: large firms have grown well past 2019 levels, while SME revenue share fell from about 18% before COVID to about 15% in 2025, and SME net margins have only partly recovered. Upstream auto parts, electronics, chemicals and agriculture SMEs are seeing revenue recover but profits stay flat because they cannot pass costs on. Housing-related and domestic-demand businesses (property, construction, retail, luxury goods) face weak purchasing power. Review pricing power and cost pass-through, and check whether your sector sits in the exposed group. US Section 301 tariffs and Chinese excess capacity are risks to watch.