Group 1: Miniso's Stock Performance - Miniso's stock price dropped by 18.22% on May 26, closing at HKD 34.55, resulting in a market capitalization of HKD 432 billion [1] - Following the drop, Miniso's market value in RMB fell to 405 billion, below Yonghui Supermarket's 459 billion [1] - The decline in stock price raised concerns about Miniso's profitability and the effectiveness of its acquisition strategy, especially after a first-quarter report showing an 18.9% revenue increase but a 28.8% decline in net profit [1] Group 2: Douyin's Non-Heritage Video Growth - Douyin reported a 1625% increase in AI-related non-heritage videos over the past year, indicating a significant rise in creative content [3] - The platform saw over 2 billion new national-level non-heritage videos, with a 31% year-on-year growth in related content [3] - The commercial potential of non-heritage products is highlighted by Douyin's 6.5 billion annual sales, suggesting a growing market for cultural and tourism investments [3] Group 3: Ctrip's Strategic Initiatives - Ctrip announced the establishment of a 1 billion RMB tourism innovation fund aimed at fostering new business models in the travel industry [4] - The company formed strategic partnerships with international hotel groups from Thailand, Malaysia, and Indonesia to enhance service quality [4] - Ctrip's initiatives align with national strategies to boost inbound tourism and promote collaboration within the tourism industry [4]

Group 1: Major Companies - Ctrip announced the establishment of a 1 billion yuan tourism innovation fund to support breakthrough and innovative developments in the tourism sector [1] - Ctrip has formed strategic partnerships with several international hotel groups from Thailand, Malaysia, and Indonesia to enhance regional hotel service standards through joint marketing and service upgrades [1] - Ctrip is collaborating with 10 domestic destinations and 5 overseas travel agencies to create a "two-way service hub" in response to the national strategy to promote inbound tourism [1] Group 2: New Products - NIO launched new ET5 and ET5T models equipped with Sain's 4D imaging radar, which enhances target tracking and risk warning capabilities through advanced signal processing [10] Group 3: Financing Activities - Guangzhou Deng's Grandma Operation Management Co., Ltd. completed a several million yuan Series B financing, which will be used to deepen supply chain construction and accelerate regional market expansion [11] - Zhongjiang Mindai International Engineering Design Co., Ltd. completed a 10 million yuan Series A financing to enhance technology development and expand its professional talent pool [12] - Micron Innovation Technology (Beijing) Co., Ltd. secured 20 million yuan in Series A financing, aimed at product development and market expansion [13] Group 4: Industry Insights - UBS predicts that the overall growth trend for electric vehicles will remain positive, with a projected compound annual growth rate of 17% from 2024 to 2027, despite a downward revision from a previous forecast of 22% [14]

热文： 社会LP去哪了 5月26日，携程集团联合创始人梁建章和CEO孙洁在携程举办的行业峰会上宣布多项战略举措：一 是设立10亿元旅游创新基金，旨在支持旅游领域的突破性和创新性发展，激励在旅游创新场景做 出突出贡献的项目和个人；二是与来自泰国、马来西亚、印尼的多家国际酒店集团达成战略合作， 通过联合营销及服务升级提升区域酒店服务行业标准；三是联合国内10个目的地及5家海外组团社 构建"双向服务枢纽"，响应国家促进入境旅游战略。 来源：澎湃新闻 对接需求请扫码 每日｜荐读 热文： 购基金井喷，巨头们开始"买买买" 报告： 独角兽的"新双轮驱动"：《2025中国CVC影响力报告》发布 报告： 哪些LP在活跃出资？——《LP全景报告2024》发布 ...

社会服务 社会服务 "IP+饰品"与新消费元素碰撞融合，52toys 递交港股 2025 年 05 月 25 日 投资评级：看好（维持） ——行业周报 | 行业走势图 | | | | | | --- | --- | --- | --- | --- | | | | | | 初敏（分析师） 李睿娴（分析师） 程婧雅（联系人） | | 社会服务 | | | 沪深300 | chumin@kysec.cn liruixian@kysec.cn chengjingya@kysec.cn | | 36% | | | | 证书编号：S0790522080008 证书编号：S0790525020004 证书编号：S0790123070033 | | 24% | | |  | 潮玩：2025Q1OTA 利润率表现分化，端午假期周边预订升温 | | 12% | | | | OTA：2025Q1 携程和同程核心 OTA 业务实现稳健增长，酒店业务收入均取得 20%+ | | 0% | | | | 同比增速，国际业务强劲成长势头延续，利润端因平台海外投放策略差异呈现明显 | | -12% | | | | 分化。具体来看，携程 20 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the integration of "IP + accessories" with new consumer elements, exemplified by 52toys submitting its IPO application in Hong Kong [1][5] - The travel sector shows a robust performance with Ctrip and Tongcheng achieving significant revenue growth in Q1 2025, driven by domestic tourism and strong international business [14][21] - The report notes a growing trend in the collectible toy market, with 52toys ranking third in China's IP toy market by GMV, and a notable increase in overseas revenue [5][42] Summary by Sections Travel and Tourism - Ctrip's Q1 2025 revenue reached 138.5 billion CNY, a year-on-year increase of 16.3%, with a NON-GAAP adjusted net profit of 41.9 billion CNY, up 3.3% [14][15] - Tongcheng's Q1 2025 revenue was 43.8 billion CNY, reflecting a 13.2% year-on-year growth, with an adjusted net profit of 7.88 billion CNY, up 41.1% [21][22] - The report indicates a 23% year-on-year increase in domestic surrounding travel bookings during the Dragon Boat Festival [14][40] Collectible Toys and IP - 52toys has submitted its IPO application and is recognized as a leading IP toy operator in China, with a GMV of 9.3 billion CNY in 2024 [5][42] - The company has a diverse product range with nearly 2800 SKUs and plans to expand its self-owned brand stores [51][56] - 52toys' overseas revenue grew significantly, accounting for 23% of total revenue in 2024, with notable performance in Japan and Thailand [56][59] Accessories and New Consumer Trends - Popop, a jewelry brand under Bubble Mart, is set to open its first official store in Shanghai, featuring products that blend IP culture with new consumer trends [57][61] - Pandora reported a revenue of 316.8 billion DKK (approximately 347 billion CNY) in 2024, with a 13% organic growth rate [63][64]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a net operating revenue of 13.8 billion yuan in Q1 2025, representing a year-on-year growth of 16%, in line with Bloomberg consensus expectations. The adjusted EBITDA was 4.2 billion yuan, with an EBITDA margin of 30%. The Non-GAAP net profit was 4.2 billion yuan, showing a year-on-year increase of 3%, which is better than Bloomberg consensus expectations [7] - The international business continues to grow significantly, with outbound travel maintaining stable growth. The cross-border flight capacity has recovered to 83% of pre-pandemic levels, and hotel and flight bookings for outbound travel have exceeded 120% of the same period in 2019, outperforming the market by 30%-40% [7] - Domestic tourism demand remains strong, with inbound tourism also experiencing robust growth. In Q1, the number of inbound travelers increased by 40% year-on-year, with 75% coming from visa-free regions. The company's platform saw a nearly 100% year-on-year increase in inbound bookings, with hotel bookings in major visa-free countries in the Asia-Pacific region surging over 240% [7] - The company continues to focus on enhancing its international business through better product experiences and customer service, with a sales expense ratio of approximately 21% in Q1, which is better than expected [7] - The profit forecast for 2025-2027 has been adjusted, with the adjusted net profit for 2025, 2026, and 2027 projected at 17.6 billion, 19.7 billion, and 22 billion yuan respectively, corresponding to P/E ratios of 18, 16, and 15 times [7] Financial Summary - Total revenue for 2023 is projected at 44.51 billion yuan, with a year-on-year growth of 122.12%. For 2024, revenue is expected to reach 53.29 billion yuan, reflecting a growth of 19.73% [1] - The company's net profit attributable to shareholders for 2023 is estimated at 9.92 billion yuan, with a staggering year-on-year growth of 606.91%. The forecast for 2024 is 17.07 billion yuan, indicating a growth of 72.08% [1] - The latest diluted EPS for 2023 is projected at 13.90 yuan per share, with a P/E ratio of 32.27 times [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a net operating revenue of 13.8 billion yuan in Q1 2025, representing a year-on-year growth of 16%, in line with Bloomberg consensus expectations. The adjusted EBITDA was 4.2 billion yuan, with an EBITDA margin of 30%. The Non-GAAP net profit was 4.2 billion yuan, showing a year-on-year increase of 3%, which is better than Bloomberg consensus expectations [7] - The international business continues to grow significantly, with outbound travel maintaining stable growth. The cross-border flight capacity has recovered to 83% of pre-pandemic levels, and hotel and flight bookings for outbound travel have exceeded 120% of the same period in 2019, outperforming the market by 30%-40% [7] - Domestic tourism demand remains strong, with inbound tourism also experiencing robust growth. In Q1, the number of inbound travelers increased by 40% year-on-year, with 75% coming from visa-free regions. The company's platform saw a nearly 100% year-on-year increase in inbound bookings, with hotel bookings in major visa-free countries in the Asia-Pacific region surging over 240% [7] - The company continues to focus on enhancing its international business through better product experiences and customer service, with a sales expense ratio of approximately 21% in Q1, which is better than expected [7] - The profit forecast for 2025-2027 has been adjusted, with the adjusted net profit for 2025, 2026, and 2027 projected at 17.6 billion, 19.7 billion, and 22 billion yuan respectively, corresponding to P/E ratios of 18, 16, and 15 times [7] Financial Summary - Total revenue for 2023 is projected at 44.51 billion yuan, with a year-on-year growth of 122.12%. For 2024, revenue is expected to reach 53.29 billion yuan, reflecting a growth of 19.73% [1] - The company's net profit attributable to shareholders for 2023 is estimated at 9.92 billion yuan, with a staggering year-on-year growth of 606.91%. The forecast for 2024 is 17.07 billion yuan, indicating a growth of 72.08% [1] - The latest diluted EPS for 2023 is projected at 13.90 yuan, with a P/E ratio of 32.27 times [1]

以下文章来源于36氪出海 ，作者36氪出海 36氪出海 . 36氪出海（letschuhai.com）是关注出海的行业媒体，为企业跨境提供海外咨询及专业服务，同时运营着超万人的出海生态社群。 美团小象超市海外版Keemart在沙特启动运营 5月21日，有消息称，美团自营的食杂零售业务小象超市已正式在沙特首都利雅得启动营业，海外品牌名定为Keemart。据悉，小 象超市此次出海沙特，由美团内部资深业务负责人刘薇操盘。针对这一消息向美团方面求证，截至发稿，尚未获得美团的官方回 应。在小红书平台上，小象超市Keemart正在大规模招聘个护方向的招商采购、业务拓展经理（BDM）以及运营经理等岗位。招 聘信息中明确要求应聘者懂英语、常驻利雅得，并具备较强的抗压能力。此外，Keemart Courier（小象超市配送端应用）已在 APP Store上线一个多月，目前仅支持邮箱和沙特手机号注册。（财联社） 来源｜ 36氪出海（ID：wow36krchuhai） 封面来源 ｜ Unsplash 欧盟、日本计划对小包裹收税 霸王茶姬计划今年海外新增110+门店 美团小象超市海外版Keemart在沙特启动运营 名创优品Q1海 外 ...

Core Viewpoint - Trip.com Group reported strong financial performance in Q1 2025, with revenue growth and positive operating profit margins, indicating a robust recovery in the travel sector [1][4]. Financial Performance - Q1 2025 revenue reached Rmb13.9 billion, representing a 16% year-over-year increase [1]. - Non-GAAP operating profit was Rmb4 billion, with a non-GAAP operating profit margin of 29% [1]. - The company maintains its non-GAAP EPS forecasts of Rmb27.7 for 2025, Rmb29.7 for 2026, and Rmb30 for 2027 [1]. Business Segment Performance - Accommodation reservation revenue increased by 23% year-over-year [2]. - Transportation ticketing revenue grew by 8%, packaged tour revenue by 7%, corporate travel revenue by 12%, and other business revenue by 33% [2]. - Revenue breakdown by region: domestic (65% of total revenue, low teens growth), outbound (15%, 20% growth), and pure overseas (20%, 30%+ growth) [2]. Brand Contribution and Outlook - The Trip.com brand contributed 13% of total revenue, with over 50% year-over-year growth [3]. - For Q2 2025, revenue is expected to grow by 14% year-over-year, with domestic business in low teens, outbound travel up by 15%, and Trip.com brand growth exceeding 50% [3]. - The recovery rate of outbound travel compared to 2019 is projected to rise from 50% in Q1 2025 to 60% [3]. Market Position and Rating - The company is positioned as a leader in China's online travel industry, with potential for market share gains internationally [4]. - The target price is maintained at HK$590, indicating a 22% upside, with a Buy rating sustained [4].

Core Viewpoint - The company reported strong Q1 2025 performance with revenue and profit exceeding Bloomberg consensus expectations, driven by favorable policies and recovery in overseas travel demand [1][2] Financial Performance - Overall Q1 revenue reached 13.8 billion yuan, a year-on-year increase of 16%, slightly above Bloomberg consensus by 0.22% [1] - Operating profit was 3.6 billion yuan with a margin of 26%, exceeding Bloomberg consensus by 7.34% [1] - Adjusted net profit was 4.2 billion yuan, a year-on-year increase of 3%, surpassing Bloomberg consensus by 8.99% [1] Business Segment Analysis - Accommodation booking revenue was 5.5 billion yuan, up 23% year-on-year, exceeding Bloomberg consensus by 1.39% [1] - Transportation ticketing revenue was 5.4 billion yuan, an 8% year-on-year increase, slightly above Bloomberg consensus by 0.20% [1] - Travel vacation revenue was 0.9 billion yuan, a 7% year-on-year increase, below Bloomberg consensus by 5.90% [1] - Business travel management revenue was 0.6 billion yuan, up 12% year-on-year, exceeding Bloomberg consensus by 4.36% [1] - Other business revenue was 1.4 billion yuan, a 33% year-on-year increase, slightly below Bloomberg consensus by 0.96% [1] Growth Drivers - Overseas business saw a 60% year-on-year increase in OTA platform bookings, with inbound tourism bookings more than doubling, driven by strategic investments and favorable visa policies [1] - In Q1, inbound tourist numbers surged by 40.2%, with 75% of visitors from visa-free countries, particularly from South Korea, Thailand, Malaysia, and Indonesia, with hotel orders increasing by over 240% [1] - The introduction of a 240-hour visa-free transit policy in December 2024 will expand the list of eligible countries to 54 and open 60 entry and exit points [1] Outbound Business - Outbound hotel and flight bookings have surpassed 120% of the same period in 2019, benefiting from the orderly recovery of capacity [2] - Cross-border flight capacity has recovered to 83%-84% of 2019 levels, with predictions to reach 90% by the end of the year [2] Market Outlook - Hotel ADR (Average Daily Rate) saw a high single-digit decline in Q1, but the decline has narrowed in Q2, with low single-digit decreases during the May Day holiday [2] - With increasing travel demand and normalization of supply, hotel prices are expected to stabilize [2] Investment Projections - Revenue projections for 2025, 2026, and 2027 are 61.4 billion, 68.5 billion, and 76.5 billion yuan, reflecting year-on-year growth of 15%, 12%, and 12% respectively [2] - Adjusted net profit projections for the same years are 18.7 billion, 21.8 billion, and 24.7 billion yuan, with year-on-year growth of 3%, 16%, and 14% respectively [2] - The company maintains a "buy" rating based on these projections [2]