KAIYUAN SECURITIES·2025-05-19 02:20Investment Rating - The investment rating for the social services industry is "Positive" (maintained) [1] Core Insights - The social services sector has shown a decline in performance, with the A-share social service index underperforming the market, ranking 27th among 31 primary industries [8] - The tea beverage industry is experiencing significant growth, with major players like Mixue Ice City and Gu Ming rapidly expanding their store numbers [44][48] - The beauty sector is witnessing a rise in domestic brands, with strong performance during the 618 shopping festival, indicating a shift towards local products [56][57] Summary by Relevant Sections 1. Trend in Toy Industry - In April 2025, online sales in the toy and animation category reached 1.314 billion yuan, marking a 48% year-on-year increase [16] - The blind box and ACG peripheral products showed strong growth, with sales increasing by 105% and 116% respectively [17][21] 2. Tea Beverage Industry - As of April 2025, there are 486,000 tea beverage stores in operation, with a net increase of 7,600 stores in the first four months of the year [44][48] - Major brands like Mixue Ice City and Gu Ming have significantly increased their store counts, with Mixue reaching 38,337 stores [51] 3. Education Sector - Youdao reported a revenue of 1.3 billion yuan in Q1 2025, a decrease of 6.72% year-on-year, but achieved a record operating profit of 104 million yuan, up 247.7% [52][54] - The company is focusing on AI-driven educational services, which have shown promising growth [52] 4. Beauty Industry - The 618 shopping festival saw a strong performance from domestic beauty brands, with significant sales growth compared to previous years [56][57] - The hair care market is experiencing steady growth, particularly through online channels, with Douyin becoming a major contributor [56]