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]
行业周报:“IP+饰品”与新消费元素碰撞融合,52toys递交港股招股书-20250525
KAIYUAN SECURITIES·2025-05-25 15:33