KAIYUAN SECURITIES·2025-06-08 15:30Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The domestic tourism market showed steady growth during the Dragon Boat Festival, with 119 million domestic trips taken, a year-on-year increase of 5.7%, and total spending of 42.73 billion yuan, up 5.9% year-on-year [5][15] - TOPTOY acquired a 51% stake in Hi TOY to enhance its IP portfolio, while Quantum Song reported a net profit of 41.15 million yuan, a year-on-year increase of 181.24% [18][26] - The beauty sector on Douyin saw a GMV of 23.497 billion yuan in May, reflecting an 18% year-on-year growth, with international brands gaining market share [37][38] Summary by Sections 1. Travel and Tourism - Domestic tourism during the Dragon Boat Festival reached 119 million trips, with total spending of 42.73 billion yuan, marking a 5.7% and 5.9% increase year-on-year respectively [15] - Xiangyuan Holdings strategically invested in Haichang Ocean Park, acquiring a 38.6% stake for 22.95 billion HKD, enhancing its cultural tourism portfolio [16] 2. Trendy Toys - TOPTOY's acquisition of Hi TOY aims to strengthen its IP resources and market competitiveness [18] - Quantum Song's revenue for FY2025Q3 was 571 million yuan, a decrease of 39.64%, but net profit increased significantly by 181.24% [26] 3. Beverage Industry - Tea Baidao launched a new peach series, selling 300,000 cups on the first day, while Luckin Coffee introduced a new fruit and vegetable tea priced at 9.9 yuan [34][36] 4. Beauty and Personal Care - Douyin's beauty category GMV reached 23.497 billion yuan in May, with a notable increase in international brand rankings [37][41] - The top beauty brands on Douyin included Han Shu and Helena Rubinstein, with significant sales growth driven by influencer marketing [38][40] 5. Industry Performance - The A-share social service sector outperformed the market, with a 2.09% increase, while the Hong Kong consumer services sector lagged behind the Hang Seng Index [7][25]