KAIYUAN SECURITIES·2025-06-22 15:19Investment Rating - Investment rating for the industry is "Positive" (maintained) [1] Core Views - The industry is experiencing a dual high growth in store efficiency and number of stores, particularly in the tea and coffee sectors, with significant increases in average store efficiency [27][31][38] - The OTA (Online Travel Agency) market is characterized by high barriers to entry, making it difficult for new entrants like JD to disrupt established players [12][21] - The toy and trendy play market is seeing substantial growth, with brands like Pop Mart leading in sales during promotional events [22][23] Summary by Relevant Sections Travel and Tourism - JD announced an expansion in its OTA layout, launching a "Hotel PLUS Membership Plan" to enhance its hotel booking services [12] - The OTA market is difficult to penetrate due to high customer loyalty and established service standards [21] Trendy Play - During the 618 promotional period, the toy and trendy play sector saw significant sales growth, with Pop Mart topping the sales charts [22][23] - The market for trendy toys is thriving, with numerous brands achieving triple-digit growth in sales [22] Tea and Coffee - As of May 2025, there are 515,500 tea shops in China, with a net increase of 29,300 shops in May alone, and the average monthly store efficiency for tea shops is 212,200 yuan, up 7.6% year-on-year [31][38] - The coffee sector also shows positive trends, with 179,600 coffee shops and an average monthly store efficiency of 503,100 yuan, also reflecting a 7.6% year-on-year increase [31][38] - Major brands like Mixue Ice City and Luckin Coffee are expanding rapidly, with significant net increases in store numbers [37][38]