Huachuang Securities·2025-11-17 13:25Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry [3]. Core Insights - The consumer services industry is experiencing a marginal improvement in revenue growth driven by strong travel demand [2]. - For the first three quarters of 2025, the social services industry achieved a revenue of 178.43 billion yuan, a year-on-year increase of 1.2%, and a net profit of 10.09 billion yuan, a year-on-year decrease of 14.4% [11]. - The overall gross profit margin for the industry is 23.8%, down by 2.0 percentage points year-on-year [11]. Summary by Sections Overall Industry Situation - In the first three quarters of 2025, the social services industry saw stable revenue growth but a decline in profit margins, with revenue reaching 178.43 billion yuan and net profit at 10.09 billion yuan [11]. - The comprehensive gross profit margin was 23.8%, with a net profit margin of 5.7%, reflecting a year-on-year decrease of 1.0 percentage points [11]. Sub-Industry Analysis - Hotels: The hotel sector showed a sequential improvement in operations, with RevPAR for Jinjiang and Shouqi recovering to 101.1% and 94.3% of 2019 levels, respectively [31]. - Tourism and Scenic Areas: There is significant performance differentiation among tourism companies, with some showing positive net profit growth while others face declines [40]. - Dining: The dining sector's performance is mixed, with some leading companies demonstrating resilience through innovation and brand strength [27]. - Duty-Free: The duty-free sector is showing signs of stabilization, with a narrowing revenue decline and positive growth in Hainan's duty-free sales [27]. - Human Resources Services: The human resources sector continues to thrive, driven by flexible employment needs and digital transformation [27]. - Exhibitions: The exhibition industry is under short-term pressure but is benefiting from a recovery in domestic demand and international exchanges [27].