Group 1: Company Performance - Yili Group reported a total revenue of 115.78 billion yuan and a net profit of 8.464 billion yuan for 2024, with a first-quarter revenue of 33.018 billion yuan in 2025, reflecting a year-on-year growth of 1.35% [1] - The company's net profit attributable to shareholders, excluding non-recurring items, reached 4.629 billion yuan in Q1 2025, marking a significant year-on-year increase of 24.19% [1] - Yili Group aims to achieve a total revenue of 119 billion yuan and a total profit of 12.6 billion yuan in 2025, representing a year-on-year increase of 2.8% and 24.4% respectively, focusing on functional nutrition and deep processing of dairy products [1] Group 2: Industry Trends - The tourism market is evolving, with an increasing number of tourists opting for less popular destinations, leading to a rise in demand for unique cultural experiences during the May Day holiday [3] - The hotel occupancy rate for Wanda Hotels and Resorts in lesser-known destinations reached over 90%, showing a year-on-year increase of more than 15 percentage points [3] - The film industry experienced a total box office of 738 million yuan during the May Day holiday period, despite a year-on-year decline compared to 2024, indicating a recovery in social activities such as family outings and couple dates [4]

经济动态点评 [Table_Author] 分析师：陶川 分析师：张云杰 研究助理：钟渝梅 执业证号：S0100524060005 执业证号：S0100525020002 执业证号：S0100124080017 邮箱：taochuan@mszq.com 邮箱：zhangyunjie@mszq.com 邮箱：zhongyumei@mszq.com ➢ 今年五一假期消费的几点不寻常值得关注：一是今年五一放假时间的延长是 继春节后消费的又一次集中释放，其客运量、人均消费等数据与放假时间同样偏 长的十一具有可比性；二是在过境免签、"即买即退"等扩大开放的政策影响下， 今年五一长假的"消费热"靠外籍友人的拉动并不小；三是电影票房降温，《哪 吒》后现象级观影热潮的消退，表明创新消费供给仍需打磨。 ➢ "拼假出行"带动旅游消费走热。根据今年的节假日安排，五一假期增加 1 天、4 月 27 日调休上班，上班族可选择"请 3 休 8"、"请 4 休 11"等拼假模式， "有效"假期同比去年有所延长。根据中青旅数据，今年五一假期境内游平均出 行天数 5.2 天，同比延长约 15%。更长的假期带动了更多的深度游、长线游需 求，这与 ...

Group 1: Travel Demand and Trends - The "May Day" holiday is expected to see a significant increase in travel demand, with an estimated 1.42 billion people traveling, representing a year-on-year growth of approximately 4.5% [4] - The average daily cross-regional personnel flow during the holiday is predicted to exceed 270 million, potentially marking the peak travel period of 2023 [2] - There is a notable shift in travel preferences, with more individuals opting for "拼假出行" (taking leave to extend holidays) and "反向旅游" (reverse tourism), indicating a diversification in travel experiences [2][9] Group 2: Transportation and Logistics - On May 1, the national railway is expected to send 22.5 million passengers, with an additional 1,341 trains scheduled to accommodate the surge [1] - The highway traffic is projected to reach 66.5 million vehicles, approximately 2.1 times the normal flow, with peak congestion expected between 10 AM and 12 PM on May 1 [1] - The civil aviation sector anticipates sending 2.34 million passengers on May 1, a 9.1% increase compared to the same period last year, with a flight operation rate of 92% [1] Group 3: Destination Preferences - Traditional tourist destinations such as Beijing, Shanghai, Guangzhou, and Chengdu remain popular, but there is a growing trend towards lesser-known locations, with the concept of "small places, big experiences" gaining traction [6] - Consumers are increasingly interested in personalized and customized travel experiences, seeking deeper engagement with destinations [11] Group 4: Family and Group Travel Dynamics - Different demographics exhibit varied travel preferences, with younger generations focusing on self-indulgent experiences, while families prefer theme parks that offer comprehensive amenities [15] - The diverse market supply in the tourism industry is enhancing consumer experiences and creating more opportunities for related industries [15]