Group 1 - Metro opened its first "Fat Transformation Store" in Beijing, adopting a "wide category, narrow product" strategy with approximately 8,000 SKUs and a product turnover rate of 55% [8] - JD.com completed the acquisition of Hong Kong's Jia Bao Supermarket, marking its entry into the Hong Kong physical retail market, with over 90 stores and more than 1,000 employees [10] - JD.com's Q2 revenue reached 356.7 billion yuan, a year-on-year increase of 22.4%, with net profit of 6.2 billion yuan, down from 12.6 billion yuan in the same period last year [12] Group 2 - Multi-Point Smart achieved revenue of 1.078 billion yuan in the first half of 2025, a year-on-year increase of 14.8%, with a net profit of 62.17 million yuan [15] - Carrefour China rebranded its WeChat account from "Carrefour China" to "CACIOUS," which is the name of its private label [18] - The snack brand "Good Want to Come" joined Taobao Flash Sale, achieving over 200% growth in order volume for three consecutive months [19] Group 3 - Hema Fresh opened its first store in Zibo, Shandong, with a planned expansion of nearly 100 stores in the fiscal year, aiming to exceed 500 stores [20] - Xiaomi expanded its presence in Africa by opening a direct store in Morocco and plans to train 1,000 overseas talents in AIoT business over the next 3-5 years [22] - In July, China's national catering revenue reached 450.4 billion yuan, a year-on-year increase of 1.1% [23] Group 4 - Yonghui Supermarket completed the renovation of its Beijing Jiugong store, becoming the 156th renovated store, with a product turnover rate of nearly 50% [24] - JD.com will open its first outlet store in Northwest China on August 22, transforming a department store into a 24-hour commercial complex [27] - Weilian's total revenue for the first half of 2025 was 3.483 billion yuan, a year-on-year increase of 18.5%, with vegetable product revenue growing by 44.3% [28]

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Viewpoints - The retail sector shows a stable overall performance in 2025, with some companies demonstrating positive trends. The second quarter earnings forecasts are being disclosed, and companies are actively positioning themselves for growth [8] - The new consumption landscape remains vibrant, with key players such as Gu Ming, Cha Bai Dao, and others expected to perform well [8] - Retail transformation continues, with traditional retailers like Yonghui Supermarket and others making significant adjustments to their operations [8] Summary by Sections Retail Sector - In June 2025, the total retail sales of consumer goods reached 42,287 billion yuan, with a year-on-year growth of 4.8%, which is in line with expectations. Excluding petroleum and automotive factors, the retail sales of consumer goods amounted to 35,702 billion yuan, with a year-on-year growth of 4.1% [1] - Various categories showed different growth rates, with essential goods like food and beverages increasing by 8.7%, while optional categories like furniture and automobiles experienced a slowdown [1] Tourism and Hospitality - The tourism sector is expected to see a decline in visitor numbers and revenue growth in Q2 due to various factors, but companies are improving their capabilities through IP, products, and marketing [2] - The hotel sector is showing signs of improvement, with Jin Jiang Hotels forecasting a net profit of 3.2-3.6 billion yuan for Q2, despite a year-on-year decline of 50.7%-44.7% [2] Food and Beverage - Some restaurant brands have shown positive performance in June, with Guoquan expecting a core operating profit of 1.8-2.1 billion yuan for H1 2025, reflecting a year-on-year increase of 44%-68% [3] - The tea beverage sector is anticipated to benefit in Q3, maintaining relatively high growth rates [3] Retail Transformation - Traditional retail companies are undergoing significant transformations, with Yonghui Supermarket adjusting 124 stores and closing 227 in the first half of 2025 [4] - Specialized chains like mother and baby stores and Miniso are expected to see improved growth rates in Q2 [4] Cross-Border Trade - The small commodity city in Yiwu has seen strong demand in the潮玩 and skincare sectors, with bidding results exceeding expectations [7] - The overall growth rate of the cross-border sector may experience a slight decline due to varying tariff impacts [7] Investment Recommendations - Key companies to watch include Yonghui Supermarket, Chongqing Department Store, and others in the retail transformation space [8] - In the tourism sector, companies like Xiangyuan Cultural Tourism and Songcheng Performance are expected to perform well [8]

Investment Rating - The industry investment rating is maintained as "Increase" [5] Core Viewpoints - The domestic tourism market shows a steady recovery with significant growth in various segments, including local travel, cultural heritage experiences, and family-oriented trips [3][4] - The overall consumer market is experiencing stable growth, with notable increases in sales across various retail sectors during the Dragon Boat Festival [4] - The tourism sector remains vibrant, with a marked increase in inbound tourism orders and significant growth in ticket sales for attractions [3][4] Summary by Sections Travel Data - During the Dragon Boat Festival, 119 million domestic trips were made, a year-on-year increase of 5.7%, and a 26.7% increase compared to 2019 [1] - Total domestic tourism expenditure reached 42.73 billion yuan, up 5.9% year-on-year, and 8.6% compared to 2019 [1] Hotel and Accommodation - High-star hotels in county areas saw a 73% increase in one-stop package bookings, with family-oriented bookings making up 33% [2] - The demand for high-end hotels and boutique accommodations has risen significantly during the holiday [3] Local and Cultural Tourism - Local and surrounding travel accounted for 64% of trips during the holiday, with a notable increase in demand for high-end hotels and vacation rentals [3] - Cultural heritage experiences related to the Dragon Boat Festival saw a 2.5 times increase in search volume for related keywords [3] Consumer Market Performance - Key retail sectors in Beijing achieved sales of 4.18 billion yuan during the holiday, a 1.6% increase year-on-year [4] - The restaurant sector in Beijing experienced nearly a 10% growth in consumption during the holiday [4] Inbound Tourism - A total of 5.907 million people crossed borders during the holiday, marking a 2.7% increase year-on-year [3] - Inbound tourism orders saw a nearly 90% increase compared to the previous year [3]