业绩预告显示，今年上半年，吉宏股份预计营业收入和利润均实现较大幅度增长，主要原因是："首 先，在包装业务上，随着消费市场持续复苏，带动下游客户包装需求稳步增长，受益于与快消品细分领 域行业龙头企业长期战略合作的良好基础，公司通过集团化精细管理，运营和资源利用效率不断提高， 盈利能力显著提升。其次，在跨境社交电商业务上，公司坚持技术驱动，持续践行创新赋能，不断完善 供应链管控系统，保持高水平的数字化运营能力，与此同时，公司继续深化销售区域拓展及业务模式复 制，营收规模与利润实现较大幅度增长，促进公司整体业绩进一步提升。" 公告显示，吉宏股份的董事长王亚朋计划以集中竞价交易或大宗交易方式合计减持公司股份数量不超过 304万股，占公司A股总股本384769288股的比例不超过0.79%。减持原因为股东自身资金需求。 根据吉宏股份2024年年报可知，王亚朋于1979年11月出生，具有近二十年互联网营销行业从业经验，其 分别于2003年、2006年创立北京易赛诺科技有限公司和郑州易赛诺信息技术有限公司并担任总经理职 务，专注为出口企业提供海外整合营销方案及技术服务。2017年8月，王亚朋加入吉宏股份负责跨境电 商业务， ...

Investment Rating - The industry rating is "Recommended" [4] Core Insights - The consumer services and retail sectors are under pressure, with notable performance in emotional consumption and tourism consumption [1][2] - In 2024, CITIC consumer services revenue and net profit attributable to shareholders are expected to grow by 2% and decline by 24% respectively, while the retail sector is projected to see an 8% drop in revenue but a 6% increase in net profit [1][2] - The report highlights the divergence in performance among sub-sectors, with tourism services (+56%), human resources (+15%), and scenic areas (+3%) showing relative strength [1][2] Summary by Relevant Sections Consumer Services - In 2024, revenue for CITIC consumer services is projected to grow by 2%, while net profit is expected to decline by 24%. The tourism services sector shows a significant revenue increase of 56% [1] - For Q1 2025, the consumer services sector continues to face pressure, with revenues down by 0.1% and net profits down by 8% [2] Retail Sector - The retail sector is expected to see an 8% decline in revenue for 2024, but net profit is projected to increase by 6% [1] - Notable performances include supermarkets and convenience stores, which saw a 156% increase in net profit due to non-operating factors [1] OTA (Online Travel Agency) - The online booking rate for travel continues to rise, with OTA transaction volume expected to grow by 17.8% in 2024 [3] - Major players like Ctrip and Tongcheng are experiencing significant revenue growth, with Ctrip's international business revenue reaching 10% of total revenue [3][6] Scenic Areas - The scenic area sector is expected to see a 3% increase in revenue and a 30% increase in net profit for 2024, driven by strong performances from key players [7] - In Q1 2025, revenue is projected to grow by 2%, but net profit is expected to decline by 18% [7] Hotel Sector - The hotel sector is facing pressure with a decline in RevPAR (Revenue per Available Room), but major hotel groups are maintaining aggressive expansion plans [8][9] - For Q1 2025, major hotel groups are experiencing varying impacts on net profit, with some showing significant declines [9] Human Resources - The outsourcing business remains strong, with companies like Core International and Beijing Human Resources seeing revenue growth of 22% and 14% respectively [10] - Government subsidies are contributing to significant net profit increases for these companies [12] E-commerce and Services - The report highlights the growth of self-owned brands, with companies like Ruoyu Chen achieving a 29.26% increase in total revenue for 2024 [13] - The demand for agency operations is declining, but self-owned brands are driving high growth [13] Dining Sector - The dining sector is under pressure due to intense price competition, but some brands are showing resilience [14] - In Q1 2025, the dining sector shows signs of marginal improvement as price competition eases [14] Jewelry Sector - The jewelry sector is experiencing performance divergence, with strong brands outperforming the market amid rising gold prices [15] - In Q1 2025, brands like Chaohongji and Mankalon are showing significant revenue and profit growth [15] Investment Recommendations - The report suggests focusing on high-demand consumer products and travel services, as well as companies benefiting from overseas expansion [17]