酒店行业的AI应用正从单一技术工具向生态系统转变，从智能前台到AI客服，从客房控制系统到收益 管理，AI渗透到了酒店运营的各个环节，并重塑服务模式与效率标准，人机协作共生将成为行业主 流。 最近，美团发布的国内首个酒店商家端AI工具"美团既白"，引发行业关注。与通用AI应用不同的是，美 团既白不只是工具，更有可能成为高星酒店里，一位懂行的经营伙伴。 当高星酒店正在加速出清，行业正进入存量竞争时代，美团既白以跨场景融合、生态协同，激发住宿新 需求，帮助酒店住宿商家撬动更大增量市场。 一个更懂高星酒店的AI Agent来了 "AI很强，但能解决我的具体经营问题吗？"这可能是酒店人在AI时代问得最多的一个问题。 万事不决问AI，所有人都知道大模型能力很强，但只有酒店人才懂得行业问题到底有多"深"。AI难以全 面把控每一个酒店的服务动线，也不懂行业里某一段特定时间内的定价博弈，也不能时刻把控客户情 绪、热点事件与商圈热度的联动。 6月5日，在2025美团住宿生态伙伴大会上，美团首次公布美团旅行AI新进展，并发布国内首个面向酒 店商家的AI工具"美团既白"。 美团既白围绕三大核心方向展开功能布局：提升获客效率、优化长效 ...

在菜品层面，酒店餐饮以时令季节与地域特色为切口，创新样式、焕新菜单，精准抓住年轻人心理。招 牌菜一直存在，对于"喜新厌旧"的Z世代来说，尝试过便失去魅力，但新菜是钩子，会勾引其反复进店 尝鲜。在此方面，万豪国际旗下酒店一直走在前列：2025黑珍珠餐厅指南中，旗下共有包括广州富力丽 思卡尔顿酒店·丽轩中餐厅、香港丽思卡尔顿酒店·天龙轩等在内的六家酒店餐厅上榜。 所有的酒店都在探索"酒店+"背后的X因素。2025美团住宿生态伙伴大会近日在青岛举办，空间秘探记 者在会上获悉，"酒店+"正成为众多酒店集团研究的新生态课题。过去一年，美团上"住宿+餐饮"跨界间 夜需求激增近87%，"住宿+玩乐"与"住宿+机票"分别增长99％、36%；今年"五一"期间，"酒店+闪购"跨 界组合的间夜同比增速超40%，其中夜间精酿闪购订单暴涨176%。 01 酒店餐饮：勾连Z世代不断"卷"新菜 自古吃住不分家，酒店餐饮自现代化酒店诞生之初，便作为住宿配套服务一直保留至今。其中，酒店餐 饮60％的收入都由会议和住客贡献，散客消费占比较低。 宴请宾客、商务会谈是酒店餐饮大出风头的场合，其承载起的不仅是单纯的饮食功能。始建于1900年的 北京饭 ...

住宿+时代来临，酒店成为连接一切的入口。 作者 | 陈法善 编辑 | 刘杨 「核心提示」 在电商和餐饮高度发达的今天，游客或许不会专程为盐水鸭、蟹黄包奔赴江苏，但却愿意为了一场纯粹的比赛、一次情绪的共鸣，选择在当地停留、消 费。美团旅行数据显示，6月3日至8日，江苏省内景区预订量同比暴增305%。 这正是文旅行业转型的缩影。过去，旅游推广往往依赖景点，但随着消费者的审美疲劳，他们更关注的是旅行能带来的情感和体验价值。2025美团住宿生 态伙伴大会上提出，消费者正从 "到此一游"转向"深度旅游"，不再沉迷打卡式观光。 一个细节是：村落探寻已经成为当下年轻人的新玩法，实际上年轻人更爱的不是丽江，而是深入到更下沉的哈巴雪山西坡徒步。对酒店而言也是如此， 当"住"不再只是睡觉，酒店便有了连接消费全链路的可能，泳池、下午茶、酒廊甚至小型博物馆，都是酒店探索住宿之外的新玩法。 "住宿+"模式，由此成为激发行业增量的新入口，而拥有200个服务零售场景的美团，也自然成为了酒店玩家在选择合作伙伴时的第一考虑。 1、谁在撑起消费新天地 今年春节，家住浙江的郝大娘和老伴选择去三亚过年，一晚3000多元的酒店让家族晚辈很惊讶。在她侄 ...

Core Viewpoint - Meituan is actively reshaping the traditional e-commerce landscape with its rapid growth in flash purchase services and strategic partnerships, particularly in the hotel and travel sectors, indicating a significant shift in consumer behavior and market dynamics [2][4][10]. Group 1: Flash Purchase and E-commerce Impact - Meituan's flash purchase business is posing a serious threat to traditional e-commerce players like JD.com, as evidenced by its aggressive marketing strategies during events like the 618 shopping festival [2]. - The company aims to redefine supply chain rules in the trillion-dollar e-commerce market, with even minor actions potentially leading to significant future impacts [2]. Group 2: Hotel and Travel Sector Developments - Meituan's partnership with Marriott to create a mutual membership system has resulted in an 88% increase in Marriott bookings through Meituan within 24 hours, showcasing the effectiveness of this collaboration [4]. - The integration of membership systems allows for higher-tier Meituan members to gain access to Marriott's benefits, indicating a strategic move to enhance customer loyalty and spending [4][7]. Group 3: Changing Consumer Behavior - There is a notable shift in consumer expectations, with hotels being viewed as more than just places to stay; they are now seen as part of a broader lifestyle experience [6][9]. - Data shows a 87% increase in cross-category demand for "accommodation + dining" on Meituan, reflecting a trend towards integrated service offerings [6][9]. Group 4: Industry Trends and Future Outlook - The travel industry is experiencing structural changes, with a focus on breaking down silos between different service sectors to create a more cohesive consumer experience [9][10]. - Meituan's digital transformation efforts are aimed at creating a unified standard for the travel industry, positioning the company as a leader in adapting to evolving consumer needs [10][12]. Group 5: Technological Advancements - Meituan is leveraging AI tools to enhance operational efficiency, with reports of a 70% time savings for merchants using its new AI solutions [12]. - The introduction of AI travel assistants is expected to further transform the travel experience, indicating a deepening penetration of internet platforms into traditional industries [12].

一场意外的网络联动，让重庆荣昌这个原本默默无闻的西部小城突然"出圈"，一个典型的"流量带动消 费"案例生动展现了文旅产业的巨大潜力。 2025年4月，荣昌助农主播"卤鹅哥"自费追随美国网红"甲亢哥"（Speed）跨越五城，他身着红花袄、手 持卤鹅的执着追访视频引爆全网，荣昌卤鹅与这座西部小城随之爆火。荣昌区政府敏锐抓住机会，将流 量迅速转化为文旅热潮。这座人口仅66万的小城在"五一"期间数据更呈井喷：游客量达234.5万人次， 卤鹅销量29万只，同比暴涨752%。今年5月，荣昌接待游客673.98万人次，旅游总收入37.74亿元，同比 增幅均超224%。 土地财政红利消退、工业招商引资难度加大，传统增长模式的失效正在倒逼地方政府寻找新出路。过去 两年，我们看到三四线城市纷纷选择具有独特经济杠杆效应的文旅市场作为经济刺激的新方案。像是淄 博烧烤、贵州村超、南方小土豆去的哈尔滨，现在全国各地都非常火热的音乐节，两三天时间可以吸引 数万甚至数十万人次，可以显著刺激当地餐饮、住宿等消费。 去年国内旅游收入5.75万亿，但通过1:3的消费乘数，激活交通、住宿、餐饮等关联产业17万亿经济规 模，全产业链贡献GDP增长超过 ...

Group 1 - The core viewpoint of the article emphasizes the importance of shareholder meetings as a platform for communication between shareholders and management, highlighting the need for transparency and strategic direction [1][2] - At the 2025 Meituan shareholder meeting, three significant signals were released: the proposal for share buybacks and issuance authorization, indicating a strategic balance between rewarding current shareholders and preparing for future opportunities [1][2][5] - The company aims to stabilize stock prices through buybacks while retaining the option to issue new shares for future growth, reflecting a cautious yet optimistic approach towards new business investments [2][4] Group 2 - The board re-election and compensation mechanisms were discussed, with independent directors being nominated for re-election, suggesting a focus on governance and stability within the management structure [5][6] - The revision of the company’s articles of association included provisions for online participation and electronic voting, enhancing shareholder engagement and inclusivity [8][9] - The emphasis on diversity in the nomination committee's responsibilities indicates a shift towards valuing varied perspectives in decision-making, which is crucial for innovation and adaptability [8][9] Group 3 - Meituan is at a critical juncture, needing to explore new growth avenues as its core local business revenue growth shows signs of slowing down, with 2024 core local business revenue projected at 250.2 billion yuan, accounting for 74.11% of total revenue [11][12] - The company faces challenges such as market saturation, increased regulatory scrutiny, and intensified competition, necessitating a shift towards new business models to sustain growth [12][13] - Meituan is actively exploring various new business lines, including community group buying and instant retail, which show potential for growth despite current losses [14][15] Group 4 - The company is also investing in technology innovations, such as autonomous delivery systems and AI-driven services, signaling a commitment to enhancing operational efficiency and user experience [17][26] - Meituan's global expansion efforts are beginning to take shape, with international business becoming a potential growth area, although challenges related to cultural differences and local regulations remain [18][24][27] - The strategic shift from prioritizing scale to focusing on efficiency reflects a mature approach to business management, aiming to optimize costs and enhance value creation [25][27]

随着文旅市场的持续火热，美团酒旅业务也迎来了快速增长。 最新数据显示，过去一年，美团APP上的"住宿+餐饮"跨界间夜需求激增近87%，"住宿+玩乐"增长 99%，"住宿+机票"增长36%。 而住宿业务的增长也同步提振了相关业务。伴随着年轻消费者对住宿便利性和高效性需求的不断增强， 今年"五一"期间，美团APP上"酒店+闪购"跨界组合的间夜同比增速超40%，其中，夜间的精酿闪购订 单上涨176%。 作为拥有7.7亿用户、近千万合作商家、200多个行业的庞大体系，美团生态网络正在发生着潜移默化的 改变。 "美团住宿开始从聚焦业务增长到关注生态发展，并开始逐步显现出对高端住宿业态的独特价值。"在6 月5日举办的2025美团住宿生态伙伴大会上，美团核心本地商业CEO王莆中表示，过去一年，异地出游 住宿间夜同比增长14%，成增量增长的核心引擎；本地出行和休闲需求持续稳定，新业态、新品类层出 不穷，相比异地场景65.8%线上化率，本地出行亦蕴藏巨大市场。 同时，为了进一步挖掘酒旅业务的潜力，在此次大会上，美团旅行还发布了国内首个酒店商家端AI工 具——"美团既白"。 该产品不仅可以帮特定的某一家酒店进行市场机会分析，并结 ...

2025 年 06 月 08 日 批发和零售贸易行业研究 线下：永辉员工培训体系持续升级，"工匠计划"稳步进行。永辉培训中心与运营中心联合开发《全国技工岗位 技能标准》，覆盖果切、水产、猪肉分割等七大核心项目。永辉正全力推进"工匠计划"的下一阶段，预计在 6 月中旬，将完成超过 3000 名技工的认证工作。工匠计划的推进将进一步提升门店的人效，同时推动调改店的服 务质量的提升，最终将会推动超市盈利能力的提高。 线上：AI 赋能逐步加强，快手可灵年化收入运行率收入突破 1 亿美金，美团发布国内首个酒店商家端 AI 工具 "美团既白"。 可灵今年 4 月和 5 月的月度付费金额均超过 1 亿人民币，营收增速和营收水平均位居全球视频 生成大模型产品和独立 AI 产品前列。团发布国内首个酒店商家端 AI 工具"美团既白"，并将在 6 月份发布用户 侧 AI 旅行助手，为用户提供旅行规划，探索旅游供需新动能。 行业数据追踪 GMV 表现：根据国金数字未来 Lab，5 月第 2 周天猫+京东整体 GMV 同比-6.23%。品类表现：根据国金数字未来 Lab，5 月第 2 周天猫+京东品类增速表现前 5 的为汽车及自行车、 ...

Financial Performance - Quantum Song reported FY2025 Q3 revenue of 571 million RMB, a year-on-year decrease of 39.6%[1] - The net profit attributable to the parent company was 41.145 million RMB, an increase of 181.2% year-on-year[1] - The company completed a 61% stake acquisition of Letsvan for a total cash consideration of 235 million RMB[1] Business Segments - Personal online learning services generated 467 million RMB in revenue, down 43.6% year-on-year, primarily due to declines in skill enhancement and financial knowledge courses[10] - Consumer business revenue was 48.7 million RMB, a slight decrease of 1.4%, offset by a small increase in health product sales[10] - Other business segments saw a revenue increase of 123.3%, totaling 6.7 million RMB, driven by new business initiatives[10] Market Trends - The acquisition of Letsvan marked the highest annual financing record in China's trendy toy industry, with Letsvan owning 10 free IPs, including the popular WAKUKU[2] - The WAKUKU brand achieved significant market traction, with a new product selling out in 2 hours and driving a 90.3% increase in store sales[2] - Kuaishou's Keling AI reached an annualized revenue run rate of over 1 billion RMB within 10 months of launch, with monthly paid amounts exceeding 100 million RMB for two consecutive months[3] Investment Insights - The "AI+" strategy is expected to catalyze valuation optimization in Hong Kong stocks, stabilizing the positions of new industry leaders amid changing consumer dynamics[5] - Key beneficiaries in the internet and technology sectors include Alibaba, Tencent, Kuaishou, and Meituan, while domestic consumption beneficiaries include brands like MOGU and Haidilao[5] Risks - Potential risks include macroeconomic fluctuations, intensified industry competition, and the uncertain effectiveness of AI applications[6]

证券研究报告|投资策略周报 [Table_Date] 2025 年 06 月 08 日 [Table_Title] 量子之歌发布 FY2025Q3 财报，快手可灵 AI 上线一周年 [Table_Title2] 海外周报 [Table_Summary] 核心结论: ► 量子之歌发布 FY2025Q3 财报：迈入新消费赛道， 构筑 IP+产品+零售的成长新引擎 事件：量子之歌发布 2025 财年 Q3 财报，公司实现营业收 入 5.71 亿元/同比-39.6%，归母净利润 4114.5 万元/同比 +181.2%，完成对 Letsvan 61%股权的控股并购，交易现金 总对价 2.35 亿元。 潮玩业务快速起势，IP 驱动消费破圈。量子之歌今年 3月 以 2.35 亿元完成对 Letsvan 的并购，交易创下中国潮玩行 业一级市场年度最高融资纪录，正式进军潮玩赛道。 Letsvan 目前拥有 10 个自由 IP，旗下核心 IP WAKUKU 展现 强劲市场号召力，3 月推出新品"胖哒哒"发售后 2 小时 售罄，带动门店销量环比增长 90.3%，创北京合作门店历 史第二高单日销量；5 月上线的"狐狐兔兔爱捣蛋"系 ...