智通财经APP讯，时代环球集团(02310)公布2025年中期业绩，收益5240万港元，同比增长4.7%;公司股 东应占亏损500万港元，同比增长68.5%;每股基本亏损0.45港仙。 公告称，收益增加主要由于酒店经营收益增加约260万港元，尤其是酒店住宿及餐饮分部。 ...

以下文章来源于惊蛰研究所 ，作者惊蛰研究所消费组 惊蛰研究所 . 探索发现新经济。 *本文为惊蛰研究所X21财经·南财号联合出品 来源丨南财号"惊蛰研究所" 作者丨成昱 近年来，线下演出市场持续火爆。演唱会、音乐节、话剧、戏剧等各类演出数量呈井喷态势， 其衍生出的消费场景也不断丰富。 从演出前粉丝群体专门准备的明星物料、观演行头，到演出后的打卡留念仪式，观演人群对线 下演出体验的需求升级也解锁了越来越多的细分消费市场，成为激活消费的新动能。 摆摊经济：一边追星一边赚钱 2025年暑期，线下演出市场热度一路飙升，据灯塔专业版数据显示，7月演出市场总票房超34 亿，同比增长近6成，直追电影市场规模。在这股热潮的带动下，场馆周边的商业生态也随之 活跃，一种围绕数万观众即时需求形成的摆摊经济，正悄然融入演出经济的整体生态，成为消 费市场中一个颇具特色的存在。 每逢演唱会，往往演出尚未开演，场馆周边各种流动摊位就已热闹展开。一场热门演出往往能 吸引数万人参与，这些观众从城市各个角落甚至周边城市汇聚到场馆周边，在入场前的等待和 散场后的疏导过程中，形成了两个明显的消费高峰时段。正是这种短时间内高度集中的人流， 为摆摊生意 ...

"订到今晚演唱会场馆附近的亚朵酒店，1200多元一晚。" 8月23日晚，等在上海体育馆旁的家长王女士 向记者讲述，"这家酒店演唱会结束后周一的价钱是300多元一晚。" 8月20日—24日，偶像男团"时代少年团"在上海体育场举行演唱会。数据显示，作为时代少年团出道以 来最大规模的演唱会，四场演唱会预计将吸引超过30万人次观演，25岁以下观众占比超过80%，其中未 成年人超过25%。 8月23日晚，记者实地走访，在晚上7点多，"时代少年团"演唱会开场不久，就有不少家长等候在上海体 育场外，还有不少未买到票入场的粉丝也聚集在场馆周围。 美团数据显示，怀化、北京、杭州、南京、金华、无锡、长沙、宁波、苏州、东莞等异地游客喜欢搜 索"上海体育场"。受演唱会气氛带动，"上海体育场附近美食"搜索量上涨626%，"上海演唱会应援妆"搜 索量上涨529%，其中明星演唱会所在地徐汇区搜索量位居上海各区top1。 明星演唱会有效拉动本地文旅经济，带动"吃住行游购娱"一站式消费，形成"3小时演出撬动72小时消 费"联动效应。美团旅行数据显示，8月14日至8月20日期间，上海文旅消费同比增速达13%。上海体育 场附近商场飞洲国际消费带动 ...

旅游业的烟花有多绚烂，住宿餐饮业的锅底就有多冰凉。北京上半年游客量1.8亿人次同比增7.1%，旅 游花费3381亿同比增8.8%；上海入境游人数暴涨37.7%，韩国游客直接翻倍。但转头一看，北京住宿业 利润暴跌92.9%，上海餐饮业利润增速9.5倍竟是"丧事喜办"的障眼法。游客来了，钱花了，酒店餐馆却 集体哭穷——这魔幻现实，到底是哪里出了岔子？ 一、冰火两重天：旅游业狂欢背后的"利润绞杀" 当北京故宫门票预约秒光、上海外滩人挤人时，谁也想不到五星级酒店经理正躲在办公室算成本。北京 市文旅局的数据像打了鸡血：游客量1.8亿，旅游收入3381亿，数字漂亮得能当壁纸。但翻开住宿餐饮 业的账本，5135家限额以上企业总利润同比暴跌67%，其中住宿业更惨，1613家企业利润总额仅5980万 元，同比降幅92.9%——这意味着去年赚100块，今年只赚7块1，连给员工发工资都得倒贴。 上海更会玩"数字游戏"。二季度住宿餐饮企业利润同比暴涨9.5倍，乍一看以为老板们集体财富自由， 结果是一季度爆亏的窟窿没填上，只挑好看的数据喊口号。合并一季度后，上海住宿餐饮营收照样下跌 4.3%，利润增速从"9.5倍"秒变"勉强止血"。这 ...

Core Insights - The company reported a revenue of HKD 1.295 billion for the first half of 2025, representing a year-on-year decrease of 7.56% [1] - Shareholders' profit attributable to the company was HKD 322 million, down 13.67% year-on-year, with basic earnings per share at HKD 0.47 [1] - The company proposed an interim dividend of HKD 0.23 per share [1] Industry Overview - The Hong Kong tourism industry continues to rely heavily on the mainland market, with mainland visitors accounting for 75.0% of total arrivals, totaling over 17 million [1] - The increase in international flights from mainland China, up 28.4% year-on-year, indicates a growing interest in overseas travel, leading to a diversion of some travelers to other international destinations and a reduction in their stay duration in Hong Kong [1] - The average daily room rate (ADR) in the local hotel market has declined due to these factors, alongside the reintroduction of a 3% hotel accommodation tax, which has increased accommodation costs [1] - The ongoing US-China trade tensions have significantly reduced the demand for business travelers from Hong Kong to mainland China, while competition in the market has intensified due to rising traveler demand for personalized and high-end experiences [1] Company Strategies - The company has implemented various marketing strategies, including deepening collaborations with domestic and international travel agencies [1] - Efforts to promote travel packages in regions such as Central China, Taiwan, Southeast Asia, and the Middle East have been initiated to effectively expand the customer base [1]

受服务业价格回升影响，美国7月核心通胀水平加速至年初以来最高位，这进一步加剧了市场对关税政 策冲击的持续担忧。 如果服务业价格持续回升，将为美联储政策制定者带来新的挑战。当前决策者正就"关税会否对商品价 格造成更持久的通胀压力"展开辩论。尽管特朗普多次呼吁降息，但美联储官员今年始终维持利率不 变，以进一步观察关税对通胀的实际影响。 服务成本 美国劳工部周二公布数据显示，剔除波动较大的食品和能源类别后，7月核心消费者价格指数环比上涨 0.3%，创今年1月以来最大涨幅，符合经济学家预期;同比涨幅升至3.1%。7月整体CPI则环比上涨 0.2%，略低于6月的0.3%涨幅;同比上涨2.7%，与6月持平。这一数据低于经济学家预期的环比0.2%和同 比2.8%的涨幅。 其中不包括能源在内的服务价格环比上涨0.4%，创今年以来最大涨幅——机票价格出现三年来最大跳 涨，医疗保健和娱乐服务价格也同步上行。而剔除食品和能源后的商品价格涨幅较为温和，虽然玩具、 体育用品及家居用品等受关税影响的品类价格仍在上扬，但增速较上月有所放缓。 数据公布后，美国国债市场上涨，因交易员押注美联储下月将降息;美元指数应声下挫，标普500指数期 货 ...

Group 1: Company Overview - The company is a comprehensive tourism group integrating business travel, accommodation, and related tourism services, aiming to become a modern comprehensive cultural tourism brand operator with international competitiveness [1][2] - The core enterprise for business travel is Guangzhou Guangzhilv International Travel Agency, a leading domestic travel agency focusing on mid-to-high-end markets [1][2] Group 2: Business Segments Business Travel - Guangzhilv has established a national strategic layout with multiple operational centers across China, enhancing its service and product supply capabilities [2] - The company operates a network covering various markets and departure ports, creating a "national buy, national sell" tourism service ecosystem [2] Accommodation - The accommodation segment includes hotel management and operation, focusing on brand development and capital operation [3][4] - The core enterprise is Guangzhou Lingnan International Hotel Management, ranked 14th among China's top 60 hotel groups [3] Related Industries - The company has diversified into several related businesses, including: - **Catering**: Promoting Lingnan culture through unique cuisine and banquet standards [4] - **Scenic Area Management**: Managing several scenic spots, including 5A and 4A level attractions [4] - **Event Services**: Successfully organizing various exhibitions and events [5] - **Transportation**: Operating a fleet of vehicles for passenger transport and ticket sales for over 120 domestic and international airlines [6] - **Technology**: Focusing on digital empowerment to innovate business models and upgrade traditional industries [6] Group 3: Recent Developments - The company has established a joint venture for duty-free operations in Guangzhou, with a registered capital of RMB 45 million, in which the company holds a 19.5% stake [7][8] - A significant acquisition plan involves the purchase of a 70% stake in Urban Hotel, enhancing the company's hotel management capabilities [8][9]

Core Viewpoint - The domestic hotel industry is experiencing a paradox where, despite a booming tourism market in 2024, hotel profitability is declining due to increased competition and cost pressures, leading to a decrease in key performance metrics such as RevPAR, ADR, and occupancy rates [1][4][6]. Industry Overview - The domestic tourism market is thriving, with significant increases in travel volume and spending, yet the hotel industry is facing challenges with declining revenue per available room (RevPAR) across all hotel tiers [3][4]. - In 2023, the hotel industry transitioned from a high base to a normalized state, with many companies struggling due to intense competition and rising costs [6]. Financial Performance - Major hotel chains like Huazhu Group reported a revenue of 23.89 billion yuan, with a net profit of 3.048 billion yuan, reflecting a year-on-year revenue growth of 9.18% but a profit decline of 25.39% [7]. - RevPAR for Huazhu was 235 yuan, with an average daily rate (ADR) of 289 yuan, both showing declines of 3% and 3.2% respectively, while occupancy rate (OCC) slightly increased to 81.2% [8]. - Other hotel brands also reported similar declines in RevPAR and ADR, indicating a widespread trend across the industry [8]. Market Dynamics - The hotel market is shifting towards a supply-demand imbalance, with the number of hotels exceeding pre-pandemic levels while tourism numbers remain below 2019 figures [15]. - The total number of hotels in China surpassed 360,000 in 2024, representing 109% of the 2019 hotel count, while domestic tourism was only at 90% of 2019 levels [15]. Expansion Strategies - Despite the challenging environment, hotel companies continue to expand aggressively, with Huazhu Group planning to open 2,300 new hotels in 2025, maintaining a strong growth trajectory [13]. - Huazhu's expansion strategy focuses on a franchise and licensing model, with over 90% of new hotels opened under these models, allowing for a lighter asset operation [14]. - Other hotel chains like Jinjiang and Shoulv also reported significant new openings, indicating a competitive push for market share [12]. Emerging Trends - The hotel industry is increasingly targeting lower-tier cities for growth, as these areas show potential for higher revenue due to rising disposable incomes [15]. - The shift from a seller's market to a buyer's market is evident, with high-end hotels being put up for sale and increased competition leading to price reductions in hotel supplies [16]. Challenges and Risks - The rapid expansion of hotel chains may lead to intensified price wars and further pressure on profitability, as evidenced by declining ADR and RevPAR across the board [15]. - Companies like Atour are also diversifying into retail, with significant revenue from products like sleep pillows, but face increasing competition from other brands entering the retail space [20].

Core Insights - The ongoing conflict at the Thailand-Cambodia border has resulted in a significant decline in tourism revenue, estimated at approximately 3 billion Thai Baht (around 667 million RMB) per month during the conflict period [1] - Over 5,000 hotel bookings have been canceled by foreign tourists due to safety concerns, particularly affecting seven provinces near the border [1] Impact on Specific Regions - In Ubon Ratchathani, several hotels temporarily closed until August 4, and group tours canceled all bookings [1] - The Chong Sang border in Si Sa Ket province remains closed, severely impacting the tourism industry, with all group bookings also canceled [1] - In Surin province, hotels along the border have temporarily closed, with 80% of group bookings canceled, and planned events like a marathon have been postponed, leading to a significant drop in tourism revenue [1] - In Buriram province, several border hotels have temporarily closed, and tourist bookings have decreased by 70%, with major attractions like Phanom Rung Historical Park and Wat Muang Tan closed [1] - Other provinces such as Sa Kaeo, Chanthaburi, and Trat have also experienced severe impacts on hotels and tourist attractions [1]

Core Viewpoint - Feidao Tourism (stock code: 8069) announced a financing plan through the issuance of new shares, raising approximately HKD 0.042 billion, with net proceeds of about HKD 0.04 billion after expenses [1] Group 1: Financing Details - The company plans to issue 136,119,000 shares (approximately 1.4 million shares) at a subscription price of HKD 0.03, which represents a discount of about 4.4% compared to the previous trading day's closing price of HKD 0.03 [1] - The shares to be issued account for approximately 20.0% of the existing issued share capital and will represent about 16.7% of the enlarged share capital after completion [1] Group 2: Use of Proceeds - Approximately HKD 0.04 billion of the raised funds will be allocated to promoting the school tourism market and the tourism industry [1] Group 3: Company Overview - Feidao Tourism is an investment holding company primarily engaged in designing, developing, and selling travel packages, as well as selling airline tickets, hotel accommodations, and related tourism products and services [1]