出行链行业 - 需求韧性生长，渠道与品牌加速迭代 20250706 摘要 携程股价受出境游增速放缓及海外投资增加影响有所回调，而同程因估 值较低及政策利好预期表现良好。京东入局酒旅行业对携程影响有限， 但可能对同程造成约 10%的业绩下滑。 二季度携程业绩或受海外投放及地缘政治影响，但暑期旅游需求旺盛， OTA 平台仍将受益于量增逻辑，存在潜在上行空间。同城业务股价已反 映抖音影响，酒店行业二季度经营状况改善，但六月环比五月略有走弱。 酒店行业供给扩张是制约周期发展的关键因素。加盟商投资回报期拉长 影响签约速度，龙头集团签约速度维持较高水平，二线品牌放缓，未来 6-12 个月总供给扩张可能存在拐点。 雅朵受贝塔影响较小，门店快速扩张及零售业务持续向好支撑业绩，二 季度四五月数据环比一季度更佳，下半年将推出新品，估值相对合理。 酒店行业估值已回调较久，暑期高频数据若好转将带来阶段性机会，长 期需关注 6-12 个月维度发展。资源整合和履约能力是酒店在线旅游市 场的关键竞争要素。 Q&A 酒店和 OTA 之间的关系如何影响彼此的竞争和市场表现？ 酒店和 OTA（在线旅行社）之间存在上下游关系，同时也存在竞争。流量 ...

Investment Rating - The report maintains an "Outperform" rating for the travel chain industry [1][5][7]. Core Insights - The demand for service consumption shows resilience, with different opportunities corresponding to various urban depths and generational segments in China [1][61]. - The online travel agency (OTA) sector benefits from the recovery in tourism and upstream expansion, with leading companies maintaining stable profit margins [2][62]. - The hotel industry faces a supply-demand imbalance, with leading players actively seeking to expand their market share through refined operations and high-quality growth [3][63]. Demand Trends - Service consumption is experiencing robust growth, with a notable increase in consumer confidence and spending [14][18]. - The tourism sector is expected to maintain strong demand, particularly during the summer season, with a significant increase in travel intentions [35][54]. - Different generational groups exhibit varying consumption patterns, with younger consumers prioritizing experiences and social connections [25][40]. Platform Dynamics - The ecological value of platforms is becoming increasingly prominent, with competition intensifying as new players enter the market [2][62]. - Leading platforms are leveraging their ecosystem to enhance supplier relationships and drive revenue growth through innovative product offerings [64][65]. - The competitive landscape remains stable, with established players maintaining their market positions despite new entrants [67][69]. Hotel Industry Insights - The hotel supply is expanding, with a projected growth rate of 5-10% in 2025, while the RevPAR (Revenue Per Available Room) is showing signs of recovery [3][63]. - High-end and mid-range hotels are focusing on brand differentiation and operational efficiency to capture market share [3][64]. - The trend towards chain hotels is expected to continue, particularly in lower-tier cities where expansion opportunities are significant [3][63]. Investment Recommendations - Short-term demand for travel is anticipated to remain strong, with specific recommendations for companies such as Ctrip Group, Meituan, and Atour [4][7]. - The report suggests that companies with efficient operational models and strong brand recognition are likely to outperform in the medium term [4][7].

国泰海通证券股份有限公司 关于北京格灵深瞳信息技术股份有限公司 上海证券交易所： 根据贵所于近日出具的《关于北京格灵深瞳信息技术股份有限公司 2024 年 年度报告的信息披露监管问询函》（上证科创公函【2025】0188 号），以下简称 "问询函"）的要求，国泰海通证券股份有限公司（以下简称"持续督导机构"）会 同公司及相关中介机构，就问询函提及的事项逐项进行了认真讨论、核查与落实， 并出具了明确的核查意见如下： （本核查意见中若合计数与各分项数值相加之和在尾数上存在差异为四舍 五入所致。鉴于部分信息涉及商业秘密，因此针对该部分内容进行豁免披露。） 问题 1. 关于经营业绩及重要客户。年报显示，公司 2024 年实现营业收入 万元，占比 48.26%，同比增加 33.89 个百分点，收入季节性特征与前期差异较 大。公司向第一大客户中国农业银行股份有限公司（下称"农行"）销售额为 个百分点，且公司与农行的框架协议即将于 2025 年 9 月到期，后续能否续签存 在一定的不确定性。近三年公司向除农行外客户销售额分别为 8,702.71 万元、 请公司：（1）分季度列示农行以及其他客户 2024 年度和 2025 ...

6月13日，今日茶咖日报的主要内容有： 三元食品推出新IP"北京市牛奶公司"并开设茶饮店 亿邦动力6月13日消息，三元食品推出新IP"北京市牛奶公司"并开设茶饮店，主打现打鲜奶及零售产 品，售价10.9-25.9元。门店融合历史元素与智能化设备，计划年内新增5-6家门店。老字号通过茶饮业 态贴近年轻消费群体，依托供应链优势打造差异化产品。业内指出，茶饮市场竞争激烈，三元需持续强 化鲜奶特色并加快市场响应速度。 PULL-TAB拉环咖啡新加坡首店开业 继纽约首店亮相后，全球创新咖啡品牌PULL-TAB拉环咖啡正式登陆东南亚核心枢纽新加坡。 开业当天，门店前人头攒动，众多咖啡爱好者与消费者慕名而来。PULL-TAB拉环咖啡以其标志性的拉 环设计包装和丰富多样的咖啡产品吸引了大家的目光。店内不仅有经典的美式、拿铁等传统咖啡，更有 融合了新加坡本地特色风味的创意咖啡饮品，巧妙地将当地食材与咖啡文化相结合，碰撞出别样火花。 据品牌官方披露，2025年全球扩张计划中，新加坡与韩国被列为上半年核心目标，全年拟开设10-20家 海外门店。 陷入舆论漩涡!爷爷不泡茶紧急回应 据茶饮趋势消息，近期，茶饮品牌爷爷不泡茶陷入了舆论漩 ...

© 2025 China Insights Consultancy. All rights reserved. This document contains highly confidential information and is solely for the use of our client. No part of it may be circulated, quoted, copied or otherwise reproduced without the written consent of China Insights Consultancy. 随着中国居民消费能力的不断提升，中国茶饮行业快速发展，现已进入质价比和规模化的新时期，2010年起，新一代连锁茶饮品牌在产品 质量、产品创新、数字化、消费者体验等方面引领行业标准的建立；近年来，茶饮行业加速迭代，新茶饮凭借着"新食材、新技术、新视 角"的特点形成了独特的竞争力和吸引力，在国内不断创新、迅速发展，同时积极拓展、远航出海。 本白皮书对茶饮企业上市历程进行了整理，总结投资人的关注点，展现新茶饮行业对国家乡村振兴战略的贡献，并通过翔实的分析对中国 ...

夜幕降临，改造一新的青州市偶园壹方城灯火通明。凭借着优越的地理位置和科学的业态规划，偶园壹方城已经吸引了众多商户争相入驻，汇聚了网红小 吃、文创零售、休闲娱乐等多元业态，成为潍坊青州古城景区的新晋网红打卡点。 夜晚的中都夜市同样热闹非凡。作为青州的老牌夜市，中都夜市承载着几代人的记忆，满满的烟火气吸引着络绎不绝的市民和游客。"下班后约着好姐妹 来这里吃个特色小吃再逛逛街，感觉一天的疲劳都一扫而光。"青州市民刘玉秀说。 不夜城项目是以国潮文化为主线，结合齐鲁民俗打造的沉浸式文旅步行街区。景区有机整合文、艺、住、食、娱、购六大主题要素，精心打造多元夜间文 旅业态、高端旅游业态，精品美食和特色小吃齐聚，逐步形成艺术创作与表演、经典美食、休闲娱乐为一体的夜间全产业链，大型休闲产业生态服务平 台。 夜经济是现代城市经济重要组成部分，是消费增长新引擎。近年来，青州市把发展夜间经济作为推动经济高质量发展的重要举措，深挖特色消费资源，打 造形态多样的夜间消费市场，不断推动夜食、夜购、夜游、夜娱、夜赏等多元夜间消费，推出一系列节庆活动，持续推动夜经济升温，点燃城市"烟火 气"，有效激发和释放消费新潜力。 天气渐热，青州市北城夜 ...

Financial Data and Key Metrics Changes - Consolidated revenues increased by 5.2% year-over-year, with organic growth of 7.6% [6][15] - Adjusted EBITDA grew by 22.9% year-over-year, with an adjusted EBITDA margin of 22.8%, up 320 basis points [7][16] - Adjusted net income for Q1 was $80 million, a 31.1% increase from $61 million in the same quarter last year [16] Business Line Data and Key Metrics Changes - Industrial segment revenues rose by 8.1% organically, driven by ongoing certification services and certification testing [7][17] - Consumer segment revenues increased by 7.7% organically, with strong demand across consumer technology and retail products [7][19] - Software and Advisory segment revenues grew by 5.6% organically, with a 9.3% increase in the software service line [20] Market Data and Key Metrics Changes - Growth was observed across all geographic regions, with North America showing particular strength in both industrial and consumer segments [6][62] - The automotive electromagnetic compatibility laboratory in Japan is expected to address a growing market projected to reach $2.7 billion by 2030 [10] Company Strategy and Development Direction - The company is focusing on capacity expansions in HVAC testing facilities and developing a global fire science center to enhance market position [8][9] - Strategic M&A opportunities are being pursued to strengthen market position and drive margin and earnings improvement [26] Management's Comments on Operating Environment and Future Outlook - Management noted that the macroeconomic environment presents both risks and opportunities, but they reaffirmed their full-year 2025 outlook [13][25] - The company is monitoring key performance indicators closely to understand potential impacts from tariffs and macroeconomic conditions [12][13] Other Important Information - The effective tax rate for 2025 is expected to be approximately 26%, up from 16.9% in 2024 due to the implementation of OECD's Pillar Two [26] - The company generated over $100 million in free cash flow and paid down $90 million of debt [7][22] Q&A Session Summary Question: Impact of tariffs on product redesign and manufacturing locations - Management indicated that customers have been making decisions regarding tariffs for several years, and while some adjustments are expected, no material impact has been observed currently [34] Question: M&A strategy in the current macro backdrop - The company continues to engage in conversations about various acquisition opportunities and remains active in pursuing growth through M&A [36] Question: Anticipated impact of tariffs on guidance - Management affirmed their guidance, indicating that they have accounted for increased uncertainty while maintaining confidence in their core business [41] Question: Moderation in new product launches - There has been no meaningful impact on innovation, and management remains close to customers regarding their new product development plans [42] Question: Context on margin expansion in Q1 - Strong operational execution and revenue growth contributed to significant margin improvement, particularly in the Industrial segment [46][48] Question: Growth by geography - North America, especially in industrial sectors, continues to show strong demand, with notable growth also in Asia [62]

Financial Data and Key Metrics Changes - Consolidated revenues increased by 5.2% year-over-year, with organic growth of 7.6% [7][16] - Adjusted EBITDA grew by 22.9% year-over-year, with an adjusted EBITDA margin of 22.8%, up 320 basis points [8][17] - Adjusted net income for Q1 was $80 million, a 31.1% increase from $61 million in the same quarter last year [17] Business Line Data and Key Metrics Changes - Industrial segment revenues rose by 4.4% to $308 million, or 8.1% on an organic basis, driven by ongoing certification services and certification testing [18] - Consumer segment revenues were $304 million, up 6.3% year-over-year, or 7.7% on an organic basis, with strong demand across all service offerings [19] - Software and Advisory segment revenues increased by 4.5% year-over-year to $93 million, with organic growth of 5.6% [21] Market Data and Key Metrics Changes - Growth was observed across all geographic regions, with North America showing particular strength in both industrial and consumer segments [61] - The automotive electromagnetic compatibility laboratory in Japan is expected to address a growing market projected to reach $2.7 billion by 2030 [11] Company Strategy and Development Direction - The company is focusing on capacity expansions in HVAC testing facilities and developing a global fire science center of excellence [9][10] - Strategic investments are being made to align with megatrends such as global energy transition and digitalization [6][30] - The company aims to pursue strategic M&A opportunities to enhance margins and earnings [27] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed the full-year 2025 outlook despite increased macroeconomic uncertainties, expecting mid-single-digit organic revenue growth [25][26] - The company is monitoring key performance indicators closely to navigate potential risks and opportunities [14] Other Important Information - The effective tax rate for 2025 is expected to be approximately 26%, up from 16.9% in 2024 due to new tax regulations [27] - Free cash flow for Q1 was $103 million, up from $84 million in the prior year [24] Q&A Session Summary Question: Impact of tariffs on product redesign and manufacturing - Management noted that customers have been making decisions regarding tariffs for several years, with some already shifting manufacturing locations [34] Question: M&A strategy in uncertain macro backdrop - The company continues to engage in conversations about various acquisition opportunities globally, emphasizing the importance of CapEx as a growth accelerator [36] Question: Anticipated impact of tariffs on guidance - Management affirmed guidance, indicating confidence based on current business visibility and order book [41] Question: Moderation in new product launches - There has been no meaningful impact on innovation, with management maintaining close relationships with customers regarding their product development plans [42] Question: Margin expansion context - Strong operational execution across segments contributed to significant margin improvement, particularly in the Industrial segment [46] Question: Growth by geography - North America, especially in industrial sectors, continues to show strong demand, with notable growth also in Asia [61]

证券研究报告 | 公司更新 | 多元金融 ——OSL 集团点评报告 投资要点 全新管理团队，带领公司收入端和成本端共同改善，2018 年战略转型以来，首 次实现扭亏为盈。 新任 CEO 崔崧 2024 年 8 月加入公司，曾在 Bybit 于 2021-2023 年期间负责合 约、现货、Web 3 等业务条线。2024 年 11 月，黄冠文先生被任命为 CFO。他于 2024 年 9 月加入 OSL 担任首席投资官，在推动集团的战略性投资和全球拓展战 略方面发挥了关键作用。CEO 崔崧在对外采访提到，新的管理团队，对内部文 化、执行效率、团队风格都带来显著改变。公司大量引入科技领域人才，我们发 现公司在深圳进行研发中心团队搭建，这有利于公司运营效率的提升和成本的改 善。2024 年，公司 IFRS 准则下收入同比增加 78.6%至 3.75 亿港元，持续经营业 务的净利润从去年亏损 2.50 亿港元变为盈利 5480 万港元，为 2018 年战略转型 进入数字资产领域以来首次扭亏为盈。成本管控方面，各项费用总额同比下降 9.1%，其中员工成本为唯一同比增加的费用，但人均成本从上年的 263 万港元 下降到 1 ...

中证报中证网讯（王珞）天阳科技近日发布2024年年报。报告期内，公司实现营业收入17.66亿 元，归母净利润7750万元。经营活动产生的现金流量净额1.23亿元。 天阳科技主要从事咨询、金融科技、数字金融和金融IT服务，业务主要围绕银行的关键业务领域 （如信用卡、信贷管理、金融市场等）、关键业务环节（营销、数据、风险、获客、运营管理等）以及 关键科技领域展开。2024年，公司聚焦银行关键业务领域和关键业务环节，重塑经营模式，构建专业化 服务能力的关键壁垒。 值得一提的是，2024年，天阳科技研发投入3.27亿元，投入研发率18.53%，人工智能领域收入近七 千万元。数据显示，天阳科技近三年研发投入总计近10亿元，研发投入占总营收比例逐年快速上升。 报告期内，天阳科技"北京+长沙"双运营中心协同势能持续释放，2024年1月，公司与湖南大学签署 战略合作协议，双方依托国家超级计算长沙中心的超算平台，联合建设金融超算联合创新中心，并成 立"湖南大学-天阳科技数智金融创新联合实验室"。 此外，天阳科技聚焦数字金融、新零售金融、金融算力、金融大模型等业务领域的研发，并在前述 信贷业务的应用和天阳数字化信贷平台技术的大模 ...