WH Smith PLC is a leading global travel retailer for travel essentials with a smaller business on the UK high street. At the heart of our business are our people, customers and partners. We aim to deliver our vision through our strategic priorities and our forensic approach to retailing and by constantly innovating, expanding globally, improving our profitability and delivering sustainable returns.

尽管近年来餐饮连锁化趋势逐渐增强，但从市场占有率来看，自营连锁餐厅仍处于相对弱势的地位。中餐作为世界上最为复 杂的饮食体系之一，其菜品种类繁多、口味多样且制作工艺精细，这些特征在一定程度上加剧了标准化管理与规模化复制的难度。                                

高基数+外部环境承压，24年社服出行链增速有所放缓，呈现“休闲好于商务、低频好于高频、刚需好于可选”特征。 24年旅游/餐饮/酒店/免税营业收入同比+21.4%/+12.6%/+7.8%/-16.4%，扣非或经调整净利分别同比+39.2%/+11.6%/+7.1%/-37.7%，呈现休闲好于商务（旅游好于酒店）、低频好于高频（偏异地的旅游好于偏本地的餐饮）、刚需好于可选（刚性的景区门票酒店好于免税购物）三大特征。其中旅游板块基本面景气度持续性强，餐饮整体承压情况下呈现个股显著分化，新消费品牌业绩靓丽、高性价比品牌韧性凸显。

板块盈利向好，上游呈现出清趋势。1）行业：24 年以来行业供大于求矛盾突出，24 年/25Q1 主产区生鲜乳均价分别同比-13.5%/- 13.8%，奶价低迷致上游经营承压，行业逐步呈现出清加速态势；2）收入端：行业供需矛盾突出致 24 年板块收入承压，25Q1 伊利/新乳业/妙可蓝多等乳企收入增速边际改善；3）利润端：24 年至今成本红利提振板块毛利率和毛销差，但行业供大于求致 24 年减值扰动板块盈利，25Q1 行业供需改善下主要乳企减值损失边际改善，板块盈利能力优化。

Business travel refers to domestic or international trips made by an employee for several business-related purposes, including the organization of trade shows, marketing of the company, product launches, and internal meetings. Based on application, the market is segmented into marketing, internal meetings, trade shows, and product launch. Based on expenditure, the market is segmented into travel fares, lodging, dining, and other expenditures.

我国最新推出“即买即退”政策将退税环节前置，激发入境游市场消费活力。25 年 4 月 8 日，国家税务总局发布公告将前期试点的“即买即退”退税政策推广至全国。“即 买即退”政策核心在于将退税提前至消费环节，让境外旅客更加直观地感受到退税优 惠，刺激退税款用于再消费。试点城市数据显示 63%的即时退税款被直接用于再消 费，印证“即买即退”模式对入境游客消费存在显著拉动作用。复盘日本 13-19 年免 税政策发展历史，我们发现免税及其配套的便利政策切实提升了国外游客入境消费吸引 力，推动入境市场持续活跃。我们认为当前我国推广的“即买即退”政策优化了入境游 消费体验，同时我国退税模式普及度较低、市场空间大，退税及“即买即退”便利模式 有望在更多地区加速落地，吸引更多外国游客入境消费。

Dining out restaurants include both fast-casual restaurants and quick-service restaurants. These restaurants also include drinking establishments. Dining out restaurants serve food along with other dining services such as alcohol and non-alcohol beverages.

The "duty-free and travel retail for airlines market" encompasses the retail sector dedicated to selling goods to passengers, often at prices free from specific local taxes and duties. Primarily aimed at international travelers, duty-free shopping is predominantly accessible to those flying internationally. However, there are instances where domestic travelers can also avail themselves of these services.

A boutique hotel is a small, stylish, and intimate hotel that offers personalized accommodations, services, and amenities. Boutique hotels are usually for travelers.

蜜雪冰城凭借其强大的供应链管理、低价策略和高效的加盟模式，成功在东南亚市场站稳脚跟，并逐步向东亚、中亚、北美、南美等区域扩张。全球现制饮品市场，尤其是东南亚市场，具有巨大的增长潜力。蜜雪冰城通过灵活的定价策略和本土化产品调整，满足了不同市场的需求，进一步巩固了其在国际市场的竞争优势。未来，随着东南亚经济的持续发展和茶饮消费的普及，蜜雪冰城有望继续扩大其市场份额，成为全球茶饮行业的领军品牌。