旅游及消闲设施行业：萌芽中的“新消费_－社服板块2025H1中报总结

Travel bags are used to carry clothes and other personal accessories during trips. Business bags are used by people to carry official belongings such as laptops, files, and other office essentials. Travel and business bags include duffel bags, backpacks (rucksacks), business bags (briefcases, laptop bags, and others), suitcases, and trolley bags. These bags are made of raw materials such as leather, plastic, expensive fabrics, and metal.

零售行业：2025年中国潮流玩具行业白皮书（精华版）-头豹研究院

入境游_有多火__-_见微知著_系列专题之八-申万宏源

社会服务行业：端午短途出游占主导，入境游保持火热－6月投资前瞻

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。