【开源海外消费|行业周报】锅圈蹲苗后加速开店,10月潮玩品牌表现分化

KY海外研究
Nov 23, 2025

摘要旅游/潮玩:携程2025Q3业绩稳健优秀,10月潮玩线下店效稳增携程:2025Q3实现183.7亿元/同比+15.5%,剔除MakeMyTrip股权出售的一次性收益,经调整EBITDA 63.5亿元/同比+11.7%,经调整EBITDA利润率同比-1.2pct,销售费用投入持续加大,出境/海外业务保持强劲增长态势。潮玩:上游头部IP热度换挡,潮玩/谷子经济线下供给进入阶段性饱和期,渠道层面加速...

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