Group 1: Huazhu Group and Atour Group - Goldman Sachs reaffirms "Buy" rating for Huazhu Group-S (01179) and Atour Group (ATAT.US), highlighting the upward potential of their revenue per available room (RevPar) [1] - Huazhu's revenue is expected to increase by 8% year-on-year in Q4 2025, with an annual revenue growth of 6%, both exceeding guidance [1] - EBITDA for Huazhu is projected to reach 8.4 billion RMB, surpassing market expectations [1] - Atour Group's Q4 EBITDA is anticipated to rise by 57% to 700 million RMB, with an annual EBITDA of 2.5 billion RMB, aligning with market expectations [1] Group 2: Tongcheng Travel - Tongcheng Travel (00780) is expected to see a 13% year-on-year revenue increase in Q4, in line with company guidance [1] - The core OTA business is projected to grow by 18% year-on-year, slightly above Ctrip's (09961) approximately 15% growth, driven by low single-digit growth in hotel room bookings and low unit price increases [1] Group 3: Samsonite - Goldman Sachs expresses optimism for Samsonite (01910), anticipating a replacement cycle to boost luggage demand, particularly in the U.S. market, which reopened earlier than Asia [1] - The net profit for Samsonite is expected to decline by 20% year-on-year to 295 million USD in 2025, in line with market expectations [1] Group 4: China Duty Free Group - For China Duty Free Group (601888) (01880), Goldman Sachs maintains a cautious outlook due to uncertainty regarding the sustainability of recent strong sales in Hainan [2] - However, a revenue turnaround is expected in Q4 2025, with a projected 20% year-on-year increase compared to a decline in Q2 and flat performance in Q3 [2] - The net profit for Q4 is anticipated to be 800 million RMB, with an annual net profit of 3.8 billion RMB, reflecting a 10% year-on-year decline [2]

Investment Rating - The report maintains an "Overweight" rating for the overseas pharmaceutical industry, indicating a positive outlook for the sector's performance compared to the overall market [5][10]. Core Insights - The report highlights significant developments in the pharmaceutical sector, including a licensing agreement between China National Pharmaceutical Group (Sinopharm) and Sanofi for the JAK/ROCK inhibitor, and the approval of a new indication for Innovent Biologics' BTK inhibitor in China [1][2]. - Performance forecasts for companies such as Crystal Holding and He Yu indicate substantial revenue growth, with Crystal Holding expected to achieve at least 780 million RMB in revenue for 2025, representing a year-on-year increase of approximately 193% [6][7]. Summary by Sections 1. Overseas Pharmaceuticals - Sinopharm and Sanofi have entered into an exclusive licensing agreement for the global development, production, and commercialization of the JAK/ROCK inhibitor, with potential milestone payments totaling up to 1.395 billion USD [2][7]. - Innovent Biologics' BTK inhibitor, Jiepalit (Pirtobrutinib), has received NMPA approval for a new indication in adult patients with chronic lymphocytic leukemia (CLL) who have previously undergone systemic treatment [2][7]. - Roche's BTK inhibitor Fenebrutinib has successfully met primary endpoints in a Phase III trial for relapsing multiple sclerosis, potentially becoming the first effective oral treatment for both relapsing and primary progressive forms of the disease [3][8]. 2. Performance Updates - Crystal Holding anticipates a revenue of no less than 780 million RMB in 2025, with a net profit of at least 100 million RMB, marking a turnaround from losses [6][7]. - He Yu expects to achieve 612 million RMB in revenue for 2025, reflecting a 21% year-on-year growth, with net profit projected at 55 million RMB, a 95% increase [6][7]. 3. Investment Recommendations - The report suggests focusing on innovative pharmaceutical companies with active commercialization and business development opportunities, including companies like BeiGene, Innovent Biologics, and others [10]. - It also highlights the importance of monitoring clinical progress in key pipelines for companies transitioning towards innovation [10].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告的全部或任何部份內容所產生或因 依賴該等內容而引致的任何損失承擔任何責任。 Tongcheng Travel Holdings Limited 同程旅行控股有限公司 （於開曼群島註冊成立的有限公司） （股票代號：0780） 董事會會議通告 同程旅行控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二零 二六年三月二十四日（星期二）舉行董事會會議，藉以（其中包括）批准本公司及其 附屬公司截至二零二五年十二月三十一日止之年度業績及其發佈，並考慮派發末 期股息（如有）。 承董事會命 同程旅行控股有限公司 執行董事兼首席執行官 馬和平 香港，二零二六年三月四日 於本公告日期，董事會由下列董事組成： 執行董事 獨立非執行董事 吳志祥 （聯席董事長） 馬和平 （首席執行官） 楊嘉宏 戴小京 韓玉靈 非執行董事 梁建章 江浩 （聯席董事長） 謝晴華 Brent Richard Irvin ...

致：香港交易及結算所有限公司 公司名稱: 同程旅行控股有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 呈交日期: 2026年3月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00780 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | USD | | 0.0005 | USD | | 1,500,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 3,000,000,000 | USD | | 0.0005 | USD | | 1,500,000 | 本月底法定/註冊 ...

Core Insights - The tourism market during the 2026 Spring Festival is expected to maintain high prosperity, characterized by simultaneous increases in volume and price, along with structural optimization [2][8] - AI technology is increasingly integrated into the entire tourism process, enhancing consumer convenience and experience [3][8] - The cross-border travel market is experiencing significant growth in both outbound and inbound tourism, with a diversified destination structure [5][6] Group 1: Travel Market Trends - The total inter-regional movement of people during the 2026 Spring Festival is anticipated to reach a new high, with growth in passenger flow across civil aviation, railways, and water transport [2] - The hotel market is witnessing both volume and price increases, with hotel night bookings on the Fliggy platform rising by 75% year-on-year during the Spring Festival [2] - Popular tourist cities are seeing significant price increases for hotel accommodations, driven by a segmented travel pattern of "first reunion, then vacation" [2] Group 2: Domestic Tourism - The domestic tourism market is thriving, with Fliggy reporting record-high order volumes and a 10% year-on-year increase in average booking amounts [3] - Traditional and niche destinations are both gaining popularity, reflecting a trend towards diversified experiences in domestic travel [3] - Key scenic spots, such as Zhangjiajie and Qi Yun Mountain, have reported substantial revenue growth during the holiday period, with some locations achieving record highs [3] Group 3: Cross-Border Tourism - The cross-border travel market is experiencing robust growth, with Southeast Asia as a core destination and significant increases in long-haul travel [5] - Outbound travel is dominated by family groups, with popular destinations including Bangkok and Hong Kong, while inbound tourism benefits from visa-free policies and cultural appeal [5][6] - Inbound tourism is showing strong consumer spending, with cities like Beijing and Shanghai leading in visitor numbers and economic contributions [6] Group 4: Investment Opportunities - The tourism sector is expected to benefit from extended holidays, visa-free policies, and rising consumer sentiment, with a favorable outlook for service-oriented consumption [8] - Recommended investment targets include hotel chains such as Jin Jiang Hotels and ShouLai Hotels, as well as online travel agencies like Trip.com and Tongcheng Travel [8]

Group 1: Tourism and Travel - The tourism sector shows resilience with long-distance travel and family-oriented trips as key trends, with 596 million domestic trips taken during the 2026 Spring Festival, generating a total expenditure of 803.48 billion yuan, reflecting a year-on-year increase of 5.7% in daily travel volume and 5.5% in daily spending [2] - Long-distance travel orders accounted for 59.6% of bookings, with an average travel duration of 6.4 days, an increase of 0.5 days year-on-year [2] - Domestic travel orders on the Fliggy platform increased by 80% year-on-year, with average booking amounts rising by approximately 10% [2] Group 2: Offline Consumption - Key retail and catering enterprises saw a daily sales increase of 5.7% compared to the same period in 2025, with a 1.6 percentage point acceleration from the previous year's growth rate [3] - Foot traffic and sales in 78 key pedestrian streets increased by 6.7% and 7.5% year-on-year, respectively, showing an acceleration compared to the 2025 National Day holiday [3] Group 3: Online Consumption - The performance of beauty and skincare brands during the Spring Festival was mixed, with total sales on Douyin ranging from 250 million to 378 million yuan, reflecting a year-on-year growth of about 12%, but a daily sales figure that remained nearly flat [4] - Notable brand performances included a 114.3% increase for Maogeping, driven by category expansion, and a 58.6% increase for Proya, attributed to strong brand performance [4] Group 4: Jewelry Sector - The jewelry sector experienced a decline in sales, with total sales dropping to a range of 260 million to 309 million yuan, a year-on-year decrease of 8.5%, primarily due to high sales bases from the previous year and fluctuating gold prices [5] - Brands like Chow Tai Fook and Luk Fook achieved good growth rates of 100% and 66.7%, respectively, while mass-market brands saw significant declines [5] Group 5: Investment Recommendations - The company maintains a positive outlook on service-oriented and emotional consumption, particularly in travel and beauty sectors, recommending attention to companies like Trip.com and Tongcheng [6] - In the beauty sector, companies with superior category matrix layouts, such as Ying Tong Holdings, are highlighted for potential investment [6]

Group 1: Global Tourism Trends - In January, the UNWTO predicts a slowdown in global tourism growth to 3%-4% by 2026 after three years of rapid growth, although the overall growth trend remains positive [2] - Major sporting events like the Milan Winter Olympics and the FIFA Men's World Cup in North America will provide new momentum for the global tourism market in 2026 [2] Group 2: US Tourism Insights - The WTTC reports a projected decline of $12.5 billion in international tourist spending in the US by 2025, making it the only country among 184 analyzed to forecast negative growth in international tourist spending last year [3] - The expected international tourism revenue for the US in 2025 is approximately $169 billion, significantly lower than the 2019 peak and lagging behind global tourism growth [3] Group 3: France's Tourism Outlook - France anticipates receiving approximately 102 million international visitors in 2025, a record high, with tourism revenue expected to reach around €77.5 billion, a year-on-year increase of about 9% [4] - The primary source markets for visitors to France remain European countries, with notable growth from North America [4] Group 4: UK Tourism Projections - The UK expects a significant increase in international visitors, with a forecast of £34.6 billion in spending by 2025, marking a 6% increase from 2024 [5] - The number of Chinese visitors to the UK is projected to reach 667,000 in 2026, a 28% increase from 2025, contributing £1.3 billion to the UK economy [5] Group 5: Asia-Pacific Tourism Developments - Australia expects around 1.04 million Chinese visitors by the end of 2025, showing recovery but still below the 1.4 million peak in 2019 [7] - Singapore's international visitor numbers in January reached 1.5 million, a decrease of 8% compared to the same period in 2025, primarily due to seasonal adjustments [7] Group 6: China's Domestic Tourism Growth - In January, China's Ministry of Culture and Tourism reported that domestic travel is expected to reach 6.522 billion trips in 2025, a year-on-year increase of 16.2% [9] - Domestic travel spending is projected to reach ¥6.3 trillion, up 9.5% from the previous year, with urban residents contributing ¥5.3 trillion and rural residents ¥1 trillion [9] Group 7: Corporate Changes in Tourism - Seven tourism companies experienced significant personnel changes in January, including the appointment of Wu Xiaoxia as CFO of Zhejiang Cultural Industry Group [12] - The board of directors of Emei Mountain A appointed Xu Ladi as chairman and Tong Jianming as general manager [12] Group 8: Investment and Equity Changes - Guilin Tourism acquired a 35% stake in Guilin Guizhen Investment Co., making it a wholly-owned subsidiary [17] - Hainan Tourism Investment Group plans to transfer 100% of its leisure company for ¥224 million, expecting a profit of approximately ¥198 million from the transaction [17] Group 9: Key Project Developments - In January, 206 key tourism projects were signed, including the opening of the Western International Short Video Base in Shaanxi and the launch of the Lan Ya Bay Scenic Area in Henan [20] - The signing of the World Fun Carnival project in Tianjin marks a significant investment in the local tourism sector [22] Group 10: Financial Performance of Tourism Companies - Guilin Tourism expects a net profit of ¥11 million for 2025, marking a return to profitability [37] - Jinma Leisure anticipates a net profit of ¥67 million to ¥86 million, representing a significant year-on-year increase [37] - Huashang City expects a net loss of up to ¥15.5 billion for 2025, widening from a loss of ¥8.66 billion in 2024 [42]

Core Insights - Domestic air ticket prices have significantly decreased post-Spring Festival, with average prices dropping over 50% compared to the holiday period, indicating a shift towards off-peak travel [1][2] Group 1: Air Ticket Price Trends - Average domestic air ticket prices began to decline after peaking on February 23, with projections indicating further decreases until March 13 [1] - Specific routes saw notable price reductions, such as Beijing to Chengdu at approximately 578 RMB (down 32%), and Beijing to Sanya at 585 RMB (down 66%) [1][2] - High-value routes have gained attention, with average one-way ticket prices around 500 RMB for several destinations [2] Group 2: Travel Demand and Market Response - The significant drop in airfares has stimulated post-holiday travel demand, with a focus on returning workers, business travel, and off-peak tourism [2] - High-quality hotels have seen increased bookings, particularly among travelers aged 60 and above, with a year-on-year growth of over 30% in this demographic [2][3] - Travel agencies are adapting by offering dual domestic and international travel products, focusing on popular destinations and slow-paced travel experiences [3][4] Group 3: Strategic Adjustments by Travel Agencies - Agencies are prioritizing resources towards traditional popular destinations and scenic routes, while also enhancing offerings for retirees seeking leisurely travel [3][4] - The recovery of international travel options, particularly to Japan and Southeast Asia, is being facilitated by lower post-holiday airfares and ground service costs [3]

Core Viewpoint - Tongcheng Travel is expected to achieve significant growth in its fourth-quarter performance, with projected revenue and net profit showing substantial year-on-year increases [1][2]. Financial Performance Forecast - Projected revenue for the fourth quarter is between 4.723 billion to 4.844 billion yuan, representing a year-on-year growth of 11.5% to 14.3% [1][2]. - Projected net profit is estimated to be between 477 million to 923 million yuan, with a year-on-year growth of 36.0% to 163.2% [1][2]. - Adjusted net profit is forecasted at 760 million yuan, reflecting a year-on-year change of 15.2% [1][2]. Business Insights - Tongcheng Travel is recognized as a leading player in the lower-tier market of online travel agencies (OTAs), leveraging structural improvements and vertical integration within the industry to achieve high-quality growth [3][4]. - The company is focusing on non-first-tier cities and maintaining low customer acquisition costs through its association with Tencent, benefiting from a favorable market environment with reduced competition and a rebound in hotel average daily rates (ADR) [3][4]. - The acquisition of Wanda Hotel Management is expected to enhance profits and provide the company with high-end pricing power and design capabilities, complementing its existing business model [4][5]. Growth Drivers - The newly established Yilong Hotel Technology is identified as a new growth engine, with a pipeline of 1,500 hotels, positioning the company among the top tier in the industry [4][5]. - The company is projected to maintain a compound annual growth rate (CAGR) of over 20% in net profit from 2025 to 2027, indicating strong future performance [4][5].

Core Viewpoint - Tongcheng Travel is expected to show significant growth in its fourth-quarter performance for 2025, with revenue and net profit forecasts indicating strong year-on-year increases [1][5]. Financial Performance Expectations - Projected revenue for Q4 2025 is between 47.23 billion to 48.44 billion RMB, representing a year-on-year growth of 11.5% to 14.3% [1][6]. - Forecasted net profit ranges from 4.77 billion to 9.23 billion RMB, with a year-on-year growth of 36.0% to 163.2% [1][6]. - Adjusted net profit is expected to be 7.60 billion RMB, reflecting a year-on-year change of 15.2% [1][6]. Analyst Insights - Zheshang Securities highlights Tongcheng Travel as a leader in the lower-tier market, achieving high-quality growth through structural improvements and vertical integration within the industry chain [3][7]. - The company is leveraging its relationship with Tencent to maintain low customer acquisition costs while benefiting from a reduction in industry competition and a rebound in hotel average daily rates (ADR) [3][7]. - The acquisition of Wanda Hotel Management is expected to enhance profits and provide the company with high-end pricing power and design capabilities, complementing its existing business [3][7]. Market Position and Growth Potential - Guosheng Securities notes that Tongcheng Travel, formed from the merger of Tongcheng Network and eLong, has rapidly developed by utilizing resources from Tencent and Ctrip, boasting over 250 million annual paying users [4][8]. - The company is focusing on the lower-tier market and actively expanding multi-channel traffic to enhance user value, leading to simultaneous growth in both volume and pricing [4][8]. - Revenue and net profit are projected to continue growing from 2025 to 2027, with a compound annual growth rate (CAGR) of over 20% for net profit [3][4][7].