Core Viewpoint - The People's Bank of China has approved the change of major shareholder and actual controller of Newborn Payment Co., Ltd. to eLong Network Information Technology (Beijing) Co., Ltd., marking a significant ownership transition in the non-bank payment sector [1] Company Changes - Newborn Payment's major shareholder has changed from HNA Cloud Payment Technology Co., Ltd. to eLong Network [1] - The actual controller has shifted from Hainan HNA No. 2 Trust Management Service Co., Ltd. to Tongcheng Travel Holdings Limited [1] - Key management changes include the appointment of Qiu Xiaohong as Chairman and General Manager, Wang Jieming as Supervisor, and Ji Linlin as General Manager of the Financial Management Department [1] Financial Information - The registered capital of Newborn Payment has increased from 100 million yuan to 330 million yuan [1]

Core Viewpoint - The strategic cooperation between Tongcheng Travel and Liaoning Airport Group aims to innovate business models and enhance the aviation experience in Liaoning Province, contributing to the development of the ice and snow economy and promoting local culture [1][3]. Group 1: Strategic Cooperation Details - The cooperation will focus on marketing collaboration, expanding the travel chain, and developing tourism resources in Northeast Asia [3]. - Both parties will work together to enhance the quality of air-rail intermodal services and promote international route expansion and marketing for Liaoning [3][4]. - The agreement allows for the integration of retail and dining services at airports into the Tongcheng Travel platform, improving commercial efficiency [3]. Group 2: Ice and Snow Economy Development - Liaoning Province aims to become a leader in the ice and snow economy, with a target of achieving an industrial output value of approximately 250 billion yuan by 2030 [4]. - The partnership will promote combined travel products such as "flight + scenic ticket" and "flight + skiing package" to attract more tourists [4]. - The collaboration will also include promotional events to showcase local tourism attractions to international markets [4]. Group 3: Leadership Statements - The Chairman of Liaoning Airport Group emphasized that this cooperation marks a significant step in the digital transformation and service upgrade of the airport group [4]. - The CEO of Tongcheng Travel highlighted the partnership as a new chapter in integrating air travel and tourism, focusing on enhancing the overall travel experience for passengers [5]. Group 4: Airport Operations - Liaoning Airport Group operates several airports, with Shenyang Taoxian International Airport projected to handle 23.744 million passengers and 228,000 aircraft movements in 2024 [6].

Core Viewpoint - The strategic cooperation agreement between Tongcheng Travel and Liaoning Airport Group aims to innovate business models and enhance the "smart airport" concept, contributing to the revitalization of the ice and snow economy in Liaoning Province and promoting its unique cultural heritage [1][3]. Group 1: Strategic Cooperation Details - The cooperation will focus on marketing collaboration, expanding the travel chain, developing cultural tourism resources, and establishing a Northeast Asia international hub [3]. - Both parties will support the high-quality development of civil aviation in Liaoning through online and offline marketing, enhancing the integration of air travel services, and improving the quality of air-rail intermodal services [3][5]. - The agreement includes integrating retail and dining services at airports into the Tongcheng Travel platform to improve commercial efficiency [3][4]. Group 2: Ice and Snow Economy Development - Liaoning Province aims to become a leader in the ice and snow economy, leveraging its natural resources and hosting the 2028 National Winter Games [3][4]. - The provincial government plans to develop high-quality ice and snow tourism destinations by 2030, with the ice and snow industry expected to reach a total output value of approximately 250 billion yuan [4]. - The cooperation will also involve designing and promoting integrated travel products, such as "flight + attraction tickets" and "flight + skiing packages," to attract more tourists [4][5]. Group 3: Leadership Statements - Liaoning Airport Group's Chairman expressed that this cooperation marks a significant step in the digital transformation and service upgrade of the airport group [5]. - The CEO of Tongcheng Travel highlighted that the partnership opens a new chapter in the integration of air travel and tourism, focusing on enhancing the overall travel experience for passengers [5]. Group 4: Airport Operations - Liaoning Airport Group operates several airports, with Shenyang Taoxian International Airport projected to handle 23.744 million passengers and 228,000 aircraft movements in 2024, ranking 27th among airports in China [7].

Core Insights - The travel consumption potential of the silver-haired population is rapidly increasing as the "post-70s" generation enters middle age [2][3] - The silver-haired demographic, particularly those aged 60 and above, shows a strong preference for high-quality travel experiences, spending over 30% more on accommodation compared to younger travelers [3] - The rise of the "new generation silver-haired" group, characterized by higher internet usage, is driving trends in travel consumption, including participation in popular travel activities [2][5] Travel Spending Trends - From January to September 2025, the average accommodation expenditure for travelers aged 60 and above was over 30% higher than that of younger groups, with a significant preference for mid to high-end hotels [3] - The silver-haired demographic constitutes over 70% of luxury cruise users aged 50-70, and over 90% of high-ticket polar cruise customers spend more than 100,000 yuan [3] - The average spending on customized travel experiences for the silver-haired group exceeds 12,000 yuan, which is 25% higher than other age groups [3] Seasonal Travel Preferences - The travel themes and destination choices of the silver-haired population exhibit clear seasonal patterns, with spring focused on flower viewing, summer on wellness retreats, and winter on escaping the cold [4] - Popular domestic destinations for silver-haired travelers include Beijing, Yunnan, and Sichuan, while favored international destinations for short trips include Hong Kong, Macau, and Osaka [4] Emerging Travel Trends - The "new generation silver-haired" group is increasingly interested in diverse travel experiences, with a notable rise in bookings for "internet celebrity" destinations, showing over 200% growth in related travel routes [5] - The trend of "county tourism" is gaining traction among the silver-haired demographic, with hotel bookings in popular county-level destinations seeing a similar increase of over 200% [5] AI Integration in Travel - The travel AI tool DeepTrip has quickly gained traction among older users, surpassing 200,000 users within six months, indicating a growing reliance on technology for travel planning [6] - DeepTrip offers customized travel solutions for older users, prioritizing accessibility and comfort, and is designed to cater to the specific needs of the silver-haired demographic [6] - The project aims to enhance its services for older travelers, reflecting the increasing importance of this demographic in the tourism market [6]

Group 1 - The company is expected to achieve third-quarter OTA performance in line with previous expectations, with overall revenue and profit projected to grow by 9% and 13% year-on-year respectively, indicating stable growth [1] - The core OTA business is anticipated to meet expectations, with total revenue for the third quarter expected to increase by 9% year-on-year, and core OTA revenue projected to rise by 15% to 4.6 billion RMB [1] - The travel industry is experiencing weak performance due to overseas disruptions, with travel revenue expected to decline by 15% year-on-year, primarily due to weak demand for group tours in certain overseas regions [1] Group 2 - Accommodation and transportation business revenues are expected to grow by 14% and 10% year-on-year respectively, driven by an increase in room nights and growth in Average Daily Rate (ADR) [1] - The adjusted net profit for the third quarter is projected to be 1.03 billion RMB, reflecting a year-on-year increase of 13%, with a corresponding net profit margin of 18.9% [1] - The financial model has been updated, with slight adjustments made to the financial forecasts for 2025-2027, while maintaining a target price of 25.5 HKD and a buy rating [1]

Core Viewpoint - The report from CMB International indicates that Tongcheng Travel (00780) is expected to meet previous performance expectations for Q3, with overall revenue and profit projected to grow by 9% and 13% year-on-year respectively, reflecting stable growth [1] Revenue and Profit Forecast - Q3 total revenue for Tongcheng Travel is anticipated to increase by 9% year-on-year, with core OTA revenue expected to rise by 15% to 4.6 billion RMB [1] - The adjusted net profit for Q3 is projected to be 1.03 billion RMB, representing a 13% year-on-year increase, with a corresponding net profit margin of 18.9% [1] Business Segment Performance - Revenue from accommodation and transportation services is expected to grow by 14% and 10% year-on-year respectively in Q3 [1] - The growth in accommodation revenue is primarily driven by an increase in room nights, with Average Daily Rate (ADR) also showing year-on-year growth [1] Price Target and Rating - The target price for Tongcheng Travel is maintained at 25.5 HKD, with a buy rating upheld [1]

Core Viewpoint - The report from CMB International indicates that Tongcheng Travel (00780) is expected to meet previous performance expectations for Q3, with overall revenue and profit projected to grow by 9% and 13% year-on-year respectively, reflecting stable growth [1] Revenue and Profit Forecast - The total revenue for Tongcheng Travel in Q3 is anticipated to increase by 9% year-on-year, with core OTA revenue expected to rise by 15% to 4.6 billion RMB [1] - The revenue from accommodation and transportation services is projected to grow by 14% and 10% year-on-year respectively, driven by an increase in room nights and an improvement in Average Daily Rate (ADR) [1] Net Profit Expectations - The adjusted net profit for Q3 is forecasted to be 1.03 billion RMB, representing a 13% year-on-year increase, with a corresponding net profit margin of 18.9% [1] Target Price and Rating - The target price for Tongcheng Travel is maintained at 25.5 HKD, with a buy rating upheld for the stock [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 25.50, indicating a potential upside of 18.4% from the current price of HKD 21.54 [1][5][11]. Core Insights - The company is expected to achieve a 9% year-on-year revenue growth and a 13% increase in profit for the third quarter, with core OTA revenue projected to grow by 15% to RMB 4.6 billion [5][6]. - Adjustments have been made to the financial forecasts for 2025-2027, with total revenue estimates for 2025 set at RMB 19.232 billion, reflecting a growth rate of 10.9% [4][12]. - The report highlights that the travel industry is facing challenges due to weak demand for group tours in certain overseas regions, impacting overall performance [5][6]. Financial Forecasts - Total revenue projections for 2025, 2026, and 2027 are RMB 19,232 million, RMB 21,466 million, and RMB 23,703 million respectively, with a consistent growth trajectory [4][12]. - Adjusted net profit estimates for the same years are RMB 3,390 million, RMB 3,813 million, and RMB 4,278 million, indicating a steady increase in profitability [4][12]. - The gross profit margin is expected to remain stable, with slight improvements projected over the forecast period [4][12]. Performance Metrics - The company’s market capitalization is approximately HKD 49.996 billion, with a year-to-date stock price change of 18.35% [3][12]. - The stock has a 52-week high of HKD 24.28 and a low of HKD 16.88, indicating significant price movement within the year [3][12]. - Daily average trading volume stands at 5.46 million shares, reflecting active trading interest [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][18] Core Views - The company is expected to achieve resilient revenue growth in Q3, with a projected year-on-year revenue increase of 9.8% and an adjusted net profit growth of 14.3% [1][9] - The core OTA business is performing well, with OTA revenue expected to grow by 14.9% year-on-year in Q3, driven by strong growth in accommodation booking and transportation services [2][10] - The acquisition of Wanda Hotel Management has been completed, enhancing the company's supply chain and positioning it among the top 10 hotel management companies in China [3][11] Summary by Sections Revenue and Profitability - Q3 revenue is projected to grow by 9.8% year-on-year, with adjusted net profit expected to increase by 14.3% [1][9] - The OTA business is anticipated to see a 14.9% increase in revenue, with accommodation bookings expected to rise by 14.5% and transportation services by 9.5% [2][10] Business Segments - The OTA segment is expected to benefit from a combination of online market penetration and international business growth, while the vacation segment is under pressure, with a projected revenue decline of 11% due to low outbound travel willingness in Southeast Asia [2][10] - The acquisition of Wanda Hotel Management is expected to positively impact profitability in the hotel management segment, with a focus on high-end brand expansion [3][11] Financial Projections - The company forecasts adjusted net profits of 33.7 billion, 39.3 billion, and 45.3 billion for 2025, 2026, and 2027 respectively, with corresponding dynamic PE ratios of 14, 12, and 11 [4][5] - Revenue is expected to reach 11.896 billion in 2023, growing to 24.712 billion by 2027, reflecting a compound annual growth rate [5][16]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][18] Core Views - The company is expected to achieve resilient revenue growth in Q3, with a projected year-on-year revenue increase of 9.8% and an adjusted net profit growth of 14.3% [1][9] - The core OTA business is performing well, with OTA revenue expected to grow by 14.9% year-on-year in Q3, driven by strong growth in accommodation booking and transportation services [2][10] - The acquisition of Wanda Hotel Management has been completed, enhancing the company's supply chain and positioning it among the top 10 hotel management companies in China [3][11] Summary by Sections Revenue and Profitability - Q3 revenue is projected to grow by 9.8% year-on-year, with adjusted net profit expected to increase by 14.3% [1][9] - The OTA business is anticipated to see a 14.9% increase in revenue, with accommodation bookings expected to rise by 14.5% and transportation services by 9.5% [2][10] Business Segments - The OTA segment is expected to benefit from a combination of online market penetration and international business growth, while the vacation segment is under pressure, with a projected revenue decline of 11% due to low outbound travel willingness in Southeast Asia [2][10] - The acquisition of Wanda Hotel Management is expected to positively impact profitability, with the company now managing over 2,700 hotels and a significant expansion in high-end hotel offerings [3][11] Financial Projections - The company forecasts adjusted net profits of 33.7 billion, 39.3 billion, and 45.3 billion for 2025, 2026, and 2027 respectively, with corresponding dynamic PE ratios of 14, 12, and 11 [4][5] - Revenue is expected to reach 11.896 billion in 2023, growing to 24.712 billion by 2027, reflecting a compound annual growth rate of approximately 12% [5][16]