Group 1: Incident Overview - A major fire occurred in Hong Kong's Tai Po district, resulting in 94 fatalities, including one firefighter, and 76 injuries, with 11 being firefighters [1] - The Hong Kong government established a relief fund with an initial allocation of 300 million HKD to assist affected residents [1] Group 2: Corporate Donations - Alibaba Group announced a donation of 20 million HKD for immediate relief efforts and additional support for affected families [2] - Tencent Charity Foundation pledged a total of 30 million HKD, including an initial 10 million HKD and an additional 20 million HKD to the relief fund [2] - ByteDance (Hong Kong) and Baidu each committed 10 million HKD for emergency relief and community recovery efforts [2] Group 3: Additional Corporate Contributions - Various companies, including NetEase, Xiaomi, and Kuaishou, each donated 10 million HKD to support emergency relief and community recovery [3] - Anta Group and Bosideng Group each contributed 30 million HKD, while Li Ning Group and Xtep Group donated 20 million HKD each for disaster relief [4][5][6] - Other companies like 361°, Chow Tai Fook, and Nongfu Spring also made significant contributions, totaling millions in cash and supplies [7][8] Group 4: Broader Industry Response - Multiple sectors, including automotive, real estate, and finance, participated in the relief efforts, with companies like Chery Automobile and BYD each donating 10 million HKD [9][10] - Financial institutions and logistics companies, such as Didi and SF Express, also pledged substantial amounts for emergency aid and recovery efforts [15]

Group 1 - The 2026 National Examination will take place from November 29 to November 30, with record-high registration numbers due to relaxed age limits for applicants [2] - Hotel bookings around examination venues have surged, particularly for high-quality accommodations, reflecting an increased demand for better lodging options among candidates [2][3] - The report indicates that hotel bookings within a 5-kilometer radius of exam sites increased over nine times compared to the previous week, with high-rated hotels seeing a more than fivefold increase in bookings [2] Group 2 - The top ten cities for "National Exam Rooms" bookings align with the most popular provinces for the exam, including Guangzhou, Beijing, and Jinan [3] - The demand for family rooms has significantly increased, particularly among older candidates preparing for the exam with family support [3] - As of November 26, the booking rate for family rooms near exam sites has tripled compared to the same period last week, with some hotels fully booked three days in advance [3]

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Insights - The company reported a revenue of 5.5 billion RMB for Q3 2025, representing a year-over-year increase of 10.4%. The adjusted net profit reached 1.06 billion RMB, up 17% year-over-year, with an adjusted net profit margin of 19.2%, an increase of 1.0 percentage points year-over-year [4][6]. Financial Performance - The core online travel platform achieved a revenue of 4.6 billion RMB in Q3 2025, reflecting a year-over-year growth of 15%, with an operating profit margin of 31.2% [6]. - Revenue from transportation ticketing was 2.2 billion RMB, up 9% year-over-year, driven by user demand insights and enriched value-added services [6]. - Accommodation bookings generated 1.58 billion RMB, also up 15% year-over-year, supported by an increase in high-quality hotel room nights and brand recognition in lower-tier cities [6]. - The vacation business faced a revenue decline of 8% year-over-year, totaling 900 million RMB, primarily due to security issues in Southeast Asia [6]. - The average monthly paying user count reached 47.7 million, a 2.8% increase year-over-year, with a total of 253 million annual paying users, up 8.8% year-over-year [6]. Earnings Forecast and Valuation - The company is projected to benefit from the release of domestic travel demand, increased penetration in lower-tier markets, and international business expansion. Revenue forecasts for 2025-2027 are adjusted to 19.3 billion RMB, 21.9 billion RMB, and 24.5 billion RMB, respectively, with corresponding net profits of 2.9 billion RMB, 3.2 billion RMB, and 3.7 billion RMB [6][8]. - The target market capitalization for 2026 is set at 60.2 billion RMB, with a target price of 28 HKD per share, maintaining the "Buy" rating [7].

Core Insights - Tongcheng Travel reported a significant increase in paid users, surpassing 250 million, driven by a booming summer travel market and diverse consumer demands [1][3] - The company has successfully penetrated lower-tier markets, with over 87% of registered users coming from non-first-tier cities, differentiating its growth strategy from competitors [3][4] User Growth and Market Strategy - As of September 30, 2025, Tongcheng Travel's annual paid users reached 253 million, an 8.8% year-on-year increase, with monthly paid users rising to 47.7 million [1] - The company has focused on a comprehensive strategy that includes traffic acquisition, product design, and ecosystem development to tap into the vast lower-tier market [3] Product Innovation and Service Expansion - Tongcheng Travel has introduced services like "First Trip Worry-Free," which saw a 241% quarter-on-quarter increase in first-time air travelers in Q2 2025, and has expanded its offerings to over 25 major airports [4] - The "City Pass" service integrates daily commuting with travel needs, covering over 100 cities, enhancing user engagement and market presence [4] Financial Performance - In Q3 2025, Tongcheng's accommodation revenue grew by 14.7% year-on-year to 1.579 billion yuan, with daily room nights reaching a historical high [4] - The average revenue per user (ARPU) increased by 6.3% year-on-year in Q3 2025, showing a more than 50% rise compared to 2019 [4] Technological Advancements - The introduction of AI tools, including the AI itinerary planner DeepTrip, has significantly improved order volume and customer satisfaction [5][7] - The company has seen a 34.9% year-on-year increase in other business revenues, largely due to strong performance in hotel management [7] Hotel Management and Acquisitions - Tongcheng's hotel management segment is expanding, with nearly 3,000 hotels currently operating and 1,500 more in preparation [7] - The acquisition of Wanda Hotel Management in October added 239 high-end hotels to Tongcheng's portfolio, enhancing its market position in the upscale hotel sector [7] Outlook on International Travel - The company remains optimistic about the long-term growth of outbound tourism, citing simplified visa policies and the recovery of international flight capacity as positive indicators [7]

Core Insights - The report maintains a "Buy" rating for Tongcheng Travel (00780), highlighting robust performance in Q3 with double-digit growth in both revenue and adjusted net profit, driven by strong core OTA business performance [1] Group 1: Financial Performance - In Q3 2025, Tongcheng Travel achieved revenue of 5.509 billion yuan, a year-on-year increase of 10.4%, and an adjusted net profit of 1.060 billion yuan, up 16.5% year-on-year, with an adjusted net profit margin of 19.2%, an increase of 1.0 percentage points [1] - The core OTA business revenue reached 4.609 billion yuan in Q3 2025, reflecting a year-on-year growth of 14.9% [2] Group 2: Business Segments - Q3 2025 revenue from accommodation bookings was 1.579 billion yuan, up 14.7% year-on-year, driven by strong summer demand and an increase in high-quality hotel bookings [2] - Transportation ticketing revenue was 2.209 billion yuan, a year-on-year increase of 9.0%, with international ticketing contributing 6% to total transportation revenue, up 2.0 percentage points year-on-year [2] - Other business revenue reached 821 million yuan, a significant year-on-year increase of 34.9%, primarily due to strong performance in hotel management [2] Group 3: Profitability and Efficiency - The gross margin for Q3 2025 was 65.7%, an increase of 2.3 percentage points year-on-year, while the adjusted net profit margin was 19.2%, up 1.0 percentage points year-on-year [3] - The company is leveraging AI technology to enhance operational efficiency, with the AI trip planning tool DeepTrip attracting millions of users [3] - As of September 30, 2025, the number of annual paying users reached 253 million, a year-on-year increase of 8.8%, with over 87% of registered users residing in non-first-tier cities [3] Group 4: Future Outlook - For Q4 2025, the company expects core OTA business revenue to maintain double-digit year-on-year growth, with other business revenue driven by hotel management expected to remain high [4]

Core Insights - The report from Everbright Securities maintains a "Buy" rating for Tongcheng Travel (00780), highlighting robust performance in Q3 with double-digit growth in both revenue and adjusted net profit, driven by strong performance in the core OTA business, particularly in international ticketing and hotel management [1] Financial Performance - In Q3 2025, Tongcheng Travel achieved revenue of 5.509 billion yuan, a year-on-year increase of 10.4%; adjusted net profit reached 1.060 billion yuan, up 16.5% year-on-year; the adjusted net profit margin was 19.2%, an increase of 1.0 percentage points year-on-year [1] - The core OTA business revenue reached 4.609 billion yuan in Q3 2025, reflecting a year-on-year growth of 14.9% [2] Business Segmentation - Accommodation booking revenue in Q3 2025 was 1.579 billion yuan, up 14.7% year-on-year, driven by strong summer demand and an increase in high-quality hotel bookings [2] - Transportation ticketing revenue was 2.209 billion yuan, a 9.0% year-on-year increase, supported by the growth in international ticketing, which accounted for 6% of total transportation revenue, up 2.0 percentage points year-on-year [2] - Other business revenue reached 821 million yuan, a significant increase of 34.9% year-on-year, primarily due to strong performance in hotel management [2] Profitability and Efficiency - The gross margin for Q3 2025 was 65.7%, an increase of 2.3 percentage points year-on-year; the adjusted net profit margin was 19.2%, up 1.0 percentage points year-on-year [3] - The company is leveraging AI technology to enhance operational efficiency, with the AI trip planning tool DeepTrip attracting millions of users [3] - As of September 30, 2025, the number of annual paying users reached 253 million, an increase of 8.8% year-on-year, with over 87% of registered users residing in non-first-tier cities [3] Future Outlook - For Q4 2025, the core OTA business is expected to maintain double-digit year-on-year revenue growth, with other business revenues likely to be driven by hotel management [4]

Core Viewpoint - Morningstar maintains a fair value of HKD 27 for Tongcheng Travel (00780), highlighting strong growth in accommodation bookings as a key driver for a 10% year-on-year revenue increase in Q3 [1] Financial Performance - The company's Q3 revenue growth of 10% is primarily attributed to robust growth in accommodation bookings, aligning with expectations [1] - Operating profit margin exceeded expectations by 100 basis points, with core revenue growing by 15% [1] Growth Catalysts - The firm believes that the expansion of international business and profit margin will serve as long-term growth catalysts [1] - Tongcheng's hotel room nights are expected to increase by 23%, indicating strong demand [1] Future Projections - The group anticipates a 15-20% growth in core business revenue for Q4, which includes additional revenue from the recent acquisition of Wanda [1] - Excluding the acquisition, the projected revenue is still expected to achieve double-digit growth [1] Profitability Insights - The monetization rate for international tourism is approximately 10-15%, higher than the 5-6% for domestic low-star hotels, suggesting potential for future margin improvement [1] - Long-term expectations indicate that international tourism revenue will account for over 15% of total revenue [1]

Core Viewpoint - Morningstar maintains a fair value of HKD 27 for Tongcheng Travel (00780), highlighting strong growth in accommodation bookings as a key driver for a 10% year-on-year revenue increase in Q3 [1] Financial Performance - The company's Q3 revenue growth of 10% aligns with expectations, driven by robust accommodation booking growth [1] - Operating profit margin exceeded expectations by 100 basis points, with core revenue increasing by 15% [1] Growth Catalysts - International business and margin expansion are seen as long-term growth catalysts for the company [1] - The number of hotel room nights for Tongcheng is expected to increase by 23%, indicating strong demand [1] Future Projections - The group anticipates a 15-20% growth in core business revenue for Q4, including additional revenue from the recent acquisition of Wanda [1] - Excluding the acquisition, projected revenue growth is still expected to be in double digits [1] Market Insights - The monetization rate for international tourism is approximately 10-15%, higher than the 5-6% for domestic low-star hotels, suggesting potential for future margin improvement [1] - Long-term expectations indicate that international tourism revenue will account for over 15% of total revenue [1]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported a revenue of 5.509 billion yuan for Q3 2025, representing a year-on-year increase of 10.4%, and an adjusted net profit of 1.060 billion yuan, up 16.5% year-on-year, with an adjusted net profit margin of 19.2%, an increase of 1.0 percentage points year-on-year [1][2]. Revenue Breakdown - The core OTA business showed steady growth with revenue reaching 4.609 billion yuan, a year-on-year increase of 14.9%. - Accommodation booking revenue was 1.579 billion yuan, up 14.7% year-on-year, driven by strong summer demand and an increase in high-quality hotel bookings [2]. - Transportation ticketing revenue was 2.209 billion yuan, up 9.0% year-on-year, supported by the growth in international ticket sales, which accounted for 6% of total transportation revenue, an increase of 2.0 percentage points year-on-year [2]. - Other business revenue reached 821 million yuan, up 34.9% year-on-year, primarily due to strong performance in hotel management, with nearly 3,000 hotels in operation and 1,500 under preparation [2]. - Vacation revenue was 900 million yuan, down 8.0% year-on-year, mainly due to ongoing safety concerns regarding travel to Southeast Asia [2]. Profitability and Efficiency - The company's gross margin reached 65.7%, an increase of 2.3 percentage points year-on-year, and the adjusted net profit margin was 19.2%, up 1.0 percentage points year-on-year. This improvement in profitability is attributed to the positive effects of revenue scale and the application of AI to enhance operational efficiency [3]. - The company has 253 million annual paying users, an increase of 8.8% year-on-year, with over 87% of registered users residing in non-first-tier cities [3]. Future Outlook - For Q4 2025, the core OTA revenue is expected to maintain double-digit year-on-year growth, with other business revenue likely to continue high growth driven by hotel management [3]. - The company forecasts adjusted net profits for 2025, 2026, and 2027 to be 3.368 billion yuan, 4.044 billion yuan, and 4.667 billion yuan, respectively, with corresponding adjusted PE ratios of 14, 12, and 10 times [4][5].

Group 1 - The core viewpoint of the report is that Ctrip (00780) has had its target price raised by 5.8% from HKD 24 to HKD 25.4, while maintaining a "Buy" rating [1] - Ctrip's Q3 2025 performance shows total revenue of RMB 5.5 billion, a year-on-year increase of 10.4%, exceeding both the expectations of the company and market consensus by 1% [1] - Adjusted net profit for the same period reached RMB 1.06 billion, reflecting a year-on-year growth of 16.5%, which is 4% and 2% higher than the company's and market's forecasts respectively, driven by better-than-expected operational leverage in the core OTA business [1] Group 2 - The operating profit margin for the core OTA business increased to 31.2% in Q3 2025, slightly above the company's forecast by 0.1 percentage points [1] - The company has adjusted its revenue forecasts for 2025-2027 upwards by 1-3% due to the consolidation of Wanda Hotel Management starting October 2025, which is expected to generate additional revenue [1] - Ctrip anticipates a year-on-year revenue growth of 14% and adjusted net profit growth of 12% in 2026 [1]