Core Insights - The travel demand for the New Year's holiday in 2026 is expected to surge, with a 30% increase in bookings compared to the same period last year, driven by a significant rise in search interest for "New Year" and "cross-year" keywords, which increased over 280% in the past month [1] Group 1: Travel Trends - The report highlights two main travel trends: "ice and snow tourism" and "winter escape tourism," with users opting for short trips within 100-300 kilometers or extending their holidays for overseas travel [1] - Young users are increasingly focused on creating memorable experiences for New Year's Eve, with activities such as fireworks displays and concerts gaining popularity [2][3] Group 2: Popular Destinations - Theme parks are favored for New Year's celebrations, with top destinations including Beijing Universal Resort and Shanghai Disneyland, which features a special fireworks show [2] - There is a notable increase in flight bookings to popular ice and snow destinations like Harbin and Changchun, with ticket prices rising significantly as demand increases [4] Group 3: Accommodation Preferences - Users are showing a preference for hotels equipped with high-definition projection facilities for New Year's Eve celebrations, leading to a significant rise in bookings for specific room types [3] - In Sanya, hotel bookings are notably increasing, particularly for mid to high-end hotels, indicating a willingness to pay for quality accommodations with sea views and amenities [7] Group 4: International Travel - The "please 3 days off for 8 days" strategy is encouraging users to travel abroad, with a 30% increase in bookings for international travel products compared to previous years [8] - The introduction of visa-free policies for countries like Russia is expected to further stimulate outbound travel demand, with a 60% increase in flight bookings to Moscow [9]

Core Insights - The company achieved revenue of 5.509 billion yuan in Q3 2025, representing a year-on-year increase of 10.4%, and an adjusted net profit of 1.06 billion yuan, up 16.5% year-on-year [1] - The adjusted net profit margin reached 19.2%, an increase of 1 percentage point year-on-year [1] Revenue Breakdown - The core OTA (Online Travel Agency) business showed robust growth with revenue of 4.609 billion yuan, up 14.9% year-on-year; however, vacation revenue decreased by 8.0% to 900 million yuan due to impacts in Southeast Asia and reduced buyout business [1] - Within the OTA business, accommodation revenue was 1.580 billion yuan (+14.7%), transportation revenue was 2.209 billion yuan (+9.0%), and other revenues, including hotel management, reached 821 million yuan (+34.9%) [1] Accommodation and Transportation Insights - The accommodation booking business benefited from increased room nights, a recovery in ADR (Average Daily Rate) since Q2, and a shift towards higher-quality products, leading to a 15% year-on-year revenue growth in Q3 [1] - The transportation business saw a 9% year-on-year revenue increase in Q3, supported by normalized domestic flight demand, with expectations for further improvement in the company's take rate [1] Hotel Management Business - The hotel management business, identified as the company's second growth curve, maintained high growth, with nearly 3,000 hotels in operation as of the end of September, an increase of about 300 from Q2, and 1,500 hotels in preparation [2] - Wanda Hotel Management is expected to be consolidated in Q4, contributing some revenue, although its impact on the annual results is limited [2] International Travel Business - The outbound travel business turned profitable in Q3 and is expected to reach breakeven for the full year; the international air ticketing business showed strong growth, accounting for 6% of total transportation ticketing revenue, up 2 percentage points year-on-year [2] - The company aims to increase the share of outbound travel business in ticketing and hotel revenue to 10-15% in the future [2] Profitability and Forecast - The company's profitability is on an upward trajectory, with the adjusted net profit margin continuing to improve, reaching 19.2% in Q3, up 1 percentage point year-on-year [2] - The company forecasts overall revenues of 19.32 billion, 21.66 billion, and 24.60 billion yuan for 2025-2027, with adjusted net profits of 3.37 billion, 3.87 billion, and 4.40 billion yuan respectively, corresponding to a PE ratio of 14, 13, and 11 times at the current stock price [3]

Core Insights - The ice and snow tourism sector in China is experiencing unprecedented growth, transforming from a seasonal "cold resource" to a "hot economy" that links domestic and international markets [2] - Driven by policy guidance and market innovation, ice and snow tourism is breaking seasonal barriers and becoming a key force in promoting consumption upgrades and industrial integration [2] Group 1: Market Trends - The introduction of the "snow holiday" in Jilin Province has significantly boosted local tourism, with a reported increase in bookings for local day trips and hotel stays during this period [3] - The overall market size for ice and snow tourism is expanding, with the number of ski resorts reaching 748 and winter ski visits exceeding 26.05 million, marking a 12.9% year-on-year increase [5] - Popular destinations for ice and snow tourism include Harbin, Beijing, and other northern cities, with a notable increase in bookings from southern users, who make up nearly 70% of the market [6] Group 2: Consumer Behavior - There is a shift in consumer preferences, with longer stays becoming more common; the proportion of two-night hotel stays has increased by 5% and three to four-night stays by 3% in key ice and snow regions [7] - Tourists are seeking more comprehensive experiences beyond skiing, with a trend towards integrated leisure, entertainment, and family-oriented activities [7] Group 3: Industry Innovation - The ice and snow industry is evolving towards more inclusive and innovative models, with a significant increase in bookings for mid-sized ski resorts, which have seen a 2.6-fold increase since November [8] - Smaller cities are leveraging partnerships with travel platforms to develop unique winter tourism destinations, showcasing the potential for differentiated market growth [8] Group 4: International Dynamics - The inbound ice and snow tourism market is experiencing explosive growth, with orders for inbound travel nearly doubling, particularly from Southeast Asian markets [8][9] - Outbound ice and snow tourism is also on the rise, with a notable increase in bookings for Russian ski resorts, driven by visa-free policies and rich ice and snow resources [9]

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The current competitive landscape for Online Travel Agencies (OTAs) is stabilizing, with the company focusing on enhancing operational efficiency and deepening its presence in the tourism industry. The company's profitability is on an upward trajectory due to optimized user marketing strategies, refined subsidies, and improved profitability in outbound travel. There remains potential for further increases in sales expense ratios and take rates, which are expected to support continuous growth in profit margins [2][6][9]. Revenue and Profitability - In Q3 2025, the company achieved revenue of 5.509 billion yuan, a year-on-year increase of 10.4%. Adjusted net profit reached 1.06 billion yuan, up 16.5% year-on-year, with an adjusted net profit margin of 19.2%, reflecting a 1 percentage point increase year-on-year [6][9]. - The core OTA business saw steady growth, with revenue of 4.609 billion yuan in Q3, a 14.9% increase year-on-year. The hotel management business also maintained high growth, with revenue from hotel management and other services reaching 0.821 billion yuan, up 34.9% [9]. Future Projections - The company is projected to achieve overall revenues of 19.32 billion, 21.66 billion, and 24.60 billion yuan for the years 2025, 2026, and 2027, respectively. Adjusted net profits are expected to be 3.37 billion, 3.87 billion, and 4.40 billion yuan for the same years, corresponding to a price-to-earnings (PE) ratio of 14, 13, and 11 times at the current stock price [2][9].

Core Viewpoint - The company reported a revenue of 5.51 billion yuan for Q3 2025, representing a year-on-year increase of 10.4%. The core OTA platform generated a revenue of 4.61 billion yuan, up 14.9% year-on-year, with a net profit attributable to shareholders of 980 million yuan, reflecting a 23.0% increase year-on-year [4][15][16]. Group 1: Business Growth - The trend of growth in accommodation and transportation services continues, with Wanda Hotel Management's consolidation in October expected to provide ongoing expansion opportunities [1][4]. - The accommodation booking segment achieved a revenue of 1.58 billion yuan, up 14.7% year-on-year, outpacing the overall industry growth, driven by an increase in the proportion of three-star and above hotels, which boosted the Average Daily Rate (ADR) [4][16]. - The transportation ticketing service generated a revenue of 2.21 billion yuan, a 9.0% year-on-year increase, with international ticketing and ancillary product revenues growing rapidly [4][16]. - Other business segments reported a revenue of 820 million yuan, up 34.9% year-on-year, primarily benefiting from the rapid expansion of hotel management services, with a clear incremental space expected in Q4 due to the consolidation of Wanda Hotel Management [4][16]. - The vacation business segment saw a revenue decline of 8.0% year-on-year to 900 million yuan, attributed to decreased travel demand in Southeast Asia [4][16]. Group 2: User Operations - The focus of user operations has shifted from quantity to quality, with good progress in promoting the company's own app. As of Q3 2025, the average monthly paying users reached 477,000, a year-on-year increase of 2.8%, although the growth rate decreased by 6.4 percentage points compared to Q2 2025 [2][5][16]. - The current strategy emphasizes enhancing the Average Revenue Per User (ARPU) and leveraging high customer unit prices and frequency through the self-owned app, which achieved a record high in daily active users before the National Day holiday [5][16]. Group 3: Profitability - The company's gross margin for Q3 2025 was 65.7%, an increase of 2.3 percentage points year-on-year. The proportion of service development, sales and marketing, and administrative expenses in revenue decreased year-on-year, indicating further optimization potential in cost management [3][17]. - The core OTA platform's margin was 31.2%, up 0.1 percentage points year-on-year, while the adjusted net profit margin was 19.2%, reflecting a year-on-year increase of 1.0 percentage points. The company's profitability continues to show an upward trend, with significant potential for further improvement in the future [3][17].

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: 2025年11月30日 狀態: 新提交 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 第 1 頁 共 11 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 呈交日期: 2025年12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 ...

Core Insights - The landscape of popular outbound travel destinations for Chinese tourists is changing, with a significant decline in interest for Japan and a rise in popularity for Thailand, South Korea, Southeast Asia, and Russia due to new visa policies [1][2][4]. Group 1: Changes in Popular Destinations - Japan has fallen out of the top ten destinations for Chinese tourists, while Thailand has reclaimed the top spot, with hotel bookings peaking during the winter vacation period [2][3]. - The "Japan replacement" effect has accelerated, with South Korea and Indonesia seeing substantial increases in hotel bookings, with South Korea's bookings up over 240% year-on-year [3][4]. - European destinations like Germany and Spain have also seen hotel booking increases exceeding 300%, while Nordic countries have experienced over 200% growth [3]. Group 2: Impact of Visa Policy Changes - Russia has introduced a visa-free policy for Chinese citizens until September 14, 2026, allowing stays of up to 30 days for tourism and business, leading to an 8-fold increase in flight searches to Russia [4][5]. - The announcement of the visa-free policy coincides with the peak season for winter travel, suggesting a potential surge in Russian tourism during key holiday periods [4][6]. - Major cities such as Beijing, Shanghai, and Guangzhou have shown significant increases in flight searches to Russian destinations, with some routes experiencing search volume increases of up to 3.6 times [5][6]. Group 3: Emerging Travel Trends - The winter tourism experience in Russia, particularly activities like aurora chasing and snowmobiling, is becoming increasingly popular among young Chinese travelers [6]. - Travel agencies are developing specialized tours focusing on unique experiences in Russia, such as aurora viewing and winter sports, to attract a broader age demographic [6]. - The visa-free policy is expected to enhance travel for educational, business, and cultural exchanges between China and Russia, fostering closer ties between the two nations [6].

Group 1 - The core viewpoint of the article highlights the significant growth potential of China's inbound tourism market, which has lagged behind domestic and outbound tourism in terms of growth rate and GDP contribution [4] - The inbound tourism market is primarily driven by two factors: the release of visa-free policies and the promotion of Chinese culture abroad, leading to a positive cycle of cultural and tourism integration [5] - The inbound tourism market in China has seen rapid growth since 2023, indicating the onset of a golden development period for inbound tourism [5] Group 2 - Trip.com, as a leading OTA, is benefiting from the inbound tourism boom, with a focus on the Asia-Pacific region and a strategy of gradual international growth [6] - Tongcheng Travel is expanding into international markets, with significant year-on-year growth in international flight and hotel bookings expected in 2024 [7] - Zhongxin Tourism, which started with outbound tourism, is gradually developing its inbound tourism business, having established a subsidiary for inbound services in March 2024 [8]

12月1日，俄罗斯总统普京签署命令，宣布即日起至2026年9月14日（含）止，中国公民可免签证以旅游 和商务目的前往俄罗斯，每次停留不超过30天。 此前已备受期待，此次免签政策一经公布，便迅速在旅游市场发酵，引发连锁反应——各大平台数据应 声大涨，行业新一轮增长契机凸现。 值得一提的是，市场热度的飙升并非单向流动。羊城晚报记者从携程平台了解到，自中国对俄罗斯实行 免签以来，俄罗斯入境游客的机票、酒店预订量分别同比增长190%、213%（其中广深登榜客流量最高 前十大目的地）。 免签政策的"双向催化"效应，正在构建一个新的跨境旅游循环，持续、有效地促进着中俄两国游客的互 访交流。"这不再是简单的客源输出或输入，而是基于免签便利的旅游资源整合与价值共创。"一位资深 行业分析师评论到，边境游、区域联游的产品创新，或将成为下一个增长点。 政策引爆即时市场，平台数据全线飘红 新政的宣布如同一针强心剂，在12月的第一天瞬间激活消费者的出行意愿。反应之迅捷，凸显了潜在需 求的巨大存量。 飞猪数据显示，消息发布不到一小时内，平台上赴俄罗斯的机票搜索量环比前一天激增超过8倍，预订 量亦大幅增长近5倍，莫斯科、摩尔曼斯克、圣彼得 ...

Group 1 - The core point of the article is the implementation of a temporary visa-free policy for Chinese citizens traveling to Russia, effective from December 1, 2023, until September 14, 2026, which is expected to significantly boost tourism from China to Russia [1][5]. - Following the announcement, there was a notable increase in flight searches and hotel bookings for Russia, with a reported over 40% year-on-year increase in hotel reservations [1][2]. - The price of flights to Russia has become more affordable, with tickets from Beijing to Moscow starting at 1435 RMB and from Guangzhou at 1792 RMB, indicating a competitive travel market [1][2]. Group 2 - Popular destinations for Chinese tourists in Russia include Moscow, Saint Petersburg, and Murmansk, with search volumes for flights from cities like Urumqi and Qingdao increasing dramatically, by 16 times and 15 times respectively [2][5]. - The visa-free policy coincides with the peak season for outbound winter tourism, suggesting that travel to Russia could reach new highs during key holidays like New Year's and Spring Festival [5][6]. - The tourism market is expected to diversify, with companies planning to develop specialized travel packages focusing on unique experiences such as the Northern Lights and military tourism, enhancing Russia's appeal to a broader range of Chinese tourists [6].