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].

Core Points - Russia has officially implemented a visa-free policy for Chinese citizens for tourism and business purposes until September 14, 2026, allowing stays of up to 30 days [2] - The announcement has significantly boosted interest in outbound travel to Russia, with a notable increase in flight searches from major Chinese cities [2][3] Group 1: Impact on Travel Industry - Online travel platform Qunar reported a surge in flight searches to Russia, with routes from cities like Beijing, Shanghai, and Guangzhou seeing substantial increases [2] - The most significant growth in searches was observed for flights to St. Petersburg and Moscow, with some routes experiencing increases of up to 16 times compared to the previous week [2] - Travel agencies like Zhongxin Tourism are planning to develop specialized tours focusing on Russia's unique offerings, such as the Northern Lights and winter sports, to attract a broader demographic of Chinese tourists [3] Group 2: Market Trends and Projections - The visa-free policy coincides with the peak season for winter travel, suggesting a potential record high in tourism to Russia during the upcoming New Year and Spring Festival [4] - The border regions, particularly Heilongjiang, are expected to see explosive growth in inbound and outbound tourism due to the favorable visa situation [4] - Data from Tongcheng Travel indicates that major cities like Beijing, Guangzhou, and Shanghai are leading in hotel bookings and flight searches, with a stable pricing trend for tickets to Russia expected until February [4]

Core Insights - The report highlights three core trends in the consumer services industry: "New Recovery, New Ecology, and New Supply" [6] - Structural factors are aiding certain sectors in stabilizing and improving operations, indicating a gradual recovery from the bottom [7] - The integration of online platforms with offline operations is reshaping the industry ecosystem, enhancing competition and operational efficiency [8] Industry Overview - The consumer services sector has seen a slight revenue increase of 2.57% year-on-year, totaling 183.23 billion yuan in the first three quarters of 2025, despite a 12.7% decline in net profit [20][22] - The sector's performance has been mixed, with tourism and education sectors showing significant growth, while the hotel and restaurant sectors faced slight declines [16][19] New Recovery - The hotel industry is experiencing a rebound due to increased tourism demand and a stabilization in average daily rates (ADR), with occupancy rates showing signs of improvement [31][57] - The Macau gaming market has shown strong recovery, with gross gaming revenue (GGR) reaching 24.086 billion MOP in October 2025, driven by non-gaming attractions [32][44] - The duty-free market is benefiting from policy optimizations, with sales in Hainan reaching 2.425 billion yuan in October 2025, reflecting a 34.86% year-on-year increase [32][38] New Ecology - Major players like Alibaba, Meituan, and JD.com are competing in the instant retail space, each leveraging their strengths to enhance online and offline integration [42] - The restaurant industry is witnessing a shift towards standardized and professional supply chains, with the chain restaurant rate increasing from 15% in 2020 to 23% in 2024 [46][48] New Supply - The tourism sector is transitioning from a "sightseeing + ticket" model to one focused on content innovation and immersive experiences, with companies like Sanxia Tourism and Haichang Ocean Park leading this change [50][53] - The sports industry is evolving to combine spectator and participatory sports, creating new social engagement opportunities through digital platforms [54] Investment Recommendations - Key recommendations include focusing on leading hotel chains like Jinjiang Hotels and ShouLai Hotels, and monitoring companies with strong supply chain advantages in the restaurant sector [6][8] - The report suggests that innovative companies in tourism, sports, and education sectors, particularly those utilizing AI and content innovation, are worth attention for potential growth [8][50]

Core Insights - The Russian government has implemented a visa-free policy for Chinese citizens for tourism and business purposes, effective immediately until September 14, 2026, allowing a stay of up to 30 days [1] - This policy is expected to significantly boost Chinese tourism to Russia during the winter season, particularly around key holidays like New Year's and Spring Festival [1] - The search volume for flights to Russia has surged, with a more than 40% year-on-year increase in hotel bookings for Russian destinations [1] Group 1 - The visa-free policy is anticipated to enhance travel convenience for Chinese tourists and business travelers, leading to a spike in travel activity [1] - Major cities in China, including Beijing, Shanghai, and Guangzhou, have seen a dramatic increase in search interest for travel to Russia, with search volumes rising over twofold shortly after the announcement [1] - The upcoming winter tourism season is expected to set new records for travel to Russia, particularly in border areas like Heilongjiang [1] Group 2 - The winter tourism experience in Russia is gaining popularity among young Chinese travelers, with unique activities such as chasing the aurora borealis and snowmobiling [3] - Major Chinese cities with the highest booking interest for flights to Russia include Beijing, Guangzhou, and Shanghai, with cities like Nanjing and Shenzhen showing the highest month-on-month growth in bookings [3] - Flight prices to major Russian cities are currently stable, with a slight upward trend expected leading into February, peaking around the Spring Festival [3] Group 3 - Special promotions for winter tourism are being offered, including significant discounts and travel packages to popular destinations like Russia, Norway, and Finland [4] - Popular travel itineraries include multi-city tours in Russia, with a focus on experiences like aurora chasing, which are competitively priced compared to other Nordic countries [4] - The cost-effectiveness of Russian travel packages is highlighted, with prices potentially being half or more compared to similar offerings in other countries [4]