Group 1: Investment Ratings - The report maintains a "Buy" rating for both Ctrip and Tongcheng Travel, indicating a positive outlook on their performance in the online travel industry [1][2][5][6]. Group 2: Core Insights - Ctrip's Q3 2025 revenue increased by 16% year-on-year to 18.4 billion yuan, with non-GAAP operating profit reaching 6.1 billion yuan, exceeding expectations due to lower marketing expenses [1][5]. - Tongcheng Travel reported a 10% year-on-year revenue growth to 5.5 billion yuan in Q3 2025, with adjusted net profit rising 17% to 1.06 billion yuan, driven by better-than-expected accommodation business performance [2][6]. - Ctrip's accommodation booking revenue grew by 18%, transportation revenue by 12%, and international OTA platform bookings increased by over 60% year-on-year [1][5]. - Tongcheng Travel's core OTA business revenue grew by 15%, with accommodation booking revenue also up by 15%, benefiting from increased hotel average prices and record daily room nights [2][6]. - Ctrip's international hotel and flight bookings have increased by 140% compared to 2019, while Tongcheng Travel expects outbound travel business to grow rapidly, contributing 10-15% to overall revenue by 2027 [1][2][5][6]. Group 3: Summary by Sections Section 1: Overseas Social Services - Ctrip's Q3 2025 performance shows strong growth across various segments, with significant increases in international bookings and a solid market position in China [1][5]. - Tongcheng Travel's performance reflects a robust growth trajectory, particularly in accommodation and outbound travel, with a strong user base [2][6]. Section 2: Overseas Pharmaceuticals - CSPC Pharmaceutical Group reported a 12.3% year-on-year decline in revenue for the first three quarters of 2025, totaling 19.89 billion yuan, but showed a 3.4% revenue growth in Q3 [3][10]. - The company's net profit for Q3 2025 increased by 27.2% to 964 million yuan, aligning with expectations despite a decline in overall revenue for the year [3][10]. Section 3: Overseas Education - The education index saw a 2% increase, with a year-to-date growth of 7.3%, indicating a recovery in the sector [4][16]. - The report suggests a positive outlook for private higher education companies, with expectations of improved profitability and growth potential [4][18].

Group 1 - China Jinmao plans to sell 100% equity of its subsidiary holding the Ritz-Carlton Hotel in Sanya for a base price of 2.265 billion RMB as part of asset securitization efforts [1] - Huafa Group's subsidiary acquired 51% equity of Shenzhen Ronghua Land from Sunac Cultural Tourism, with a conditional buyback option for Sunac by November 2025 [1] Group 2 - Tongcheng Travel reported Q3 2025 revenue of 5.509 billion RMB, a year-on-year increase of 10.4%, with transportation revenue growing by 9% and accommodation revenue by 14.7% [2] Group 3 - Joy City Property announced the withdrawal of its listing status on the Hong Kong Stock Exchange effective November 27, 2025, following a buyback of shares from minority shareholders [3] Group 4 - Atour Group achieved Q3 2025 revenue of 2.628 billion RMB, reflecting a 38.4% year-on-year growth, with adjusted net profit increasing by 27% and adjusted EBITDA by 28.7% [4] Group 5 - The Ministry of Culture and Tourism supports seasonal tourism products and services, promoting activities that enhance cultural and tourism consumption, including rural tourism initiatives and night-time consumption events [5]

Investment Rating - The report maintains a "Buy" rating for both Ctrip and Tongcheng Travel, indicating a positive outlook for their performance in the online travel industry [2][3]. Core Insights - Ctrip's 3Q25 revenue increased by 16% year-on-year to 18.4 billion yuan, with a non-GAAP operating profit of 6.1 billion yuan, exceeding expectations due to lower marketing expenses [2][7]. - Tongcheng Travel's 3Q25 revenue grew by 10% year-on-year to 5.5 billion yuan, with adjusted net profit rising 17% to 1.06 billion yuan, driven by better-than-expected accommodation business performance [3][8]. - Both companies are expected to benefit from the recovery in outbound tourism, with Ctrip's international OTA platform bookings increasing over 60% year-on-year and inbound tourism bookings more than doubling [2][7]. - The report highlights the stability of the online travel industry and the potential for market share growth for both companies, particularly in international markets [2][3]. Summary by Sections 1. Overseas Social Services: Ctrip and Tongcheng Travel 3Q25 Performance - Ctrip's accommodation booking revenue rose by 18%, transportation revenue by 12%, and business travel management revenue by 15% [2][7]. - Tongcheng Travel's core OTA business revenue increased by 15%, with accommodation booking revenue also up by 15% [3][8]. - Both companies are positioned well for future growth, particularly in outbound travel, with expectations for international flight and hotel contributions to increase significantly by 2027 [3][8]. 2. Overseas Pharmaceuticals: CSPC Pharmaceutical Group - CSPC's revenue for the first three quarters of 2025 decreased by 12.3% to 19.89 billion yuan, but third-quarter revenue grew by 3.4% to 6.62 billion yuan, aligning with expectations [4][13]. - The report notes a decline in gross margin and a decrease in the contribution of the prescription drug segment to total sales [4][13]. 3. Overseas Education: Profitability Management Conditions Mature - The education index rose by 2% this week, with a year-to-date increase of 7.3% [19]. - The report suggests focusing on Hong Kong higher education companies, anticipating a recovery in profitability and expansion potential [21][29].

Group 1 - Multiple companies have pledged significant donations to support fire relief efforts in Hong Kong, demonstrating corporate social responsibility and community support [1][2][3][4][5][6] - China Resources Group has donated 20 million HKD for emergency rescue and medical assistance for victims [1] - Anta Group has committed a total of 30 million HKD, including 10 million HKD in cash and 20 million HKD in cold-weather gear for disaster relief [1] - Xtep Group has announced a donation of 20 million HKD in cash and equipment for disaster recovery efforts [1] - Bosideng has pledged 10 million HKD in cash and 20 million HKD in supplies for post-disaster support [2] - Nongfu Spring has donated 10 million HKD in cash and 5 million HKD in supplies for emergency relief and recovery [2] - Heytea has contributed 5 million HKD for resident support and rebuilding efforts [3] - Alibaba has initiated a donation of 20 million HKD and activated an emergency response mechanism to provide essential supplies [5] Group 2 - Companies are actively coordinating with local organizations to ensure timely delivery of aid and resources to affected residents [5][6] - Meituan's delivery platform Keeta has donated 5 million HKD for transitional housing and community recovery [5] - JD Group has mobilized resources to provide essential supplies and meals to affected individuals and rescue workers [5] - Ctrip Group has pledged 10 million HKD to assist affected residents and communities [5] - Various companies are continuing their support efforts, indicating a sustained commitment to aid the recovery process [6]

Group 1: Tourism Trends - The domestic tourism market is experiencing a "dual climate" effect due to the recent cold wave, with increased interest in both ice and snow tourism as well as warm weather destinations like Sanya [1][2] - Since November 7, searches for "hot springs" and "skiing" have surged over 100% compared to the previous month, indicating a strong demand for these activities [1] - The trend of booking hot spring hotels for consecutive nights has increased by over 10% in southern regions compared to the previous month, with Sanya leading in winter tourism [2] Group 2: Hotel Booking Insights - Popular hotel types for hot springs include family rooms and luxury suites, with many bookings sold out three days in advance for peak dates [2] - The top ten destinations for hot spring hotel bookings include Chongqing, Nanjing, and Beijing, reflecting a rise in local tourism [2][3] - For ice and snow tourism, hotel bookings around ski resorts have increased by over 100% compared to the previous month, with Harbin and Zhangjiakou seeing significant growth [4] Group 3: Travel Patterns - There is a notable increase in flight bookings from northern cities to southern destinations like Sanya, with Urumqi to Sanya flights growing over 50% [3] - The most popular cities for winter escape travel include Sanya, Kunming, and Haikou, with one-way ticket prices ranging from 800 to 1000 yuan [3] Group 4: Consumer Demand and Promotions - To cater to the demand for high-quality accommodations near ski and hot spring areas, a new promotional campaign has been launched, offering various benefits and packages [6]

Core Insights - The domestic tourism market is experiencing a "dual climate" effect due to the recent cold wave, with a surge in ice and snow tourism as popular ski resorts open, while beach destinations like Sanya are crowded with northern tourists [1][2] Group 1: Ice and Snow Tourism - The search interest for "hot springs" and "skiing" has significantly increased since November 7, with a more than 100% month-on-month growth [1] - Hotel bookings around ski resorts and accommodations tagged with "hot springs" and "private baths" have more than doubled compared to the same period last month [1] - The booking heat for ice and snow theme attractions has increased over 100% compared to the same period last month, with significant interest in hotels near Harbin and Zhangjiakou [4] Group 2: Hot Spring Tourism - The booking heat for hot spring hotels and homestays in southern regions is higher than in northern regions, with a more than 10% increase in bookings for stays of two nights or more compared to last month [2] - Popular hot spring accommodations in cities like Shanghai and Suzhou are selling out three days in advance for family rooms and luxury suites [2] - The demographic for hot spring tourism includes over 30% families with children, and there is a notable increase in the elderly demographic compared to last year [2] Group 3: Travel Trends - The trend of southern travel for warmth has intensified since the start of winter, with Harbin being the top source city for flights to Sanya, and a more than 50% increase in flight bookings from Urumqi to Sanya [3] - The top ten cities for winter escape travel include Sanya, Kunming, and Haikou, with one-way ticket prices ranging from 800 to 1000 yuan [3] Group 4: Quality Accommodation Demand - To meet the demand for high-quality accommodations near ski and hot spring resorts, the company has launched a themed campaign covering popular ski areas and high-quality hot spring accommodations [6] - The campaign includes a 300 yuan "Winter Hotel Package" and a 1000 yuan "Snow Friends Privilege Card," which covers various services including accommodation and transportation [6]

Core Insights - Company reported 3Q25 revenue of 5.5 billion, a year-over-year increase of 10.4%, aligning closely with the expected 5.49 billion [1] - Operating profit reached 1.16 billion, exceeding expectations by 7.5%, with an operating profit margin improvement of 1.5 percentage points year-over-year [1][3] - Adjusted net profit for the quarter was 1.06 billion, surpassing expectations by 2.8% [1] Revenue Performance - Revenue of 5.5 billion was driven by improved hotel and flight prices, with core OTA business revenue from accommodation and booking services reaching 1.58 billion, a year-over-year increase of 14.7% [2] - Traffic business revenue was 2.209 billion, up 9.0% year-over-year, supported by increased user demand and enhanced value-added products and services [2] - Other business revenue, boosted by hotel management growth, reached 821 million, a year-over-year increase of 34.9%, exceeding expectations by 1.4% [2] Profitability Analysis - Operating profit of 1.16 billion represented a year-over-year increase of 19.0%, exceeding expectations by 7.5% [3] - Core OTA operating profit was 1.44 billion, with an operating profit margin of 21.1%, surpassing expectations by 1.4 percentage points [3] - Adjusted net profit was 1.06 billion, a year-over-year increase of 16.5%, primarily driven by refined subsidies and cost control [3] International Business Outlook - International ticket booking volume saw significant year-over-year growth, contributing 6% to total traffic ticket revenue, an increase of 2 percentage points [4] - The company aims to increase international business revenue contribution by over 10% in the future [4] - The proprietary app showed strong performance, with daily active users reaching a historical high, driven by the launch of the AI itinerary planning tool DeepTrip [4] Financial Projections and Valuation - Revenue projections for 2025-2027 are 19.4 billion, 21.9 billion, and 24.4 billion, respectively, with adjusted net profit estimates of 3.4 billion, 3.9 billion, and 4.5 billion [4] - Valuation switched to 2026, with a target price set at 29.4 HKD based on a 16 times PE ratio for 2026 [5]

盈利预测与估值 我们基本维持25/26 年收入盈利预期，维持跑赢行业评级和目标价28 港元（对应18x/15x 25e/26e Non- IFRS 市盈率），上行空间为30%，公司目前交易于14x/12x 25e/26e Non-IFRS P/E。 风险 宏观不确定性，费用管控不及预期，投资并购风险。 同程旅行3Q25 收入同增10%至55.1 亿元，略高于市场预期0.5%，主要系酒店收入和其他收入超预期； Non-IFRS 归母净利润10.5 亿元，超市场预期1.1%，对应19.1% Non-IFRS 净利润率，系服务开发费用和 管理费用有效控制。 发展趋势 国内酒店中高星占比提升。1）住宿：3Q25 公司国内酒店间夜量同比增长10-15%，符合此前预期， ADR 同比低单个位数增长，主要系用户消费习惯变化，中高星占比提升，公司三星酒店等高质量供给 的间夜量同比增长20%。我们预计4Q25 酒店收入同比增长15%，其中国内酒店间夜量同比增长约10%， ADR 继续维持同比低单个位数增长，抽佣率同比小幅提升。2）交通：3Q25国内机票量同比增速和大 盘类似，公司聚焦提升变现率，该趋势延续至下个季度，我们预计4 ...

Core Viewpoint - The company reported a strong performance in Q3 2025, with 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 [1] Business Performance Summary - The core OTA business showed robust growth, with Q3 revenue reaching 4.609 billion yuan, a year-on-year increase of 14.9% [1] - Accommodation booking revenue for Q3 was 1.579 billion yuan, up 14.7% year-on-year, driven by strong summer demand and an increase in high-quality hotel bookings [1] - Transportation ticketing revenue reached 2.209 billion yuan, a 9.0% year-on-year increase, supported by the growth in international ticket sales, which accounted for 6% of total transportation revenue, up 2.0 percentage points [1] - Other business revenue grew significantly to 0.821 billion yuan, a 34.9% year-on-year increase, primarily due to strong performance in hotel management [1] - Vacation revenue for Q3 was 0.900 billion yuan, down 8.0% year-on-year, mainly due to ongoing safety concerns regarding travel to Southeast Asia [1] Profitability and Efficiency - The company's gross margin reached 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 point [1] - Profitability improvements were attributed to the positive effects of revenue scale and the application of AI to enhance operational efficiency, with the AI trip planning tool DeepTrip attracting millions of users [1] - As of September 30, the company had 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 [1] 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 be driven by hotel management [1] - Accommodation revenue is projected to sustain double-digit growth, while transportation revenue is expected to grow in single digits, and vacation business may continue to face challenges [1] Financial Forecast and Valuation - The adjusted net profit forecasts for 2025-2027 are 3.368 billion yuan, 4.044 billion yuan, and 4.667 billion yuan, respectively, with the current stock price corresponding to adjusted PE ratios of 14, 12, and 10 times for the same years [1] - The company maintains a "buy" rating based on its performance and growth prospects [1]

机构：申万宏源研究 研究员：贾梦迪 同程旅行3Q25 的收入同比增长10%至55 亿元，经调整净利润同比增长17%至10.6 亿元，超出我们的预 期，主要由于住宿业务好于预期。我们将25 年每股盈利预测由1.41 元上调至1.44 元，维持26 年预测 1.57 元，27 年预测1.74 元。目标价由26.5 港币上调至27 港币，对应25%的上涨空间，维持买入评级。 国内业务增长稳健。三季度的核心OTA业务收入同比增长15%。住宿预订收入同比增长15%，受益于酒 店平均价格的增长以及日均间夜量创历史新高。交通票务收入同比增长9%，其他业务收入同比增长 35%，主要受益于酒店管理业务的增长。年付费用户同比增长9%至2.529亿人，创历史新高。 出境机票业务已实现盈利。3Q25 出境机票贡献交通收入的约6%，并实现盈利。公司预计出境游业务将 快速发展，国际机票和酒店在整体机票和酒店的收入贡献在2027 年将提升至10-15%。 维持买入评级。我们看好在线旅游行业的增长确定性和行业竞争格局的稳定，同程旅行是内需消费中确 定性较高的标的，出境游规模的提升有望推动利润率的提升，酒店管理业务也有望提供额外的增长驱动 力 ...