上市进行时 在纳斯达克上市的电动垂直起降飞行器(eVTOL)生产商亿航智能正在考虑进行第二上市。首席财务官 Conor Yang周一接受媒体采访时表示，"我们正在积极探索在美国以外上市的不同备选方案"。(智通财 经) TOP3大新闻 36氪获悉，富卫集团有限公司向港交所提交上市申请书，联席保荐人为摩根士丹利和高盛。 亿航智能 黄子韬卫生巾15分钟卖出近20万件，二手市场溢价转卖 5月18日下午，歌手、演员黄子韬卫生巾发布会在浙江东阳举行。发布会上，其卫生巾品牌透明工厂亮 相。现场直播中提到，透明工厂将继续对公众开放预约参观。现场合伙人介绍，截至目前，该品牌总投 资达2.75亿。该品牌卫生巾开售15分钟卖出19.5万件，半个小时卖出了45万件。 5月19日，查询该卫生巾品牌店铺，显示商品已售罄。而在二手电商平台上，多款该品牌的卫生巾套组 被加价转卖，加价幅度在数元至数十元不等。对此，该店铺客服表示，目前活动已结束，卫生巾后续何 时补货暂时还没有通知。对于有网友加价转卖的情况，客服人员表示会记录反馈，后续卫生巾还会补 货，不用去购买加价的产品。（封面新闻、新浪新闻） 小米自主研发设计3nm工艺制程手机处理器芯片， ...

完整早报音频，请点击标题下方小耳机收听 【小米法务部：犯罪团伙操纵近万账号诋毁小米，该黑公关案告破】 小米法务部发文称： " 2025 年 5 月 15 日，我司从司法机关处获悉，此前我司报案的一起有组织、有预谋的网络黑公关案件，已 经告破。目前，公安机关已依法对多名犯罪嫌疑人采取刑事强制措施，案件还在进一步调查。 据了 解，自 2024 年 12 月起，直至近期小米汽车相关的系列热点事件，该犯罪团伙利用文案自动生成软 件捏造关于的小米虚假信息，并操纵近万个社交媒体账号，恶意造谣、散播不实言论，并采用煽动网 络对立情绪、踩一捧一等方式进行恶意炒作，严重诋毁小米公司。据悉，该案反应出新型网络水军犯 罪特征，团伙作案、组织严密，利用自动化软件，批量生成黑稿，分发链条复杂，犯罪金额巨大，对 网络环境和企业商誉造成极其恶劣的影响。 在此，我们严正声明，网络不是法外之地，对造谣、抹黑 等侵权行为，小米将坚决以法律手段保护自身合法权益。"（澎湃新闻） 【鸿蒙电脑正式发布！华为余承东：给世界多一个选择】 5月19日，华为举行新品发布会，正式发布 nova 14系列手机、首款鸿蒙电脑华为MateBook Pro，以及首款鸿蒙 ...

端午假期临近，火车票火热开售、民宿订单大幅上涨、端午习俗相关文化体验产品最受青睐。5月19 日，携程发布2025年端午假期出游趋势预测报告显示，端午小长假出行市场重回稳步增长区间。国内本 地游、周边游以50%的比重占据主导地位，同时融合微度假、避暑以及民俗体验等多种元素，成为端午 旅游市场的显著特征。此外，端午假期入境游热度不减，平台上入境游酒店搜索热度超1倍。 财信证券指出，展望后市，随着扩内需政策持续加码，叠加消费信心逐步修复，旅游行业有望延续复苏 态势，首次覆盖，给予社会服务行业"同步大市"评级。建议后续关注两条主线：1)休闲旅游赛道，推荐 关注OTA平台及优质景区运营商，如祥源文旅（600576）、黄山旅游（600054）、长白山（603099）、 宋城演艺（300144）等;2)商旅复苏主线，如首旅酒店（600258）、君亭酒店（301073）等。 相关概念股： 携程集团-S(09961)：携程集团-S发布2025年第一季度业绩，净营业收入为138亿元(人民币，下同)，同 比上升16%。归属于携程集团股东的净利润为43亿元，相比2024年同期为43亿元。经稀释的每股普通股 和每股存托凭证收益为6.0 ...

智通财经APP讯，携程集团-S(09961)发布2025年第一季度业绩，净营业收入为138亿元(人民币，下 同)，同比上升16%。归属于携程集团股东的净利润为43亿元，相比2024年同期为43亿元。经稀释的每 股普通股和每股存托凭证收益为6.09元。 2025年第一季度国际各业务版块继续呈现强劲增长态势。国际OTA平台总预订同比增长超过60%。入境 旅游预订同比增长超过100%。出境酒店和机票预订已全面超过2019年疫情前同期的120%水平。 "我们很高兴看到2025年的强劲开局，"携程首席执行官孙洁女士表示，"随着旅游日益成为日常生活的 重要组成部分，我们始终致力于通过创新、本土化且以客户为核心的解决方案，满足旅行者日益变化的 需求。这使我们能够持续保持增长势头，为客户、合作伙伴以及股东创造长期价值。" 2025年第一季度住宿预订营业收入为55亿元，同比上升23%，主要得益于住宿预订的增长。交通票务营 业收入为54亿元，同比上升8%，主要得益于交通票务预订的增长。旅游度假业务营业收入为9.47亿 元，同比上升7%，主要得益于旅游度假业务预定的增长。商旅管理业务营业收入为5.73亿元，同比上 升12%，主要得 ...

携程一季度调整后每份ADS收益5.96元人民币。一季度营收138亿元人民币，同比增长16%。 ...

Financial Performance - In Q1 2025, Trip.com Group reported net revenue of RMB 13.8 billion (USD 1.9 billion), a year-over-year increase of 16% and a quarter-over-quarter increase of 9%[5]. - The company's operating income from hotel bookings was RMB 5.5 billion (USD 764 million), up 23% year-over-year, driven by increased bookings[5]. - Transportation ticketing revenue reached RMB 5.4 billion (USD 747 million), reflecting an 8% year-over-year increase[7]. - The adjusted EBITDA for Q1 2025 was RMB 4.2 billion (USD 586 million), compared to RMB 4.0 billion in the same quarter of 2024[9]. - The net profit for Q1 2025 was RMB 4.3 billion (USD 596 million), consistent with the same period in 2024 and up from RMB 2.2 billion in the previous quarter[9]. - Total revenue for Q1 2024 reached RMB 11,921 million, a 9% increase compared to Q4 2023[21]. - Net income for Q1 2024 was RMB 4,325 million, significantly higher than RMB 2,191 million in Q4 2023[22]. - Adjusted EBITDA for Q1 2024 was RMB 3,974 million, with an adjusted EBITDA margin of 33%[23]. - The company reported a gross profit of RMB 9,667 million for Q1 2024, reflecting a gross margin of approximately 81%[21]. Cash and Investments - The company’s cash and cash equivalents, restricted cash, and short-term investments totaled RMB 92.9 billion (USD 12.8 billion) as of March 31, 2025[10]. - Cash and cash equivalents, along with restricted cash, were reported at RMB 51.093 billion as of December 31, 2024, increasing to RMB 56.360 billion by March 31, 2025[19]. - The company repurchased approximately 1.6 million American Depositary Shares (ADS) for a total consideration of about USD 84 million as part of its capital return policy[11]. Expenses - Research and development expenses for Q1 2025 were RMB 3.5 billion (USD 486 million), a 13% increase year-over-year[7]. - Sales and marketing expenses rose to RMB 3.0 billion (USD 413 million), a 30% increase compared to the same quarter last year[8]. - The total operating expenses for Q1 2024 were RMB 6,352 million, which is a 19% increase compared to Q4 2023[21]. - Research and development expenses for Q1 2024 were RMB 3,109 million, representing a 6% increase from Q4 2023[21]. Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 242.581 billion, with a projected increase to RMB 247.762 billion by March 31, 2025[19]. - The total liabilities increased from RMB 99.099 billion as of December 31, 2024, to RMB 100.776 billion by March 31, 2025[20]. - Shareholders' equity for the company rose from RMB 141.807 billion as of December 31, 2024, to RMB 145.153 billion by March 31, 2025[20]. Strategic Focus - The company emphasizes the importance of strategic investments and acquisitions to drive future growth and mitigate competitive risks[16]. - The management highlighted ongoing development in new products and technologies to enhance user experience and market position[16]. - The company aims to expand its market presence, particularly in Asia, to capture a larger share of the travel industry[17]. Forward-Looking Statements - Forward-looking statements indicate potential risks related to economic fluctuations and competition that could impact future performance[14]. - The adjusted EBITDA margin is expected to provide insights into the company's operational efficiency and profitability trends[15]. - The company reported a net profit attributable to shareholders under non-GAAP measures, which enhances comparability of operational data across periods[15]. Earnings Per Share - The company’s earnings per share (diluted) for Q1 2024 was RMB 6.38, up from RMB 3.09 in Q4 2023[22]. - The average diluted shares outstanding increased to 675,933,592 for Q1 2024, compared to 656,190,044 in Q4 2023[22]. Interest Income - Interest income for Q1 2024 was RMB 592 million, while interest expenses were RMB 499 million, resulting in a net interest income of RMB 93 million[23].

Core Insights - Trip.com Group Limited reported strong growth in its international businesses, with overall reservations on its international OTA platform increasing by over 60% year-over-year and inbound travel bookings surging by around 100% year-over-year [2][3] - The company achieved net revenue of RMB13.8 billion (US$1.9 billion) for the first quarter of 2025, representing a 16% increase from the same period in 2024, driven by stronger travel demand [4] - The travel industry maintained strong momentum in the first quarter of 2025, supported by resilient consumer demand and favorable travel policies [3] Financial Performance - Accommodation reservation revenue for Q1 2025 was RMB5.5 billion (US$764 million), a 23% increase from Q1 2024 [5] - Transportation ticketing revenue for Q1 2025 was RMB5.4 billion (US$747 million), an 8% increase from Q1 2024 [6] - Packaged-tour revenue for Q1 2025 was RMB947 million (US$131 million), a 7% increase from Q1 2024 [7] - Corporate travel revenue for Q1 2025 was RMB573 million (US$79 million), a 12% increase from Q1 2024 [8] - Net income for Q1 2025 was RMB4.3 billion (US$596 million), unchanged from Q1 2024 [14][15] Cost Structure - Cost of revenue for Q1 2025 increased by 21% to RMB2.7 billion (US$373 million) compared to Q1 2024 [9] - Product development expenses for Q1 2025 increased by 13% to RMB3.5 billion (US$486 million) from Q1 2024 [10] - Sales and marketing expenses for Q1 2025 increased by 30% to RMB3.0 billion (US$413 million) from Q1 2024 [11] - General and administrative expenses for Q1 2025 increased by 11% to RMB1.0 billion (US$143 million) from Q1 2024 [12] Cash Position and Shareholder Returns - As of March 31, 2025, the company had cash and cash equivalents totaling RMB92.9 billion (US$12.8 billion) [17] - The company repurchased 1.6 million ADSs for a total gross consideration of US$84 million as part of its share repurchase plan [18]

Financial Performance - Trip.com Group reported net revenue of RMB13.8 billion (US$1.9 billion) for Q1 2025, a 16% increase year-over-year and a 9% increase from the previous quarter[4]. - Total revenue for the quarter ended March 31, 2025, was RMB 13,850 million, representing a 16% increase from RMB 11,921 million in the same quarter of 2024[31]. - Net income for Q1 2025 was RMB4.3 billion (US$596 million), unchanged from Q1 2024 and up from RMB2.2 billion in the previous quarter[15]. - Net income attributable to Trip.com Group Limited for the quarter ended March 31, 2025, was RMB 4,277 million, compared to RMB 4,312 million in the same quarter of 2024, reflecting a slight decrease of 1%[33]. - Adjusted EBITDA for the quarter ended March 31, 2025, was RMB 4,247 million, with an adjusted EBITDA margin of 31%[33]. - Gross profit for the quarter ended March 31, 2025, was RMB 11,125 million, up from RMB 9,667 million in the same quarter of 2024, indicating a growth of 15%[31]. - The company reported a basic earnings per share of 6.48 for the quarter ended March 31, 2025, compared to 6.62 in the same quarter of 2024[31]. - Non-GAAP diluted income per share for the quarter ended March 31, 2025, was 5.96, compared to 6.00 in the same quarter of 2024[33]. Revenue Breakdown - Accommodation reservation revenue reached RMB5.5 billion (US$764 million), marking a 23% increase from Q1 2024 and a 7% increase from the previous quarter[5]. - Transportation ticketing revenue was RMB5.4 billion (US$747 million), an 8% increase from Q1 2024 and a 13% increase from the previous quarter[7]. - Packaged-tour revenue grew to RMB947 million (US$131 million), a 7% increase from the same period in 2024 and a 9% increase from the previous quarter[8]. - The company experienced a significant increase in transportation ticketing revenue, reaching RMB 5,418 million for the quarter ended March 31, 2025, up from RMB 5,000 million in the same quarter of 2024[31]. - International OTA platform reservations increased by over 60% year-over-year, with inbound travel bookings surging by around 100% year-over-year[6]. Expenses and Investments - Product development expenses increased by 13% to RMB3.5 billion (US$486 million), representing 25% of net revenue[11]. - Sales and marketing expenses rose by 30% to RMB3.0 billion (US$413 million), accounting for 22% of net revenue[12]. - Operating expenses for the quarter ended March 31, 2025, totaled RMB 7,562 million, a decrease of 1% from RMB 7,803 million in the previous quarter[31]. Cash and Shareholder Returns - As of March 31, 2025, cash and cash equivalents totaled RMB92.9 billion (US$12.8 billion)[18]. - The company repurchased 1.6 million ADSs for a total gross consideration of US$84 million as part of its capital return policy[19]. Other Financial Metrics - Interest income for the quarter ended March 31, 2025, was RMB 640 million, an increase from RMB 592 million in the same quarter of 2024[33]. - The weighted average diluted shares outstanding for the quarter ended March 31, 2025, was 702,144,923[33].

5月19日，携程发布2025年端午假期出游趋势预测报告显示，端午小长假出行市场重回稳步增长区间。 国内本地游、周边游以50%的比重占据主导地位，同时融合微度假、避暑以及民俗体验等多种元素，成 为端午旅游市场的显著特征。恰好"撞期"儿童节的因素也激起了亲子家庭的出游热情，年轻人则选择带 宠物出游，或是在演出扎堆的端午来上一份"演出+旅游"套餐。此外，端午假期入境游热度不减，平台 上入境游酒店搜索热度超1倍。(人民财讯) ...

Core Viewpoint - Trip.com Group Limited (TCOM) is set to report its first-quarter 2025 results on May 19, with expectations of strong revenue growth driven by travel demand and bookings [1][3]. Group 1: Earnings Estimates - The Zacks Consensus Estimate for TCOM's earnings is 86 cents per share, reflecting a year-over-year increase of 3.6% [2]. - Revenue estimates are pegged at $1.91 billion, indicating a 15.9% year-over-year increase [2]. Group 2: Revenue Drivers - TCOM's revenue growth is anticipated to be fueled by strong travel demand, increased traffic, and a rise in total bookings [3]. - The international business is expected to benefit from growth in outbound travel and steady inbound travel bookings [3]. Group 3: Operational Efficiency - The company's focus on artificial intelligence-driven solutions is likely to enhance efficiency and manage cost pressures, supporting its bottom line [4]. Group 4: Earnings Prediction Model - The current Earnings ESP for TCOM is 0.00%, indicating uncertainty in predicting an earnings beat [5]. - TCOM holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [6].