股 票 研 究 [Table_industryInfo] 社会服务业 [ Table_Main[ 携 TIna 程fbole] 集 _T 团itle -] S （9961） [评Tab级le_：Inv est] 增持 当前价格（港元）： 430.80 国内出行韧性强，出境及海外强势高增 2024.05.23 海 ——携程集团 2024Q1 业绩点评 [ 交Ta易bl数e_据M arket] 外 刘越男(分析师) 于清泰(分析师) 52周内股价区间（港元） 241.60- 440.00 公 021-38677706 021-38022689 当前股本（百万股） 684 司 liuyuenan@gtjas.com yuqingtai@gtjas.com 当前市值（百万港元） 294,464 （ 证书编号 S0880516030003 S0880519100001 中 本报告导读： [ Table_PicQuote] 52周内股价走势图 国 24Q1业绩超预期，公司受益OTA行业格局改善，出境及海外景气度持续向上，利润 香 率仍在提升周期。 携程集团-S 恒生指数 摘要： 港 66% ） [T abl维e_持Su ...

证券研究报告 | 2024年05月23日 携程集团-S（09961.HK） 买入 一季度经调净利润同比增长 96%，出境游复苏核心受益龙头 核心观点 公司研究·财报点评 2024年一季度公司净利润增势强劲。2024Q1公司实现收入119.1亿元、归 社会服务·旅游及景区 母净利润43.1亿元、Non-GAAP净利润40.6亿元，同比分别增长29%/28%/96%， 证券分析师：曾光 证券分析师：钟潇 调整前后净利润增速差异主要系公允价值变化扰动。Q1实现经调整净利率 0755-82150809 0755-82132098 zengguang@guosen.com.cn zhongxiao@guosen.com.cn 34%，同比增加12pct，环比增加8pct，预计主业系高利润率出境游景气修 S0980511040003 S0980513100003 复及固定人员费用的经营杠杆作用，加之投资收益同比增长7倍助力。 证券分析师：张鲁 联系人：杨玉莹 010-88005377 0755-81982942 收入拆分：国内游持续受益于线上化渗透率提升，出境游高景气修复，国际 zhanglu5@guosen.com.c ...

携程集团-S（9961.HK）2024Q1业绩点评 Q1 经调整利润超预期，国际业务保持高增 2024年05月22日 事件：2024年5月21日，携程集团（9961.HK/TCOM）发布2024年Q1未 推荐 维持评级 经审计业绩，24Q1净收入119亿元，yoy+29%（超彭博一致预期116亿元）； 当前价格： 440.00港元 归母净利润 43 亿元，净利率 36.2%；上年同期为 34 亿元（利润率 36.7%）； Non-GAAP 净利润41 亿元（超彭博一致预期为 28 亿元），利润率 34.1%；上 年同期为21亿元（Non-GAAP利润率22.5%）。 [Table_Author] ➢ 住宿、交通稳健增长，度假业务显著恢复。分业务来看，24Q1住宿收入45 亿元，yoy+29%，qoq+15%；交通收入50亿元，yoy+20%，qoq+22%；度 假收入8.83亿元，yoy+129%，qoq+25%；商旅收入5.11亿元，yoy+15%， qoq-19%主要系春节假期企业客户出行相对温和；其他收入 10.31 亿元， yoy+39%，qoq+4%。 ➢ Q1销售费用投放较少，利润表现超预期。24 ...

交银国际研究 公司更新 互联网 收盘价 目标价 潜在涨幅 2024年5月21日 港元436.40 港元509.00↑ +16.6% 携程集团 (9961 HK) 内地酒店价格下跌，但预定量超预期增长；预期全年利润率持平  2024年1季度业绩：收入119亿元（人民币，下同），同比增29%，略高 个股评级 于我们/彭博市场预期2%，其中酒店住宿+29%/交通+20%/旅游度假+129%/ 买入 商旅+15%。调整后净利润同比增96%至41亿元，净利率34%，对比去年 同期22%。净利润超过我们/彭博市场预期32%/45%，得益于有效控费、交 叉销售优化及高利润业务占比提升。市场恢复下营销活动保持投入，调整 1年股价表现 后营销费用同比增32%，占收比稳定在19%，好于预期的22-23%。 9961 HK 70% MSCI中国指数 60%  1季度业绩要点：1）内地机酒预订量同比增20%+，酒店ADR同比低个位 50% 40% 数下降，主要因部分需求向出境游分流及低线城市旅游快速发展。2）出 30% 20% 境机酒预订同比翻倍增长，春节假期完全恢复至2019年水平，领先整体 10% 0% 国际航空客运量70% ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 Trip.com Group Limited 攜程集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9961） 2024 年 第 一 季 度 業 績 公 告 攜程集團有限公司謹此公佈其2024年第一季度業績（「2024年第一季度業績公告」）。2024年 第一季度業績公告可於香港聯交所網站 www.hkexnews.hk 及本公司網站 investors.trip.com 查 閱。 承董事會命 攜程集團有限公司 董事會執行主席 梁建章 新加坡，2024年5月21日 於本公告日期，本公司董事會包括董事梁建章先生、范敏先生、孫潔女士及何俊傑先生以及獨立董事沈南鵬先 生、季琦先生、李基培先生及甘劍平先生。 ...

Corporate Structure and Governance - Trip.com Group's A类普通股每股面值为0.00125美元，截至2023年12月31日，已发行644,089,050股[4] - The company is registered as a large accelerated filer under the Securities Exchange Act of 1934[4] - The company's principal executive offices are located at 30 Raffles Place, 29-01, Singapore 048622[3] - Trip.com Group's American Depositary Shares (ADS) are listed on the NASDAQ Global Select Market under the ticker symbol "TCOM"[3] - The company has submitted all required reports under the Securities Exchange Act of 1934 for the past 12 months[4] - Trip.com Group has filed the auditor's attestation report on the effectiveness of internal control over financial reporting as required by Section 404(b) of the Sarbanes-Oxley Act[4] - The company is not a shell company as defined in the Securities Exchange Act of 1934[4] - The company's annual report is filed in both Chinese and English, with the English version prevailing in case of discrepancies[3] - The company's reporting currency is RMB, with financial data converted to USD at an exchange rate of RMB 7.0999 to USD 1.00 as of December 29, 2023[8] - The company underwent a 1:8 stock split on March 18, 2021, adjusting the ratio of American Depositary Shares (ADS) to ordinary shares from 8:1 to 1:1[8] - The company consolidates financial results of Variable Interest Entities (VIEs) under US GAAP, including entities like Ctrip Business, Shanghai Huacheng, Chengdu Ctrip, and Qunar Beijing[7] - The company primarily presents operational data for the Ctrip and Trip.com brands, excluding leased properties and employee headcount, which represent overall company data[8] - The exchange rate as of April 19, 2024, was RMB 7.2403 to USD 1.00, but this rate is not used for financial data conversion in the annual report[8] - The company's net income from variable interest entities accounted for 30%, 22%, and 23% of total net income for the years ended December 31, 2021, 2022, and 2023, respectively[13] - The company's business is primarily conducted in China through subsidiaries and variable interest entities, with contractual arrangements in place to manage operations[13] - The company has established a series of contractual arrangements with its Chinese subsidiaries, variable interest entities (VIEs), and their shareholders, granting effective control over these entities for accounting purposes under US GAAP[14] - The contractual arrangements provide the company with a controlling financial interest in the VIEs, allowing management of activities that significantly impact economic performance and rights to economic benefits[14] - The company's investors do not hold equity ownership in the VIEs, and the contractual arrangements do not equate to equity ownership of the VIE businesses[14] - The enforceability of the contractual arrangements with VIEs has not been tested in Chinese courts, posing potential risks[15] - The VIE structure exposes the company's Cayman Islands holding company investors to unique risks, including potential high costs and legal uncertainties[15] - Chinese regulatory authorities may prohibit the VIE structure, which could significantly impact the company's operations and cause a substantial decline in security value[16] - The company faces uncertainty regarding future Chinese laws and regulations that may affect the VIE structure and contractual arrangements[16] - The company's operations in China are subject to complex and evolving legal and regulatory environments, including cybersecurity and data privacy regulations[16] - Compliance with Chinese regulatory requirements, including those from the China Securities Regulatory Commission and Cyberspace Administration of China, remains uncertain[16] - Future regulatory developments may require additional approvals or actions for Chinese companies listed on foreign stock exchanges, creating potential uncertainties[16] - The company faces risks related to new regulatory measures in Hong Kong or Macau, which could impact its ability to operate, accept foreign investment, or maintain its listing status on the Hong Kong Stock Exchange[17] - The company was listed under the HFCAA by the SEC in May 2022 due to PCAOB's inability to inspect its auditor, but this designation was removed in December 2022[18] - The company expects not to be designated as a HFCAA issuer after submitting its 2022 annual report, but future designations remain uncertain[19] - The company's operations in China require various permits, and failure to obtain or maintain these permits could result in penalties, suspension of operations, or revocation of licenses[20] - The company's subsidiaries in Hong Kong have obtained necessary permits for travel agency and insurance agency businesses, while its Macau subsidiary has largely ceased operations[20] - The company's cash flow and asset transfer within the organization are subject to conditions and restrictions under applicable laws and regulations, with limitations on dividends and other payments from Chinese subsidiaries and variable interest entities totaling RMB 7.6 billion as of December 31, 2023[24] - The company's Chinese subsidiaries and variable interest entities are required to set aside certain statutory reserve funds or discretionary funds, which cannot be distributed as cash dividends unless the company is liquidated[24] - The company's ability to pay dividends and repay debts depends on dividends from Chinese subsidiaries and service fees from variable interest entities, with restrictions on transferring net assets[24] - The company is considered an "existing issuer" under the new overseas securities issuance and listing regulations and does not need to complete filing procedures for historical securities issuances, but future issuances will require filing within three business days[21] - The company has completed all required foreign debt issuance registrations with the National Development and Reform Commission as of the annual report date[22] - The company, its subsidiaries, and variable interest entities have not been identified as critical information infrastructure operators or subjected to cybersecurity reviews by the Cyberspace Administration of China as of the annual report date[22] - The company's operations and securities issuance to foreign investors are subject to potential regulatory uncertainties and interpretations by Chinese government agencies, which could lead to sanctions or other regulatory measures[23] - The company's Chinese subsidiaries and variable interest entities are restricted in paying dividends or transferring net assets, with limitations based on registered capital and statutory reserves[24] - The company's ability to transfer cash and assets within the organization is constrained by Chinese laws, requiring government registration and approval for funding transfers to subsidiaries and variable interest entities[24] - The company's historical securities issuances to foreign investors do not require approval or filing with the China Securities Regulatory Commission, but future issuances may require filing under the new regulations[22] - Trip.com Group's Chinese subsidiaries transferred a total of RMB 7.2 billion in dividends to its Hong Kong holding company, Ctrip Travel Network (Hong Kong) Limited, subject to a 5% withholding tax[27] - In 2023, Trip.com Group provided net cash inflows of RMB 1.8 billion in loan funds to its subsidiaries, compared to net cash outflows of RMB 7.58 billion in 2022[26] - The company's variable interest entities (VIEs) had net cash outflows of RMB 1.2 billion in loan funds to subsidiaries in 2023, compared to net cash inflows of RMB 4 billion in 2022[26] - Trip.com Group did not declare or pay any cash dividends for the years ended December 31, 2021, 2022, and 2023, and has no plans to pay cash dividends for its ordinary shares[27] - The company's subsidiaries received net cash inflows of RMB 800 million in loan funds from VIEs in 2023, compared to net cash outflows of RMB 7.8 billion in 2022[26] - Trip.com Group's Chinese subsidiaries and VIEs face restrictions on transferring cash to entities outside China due to government regulations on currency exchange and cross-border payments[25] - The company has a centralized fund management policy to improve efficiency and ensure the security of fund transfers between Trip.com Group, its subsidiaries, and VIEs[25] - In 2022, Trip.com Group invested RMB 580 million in its subsidiaries, while no investments were made in 2021 and 2023[26] Financial Performance - Net revenue for 2023 reached RMB 44,510 million (USD 6,269 million), a significant increase from RMB 20,039 million in 2022[29] - Gross profit for 2023 was RMB 36,389 million (USD 5,125 million), up from RMB 15,526 million in 2022[29] - Operating profit for 2023 was RMB 11,324 million (USD 1,595 million), compared to RMB 88 million in 2022[29] - Net profit attributable to Trip.com Group Limited for 2023 was RMB 9,918 million (USD 1,397 million), a substantial improvement from RMB 1,403 million in 2022[29] - Cash and cash equivalents increased to RMB 41,592 million (USD 5,858 million) in 2023 from RMB 17,000 million in 2022[30] - Total assets grew to RMB 219,137 million (USD 30,865 million) in 2023, up from RMB 191,691 million in 2022[30] - Total liabilities increased to RMB 96,131 million (USD 13,540 million) in 2023 from RMB 78,672 million in 2022[30] - Shareholders' equity attributable to Trip.com Group Limited rose to RMB 122,184 million (USD 17,209 million) in 2023 from RMB 112,283 million in 2022[30] - Basic earnings per share for 2023 were RMB 15.19 (USD 2.14), compared to RMB 2.17 in 2022[29] - Diluted earnings per share for 2023 were RMB 14.78 (USD 2.08), up from RMB 2.14 in 2022[29] - Trip.com Group's net revenue from third parties in 2023 was RMB 44.51 billion, a significant increase from RMB 20.039 billion in 2022[35][36] - The company's net profit attributable to Trip.com Group Limited in 2023 was RMB 9.918 billion, compared to RMB 1.403 billion in 2022[35][36] - Operating profit from subsidiaries and variable interest entities in 2023 was RMB 11.324 billion, a substantial improvement from RMB 88 million in 2022[35][36] - Total operating costs and expenses from third parties in 2023 were RMB 33.186 billion, up from RMB 19.951 billion in 2022[35][36] - The company's net interest income and other income in 2023 was RMB 10.68 billion, compared to RMB 2.635 billion in 2022[35][36] - Service fees charged by the primary beneficiaries of variable interest entities to the entities and their subsidiaries were RMB 4.3 billion in 2023, up from RMB 1.7 billion in both 2021 and 2022[37] - Total assets increased to 219,137 million RMB in 2023, up from 191,691 million RMB in 2022, reflecting growth in cash and cash equivalents, short-term investments, and receivables[40][44] - Cash and cash equivalents rose significantly to 41,592 million RMB in 2023, compared to 17,000 million RMB in 2022, indicating improved liquidity[40][44] - Short-term investments decreased to 17,748 million RMB in 2023 from 25,545 million RMB in 2022, suggesting a shift in investment strategy[40][44] - Total liabilities increased to 96,131 million RMB in 2023, up from 88,038 million RMB in 2022, driven by higher short-term debt and payables[41][44] - Shareholders' equity grew to 123,006 million RMB in 2023, compared to 104,833 million RMB in 2022, reflecting retained earnings and capital growth[41][44] - Goodwill remained stable at 59,372 million RMB in 2023, consistent with 59,337 million RMB in 2022, indicating no significant changes in acquisitions[40][44] - Intangible assets decreased slightly to 12,564 million RMB in 2023 from 12,742 million RMB in 2022, likely due to amortization[40][44] - Long-term debt increased to 19,099 million RMB in 2023, up from 19,070 million RMB in 2022, showing a slight rise in borrowing[41][44] - Deferred tax assets grew to 2,576 million RMB in 2023 from 1,324 million RMB in 2022, reflecting higher tax planning benefits[40][44] - Total equity and liabilities reached 219,137 million RMB in 2023, up from 191,691 million RMB in 2022, indicating overall financial growth[40][44] - Total liabilities for Trip.com Group amounted to RMB 78.672 billion, with short-term and current portion of long-term debt at RMB 32.674 billion[45] - Total equity for Trip.com Group was RMB 113.019 billion, with the parent company contributing RMB 111.090 billion[45] - Net cash provided by operating activities for Trip.com Group in 2023 was RMB 22.004 billion, a significant increase from RMB 2.641 billion in 2022[48][49] - Net cash used in financing activities for Trip.com Group in 2023 was RMB 2.547 billion, compared to RMB 6.717 billion in 2022[48][49] - Cash flow from other investment activities for Trip.com Group in 2023 was RMB 5.919 billion, up from RMB 1.136 billion in 2022[48][49] - Service fees paid by variable interest entities to their primary beneficiaries increased to RMB 4.3 billion in 2023, up from RMB 1.7 billion in 2021 and 2022[50] - Repurchase of ordinary shares by Trip.com Group in 2023 amounted to RMB 1.617 billion[48] - Dividends paid to ordinary shareholders by Trip.com Group in 2023 totaled RMB 400 million[48] - Net cash used in investing activities for Trip.com Group in 2021 was RMB 4.148 billion, compared to net cash provided of RMB 1.136 billion in 2023[49][50] - Total assets and liabilities for Trip.com Group in 2023 were RMB 191.691 billion, with total equity of RMB 113.019 billion[45] Risks and Challenges - The company faces risks such as economic slowdown in China, global recession, public health crises, and disruptions in the tourism industry, which could adversely affect its business and financial performance[9] - The company's quarterly performance may fluctuate due to seasonal factors in the tourism industry[9] - The company's growth strategy includes investments in complementary businesses and assets, which involve significant risks and uncertainties[9] - The company's ability to maintain profitability and control costs is a key focus for future performance[9] - The company's brand awareness is crucial for retaining existing users and business partners, as well as acquiring new ones[9] - The company's infrastructure and technology are critical to its operations, and any damage, failure, or obsolescence could harm its business[9] - The company's senior management plays a vital role in its operations, and the loss of their services could severely disrupt the business[9] - The company's variable interest entity structure and contractual arrangements in China are subject to legal risks, which could result in penalties and adversely affect its business[9] - The company faces significant risks related to pandemics, epidemics, or fears of infectious disease spread, which could disrupt the travel industry and its operations, potentially causing material adverse effects on its business, financial condition, and operating results[52] - The company's business is highly sensitive to global economic conditions, and a severe or prolonged recession in the global or Chinese economy could have a material adverse impact on its growth and profitability[52] - A general downturn or instability in the travel industry could significantly negatively affect the company's business and operating performance[52] - The company's inability to maintain relationships with ecosystem partners and strategic alliances, or to establish new arrangements on favorable terms, could materially adversely impact its business, market share, and operating results[53] - Strategic acquisitions of complementary businesses and assets pose significant challenges, including dilution of equity securities and impacts on financial performance, potentially leading to material adverse effects on the company's business, reputation, operating results, and financial condition[53] - The company has incurred substantial debt and may incur additional debt in the future, with potential risks of insufficient cash flow to meet debt obligations[53] - Significant goodwill and indefinite-lived intangible assets from strategic acquisitions and investments could lead to substantial impairment charges if the recoverability of these assets declines significantly[54] - The company faces risks from new and existing competitors, with potential loss of market share and material adverse impacts on its business if it fails to compete successfully[54] - Chinese laws and regulations restrict foreign investment in travel agencies and value-added telecommunications services, creating uncertainties in application and enforcement that could affect the company's operations[55] - Potential breaches of contractual arrangements by the company's variable interest entities (VIEs) could disrupt its business, harm its reputation, and lead to costly and time-consuming litigation[55] - The company's operations in China are subject to significant supervision and discretion by the Chinese government, which may lead to adverse changes in operations and the value of its American Depositary Shares (ADS) and ordinary shares[56] - PCAOB's inability to inspect auditors based in mainland China, including the company's independent auditor, may result in the delisting of its ADS from U.S. exchanges under the Holding Foreign Companies Accountable Act (HFCAA)[57] - Future overseas issuances by the company may require approval or filing with the China Securities Regulatory Commission (CSRC) or other Chinese government agencies, creating uncertainty over the ability to obtain such approvals[57] - Restrictions on currency conversion by the Chinese government may limit the company's ability to use funds from its Chinese subsidiaries or variable interest entities (VIEs) for operations outside China[58] - The evolving and uncertain nature of China's legal system may adversely affect the company's operations due to rapid changes in laws and regulations without prior notice[58] - The trading price of the company's listed securities has been and may continue to be volatile, potentially causing significant losses for investors[59] - The company's practices differ from those of many other companies listed on the Hong Kong Stock Exchange, which may pose risks[59] - Large-scale sales or potential sales of the company's ordinary shares, ADS, or other equity securities in the public market may lead to a decline in the price of its listed securities[59] - The company's revenue was significantly impacted by the COVID-19 pandemic in 2020, 2021, and 2022, with a substantial increase in costs and expenses due to user cancellations and

携[Ta程ble集_St团ock -N Sam（eR 0p 9tT 9yp 6e 1] ） 公司研究/港股点评 4Q23 业绩点评：旅游出行强复苏，关注后续出境游恢复速度 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-02-29 ⚫[ T2a3bQle4_业Su绩m mary] 公司发布23Q4及全年业绩，在旅游出行市场的强劲复苏的背景下，公 [收Ta盘bl价e_（Ba港se元D）at a] 349.40 司在收入和利润两端均录得大幅增长。1）23Q4单季度：公司取得净营 近12个月最高/最低（港元） 371/241.60 业收入103亿元，同比+105%。其中，住宿预订营业收入为39亿元， 总股本（百万股） 646 同比+131%；交通票务营业收入为41亿元，同比+86%；旅游度假业务 流通股本（百万股） 646 营业收入为7.04亿元，同比+329%；商旅管理业务营业收入为6.34亿 流通股比例（%） 100.00 元，同比+129%；2）23年全年：公司取得净营业收入445亿元，同比 总市值（亿港元） 2,258 流通市值（亿港元） 2,258 +122%。其中，住 ...

[Table_Page] 公告点评|消费者服务Ⅱ 证券研究报告 [【Table_T广itle] 发 商 社 & 海 外 】 携 程 集 团 公[Ta司ble评_Inv级est ] 买入-美股/买入-H 当前价格 47.34美元/366.40港元 (TCOM)/携程集团-S(09961.HK) 合理价值 50.60美元/395.82港元 前次评级 买入/买入 23 年实现全面复苏，海外业务成增长新亮点 报告日期 2024-02-26 [ 核Tabl 心e_Su 观mm 点ary] ： 相[Ta对ble市_Pi场cQu表ote现] ⚫ 携程集团发布 4Q23业绩公告。（1）公司2023Q4实现收入 103.4 亿 60% 携程网 纳斯达克 元，较 2019 年同比增长 24%；毛利率同比提升 5pct 至 81%，non- 40% 20% GAAP归母净利润为26.8亿元，利润率26%。（2）2023全年实现收 0% 入445.6亿元，较2019年同比增长25%；毛利率同比提升4.3pct至 -20% -40% 81.8%，non-GAAP归母净利润为130.7亿元，利润率29%。 -60% ⚫ 根据公司4Q23 ...

交银国际研究 公司更新 互联网 收盘价 目标价 潜在涨幅 2024年2月22日 港元355.60 港元440.00↑ +23.7% 携程集团 (9961 HK) 2023 年 4 季度净利超预期； 2024 年收入/利润指引均更乐观  2023年4季度收入略高于我们/彭博一致预期，调整后净利润超我们/彭博 个股评级 一致预期71%/70%。总收入103亿元（人民币，下同），同比/较2019年 买入 同期增 105%/24%，其中住宿/交通/旅游度假/商旅为 2019 年同期的 132%/118%/88%/170%。调整后净利润27亿元，净利率26%，对比2019/ 1年股价表现 去年同期14%/10%，得益于交叉销售、经营效率提升及有效控费。调整后 9961 HK 研发/行政费用占收比同比下降13/7个百分点，市场恢复下营销活动保持 30% MSCI中国指数 投入，营销费用占收比稳定在22%。 20% 10%  4季度业绩亮点：1）内地酒店预订同比/较2019年增130%+/60%+。用户 0% 圈层扩大，50岁以上用户较2019年增90%。2）出境机酒预订恢复至2019 -10% 年同期的80%+，领先 ...

2024 年 02 月 26 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 利润超预期，关注出境游及全球 业务发展 证券分析师： 陈梦竹 S0350521090003 OTA chenmz@ghzq.com.cn 证券分析师： 张娟娟 S0350523110004 ——携程集团 （ ） 财报点评 -S 9961.HK 2023Q4 zhangjj02@ghzq.com.cn 联系人 ： 罗婉琦 S0350122040042 luowq@ghzq.com.cn 最近一年走势 事件 : 2024 年 2 月 22 日公司公告 2023Q4 财报，整体实现净收入 103 亿元 （YoY+105%），归母净利润13亿元（2022年同期21亿元），Non-GAAP 归母净利润27 亿元（YoY+437%）。其中交通票务实现净收入41 亿元 （YoY+86%），住宿预订实现净收入39亿元（YoY+131%），旅游度假 实现净收入 7.04 亿元（YoY+329%），商旅管理实现净收入 6.34 亿元 （YoY+129%）。2023.9截至2024.2.22公告日，公司已回购约680万股 美国 ...