Investment Rating - The report assigns a 12-month rating of "Buy" for Trip.com with a price target of US$76.00, while the current price is US$65.54 [7][26]. Core Insights - Trip.com reported 1Q25 revenues of Rmb13.8 billion, reflecting a 16.2% year-over-year increase, which was largely in line with expectations. The operating expenses were 3.9% below estimates, primarily due to reduced marketing spending, leading to a non-GAAP operating profit of Rmb4.0 billion and a non-GAAP operating profit margin of 29.2%, exceeding expectations [2][3]. - The company demonstrated strong performance across segments, with accommodation revenue rising by 23%, transportation by 8%, and corporate travel by 12% year-over-year. Outbound hotel and air ticket bookings have recovered to over 120% of pre-COVID levels, significantly outperforming the industry's international flight capacity recovery of 83.9% [3][4]. - Management remains optimistic about sustaining growth, supported by resilient demand and favorable policies, indicating confidence in the company's outlook [4][5]. Financial Metrics - Key financial metrics for 1Q25 include net revenue of Rmb13.8 billion, non-GAAP operating profit of Rmb4.0 billion, and non-GAAP net profit of Rmb4.2 billion, which exceeded consensus estimates by 2.2% and 9.2% respectively [6]. - Forecasted revenues for Trip.com are projected to grow from Rmb20.0 billion in 2022 to Rmb96.8 billion by 2029, with net earnings expected to increase from Rmb1.3 billion in 2022 to Rmb34.4 billion by 2029 [6]. - The company is expected to maintain a strong EBIT margin, projected at 28.2% for 2025, with a return on invested capital (ROIC) of 20.4% [6]. Market Position - Trip.com is positioned as a leading travel service provider in China and internationally, operating multiple brands including Trip.com, Ctrip, Skyscanner, and Qunar. The company aims to generate 15-20% of total revenue from international businesses in the next three to five years [11].

杰富瑞：将 携程集团目标价从77美元上调至80美元。 ...

5月20日，携程集团公布2025年第一季度未经审计的财务业绩。数据显示，公司当季净营业收入达138亿 元人民币，同比增长16%，净利润为43亿元，毛利率维持在81%的高位。在国际业务高速扩张与技术赋 能的双重驱动下，携程集团延续了2024年以来的增长动能，展现出旅游行业复苏背景下头部企业的韧 性。 核心业务稳健增长 国际业务占比突破14% 从业务板块看，携程四大核心业务均实现两位数增长：住宿预订收入55亿元，交通票务收入54亿元，旅 游度假收入9.47亿元，商旅管理收入5.73亿元。其中，国际业务成为最大亮点——国际OTA平台整体旅 行预订量同比增长超60%，国际业务收入占比从2024年一季度的10%提升至14%，成为驱动增长的核心 引擎。 出境游业务表现尤为突出，携程平台交易总额（GTV）恢复至2019年同期的120%，显著高于行业平均 水平。机票订单量恢复至95%，酒店住宿订单量恢复至80%，度假业务订单量恢复至70%以上。其中， 东南亚、日韩等短线目的地订单量增长迅猛，泰国、马来西亚等市场预订量已超2019年同期 110%-120%，日本市场因签证简化和日元贬值增速达45%-50%。 入境游市场同样迎来 ...

点击蓝字，关注我们 今日上午港股 1、宁德时代(03750) 首日高开涨超12% ，一手赚3300港元，现涨超17%。 2、顺丰控股(06936)涨超3% ，4月速运物流业务量同比增长29.99%，保持良好增长态势。 3、荣昌生物(09995)涨超10% ，维迪西妥单抗新增适应症，一季度业绩略超预期。 4、布鲁可(00325)涨超4% 创新高，有望6月进入港股通，估值迎来提振。 5、朝云集团(06601)涨超11% ，宠物经济市场热度攀升。 6、药品股集体上涨 ，美降低药价实施难度大，大摩称行业受地缘政治因素影响有限。 三生制药(015 30)涨超34 % ；石药集团(01093)涨超7 %；兆科眼科-B(06622)涨近14 %；德琪医药-B(06996)涨 超10 %；先声药业(02096)涨超5 %。 7、小米集团(01810)涨近4% ，本周将发布多款新品，市场关注自研玄武o1芯片、YU7、首款SUV 等。 2、诺瓦瓦克斯医药(NVAX.US)涨超15% ，新冠病毒疫苗获美国FDA批准 3、联合健康集团(UNH.US)逆势反弹超8%， 此前股价遭腰斩 4、以星航运(ZIM.US)涨近6% ，消息面上， ...

Group 1 - Trip.com Group Limited held its Q1 2025 earnings conference call on May 19, 2025, featuring key executives including the Executive Chairman, CEO, and CFO [1][3] - The call included a presentation followed by a question-and-answer session, indicating an interactive format for discussing the company's performance and outlook [2] Group 2 - The company emphasized that the discussion would include forward-looking statements, which are subject to risks and uncertainties, and results may differ from those expressed [4]

2025年5月19日，在第15个"中国旅游日"到来之际，携程全面响应文化和旅游部"锦绣山河，美好旅 程"主题活动号召，通过亿元补贴惠民、政企深度联动、文旅融合创新三大维度，推出覆盖全国30余省 市的系列举措。在提振大众出游意愿的同时，更以"旅游+"模式探索产业升级新路径，为文旅市场注入 强劲活力。 政企联动共塑文旅新名片 多维赋能地域品牌升级 5月19日主题日当天，由文化和旅游部、浙江省人民政府共同主办的2025年"5·19中国旅游日"主会场活 动在浙江省宁波市宁海县举行。活动仪式上，携程集团高级副总裁王韦与行业代表共同发布《"锦绣山 河·美好旅程"宁波宣言》，表示"深化'绿水青山就是金山银山'实践，推动旅游与乡村振兴、城市更新同 频共振，实现共同富裕的'幸福增量'。"彰显了OTA在共筑美好旅程、推动文旅可持续发展中的责任与 担当。 《"锦绣山河·美好旅程"宁波宣言》发布 活动现场，携程开设文旅直播间开展全国精选旅游产品直播活动，创新采用中外双主播联动模式，向全 球观众展示中国旅游目的地的独特魅力，打造"云端"文旅盛宴。其中包含宁波专场带货推介，通过特色 优惠旅游产品、线上线下（300959）系列宣传曝光，有 ...

Company Performance - Trip.com reported quarterly earnings of $0.82 per share, missing the Zacks Consensus Estimate of $0.86 per share, and showing a slight decrease from $0.83 per share a year ago, resulting in an earnings surprise of -4.65% [1] - The company posted revenues of $1.91 billion for the quarter ended March 2025, which was below the Zacks Consensus Estimate by 0.25%, but an increase from $1.65 billion year-over-year [2] - Over the last four quarters, Trip.com has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] Stock Outlook - Trip.com shares have declined approximately 5.4% since the beginning of the year, contrasting with the S&P 500's gain of 1.3% [3] - The current consensus EPS estimate for the upcoming quarter is $1.01 on revenues of $2.04 billion, and for the current fiscal year, it is $3.44 on revenues of $8.45 billion [7] - The estimate revisions trend for Trip.com is mixed, leading to a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Leisure and Recreation Services industry, to which Trip.com belongs, is currently ranked in the top 36% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Financial Data and Key Metrics Changes - For Q1 2025, Trip.com Group reported a net revenue of RMB 13.8 billion, representing a 16% increase year over year and a 9% increase quarter over quarter, driven by strong travel consumption and resilient demand across segments [23] - Adjusted EBITDA grew by 7% year over year, reaching RMB 4.2 billion, compared to RMB 4 billion in the same period last year [13][27] - Diluted earnings per ordinary share were RMB 6.09 (US$0.84), while non-GAAP diluted earnings per share were RMB 5.90 (US$0.82) [27][28] Business Line Data and Key Metrics Changes - Accommodation reservation revenue for Q1 was RMB 5.5 billion, a 23% increase year over year and a 7% increase quarter over quarter [23] - Transportation ticketing revenue was RMB 5.4 billion, reflecting an 8% year over year increase and a 13% increase quarter over quarter [24] - Packaged tour revenue reached RMB 947 million, representing a 7% increase year over year and a 9% increase quarter over quarter [25] - Corporate travel revenue was RMB 573 million, a 12% increase year over year but an 18% decrease quarter over quarter, consistent with normal seasonality [26] Market Data and Key Metrics Changes - Inbound travel bookings surged by approximately 100% year over year, with hotel bookings from key visa-free countries in APAC increasing by over 240% [15][16] - Overall bookings on the international OTA platform grew by over 60% year over year, with APAC remaining a major growth engine [14] - Outbound air bookings returned to more than 120% of 2019 levels, outperforming the market by 30-40% [17] Company Strategy and Development Direction - The company is focusing on enhancing its AI capabilities to improve user experience and streamline the travel booking process, with AI tools integrated throughout the customer journey [10][11] - Trip.com aims to capture the growing inbound travel market by enriching its offerings and improving service capabilities, including multilingual support and personalized itineraries [9] - The company is committed to expanding its market presence in both mature and emerging markets, leveraging strategic partnerships and localized operations [8][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of travel demand, supported by strong consumer confidence and favorable policies [29] - The company anticipates continued growth in inbound travel due to favorable visa policies and increased accessibility to China [16][72] - Management noted that leisure travel demand remains strong, with corporate users expecting their travel budgets to grow or remain unchanged by 2025 [48] Other Important Information - The company has repurchased approximately US$84 million of its shares, demonstrating a commitment to delivering value to shareholders [28][80] - Trip.com has launched free city tours for transit travelers in Shanghai and Beijing to enhance visitor experience [17] Q&A Session Summary Question: Insights on AI in the travel industry - Management discussed the strengths of vertical AI agents in providing real-time travel data and enhancing the travel experience, while general AI agents offer broader information [31][32] Question: Performance during the Labor Day holiday - Domestic hotel bookings increased by over 20% year over year, with inbound bookings surging by approximately 150% [36][37] Question: Outbound travel trends and expectations - Outbound bookings have consistently outperformed the industry, with strong growth in long-haul destinations like Europe [39][40] Question: Hotel price trends and outlook - Hotel ADR decreased by high single digits in Q1, but prices stabilized during the Labor Day holiday, with expectations for stabilization due to increasing travel demand [43][44] Question: Consumer sentiment amid macroeconomic conditions - Travel demand remains resilient, with leisure travel demand strong and corporate travel budgets expected to grow or remain stable [47][48] Question: Domestic competitive landscape - Competition in the domestic market is rationalized, with a strong focus on loyalty programs and customer service [51][52] Question: International business marketing strategies - The company is intensifying marketing efforts in Asia, leveraging mobile app user acquisition as a key growth strategy [59][60] Question: Inbound business developments - Inbound travel has seen strong momentum due to favorable policies, with significant growth in bookings [70][72] Question: Sales and marketing expenses outlook - Marketing expenses may fluctuate due to seasonality, but the company aims to improve marketing efficiencies in the long term [75][76] Question: Capital return program updates - The company plans to continue share buybacks and has approved a total amount of US$600 million for this purpose [79][80]

携程国际OTA平台整体旅行预订量同比增长超过60%，得益于携程持续在海外市场的战略布局与投入， 通过优化平台服务、拓展业务范围，吸引了全球大量用户，进一步提升了中国旅游企业在全球范围的竞 争力。 出入境业务呈现双增长态势，第一季度，携程入境游订单量同比增长约100%，来自亚太主要免签地区 的酒店预订量增长超过240%，韩国、泰国、马来西亚和印度尼西亚等新兴客源市场增长明显。出境游 业务方面，一季度已超过2019年疫情前的120%。 携程在国际业务和出入境游业务的高速增长也直接拉动消费，为市场注入了资金活水。其中入境游带来 了火爆的外汇消费，并协同国内旅游服务产业伙伴一同把握政策机遇，提升服务水平的同时也能吸纳更 多就业。出境游方面中国游客的消费力也为全球旅游市场贡献巨大，提升了中国在全球旅游消费领域的 影响力。国际业务与出入境游的良好发展态势也促使中国旅游产业中的企业不断提升服务品质，为中国 从制造强国到服务强国的转型注入旅游业的力量。 "携程集团拥有业内最全面的中国旅游产品，涵盖住宿、交通、景点及当地体验。"携程集团联合创始 人、董事会主席梁建章表示，"依托多语言支持、个性化行程规划等强大服务能力，我们有信 ...

Financial Data and Key Metrics Changes - For Q1 2025, Trip.com Group reported net revenue of RMB 13.8 billion, a 16% increase year over year and a 9% increase quarter over quarter, driven by strong travel consumption and resilient demand across segments [24][29] - Adjusted EBITDA for Q1 was RMB 4.2 billion, compared to RMB 4 billion in the same period last year and RMB 3 billion in the previous quarter, indicating continued operational efficiency improvement [27][29] - Diluted earnings per ordinary share were RMB 6.09 (US$0.84), while non-GAAP diluted earnings per share were RMB 5.90 (US$0.82) for Q1 2025 [28] Business Line Data and Key Metrics Changes - Accommodation reservation revenue for Q1 was RMB 5.5 billion, representing a 23% increase year over year and a 7% increase quarter over quarter [24] - Transportation ticketing revenue for Q1 was RMB 5.4 billion, reflecting an 8% increase year over year and a 13% increase quarter over quarter [25] - Packaged tour revenue for Q1 was RMB 947 million, a 7% increase year over year and a 9% increase quarter over quarter [25] Market Data and Key Metrics Changes - Inbound travel bookings surged by approximately 100% year over year, with hotel bookings from key visa-free countries in APAC increasing by over 240% [15][16] - Outbound hotel and air bookings returned to more than 120% of 2019 levels, outperforming the market by 30-40% [17] - Domestic hotel bookings continued to see double-digit growth year over year, indicating strong consumer appetite for local exploration [18] Company Strategy and Development Direction - The company is focusing on enhancing its AI capabilities to improve user experience and streamline the travel booking process, with AI tools like TripGenie seeing a 50% increase in average user session duration [9][11] - Trip.com aims to capture the growing inbound travel market by enriching its offerings and improving service capabilities, including multilingual support and personalized itineraries [8][15] - The company is committed to sustainable travel and rural revitalization, having built 34 country retreats to stimulate local economies [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of travel demand, supported by strong consumer confidence and favorable policies [29] - The company anticipates continued growth in both inbound and outbound travel, with a focus on capturing opportunities in emerging markets [7][24] - Management noted that leisure travel demand remains strong, with corporate users expecting their travel budgets to grow or remain unchanged by 2025 [50] Other Important Information - The company has repurchased approximately US$84 million of its shares, demonstrating a commitment to delivering value to shareholders [28][82] - The balance of cash and cash equivalents as of March 31, 2025, was RMB 92.9 billion (US$12.8 billion) [28] Q&A Session Summary Question: Insights on AI in the travel industry - Management discussed the strengths of vertical AI agents in providing real-time travel data and enhancing user experience, while general AI agents offer broader information [31][33] Question: Performance during Labor Day holiday - Domestic hotel bookings increased by over 20% year over year, with inbound bookings surging by approximately 150% [37] Question: Outbound travel trends and expectations - Outbound bookings have consistently outperformed the industry, with expectations for double-digit annual growth [40] Question: Hotel industry performance and pricing outlook - Hotel ADR decreased by high single digits in Q1, but prices stabilized moving into Q2, with expectations for stabilization due to increasing travel demand [44] Question: Consumer sentiment amid macro environments - Travel demand remains resilient, with leisure travel demand strong and business travel showing stable demand [50] Question: Domestic competitive landscape - Competition in the domestic market is rationalized, with a strong focus on loyalty programs and customer retention [54] Question: Insights into first quarter performance - Overall bookings increased by more than 60% year over year, with APAC as a top priority for growth [57] Question: International business marketing strategies - The company is intensifying marketing efforts in Asia, with a focus on direct app user acquisition proving most effective [61] Question: Inbound business developments - Inbound travel has seen strong momentum due to favorable policies, with significant growth in bookings [72] Question: Sales and marketing expenses outlook - Marketing expenses may fluctuate due to seasonality, but the company aims to improve efficiencies through increased direct mobile traffic [78] Question: Capital return program - The company plans to continue share buybacks and has already returned US$200 million in cash dividends to shareholders [82]