智通财经记者 | 宋佳楠 火灾发生后，香港特区政府和社会各界全力展开灭火、人员搜救、伤员救治与善后安抚等工作。来自科技、汽车、消费、物流等多个行业的多家公司及个人 基金会也向香港伸出援手。 除早前智通财经曾报道的安踏、361°集团、腾讯、小米外，今日下午，多家公司密集宣布捐款捐物。例如阿里巴巴集团宣布启动首批捐款2000万港元，支援 香港火灾救援及后续过渡安置、生活物资补给、情绪疏导等。同时，阿里已启动应急救灾响应机制，旗下菜鸟等业务正调动最近距离食物、被褥等应急物 资，送往受灾地，帮助有需要居民渡过难关。 特步集团启动紧急响应，捐赠2000万港元现金及装备，用于香港大埔受灾同胞灾后安置所需。温氏股份宣布向香港火灾灾区捐赠现金及物资共计4000万港 币，全力支援当地受灾群众的生活安置和恢复重建工作。李宁集团捐赠价值2000万港元现金及装备，驰援灾后救援工作。 此外，包括字节跳动、周大福、蚂蚁集团、小鹏汽车、比亚迪、携程、滴滴、美的、联想、网易、顺丰等公司均纷纷解囊，捐赠金额从500万港元到2000万 港元不等。 企业界及知名人士驰援香港大埔火灾的名单正在不断扩大。 11月27日，据智通财经不完全统计，截至发稿 ...

Core Points - A significant fire occurred in Hong Kong's Tai Po district, prompting widespread concern and support from various organizations and individuals [1] Group 1: Donations and Support Initiatives - Alibaba, led by Jack Ma, donated a total of 60 million HKD, including 30 million HKD from the Jack Ma Foundation for economic aid to affected families and support for firefighters [2] - Tencent Charity Foundation announced a donation of 10 million HKD for emergency relief and support for affected residents [5] - Xiaomi's founder Lei Jun announced a donation of 10 million HKD through the Xiaomi Foundation for fire relief efforts [7] - ByteDance pledged 10 million HKD for emergency rescue and community recovery efforts [9] - NetEase also committed 10 million HKD for emergency relief and community support [11] - Midea Group and Trip.com each announced donations of 10 million HKD for urgent rescue and post-disaster recovery efforts [12][13] Group 2: Emergency Response and Logistics - Alibaba initiated an emergency response mechanism to mobilize essential supplies like food and bedding to the affected area [2] - JD.com was the first to deliver rescue supplies to the scene, coordinating with local councils to provide essential items like water and food [14]

冰火两重天的行业悖论 近日，当中国北方即将入冬寒意渐浓之时，作为中国在线旅游（OTA）行业的绝对霸主，携程发布了第三季度财报，一串数字背后却引发了行业的争论。 根据携程的财报数据，2025第三季度营收同比增长约16%，达到183亿元人民币。净利润达到惊人的199亿元人民币，但这一数字不仅包含主营业务增长带 来的收益，也包含其通过投资组合的出售获得的价值回报。 另一方面，各地酒店实体的生意却没有相应的增长，很多商家反馈"没有利润"。这种强烈的反差，平台方的利润收割与酒店经营的生存挣扎，构成了2025 年中国酒旅行业最绚丽也最残酷的商业图景。 行业内关于对OTA吸血的指责声浪从未像今天这样高涨。为何在同一个生态系统中，一个产业链核心连接点的携程能够实现赢家通吃，而作为服务最终提 供者的酒店业却陷入了增收不增利的泥潭？ 要理解这一现象，首先必须对2025年Q3的财务表现进行详细的拆解。这并非简单的数字罗列，而是要透视其商业模式演化与行业话语权变迁。 携程第三季度的净营收为183亿元人民币，同比增长近16%。在当前的经济环境下，两位数的增长本身就极为罕见。更值得关注的变化是其收入构成的： | 业务板块 | 2025 ...

本文来自微信公众号"空间秘探"，作者：ABNData，36氪经授权发布。 《2025年世界旅游交易会趋势报告》显示，旅游业预计将继续保持高于经济增长的速度，国际休闲旅游和长途旅 行将是推动这一增长的主要动力。报告说，推动这一趋势的因素包括航空连通性的增强和签证政策的进一步放 宽。另外，越来越多的旅行者选择更长的旅行，而非多次短途旅行。还有以活动和文化体验为导向的旅行。 美国方面，根据Skyscanner10月发布的年度旅游报告，随着冬季奥运和世界杯等重大赛事的临近，预计到2026 年，这两股力量将更加强劲。此外，地缘政治和文化因素也成为影响旅行目的地和方式的重要因素。从2024年到 2025年，美国在全球国际休闲旅游中所占的份额从8%降至7%，其中来自加拿大、中国和欧洲的降幅尤为显着。 约半数旅游业专业人士认为，贸易紧张局势和外交政策变化是主要原因。 荷兰方面， 10月旅游市场增速明显。旅游市场的核心驱动力来自于文化活动和高效的航空枢纽。阿姆斯特丹史基 浦机场10月客运量：约600万人次，与2024年10月相比，增长约3%。作为欧洲第三大航空枢纽，史基浦机场的客 运量是衡量荷兰入境旅游流量的最关键指标。3%的 ...

以下文章来源于远川研究所 ，作者罗雪妍 远川研究所 . 2022年，酒旅行业从寒冬复苏，携程一路狂奔，次年净利润翻了6倍至100亿。此后携程一路稳定发 挥、偶有惊喜，到了今年三季度已经单季净赚199亿。 赚钱能力太突出，以至于有一种在下行周期里独自上升的诡异美感。 刻画这个时代 来源丨 远川研究所 （ YuanChuanInstitution ） 作者丨罗雪妍 编辑丨 黎铮 今年7月，《财富》中国500强排行榜发布，净利率排行前十名里，携程是唯一的互联网公司。 携程的赚钱效 率 之高，羡煞一众互联网巨头。80%的毛利率、32%的净利润率拳打腾讯，脚踢拼多 多。除了出入不便的那三年，几乎没有过过苦日子。 眼见携程在舒适区里一呆就是好多年，创始人梁建章都已两耳不闻窗外事、一心钻研人口学，大厂同 行们心动不如行动，争相加码酒旅业务。 今年618期间，京东开出"最高3年0佣金"的条件，在酒店行业招兵买马；阿里在6月将飞猪并入阿里 中国电商事业群；抖音在十一假期开始前，向上榜酒店豪掷100亿的流量扶持。 然后，他们发现了一个绝望的事实：友商打得越狠，携程地位越稳。 无敌是多么寂寞 梁建章在舆论场上建树颇丰，曾经有两句经 ...

November 26, 2025 10:00 PM GMT Trip.com Group Ltd | Asia Pacific A Clear Overseas Runway The bigger-than-expected benefit from Trip.com's doubling down in marketing intensity gives us more confidence in its overseas expansion journey. Reiterate OW. Trip.com aims to be No.1 in Asia (ex-China/India) in market share. We think this is a challenging but achievable target, assuming Booking.com/Agoda sustain teens CAGRs in Asia, and Trip.com GTV growth slows from >55% in 2025 towards 25% in 2030e. We think that by ...

国内业绩稳健，海外延续高增 携程集团-S(9961) 携程集团 2025Q3 业绩点评 股票研究 /[Table_Date] 2025.11.26 2025-11-27 [Table_Industry] 社会服务业 本报告导读： 国内业绩稳健增长，海外延续份额和交易规模快速提升趋势。 投资要点： | 财务摘要(百万人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 44,562 | 53,377 | 61,892 | 71,685 | 82,154 | | (+/-)% | 122.20% | 19.78% | 15.95% | 15.82% | 14.60% | | 经调整归母净利润 | 13,071 | 18,041 | 31,862 | 20,760 | 23,156 | | (+/-)% | 910.12% | 38.02% | 76.61% | -34.84% | 11.54% | | 经调整 EBITDA | 13,975 | 17,070 | 18,893 | ...

Core Perspective - The article discusses how companies can transform ESG investments from a compliance cost into a core capital that attracts investment, drives innovation, and builds competitive advantages, ultimately reshaping corporate value [1]. Value Transformation - Companies need to establish a quantifiable ESG assessment system to clearly present the relationship between input and output, avoiding the mindset of only calculating costs without considering value [2]. - ESG investments should be viewed as both costs and benefits, with potential for cost reduction and efficiency gains, such as installing solar panels, and attracting new investors through green financing [2]. - Long-term institutional investors are likely to increase as ESG practices improve, optimizing shareholder structure [2]. - ESG can drive business and product innovation, creating new growth points, especially for products with a lower carbon footprint [2]. Active Practice - The chemical industry is undergoing a green transformation, with companies like Changhua Chemical innovating through catalyst technology to utilize CO2 as a raw material, achieving significant production milestones [3]. - Yabao Chemical has invested over 10 million in sustainable development, responding to industry compliance and enhancing operational efficiency, becoming one of the early adopters of ESG reporting among private enterprises [3][4]. - Ctrip is addressing carbon emission challenges in the travel industry by integrating carbon data from airlines and establishing low-carbon standards for hotels, aligning with the preferences of environmentally conscious consumers [4]. Digital Empowerment - The integration of AI and ESG is becoming a key driver for sustainable development, with companies like Longxin Group leveraging technology to facilitate industry-wide transitions [5][6]. - Longxin Group has developed a distributed photovoltaic management platform covering 50GW of resources and a charging platform with 26 million registered users, significantly enhancing operational efficiency and reducing costs for businesses [6].

国家知识产权局信息显示，携程旅游信息技术（上海）有限公司取得一项名为"旅游实体名词匹配方 法、系统、设备及存储介质"的专利，授权公告号CN 115563965 B，申请日期为2022年9月。 天眼查资料显示，携程旅游信息技术（上海）有限公司，成立于2003年，位于上海市，是一家以从事软 件和信息技术服务业为主的企业。企业注册资本26017.3694万美元。通过天眼查大数据分析，携程旅游 信息技术（上海）有限公司共对外投资了4家企业，参与招投标项目1次，专利信息556条，此外企业还 拥有行政许可12个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：情报员 ...

Core Viewpoint - Trip.com Group reported strong financial performance in Q3 2025, with revenue growth driven by various business segments and a reduction in sales and marketing expenses, leading to an increase in profit forecasts and target price [1][2]. Financial Performance - Q3 2025 revenue reached Rmb 18.4 billion, representing a 16% year-over-year increase [1]. - Non-GAAP operating profit for the same period was Rmb 6.1 billion, exceeding expectations due to lower-than-expected sales and marketing expense ratios [1]. - The company raised its 2025 non-GAAP EPS forecast from Rmb 27.8 to Rmb 45.4, primarily due to investment gains from MakeMyTrip [1]. Business Segment Performance - Accommodation reservation revenue increased by 18% year-over-year [2]. - Transportation ticketing revenue grew by 12% [2]. - Packaged-tour revenue saw a 3% increase [2]. - Corporate travel revenue rose by 15% [2]. - Other business revenue surged by 34% [2]. - Overall reservations on the Trip.com brand increased by over 60% year-over-year, with inbound travel bookings more than doubling and outbound hotel and air ticket bookings up 140% compared to 2019 levels [2]. Market Outlook - The company maintains a Buy rating, reflecting optimism about its leading position in China's online travel industry and potential for market share growth internationally [3]. - The target price has been raised from HK$ 618 to HK$ 657, indicating a 21% upside [1].