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].

01 前几天，携程公布了最新一季财报。 当时，我正和几个酒店圈朋友喝茶，一位华北区域某酒管品牌的营销总监A 总指着新闻一阵感叹，说熙少，你看，这营收183亿，净利润能到199亿，太离 谱了吧？ 然后，他描绘起自己心目中的美好愿景，"如果有一天，携程不抽佣了，点评不压着我们了，客人直接在我们酒店官网下单，那这个行业该有多美好？" 这样的愿望很容易引起共鸣，几位同行很快接话，大致意思是干脆我们自己搞一个平台算了，茶桌上甚至有种明天就推翻OTA的气势。 听他们聊着，我心底却慢慢浮现出另一幅画面，因为十几年前的欧美，就曾上演过同样的剧情。 大约在2010-2015年，我常去欧洲采访，经常能听到各大酒店集团同行拍着桌子嚷嚷"我们不能再让Booking、Priceline（Booking的前身）们牵着鼻子走 了"。 当时的欧美酒店行业，有一整套与今天国内如出一辙的话术：直接预订才是未来，OTA 抢走了我们的利润、定价权和尊严，必须把客人夺回来。 说到做到，在那个携程、去哪儿还在火并、互相举报的年代，一场声势浩大的去OTA运动，真刀真枪地在美国和欧洲铺开了。 围绕价格一致条款，酒店们和Booking、Expedia打过官司 ...

Group 1 - Ctrip reported a revenue growth of 16% year-on-year and a net profit increase of 194.01% in Q3 2025, achieving a net profit of 199 billion yuan, surpassing Kweichow Moutai's net profit of 192.2 billion yuan [3][4] - The significant profit increase was partly due to the disposal of certain assets, including a portion of its stake in MakeMyTrip, which contributed 170.32 billion yuan in "other income" [3][4] - Ctrip's gross margin reached 81.55%, significantly higher than other major internet companies like Tencent and NetEase, which reported gross margins of 56.41% and 64.10% respectively [5][7] Group 2 - The hotel booking segment contributed 80 billion yuan in revenue, accounting for 43.72% of total revenue, marking the highest proportion in three years [9] - Ctrip's commission rates for hotels are notably high, with some hotels paying up to 20% in commissions, reflecting the industry's heavy reliance on Ctrip for customer acquisition [10][12] - Ctrip's market share in the domestic OTA market is projected to be 56% in 2024, significantly ahead of competitors like Tongcheng, Meituan, and Fliggy [12] Group 3 - Ctrip enjoys a strong competitive advantage with no significant direct competitors in the domestic OTA market, allowing it to capitalize on its market leader status [16][17] - The company has strategically invested in and partnered with potential competitors in the past, effectively consolidating the market and reducing price competition [13][14] - Ctrip's focus on service quality has fostered customer loyalty, making it difficult for competitors to gain market share despite potential price incentives [16][17]

Core Insights - The recent surge in interest from major internet companies in user reviews and ratings is driven by the need to find new growth avenues in the service consumption era, as traditional e-commerce growth has plateaued [1][2] - Platforms like JD.com and Gaode are expanding their roles beyond traditional functions to become influential in consumer decision-making, particularly in the restaurant and entertainment sectors [1] - The competition for consumer attention is intensifying, with platforms aiming to create high-frequency touchpoints through review content [1] Industry Dynamics - The service consumption market remains robust, with significant demand for experiences such as dining and entertainment, which are often subjectively evaluated [1] - The introduction of new review platforms is seen as a way for businesses to connect directly with consumers, especially in a high marketing cost environment [1] Consumer Behavior - Consumers are generally receptive to multiple review channels, appreciating the opportunity to discover new places and potential discounts [2] - There is a growing skepticism towards "water reviews," with consumers preferring authentic experiences over generic positive reviews [2] Trust and Credibility - Trust is fundamental to the review ecosystem, with users relying on genuine feedback to guide their choices, while platforms must maintain impartiality to build credibility [2][3] - The challenge lies in balancing the dual role of platforms as both arbiters of authenticity and profit-driven entities, which can lead to conflicts of interest [2] Future Considerations - New entrants in the review space must focus on rebuilding trust mechanisms rather than merely replicating existing functionalities [3] - The long-term success of review platforms hinges on their ability to foster genuine interactions and maintain consumer trust, as losing credibility can undermine even the most attractive data and interfaces [3]

2025年6月18日，京东宣布进军酒旅行业。据称，"京东酒店PLUS会员计划"，享受最高三年0佣金。 刚刚过去的外卖大战，硝烟尚未散去，OTA行业又山雨欲来。美团"被撞了一下腰"，携程做好准备了 吗？ 远离疫情阴霾 2019年，营收357亿、同比增长15.2%； 2020年疫情影响，营收降至183亿，营收指数51（ 以2019年为基准 ）； 2021年、2022年营收徘徊在200亿，营收指数56； 作者｜Eastland 头图｜视觉中国 2025年11月18日，携程集团（ NASDAQ：TCOM；HK：09961 ）发布《2025年第三季度业绩公 告》。 2025年前三季，携程营收471亿、同比增长15.9%；净利润291亿、同比增长93.6%；其中，第三季度 净利润达199亿、比贵州茅台高3.6%（ 注茅台第三季净利润192亿 ）。 其实，Q3净利润爆表的原因是高达170亿的"其他收入"（ 主要来自出售印度酒旅OTA平台 MakeMyTrip约29%股权产生的收益 ）。 2023年，营收翻倍增至446亿、营收指数125； 2024年，营收534亿、营收数149； 2025年前三季，营收471亿，相当于201 ...

《2024-2025年跨境旅游消费趋势研究报告》由世界旅游联盟、万事达卡与携程集团联合发布，基于详实消费数据与预订信息，聚焦全球旅游及中国出入境 旅游消费特征，揭示行业新趋势与发展机遇，为行业高质量发展提供参考。 全球旅游市场保持稳健增长态势。2025年上半年全球旅游出行人次同比增长11%，2024年旅游消费金额同比增长3.9%，体验型出游成为核心驱动力，体育 赛事与娱乐演出的拉动效应显著，如2024年棒球世界大赛、欧冠决赛周边跨境消费同比大幅增长。热门目的地呈现区域分化，法国、西班牙、美国位居 2024年国际游客接待量前三，中国内地（含港澳台）接待入境游客约1.32亿人次，排名全球第一；汇率波动对入境游客量有明显影响，目的地货币贬值往往 能带动游客增长。 中国出境游持续升温且呈现多元特征。出境游人次与消费金额稳步增长，周边短途目的地与小众目的地增速领先，签证政策优化、国际航线恢复及文体活 动带动是主要推动力。游客结构分化明显：Z世代依赖数字化工具，偏好"说走就走"的性价比之旅与社交媒体打卡体验；亲子家庭注重安全与教育价值，青 睐免签目的地与主题游线路；银发族偏好长线深度游，重视健康安全与专业讲解服务。消费结 ...

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。 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。 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。 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，曾经有两句经典发言，一是携程的血液里流淌着盈利基因，二是携程拿着 高倍望远镜都看不到竞争对手。 但在2020年，梁总上演了一出自我打脸。这年旅游业遭受重创，携程的住宿、交通票务业务 ...

Group 1 - Ctrip reported a revenue growth of 16% year-on-year and a net profit increase of 194.01% in Q3 2025, achieving a net profit of 199 billion yuan, surpassing Kweichow Moutai's net profit of 192.2 billion yuan [3][4] - The significant profit increase was partly due to the disposal of certain assets, including a portion of its stake in MakeMyTrip, which contributed 170.32 billion yuan in "other income" [3][4] - Ctrip's gross margin reached 81.55%, significantly higher than other major internet companies like Tencent and NetEase, which reported gross margins of 56.41% and 64.10% respectively [5][7] Group 2 - The hotel booking segment contributed 80 billion yuan in revenue, accounting for 43.72% of total revenue, marking the highest proportion in three years [9] - Ctrip's commission rates for hotels are high, with gold and special hotels facing commissions of 12% and 15% respectively, and additional fees for enhanced visibility [10][12] - Ctrip's market share in the domestic OTA market is projected to be 56% in 2024, significantly ahead of competitors like Tongcheng, Meituan, and Fliggy [12] Group 3 - Ctrip enjoys a strong competitive advantage with no significant direct competitors in the domestic OTA market, allowing it to capitalize on its market leader status [16][17] - The company has strategically invested in and partnered with potential competitors, effectively consolidating the market and reducing price competition [13][14] - Ctrip's focus on service quality has built strong customer loyalty, making it difficult for competitors to attract users away from its platform [16][17]