Core Viewpoint - The company has implemented a new policy allowing all research and development employees to work from home without needing approval from their direct supervisors, effective September 1. This initiative aims to enhance work-life balance and foster a culture of trust and self-motivation [2] Group 1 - The new policy is a pilot program for the research and development team, following a previous hybrid work policy that saw participation from 70% of employees [2] - The company aims to simplify processes to increase employee flexibility and autonomy [2]

Core Viewpoint - The company has implemented a new policy allowing all research and development employees to work from home on Wednesdays and Fridays without needing approval from their direct supervisors, aiming to enhance work-life balance and foster a culture of trust and self-motivation [1] Group 1 - The new policy is a pilot initiative for the research and development team, following a previous hybrid work policy that had 70% employee participation [1] - The company aims to simplify processes to increase employee flexibility and autonomy [1]

Core Points - The policy change allows all product and research employees to work from home without needing approval from direct supervisors, effective from September 1 [1] - This initiative aims to enhance work-life balance for employees and foster a culture of trust and self-motivation [1] - Previously, 70% of employees participated in the hybrid work policy, indicating a strong trend towards flexible working arrangements [1]

Group 1 - The Chinese government has decided to expand the visa-free policy to include Russian passport holders from September 15, 2025, to September 14, 2026, allowing them to enter China for business, tourism, family visits, exchanges, and transit for up to 30 days without a visa [1][3] - Data from Ctrip indicates that Russia ranked among the top five source countries for inbound tourism to China during the recently concluded summer tourism season, with a 150% year-on-year increase in inbound travel orders since July [1][4] - The implementation of the visa-free policy is expected to significantly facilitate personnel exchanges between China and Russia, enhancing cultural exchanges and deepening integration between the two nations [3][4] Group 2 - The visa-free policy is anticipated to create a new pattern of bilateral tourism exchanges between China and Russia, potentially revitalizing the inbound tourism market in China [4]

Group 1 - The majority of popular Chinese concept stocks rose on Tuesday, with the Nasdaq Golden Dragon China Index increasing by 0.52% [1] - Alibaba saw an increase of over 2%, while Pinduoduo and JD.com both rose by more than 1% [1] - Li Auto and Beike experienced gains of over 4%, and NIO rose by over 3% [1] Group 2 - Xpeng Motors declined by over 1%, and Trip.com fell by over 2% [1]

Core Points - China has announced a visa-free policy for Russian passport holders from September 15, 2025, to September 14, 2026, allowing them to enter China for business, tourism, and family visits for up to 30 days without a visa [1] - Following the announcement, there was a significant increase in flight searches from Moscow to China, with a nearly 100% year-on-year increase in searches within half an hour and peak searches reaching nearly 4 times the usual volume [1] - The number of Chinese tourists visiting Russia has surged, with 1.0394 million trips recorded in 2024, marking a 209.3% year-on-year increase, while Russia received 1.5035 million visitors from China, a 115.1% increase [1] Industry Impact - The number of Russian tourists visiting China has significantly increased, with a 150% year-on-year growth in inbound travel orders on Ctrip since July [2] - Popular destinations for Russian tourists in China include Beijing, Shanghai, and Sanya, indicating a strong preference for major urban and scenic areas [2] - The introduction of the visa-free policy is expected to enhance cultural exchanges and tourism between China and Russia, potentially revitalizing the inbound tourism market in China [2]

Group 1 - China has decided to expand its visa-free policy to include ordinary passport holders from Russia, effective from September 15, 2025, to September 14, 2026, allowing stays of up to 30 days for business, tourism, and family visits [1] - Following the announcement, there was a significant increase in travel product searches on online platforms, with a nearly 100% year-on-year increase in flight searches from Moscow within half an hour of the news, peaking at nearly 400% [1] - The number of Chinese tourists visiting Russia has surged, with 1.0394 million trips recorded in 2024, marking a 209.3% year-on-year increase, while Russia received 1.5035 million Chinese visitors, a 115.1% increase [1] Group 2 - Russian tourists have shown a substantial increase in travel to China, ranking among the top five source countries for inbound tourism, with a 150% year-on-year increase in orders on Ctrip since July [2] - Popular destinations for Russian tourists in China include Beijing, Shanghai, and Sanya, indicating a strong preference for major urban and scenic areas [2] - The new visa-free policy is expected to enhance cultural exchanges and tourism between China and Russia, potentially revitalizing the inbound tourism market in China [2]

Investment Rating - The report maintains a "Buy" rating for Ctrip Group-S (09961.HK) with a target price of 606.90 HKD, reflecting a potential upside from the current closing price of 576.00 HKD [5][3][20]. Core Insights - Ctrip's Q2 2025 performance is strong, with net operating revenue reaching 14.8 billion RMB, a year-on-year increase of 16%, and net profit of 4.9 billion RMB, up 26% year-on-year. The growth is driven by robust travel demand, particularly during holiday periods [1][9]. - The international business segment shows significant growth, with total bookings on the international OTA platform increasing by over 60% year-on-year, driven by the Asia-Pacific region and mobile bookings, which now account for 70% of total bookings [1][17]. - The report highlights the increasing participation and purchasing power of the silver-haired demographic through the "Old Friends Club," which saw user numbers and GMV grow over 100% since the end of 2024 [2][19]. Summary by Sections International Business Growth - Ctrip's international OTA platform has shown strong growth, with inbound travel bookings more than doubling year-on-year, primarily driven by demand from South Korea and Southeast Asia [1][17]. - Domestic travelers' enthusiasm for outbound travel continues to recover, with bookings for hotels and flights exceeding 120% of the same period in 2019 [1][17]. Financial Forecast and Investment Recommendations - The report projects revenues of 61.82 billion RMB for 2025, with a year-on-year growth rate of 16.0%, and net profit of 17.71 billion RMB, reflecting a growth rate of 3.7% [3][20]. - Ctrip's domestic business remains strong, while international operations are expected to contribute additional growth, making it a valuable long-term investment [3][20]. - The expected PE ratios for 2025-2027 are 21.4X, 18.6X, and 15.9X, respectively, indicating a favorable valuation outlook [3][20].

Core Insights - Ctrip has announced a new hybrid work policy that will eliminate the need for direct supervisor approval for remote work applications starting September 1, 2025 [1] - The pilot program will apply to all full-time technical (T-series) and product technical (PT-series) employees in China [1] - This change is seen as a significant move towards building a culture of trust and employee autonomy within the company [1] Summary by Sections - **Policy Change**: Ctrip will allow eligible employees to submit remote work applications without supervisor approval, with notifications sent to supervisors instead [1] - **Participation and Impact**: Since the introduction of the hybrid work policy in 2022, 70% of employees have participated, resulting in approximately 640,000 remote work instances [1] - **Cultural Shift**: The primary goal of this policy adjustment is to enhance work-life balance (WLB) and foster a culture based on trust and self-motivation among employees [1]

Core Points - The company has implemented a new policy allowing employees in the product and research departments to work from home without needing approval from direct supervisors, effective from September 1, 2025 [1] - This adjustment aims to enhance work-life balance (WLB) and foster a culture of trust and self-motivation among employees [1] - Since the introduction of the hybrid work policy in 2022, approximately 70% of employees have participated, with around 640,000 instances of remote work recorded [1] Summary by Categories Policy Changes - The new policy eliminates the requirement for direct supervisor approval for remote work applications, allowing for automatic approval upon submission [1] - The pilot program will specifically target domestic employees who have completed their probationary period in the T and PT series [1] Employee Engagement - The company has seen a significant uptake in hybrid working arrangements, with 70% employee participation since the policy's launch [1] - The initiative is part of a broader strategy to improve employee satisfaction and productivity by promoting a better balance between work and personal life [1]