Core Viewpoint - The company reported stable revenue growth and improved profit margins in Q2 2025, exceeding Bloomberg's expectations, driven by strong execution and increased overseas investments [1][4]. Revenue Breakdown - Domestic hotel and outbound travel businesses continue to gain market share, with Q2 accommodation booking revenue at 62.3 billion yuan, up 21.2%, and transportation ticketing revenue at 54.0 billion yuan, up 10.8% [2]. - Estimated Q2 domestic revenue growth exceeded 10%, with hotel night growth maintaining over 15%, while outbound revenue also grew over 10%, with hotel and flight bookings recovering significantly [2]. - International platform revenue is expected to grow over 30%, with Trip.com seeing over 60% growth in hotel and flight bookings [2]. Profitability Breakdown - The international platform is still in an investment phase, impacting profit margins, while domestic operations are optimizing profitability [3]. - The company's gross margin decreased by 0.9 percentage points year-on-year, with R&D and management expenses rising by 18.3% [3]. - The company has repurchased 4 billion USD worth of shares and announced a new 50 billion USD buyback plan, reflecting a commitment to shareholder returns [3].

Group 1: Financial Performance - In Q2 2025, the company achieved net operating revenue of 14.8 billion yuan, a year-on-year increase of 16%, in line with Bloomberg consensus expectations [1] - Adjusted net profit for the same period was 5 billion yuan, remaining flat year-on-year, which was better than Bloomberg consensus expectations [1] - The company has repurchased approximately 7 million American Depositary Receipts (ADRs) for a total consideration of about 400 million USD under the stock repurchase plan authorized in February 2025 [1] Group 2: Domestic Tourism Market - The domestic accommodation booking revenue grew by 21% year-on-year and 12% quarter-on-quarter, driven by strong travel demand, particularly during holidays [2] - The supply of hotel rooms during the summer increased by a mid-single-digit percentage year-on-year, with hotel prices stabilizing and the year-on-year decline in prices narrowing to a mid-low single-digit range [2] - The number of inbound tourists in H1 increased by approximately 30% year-on-year, with a more than 100% year-on-year growth in inbound travel bookings on the company's platform [2] Group 3: International Business Growth - In Q2, cross-border flight capacity recovered to 84% of pre-pandemic levels, with outbound hotel and flight bookings exceeding 120% of the same period in 2019, outperforming the market by 30-40 percentage points [3] - The company's international business saw a total booking volume growth of over 60% year-on-year, with the Asia-Pacific region remaining a key operational focus [3] - The company’s non-GAAP sales expense ratio was 22%, remaining stable year-on-year, indicating better-than-expected customer acquisition efficiency [3] Group 4: Profit Forecast and Investment Rating - The company’s performance exceeded expectations, leading to an adjustment in the forecast for adjusted net profit for 2025-2027 from 17.6/19.7/22 billion yuan to 18.3/20/22 billion yuan [3] - The corresponding adjusted PE ratios are projected to be 20/19/17 times, with a continued positive outlook on the company's overseas business growth [3]

Group 1 - The summer tourism season in Hangzhou has concluded, with the city showing strong performance in nearby and family travel due to its ecological advantages and rich cultural experiences [2] - Hangzhou ranked as the top destination for domestic nearby travel, with over 60% of visitors coming from cities in the Yangtze River Delta, indicating a trend towards weekend short trips and leisure escapes [2] - Hotel bookings in Hangzhou increased by 17% year-on-year, driven by family travelers, with popular attractions including Lingyin Feilai Peak and West Lake [2] Group 2 - Local residents in Hangzhou are also actively traveling, with popular destinations including Shanghai, Beijing, Chengdu, and Nanjing, reflecting a mix of cross-city cultural experiences and short leisure trips [3] - The influence of film and television on tourism has become a new growth point, with significant increases in tourism orders for locations featured in popular shows, such as a 68% rise in searches for the Nalati Scenic Area in Xinjiang [5] - The integration of film and tourism is providing emotional value to travel experiences and injecting new vitality into destinations, marking it as an important growth area for the summer tourism market [5] Group 3 - The outbound tourism market has shown a strong recovery, with short-haul destinations like Japan and Thailand gaining popularity, evidenced by a 98% increase in hotel bookings in Okinawa, Japan [6] - Long-haul travel demand is also increasing, with destinations like Iceland and Greece seeing over 50% growth in orders, supported by measures to alleviate travelers' concerns about visa issues [6] - The trend of "off-peak travel" is emerging, with significant price drops for flights and hotels to popular destinations, providing high-value travel opportunities for budget-conscious travelers [7] Group 4 - The overall consumption in the tourism sector is becoming more rational, with travelers prioritizing value for money and quality experiences, particularly in Hangzhou where family and customized travel products are in high demand [7] - The successful performance of Hangzhou's summer tourism is attributed to its cultural and tourism resources, as well as the deepening integration of tourism in the Yangtze River Delta region [7]

Group 1 - Trip.com (NASDAQ: TCOM) is outperforming optimistic projections with rapidly climbing share prices [1] - The importance of observing megatrends and technological advancements for investment insights is emphasized [1] - The focus on fundamentals, quality of leadership, and product pipeline is crucial for uncovering investment opportunities [1] Group 2 - The analyst has a beneficial long position in TCOM shares, indicating confidence in the company's future performance [2] - The article expresses personal opinions and does not involve compensation from any company mentioned [2]

Group 1 - The summer of 2023 has seen a significant increase in both inbound and outbound tourism in China, with a notable rise in the number of travelers and transportation checks at major ports [1] - From July 1 to August 28, over 3.95 million people traveled through Beijing's ports, marking a 10.6% year-on-year increase, while Guangzhou reported over 2.77 million travelers, up approximately 12.8% [1] - Inbound tourism has been boosted by various facilitation measures, including the expansion of the 240-hour visa-free transit policy and improvements in mobile payment services, enhancing the travel experience for foreign tourists [1] Group 2 - The growth in inbound tourism is attributed to the implementation of convenient entry policies and effective promotion through social media influencers, which has increased foreign interest in visiting China [2] - There is a notable trend of increasing foreign traveler flow in inland provinces such as Yunnan, Sichuan, and Guizhou, indicating a deeper expansion of the inbound tourism market [2] - The overall travel consumption trend is shifting towards quality upgrades, with a significant increase in international flight passenger volumes, particularly from non-first-tier cities [3] Group 3 - Popular outbound destinations for Chinese tourists include Japan, Thailand, South Korea, Hong Kong, and Malaysia, with long-haul destinations like Iceland and Greece seeing over 50% year-on-year growth [3] - Data from the National Day holiday indicates a 130% increase in travel bookings compared to the same period in 2024, with North America seeing a 207% increase in travelers [3] - Southeast Asia and Northeast Asia are also experiencing strong growth in outbound tourism, with traveler numbers rising by 380% and 216% respectively [3]

证券研究报告·海外公司点评·旅游及消闲设施(HS) 携程集团-S（09961.HK） 2025Q2 业绩点评：利润及回购好于预期，国 际业务继续高增 买入（维持） | [盈利预测与估值 Table_EPS] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 44,510 | 53,294 | 61,074 | 68,403 | 75,078 | | 同比（%） | 122.12 | 19.73 | 14.60 | 12.00 | 9.76 | | 归母净利润（百万元） | 9,918 | 17,067 | 26,528 | 19,074 | 21,156 | | 同比（%） | 606.91 | 72.08 | 55.44 | (28.10) | 10.91 | | Non-GAAP 净利润（百万元） | 13,071 | 18,041 | 18,334 | 20,050 | 22,043 | | 同比（%） | 910.12 | 38.02 | 1.62 | 9.36 ...

美银证券发布研报称，携程集团-S(TCOM.US,09961)第二季净收入同比增长16%，非公认会计准则经营 溢利率31.4%，超出公司指引及市场预期。酒店和交通收入分别同比增长21%和11%，受惠高于同业的 双位数交易量增长，该行上调对携程目标价，由550港元上调至652港元，重申"买入"评级。管理层亦指 出夏季旅游预订需求强劲且交易量增长强劲，该行预测第三季收入同比增长14%。 ...

Group 1 - The core viewpoint of the report indicates that Ctrip's Q2 performance exceeded expectations, with hotel business growth surpassing forecasts and market share continuing to increase [1] - The company is positioned favorably in the current competitive environment of the domestic market, with a trend of improving marketing investment efficiency expected to continue [1] - The valuation for Ctrip has been extended to 2026, with a target price adjustment from HKD 591 to HKD 653 based on a 20x price-to-earnings ratio for 2026, while maintaining a "Buy" rating [1]

Core Viewpoint - Ctrip's Q2 performance exceeded expectations, with net revenue growing by 16.2% year-on-year to 14.9 billion yuan, aligning with market expectations [1] - Non-GAAP net profit increased by 1% year-on-year to 5 billion yuan, surpassing market expectations by 15% [1] - The net profit margin was 33.8%, better than market expectations [1] - Ctrip anticipates a revenue growth of 12-17% year-on-year for Q3, consistent with market expectations [1] - The brokerage maintains a "Buy" rating on Ctrip, raising the target price from 635 HKD to 725 HKD [1] Financial Performance - Q2 net revenue reached 14.9 billion yuan, a 16.2% increase year-on-year [1] - Non-GAAP net profit was 5 billion yuan, reflecting a 1% year-on-year increase [1] - Net profit margin stood at 33.8%, exceeding market expectations [1] Future Outlook - Ctrip projects Q3 revenue growth of 12-17% year-on-year [1] - The target price for Ctrip has been raised from 635 HKD to 725 HKD by the brokerage [1]

摩根士丹利发表研究报告指，携程第三季度正面展望再次证明领先的在线旅游代理的韧性，类似去年夏 季，而且表现持续超越整体旅游市场，先前的高强度营销投入正带来成果，保持持续的高增长。公司第 三季非通用会计准则经营溢利率指引为32%，符合预期。50亿美元的新股份回购计划是重大正面惊喜， 相较市场预期20亿美元回购，大幅提升对股东回报。该行对携程ADR目标价上调至83美元，维持"增 持"评级，并将今年至2027年非通用会计准则经营溢利预测上调1%至2%。 ...