智通财经网·2025-09-01 09:33Core Viewpoint - Ctrip Group's (09961) Q2 performance exceeded expectations, with hotel business growth surpassing forecasts and market share continuing to rise [1] Group 1: Company Performance - Ctrip's hotel business showed stronger-than-expected growth in Q2 [1] - The company is in a favorable position within the competitive landscape of the mainland market [1] Group 2: Market Strategy - The trend of improving marketing investment efficiency is expected to continue [1] - The impact of overseas market investments on overall company profits is manageable [1] Group 3: Valuation and Target Price - CCB International extended Ctrip's valuation to 2026, applying a price-to-earnings ratio of 20 times for that year [1] - The target price for Ctrip was raised from HKD 591 to HKD 653, maintaining a "Buy" rating [1]