Zhi Tong Cai Jing·2025-09-01 09:38Core Viewpoint - Ctrip Group-S (09961) reported better-than-expected Q2 performance, with hotel business growth surpassing expectations and market share continuing to rise [1] Group 1: Company Performance - Ctrip's hotel business growth exceeded expectations, indicating strong operational performance [1] - The company is in a favorable position within the competitive landscape of the domestic 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 - The valuation for Ctrip has been extended to 2026, with a target price increase from HKD 591 to HKD 653 based on a 20x P/E ratio for 2026 [1] - The recommendation for Ctrip remains "Buy" [1]