携程2025年财报发布：入境游年投10亿元，四大转型策略重构行业生态

Core Insights - Ctrip's revenue for 2025 reached 62.4 billion yuan, with a net profit of 13.4 billion yuan after excluding investment income [1] - The international OTA platform's total bookings increased by approximately 60% year-on-year, serving around 20 million inbound travelers throughout the year [1] Industry Overview - The overall recovery of the tourism industry is strong, with the number of travelers increasing year by year [1] - According to the Ministry of Culture and Tourism, during the 2026 Spring Festival holiday, domestic travel reached 596 million trips, an increase of 95 million trips compared to the 2025 Spring Festival holiday [1] - Total domestic travel expenditure during the holiday was 803.483 billion yuan, up by 126.481 billion yuan from the previous year, marking record highs in both visitor numbers and spending [1] Company Strategy - Ctrip is investing 1 billion yuan annually in inbound tourism and is implementing four major transformation strategies to reshape the industry ecosystem [1] - There is a growing demand for segmentation and quality in tourism products, prompting better integration of online and offline resources among platforms, hotels, and scenic spots [1]