休闲服务：【消费瞭望录】需求低迷与OTA主导格局的背离，何去何从？

Investment Rating - The report assigns an investment rating of "Positive" for the leisure service industry, indicating an expectation of overall sector returns exceeding the benchmark index by more than 10% [4]. Core Insights - The Chinese hotel industry is experiencing sustained demand pressure, with RevPAR, ADR, and OCC showing declines of -6%, -4%, and -2% year-on-year respectively as of September 2024 [1][27]. - The OTA platforms are becoming the core engine of the tourism industry, exerting significant control over pricing and distribution channels, which impacts hotel profit margins and market competition [2][31]. - Ctrip, as a leading OTA, holds over 50% market share in China, with its core business segments of accommodation booking and transportation ticketing contributing 38.7% and 41.4% to total revenue respectively [2][19]. - The hotel industry is shifting from an ADR-driven growth model to one focused on occupancy rates (OCC), indicating a structural adjustment in response to market conditions [3][27]. Summary by Sections OTA Industry Overview - The OTA industry is pivotal in the tourism supply chain, facilitating growth through resource integration and digital transformation, with online travel booking users in China surpassing 500 million, a 20% increase year-on-year [9]. - The competitive landscape is highly concentrated, with Ctrip leading the market, followed by Meituan and Tongcheng, resulting in a CR5 index of 93% [11][16]. Ctrip Core Revenue Analysis - Ctrip's revenue has shown strong recovery, with 2023 revenues reaching 445.1 billion yuan, a 122.2% increase year-on-year, and continued growth into 2024 [18][22]. - The company’s international business is thriving, with outbound hotel and flight bookings recovering to 120% of pre-pandemic levels [18][22]. Hotel Industry Pressure and Transformation - The hotel sector is under pressure, with a shift from price-driven growth to occupancy-driven strategies, as evidenced by declining ADR figures [27][31]. - The reliance on OTA platforms is increasing, leading to a need for hotels to enhance their direct sales capabilities and reduce dependency on OTAs [3][34]. Strategies Against OTA Dependence - The rise in hotel chain rates is a strategic response to OTA pricing pressures, with chain hotels benefiting from stable customer bases and standardized services [31][32]. - Hotels are investing in direct sales channels and digital tools to improve profitability and customer loyalty, thereby reducing reliance on OTAs [34][38].