Core Viewpoint - Ctrip Group reported a significant increase in financial performance for 2025, with net revenue reaching 62.4 billion RMB, a year-on-year growth of 17%, and net profit attributable to shareholders approximately 33.29 billion RMB, up 94.73% from the previous year [1][5]. Financial Performance - In 2025, Ctrip's total net revenue was 62.4 billion RMB, with the accommodation booking segment contributing 26.1 billion RMB (42% of total revenue), transportation ticketing at 22.5 billion RMB (36%), vacation services at 4.7 billion RMB (7%), and business travel management at 2.8 billion RMB (5%) [3][4]. - The fourth quarter of 2025 saw net revenue of 15.4 billion RMB, a 21% increase year-on-year but a 16% decrease quarter-on-quarter due to seasonal factors [2][4]. Business Segments - The accommodation booking revenue for Q4 2025 was 6.3 billion RMB, up 21% year-on-year but down 22% quarter-on-quarter [2]. - Transportation ticketing revenue for Q4 was 5.4 billion RMB, a 12% year-on-year increase but a 15% quarter-on-quarter decline [2]. - The business travel management segment showed resilience with a revenue of 808 million RMB in Q4, a 15% year-on-year increase and a 7% quarter-on-quarter rise [2]. Investment Gains - Ctrip's substantial net profit growth was largely driven by non-recurring income, with "other" income reaching 21.32 billion RMB, a nearly 1000% increase from the previous year [5][9]. - The company realized significant financial gains from the partial sale of its stake in MakeMyTrip, generating approximately 17 to 20.4 billion RMB, which contributed to the surge in "other" income [8][9]. Market Trends - Ctrip's international OTA platform bookings grew by about 60% year-on-year, with the company serving approximately 20 million inbound travelers in 2025 [4][12]. - The company noted a strong demand for inbound travel, particularly from visa-exempt regions, with a 40% year-on-year increase in inbound visitors [13]. Future Outlook - Ctrip's CEO emphasized the importance of the "silver-haired" demographic and the growing demand for immersive travel experiences among younger consumers, indicating a strategic focus on personalized and culturally relevant offerings [13][14]. - The company plans to leverage AI technology to enhance operational efficiency and improve user experience in travel planning and booking [14].

2月26日，携程集团公布2025年第四季度及全年未经审计的财务业绩，同时公布一系列董事变动，携程 的两位联合创始人范敏、季琦已分别辞任公司董事兼总裁职务和公司董事职务。与此同时，携程任命吴 亦泓及萧杨为新任独立董事。此外，李基培已被任命为董事会薪酬委员会成员。 财务数据：主业增长乏力问题凸显 公告显示，2025年全年，携程集团净营业收入为624亿元，同比上升17%。净利润为334亿元，相比2024 年净利润为172亿元人民币。同比增加主要由于2025年全年包含在其他（支出）╱收入中的投资利得199 亿元人民币（28亿美元），相比2024年为11亿元。 其中，2025年第四季度，携程集团净营业收入为154亿元，同比上升21%，得益于旅游需求的韧性，净 利润为43亿元。净营业收入环比下降16%。 2025年全年净利润约334亿元，同比暴涨95%，但其中近60%的利润（约199亿元）来自一次性投资收 益，如出售MakeMyTrip股份等。剔除投资收益后，主业净利润同比下滑约15.6%，主业增长乏力问题凸 显。 核心业务增速放缓住宿预订业务同比增长21%，但交通票务业务仅增长11%，打包旅游业务增速低至 8%，核心业 ...

据上海交通大学（简称"上海交大"）微信公众号消息，当日上午，上海交大建校130周年之际，"全季人文发展基金"捐赠签约暨季琦校董聘任仪式在该校 闵行校区文博楼会议中心举行。上海交大党委书记杨振斌，校长、中国科学院院士丁奎岭，党委副书记胡薇薇，党委常委、副校长管海兵，校务委员会专 职副主任张安胜，党委常委、宣传部部长于朝阳，校长助理、党政办主任杨明以及相关职能部门和院系负责人出席仪式。 图源：上海交通大学微信公众号 2月26日，华住集团创始人季琦向其母校上海交通大学捐资1亿元人民币，设立"全季人文发展基金"，支持学校各项事业发展。 图源：上海交通大学微信公众号 上证报记者从华住集团获悉，该基金将重点支持学校人文领域的系列活动与项目，为百年校园厚植人文底蕴，给更多具备科技硬核底色的交大学子注入温 暖的人文情怀，在科技与人文的交融中获得全面成长。 "在交大求学的七年是我人生中最重要的一段经历。交大给我的不仅是专业知识，还有人文素养的训练，以及一帮志同道合的挚友们。"季琦在致辞时回忆 起求学岁月。他是上海交大工程力学系1989届本科校友、机械工程系1992届硕士校友。 谈到人工智能呼啸而来的时代，季琦说："在AI时代， ...

财报显示，2025年，携程的其他收入为213.21亿元，占总营收超六成；而上年同期该项仅为22.20亿元，同比大增近10倍。 对于净利润大增的原因，携程表示，2025年归属于公司股东的净利润同比增加主要由于全年包含在其他（支出）╱收入中的投资利得199亿元，2024年为 11亿元。 【导读】携程公布2025年业绩，同日官宣两位联合创始人辞职 2月26日，携程集团（以下简称携程）公布2025年第四季度及全年未经审计的财务业绩。 财报显示，2025年，携程净营业收入为624.09亿元，同比上升17.10%；归属于公司股东的净利润为332.94亿元，同比增长95.08%。同日，携程宣布，联合 创始人范敏、季琦辞去董事及管理职务。 财报发布后，携程港股股价下挫，盘中一度跌超4%。截至收盘，携程跌3.24%，最新市值为2857亿港元。 超六成收益来自其他收入 从业绩来看，携程的增长势头十分强劲，但利润暴增的背后，是其他收入这一类目的跳涨。 发布财报当日，携程同步公布了一系列董事变动，变动自2026年2月25日起生效。 | 營業利潤 | 2.301 | 5.574 | 2,534 | 364 | 14.177 | 15, ...

Core Viewpoint - Ctrip Group reported impressive financial results for 2025, with a net profit of 33.4 billion yuan, a year-on-year increase of 94%, yet the market reacted negatively, indicating a disconnect between financial performance and investor sentiment [1][3]. Financial Performance - Ctrip's net profit growth of 94% raises questions about its sustainability, as a significant portion of this profit (19.9 billion yuan) came from non-recurring investment gains, leading to a core net profit of 31.8 billion yuan, a 77% increase [4]. - The total revenue for 2025 reached 62.4 billion yuan, reflecting a 17% year-on-year growth, with accommodation bookings at 26.1 billion yuan (up 21%), transportation tickets at 22.5 billion yuan (up 11%), and travel management at 2.8 billion yuan (up 13%) [4]. Market Dynamics - Ctrip's international business remains a strong growth driver, with total bookings on its international OTA platform increasing by approximately 60%, serving around 20 million inbound travelers [6]. - The inbound tourism market in China is experiencing a "golden window," with the number of visa-free countries increasing, which is expected to boost Ctrip's growth significantly [8]. - Ctrip's outbound travel bookings have surpassed pre-pandemic levels, with a notable increase in orders during the recent Spring Festival [9]. Investor Sentiment - Despite strong financials, Ctrip faces declining valuations and investor confidence due to changing market dynamics and regulatory pressures, including an ongoing antitrust investigation [10][11]. - The shift in capital market pricing logic reflects concerns over Ctrip's ability to maintain high returns on equity (ROE) in a more competitive landscape [13]. Governance Changes - Ctrip is undergoing a significant governance transition, moving away from founder-led management to a more professional board structure, which includes new independent directors with expertise in finance and compliance [16][18]. - This shift aims to enhance corporate governance and reduce regulatory risks during a critical period for the company [17][18]. Conclusion - The current phase represents a pressure test for Ctrip, as it navigates industry changes and seeks to redefine its role in the market amidst evolving consumer behavior and competitive challenges [19].

6. Alphabet将机器人软件子公司Intrinsic重新划归至谷歌旗下，加码物理AI布局。 美股时段值得关注的事件： 1. 美国三大股指期货小幅上涨，纳指期货涨0.04%，标普500指数期货涨0.1%，道指期货涨0.11%。 2. 欧股主要指数齐涨，德国DAX指数涨0.51%，英国富时100指数涨0.12%，法国CAC指数涨0.95%，欧 洲斯托克50指数涨0.42%。 3. 英伟达Q4营收同比增长73%至681亿美元创新高，Q1业绩指引强劲；预期芯片收入将超越5000亿美元 的目标。 4. 英伟达CFO：公司获准向中国出口少量H200芯片，但尚未获得任何收入。 5. 据报苹果为iPhone 17系列敲定三星DS部门LPDDR5X订单，价格提高100%。 21:30 美国至2月21日当周初请失业金人数 (格隆汇) 7. 特斯拉中国"变相降价"，推出五年零息购车方案。 8. 礼来：在2型糖尿病试验中，Orforglipron在血糖控制和减重方面均优于司美格鲁肽。 9. AMD和Nutanix联合开发一个开放的全栈人工智能(AI)基础设施平台。 10. SK海力士携手闪迪启动高频宽快闪记忆体全球标准化进程。 ...

上海交通大学接连获校友大额捐赠。 东方财富今日（2月26日）公告称，接到公司控股股东、实际控制人其实通知，为支持教育事业发展，促进人才培养及科技创新，其实计划向上海交通大 学教育发展基金会捐赠其持有的公司2000万股无限售流通股，占公司总股本的0.13%。截至今日收盘，东方财富报22.50元/股，据此粗略估算，所捐赠的 2000万股约合4.5亿元。数据显示，截至2025年3季度末，其实位列东方财富第一大股东，持有30.62亿股，持股比例19.38%。 简历显示，其实出生于1970年10月，本科毕业于上海交通大学材料工程系，复旦大学博士研究生学历、新闻学博士学位，第十四届全国人大代表。2005年 创办东方财富。其实目前担任全国工商联常委、上海市总商会副会长、民建上海市委副主委、中国证券投资基金业协会副会长、上海市青年五十人创新创 业研究院理事长等社会职务。 另据"上海交通大学"微信公众号消息，2月26日，上海交大建校130周年之际，"全季人文发展基金"捐赠签约暨季琦校董聘任仪式在该校闵行校区举行。 "上海交通大学" 图 著名企业家、华住集团创始人，上海交大工程力学系1989届本科校友、机械工程系1992届硕士校 ...

每经编辑｜程鹏 上海交通大学接连获校友大额捐赠。 东方财富今日（2月26日）公告称，接到公司控股股东、实际控制人其实通知，为支持教育事业发展，促进人才培养及科技创新，其实计划向上海交通大 学教育发展基金会捐赠其持有的公司2000万股无限售流通股，占公司总股本的0.13%。截至今日收盘，东方财富报22.50元/股，据此粗略估算，所捐赠的 2000万股约合4.5亿元。数据显示，截至2025年3季度末，其实位列东方财富第一大股东，持有30.62亿股，持股比例19.38%。 "上海交通大学" 图 著名企业家、华住集团创始人，上海交大工程力学系1989届本科校友、机械工程系1992届硕士校友季琦，向母校捐资1亿元人民币，支持学校各项事业发 展。 上海交大党委书记杨振斌，上海交大校长、中国科学院院士丁奎岭共同为季琦颁发校董聘书。 "上海交通大学" 图 杨振斌感谢季琦的慷慨捐赠。他表示，季琦"将自己独有的人生感悟、创业智慧与人文情怀，深深融入母校高质量发展的每一步，彰显了交大人以实际行 动践行'饮水思源，爱国荣校'校训的责任与担当"。此次设立"全季人文发展基金"，将助力百年校园焕发人文新彩，丰富校园文化生活，厚植人文底蕴， ...

Group 1 - The core event is the donation of 100 million RMB by Ji Qi, founder of Huazhu Group, to Shanghai Jiao Tong University to support various development initiatives as part of the university's 130th anniversary celebrations [1][3] - Ji Qi is recognized as a benchmark figure in China's entrepreneurial landscape, having founded three publicly listed companies: Ctrip, Home Inn, and Huazhu [3] - Ji Qi's educational background includes studying at Shanghai Jiao Tong University, where he was involved in various activities and shared his entrepreneurial experiences with students [3] Group 2 - The donation ceremony included the appointment of Ji Qi as a school trustee, with the university's leadership, including Party Secretary Yang Zhenbin and President Ding Kuiling, participating in the event [1] - Ji Qi's contributions to the hotel industry are characterized by his innovative approach, aiming to redefine the sector with a mission focused on enhancing customer experience and satisfaction [3] - Throughout his career, Ji Qi has actively engaged with his alma mater, participating in events aimed at inspiring students and promoting the tourism and cultural industry [3]

2月26日，热门中概股美股盘前全线下跌，截至发稿，携程集团、哔哩哔哩、理想汽车、贝壳跌超4%； | 152.280 -0.830 -0.54% | | | | | 阿佳哲学 立即 | | --- | --- | --- | --- | --- | --- | | | | | | | BARA 公易 | | NYSE USD 20:04:00 | | | | | ADR / 0 + | | 港(9988) 143.000(-3.57%) H/U:-3.97% | | | रेस | 3.89% 120日 11.60% | | | 盘前价 | 147.500 涨幅 ** | -3.14% | 5日 | -2.24% 250日 | 11.34% | | 涨跌 | -4.780 盘前量 | 2.08万 | 20日 | -11.83% 52周高 | 192.67 | | 152.210 | | 100 | 60日 | -3.38% 52周低 | 94.14 | | - | 151.980 | 100 | | 2024 | 2025 2026H1 | | 132.650 -0.980 -0.73% | | | | | 司 ...