公开资料显示，范敏1999年参与创建携程网并任执行副总裁，2000年起担任执行副总裁、首席运营官， 2013年任携程董事会副主席兼总裁；季琦是携程旅行网的联合创始人，曾任首席执行官等职务，2008年 任携程集团独立董事，2009年8月任董事会执行董事长。 与此同时，董事会任命吴亦泓、萧杨为新任独立董事，李基培获任董事会薪酬委员会成员。 2月26日，携程集团对外发布2025年第四季度及全年未经审计财务业绩。财报显示，2025年全年，携程 集团实现净营业收入624亿元，同比增长17%；归属于公司股东的净利润为333亿元，同比增长95%。其 中，2025年第四季度净营业收入为154亿元，同比增长21%；归属于公司股东的净利润为43亿元，同比 增长95.5%。 携程集团表示，2025年净利润同比增加主要由于2025年全年包含在其他（支出）/收入中的投资利得199 亿元，超过了利润增量，而2024年这一数字为11亿元。 伴随业绩公告同步发布的，还有董事会成员调整信息。公告显示，自 2026 年2月25日起，联合创始人范 敏辞任公司董事兼总裁职务，联合创始人季琦辞任公司董事职务。 公开资料显示，吴亦泓具备深厚的财务监管与 ...

Core Viewpoint - Ctrip Group announced its unaudited financial results for Q4 2025 and the entire year, along with changes in its board of directors [1][4] Financial Performance - In Q4 2025, Ctrip Group reported a net operating revenue of 15.4 billion yuan and a net profit of 4.3 billion yuan [4] - For the full year 2025, Ctrip Group's net operating revenue reached 62.4 billion yuan, representing a year-on-year increase of 17% [4] Board Changes - Fan Min has resigned from his position as a director and president of the company, while Ji Qi has stepped down from his role as a director [1][3] - Wu Yihong and Xiao Yang have been appointed as new independent directors [1] Regulatory Investigation - Ctrip received a notification from the State Administration for Market Regulation in January 2026 regarding an investigation into alleged monopolistic behavior under the Anti-Monopoly Law of the People's Republic of China [3][4] - The company is cooperating fully with the investigation and maintaining active communication with regulatory authorities [3]

Core Insights - The tourism market during the 2026 Spring Festival is expected to maintain high prosperity, characterized by simultaneous increases in volume and price, along with structural optimization [2][8] - AI technology is increasingly integrated into the entire tourism process, enhancing consumer convenience and experience [3][8] - The cross-border travel market is experiencing significant growth in both outbound and inbound tourism, with a diversified destination structure [5][6] Group 1: Travel Market Trends - The total inter-regional movement of people during the 2026 Spring Festival is anticipated to reach a new high, with growth in passenger flow across civil aviation, railways, and water transport [2] - The hotel market is witnessing both volume and price increases, with hotel night bookings on the Fliggy platform rising by 75% year-on-year during the Spring Festival [2] - Popular tourist cities are seeing significant price increases for hotel accommodations, driven by a segmented travel pattern of "first reunion, then vacation" [2] Group 2: Domestic Tourism - The domestic tourism market is thriving, with Fliggy reporting record-high order volumes and a 10% year-on-year increase in average booking amounts [3] - Traditional and niche destinations are both gaining popularity, reflecting a trend towards diversified experiences in domestic travel [3] - Key scenic spots, such as Zhangjiajie and Qi Yun Mountain, have reported substantial revenue growth during the holiday period, with some locations achieving record highs [3] Group 3: Cross-Border Tourism - The cross-border travel market is experiencing robust growth, with Southeast Asia as a core destination and significant increases in long-haul travel [5] - Outbound travel is dominated by family groups, with popular destinations including Bangkok and Hong Kong, while inbound tourism benefits from visa-free policies and cultural appeal [5][6] - Inbound tourism is showing strong consumer spending, with cities like Beijing and Shanghai leading in visitor numbers and economic contributions [6] Group 4: Investment Opportunities - The tourism sector is expected to benefit from extended holidays, visa-free policies, and rising consumer sentiment, with a favorable outlook for service-oriented consumption [8] - Recommended investment targets include hotel chains such as Jin Jiang Hotels and ShouLai Hotels, as well as online travel agencies like Trip.com and Tongcheng Travel [8]

Core Viewpoint - Ctrip Group reported a 17% year-on-year increase in net revenue for 2025, reaching approximately 624 billion RMB, alongside significant changes in its board of directors [1][4]. Financial Performance - In Q4 2025, Ctrip's net revenue was 154 billion RMB, a 21% increase year-on-year, driven by resilient travel demand, with a net profit of 43 billion RMB. However, there was a 16% quarter-on-quarter decline due to seasonal factors [3][4]. - For the full year 2025, Ctrip's net revenue was approximately 624.09 billion RMB, reflecting a year-on-year growth of about 17.1%. The net profit attributable to shareholders was around 332.94 billion RMB, marking a 95% increase year-on-year [4]. Revenue Breakdown - Q4 2025 revenue from accommodation bookings was approximately 63 billion RMB, up 21% year-on-year, while full-year accommodation revenue was about 261 billion RMB, also up 21% [4]. - Q4 2025 revenue from transportation ticketing was around 54 billion RMB, a 12% increase year-on-year, with full-year revenue at approximately 225 billion RMB, up 11% [4]. - Q4 2025 revenue from vacation services was about 11 billion RMB, a 21% increase year-on-year, and full-year revenue was approximately 47 billion RMB, reflecting an 8% increase [4]. - Q4 2025 revenue from business travel management was around 8.8 billion RMB, a 15% increase year-on-year, with full-year revenue at approximately 28 billion RMB, up 13% [4]. Strategic Focus - Ctrip's CEO disclosed that the core OTA business transaction volume for 2025 was about 1.1 trillion RMB, with accommodation and flight ticketing contributing approximately 280 billion RMB and 550 billion RMB, respectively [5]. - The international segments of Ctrip showed robust growth, with the international OTA platform's total bookings increasing by about 60%. The company served around 20 million inbound travelers throughout the year [6]. - Ctrip's board chairman emphasized the importance of inbound tourism as a significant growth engine and indicated future investments in this area, as well as in social responsibility and AI innovation [6]. Board Changes - Ctrip announced the resignation of Fan Min as the company's president and director, and Qi Ji as a director, effective February 25, 2026. New independent directors Wu Yihong and Xiao Yang were appointed [7][8].

Core Insights - Ctrip Group reported a net revenue of 62.4 billion yuan and a net profit of 13.4 billion yuan for the year, indicating a shift in strategy from linear growth to value reconstruction across the entire cultural tourism industry [2] - The competitive landscape has evolved from merely sharing market share to collaboratively expanding the market and benefiting a broader range of ecosystem participants [3] Industry Transformation - The online travel industry is transitioning from a focus on simple supply-demand matching to enhancing the quality and efficiency of supply, particularly for small and medium-sized hotels and local attractions [4] - Ctrip's strategy has shifted towards driving value across the entire industry chain, focusing on digital infrastructure in lower-tier markets and empowering small businesses through operational support and advanced technology [4][5] Empowerment of Small Businesses - Ctrip has partnered with over 130 attractions for investment and operational cooperation, implementing smart ticketing systems and dynamic pricing strategies to enhance visitor experiences [5] - The platform is helping local attractions transition from relying solely on ticket sales to creating comprehensive consumer experiences that include dining and accommodation [6][7] Economic Impact - The empowerment initiatives have led to the creation of over 50,000 new jobs, with more than half located in second-tier and lower-tier cities, indicating a positive impact on local economies [11] - The shift towards smaller group travel has resulted in a significant increase in consumer spending, with average spending on small group products rising by 80% [11][12] Technological Advancements - Ctrip is investing heavily in technology, including a self-developed language model that translates product information into 25 languages, facilitating international tourism [14][15] - The platform's technological investments also include a 2.9 billion yuan allocation for service guarantees, enhancing trust and safety for both consumers and small businesses [16] Strategic Shift - The core value of Ctrip is evolving from transaction volume to ecological value, emphasizing the importance of providing substantial services and support to small businesses [18] - The future success of the platform will be measured not just by financial metrics but by its ability to enhance the competitiveness and vitality of small businesses and unlock the economic and cultural value of previously underutilized tourism resources [18]

医药生物板块重挫，百济神州跌逾9%，药明合联跌超8%，药明生物跌逾7%。 科网股全线走低，小鹏汽车跌逾5%，华虹半导体、理想汽车、快手、哔哩哔哩、百度集团跌逾4%，阿 里巴巴、腾讯音乐、携程集团、中芯国际跌超3%，腾讯控股、京东集团、美团跌超2%。 | 名称 | 涨跌幅 ▲ | 现价 | 涨跌 | | --- | --- | --- | --- | | 小鹏汽车-W | -5.06% | 67.500c | -3.600 | | 本町未合体 | -4.82% | 97.850c -4.950 | | | 昨週昨回-W | -4.63% | 218.200c -10.600 | | | 理想汽车-W | -4.45% | 68.650c -3.200 | | | 目度集团-SW | -4.27% | 123.400c -5.500 | | | 快手-W | -4.14% | 63.600c | -2.750 | | 地平线机器人-W | -4.11% | 8.160c -0.350 | | | 阿里健康 | -3.97% | 5.560c -0.230 | | | 零跑汽车 | -3.90% | 41.380c ...

Core Insights - In Q4 2025, Ctrip Group reported a net revenue of 15.4 billion RMB, a year-on-year increase of 21%, but a quarter-on-quarter decrease of 16% due to seasonal factors [1] - For the full year 2025, the net revenue reached 62.4 billion RMB, reflecting a 17% year-on-year growth [1] Revenue Breakdown - In Q4 2025, revenue from accommodation bookings was 6.3 billion RMB, up 21% year-on-year; transportation ticketing revenue was 5.4 billion RMB, up 12% year-on-year; and vacation business revenue was 1.1 billion RMB, up 21% year-on-year [1] - The business travel management segment generated 808 million RMB in Q4 2025, a 15% year-on-year increase and a 7% quarter-on-quarter increase, driven by growth in business travel orders [1] - For the full year 2025, accommodation bookings accounted for 42% of total revenue at 26.1 billion RMB, transportation ticketing accounted for 36% at 22.5 billion RMB, vacation business accounted for 7% at 4.7 billion RMB, and business travel management accounted for 5% at 2.8 billion RMB [1] Cost and Expenses - In Q4 2025, operating costs were 3.2 billion RMB, a 23% year-on-year increase and a 4% quarter-on-quarter decrease, aligning with the trend of net revenue [1] - For the full year, operating costs totaled 12.1 billion RMB, a 21% year-on-year increase, representing 19% of net revenue [1] Marketing and Sales Expenses - In Q4 2025, sales and marketing expenses were 4.4 billion RMB, a 30% year-on-year increase and a 5% quarter-on-quarter increase, accounting for 29% of net revenue for the quarter [2] - For the full year, sales and marketing expenses reached 14.9 billion RMB, a 25% year-on-year increase, representing 24% of net revenue [2] Profitability - In Q4 2025, the net profit attributable to Ctrip Group shareholders was 4.3 billion RMB, while the full year net profit was 33.3 billion RMB, nearly a 95% increase compared to 17.1 billion RMB in 2024, primarily due to investment gains of 19.9 billion RMB, a 17-fold increase from 1.1 billion RMB in 2024 [4] Cash Position - As of December 31, 2025, Ctrip Group had cash and cash equivalents, restricted cash, short-term investments, and held-to-maturity deposits and financial products totaling 105.8 billion RMB [4] Management Changes - Ctrip Group announced several board changes, with Fan Min resigning as director and president, and Ji Qi resigning as a director, effective February 25, 2026 [4] - Wu Yihong and Xiao Yang were appointed as new independent directors [4][5]

Financial Performance - In Q4 2025, Ctrip Group reported a net operating revenue of 15.4 billion yuan, a year-on-year increase of 21%, driven by resilient travel demand, with a net profit of 4.3 billion yuan. However, there was a quarter-on-quarter decline of 16% due to seasonal factors [1]. - For the full year 2025, Ctrip Group's net operating revenue reached 62.4 billion yuan, up 17% year-on-year, with a net profit of 33.4 billion yuan, compared to 17.2 billion yuan in 2024. The increase was primarily attributed to investment gains of 19.9 billion yuan (2.8 billion USD) included in other income/expenses, compared to 1.1 billion yuan in 2024 [1]. Board Changes - Ctrip announced significant board changes effective February 25, 2026, with Fan Min resigning as a director and president, and Qi Ji resigning as a director. Wu Yihong and Xiao Yang were appointed as new independent directors [3][4]. - Fan Min co-founded Ctrip in 1999 and has held various executive roles, including COO and president since 2013. Qi Ji is a co-founder and has served as CEO and independent director [4]. Stock Performance - As of 15:47, Ctrip's Hong Kong stock fell over 3%, trading at 401.2 HKD per share, with a market capitalization of 286.3 billion HKD, reflecting a cumulative decline of over 27% year-to-date. In contrast, its US stock rose over 1% in pre-market trading [6].

2月26日，携程集团公布2025年第四季度及全年财务业绩。 2025年第四季度归属于携程集团股东的净利润为43亿元，全年归属于携程集团股东的净利润为333亿元，相比2024年的171亿元增长近95%，这一增长主 要由于2025年投资利得199亿元，相比2024年为11亿元，同比大增17倍。 蔡淑敏摄 从营收结构来看，携程集团收入来源于住宿预订、交通票务、旅游度假、商旅管理及其他。 2025年第四季度，住宿预订营收63亿元，同比上升21%；交通票务营收54亿元，同比上升12%；旅游度假业务营收11亿元，同比上升21%。上述三项业 务由于季节性原因出现营收环比下滑，而商旅管理业务当季营收8.08亿元，同比上升15%且环比上升7%，主要得益于商旅订单的增长。 2025年全年，住宿预订营收261亿元，同比上升21%，该业务营收占2025年合计营业收入的42%；交通票务营收225亿元，同比上升11%，占比为36%； 旅游度假业务营收47亿元，同比上升8%，占比为7%；商旅管理业务营收28亿元，同比上升13%，占比为5%。 2025年第四季度，携程集团营业成本为32亿元，同比上升23%，环比下降4%，与净营业收入的变动趋 ...

#携程宣布一系列董事变动# 【携程联合创始人范敏、季琦辞任董事职务】2月26日，携程集团宣布一系 列董事变动，范敏已辞任公司董事兼总裁职务，季琦已辞任董事职务。范敏、季琦均为携程集团联合创 始人。与此同时，公司宣布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。（北京商报记者 吴其芸） 2023年5月期间,吴亦泓亦曾担任如家酒店集团董事 会顾问,并曾于2010年5月至2019年6月担任该公司 首席战略官,2006年7月至2010年4月担任首席财务 官。 萧杨于2020年6月至2025年6月期间担任Capital International Investors（香港）投资分析师。此 前，萧杨于2013年3月至2020年3月期间在Principal Global Investors工作,曾任投资组合经理及股票分 析师。在此之前,萧杨于2010年3月至2013年2月担 任平安资产管理有限公司投资组合经理。 携程集团方面表示，根据携程集团现行组织章程细 则,吴亦泓及萧杨各自将担任本公司董事,任期至其获 委任后的首届股东周年大会为止，届时将符合资格参选 连任。以上董事变动自2026年2月2 ...