【#携程宣布两大创始人正式辞任# 】2月26日，携程发布2025全年财报，同时宣布一系列董事变动，自 2026年2月25日起生效。联合创始人范敏辞任董事兼总裁职务，季琦辞任董事职务。董事会表示，对两 位在公司创立与发展过程中作出的重要贡献表示感谢。同时，公司任命吴亦泓、萧杨为新任独立董事， 李基培加入董事会薪酬委员会。公告称，此举旨在进一步完善董事会结构，增强专业多元背景与战略监 督能力。（智通财经）#携程联合创始人范敏季琦辞任# @共富财经 （来源：河南商报） 来源：滚动播报 ...

Core Insights - The article highlights a significant rebound in domestic travel and tourism during the Spring Festival, with 596 million trips expected, a year-on-year increase of approximately 3.8%, and tourism revenue projected to exceed 700 billion yuan, reflecting a 14.6% growth compared to 2023 [2][20] - The hotel industry is experiencing a surge in bookings, with some destinations seeing hotel reservations double compared to previous years, driven by new travel trends and consumer demands [2][3][20] Group 1: Travel Trends - The concept of "downward destinations" is gaining traction, with hotel prices in these areas increasing significantly, such as in Heilongjiang and Guangxi, where prices rose by 120%-180% and 80%-120% respectively [3][4] - The "reverse Spring Festival travel" trend is emerging, particularly among the elderly, with a 22% increase in first-time air travel among those over 60, indicating a shift in travel demographics [7][20] - Family travel is becoming more prominent, with a notable increase in bookings for multi-room accommodations, reflecting changing preferences among younger families [9][10][20] Group 2: Hotel Industry Dynamics - The hotel booking landscape is evolving, with a significant rise in demand for family-oriented accommodations, such as multi-bedroom units, which saw a booking increase of 84% for four-bedroom units [9][10] - High-end hotels are adapting to the preferences of the silver-haired demographic, with a 90% increase in bookings for hotels in major cities among travelers aged 60 and above [7][20] - The trend of dining in hotels for family gatherings is on the rise, with a reported 80.7% increase in reservations for New Year's Eve dinners, indicating a shift in consumer behavior towards convenience and experience [15][16][20] Group 3: Market Opportunities - The introduction of visa-free policies for certain countries is expected to boost inbound tourism, with a fourfold increase in flight bookings to China during the Spring Festival [18][20] - The demand for personalized and immersive experiences is driving a transformation in the hospitality sector, as travelers seek deeper cultural engagement rather than mere sightseeing [18][20] - The overall travel and hospitality market is undergoing structural changes, with a focus on creating emotional value and local experiences, which will be crucial for differentiation in a competitive landscape [20]

花旗发表研报指，携程集团去年第四季收入按年增长21%至154亿元，较该行及市场预期高3%。毛利率 为79%，该行预期为78.5%。非公认会计准则盈利为34.8亿元，胜市场预期的32亿元。该行认为集团第 四季业绩表现健康，当中收入显著好过预期，因携程国际平台在旺季表现强劲，以及主要由广告和信用 解决方案组成的其他收入优于预期。该行目前予携程美股目标价82美元及"买入"评级。 ...

2月26日，携程集团发布公告称，范敏先生已辞任本公司董事兼总裁职务，季琦先生已辞任本公司董事 职务。作为本公司联合创始人，范先生与季先生对公司的创立、成长与成功作出了根本性且不可估量的 贡献。董事会对他们的远见卓识、卓越领导及多年来的尽心服务表示最诚挚的感谢与最崇高的敬意。 任命吴亦泓女士及萧杨女士为新任独立董事。 与此同时，本公司宣布任命吴亦泓女士及萧杨女士为新任独立董事。此项任命体现了董事会持续致力于 保持多元化的专业知识与创新视角，以有效指导公司不断演进的策略并监督未来的机遇与风险。此外， 李基培先生已被任命为董事会薪酬委员会成员。 ...

2月26日，港股市场早盘延续反弹。 截至发稿，恒生指数开盘报27019.74点，上涨254.02点，涨幅0.95%。 恒生科技指数开盘报5284.51点，上涨24.01点，涨幅0.46%。 携程集团-S（HK09961）公布财报，2025全年归母净利润332.94亿元，同比上升95.08%。 先声药业(HK02096)：2025财年收入约77亿元至78亿元，同比增约16.0%至17.6%。2025年财政年度将录 得归属于本公司权益股东的利润约13亿元至14亿元，同比增长80.1%至93.9%。 兖煤澳大利亚(HK03668)公布财报，2025年收入为59.49亿澳元，同比减少约13%；净利润4.4亿澳元，同 比减少约64%。期内自产煤的整体平均售价176澳元/吨，同比下降17%。可销售证实煤炭储量及可能煤 炭储量6.4亿吨，同比减少5.9%。受业绩下滑影响，早间该公司一度跌超10%。 其他方面，盘面上，科网股涨多跌少，联想、腾讯涨超1%，网易跌超1%。内房股活跃，越秀地产涨超 2%。锂电池板块部分高开，天齐锂业涨超6%。汽车股分化，比亚迪股份高开近1%。 后市展望： 中银国际认为，当前防范地产及相关风险仍是首 ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 本文资讯内容根据网络，冠通期货编辑整理而成，仅供投资者参考。 发布日期：2026/2/26 隔夜夜盘市场走势 1. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 0.14%报 5183.70 美元/盎司， COMEX 白银期货涨 1.95%报 89.21 美元/盎司。 2. 美油主力合约收跌 0.09% ...

Core Viewpoint - Ctrip Group announced a series of board changes effective from February 25, 2026, including the resignation of key executives and the appointment of new independent directors [1][5]. Group 1: Executive Changes - Fan Min has resigned from the position of director and president of the company [2][6]. - Ji Qi has also resigned from the position of director [2][6]. - The company has appointed Wu Yihong and Xiao Yang as new independent directors [3][7]. Group 2: Background of Key Figures - Ctrip was co-founded in 1999 by Liang Jianzhang, Shen Nanpeng, Fan Min, and Ji Qi, with Ji Qi playing a crucial role in team building and business model exploration during the early stages [4][8]. - Ji Qi graduated from Shanghai Jiao Tong University with a bachelor's degree in engineering mechanics and a master's degree in mechanical engineering, later leaving Ctrip in 2002 to pursue new entrepreneurial projects [4][8]. - Fan Min holds a master's degree in management from Shanghai Jiao Tong University and has held various senior positions at Ctrip from 2000 to 2013, including CEO [4][8].

Core Viewpoint - Ctrip Group reported its unaudited financial performance for Q4 and the full year of 2025, highlighting robust growth across international business segments and a significant increase in net profit due to investment gains [1][2][3] Financial Performance - In Q4 2025, Ctrip's net operating revenue reached 15.4 billion RMB, a year-on-year increase of 21%, driven by resilient travel demand. However, it saw a quarter-on-quarter decline of 16% due to seasonal factors [1][2] - For the full year 2025, net operating revenue totaled 62.4 billion RMB, marking a 17% year-on-year increase [1][2] Business Segment Performance - Q4 2025 accommodation booking revenue was 6.3 billion RMB, up 21% year-on-year, primarily due to growth in accommodation bookings, but down 22% quarter-on-quarter due to seasonal factors [1][3] - For the full year 2025, accommodation booking revenue amounted to 26.1 billion RMB, also a 21% year-on-year increase, accounting for 42% of total revenue [1][3] - Q4 2025 transportation ticketing revenue was 5.4 billion RMB, a 12% year-on-year increase, but down 15% quarter-on-quarter due to seasonal factors [1][3] - For the full year 2025, transportation ticketing revenue reached 22.5 billion RMB, reflecting an 11% year-on-year increase, making up 36% of total revenue [1][3] Profitability - The net profit for the full year 2025 was 33.4 billion RMB, compared to 17.2 billion RMB in 2024, with the increase largely attributed to investment gains of 19.9 billion RMB (approximately 2.8 billion USD) included in other income, compared to 1.1 billion RMB in 2024 [2][3] Strategic Focus - Ctrip's Executive Chairman Liang Jianzhang emphasized that inbound tourism is a key driver for expanding opportunities and promoting local community development, with ongoing investments in inbound tourism, social responsibility, and AI innovation to establish a solid foundation for sustainable long-term growth [2][3]

Core Insights - Ctrip Group reported a total net revenue of RMB 62.4 billion for the year 2025, representing a year-on-year increase of 17% [1] - The net profit attributable to Ctrip Group Limited reached RMB 33.294 billion, marking a significant year-on-year growth of 95.08% [1] - Basic earnings per share for ordinary shares stood at RMB 0.5062 [1] Revenue Breakdown - Accommodation booking revenue for 2025 was RMB 26.1 billion, up 21% year-on-year, accounting for 42% of total revenue [1] - Transportation ticketing revenue for 2025 amounted to RMB 22.5 billion, reflecting an 11% year-on-year increase, making up 36% of total revenue [1] - Revenue from vacation business for 2025 was RMB 4.7 billion, with an 8% year-on-year growth, contributing 7% to total revenue [1] - Business travel management revenue for 2025 reached RMB 2.8 billion, increasing by 13% year-on-year, representing 5% of total revenue [1]

相关上市企业：携程集团-S（09961）、阿里巴巴-W（09988）、华侨城Ａ（000069）、曲江文旅 （600706）、宋城演艺（300144）、桂林旅游（000978）等。 相关企业：北京世纪明德教育科技股份有限公司、长沙明珠国际旅游股份有限公司、北京中凯国际研学 旅行股份有限公司、北京青青部落教育科技有限公司、上海德智体美教育科技股份有限公司、北京执惠 旅游文化传播有限公司、北京美之旅国际旅行社有限公司、新东方教育科技集团有限公司等。 关键词：研学旅行行业产业链、研学旅行行业市场规模、研学旅行行业竞争格局、研学旅行行业发展趋 势 一、研学旅行行业相关概述 研学旅行是指通过旅游的方式进行研究和学习。通过老师带领学生集体旅游、同吃同住，走出校园、走 出课堂的方式进行学习，将学与游相结合，加深学习印象，目标是让学生在旅途中接触社会和自然，学 习课本外的知识，提高社会素养。研学旅行将学与游相结合，在旅行中学习，体验不同的学习生活，是 旅游业的一种创新，也是教育方式的创新。研学旅行产品按照资源类型分为知识科普型、自然观赏型、 体验考察型、励志拓展型、文化康乐型。 内容概要：近年来，我国研发旅行行业市场规模总体呈 ...