Investment Rating - The report maintains a rating of "Buy" for Ctrip Group (9961) [6][10] Core Insights - The financial performance aligns with expectations, with stable domestic operations and increased resource allocation towards overseas market expansion [2][10] - The revenue growth for Q4 2025 was 20.84%, with adjusted net profit increasing by 14.68% [10] - The company is focusing on enhancing its competitive advantage while expanding internationally, despite regulatory concerns [10] Financial Summary - Revenue projections (in million RMB): - 2024A: 53,377 - 2025A: 62,510 (+19.78%) - 2026E: 69,866 (+11.77%) - 2027E: 81,993 (+17.36%) - 2028E: 94,864 (+15.70%) [4] - Adjusted net profit projections (in million RMB): - 2024A: 18,041 - 2025A: 31,839 (+38.02%) - 2026E: 18,530 (-41.80%) - 2027E: 20,261 (+9.34%) - 2028E: 22,799 (+12.53%) [4] - Adjusted EBITDA projections (in million RMB): - 2024A: 17,070 - 2025A: 18,888 (+10.65%) - 2026E: 20,180 (+6.84%) - 2027E: 23,928 (+18.58%) - 2028E: 27,684 (+15.70%) [4] Market Performance - The current stock price is HKD 411.40, with a market capitalization of HKD 293,552 million [6][7] - The stock has a 52-week price range of HKD 400.40 to HKD 609.00 [7] Strategic Focus - The company is reallocating resources to enhance its international market presence, with a focus on travel and accommodation bookings [10] - The management is controlling costs while increasing marketing expenditures for overseas expansion, resulting in a sales expense ratio of 28.5%, the highest in two years [10]

稳健经营，加大海外拓展 携程集团-S(9961) 携程集团 2025Q4 业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 于清泰(分析师) | 021-38022689 | yuqingtai@gtht.com | S0880519100001 | 本报告导读： 财报表现符合预期，国内经营平稳，更多资源投入到海外市场拓展。 投资要点： | 风险提示：政策及监管风险，行业竞争风险，海外目的地风险。 | | --- | | 财务摘要(百万人民币) | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 53,377 | 62,510 | 69,866 | 81,993 | 94,864 | | (+/-)% | 19.78% | 17.11% | 11.77% | 17 ...

Group 1: Global Tourism Trends - In January, the UNWTO predicts a slowdown in global tourism growth to 3%-4% by 2026 after three years of rapid growth, although the overall growth trend remains positive [2] - Major sporting events like the Milan Winter Olympics and the FIFA Men's World Cup in North America will provide new momentum for the global tourism market in 2026 [2] Group 2: US Tourism Insights - The WTTC reports a projected decline of $12.5 billion in international tourist spending in the US by 2025, making it the only country among 184 analyzed to forecast negative growth in international tourist spending last year [3] - The expected international tourism revenue for the US in 2025 is approximately $169 billion, significantly lower than the 2019 peak and lagging behind global tourism growth [3] Group 3: France's Tourism Outlook - France anticipates receiving approximately 102 million international visitors in 2025, a record high, with tourism revenue expected to reach around €77.5 billion, a year-on-year increase of about 9% [4] - The primary source markets for visitors to France remain European countries, with notable growth from North America [4] Group 4: UK Tourism Projections - The UK expects a significant increase in international visitors, with a forecast of £34.6 billion in spending by 2025, marking a 6% increase from 2024 [5] - The number of Chinese visitors to the UK is projected to reach 667,000 in 2026, a 28% increase from 2025, contributing £1.3 billion to the UK economy [5] Group 5: Asia-Pacific Tourism Developments - Australia expects around 1.04 million Chinese visitors by the end of 2025, showing recovery but still below the 1.4 million peak in 2019 [7] - Singapore's international visitor numbers in January reached 1.5 million, a decrease of 8% compared to the same period in 2025, primarily due to seasonal adjustments [7] Group 6: China's Domestic Tourism Growth - In January, China's Ministry of Culture and Tourism reported that domestic travel is expected to reach 6.522 billion trips in 2025, a year-on-year increase of 16.2% [9] - Domestic travel spending is projected to reach ¥6.3 trillion, up 9.5% from the previous year, with urban residents contributing ¥5.3 trillion and rural residents ¥1 trillion [9] Group 7: Corporate Changes in Tourism - Seven tourism companies experienced significant personnel changes in January, including the appointment of Wu Xiaoxia as CFO of Zhejiang Cultural Industry Group [12] - The board of directors of Emei Mountain A appointed Xu Ladi as chairman and Tong Jianming as general manager [12] Group 8: Investment and Equity Changes - Guilin Tourism acquired a 35% stake in Guilin Guizhen Investment Co., making it a wholly-owned subsidiary [17] - Hainan Tourism Investment Group plans to transfer 100% of its leisure company for ¥224 million, expecting a profit of approximately ¥198 million from the transaction [17] Group 9: Key Project Developments - In January, 206 key tourism projects were signed, including the opening of the Western International Short Video Base in Shaanxi and the launch of the Lan Ya Bay Scenic Area in Henan [20] - The signing of the World Fun Carnival project in Tianjin marks a significant investment in the local tourism sector [22] Group 10: Financial Performance of Tourism Companies - Guilin Tourism expects a net profit of ¥11 million for 2025, marking a return to profitability [37] - Jinma Leisure anticipates a net profit of ¥67 million to ¥86 million, representing a significant year-on-year increase [37] - Huashang City expects a net loss of up to ¥15.5 billion for 2025, widening from a loss of ¥8.66 billion in 2024 [42]

截至9月30日，众信旅游股东户数6.53万，较上期减少8.27%；人均流通股12630股，较上期增加9.01%。 2025年1月-9月，众信旅游实现营业收入52.41亿元，同比增长10.96%；归母净利润6701.86万元，同比减 少45.73%。 分红方面，众信旅游A股上市后累计派现1.12亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年9月30日，众信旅游十大流通股东中，富国中证旅游主题ETF（159766）位 居第六大流通股东，持股1393.57万股，相比上期增加501.33万股。香港中央结算有限公司位居第九大流 通股东，持股630.45万股，相比上期减少1576.96万股。 2月25日，众信旅游涨0.80%，成交额1.76亿元。两融数据显示，当日众信旅游获融资买入额1973.42万 元，融资偿还2769.77万元，融资净买入-796.36万元。截至2月25日，众信旅游融资融券余额合计4.38亿 元。 融资方面，众信旅游当日融资买入1973.42万元。当前融资余额4.38亿元，占流通市值的5.87%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，众信旅游2月25日融券偿还24 ...

从目的地来看，节后淡季国内热门飞行目的地为：上海、北京、成都、广州、深圳、昆明、重庆、哈尔 滨、杭州、三亚。 春节假期结束，全国多地机票价格显著回落，错峰出游热潮随之升温。记者从多家在线旅游平台及旅行 社了解到，国内文旅市场热度或将延续至3月上旬。 2月25日，去哪儿旅行数据显示，国内航线机票均价自2月23日触顶后开始下行。从目前的预订数据来 看，机票价格至3月13日降至低点，相比春节期间均值下降超50%。 以2月25日为例，多条热门航线价格相较春节期间降幅明显。北京至成都票价约578元，相较春节期间均 值降幅达32%；深圳至北京约762元，降幅达36%；广州至成都约451元，降幅达50%；上海至广州约460 元，降幅达50%；上海至深圳约563元，降幅达35%。 海南方向的机票价格同步大幅回落，在线旅游平台数据显示，2月25日，北京至三亚机票均价585元，相 较春节期间均值降幅达66%；北京至海口均价527元，降幅达58%；上海至三亚均价479元，降幅达 63%；上海至海口均价410元，降幅达61%。此外，广州至三亚、桂林至三亚、重庆至海口、成都至海 口、深圳至海口、广州至海口等热门航线，机票均价已跌破50 ...

在住宿端，同程旅行数据显示，游客于2月24日入住的国内酒店中，高品质酒店的热度明显高于其他类 型的住宿产品。其中，60岁以上的老年人预订占比较去年同期增长超过30%。 部分航线价格相较春节期间均值下降超六成 本报记者 梁傲男 春节假期结束，全国多地机票价格显著回落，错峰出游热潮随之升温。记者从多家在线旅游平台及旅行 社了解到，国内文旅市场热度或将延续至3月上旬。 2月25日，去哪儿旅行数据显示，国内航线机票均价自2月23日触顶后开始下行。从目前的预订数据来 看，机票价格至3月13日降至低点，相比春节期间均值下降超50%。 以2月25日为例，多条热门航线价格相较春节期间降幅明显。北京至成都票价约578元，相较春节期间均 值降幅达32%；深圳至北京约762元，降幅达36%；广州至成都约451元，降幅达50%；上海至广州约460 元，降幅达50%；上海至深圳约563元，降幅达35%。 海南方向的机票价格同步大幅回落，在线旅游平台数据显示，2月25日，北京至三亚机票均价585元，相 较春节期间均值降幅达66%；北京至海口均价527元，降幅达58%；上海至三亚均价479元，降幅达 63%；上海至海口均价410元，降幅达 ...

众信旅游（002707.SZ）2月25日在投资者互动平台表示，今年春节假期，公司出境游产品的预订量较去 年同期实现增长。同时，海外版官网通过国际化界面设计、多语种支持及定制化服务，有效对接了全球 游客的赴华旅游需求，网站浏览量及用户咨询量均呈现上升趋势。具体情况请关注公司在巨潮资讯网上 披露的定期报告及公告。 （记者 张明双） 每经AI快讯，有投资者在投资者互动平台提问：贵公司春节假期出境旅游、服务类的预定单近日是否 有大量增加？贵公司还推出了全新海外版官方网站，目前该网站的浏览点击量、下单量如何？ ...

证券日报网讯2月25日，众信旅游（002707）在互动平台回答投资者提问时表示，公司现已成功将阿里 通义千问大模型与公司U护航等AI智能服务平台相互融合，实现了服务能力的进阶式升级，为门店提升 了服务效率，为客户优化了用户体验，为核心业务板块注入了全新价值。未来，双方将致力于"资源 +渠道+技术"的产业链共建，进一步增强线上线下（300959）一体化的业务模式与服务体系，打造行业 生态新范式，释放行业增长新动能。 ...

Core Insights - The tourism market in Xinjiang, particularly in the Altay region, has seen a significant surge in popularity during the 2026 Spring Festival, with a 27% increase in domestic flight bookings compared to the previous year, and a 66% increase for Altay specifically [5][6][9] - The total number of tourists in Xinjiang is projected to reach 323 million in 2025, with a tourism expenditure of 370 billion yuan, marking an 8% year-on-year increase [5] - The accommodation market in Xinjiang is undergoing a transformation, with high-end brands and local特色住宿 competing for customers [6][13] Tourism Growth - During the 2026 New Year holiday, Xinjiang received 1.68 million tourists, generating a total tourism expenditure of 1.53 billion yuan [8] - The demand for winter tourism in Xinjiang has been fueled by the opening of multiple ski resorts and improved transportation infrastructure, such as the opening of the Ahe Highway [9][12] - The local tourism industry has experienced a growth rate of 15%-20% in recent years, indicating a turning point for Xinjiang tourism since 2023 [9] Accommodation Market Dynamics - The overall price of local travel services in Xinjiang has increased by 30%-50% during the Spring Festival, driven by high demand and limited resources [14] - Hotel bookings in Xinjiang have surged by 53% year-on-year, with some areas like Ili seeing a 100% increase [15] - High-end hotel bookings have increased by nearly 80% during the Spring Festival, reflecting a growing preference for standardized and quality accommodations [15][16] Competitive Landscape - The entry of international hotel brands such as InterContinental, Marriott, and Hilton is reshaping the accommodation landscape in Xinjiang, which has historically had a low chain hotel penetration rate [16][19] - The rapid expansion of hotel chains is expected to continue, with over 40 projects planned to open in the near future [17] - The competition between high-end hotels and traditional local accommodations, such as snow cabins, is intensifying, with many tourists willing to pay a premium for reliable services [20][21] Future Outlook - The influx of capital and the establishment of standardized hotel brands are likely to drive down accommodation prices in the long term, creating a more competitive market [26][27] - By 2026, more international and domestic hotel brands are expected to establish a presence in Xinjiang, potentially leading to a significant industry reshuffle [27]

Core Viewpoint - The article highlights the competitive landscape of travel platforms during the peak travel season of the Spring Festival, showcasing various promotional strategies to attract customers and enhance their travel experience. Group 1: Ride-Hailing Services - Didi Chuxing is offering discounts of up to 40% in over 100 cities, with limited-time coupons available for users starting February 6 [1] - Dida Travel emphasizes social connections with its "hometown language" campaign, rewarding drivers and passengers who share the same hometown tag [2] Group 2: Air Travel - Fliggy launched a new marketing initiative called "Travel 24 Seasons," offering travel vouchers and prizes for participants [3] - Spring Airlines is using big data to provide cost-saving strategies, including new routes and discounted tickets, with one-way fares as low as 230 yuan [3] Group 3: Unique Travel Services - Haikou Group introduced five special sightseeing bus routes for the New Year, integrating transportation with cultural tourism [4] - Zhongxin Tourism launched a "World Reunion Year" campaign with a travel package valued at 2026 yuan, offering various discounts and prizes [4] Group 4: Industry Trends - The article identifies key trends in the travel industry, including unprecedented discount levels, diverse promotional strategies, and a focus on personalized services to meet specific customer needs [5]