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].

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 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]

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 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：雷递 雷递网 乐天 2月26日 携程（股份代码：9961）今日宣布，范敏已辞任公司董事兼总裁职务，季琦已辞任公司董事职务。 携程称，作为公司联合创始人，范敏与季琦对公司的创立、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。 携程4个联合创始人分别为公司董事长梁建章、范敏、季琦、红杉资本合伙人沈南鹏，2019年10月，携 程举办了20周年庆，梁建章、沈南鹏、季琦和范敏再度聚首，他们被称为携程四君子——"青春激荡， 拍马相聚，商场当歌，所向披靡。" 沈南鹏在现场回忆说，携程最早的时候，做融资、并购不容易，做C轮融资时非常艰难，因为这个时候 风险投资不再青睐互联网公司。"但大家对我们四个人团队的信任，让我们走出比较艰难的、充满了挑 战的时刻。" 季琦说，四个人1999年在天文大厦创业，当时沈南鹏有钱、梁建章有技术，后来大家慢慢自立门户，梁 建章坚守在携程，季琦的酒店做得也很好。 "华住的成长从一开始就得到携程的大力支持，我们也跟艺龙、去哪儿协作，华住始终跟携程 ...

We recently published an article titled 10 Best Cruise Stocks to Buy Right Now. On January 21, Citi lowered its price target on MakeMyTrip Limited (NASDAQ:MMYT) to $96 from $108 while maintaining a Buy rating following the company’s third-quarter results. Although estimates were revised to reflect more conservative margin assumptions, the firm characterized underlying growth as solid, given a challenging operating environment, and views the current valuation as attractive. In the same quarter, MakeMyTri ...

Core Insights - MakeMyTrip has experienced a strong recovery in travel demand during Q3 of fiscal 2026, driven by the festive season and long weekends, despite a temporary disruption in December due to new flight duty time limitation rules [4][7] - The company reported its first quarter with over $50 million in adjusted operating profit and $51.4 million in adjusted net profit, with a significant cash position of over $800 million [5][19] - AI-driven innovations, particularly the Myra trip-planning assistant, have enhanced customer interactions and service efficiency, with over 50,000 conversations daily and a high quality score [1][6] Financial Performance - MakeMyTrip achieved an adjusted operating profit of $50.7 million, marking a significant milestone, and reported an adjusted diluted EPS increase of 33% year-over-year [5][17] - The company repurchased approximately $46.1 million in securities during the quarter, indicating strong capital management [19] - Adjusted margins in air ticketing reached $107.9 million, up 20.4% year-over-year, while hotel and package volumes grew by 20.3% year-over-year [18] Product and Service Innovations - The Myra AI assistant has been pivotal in enhancing customer engagement, with 72% of interactions rated as "good" and a notable increase in voice-led interactions in tier-two cities [1][6] - MakeMyTrip has expanded its offerings to include over 200,000 bookable activities across 1,100 cities globally, aligning with its "one-stop-shop" strategy [8] - The introduction of an end-to-end visa guidance feature has shown strong engagement and improved conversion rates in international travel [10] Market Trends and Segment Performance - Domestic air ticketing saw a 2% year-over-year growth in daily departures in October and 5% in November, although December experienced a 5% decline due to regulatory changes [9] - The accommodation segment reported a 20.3% year-over-year volume growth, supported by leisure demand and a GST reduction on hotel rooms [11] - Corporate travel also saw growth, with active corporate customers on MyBiz increasing to over 77,500 [15] Strategic Outlook - Management emphasized ongoing product innovation through AI, which is expected to enhance all aspects of the customer journey [2] - The company anticipates that full recovery of domestic air supply may extend into the next fiscal year due to recent disruptions [7][21] - MakeMyTrip is focused on protecting and growing its direct traffic, particularly through its mobile app, amidst increasing competition in the AI space [21]

Industry Overview - The Zacks Internet - Delivery Services industry is facing challenges due to macroeconomic uncertainty, inflationary pressures, and high interest rates, which are expected to negatively impact demand in the near term [1][2] - Companies in this sector are experiencing increased costs from aggressive hiring and heavy investments in sales and marketing, which may affect margins [2] Growth Opportunities - Despite current challenges, companies like GoDaddy, MakeMyTrip, and QuinStreet are well-positioned for growth by adapting to changing consumer preferences and expanding into emerging markets [3] - The rise in smartphone usage and improved internet access are creating significant opportunities for the industry, with 4G and emerging 5G technology enhancing user experiences [5] Consumer Trends - A shift in consumer preferences towards convenience and online services is expected to benefit the industry, particularly in food ordering and travel booking [6] - However, overall industry health is closely tied to consumer spending, which may be affected by economic slowdowns [6] Technological Advancements - Innovations such as smart routing algorithms and real-time GPS tracking are enhancing customer experiences and operational efficiencies, providing a competitive edge to early adopters [7] Risks from Tariffs - The industry may face indirect impacts from tariff wars, which could lead to reduced spending from small businesses and startups, ultimately affecting revenue growth and margins [8] Profitability Challenges - High upfront costs associated with expansion strategies may hinder profitability, especially as competition intensifies from major tech companies like Amazon and Alphabet [9][10] Industry Performance - The Zacks Internet - Delivery Services industry ranks 201, placing it in the bottom 17% of nearly 250 Zacks industries, indicating dim near-term prospects [11][12] - The industry has underperformed the S&P 500, declining 24.5% over the past year, while the S&P 500 and broader sector have increased by 15.1% and 19.6%, respectively [16] Valuation Metrics - The industry is currently trading at a forward 12-month price-to-sales (P/S) ratio of 1.41X, significantly lower than the S&P 500's 5.18X and the sector's 6.37X [19] Company Highlights - **GoDaddy (GDDY)**: Focused on cloud-based technology products for small businesses, benefiting from strong momentum in its Applications & Commerce business and expanding global footprint [24][25] - **MakeMyTrip (MMYT)**: Leading online travel agency in India, capitalizing on the booming travel industry and expanding middle class, though facing a downward revision in earnings estimates [29][31][33] - **QuinStreet (QNST)**: Positioned to benefit from the shift to online business models, with an upward revision in earnings estimates reflecting positive ad spending trends [35][36]

Core Insights - India's largest hotel chains are focusing on curated luxury stays in unique locations to differentiate themselves in a crowded travel market [1] - The trend is driven by high-spending travelers seeking fresh and authentic experiences away from popular tourist destinations [2] Company Strategies - Indian Hotels Co., owner of the Taj brand, is aggressively expanding its portfolio, recently acquiring a majority stake in Sparsh Infratech Pvt. and partnering with boutique chain Brij [3][4] - Leela Palaces Hotels and Resorts Ltd. and boutique operators like Untitled Hotels & Resorts Pvt. are also expanding into lesser-known locations to keep pace with market demands [4] Market Potential - Analysts suggest that the luxury segment in offbeat locations could surpass the broader leisure travel market, providing alternatives for affluent Indians who prefer not to travel abroad [5] - The local travel agency WanderOn projects the segment to reach $45 billion by 2027, reflecting global trends [6] Growth Metrics - Cleartrip Pvt. reported a 300% growth in wellness-focused offerings in Q3 compared to the previous year, indicating a strong market shift [7] - Makemytrip Ltd. noted a 15% increase in packages featuring boutique properties, with nearly one-third of local holiday packages now including niche stays [8] Consumer Trends - The demand for unique travel experiences is growing, with offerings like dolphin watching and guided heritage walks becoming popular [8] - Aahana Forest Resort near Jim Corbett National Park is experiencing increased visitor numbers due to worsening pollution in Delhi, expecting a 20% revenue growth [11] Environmental Considerations - The rise in tourism is raising concerns about ecological damage, as India is now the third-largest source of tourism-related greenhouse emissions [9] - Overtourism has led to unregulated construction in fragile ecosystems, prompting calls for government intervention [10]

Core Insights - FinanceAsia's annual Achievement Awards recognize excellence in Asia's financial markets, focusing on Deal Awards and House Awards to highlight key players' accomplishments in the Asia Pacific and Middle East regions [1][2]. Deal Awards Summary Best Bond Deals - Hysan's subordinated perpetual securities and junior subordinated bond private placement recognized as a top deal in APAC [4][7]. - Scentre Group's A$650 million hybrid issue noted in Australia [4]. - China Modern Dairy Holding Ltd's $350 million senior unsecured sustainability bond issuance highlighted in China Offshore [5]. Best Digital Bond Deals - Zhuhai Huafa Group Co Ltd.'s guaranteed digitally native bonds due 2027 recognized in China Offshore [13]. - BoComm Digital's floating rate digitally native notes acknowledged in Hong Kong SAR [13]. Best Equity Deals - CATL's $5.3 billion IPO recognized as a leading deal in APAC [15][16]. - Hyundai Motor India's $3.3 billion IPO noted in India [16]. Best Infrastructure Deals - La Gan Offshore Wind Project's $10 billion renewable energy development recognized in APAC [20]. - Central West Orana Renewable Energy Zone noted in Australia [20]. Best IPOs - CBS' VND10.8 trillion IPO recognized in APAC [25]. - Virgin Australia's A$685 million IPO highlighted in Australia [25]. Best Islamic Finance Deals - Perbadanan Bekalan Air Pulau Pinang's MYR300 million sustainability sukuk wakalah recognized in APAC [30]. - Republic of Indonesia's $2.2 billion sukuk sustainability bond noted in Indonesia [30]. Best M&A Deals - Reliance Industries and Walt Disney's merger of Indian media assets recognized in APAC [31][34]. - Chemist Warehouse's merger with Sigma Healthcare noted in Australia [31]. Best Private Equity Deals - KKR's acquisition of FUJI SOFT recognized in APAC [38]. - Access Healthcare's sale to New Mountain Capital highlighted in the US [39]. Best Project Finance Deals - Financing solution for Ørsted's offshore wind projects in Taiwan recognized in APAC [40]. - PHP150 billion senior secured term loan facility for Terra Solar Philippines noted in the Philippines [43]. Best Sustainable Finance Deals - AirTrunk's S$2.25 billion green loan for new hyperscale data centre development recognized in APAC [54]. - Kingdom of Thailand's inaugural THB30 billion sustainability-linked bond noted in Thailand [59].