Core Viewpoint - Company maintains revenue expectations for 2025/2026 while raising non-GAAP net profit forecasts by 3% for both years due to better-than-expected cost control [1] Group 1: Financial Performance - Company reported Q1 2025 revenue of 13.8 billion, a 16% year-on-year increase, meeting consensus expectations; non-GAAP net profit reached 4.2 billion, exceeding market expectations by 9% due to controlled marketing expenses and favorable foreign exchange gains [2] - Non-GAAP net profit forecasts for 2025 and 2026 are adjusted to 16.4 billion and 18.9 billion respectively [1] Group 2: Domestic Tourism Demand - Domestic hotel booking revenue for Q1 2025 was 5.54 billion, a 23% year-on-year increase, surpassing market expectations; domestic hotel booking volume increased nearly 20% [3] - Company anticipates mid to low double-digit year-on-year growth in domestic hotel night volume for Q2 2025 [3] Group 3: International Travel Trends - During the May Day holiday, outbound hotel and flight bookings increased by 30%, with demand for destinations like Japan and Europe compensating for the slow recovery in Thailand [4] - Company expects a 15-20% year-on-year increase in outbound hotel and flight bookings for Q2 2025, returning to 120% of 2019 levels [4] Group 4: Trip.com Growth Strategy - Trip.com achieved over 60% year-on-year growth in international OTA bookings, with its revenue share rising to 13%; inbound travel bookings surged by approximately 100% [5] - Company plans to maintain investment in Trip.com, focusing on marketing in low-penetration markets and enhancing brand presence in the Middle East and Europe, with an expected operating profit margin of 28% for 2025 [5]

"近年来，江苏与日本经贸往来、人文交流密切，两地人员往来频繁。今年前4个月，前往日本出境游的 人数同比增长110.9%，日本已成为从江苏出境游的首选之地。"江苏出入境边防检查总站边防检查处处 长陈祥云介绍。 出境游步履不停，"看世界"热情高涨。5月14日，记者从江苏出入境边防检查总站获悉，今年1-4月， 122.5万内地居民从江苏口岸出入境，同比增长5.2%，其中选择前往日本16.6万人次，同比增长 110.9%。 统计数据显示，从江苏口岸出境游人员中，家庭亲子游、"银发"游、团队研学游为主要构成；出行时间 上，选择趁着春节等假期以及周末短途旅行的游客越来越多；出行方式上，随着国产邮轮拥抱世界，主 打沉浸式体验的乘坐邮轮出境游快速走热；出行方向上，日本、韩国、中国香港、中国澳门、泰国为江 苏口岸出境游热门目的地，占比超八成。 为便利内地居民出境游，保障旅客高效通关，江苏边检机关提前制定勤务保障方案，加强口岸流量监 测，适时增开查验通道，并在口岸现场设置"引导岗+咨询岗+帮扶岗"三岗联动服务台，引导符合条件 的旅客使用快捷通道便利通关，确保中国公民通关排队不超过30分钟，为出入境旅客提供安全便捷的通 关环境。 ...

Core Insights - The article highlights the increasing accessibility of air travel for young people in China, particularly those from smaller cities, through initiatives like the "First Flight" program by Qunar, which has seen significant growth in ticket purchases for first-time flyers [1][4][5] Group 1: Growth in Air Travel - In 2024, the number of travelers purchasing their first flight ticket on the Qunar platform increased by over 40% year-on-year, with first-time international travelers rising by 1.2 times [4] - Residents from third-tier and below cities saw a 35% increase in purchasing their first flight ticket, marking the highest growth in five years [4] - The demographic driving this growth primarily consists of students aged 19-23 and young adults aged 24-33 [4] Group 2: Impact of Infrastructure Development - The development of small airports and regional routes has made air travel more accessible, allowing more young people to experience their first flight [5] - The "First Flight" initiative covered 50 airports, half of which are small airports, facilitating travel to less accessible regions [5] - The lowering of travel barriers, such as visa-free travel to more countries, has contributed to a 2.5 times increase in first-time international flights among residents of third-tier and below cities [5] Group 3: Significance of First Flights - The article emphasizes that while 156 first flights are a small fraction of the millions of flights taken annually, they hold significant personal value for many individuals [5][6] - The experiences gained from these first flights are portrayed as transformative, fostering a sense of hope and ambition among young travelers [6]

Core Insights - The WeChat team reported a significant increase in both outbound tourism and foreign visitors to China during the May Day holiday, indicating a robust recovery in travel and consumer spending [1] Group 1: Outbound Tourism - Outbound tourism from mainland residents saw a 37% year-on-year increase in WeChat payment transaction volume during the holiday [1] - The trend of "dual outbound travel" emerged as a new highlight for this year's May Day holiday [1] Group 2: Inbound Tourism - Foreign visitors to China experienced a nearly twofold increase in both transaction volume and amount spent via WeChat payments during the first three days of the holiday [1] - Hong Kong residents traveling to mainland China also doubled their transaction volume and spending compared to the same holiday period last year [1] Group 3: Overall Consumer Trends - WeChat payment transaction volume increased by over 10% during the holiday, with high-speed rail travel, public transportation, and dining showing the highest growth rates [1] - Cities such as Dongguan, Suzhou, and Foshan entered the top 10 for national consumption heat, alongside Chengdu, Chongqing, and Hangzhou [1]

Group 1 - Alipay has launched "Global Adventure Season" and 10 deep travel smart recommendation routes in response to the peak of cross-border travel during the "May Day" holiday [1] - Alipay+ has partnered with over 150 popular business districts in 15 cities in China to promote inbound payment convenience on various overseas e-wallets [1][2] - The new outbound travel AI assistant helps users plan their itineraries based on their travel destination, time, habits, and preferences [1] Group 2 - Popular outbound travel destinations for the "May Day" holiday include Hong Kong, Macau, Japan, South Korea, Singapore, Malaysia, the United States, France, Italy, and Australia [1] - Alipay+ collaborates with seven major overseas e-wallets to promote inbound payment convenience for tourists visiting China [2] - Discounts are offered to inbound tourists through Alipay's popular merchants, with a minimum spending of 20 yuan to receive promotional vouchers [2]