Summary of Conference Call on Inbound Tourism Prospects and Investment Opportunities Industry Overview - The conference call focused on the inbound tourism industry in China, highlighting its significant recovery and growth potential post-pandemic [1][2][4]. Key Insights and Arguments Inbound Tourism Growth - In the first half of 2025, the growth rate of foreign tourists reached 30%, with tourism service exports increasing by nearly 70% [1][2]. - By June 2025, the dollar value of tourism exports had reached 160% of pre-pandemic levels, with a year-on-year growth rate of nearly 50% [1][2]. - Inbound tourism is expected to contribute significantly to China's GDP, with projections of cumulative inbound tourism revenue reaching $2-4 trillion over the next decade, potentially increasing its GDP contribution from less than 1% to nearly 2% [1][4]. Infrastructure and Technological Improvements - China has enhanced its infrastructure, including transportation and cultural sites, and improved software aspects such as airline connectivity and payment convenience [1][5]. - AI technology is being utilized to reduce language barriers, and the expansion of visa-free entry is expected to further boost inbound tourism [1][5]. Impact on the Aviation Industry - The aviation sector is benefiting from the expansion of international flight capacity and increased revenues, although it faces challenges such as aircraft delivery delays and maintenance capacity issues [1][7]. - Current high capacity utilization rates are leading to a demand structure deterioration, with a recommendation to hold airline stocks until a price inflection point is reached [1][8]. Hotel Industry Opportunities - Inbound tourism is projected to generate approximately $15 billion in revenue for the hotel industry in 2024, increasing to $65 billion by 2034 [2][9]. - High-end hotels are particularly benefiting from foreign tourists, who spend significantly more than domestic travelers [10][11]. - International hotel brands are rapidly expanding in China, with a significant portion of their business focused on high-end offerings [12][13][14]. Retail Sector Benefits - Inbound tourism has a notable positive impact on the retail sector, with Chinese brands gaining prominence and competitive pricing attracting foreign consumers [16]. - The introduction of a "buy and return" policy and the opening of the Hainan Free Trade Port are expected to further stimulate retail growth [16][17]. OTA Platforms and Market Position - Ctrip's inbound tourism business is experiencing triple-digit growth, primarily driven by tourists from the Asia-Pacific region [18][20]. - The company aims to increase its overseas and outbound business to account for half of its revenue in the foreseeable future, indicating significant growth potential [21]. Cathay Pacific's Position - Cathay Pacific is expected to benefit from the growth in inbound tourism, as Hong Kong serves as a major transit hub for international travelers [22][23]. Additional Important Points - The hotel industry's revenue growth is expected to be driven by high-end and ultra-high-end hotels, with a notable resilience in RevPAR compared to budget hotels [10][11]. - The retail sector's growth is supported by favorable policies and the increasing attractiveness of Chinese products to foreign consumers [16][17]. - Ctrip's strategic initiatives, including enhancing its service offerings and marketing efforts, are aimed at improving its profitability and market share in the inbound tourism segment [20][21].

Group 1 - The inbound tourism market in China is experiencing significant growth, with foreign travelers increasingly engaging in deep travel experiences across 144 cities, including 16 new destinations this year [1] - Notable new destinations for foreign tourists include Ganzi in Sichuan, Zhangye in Gansu, Anqing in Anhui, and Aksu in Xinjiang, indicating a broader travel radius and deeper exploration by international visitors [1] - The China Bank has introduced an innovative SIM card for foreign visitors, integrating payment, communication, and transportation functions, allowing for seamless digital RMB payments and public transport access in Beijing [1] Group 2 - The China Bank's platform offers various applications for foreign visitors, including food, tourism, navigation, and shopping, enhancing the overall consumer experience [1] - A special immediate refund point was established at the China Bank booth during the service trade fair, significantly improving the shopping experience for foreign visitors [1]

Group 1 - The core viewpoint of the article highlights the successful implementation of upgraded services for foreign tourists in China, including advanced SIM cards and smart travel maps, enhancing their travel experience [1][5] - The introduction of a "one-click tax refund" feature allows foreign tourists to receive refunds in as little as 2 minutes after scanning, showcasing the efficiency of the new services [3] - The information communication theme exhibition has successfully created ten application service scenarios for international visitors, with over 6,000 services provided monthly in Beijing alone [7] Group 2 - China's ongoing efforts to optimize visa-free policies and improve tax refund processes have led to a significant increase in foreign visitors, with 13.64 million foreign tourists entering the country in the first half of 2025, marking a 53.9% year-on-year growth [9] - The "World Tourism City Development Report (2024-2025)" recognized Beijing, Hangzhou, Shanghai, Macau, and Hong Kong among the top ten cities globally for their smart tourism, digital infrastructure, and inbound facilitation [9]

Group 1 - The 2025 China International Service Trade Fair has seen a significant increase in popularity for its special exhibition area focused on inbound tourism for foreign visitors [1] - The upgraded "super SIM card" and smart travel maps have enhanced the experience for foreign tourists, allowing for seamless payment and navigation [3][5] - The "one-click tax refund" feature enables foreign tourists to receive refunds in as little as 2 minutes after scanning, showcasing the efficiency of the services provided [5] Group 2 - In the first half of this year, the number of foreign visitors entering China under visa-free policies reached 13.64 million, marking a year-on-year increase of 53.9% [7] - Major Chinese cities such as Beijing, Hangzhou, Shanghai, Macau, and Hong Kong have ranked among the top ten globally in terms of smart tourism, driven by investments in digital infrastructure and inbound facilitation [7]

Core Viewpoint - The 2025 China International Service Trade Fair highlights significant advancements in services for foreign tourists, showcasing innovations like upgraded SIM cards and smart travel maps that enhance the travel experience in China [1][13]. Group 1: Innovations in Travel Services - The "super SIM card" integrates payment, communication, and travel functions, significantly improving the experience for foreign visitors [3][5]. - The introduction of "one-click tax refund" allows tourists to receive refunds in as little as 2 minutes after scanning a code [7]. Group 2: Increased Tourist Influx - In the first half of this year, the number of foreign visitors entering China without a visa reached 13.64 million, marking a 53.9% year-on-year increase [13]. - The ongoing optimization of visa-free policies and tax refund processes is aimed at enhancing the convenience for international tourists [13]. Group 3: Global Recognition - Beijing, Hangzhou, Shanghai, Macau, and Hong Kong have been ranked among the top ten cities globally for their smart tourism and digital infrastructure, according to the "World Tourism City Development Report (2024-2025)" [13].

"有意思的是，此前平台并无英文版，但已吸引不少外国朋友通过中文版下单。"去哪儿相关负责人坦 言，我们调研得知，许多外国朋友是通过中国朋友帮忙，在去哪儿平台上代订的。这也促使我们决心上 线英文版，更好地满足外国朋友的需求。 去哪儿旅行App平台数据显示，日本、韩国、越南、马来西亚、泰国、新加坡、澳大利亚、俄罗斯、加 拿大和美国构成今年上半年入境游十大客源国。外国游客的预订已覆盖国内百余个城市，其中上海、北 京、广州、成都、深圳、杭州、厦门、青岛、海口和昆明是最受外国朋友欢迎的目的地TOP10。 随着英文版的上线，去哪儿旅行也帮助外国朋友深入打卡了更多中国城市。数据显示，在平台上，今年 暑期外国游客预订机票前往的城市数量达到144个，同比去年增加16个，新增的目的地大多是自然景观 优美又比较凉爽的宝藏小城，如四川甘孜、甘肃张掖、安徽安庆、湖北恩施、新疆阿克苏等。 其中，暑期外国游客机票预订量增长最快的前20个城市中，全部为三线及以下城市，入境游机票预订增 速TOP10目的地分别为：山西大同、浙江舟山、内蒙古鄂尔多斯、安徽黄山、新疆伊宁、云南腾冲、浙 江义乌、新疆喀什、山西运城、湖北宜昌。外国游客前往浙江义乌的机票 ...

Core Insights - Shanghai has become a key entry point for international tourists to China, leveraging its strong transportation network and international economic status [1] - The region has implemented various measures to enhance the experience of inbound travelers, including free half-day tours and extended travel packages [1] - Recent policies have significantly boosted the inbound tourism market, with a notable increase in bookings and visitor numbers [1] Group 1: Inbound Tourism Development - The Shanghai Hongqiao Airport Economic Demonstration Zone has attracted over 4,000 enterprises, serving as an important window for service industry openness [1] - The inbound tourism market is recovering, with Ctrip reporting over 100% year-on-year growth in inbound travel bookings for the first half of 2025 [1] - National inbound visitor numbers have increased by 30%, with 71% of tourists coming from visa-exempt regions [1] Group 2: Visitor Experience Enhancement - Companies are establishing free half-day tour service counters at Shanghai airports, expanding from local tours to cross-province deep travel products [1] - A recent survey indicates that tourists from Japan and South Korea appreciate China's cultural heritage and infrastructure, but face challenges such as language barriers and payment issues [2] - Companies are utilizing AI technology and multilingual customer service to address the diverse needs of international visitors [2] Group 3: Collaboration and Optimization - Enterprises are forming overseas research teams to analyze the differentiated needs of various tourist markets and provide optimization suggestions [2] - There is a commitment to collaborate with local governments and industry partners to further improve the inbound tourism service environment [2] - The focus is on sharing insights and best practices with domestic destinations to enhance the overall visitor experience [2]

Core Insights - The online travel platform Qunar has launched an English version to better serve foreign tourists, which was showcased at the 2025 China International Fair for Trade in Services [1] Group 1: Product Launch and Features - Qunar's English version was launched in July, offering services for hotel, flight, train, ticket, and vacation bookings in English [1] - Users can easily switch languages in the app settings, ensuring a seamless experience from search to payment [1] Group 2: User Growth and Market Impact - Since the launch on July 15, the app has seen an increase in users from nine new countries, including Morocco, Iran, Uzbekistan, and Sudan [1] - There has been a significant increase in inbound travel orders, with August orders rising nearly 70% compared to July [1] Group 3: Popular Destinations - The app's data indicates that foreign tourists are booking in over 100 domestic cities, with Shanghai, Beijing, Guangzhou, Chengdu, Shenzhen, Hangzhou, Xiamen, Qingdao, Haikou, and Kunming being the top 10 most popular destinations [1]

Group 1 - The core viewpoint is that Qunar Travel has launched an English version of its platform to better serve foreign tourists, which was showcased at the 2025 China International Fair for Trade in Services [1] - The English version was launched in July and offers services for hotel, flight, train, ticket, and vacation product bookings [1][3] - Since the launch on July 15, the app has seen an increase in users from nine new countries, including Morocco, Iran, Uzbekistan, and Sudan, with inbound travel orders rising by nearly 70% in August compared to July [4] Group 2 - The English version of Qunar Travel provides a full-service process from search to payment, matching the offerings of the Chinese version [3][4] - The app's data indicates that foreign tourist bookings cover over a hundred domestic cities, with Shanghai, Beijing, Guangzhou, Chengdu, Shenzhen, Hangzhou, Xiamen, Qingdao, Haikou, and Kunming being the top ten most popular destinations [4]

Group 1 - The popularity of "China Travel" is on the rise, with multiple exhibitors showcasing inbound travel service solutions at the service trade fair [1] - "Changyoutong" is a terminal device launched by Beijing Bank, China UnionPay, and Beijing Unicom, which supports SIM card insertion and banking services, providing mobile Wi-Fi, translation, and mapping functions [3] - "Mifang Card," developed by Bank of China, Beijing Unicom, and Beijing Yikatong, integrates payment, communication, and transportation services into a single SIM card, allowing users to access various functions without additional app downloads [3] Group 2 - Tencent is enhancing cross-border payment services for foreign visitors in China through WeChat Pay, optimizing the "foreign card binding" feature to facilitate payments for users from countries like Malaysia, Singapore, and South Korea [4] - WeChat Pay has introduced a 60-day fee waiver for new foreign card users, aiming to boost tourism and trade enthusiasm among foreign visitors [4] - Qunar Travel showcased its newly launched English platform at the fair, which offers a complete service process from search to payment, with plans to expand multilingual support and optimize cross-border payment options [4]