Group 1 - The upgraded transit visa exemption policy allows foreign visitors from 54 countries to stay in China for up to 240 hours, boosting tourism in cities like Qingdao, especially from East Asian countries such as South Korea and Japan [1] - The popularity of Qingdao as a weekend getaway is reflected in the increase of foreign tourists, with local businesses adapting to cater to their needs, including English training for staff [1] - The "Shangjie Li" street in Zhongshan Road has been transformed into a payment service area for foreign visitors, with over 200 merchants accepting various payment methods, enhancing the convenience for tourists [2] Group 2 - The occupancy rate of the Hai Tian Grand Hotel for Japanese and Korean tourists has more than doubled compared to the same period last year, indicating a significant increase in foreign visitor numbers [2] - The hotel has partnered with local businesses for promotional activities and is listed on international travel platforms to improve brand visibility and facilitate bookings for foreign tourists [2] - The influx of foreign tourists is revitalizing the cultural and tourism market in Qingdao, prompting local authorities to enhance service quality and develop more diverse tourism products [2]

"没想到火锅的历史有2000年了！"来自加拿大的旅游博主Jetlag Warriors在成都的火锅店兴奋地拍摄。这 位拥有数十万粉丝的旅游达人，近日与来自74个国家和地区的3000多位旅游业者一起，参加了携程集团 在上海和成都举办的2025全球合作伙伴大会。其中有国际知名旅游企业的负责人、欧洲大型旅行社的产 品经理，还有网红旅行家等。除了参会，他们还深度体验了四川的九寨沟、都江堰和成都等地。 "看大熊猫吃竹子，我能看一整天！"澳大利亚一家旅行社的负责人David笑着说。这位从业20年的旅行 商，此次带了3位产品经理一同来华考察。在成都大熊猫繁育研究基地，他们近距离观看大熊猫吃竹 子、爬树，还购买了几个萌翻的大熊猫玩偶。"通过双语导游的详细讲解，我更加直观地了解到大熊猫 的生长习性和食物偏好，我们准备把观看大熊猫以及周边相关体验，加入明年主推的限量高端中国游线 路，回去就推荐新线路，带客人来中国，相信人们都会喜欢！去年以来，'到中国旅游'已成为线下客人 咨询最多的话题之一。明年我们计划至少组织500位澳大利亚客人来中国。"David说。 在成都玛歌庄园，1000多位外国旅游业者体验了"千人火锅宴"，他们围坐在热 ...

Investment Rating - The industry investment rating is "Market Standard" indicating that the industry index is expected to perform within -10% to 10% relative to the CSI 300 index over the next six months [5]. Core Insights - The tourism sector is experiencing a slowdown in both visitor numbers and revenue growth, with domestic tourism during the Dragon Boat Festival seeing 119 million trips, a year-on-year increase of 5.7%, and tourism revenue reaching 42.73 billion yuan, up 5.9% year-on-year [4]. - Short-distance travel is the main trend, with nearly 50% of travelers opting for nearby destinations. Family trips, particularly for children, are a significant driver of travel during this period, with 90% of the top 50 scenic spots being family-oriented [4]. - The inbound tourism market is showing high growth, with 590.7 million people entering and exiting the country during the holiday, a 2.7% increase year-on-year, and 231,000 foreign visitors entering under visa-free policies, up 59.4% [4]. - Scenic spots like Changbai Mountain maintained visitor numbers but saw a 23.94% increase in revenue. Xiangyuan Cultural Tourism reported a 29.96% increase in visitors and a 25.27% increase in revenue during the holiday [4]. - Transportation sectors, particularly rail and road, showed higher growth rates, with cross-regional travel exceeding 653 million trips, a 2.5% increase year-on-year [4]. - Future consumption growth is anticipated due to new consumption trends, supportive policies, and the ongoing recovery of the tourism market, with a focus on OTA platforms and related sectors [4].

Summary of Ctrip Conference Call Company Overview - **Company**: Ctrip (Trip.com) - **Industry**: Online Travel Agency (OTA) Key Points and Arguments Domestic Hotel Booking Trends - In Q2, domestic hotel bookings maintained double-digit growth despite a year-over-year price decline, with the decline rate narrowing [2][3] - Hotel supply increased by 5%-10% year-over-year, indicating a clear trend of normalized demand growth [2][3] - Traffic maintained a steady double-digit growth, with expectations for continued normalized growth in domestic tourism [2][4] International Travel Recovery - Outbound travel capacity has recovered to approximately 80%-85%, with free travel, hotel, and flight recovery rates at 120%-125% [2][5] - Ctrip's international version saw a growth rate of about 60% in Q1, with a target of over 50% growth for the year [2][5] - Overall revenue growth is expected to maintain around 15% for the year [2][5] Revenue Composition and Future Goals - Domestic business accounts for 60%-65% of total revenue, outbound business approximately 15%, and pure overseas business 20% [2][6] - Trip.com contributed about 13% to total revenue, exceeding pre-pandemic levels [2][6] - The goal is for international business to contribute over 50% of total revenue in the next 3-5 years, with Trip.com aiming for around 20% [2][7] Hotel Revenue Structure - Trip.com has shifted from primarily ticket sales to hotel revenue, which now exceeds 40% and is expected to increase further [2][8] - A higher hotel revenue proportion is anticipated to positively impact Ctrip's profit structure [2][8] Seasonal Trends in Travel - The peak travel season for overseas and domestic tourism differs significantly, with Q4 being the peak for Trip.com due to major holidays [2][9][10] - Q3 is also busy due to summer vacations, while Q1 and Q2 are more fragmented with various regional holidays [2][9][10] International Route Recovery - Some routes in the Asia-Pacific region, such as Thailand, have not fully recovered to pre-pandemic levels, with recovery rates around 60%-70% [2][11] - Europe has largely recovered or surpassed 2019 levels, while some regions like Spain and Italy are still lagging [2][11] Foreign Tourist Preferences - Foreign tourists from the Asia-Pacific region prefer using Trip.com, while European and American tourists tend to use Booking.com [2][13] - Trip.com is the only platform allowing foreign tourists to book high-speed train tickets in China, providing a competitive advantage [2][15] Future Growth Expectations - Ctrip anticipates an increase in inbound tourism's contribution but aims to avoid over-reliance on the Chinese market [2][17] - The company plans to enhance brand awareness in the Asia-Pacific region to attract more foreign tourists [2][17] Financial Performance and Projections - Ctrip's international segment is expected to incur higher losses than last year, but this is within anticipated limits [2][21] - The budget and revenue expectations for 2025 align with initial forecasts, with a stable tax rate around 15% [2][22][23] Market Position and Competition - Trip.com has maintained profitability with an operating margin of 20-25% [2][26] - The company faces competition from traditional channels and aims to leverage its unique positioning and local language services to capture market share [2][27] Commission Rates and Monetization - Trip.com’s commission rates in overseas markets are lower than competitors, around 8%, to enhance competitiveness [2][28] - The company plans to gradually increase commission rates as the market expands while maintaining lower rates than competitors [2][28] Strategic Differences with Competitors - Trip.com has replicated its domestic competitive advantages in overseas markets, focusing on direct channels and strong supplier relationships [2][29][30] Additional Important Insights - The company emphasizes service quality and customer loyalty over price competition, which aligns with its long-term strategy [2][20] - The overall competitive landscape in the domestic OTA market remains stable, with a focus on enhancing customer experience rather than aggressive pricing strategies [2][20]

Group 1 - The core viewpoint is that the inbound tourism in China is experiencing significant growth, with a 43.1% increase in foreign visitors during the "May Day" holiday compared to the previous year, and inbound tourism sales rising by approximately 90% [1] - The appeal of "China tours" to foreign tourists is attributed to rich cultural heritage and innovative presentation methods, showcasing diverse natural landscapes, historical artifacts, and vibrant local customs [1] - Modern technological applications and innovative business concepts are enhancing the quality of cultural tourism products and services, attracting more foreign visitors to "China tours" [1] Group 2 - Policy incentives such as expanded visa-free access, 240-hour transit visa exemptions, and immediate tax refunds are significantly lowering the cost for foreign tourists to visit China [2] - Service quality improvements, including multilingual support and enhanced facilities in major cities, are making the travel experience more comfortable and convenient for foreign visitors [2] - There are still challenges in less popular tourist cities, such as the lack of multilingual websites and payment options for foreign cards, which need to be addressed to sustain the growth of inbound tourism [2] Group 3 - The inbound tourism experience should not be limited to a few popular destinations but should promote a harmonious development across various regions [3] - There is a need to enhance infrastructure, service quality, and reception capabilities in less frequented areas to improve the overall tourism experience [3] - Innovation in tourism products, focusing on local characteristics and integrating new technologies, is essential to create diverse and enriching experiences for foreign tourists [3]

Group 1: Tourism Growth and Policy Impact - The number of foreign tourists visiting China has significantly increased, with a peak of 2.086 million border crossings on June 1, 2023, and a 59.4% year-on-year growth in foreign visitors utilizing visa-free policies [1] - The expansion of China's visa-free policy to include 43 countries, particularly in Latin America and the Caribbean, reflects China's commitment to high-level opening-up and optimizing personnel exchange measures [2] - In the first quarter of this year, over 9 million foreign visitors entered China, marking a year-on-year increase of over 40% [2] Group 2: Enhanced Tourism Services - Beijing plans to optimize its inbound tourism services comprehensively, enhancing product offerings and improving service efficiency, including a one-stop service for temporary entry permits [3] - Recent data indicates a nearly 90% year-on-year increase in inbound travel orders during the Dragon Boat Festival, with popular destinations including Shanghai, Beijing, and Guangzhou [3] Group 3: Industry Strategies and Developments - Companies in the tourism sector, such as China Youth Travel Service, are adapting to the increasing trend of independent travelers by offering customized products and enhancing their online presence [4] - The travel agency Caesar Travel is expanding its online sales channels and plans to provide one-stop services for inbound tourists, focusing on cultural experiences and culinary tours [4] - China Duty Free Group is capitalizing on the expanded visa-free policies and increased passenger flow to enhance its duty-free shopping offerings for inbound travelers [5]

Group 1: Core Insights - The Dragon Boat Festival coincided with Children's Day, leading to a significant increase in family-oriented travel, with nearly 90% of the top 50 scenic spots being family-friendly [1][3] - Domestic travel trends showed that over 60% of trips during the holiday were local or nearby, with popular destinations including Hangzhou, Nanjing, and Shanghai [3][4] - The demand for parent-child travel products surged, with bookings for such tours increasing by 80% year-on-year, and parent-child room bookings rising over 200% [3][4] Group 2: Inbound and Outbound Travel Trends - Inbound travel orders surged by nearly 90% compared to last year, with ticket GMV for inbound tourism skyrocketing by 150% [1][10] - Popular inbound destinations included Shanghai, Beijing, and Guangzhou, while outbound travel favored locations within a 3-hour flight radius, such as Japan and Thailand [10] - The overall tourism transaction amount in Shanghai reached 12.477 billion yuan, reflecting a year-on-year growth of 3.3% [4] Group 3: Cultural and Recreational Events - The "Su Chao" football league in Jiangsu became a popular cultural tourism event, attracting significant attention and boosting local tourism-related consumption [6] - The Shanghai Lavender Festival drew a large crowd, primarily consisting of family visitors, indicating a trend towards experiential and family-friendly events [3][6] - The average hotel occupancy rate in Shanghai increased by 1 percentage point to 59%, with major tourist attractions receiving 2.27 million visitors during the holiday [4]

Core Insights - Guangzhou's inbound tourism market has shown robust growth in 2025, with significant increases in both the number of foreign visitors and overall inbound and outbound traveler statistics [1][2] Group 1: Inbound Tourism Growth - From January 1 to May 22, 2025, over 480,000 foreign travelers entered Guangzhou, marking a 141% year-on-year increase [1] - The total number of inbound and outbound foreign travelers exceeded 2.23 million, reflecting a 42% year-on-year growth [1] - In the first quarter of 2025, Guangzhou welcomed approximately 1.187 million overnight foreign visitors, a rise of 11.7% compared to the previous year [1] Group 2: Policy and Infrastructure Enhancements - Guangzhou has implemented various measures to enhance the inbound tourism experience, including improving customs efficiency and expanding international direct flight networks [3] - The introduction of the "immediate purchase and refund" policy and optimized tax refund store layouts have improved the shopping experience for foreign tourists [3] - The city has launched 18 convenience measures to support international events like the Canton Fair, facilitating smooth customs clearance and efficient participation for global merchants [1] Group 3: Marketing and Promotion Strategies - Guangzhou is actively promoting its tourism brand "Welcome to Guangzhou" through international marketing efforts, including exhibitions and media campaigns in key source markets such as North America and Europe [2] - The city has organized familiarization trips for foreign tourists and hosted events like the "International Tourism Influencers Happy Journey in Guangzhou" to enhance its global tourism image [2] - The focus is not only on attracting first-time visitors but also on providing high-quality experiences to encourage repeat visits [2]

原标题：九寨沟助力入境游推出多项创新举措 随着入境便利政策的持续推进，"China Travel"正吸引着越来越多的海外游客走进中国。5月28日晚 于成都举办的携程集团Envision.2025全球大会上，九寨沟管理局副局长郭晓敏就九寨沟景区入境游及游 客服务等相关情况接受中新网采访。 随着国家240小时免签政策的实施，九寨沟景区入境游客数量迎来大幅增长，去年接待入境游客达 38.3万人次，创下历史新高。然而在此过程中，入境游客面临咨询难、入园难、订票难、支付难等诸多 问题。为有效解决这些难题，九寨沟景区推出一系列针对性措施。 郭晓敏表示，在订票方面，景区创新推出网络入境游客护照直通车服务，入境游客可使用护照在境 外通过官网或各大OTA平台直接预订景区门票。针对入园难的问题，鉴于语言不通导致的咨询障碍，景 区在游客中心咨询点设置了精通14国语言的AI翻译机，门禁系统32个闸机通道，均可输入护照号完成 快速入园。在支付领域，景区实现了全球主流信用卡支付，入境游客下载支付宝国际版利用"碰一碰"功 能可以进行支付，东南亚游客使用本国支付APP即可在景区内实现扫码支付，实现支付无障碍。 在拓展入境市场和提升全球品牌影 ...

Core Insights - The influx of international tourists to Hangzhou has significantly increased, with a 107.8% year-on-year growth in inbound visitors expected in 2024, reaching 1.1669 million [2] - The popularity of cultural and immersive experiences, such as tea picking and local cuisine, is attracting more foreign visitors, particularly from Japan, South Korea, and Europe [2][4] - The introduction of new policies, such as visa exemptions and convenient payment systems, is enhancing the travel experience for international tourists [6][8] Group 1: Tourist Demographics and Trends - Hangzhou is experiencing a surge in inbound tourism, with a notable increase in overnight visitors, particularly from Japan and South Korea, with a 25.6% rise in European visitors [2][4] - The city is becoming a popular destination for diverse tourist groups, with seasonal trends showing increased visitors from Southeast Asia during traditional festivals and a rise in European tourists during summer [5] - Customized and free travel options are gaining traction among European tourists, with travel agencies expanding related itineraries [4][5] Group 2: Cultural and Technological Integration - The tea culture experience is a key attraction, with tourists engaging in activities like tea picking and learning tea arts, enhancing their cultural immersion [10] - Hangzhou is leveraging technology to improve tourist experiences, such as the "AI Hangzhou" program for seamless hotel check-ins and the introduction of instant tax refund services [6][10] - The city is also promoting local specialties, including tea and innovative tech products, to appeal to international visitors [6][10] Group 3: Payment and Service Enhancements - The implementation of a dual-channel tax refund system and the ability for tourists to use international payment methods like Alipay is streamlining the shopping experience for foreign visitors [7] - Hangzhou has established 162 tax refund stores, with plans to increase the number of instant refund merchants to 118, facilitating easier transactions for tourists [7] - The city is enhancing its service offerings, including luggage handling services that allow tourists to explore without the burden of their bags [9][10]