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]

Group 1 - The core idea of the articles revolves around the growing trend of travel among older adults, particularly those aged 50 and above, highlighting the emergence of tailored travel services and experiences for this demographic [2][4][5] - Ctrip's "Old Interesting Travel Group" has launched a series of themed tours specifically designed for seniors, achieving over 10 million exposures online and attracting more than 300,000 members within a year [2] - The customized inbound travel services have seen a significant revenue increase of 599% year-on-year, indicating a strong demand for personalized travel experiences among older travelers [5] Group 2 - Ctrip has successfully organized a reunion trip for a group of silver-haired classmates, emphasizing the importance of cultural and culinary experiences tailored to their preferences [4] - The company has initiated various marketing campaigns to promote Chinese mountain culture in South Korea, resulting in a 70% increase in ticket sales for related flights [7] - The rise of young tour guides, particularly university students, is reshaping the car rental travel experience, with over 2,000 students joining Ctrip's guiding platform [9] Group 3 - Ctrip's "Hello Island" project has attracted nearly 100 university students and entrepreneurs to explore new paths in tourism and digital integration on Zhoushan Island, contributing to local economic development [11][12] - The company is capitalizing on the trend of concert tourism, with a reported 6.8 billion yuan in travel consumption driven by young concert-goers, leading to a 400% increase in related product revenue [14] - A music competition organized by Ctrip and NetEase Cloud Music has gathered 13,500 original songs, promoting local tourism through music and engaging over 660,000 voters [15] Group 4 - Ctrip's vacation farm initiative has created job opportunities for 40,000 individuals, showcasing the impact of rural revitalization efforts in various regions [17] - The company has established 34 vacation farms, supporting local communities and enhancing the connection between traditional lifestyles and modern tourism [17]

Group 1 - Qingdao tourism is experiencing a surge in popularity, ranking among the top ten destinations for both inbound and domestic travel in China [1][3] - Hotel bookings in Qingdao during the Dragon Boat Festival holiday increased by 24% year-on-year, while flight bookings rose by 12% [1][3] - The top source markets for inbound tourism to Qingdao include Malaysia, South Korea, Singapore, and the United States [3] Group 2 - Domestic surrounding travel is also gaining traction, with Qingdao ranking sixth among popular destinations in China [4] - The overall booking volume for domestic surrounding travel during the Dragon Boat Festival is projected to grow by 23% year-on-year [4] - There is a notable increase in interest for traditional cultural experiences during the Dragon Boat Festival, with a 50% rise in search interest for related activities [4]

Core Insights - Ctrip has released a report predicting the travel trends for the Dragon Boat Festival in 2025, highlighting a diverse development in the tourism market with a steady growth trajectory for domestic travel [1] Group 1: Travel Trends - The domestic surrounding travel bookings for the Dragon Boat Festival are expected to increase by 23% year-on-year, indicating a robust recovery in the tourism market [1] - Popular destinations include Beijing, Shanghai, and Nanjing, with strong travel demand from the Yangtze River Delta, Pearl River Delta, Beijing-Tianjin-Hebei, and Sichuan-Chongqing regions [1] Group 2: Hotel Pricing Dynamics - Hotel prices are set by the hotels themselves, and OTA platforms do not interfere; this leads to price discrepancies for the same room type due to different pricing strategies by agents [2] - It is advised for travelers to monitor hotel price trends and book in advance to secure better deals [2] Group 3: Cultural and Traditional Activities - There is a 50% year-on-year increase in searches for traditional cultural experiences during the Dragon Boat Festival, with activities like dragon boat racing and making zongzi gaining popularity [3] - Notable increases in tourism bookings were observed in Foshan, Hunan, and Zhejiang, with growth rates of 167%, 85%, and 40% respectively for travel orders [3] Group 4: International Travel - Popular international destinations include Japan and South Korea, with a significant interest in short-haul flights [4] - Unique destinations like Egypt and Russia have seen hotel booking increases of 193% and 133% respectively, indicating a growing interest in diverse travel options [4]

Core Insights - The article highlights the significant growth of Xi'an's inbound tourism market, driven by favorable visa policies and the city's rich cultural heritage, making it a popular destination for international travelers [1][2][4]. Group 1: Inbound Tourism Growth - From January to April, 54,000 foreign visitors entered Xi'an using unilateral visa exemptions and mutual visa policies, with over 6,000 using 24-hour and 240-hour transit visa exemptions, both showing year-on-year growth [1][4]. - During the "May Day" holiday, the number of inbound tour groups received by Shaanxi travel agencies reached 330, a staggering increase of 91.8% compared to the same period in 2024, with inbound tourist numbers rising by 152% [5]. Group 2: Policy Impact - The expansion of China's visa-free policies and the implementation of transit visa exemptions have significantly lowered the barriers for foreign tourists, enhancing the convenience of traveling to Xi'an [2][6]. - The city has upgraded its international payment systems and digital services, allowing inbound tourists to use various payment methods seamlessly, enhancing their overall travel experience [2][6]. Group 3: Cultural Experience - Xi'an offers immersive cultural experiences, such as the Terracotta Army, which utilizes VR and AR technologies to enhance visitor engagement and understanding of historical narratives [4][6]. - The city has organized various cultural activities and performances, allowing foreign tourists to engage closely with traditional Chinese culture, thus enriching their travel experience [6][7]. Group 4: Marketing and Promotion - Xi'an is leveraging social media platforms like TikTok and YouTube to promote its unique cultural offerings, transitioning international visitors from mere sightseeing to deeper cultural engagement [7]. - The city is transforming its tourism strategy to focus on retaining visitors by enhancing their experiences and promoting cultural consumption, thus writing a new chapter in its international tourism narrative [7].

Group 1: Travel Trends and Market Insights - The upcoming Dragon Boat Festival holiday is expected to see a steady growth in travel demand, with local and nearby travel accounting for 50% of the market share [1] - There is a significant increase in searches for cultural experience products related to the Dragon Boat Festival, with keywords like "Dragon Boat" and "Zongzi" seeing a 220% increase in search volume [1] - The trend of "central city sinking to surrounding areas" is prominent, with popular short-distance routes identified in regions like the Yangtze River Delta and Beijing-Tianjin-Hebei [1] Group 2: Family and Inbound Travel - The overlap of the Dragon Boat Festival with Children's Day has boosted family travel, with family travel orders accounting for 35% of total orders on the Ctrip platform [2] - Inbound travel is gaining traction, with hotel search heat for inbound travel exceeding 100% year-on-year, indicating a strong appeal of China as a travel destination for foreign tourists [2] - The top ten source countries for inbound tourism include Malaysia, South Korea, and the United States, with major destinations being Shanghai, Beijing, and Guangzhou [2] Group 3: Financial Performance of Travel Companies - Ctrip Group reported a net operating income of 13.8 billion RMB for Q1 2025, a 16% increase year-on-year, with a net profit of 4.3 billion RMB [4] - Tongcheng Travel is projected to achieve revenues of 19.91 billion RMB in 2025, with a target price set at 28.00 HKD per share based on strong fundamentals [4] - Huazhu Group's adjusted EBITDA for Q4 2024 is expected to grow by 10%, leading to an upward revision of its target price to 31.5 HKD [5] Group 4: Market Outlook and Recommendations - The tourism industry is anticipated to continue its recovery, supported by domestic demand policies and improving consumer confidence [3] - Key investment recommendations include focusing on leisure travel platforms and quality scenic area operators, as well as business travel recovery stocks [3] - Companies like Xiangyuan Cultural Tourism and Huangshan Tourism are highlighted as potential investment opportunities in the leisure travel sector [3]

随着240小时过境免签、区域性入境免签等一系列政策的持续优化，越来越多的外国游客来到中国，流 连于街头巷尾、知名景区，近距离感受中国的独特魅力。 一段时间以来，各地不断推出特色旅游项目、打造沉浸式体验、提升外国游客的旅行便利度。近日，记 者来到上海朱家角古镇、湖南湘西土家族苗族自治州凤凰古城、陕西西安长安十二时辰主题街区等景 区，看火热的"中国游"如何圈粉外国游客。 ——编者 上海青浦区朱家角古镇—— 在江南水乡寻文化之美 本报记者曹玲娟 坐上手摇船，河道窄窄、水波荡漾，石头岸堤青苔密布，一路分花拂柳。众多外国游客来到上海青浦区 朱家角古镇，领略江南水乡的独特魅力。 本报记者杨迅 湖南湘西土家族苗族自治州凤凰县，凤凰古城的吊脚楼倒映在碧绿的沱江水中，四处传来游客们的欢声 笑语。作为入境游的热门目的地，凤凰古城从特色体验、游客接待等方面升级服务，为外国游客提供舒 心称心的旅游体验。 早上，俄罗斯游客娜斯佳和卡佳来到沱江河边漫步。在临江的咖啡吧里坐坐，在蜡染店体验民俗，好不 惬意。"凤凰的美令人心醉，在沱江边漫步，能让身心得到放松，蜡染也让人感受到文化魅力。"娜斯佳 说。卡佳则更喜欢老式建筑："走进这些经过时间洗 ...

Core Insights - China's inbound tourism market is experiencing significant growth driven by favorable policies such as visa exemptions and tax refunds, with a focus on converting inbound traffic into economic benefits [1][6] - Major airlines are expanding international routes and capacity to accommodate the increasing number of inbound tourists, with notable growth in passenger numbers from regions like Europe and Japan [2][3] - Airports are enhancing services to improve the inbound experience, transitioning from mere transit points to comprehensive gateways that create value for foreign visitors [3][4] Group 1: Inbound Tourism Growth - The introduction of visa-free policies for several South American countries and the mutual visa exemption with Uzbekistan is expected to boost inbound tourism [1] - In April, domestic airlines increased international capacity to 9 million seats, marking a 20.75% year-on-year growth [1] - Eastern Airlines and other carriers are launching new international routes and increasing flight frequencies to popular destinations [2] Group 2: Airport and Service Enhancements - Major airports like Shanghai Pudong and Guangzhou Baiyun are seeing increased passenger volumes, with Shanghai's airports averaging 114,000 inbound and outbound travelers daily during the May Day holiday, a 24% increase year-on-year [3][4] - Airports are improving multilingual services and offering comprehensive one-stop services for foreign travelers, enhancing the overall travel experience [3][4] Group 3: Market Potential and Recommendations - The inbound tourism market is projected to grow significantly, with an expected 1.3 billion inbound tourists in 2024, reflecting a 60% year-on-year increase [6] - The share of inbound consumption in China's GDP is currently at 0.5%, indicating substantial growth potential compared to 1% to 3% in other major countries [6] - Recommendations include enhancing payment systems, expanding tax refund services, and improving digital services to attract more foreign tourists [6]

据外交部领事司消息，《中华人民共和国政府和乌兹别克斯坦共和国政府关于互免签证的协定》将于 2025年6月1日生效。根据协定，持有效的中国公务、公务普通及普通护照的人员和乌兹别克斯坦普通护 照的人员，在缔约另一方入境、出境或者过境，单次停留不超过30日、每180日累计停留不超过90日， 免办签证。 另据央视新闻报道，5月15日，外交部发言人林剑表示，为进一步便利中外人员往来，中方决定扩大免 签国家范围，自2025年6月1日起至2026年5月31日，对巴西、阿根廷、智利、秘鲁、乌拉圭持普通护照 人员试行免签政策。上述5国持普通护照人员来华经商、旅游观光、探亲访友、交流访问、过境不超过 30天，可免办签证入境。 在业界看来，免签政策激活旅游产业"双向解码"，"免签朋友圈"扩容将进一步促进我国入境旅游的发 展。携程数据显示，今年以来，携程平台上入境游订单量同比去年增长接近翻倍。新增的6国入境游潜 力巨大，今年以来携程平台上阿根廷入境游订单同比增长168%，巴西、智利入境游同比增长均超八 成。 最近2天，"免签朋友圈"持续扩容，增加了6个免签国。 携程集团副总裁秦静表示，中国对巴西等6国试行免签政策，不仅打开了跨境旅游 ...

Core Insights - The implementation of the 240-hour visa-free transit policy has significantly boosted China's inbound tourism market during the recent "May Day" holiday, with a 130% year-on-year increase in inbound travel orders reported by Ctrip [6][5][12] - Various regions in China are actively promoting their unique cultural and tourism offerings to attract foreign visitors, leading to a notable rise in inbound tourist numbers across multiple destinations [10][11][14] Group 1: Inbound Tourism Growth - The inbound tourism market in China has seen a strong recovery, with a reported 1,089.6 million people entering and exiting the country during the "May Day" holiday, marking a 28.7% increase compared to the previous year [7] - The peak day for inbound and outbound travel was May 3, with 2.297 million people crossing borders on that day [7] - The demand for cultural experiences among foreign tourists is evolving towards deeper and higher-quality engagements, with local culinary experiences seeing a 6.8-fold increase in orders [10] Group 2: Policy Support and Infrastructure - A series of facilitative policies, including the 30-day visa-free entry for South Korean passport holders, have contributed to the influx of tourists, with efficient border control processes reported [7][9] - The introduction of optimized tax refund policies for departing tourists is expected to further stimulate inbound consumption [8][9] - Enhanced transportation networks, such as direct train services from Vietnam to Yunnan, have made it easier for foreign tourists to enter China [9] Group 3: Regional Highlights - Various regions, including Sichuan and Shaanxi, have reported significant increases in inbound tourist numbers, with Sichuan seeing a 114% rise in inbound travel orders during the holiday [14] - The Shanghai cruise port experienced a record high of nearly 30,000 inbound and outbound passengers on May 5, showcasing the popularity of cruise tourism [11] - Cultural events and local experiences, such as the "Long River Night Tour" in Wuhan, have attracted international visitors, contributing to a 70% increase in inbound travel orders [12][13]