随着时代的发展，年轻人的旅游方式也悄然发生了改变。 "我是比较喜欢自由行的，很自由，想去哪里都可以去哪里。"8月15日，酷爱旅游的一位"00后"对《华 夏时报》记者表示。 记者观察到，身边的年轻人很多已经不再青睐传统的"跟团游"方式，更多的是按照个性化的需求去自主 规划旅程，和朋友自行"拼团"出行。 2025年，中国青年报社在第15个"中国旅游日"到来之际发布了《中国青年旅游观察报告》（下称：《报 告》）。该数据显示仅26.8%的年轻人选择跟团游，52.3%的年轻人都青睐自由行，体现出了年轻人旅 游不跟团的趋势。 去哪儿大数据显示：2025年清明假期国内热门城市机票预订量同比增长10%，酒店预订量增幅达两位 数。年轻人通过"年假+清明"拼假模式拉长假期，带动长距离出游增长，热门目的地包括北京、上海、 成都等城市，表明年轻人利用拼假模式出游的情况较为普遍。 《华夏时报》记者了解到，面对这种市场趋势，文旅业相关各方也都开始做出了改变。 跟团游满足不了个性化体验需求？ "一个是因为年轻人相对比较自由一点，另外一个是因为小队友两个人一起玩，可能就不会进行深度游 玩，如果想深度游的话，可能需要更长的时间，还有一个原因就 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company is positioned as a leading player in the outbound group travel industry, with ongoing business recovery and an expanding layout [3][14]. - The domestic and outbound/inbound tourism industries are experiencing steady growth, with significant recovery following unconventional cycles [10][34]. - The company benefits from a robust supply chain, strong cash reserves, and a comprehensive online and offline channel strategy [3][10]. Summary by Sections Industry Overview - The outbound tourism penetration rate in China has been increasing, reaching 11.0% in 2019, but still lags behind developed countries like the US and South Korea [2]. - The outbound tourism market is characterized by a predominance of young, highly educated travelers who prefer personalized and customized experiences [2][10]. - The inbound tourism sector is supported by favorable policies and increased payment facilitation measures, enhancing the willingness of foreign tourists to visit China [1][10]. Company Positioning - The company operates in the midstream of the outbound tourism industry, primarily benefiting from industry growth and its leading market position [2][10]. - The company has maintained its core team and supply chain, enabling a swift recovery post-pandemic [3][10]. - The company has a strong brand value and resource integration capability, with plans to expand its retail business through a franchise model [3][10]. Financial Projections - Revenue is projected to grow significantly, with estimates of CNY 75.00 billion, CNY 87.35 billion, and CNY 103.39 billion for 2025, 2026, and 2027 respectively [3][8]. - The company is expected to achieve a net profit of CNY 1.16 billion, CNY 1.55 billion, and CNY 1.94 billion for the same years, reflecting a strong recovery trajectory [3][8]. - The projected P/E ratios for 2025, 2026, and 2027 are 67.2X, 50.4X, and 40.2X respectively, indicating a favorable valuation outlook [3][8].

Group 1 - The summer travel season is beginning, with a new wave of bookings expected in Hainan, as indicated by the increase in reservations for accommodations [2] - According to a report by Fliggy, Hainan's summer flight ticket bookings have increased by 30% year-on-year, with Sanya, Haikou, and other locations being popular destinations [2] - Family travel is a significant trend, with parent-child families accounting for 60% of summer travelers, highlighting the demand for family-oriented experiences [2] Group 2 - The trend of quality travel continues to rise, with bookings for high-star hotels on the Fliggy platform increasing by over 20% year-on-year [3] - Hotels in Hainan are launching personalized services tailored to the characteristics of summer tourism, enhancing the overall guest experience [3]

Core Insights - The 2025 ITB China will take place from May 27 to 29, 2025, focusing on new opportunities and challenges in the cultural tourism industry [1] - Whale Dynamics will launch new cultural tourism solutions at ITB China to help global tourism brands overcome growth bottlenecks [1][3] Industry Challenges and Solutions - The cultural tourism industry faces three core challenges: "traffic dilemma, experience gap, and cross-border barriers" [3] - Solutions will focus on three key areas: "data, technology, and ecosystem," addressing issues through "super personalized user profiling, destination digital upgrades, and full-link closed-loop operations" [3] Market Trends - The tourism market is showing significant growth, reflecting a deep transformation in China's cultural tourism industry [4] - There is a notable trend towards personalized and diversified travel consumption, requiring tourism products to offer richer forms and flexible combinations [4] - The report highlights a "polarization" in the tourism market, with a surge in high-end customized travel and a rise in "reverse tourism" to unique cultural destinations [4] Structural Changes in Outbound Tourism - Outbound tourism is experiencing structural changes, with Asian countries becoming popular destinations; Vietnam saw a 178% increase and Japan 49% [4] - Mobile payment has become the mainstream method for outbound consumption, with Alipay's overseas payment transactions increasing by 163% and Huawei Pay by 243% [4] Technological Impact - Technology is reshaping the travel experience, with Huawei's report indicating a 37.5% year-on-year increase in the usage rate of Huawei Tianji Tong for outbound data [5] - The demand for personalized and diverse services is reflected in the usage differences of localized apps like railway 12306 and Grab [5] - The industry faces a structural transformation from "traffic to retention," emphasizing the need for precise user engagement and optimized service chains [5]