在2025年冬季冰雪旅游与入境旅游创新发展会议上，马蜂窝交易中心总经理绳志成发表主题演讲，基于 平台AI行程规划等大数据，解读冰雪旅游市场从"资源驱动"到"体验为王"的范式转变，揭示新玩法对目 的地发展的核心驱动力。 绳志成提到，今年马蜂窝与内蒙古自治区文化和旅游厅联合发布的《内蒙古旅行玩法宝典》中也显示， 在内蒙古100大新玩法中，特色住宿、精彩自驾和当地文化体验占比最高，成功吸引了大量年轻客群， 他们更愿意为高品质、高互动性的旅行产品付费。呼伦贝尔的"天天冰雪那达慕"，正是通过将传统节庆 转化为每日可体验的常态化产品。 北京商报讯（记者 吴其芸）12月23日，北京商报记者获悉，马蜂窝AI行程规划数据显示，在冬季出行 规划中，冰灯、雪雕、冬捕等"冰雪+民俗文化"类体验力压滑雪，高居最受关注的热门冰雪活动榜 首，"冰雪+美食""冰雪+摄影"等综合体验同样备受青睐。游客已不再满足于传统观光与运动，而是追求 与文化、生活深度融合的沉浸式体验。 游客通过AI行程规划所做的冰雪旅行相关攻略直观的反映了他们的真实需求。数据显示，计划7天以上 长线深度游的游客占比达46.7%，人均预算超过6000元，显著高于其他假期。与 ...

Financial Data and Key Metrics Changes - In Q3 2025, Viking Holdings reported a net yield increase of 7.1% year over year, reaching $617, the highest in the company's history [4][11] - Adjusted gross margin increased by 21.4% year over year, with the highest quarterly adjusted EBITDA recorded at $704 million, up 26.9% year over year [11][13] - Net income for Q3 2025 was $514 million, an improvement of almost $135 million compared to the same period in 2024 [13][14] Business Line Data and Key Metrics Changes - In the river segment, capacity PCDs increased by 5.2% year over year, with an adjusted gross margin of $1.4 billion, up 14.3% year over year [15] - For the ocean segment, capacity PCDs increased by 15.3% year over year, with an adjusted gross margin of $1.5 billion, up 28.5% year over year [15] Market Data and Key Metrics Changes - As of November 2, 2025, 96% of Viking's 2025 capacity was sold, with advanced bookings of $5.6 billion, a 21% increase compared to the same point in 2024 [4][18] - For 2026, 70% of capacity is already booked, with advanced bookings of $4.9 billion, 14% higher than the same point in 2024 [18][22] Company Strategy and Development Direction - Viking focuses on destination and cultural enrichment, aiming to create a new category of travel that emphasizes meaningful discovery rather than traditional tourism [8][10] - The company is committed to expanding its fleet and enhancing its product offerings, with a focus on maintaining high standards of service and customer experience [10][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong booking environment and the resilience of their target customers, indicating a positive outlook for future growth [4][5] - The company remains focused on disciplined cost management while investing in talent and capacity to support long-term growth [12][17] Other Important Information - Viking has been recognized as the number one cruise line for oceans and rivers by Condé Nast Traveler for five consecutive years, reflecting strong brand loyalty and customer satisfaction [9][10] - The company has a total cash and cash equivalents of $3 billion and a net debt of $2.8 billion, with a net leverage ratio improved to 1.6 times [16] Q&A Session Summary Question: What is driving the pricing increase for 2026? - Management indicated that strong consumer demand and a resilient customer base are driving the pricing increase, with a focus on engaging consumers rather than aggressive pricing actions [26][28] Question: What does pursuing long-term growth mean for Viking? - Long-term growth is focused on organic growth through fleet expansion and potential inorganic growth opportunities that align with the brand ethos [31][32] Question: Can you elaborate on demand trends globally? - Management noted that demand remains strong, with a significant portion of bookings coming from repeat customers who appreciate the Viking experience [36][39] Question: How do you view the competitive landscape with new entrants? - Management expressed confidence in Viking's unique position and advantages, emphasizing a focus on delivering outstanding products rather than worrying about competitors [49][59] Question: What are the trends in repeat visitation and new-to-brand customers? - Approximately 53% of guests for the 2024 season had traveled with Viking before, with many guests booking additional trips while on board [74][78]

Financial Data and Key Metrics Changes - In Q3 2025, consolidated revenue grew by 4% to $553 million, with adjusted EBITDA of $123 million, representing 22% of revenue, exceeding expectations [3][24] - Gross booking value (GBV) increased by 15% to approximately $1.3 billion, while revenue grew by 9% to $294 million, with foreign exchange positively impacting GBV revenue growth by about 3 percentage points [25][24] - Brand Tripadvisor's revenue declined by 8% to $235 million, primarily due to traffic headwinds [27][24] Business Line Data and Key Metrics Changes - Viator segment saw an 18% growth in the number of experiences booked, with adjusted EBITDA of $50 million, or 17% of revenue, reflecting a margin improvement of 550 basis points [24][26] - TheFork reported Q3 revenue of $63 million, representing 28% growth, with adjusted EBITDA of $14 million, or 22% of revenue, indicating a margin improvement of approximately 10 percentage points [30][22] - Brand Tripadvisor's experiences revenue declined by 9% to $47 million, despite unit volume growth returning to positive [29][24] Market Data and Key Metrics Changes - North America, as the largest source market, experienced accelerated bookings growth across both Tripadvisor and Viator points of sale [24][24] - The global experiences total addressable market (TAM) is expected to reach $350 billion in GBV by 2028, growing faster than any other travel category [7][8] Company Strategy and Development Direction - The company is shifting its operating model to focus on experiences and AI, aiming for significant operational efficiencies and an annualized gross cost savings of at least $85 million [4][34] - The strategy includes unifying Viator and Tripadvisor experiences operations to enhance growth and efficiency [9][12] - TheFork will continue to execute a financially disciplined growth strategy while diversifying revenue across B2B and B2C [22][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to re-accelerate growth while expanding margins, particularly in the experiences segment [49][52] - The company anticipates continued revenue headwinds in the Brand Tripadvisor segment due to traffic challenges but expects growth in TheFork and experiences [45][41] - The focus will be on leveraging AI to enhance customer experience and operational efficiency [60][61] Other Important Information - The company plans to update its reportable segments to align with the new operating model, maintaining three segments: experiences, hotels and other, and TheFork [36][37] - The company has approximately $1.2 billion in cash and cash equivalents, with plans to restart share repurchases [32][33] Q&A Session Summary Question: Revenue growth assumptions going forward - Management expects experiences segment to re-accelerate growth next year through geographic and category expansion [44] Question: Growth re-acceleration vs. margin expansion - Management believes the new operating model will allow for both growth re-acceleration and margin expansion [48] Question: New user trends at Viator - The company is focused on disciplined new user acquisition, particularly in markets where the Tripadvisor brand is well-known [54]

Group 1 - The rise of "relaxed tourism" is becoming a popular choice among travelers, focusing on minimal physical exertion and maximum psychological comfort during the recent holiday period [1] - Experience-based tourism emphasizes immersion and high cost-effectiveness, contrasting with the fast-paced "special forces tourism" [1] - Tourist orders for inter-provincial border cities have increased significantly, with orders for Zhaotong rising by 95% and Ganzhou by 70% year-on-year [1] Group 2 - The government has introduced policies to support the new demand for "emotional value" and "deep experiences" in tourism, including the creation of immersive experience spaces [2] - The Ministry of Culture and Tourism has launched a nationwide cultural and tourism consumption month, with over 29,000 events and 480 million yuan in consumer subsidies planned [2] - The shift towards experience-based tourism reflects a deeper change in consumer psychology and a response to the demand for "slow travel," indicating a dual approach between demand and supply-side reforms in the cultural tourism sector [2]

Core Insights - The article highlights the transformation of Rudong's tourism strategy from merely attracting visitors to creating immersive, experience-based offerings that combine seafood cuisine, wellness, and cultural activities [4][10]. Group 1: Tourism Development - Rudong has seen a surge in tourism, with visitors flocking to experience local seafood delicacies and unique activities like "sea disco" clam digging [6][7]. - The region's coastal location provides access to over 86 kilometers of coastline and more than 1 million acres of tidal flats, supporting a rich marine biodiversity with over 1,000 seafood varieties [6][10]. - The "seafood+" tourism model integrates various experiences, enhancing visitor engagement and encouraging repeat visits [7][11]. Group 2: Culinary Experience - Visitors are willing to endure long waits for local specialties, such as a three-hour queue for shrimp roe pancakes, showcasing the strong demand for authentic culinary experiences [7][10]. - Local restaurants have reported increased foot traffic, with some establishments experiencing overwhelming demand, leading to the need for additional staff and resources [10][11]. - The integration of local seafood into events, such as culinary competitions during sports matches, has created a unique dining experience that attracts large crowds [8][9]. Group 3: Marketing and Branding - Rudong is actively promoting its seafood industry through branding initiatives, aiming to establish itself as a "Seafood Capital of China" and enhance the quality and prestige of its seafood offerings [10][11]. - The region's marketing strategy includes leveraging social media and influencer content to boost its visibility and attract visitors from afar [10]. - The combination of sports events and local cuisine has proven effective in drawing tourists, with over 100,000 visitors recorded since the launch of the "Soo Super" viewing point [8][9].

Group 1 - The tourism market is experiencing a shift from traditional mass tourism to personalized and immersive experiences, reflecting an upgrade in consumer demand and innovation in the tourism industry [1][2][3] - Data from Meituan Travel indicates a significant increase in searches for "lazy tourism" activities, with "lazy drifting" up by 135%, "lazy bungee jumping" by 65%, and "lazy hiking" by 84%, highlighting a trend among young travelers towards more relaxed and in-depth travel experiences [1][2] - The popularity of "desert stargazing" and related activities has surged, with a reported over 100% increase in flight bookings to Zhongwei City during the summer, driven by interest in desert tourism [1] Group 2 - Tuniu Travel Network reports strong demand for thematic travel routes such as hiking, cycling, and camping, with popular destinations including Tibet and Yunnan, indicating a growing preference for deep nature experiences among tourists [2] - Young travelers, particularly those from the post-2000 generation in Jiangsu, Zhejiang, and Shanghai, are willing to pay for deep experiences and are increasingly using social media for travel planning [2] - The rise of experiential tourism signifies a profound adjustment in consumer travel philosophy, with a shift from sightseeing to deeper, personalized, and culturally rich experiences [2][3]

Group 1 - The tourism market in China is experiencing a shift from traditional sightseeing to personalized and immersive travel experiences, reflecting an upgrade in consumer demand and innovation in the tourism industry [1][2][3] - Data from Meituan Travel indicates a significant increase in searches for "lazy tourism" activities, with "lazy drifting" up 135%, "lazy bungee jumping" up 65%, and "lazy hiking" up 84%, highlighting a trend among young travelers to seek more relaxed and in-depth travel experiences [1][2] - The rise of "desert stargazing" as a popular activity during the summer indicates a growing interest in unique nighttime experiences, with ticket bookings for the Zhongwei Shapotou tourist area increasing over 100% compared to previous months [1] Group 2 - Tuniu Travel Network reports strong demand for themed travel routes such as hiking, cycling, and camping, with popular destinations including Tibet and Yunnan, showcasing a preference for deep nature experiences among tourists [2] - Young travelers, particularly those from the post-2000 generation in Jiangsu, Zhejiang, and Shanghai, are willing to pay for deep experiences and often use social media for the entire travel planning process [2] - The emergence of experiential tourism signifies a profound change in consumer travel philosophy, with a focus on depth, personalization, and cultural richness, moving away from traditional sightseeing [2][3] Group 3 - The growth of experiential tourism is seen as a fusion of upgraded consumer demand and deep industry innovation, with young travelers seeking emotional and participatory experiences [3] - New tourism products, such as low-altitude sightseeing and cultural immersive performances, enhance the value and experience of travel offerings, leading to longer stays and increased product differentiation [3] - The trend reflects a shift in the tourism industry from resource-driven to innovation-driven models, catering to the younger generation's desire for personalized and emotionally resonant travel experiences [3]

Group 1: Overview of Guizhou's Tourism Development - Guizhou is emerging as a popular summer tourist destination, redefining the summer experience with diverse activities including water, land, and air adventures [1] - The "Monkey Ear Sinkhole" in Guiyang has become a hotspot for extreme sports, featuring the world's first swing installed inside a sinkhole, attracting numerous visitors [2][3] - The tourism industry in Guizhou is shifting from sightseeing to experiential travel, with a focus on enhancing visitor experiences through various outdoor activities [3] Group 2: Key Attractions and Visitor Engagement - The "Monkey Ear Sinkhole" has seen significant visitor engagement, with over 10.7 million visitors and nearly 68 million yuan in sales from January to June this year [3] - The "Luo Bei River" in Guiding County has reopened for rafting, experiencing a tenfold increase in visitors since its reopening, showcasing Guizhou's appeal as a top rafting destination [5][6] - The "Zangqi River" is recognized for its scenic beauty and safety measures, attracting a growing number of young tourists for paragliding and other outdoor activities [8][9] Group 3: Economic Impact and Growth Metrics - Guizhou's tourism sector has shown robust growth, with a reported 8.2% increase in total visitors and a 10.6% rise in total spending in the first half of 2025 [9]

Financial Data and Key Metrics Changes - Group revenue grew 7% or 5% in constant currency to $529 million, with adjusted EBITDA of $107 million or 20% of revenue exceeding expectations [5][23] - Gross booking value (GBV) grew 13% or 10% on a constant currency basis to approximately $1.3 billion [24] - Consolidated adjusted EBITDA margin was 20%, with Viator's adjusted EBITDA margin improving nearly 800 basis points to 12% of revenue [26][29] Business Line Data and Key Metrics Changes - Experiences booked grew 15%, with Viator's adjusted EBITDA more than tripling [14] - The Fork's revenue grew 28% or 22% in constant currency to $54 million, with adjusted EBITDA margin more than doubling year over year [16][30] - Brand TripAdvisor's revenue was $242 million, reflecting a decline of 3%, with adjusted EBITDA of $66 million or 27% of revenue [19][27] Market Data and Key Metrics Changes - North America showed stable volume growth, while Europe experienced accelerating growth [24] - App bookings remained strong, outpacing other channels, contributing to share gain in the segment's total booking mix [26] Company Strategy and Development Direction - The company is focusing on experiences as the fastest-growing category in travel, leveraging its trusted brands and proprietary data [7][10] - There is a strategic shift towards deeper coordination between brands to optimize growth and efficiency [8][26] - AI is being integrated into products to enhance user experience and operational efficiency [11][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing headwinds in free traffic affecting Brand TripAdvisor but remains optimistic about growth in experiences [42][66] - The company expects consolidated revenue growth of 4% to 6% in Q3 and maintains a full-year guidance of 5% to 7% revenue growth [35][37] Other Important Information - The company repurchased 2.8 million shares at an average price of $14.22 per share for a total of $40 million [33] - Total cash and cash equivalents were approximately $1.2 billion, with plans to use a portion for share repurchases [33] Q&A Session Summary Question: Comments on free traffic headwinds and stabilization for Brand TripAdvisor - Management acknowledged persistent free traffic headwinds but remains focused on improving operational efficiencies and growth strategies [40][42] Question: Mix between third-party and direct bookings for experiences - The majority of revenue comes from the Viator point of sale, with third-party bookings being profitable and incremental [50][49] Question: Confidence in revenue growth reacceleration in Q4 - Management expressed confidence due to healthy booking volumes and early test results from coordinated efforts between brands [53][54]

Core Insights - Thailand remains a key source market for China's inbound tourism, showing strong recovery trends post-pandemic, particularly in regions like Shanghai and Sichuan [1][3] - The historical evolution of Thailand's inbound tourism to China can be categorized into three phases: specialization, regional expansion, and diversification [3][5][6] - Sichuan province exemplifies the current phase of resource-driven market development, showcasing its unique tourism assets and sustained appeal to Thai tourists [7][9] Phase Analysis - **Phase 1: Specialization Initiation** This phase lasted from the early reform period to the mid-1990s, characterized by a highly centralized tourism operation dominated by a few state-owned travel agencies, with limited tourist flow and standardized itineraries [3][4] - **Phase 2: Regional Expansion** From the mid-1990s to the early 2010s, the opening of direct international flights and the economic growth in Thailand led to explosive market growth, with cities like Kunming becoming key hubs for Thai inbound tourism [5][6] - **Phase 3: Diversification and Depth** Since the early 2010s, especially post-pandemic, the market has seen a shift towards personalized and experiential travel, with emerging destinations gaining popularity among Thai tourists [6][12] Current Market Characteristics - The core routes to Beijing and East China remain strong, with seasonal fluctuations evident, particularly during peak months from March to May and September to November [12] - There is a growing trend towards deeper exploration of specific regions, with tourists favoring customized travel experiences over traditional package tours [12][13] - An increase in business tourism has been noted, with Thai teams combining business visits with leisure travel, necessitating local ground services [13] Strategic Recommendations - The industry must adapt to the trend of fragmented travel by offering modular and customizable travel products, enhancing service flexibility [14] - There is a need to develop themed and experiential products targeting younger travelers, leveraging unique local resources [14] - Marketing efforts should focus on digital engagement through social media platforms popular in Thailand, ensuring high-quality content that resonates with potential travelers [15] - Addressing the shortage of Thai-speaking guides is crucial, with initiatives to train and retain high-quality personnel to meet the demands of diverse tourist groups [16] Conclusion The Thai inbound tourism market has shown resilience and potential for growth, particularly in regions like Sichuan, which leverage unique resources and adapt to changing consumer preferences. Future competition will hinge on the ability to respond to fragmented demands and deliver high-quality, experience-driven travel options [17]