近日，商务部研究院国际服务贸易研究所"入境旅游"课题组发布报告显示，2025年中国入境旅游市 场全面刷新历史纪录——全年外国游客出入境达8203.5万人次，同比增长26.4%；旅行服务出口规模升 至551.6亿美元，同比大幅增长49.1%，是2019年的1.6倍。 报告指出，当前中国入境旅游收入占GDP比重不足0.5%，而泰国超过10%、欧美国家普遍在1%至 3%之间。若中国能将这一比重提升至国际可比水平，意味着约一至三万亿元人民币的潜在市场增量待 释放。 入境旅游已成为中国缩小服务贸易逆差、优化贸易结构的重要渠道。2025年，我国旅行服务出口额 达551.6亿美元，创历史新高，同比大幅增长49.1%，是2019年的1.6倍，增速远高于同期我国服务出口 整体13.9%的水平。 2025年中国旅行服务进口稳居全球第一，进口额达2537.8亿美元，占全球比重15.2%。进口的强劲 增长，直接带动服务贸易逆差显著收窄——2025年，我国旅行服务贸易逆差额为1986.2亿美元，同比下 降7.2%，推动我国服务贸易逆差额从2024年的1646.6亿美元收窄至2025年的1160.2亿美元。 免签政策红利效应显著，客源结 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：瑞恩资本RyanbenCapital | | | 截至以下日期止三個月 | | | | 截至以下日期止一年 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 2024年 | 2025年 | 2025年 | 2025年 | 2024年 | 2025年 | 2025年 | | | 12月31日 | 9月30日 | 12月31日 | 12月31日 | 12月31日 | 12月31日 | 12月31日 | | | 人民幣 | 人民警 | 人民幣 | 英元 | 人民幣 | 人民幣 | 美元 | | | (日萬元) (自萬元) | | (百萬元) | (百萬元) | (自萬元) | (百萬元) (百萬元) | | | 收入: | | | | | | | | | 住宿題訂 | 5,178 | 8,047 | 6,287 | 899 | 21,612 | 26,100 | 3,732 | | 交通票務 | 4.780 | 6,306 | 5,368 | 768 | 20 301 | ...

Core Viewpoint - Ctrip Group reported its unaudited financial performance for Q4 and the full year of 2025, highlighting robust growth across international business segments and a significant increase in net profit due to investment gains [1][2][3] Financial Performance - In Q4 2025, Ctrip's net operating revenue reached 15.4 billion RMB, a year-on-year increase of 21%, driven by resilient travel demand. However, it saw a quarter-on-quarter decline of 16% due to seasonal factors [1][2] - For the full year 2025, net operating revenue totaled 62.4 billion RMB, marking a 17% year-on-year increase [1][2] Business Segment Performance - Q4 2025 accommodation booking revenue was 6.3 billion RMB, up 21% year-on-year, primarily due to growth in accommodation bookings, but down 22% quarter-on-quarter due to seasonal factors [1][3] - For the full year 2025, accommodation booking revenue amounted to 26.1 billion RMB, also a 21% year-on-year increase, accounting for 42% of total revenue [1][3] - Q4 2025 transportation ticketing revenue was 5.4 billion RMB, a 12% year-on-year increase, but down 15% quarter-on-quarter due to seasonal factors [1][3] - For the full year 2025, transportation ticketing revenue reached 22.5 billion RMB, reflecting an 11% year-on-year increase, making up 36% of total revenue [1][3] Profitability - The net profit for the full year 2025 was 33.4 billion RMB, compared to 17.2 billion RMB in 2024, with the increase largely attributed to investment gains of 19.9 billion RMB (approximately 2.8 billion USD) included in other income, compared to 1.1 billion RMB in 2024 [2][3] Strategic Focus - Ctrip's Executive Chairman Liang Jianzhang emphasized that inbound tourism is a key driver for expanding opportunities and promoting local community development, with ongoing investments in inbound tourism, social responsibility, and AI innovation to establish a solid foundation for sustainable long-term growth [2][3]

Financial Data and Key Metrics Changes - For Q4 2025, Trip.com Group reported net revenue of RMB 15.4 billion, a 21% increase year-over-year, driven by robust travel demand during the winter holiday [27] - For the full year 2025, gross bookings reached RMB 1.1 trillion, with net revenue totaling RMB 62.4 billion, reflecting a 17% year-over-year increase [27][28] - Income from operations for the full year was RMB 15.8 billion, an 11% increase year-over-year, while net income attributable to Trip.com Group Limited was RMB 13.4 billion [27][28] - Adjusted EBITDA for Q4 was RMB 3.4 billion, compared to RMB 3.0 billion in the same period last year, with full-year adjusted EBITDA at RMB 18.9 billion, an 11% growth year-over-year [30] Business Line Data and Key Metrics Changes - Accommodation Reservation revenue for Q4 was RMB 6.3 billion, a 21% increase year-over-year, while full-year revenue was RMB 26.1 billion, also a 21% increase [28] - Transportation ticketing revenue for Q4 was RMB 5.4 billion, a 12% increase year-over-year, with full-year revenue at RMB 22.5 billion, an 11% increase [28] - Package Tour revenue for Q4 was RMB 1.1 billion, a 21% increase year-over-year, with full-year revenue at RMB 4.7 billion, an 8% increase [28] - Corporate Travel revenue for Q4 was RMB 808 million, a 15% increase year-over-year, with full-year revenue at RMB 2.8 billion, a 13% increase [29] Market Data and Key Metrics Changes - APAC remained the largest source of inbound travelers, with demand from Western markets expanding, reflecting rising international interest in China as a travel destination [12] - In 2025, approximately 20 million inbound travelers were served, connecting demand to about 150,000 hotels, with over 63,000 hotels serving inbound travelers for the first time [12][14] - The international OTA platform saw gross bookings increase by approximately 60% year-over-year, with international business contributing about 40% of total revenue and bookings in 2025 [55] Company Strategy and Development Direction - The company focuses on three key investment areas: inbound tourism, social responsibility initiatives, and AI innovation [5][9] - A $100 million tourism innovation fund was launched to support commercial innovation across the travel ecosystem [8] - The company aims to enhance its AI capabilities to improve operational efficiency and user experience, positioning itself as a leader in the evolving travel landscape [9][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of inbound tourism, projecting a potential 5x-10x growth for inbound travel in China [47] - The company remains committed to fostering a transparent and sustainable travel ecosystem while focusing on long-term value creation for shareholders [26][37] - Travel sentiment remains strong, with leisure travel being the primary driver of market growth, and the company is strategically positioned to capture this demand [55] Other Important Information - The company is cooperating with the State Administration for Market Regulation regarding a regulatory investigation, emphasizing its commitment to compliance and transparency [26] - The company has invested approximately RMB 2.9 billion to enhance the overall travel experience for users, focusing on customer protections and service quality [22] Q&A Session Summary Question: Update on the recent SAMR investigation - The company is actively cooperating with the SAMR and remains committed to fostering a transparent environment while focusing on core investment priorities [35][36] Question: Impact of AI disintermediation on OTA business model - The company views AI advancements as a catalyst for its strategy, emphasizing the importance of its transactional and service layers in the travel industry [39][40] Question: Future growth trajectory for inbound tourism - Management believes inbound travel to China is at the start of a significant growth cycle, with efforts to promote the country as a travel destination [46][47] Question: Booking trends during Chinese New Year - The extended holiday stimulated travel demand, with robust growth in domestic and outbound business, particularly in long-haul destinations [53][54] Question: Competition in the domestic travel market - The company acknowledges dynamic competition but maintains its competitive edge through high service levels, comprehensive product offerings, and global coverage [57][60] Question: Operational highlights and outlook for 2026 - The company expects continued strong growth in international bookings, particularly in the APAC region, supported by its globalization strategy [66][67] Question: Update on shareholder return program - The company fully utilized its share repurchase quota in 2025 and remains committed to delivering long-term shareholder value [74][75]

智通财经APP讯，携程集团-S(09961)发布2025全年业绩，净营业收入为人民币624亿元(单位下同)，同 比上升17%;归属携程集团有限公司净利润332.94亿元，同比上升95.08%;每股普通股基本收益50.62分。 2025年全年，住宿预订营业收入为261亿元，同比上升21%。住宿预订营业收入占2025年合计营业收入 的42%。 2025年全年，交通票务营业收入为225亿元，同比上升11%。交通票务营业收入占2025年合计营业收入 的36%。 2025年全年，旅游度假业务营业收入为47亿元，同比上升8%。旅游度假业务营业收入占2025年合计营 业收入的7%。 2025年全年商旅管理业务营业收入为28亿元，同比上升13%。商旅管理业务营业收入占2025年合计营业 收入的5%。 "旅游不仅是一个产业，更是促进连结、加速流动、实现共同成长的关键经济基础设施，"携程董事会执 行主席梁建章先生表示，"入境旅游是拓宽机会、促进在地社区发展的关键力量。在以用户为核心、以 信任为基础的方法论指引下，我们持续扩大努力。通过对入境旅游、社会责任、AI创新的持续投入， 我们正为可持续的长期发展奠定坚实基础。" "旅游市场 ...

央视网消息：今年春节，海外社交媒体刷屏"Becoming Chinese"（"成为中国人"）话题。在免签扩容、入境旅游服务升级等助推下，"到中 国过春节"成为海外游客新风尚，写春联、包饺子、逛市集开启"成为中国人"的"春节限定"沉浸式体验，越来越多外国游客带着全新视角走近 中国，亲身感受真实而蓬勃的发展活力，也为火热的中国消费市场注入源源不断的新动能。 外国游客扎堆来过中国年 足迹遍布百余城 平台数据显示，入境游热门目的地为北上广深、成都、厦门、海口、重庆、武汉和哈尔滨等，境外游客足迹覆盖国内300多个城市。春节 假期，年味浓郁、民俗体验丰富的目的地吸引着越来越多的外国游客，非遗体验是"必选项"，县域乡村是"新主场"，逛古城、品美食、看非遗 表演，中国传统文化和年俗一场场"沉浸式"体验圈粉无数。 澳大利亚籍旅客：28天都没玩够，下次要多玩几天，这次玩得太好了，我们去了哈尔滨、西安和成都。 中国移动数智事业部大数据智慧应用中心副总经理 张伟芳：入境游客规模较去年同期日均增长10.1%，到访二线及以下城市的境外游客规 模较去年同期日均增长12%，境外游客旅游目的地逐步由传统一线城市向各具特色的中小城市延伸。 文化 ...

今年，China Travel（中国游）持续火爆。据四川边检总站最新数据，今年以来截至2月23日24 时，成都航空口岸共有108万余人次、7600余架次航班出入境，分别同比增长16.3%、7.8%。入出 境外国人26万余人次，同比增长63.2%。其中，享受免签入境外国人9.8万余人次，占入境外籍人 员总数的37%。 本报讯（四川日报全媒体记者 兰珍）2月24日，记者从四川边检总站获悉，今年春节假期（2月15 日至2月23日），成都航空口岸累计有21万余人次、1300余架次航班出入境，分别同比增长 19.8%、9.7%。整个假期，共1.2万余名外国人选择从成都航空口岸入境，同比增长34.5%。 随着入境政策持续优化，春节期间成都独特的传统年俗活动和非物质文化遗产，吸引了越来越多 的外国人来川体验。从成都航空口岸入境的外国人数量排名前三的国家分别是马来西亚、俄罗 斯、越南，入境目的以旅游观光、探亲访友为主，其中西岭赏雪、民俗灯会、夜游锦江等活动深 受外国旅客喜爱。 ...

Core Insights - The article highlights the increasing interest of foreign tourists in experiencing the Chinese New Year, driven by cultural immersion and favorable travel policies [6][7]. Group 1: Cultural Experience - Foreign tourists are engaging deeply with traditional Chinese customs during the Spring Festival, such as participating in local festivities and cultural performances [2][3]. - The appeal of non-material cultural heritage activities, like lantern parades and dragon dances, significantly attracts foreign visitors [2]. - The experience of local cuisine and cultural storytelling enhances the overall travel experience for international tourists [4]. Group 2: Travel Trends - Data from Ctrip indicates that by 2026, the number of inbound tourists to 12 county-level cities in China is expected to double compared to 2025, reflecting a trend of deeper exploration into smaller cities [3]. - The trend of inbound tourism is shifting from coastal cities to inland and border regions, indicating a broader distribution of tourist interest [8]. Group 3: Policy Impact - The implementation of visa-free policies for citizens from 50 countries has facilitated easier travel to China, contributing to the surge in foreign visitors during the Spring Festival [6]. - The overall travel experience during the Chinese New Year has been positively received, with many businesses remaining open and providing services that cater to tourists [6]. Group 4: Future Opportunities - The World Travel and Tourism Council predicts that by 2035, China's international tourist spending will reach approximately 1.5 trillion RMB, indicating significant growth potential in inbound tourism [8]. - Experts suggest enhancing the quality of tourism products and services, as well as improving operational capabilities during holidays, to better serve both local residents and foreign tourists [8][9].

央视网消息：在入境便利化政策与丰富文旅产品的双重带动下，各地入境旅游市场迎来"开门红"。越来越多的外国友人选择在春节 期间"打卡"中国，"中国年"正成为全球共享的文旅新IP。 对外免签再扩容 外籍游客来华热情高涨 这个春节，传统景区仍然是入境游的热门目的地。在陕西西安，秦始皇帝陵博物院迎来了客流高峰，不少外籍游客来到兵马俑一号 坑感受中国的历史文化。 新春佳节，中国对外免签"朋友圈"再扩容。自正月初一起，中国对加拿大、英国持普通护照人员实施免签政策。在江苏南京，空港 口岸迎来了不少来华的英国和加拿大旅客。 英国籍旅客华莱士表示，他2019年开始就住在中国，他爸爸到现在已经来过中国三次。新政实施后，他的家人能更方便地过来，他 感到非常高兴。 巴西游客马特乌斯表示，考古学家如何修复这一切，简直令人难以置信，整个博物院都棒极了，这里的一切都让他们兴奋。 为应对春节客流高峰和免签政策带来的新变化，南京出入境边防检查站推行了入境信息申报前置引导等措施，全力保障口岸通关安 全高效顺畅。据南京出入境边防检查站预测，2026年春节假期，南京禄口出入境旅客约7.6万人次，其中出入境外国人约5000余人 次。 沉浸式体验 深度感 ...

转自：扬子晚报 看花灯、赏春梅、买发簪、吃火锅，欢欢喜喜过大年。2月18日—2月20日，一个由19名德国游客、2名 北马其顿游客和1名奥地利游客组成的欧洲旅游团来宁，度过了一个令他们印象深刻，喜庆热闹的"中国 年"。 欧洲旅游团游览中华门 "我非常喜欢南京的明城墙，它看上去太壮观了！"2月19日16:00，德国游客弗洛里安参观了中华门城堡 的藏兵洞后，又兴致勃勃地爬上城墙，来到巨大的"聚宝小蓝马"新春艺术装置前打卡合影。他告诉记 者，自己是第一次来中国。"南京这座城市很漂亮，路上张灯结彩，看到了很多红灯笼和巨大的花灯， 特别有节日气氛。南京人民很热情友好，一路上玩得很开心，导游也对我们十分关照。"他说。 欧洲旅游团走在老城南的街道上。 欧洲旅游团的客人们拿着南京地标冰箱贴，非常开心。 德国游客玛丽娜迫不及待地向伙伴们"晒"出她刚刚入手的梅花发簪，爱不释手。"我非常喜欢中国的传 统文化。走在南京的街头和景区，看见很多女孩子穿着汉服，戴着各种各样的发簪，特别好看。上午游 览明孝陵的时候，又看到梅花山五彩缤纷，简直太美了！导游告诉我们梅花是南京的市花，我特意去挑 了一支梅花发簪，打算回国送给朋友，相信她一定会很喜欢 ...