此外，滴滴租车预订量同比增长148%，其中70%为异地租车订单，"大交通+落地租"成为主流模式。跨 境出行方面，上海、深圳、北京位列入境用户青睐城市前三位，新加坡、首尔、曼谷等境外城市也将迎 来中国游客打车高峰。 为应对出行高峰，滴滴在全国超100个机场、火车站设置网约车引导员，并投入超4亿元用于司机补贴。 凤凰网科技讯 9月25日，滴滴出行发布国庆中秋假期出行预测报告，预计自9月26日起全国打车需求将 显著上升，9月30日达到峰值，当天晚高峰将提前至15时30分出现，预约用车需求较平日翻倍。 报告显示，假期异地打车需求预计环比上涨51%，重庆、贵阳、西安、厦门、南京等城市为出行热门目 的地。中秋节（10月6日）将形成假期第二波出行高峰，专车及豪华车需求预计分别上涨83%和47%。 ...

Core Viewpoint - The company reported disappointing Q2 2025 results, with net sales of $865 million, a year-on-year decline of 5.8% at constant exchange rates, and adjusted EBITDA of $141 million, reflecting a decrease in EBITDA margin from 19.0% to 16.3% [1] Performance Summary - Q2 2025 net sales were $865 million, down 5.8% year-on-year at constant exchange rates; adjusted EBITDA was $141 million, with an EBITDA margin of 16.3% compared to 19.0% in the same period last year [1] - Adjusted net profit for Q2 2025 was $71.4 million, down from $86.9 million in the previous year [1] - The company's performance was below expectations, primarily due to weaker results in Asia and North America [1] Development Trends - Management indicated that from 2021 to 2023, the company experienced significant sales growth with a compound annual growth rate of 37%, outperforming the industry average growth rate of 4.5% [1] - Sales performance is expected to normalize in 2024 and 2025, with long-term global passenger travel growth projected at approximately 4% from 2024 to 2029 [1] - For Q3 2025, sales performance is anticipated to be similar to Q2 2025, with a low single-digit decline expected [2] Sales Outlook - Management expects slight improvement in sales for the second half of the year compared to the first half, driven by base effect, improved consumer sentiment, and clearer U.S. tariff outlook [2] - Non-travel product penetration increased, with sales accounting for 36.2% of total sales, up from 34.4% in the same period last year [2] - The lifestyle and outdoor brand Gregory, which has a sales contribution of less than 3%, saw a 14.7% year-on-year sales increase in the first half of the year at constant exchange rates [2] Profit Margin Outlook - The company anticipates a gross margin between 59% and 59.5% for 2025, impacted by U.S. tariffs on imports from major production countries [2] - To mitigate margin pressure, the company plans to utilize inventory purchased in the first half of 2025 and implement price increases in the second half of 2025 [2] - The decline in high-margin sales from Asia has further pressured gross margins, although this was partially offset by an increase in direct sales proportion from 38% to 40% year-on-year [2] Earnings Forecast and Valuation - Due to weaker sales momentum and unfavorable operating leverage, the company has lowered its revenue forecasts for 2025 and 2026 by 3% to $3.42 billion and $3.65 billion, respectively [2] - Net profit forecasts for 2025 and 2026 have been reduced by 17% and 9% to $271 million and $316 million, respectively [2] - Despite the adjustments, the company maintains a strong market leadership position, with a target price of HKD 20, reflecting a 21% upside potential from the current stock price [2]

Core Viewpoint - CICC has downgraded the revenue forecasts for Samsonite (01910) for 2025 and 2026 by 3% to $3.42 billion and $3.65 billion respectively, due to weaker sales momentum and unfavorable operating leverage [1] Group 1: Financial Performance - Samsonite reported 2Q25 net sales of $865 million, a year-on-year decline of 5.8% at constant exchange rates [1] - Adjusted EBITDA for 2Q25 was $141 million, with an EBITDA margin of 16.3%, down from 19.0% in the same period last year [1] - Adjusted net profit for 2Q25 was $71.4 million, compared to $86.9 million in the previous year [1] Group 2: Sales Outlook - The company expects sales performance in 3Q25 to be similar to 2Q25, with a low single-digit decline in sales [2] - Management anticipates a slight improvement in sales for the second half of the year compared to the first half, driven by base effects, improved consumer sentiment, and clearer U.S. tariff outlook [2] - The penetration rate of non-travel categories has increased, with sales accounting for 36.2%, up from 34.4% in the same period last year [2] Group 3: Profit Margin Outlook - CICC forecasts the company's gross margin for 2025 to be between 59% and 59.5%, impacted by U.S. tariffs [2] - The company is taking measures to mitigate the impact of tariffs, including utilizing inventory purchased in 1H25 and implementing price increases in 2H25 [2] - The decline in high-margin sales from Asia has further pressured gross margins, although this was partially offset by an increase in direct sales ratio from 38% to 40% year-on-year [2]