Core Insights - The company reported a revenue of 4.7 billion yuan in Q2 2025, representing a year-over-year increase of 10% [1] - Adjusted net profit reached 780 million yuan, up 18% year-over-year, with an adjusted net profit margin of 16.6%, an increase of 1.1 percentage points [1] Online Travel Platform Performance - The core online travel platform generated revenue of 4 billion yuan in Q2 2025, a 14% year-over-year increase, with an operating profit margin of 26.7%, up 2.4 percentage points [1] - Transportation ticketing revenue was 1.9 billion yuan, an 8% increase year-over-year, with international ticket sales growing nearly 30% [1] - Accommodation bookings revenue reached 1.4 billion yuan, a 15% increase year-over-year, supported by strong international hotel partnerships [1] - Other revenue, primarily from hotel management, was 760 million yuan, a significant 28% increase year-over-year, with over 2,700 hotels currently operating [1] Vacation Business Impact - The vacation business faced challenges due to security issues in Southeast Asia, resulting in a revenue decline of 8% year-over-year to 660 million yuan [2] User Growth and Market Penetration - The average monthly paying user count reached 46.4 million, a 9.2% year-over-year increase, with annual paying users totaling 252 million, up 10.2% [3] - The number of registered users from non-first-tier cities in China exceeded 87%, with 69% of new paying users in Q2 2025 coming from these areas [3] Financial Forecast and Investment Rating - Revenue projections for 2025-2027 are adjusted to 19.3 billion, 21.9 billion, and 24.4 billion yuan, respectively, with net profits of 2.8 billion, 3.2 billion, and 3.7 billion yuan [3] - The company is positioned as a leading OTA platform in lower-tier markets, benefiting from domestic travel demand and international expansion, with a target market value of 60.1 billion yuan for 2026 [3]

2025年初，中信银行北京三里屯支行的服务大厅接待了一支来自西班牙的创业团队，他们刚刚在中国注 册公司，希望开立基本户和资本金专户，并寻求一家国际业务专业的银行开展合作。 面对客户首次在华创业的忐忑与诸多疑问，中信银行北京三里屯支行客户经理和中信银行北京分行国际 业务部的专家迅速组建了专属服务团队。通过搭建的24小时线上服务群，克服7小时时差障碍，为客户 提供了从账户开立到日常结算的全周期指导。无论是深夜的跨境汇款咨询，还是清晨的外汇政策解读， 服务团队始终以"客户需求第一时间响应"为准则。 中信银行北京分行作为金融服务重要窗口，服务众多国际客户，未来将继续发挥国际业务优势，不断深 化"来中国找中信"的品牌内涵，以更专业高效的金融解决方案和更温暖贴心的金融服务，助力来华海外 企业在中国市场稳健发展！ "我们不仅得到了专业的银行服务，更得到了温暖贴心的指导。"客户在服务群中这样描述他们的感受。 正是这种将心比心的服务态度，让这家西班牙企业在中国市场的第一步走得格外稳健。从首笔资本金入 账到首个月度工资代发，每一个业务节点都留下了中信服务团队的专业印记。 近日，中信银行北京三里屯支行收到了来自客户的表扬信，客户在 ...

Financial Performance - In 2024, the company achieved revenue of 41.466 billion yuan (+13.37%) and a net profit attributable to shareholders of 15.351 billion yuan (+20.40%) [1] - The basic earnings per share increased to 1.62 yuan (+20.00%), while the return on equity (ROE) for 2023 was 9.24%, an increase of 1.12 percentage points year-on-year [1] Wealth Management - The company reported net income from brokerage services of 6.447 billion yuan (+8.19%) in 2024 [2] - By the end of 2024, the company had 1,776.39 billion yuan in cash, a year-on-year increase of 18.17% due to increased client funds [2] - The number of financial products sold (excluding cash management products) reached 16,760, an increase of 51.40%, with a sales scale of 503.991 billion yuan (+13.63%) [2] - The company maintained a leading position in public fund sales, with significant holdings in various fund categories [2] Investment Banking - The company achieved net income from investment banking of 2.097 billion yuan (-30.95%) in 2024, with equity underwriting reaching 54.897 billion yuan (-39.87%) [3] - The company ranked second in the industry for IPO and refinancing projects, participating in two of the top ten IPOs and two of the top ten refinancing projects [3] - Bond underwriting reached 12,960.48 billion yuan (+3.12%), ranking third in the industry [3] Asset Management - The company reported net income from asset management of 4.146 billion yuan (-2.58%) [4] - The total asset management scale grew significantly to 556.267 billion yuan (+16.98%), driven by increases in collective and single asset management [4] - The company's fund subsidiary, Southern Fund, managed assets totaling 2.47 trillion yuan (+30.54%), while Huatai-PineBridge managed 688.208 billion yuan (+72.82%) [4] Proprietary Trading - The company generated 14.5 billion yuan (+24.24%) in proprietary trading income, which was a major driver of performance growth [5] - The proportion of bond investments increased, accounting for 56.86% of the investment portfolio, while equity investments slightly decreased [5] International Business - International business revenue surged to 14.34 billion yuan (+80.93%), accounting for 34.58% of total revenue [6] - The company ranked third in the market for Hong Kong IPO sponsorship projects [6] Investment Outlook - The company is expected to benefit from a gradually improving economic environment and ongoing reforms in the capital market, which may lead to valuation increases [7] - Forecasted basic earnings per share for 2025-2027 are 1.73 yuan, 1.80 yuan, and 1.95 yuan, respectively [7]

END 免责声明： 本文纯属个人观点，仅供学习交流。 截至2023年末，中国银行总行内设36个部门和9个直属机构（比 建设银行 的40个、 工商银行 的42个和农业银行的40个都要多）。 中国银行总行部门名称和设置充分体现了其服务 国际业务 的历史传承和特征。比如，中国银行设置有"全球化办公室"、"全球市场部"等其 他"四大行"没有的部门。 中国 银行总行 审计局 也直接向董事会报告，同时也有着向监事会以及高级管理层报告的第二汇报路线。 附中国银行总行组织架构和内设部门图如下： 文章来源：投资风险官；作者：望星者 欢迎关注 请 关注 上方公众号 ，欢迎" 分享 "" 收藏 "" 点赞 " 往期回顾 工商银行总行组织架构情况 建设银行总行组织架构情况 农业银行总行组织架构情况 ...