36氪计算统计，A股旅游链各子板块在2025年前三季度的净利润分别是，酒店15亿、景区26亿、航空运输149亿，合计约190亿。也就是说，携程一家压过 了整个旅游产业链。 过去一年，靠着持续火热的文旅市场，赚得盆满钵满的携程，经历有些曲折。 2025年第三季度，携程净营业收入达到183亿元人民币。其中住宿预订贡献了80亿元收入，同比增长18%，交通票务收入则达到了63亿元；2025年前三季 度累计净利润已达290亿元，毛利率高达80%。 这些数据意味着什么？ 争议随之而来。 进入1月，有关携程因涉垄断被调查的消息传得沸沸扬扬。在此之前，与柬埔寨旅游局合作一事（已暂停），让"卸载携程"相关话题阅读量累计超50亿 次。这并非携程首次牵动舆论，回溯2025年，公司就曾先后被郑州、贵州市监约谈。 截至目前，垄断调查尚未有明确结果，但各类预测已纷纷出炉：罚款、整改、更合规……不管结果如何，对于这家赚钱能力一流的行业巨头，不少人都期 待其在2026年能收敛锋芒，更为低调。 2026年，携程"困"不住酒店了 携程被立案调查，云南民宿协会会长在朋友圈里写了一句话："我们倍感欣慰。" 一时间，不少酒店人也纷纷转载发文。资深酒店 ...

Group 1 - The core viewpoint of the report is that Ctrip Group-S (09961) maintains a "Buy" rating with a target price of 733 HKD, supported by steady domestic growth and continued high growth overseas, alongside increased investment returns and expanding user share and influence [1] Group 2 - In Q3 2025, the company achieved revenue of 18.367 billion CNY, a year-on-year increase of 15.52%, with adjusted EBITDA of 6.346 billion CNY, up 11.73%, and adjusted operating profit of 6.134 billion CNY, up 12.2% [1] - The net profit attributable to shareholders reached 19.890 billion CNY, a significant increase of 194.01%, while the adjusted net profit excluding non-recurring items was 19.156 billion CNY, up 221.25% [1] Group 3 - The travel segment saw a rebound in growth, with transportation growth accelerating to 11.6% year-on-year in Q3 2025, compared to 10.8% in Q2 2025, driven by peak season and overseas demand [2] - Hotel growth maintained double-digit year-on-year increases, although it showed a sequential slowdown, attributed to normalization factors in both domestic and overseas markets [2] - Group tours have experienced a noticeable slowdown since Q1 2025, continuing into this quarter, influenced by a structural shift towards independent travel and risk factors affecting key destinations in Southeast Asia and East Asia [2] - Business travel revenue showed a recovery, marking the highest growth rate since Q1 2024, indicating a stabilization in business travel demand [2] Group 4 - The company maintained stable growth in operating profit, with a slight decline in gross margin primarily due to the increased share of overseas business and structural factors [3] - Increased marketing investments in Trip since 2025 have been aligned with budget consumption, reflecting competitive pressures in overseas markets, yet these investments have led to rapid growth in overseas Trip and a swift increase in user share [3] - The company has sustained multiple quarters of profit margin improvement, indicating a favorable competitive landscape and high stability and certainty in profits, with smooth progress in overseas markets [3]

Core Viewpoint - Tuniu's Q1 2025 financial report shows a net revenue of 117.5 million RMB, an 8.9% year-on-year increase, but a net loss of 5.352 million RMB compared to a net profit of 21.9 million RMB in the same period of 2024 [2][3][4] Revenue Breakdown - Packaged tours revenue for Q1 2025 was approximately 98.97 million RMB, a 19.3% increase year-on-year, driving the overall revenue growth [3] - Other revenue for Q1 2025 was about 18.55 million RMB, a decline of 25.83% year-on-year, indicating challenges in certain business segments [3] Business Performance and Future Outlook - Tuniu's live streaming payments and redemptions grew over 20% year-on-year in Q1 2025, attributed to diverse supply channels and self-operated live streaming [4] - The company projects Q2 2025 net revenue to be between 131 million and 136.8 million RMB, representing a year-on-year growth of 12% to 17% [4] - Despite some business breakthroughs, Tuniu's transition from profit to loss in Q1 raises concerns amid fierce competition in the online travel market [6] Competitive Landscape - The online travel market is highly competitive, with major players like Ctrip, Tongcheng-Elong, and Fliggy leveraging their resources and platforms to capture significant market share [6] - Tuniu faces challenges in brand recognition and traffic acquisition efficiency, necessitating improvements in cost control, business innovation, and user experience to maintain market share [6] - As an established online travel platform, Tuniu's growth potential requires effective strategic planning and operational upgrades to be realized [6]