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]