Core Viewpoint - The company reported strong growth in Q3 2025, with net operating income reaching 18.3 billion yuan (YoY +16%) and net profit attributable to shareholders at 19.9 billion yuan (YoY +194%) [1] Group 1: Overall Performance - The company's Q3 2025 net operating income and net profit attributable to shareholders showed robust year-on-year growth, driven by resilient domestic tourism demand, high growth in cross-border/international business, and a one-time gain from the sale of MMYT.O [1] - The company is expected to benefit from the recovery of outbound tourism and the development of inbound tourism, alongside continuous improvements in its global OTA platform and the application of AIGC in the cultural tourism sector [1] Group 2: Domestic Business - Diverse travel demands are driving steady growth in the domestic market, with significant increases in bookings from remote areas like Urumqi, Hohhot, and Lhasa, which saw nearly 30% year-on-year growth [2] - The company is targeting the silver-haired market, with user numbers and total transaction volume for its "Old Friends Club" growing over 70% year-on-year [2] - Collaborations with several entertainment companies have been established to further drive revenue growth in the youth travel segment [2] Group 3: Outbound Business - The outbound business continues to grow steadily, with cross-border flight capacity recovering to 88% of the levels seen in the same period of 2019, and hotel and flight bookings for outbound travel increasing nearly 20% year-on-year, reaching 140% of 2019 levels [2] Group 4: Global OTA Business - The international OTA platform saw total bookings increase by approximately 60% year-on-year, with significant contributions from the Asia-Pacific region, and mobile platforms accounting for over 70% of total bookings [3] - Inbound tourism bookings surged over 100% year-on-year, with the Asia-Pacific region remaining the primary source of inbound tourists, while Europe and the US markets also showed strong growth [3] Group 5: Profit Forecast and Investment Rating - As a leading player in the OTA industry, the company is expected to benefit from the release of domestic tourism demand, the recovery of inbound and outbound tourism, and the deepening of its global OTA business [3] - The company forecasts net operating income of 61.9 billion, 70.1 billion, and 79.6 billion yuan for 2025-2027, with net profits of 31.8 billion, 20.4 billion, and 22.9 billion yuan respectively, corresponding to diluted EPS of 48.6, 31.3, and 34.8 yuan [3] - The target market value for the company in 2026 is set at 440.5 billion yuan, with a target price of 678 HKD, maintaining a "buy" rating [3]