Core Insights - Expedia's third-quarter results exceeded expectations, leading to a nearly 15% surge in stock price after hours and extending to about 17% in pre-market trading, driven by strong bookings growth and an optimistic outlook [2][5] Group 1: Travel Demand - Travel demand remains robust, with Expedia booking 108.2 million room nights, an 11% year-over-year increase, and an average daily rate (ADR) of $209, indicating that travelers continue to spend despite rising costs [5] - Total gross bookings reached $30.7 billion, comprising $22.7 billion in lodging and $8 billion in non-lodging categories such as air travel, car rentals, and experiences [5] - Air ticket volume hit 14.4 million, reflecting a strong rebound in international and business travel [5] Group 2: Business Model Shift - The merchant model has become the leading booking model for Expedia, generating $18.9 billion in bookings, surpassing the agency model's $11.9 billion, which enhances pricing control and margins per transaction [6] - B2B bookings increased to $9.4 billion, accounting for approximately 31% of total bookings, highlighting Expedia's expanding role as a platform for other brands and loyalty programs [6] Group 3: Operational Performance - Expedia's operational metrics indicate strong growth in both consumer and partner segments, with a focus on converting high volume into sustainable, margin-rich earnings [7] - Despite the positive performance, competition from Booking Holdings and Google's travel ecosystem continues to exert pressure on marketing expenditures and profitability [6]

尼泊尔10月接待游客创年内新高 中国游客数量回升 中新社加德满都11月4日电 (记者 崔楠)尼泊尔旅游委员会最新数据显示，2025年10月共有128443人次国 际游客入境尼泊尔，为今年以来月度最高纪录。 统计显示，10月尼泊尔国际游客数量较2024年同期增长3.3%，较9月显著反弹。尼旅游部门认为，增长 主要得益于秋季徒步登山季的到来，以及国际社会对尼泊尔安全形势信心的逐步恢复。 10月，印度仍为尼泊尔最大客源国，共有17298人次印度游客访尼，占总数的13.5%；美国游客13286人 次，居第二位，占比10.3%；英国游客8718人次，居第三位，占6.8%。 同期，来自中国的游客达6755人次，较9月明显回升，增长近三成。德国、澳大利亚、斯里兰卡、法 国、孟加拉国和缅甸等国游客数量亦保持稳定。 今年前10个月，尼泊尔累计接待国际游客943716人次，比去年同期增长0.3%，恢复至2019年同期水平 的97.7%。 每年10月至12月为尼泊尔传统旅游旺季。(完) 来源：中国新闻网 编辑：郭晋嘉 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个 ...

与此同时，印尼国内旅游同样保持旺盛增长。今年1月至9月，印尼居民国内出游累计超过9亿人次，同 比增长18.99%，显示出印尼内需型旅游市场的巨大潜力。(完) 印尼前9个月吸引逾1100万人次外国游客 中新社雅加达11月3日电 (记者 李志全)今年前9个月，印度尼西亚吸引超过1100万人次外国游客，显示 旅游业强劲复苏。 印尼中央统计局3日公布数据显示，今年1月至9月，到访印尼的外国游客人数达1143万人次，同比增长 10.22%。就在今年8月，到访印尼的外国游客人数达151万人次，创下2020年以来单月最高水平；9月虽 回落至139万人次，但该局发言人表示，这属正常季节性波动。 从外国游客消费结构看，住宿支出占比最高(37.31%)，其次为餐饮(19.4%)、购物和纪念品(10.98%)以及 娱乐(8.78%)等。 作为"千岛之国"，印尼拥有丰富的自然与文化旅游资源。近年来，入境印尼的外国游客人数持续增长： 2022年为547万人次，2023年升至1168万人次，2024年进一步增至1390万人次，反映出印尼旅游业强劲 复苏势头。 来源：中国新闻网 编辑：董文博 广告等商务合作，请点击这里 本文为转载内容，授 ...

2025年赴泰外国游客数量或降至3200万人次 中新网曼谷11月2日电(李映民 刘宇博)泰国旅游业协会1日发布消息称，2025年泰国的外国游客总数量将 降至3200万人次，低于政府既定目标。协会呼吁政府加大力度打击电信诈骗活动，并建议推出机票优惠 和跨区域旅游活动，以提振市场信心。 编辑：郭晋嘉 广告等商务合作，请点击这里 塔纳蓬呼吁泰国政府与周边国家加强协作，铲除利用泰国为据点的跨国犯罪组织，维护东南亚地区整体 旅游声誉。 塔纳蓬透露，为促进旅游复苏，泰国旅游业协会计划于2026年1月举办大型商务洽谈活动，邀请国内外 旅游运营商共同参与，推出涵盖旅游线路和酒店优惠的跨区域旅游套餐。活动预计吸引约1500名业内人 士参与，旨在推动旅游收益在全国范围内更均衡分布，减少过度集中于热门景区的现象。协会同时将与 泰国国家旅游局商讨推出特别机票促销计划，鼓励国内外游客出行。 泰国甲米岛风光。李映民 摄 塔纳蓬表示，协会原先预计今年第四季度泰国旅游业将迎来回升，但受全国哀悼去世王太后影响，市场 情绪或将暂时趋缓。不过，他仍对明年泰国旅游市场充满信心。(完) 来源：中国新闻网 泰国那空帕侬府风光。李映民 摄 泰国旅游业协会 ...

Core Viewpoint - ST Zhangjiajie has reported a single-quarter profit for the first time in years, but the overall financial situation remains precarious due to high debt levels and ongoing losses [2][3][4]. Financial Performance - In Q3 2025, ST Zhangjiajie achieved revenue of 143 million yuan, a year-on-year increase of 4.82%, and a net profit of 10.87 million yuan, marking a significant year-on-year growth of 405.29% [2][3]. - Despite the quarterly profit, the company recorded a cumulative net loss of 22.40 million yuan for the first three quarters of 2025, continuing a six-year trend of losses [4][5]. Debt and Financial Health - As of September 30, 2025, ST Zhangjiajie had total assets of 2.099 billion yuan and total liabilities of 1.831 billion yuan, resulting in a debt-to-asset ratio of 87.24% [4][5]. - The company's cash and current liabilities ratio is only 11.84%, with a current ratio of 0.14, indicating significant short-term repayment pressure [4][5]. Impact of Tourism Market - The recovery of the inbound tourism market has contributed to ST Zhangjiajie's improved performance, with 722,300 inbound visitors and total spending of 376 million USD from January to July 2025, reflecting year-on-year increases of 14.2% and 16.42% respectively [3][4]. - The Tianmen Mountain scenic area alone welcomed 370,000 foreign tourists in the first half of 2025, setting a record [3][4]. Challenges and Risks - The company's financial difficulties are largely attributed to the Duyong Ancient City project, which has incurred significant losses, totaling over 1 billion yuan from 2020 to 2024 [5][6]. - The reliance on non-recurring income, such as government subsidies, raises concerns about the sustainability of the reported profits [5][6]. Restructuring Efforts - ST Zhangjiajie is currently undergoing a pre-restructuring process, with the latest deadline extended to January 16, 2026, amid ongoing challenges in reaching consensus with creditors and attracting strategic investors [7][9]. - The company’s ability to successfully restructure and manage its debt will be crucial for its survival and future growth [9][11]. Industry Context - The challenges faced by ST Zhangjiajie are reflective of broader issues within the traditional tourism sector, where many companies are grappling with high debt levels and changing consumer behaviors post-pandemic [8][11]. - The case of ST Zhangjiajie serves as a cautionary tale for the industry, highlighting the importance of sound financial management and strategic investment decisions [8][11].

Core Viewpoint - The implementation of a visa-free policy for group tourists from China to South Korea is a significant step in enhancing bilateral tourism and economic ties, leading to a mutual increase in tourist numbers and economic benefits for both countries [1][5][6]. Group 1: Visa-Free Policy Impact - Starting from September 29, South Korea has initiated a trial visa-free entry policy for Chinese group tourists, marking a reciprocal move following China's similar policy for South Korean tourists [1][5]. - The visa-free policy is expected to boost the number of travelers between China and South Korea, with projections estimating 8 to 9 million travelers this year [3][5]. - Data indicates a substantial increase in travel bookings, with Korean tourism products seeing a 53% rise in reservations during the recent holiday period compared to last year [1][3]. Group 2: Tourism Statistics - As of September 11, the number of South Koreans traveling to China has also surged, with a 131% increase in travel orders, including a 90% rise in flight bookings and a 163% increase in hotel reservations [3][5]. - In 2024, it is anticipated that South Korea will receive 1.4759 million foreign tourists, with Chinese visitors making up a significant portion, although still below pre-pandemic levels [5][6]. - The average spending of Chinese tourists in South Korea was reported at $1,689 in 2019, indicating a higher spending capacity compared to tourists from other countries [7]. Group 3: Economic Implications - The South Korean government views the visa-free policy as a means to stimulate the tourism sector and local economies, especially in light of the ongoing recovery from the pandemic [6][7]. - The increase in Chinese tourists is expected to positively impact South Korea's GDP growth, with each additional 100,000 Chinese tourists potentially raising GDP growth by 0.08 percentage points [7]. - The overall recovery of the outbound tourism market in China, with a projected 1.23 billion trips in 2024, provides a favorable environment for the success of the visa-free policy [10]. Group 4: Changing Tourist Preferences - The preferences of Chinese tourists have shifted from traditional group tours to more personalized and in-depth travel experiences, such as medical tourism and cultural exploration [11]. - The current trend shows a growing interest among young travelers in destinations like Seoul and Jeju Island, with a notable increase in demand for unique travel experiences [11]. - The effectiveness of the visa-free policy may depend on the ability of tourism operators to adapt to these changing preferences and offer suitable travel products [11].

Group 1 - South Korea has implemented a visa-free entry policy for Chinese group tourists (3 or more) starting from September 29, 2023, marking a reciprocal move following China's visa-free policy for South Korean tourists initiated in November 2022 [1][2] - The visa-free policy is expected to significantly boost travel between the two countries, with projections estimating 8 to 9 million travelers between China and South Korea this year [1][3] - Data shows a substantial increase in travel bookings, with Korean tourism products seeing a 53% increase in reservations during the Mid-Autumn Festival and National Day compared to last year, and hotel bookings in Korea rising by 135% [1][3] Group 2 - The response to China's visa-free policy has led to a surge in South Korean tourists visiting China, with a 131% increase in travel orders to China as of September 11, 2023 [2][3] - Popular destinations for South Korean tourists in China include Shanghai, Qingdao, and Beijing, with Shanghai experiencing a 60% increase in South Korean visitors since September [2][3] - The anticipated growth in travel is expected to stimulate local economies and enhance bilateral relations between the two countries [3][4] Group 3 - The South Korean government predicts that the visa-free policy will revitalize the tourism sector and local economies, with Chinese tourists historically accounting for a significant portion of foreign visitors [3][4] - In 2024, South Korea is expected to receive 14.76 million foreign tourists, with Chinese visitors making up 28.1% of that total [3][4] - The average spending of Chinese tourists in South Korea is notably higher than that of tourists from other countries, with a reported average of $1,689 per visitor in 2019 [4][5] Group 4 - The tourism market is showing signs of recovery, with China's outbound tourism expected to reach 123 million in 2024, a 41% increase from 2023 [6][7] - The demand for personalized and in-depth travel experiences among Chinese tourists is rising, shifting away from traditional group tours [7] - The effectiveness of the visa-free policy may depend on the ability of tourism operators to adapt to changing consumer preferences [7]

Group 1 - The 22nd China-ASEAN Expo tourism exhibition is showcasing the strong recovery of the global tourism market, with participation from over 40 countries and regions [1] - Laos is promoting a new tourism project called "Four Thousand Beautiful Islands" and has increased direct flights from Shenzhen to Pakse to facilitate Chinese tourists [1] - In 2024, Laos expects to receive over 4 million international tourists, with approximately 3.5 million being from China, aided by the opening of the China-Laos Railway [1] Group 2 - Brunei has introduced a visa-free policy for Chinese citizens holding valid passports, allowing stays of up to 14 days since March 8 [1] - The total exhibition area for this year's tourism exhibition is 60,000 square meters, featuring 1,720 booths and attracting 1,350 participating companies, an increase of over 600 booths compared to last year [2] - Since 2021, China has added 10 countries, including Singapore, Thailand, and Malaysia, to its list of visa-free entry options for Chinese passport holders, now totaling over 90 countries and regions [2]

9月18日，三大指数冲高快速回落。板块上，旅游及酒店概念股逆势拉升，曲江文旅涨停，云南旅游实 现"2连板"，西藏旅游、西安旅游、华天酒店等多股跟涨。 0:00 万联证券研报称，在居民旅游出行需求持续复苏以及政策支持的双重驱动下，旅游及景区公司营收回 暖。从五一黄金周旅游数据来看，居民旅游热情高涨，旅游市场持续回暖，240小时免签入境停留时间 叠加新推出的离境退税"即买即退"优惠政策陆续出台，共同推动入境人数再攀高峰。调休工作日的减少 使得更多游客选择拼假开启早鸟游或节末错峰游，推动长线游目的地表现亮眼，各地创新和丰富消费场 景，以多元供给激发消费潜力、市场活力，为游客带来深度体验。 消息面上，商务部等9部门日前发布《关于扩大服务消费的若干政策措施》，提出五方面19条举措进一 步扩大服务消费。包括开展"服务消费季"系列促消费活动，支持优质消费资源与知名IP跨界合作，因地 制宜延长热门文博场馆、景区营业时间，优化预约方式，鼓励推行免预约，优化学生假期安排，完善配 套政策等，增加优质服务供给，更好满足人民群众多样化服务消费需求。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） ...

Group 1: Financial Performance - In Q2 2025, the company achieved net operating revenue of 14.8 billion yuan, a year-on-year increase of 16%, in line with Bloomberg consensus expectations [1] - Adjusted net profit for the same period was 5 billion yuan, remaining flat year-on-year, which was better than Bloomberg consensus expectations [1] - The company has repurchased approximately 7 million American Depositary Receipts (ADRs) for a total consideration of about 400 million USD under the stock repurchase plan authorized in February 2025 [1] Group 2: Domestic Tourism Market - The domestic accommodation booking revenue grew by 21% year-on-year and 12% quarter-on-quarter, driven by strong travel demand, particularly during holidays [2] - The supply of hotel rooms during the summer increased by a mid-single-digit percentage year-on-year, with hotel prices stabilizing and the year-on-year decline in prices narrowing to a mid-low single-digit range [2] - The number of inbound tourists in H1 increased by approximately 30% year-on-year, with a more than 100% year-on-year growth in inbound travel bookings on the company's platform [2] Group 3: International Business Growth - In Q2, cross-border flight capacity recovered to 84% of pre-pandemic levels, with outbound hotel and flight bookings exceeding 120% of the same period in 2019, outperforming the market by 30-40 percentage points [3] - The company's international business saw a total booking volume growth of over 60% year-on-year, with the Asia-Pacific region remaining a key operational focus [3] - The company’s non-GAAP sales expense ratio was 22%, remaining stable year-on-year, indicating better-than-expected customer acquisition efficiency [3] Group 4: Profit Forecast and Investment Rating - The company’s performance exceeded expectations, leading to an adjustment in the forecast for adjusted net profit for 2025-2027 from 17.6/19.7/22 billion yuan to 18.3/20/22 billion yuan [3] - The corresponding adjusted PE ratios are projected to be 20/19/17 times, with a continued positive outlook on the company's overseas business growth [3]