天天IPO . 以下文章来源于天天IPO ，作者吴琼 投资界（PEdaily.cn）旗下，专注IPO动态 欢迎加入投资界读者群 崛起于大湾区。 作者 I 吴琼 投资界获悉，Kl o ok（客路）正式向美国证券交易委员会（SEC）递交招股书，拟在美国纽交所IPO上市。高盛、大摩、小摩、花旗等 联席承销。 这是一个崛起于大湾区的独角兽。时间回到2 014年，经历一次不太满意的旅行体验后，林照围、王志豪和熊小康三人在香港成立境外 旅游服务提供商Kl o ok客路，也在深圳设立技术总部。 不同与走马观花的旅游方式，Kl o o k从"目的地服务"切入深度游市场，具体方案是：在目的地集结一众知名人士与旅游体验专家，包 括探险家、杂志编辑、旅行作家、米芝莲星级大厨等，亲自筛选并核实特色旅游路线与活动体验，确保所有项目的质量及安全。 至今，Kl oo k集结了包括红杉中国在内 长长的 投资人队伍，共同奔赴IPO敲钟舞台。 三个人，缔造一个IPO Kl oo k的创业灵感，源于一次旅行体验。 三位创始人曾回忆这段往事：那是2013年在尼泊尔的一次旅行，他们把现金塞满背包，只为了支付一次徒步的费用——尽管当时在线 旅游业的发展 ...

Core Insights - The "Super Golden Week" during the National Day and Mid-Autumn Festival has led to a surge in travel and consumption, with diverse travel demands emerging from the extended holiday period [1][2] - Young consumers are shifting from quick sightseeing to seeking immersive experiences, with travel orders increasing by over 30% compared to the 2024 National Day holiday [1] - The trend of "deep travel" is characterized by spontaneous booking, with 58.3% of users preferring to book travel products on the same day [2] Travel and Consumption Trends - During the eight-day holiday, national cultural and tourism consumption saw significant growth, with a 16.8% year-on-year increase in per capita travel spending [1] - The demand for travel to lesser-known destinations has risen, with pre-order volumes for county-level destinations around major cities increasing by 51% year-on-year [1] - The number of orders for leisure and entertainment services surged by 76% compared to September, with consumers aged 20 to 35 accounting for 60% of the spending [1] Dining and Retail Insights - Restaurant queue lengths increased by over 35% year-on-year during the holiday, peaking on October 4 [2] - Online dining orders in cities like Chengdu, Chongqing, and Beijing were particularly active, with cities like Tianjin and Ningbo seeing a 50% increase in online dining orders from non-local users [2] - The evolving consumer behavior reflects a shift towards immediate satisfaction and diverse offerings, contributing to the overall growth of the holiday economy [2]

Core Insights - The recent National Day and Mid-Autumn Festival holiday has seen a significant shift towards deep travel experiences, with travelers willing to spend more on immersive activities [1][2][3] Group 1: Travel Trends - Long-distance travel and deep experiences have become the main trends during the holiday, with domestic long-distance travel orders increasing by 3 percentage points compared to last year [1] - Popular long-distance destinations include cities like Beijing, Chengdu, and Shanghai, with orders for places like Urumqi and Lhasa seeing nearly 30% growth [2] - The average spending per trip has risen by 14.6% on platforms like Fliggy, indicating a willingness to invest in travel experiences [1][6] Group 2: Demographic Shifts - The 95 post-90s generation has become the largest group of travelers, accounting for nearly a quarter of bookings, while the post-2005 generation is also showing significant growth in independent travel [6] - University students have increased their flight bookings by 63%, with international flight bookings rising by 110% [3] Group 3: Experience Over Sightseeing - Travelers are increasingly seeking emotional and experiential value from their trips, moving away from traditional sightseeing to local culinary and cultural experiences [3][5] - The search volume for "must-eat" and "must-do" lists has surged, with increases of 96% and 145% respectively since September [4][5] Group 4: Spending Behavior - Tourists are more inclined to spend on comfort and convenience, with significant growth in bookings for private car rentals and high-end travel options [5][6] - The trend of "paying for experiences" is evident, with travelers prioritizing emotional satisfaction and immersive experiences over mere sightseeing [6]

Core Insights - The article highlights the significant increase in inbound tourism in China during the National Day and Mid-Autumn Festival holiday, driven by optimized visa policies, enhanced digital services, and unique cultural experiences [1] Group 1: Inbound Tourism Trends - The predicted inbound and outbound passenger flow at Beijing's airports is expected to exceed 500,000 during the holiday, with a daily average of 46,000 at the Capital International Airport, marking an 18% year-on-year increase [3] - Guangzhou Baiyun Airport is expected to see over 400,000 inbound and outbound passengers, a 15% increase compared to last year [3] - Hainan's airports are projected to handle 50,100 passengers, reflecting a 16.3% growth year-on-year [3] Group 2: New Travel Patterns - Foreign tourists are adopting a "multi-city roaming" approach, spending longer periods and planning more diverse itineraries, moving beyond mere transit visits [3][5] - Tourists from countries like the USA, Russia, Canada, and Australia are increasingly engaging in extensive travel across multiple cities, facilitated by China's robust transportation network [15] Group 3: Deep Cultural Engagement - The 240-hour visa-free transit policy has encouraged tourists to explore lesser-known destinations and engage in "deep travel" experiences [17] - Tourists are not only visiting popular sites but are also immersing themselves in local cultures, such as participating in traditional activities like making dumplings [5][25] Group 4: Seasonal Experiences - During the autumn harvest season, foreign tourists are participating in local celebrations and experiencing unique culinary traditions, such as the rice-pounding event in Sichuan [34] - The article notes that foreign visitors are increasingly booking accommodations earlier, staying longer, and exploring more regions, indicating a shift in travel behavior [41]

Core Insights - The article highlights the significant increase in inbound tourism in China during the National Day and Mid-Autumn Festival holiday, driven by optimized visa policies, enhanced digital services, and unique cultural tourism experiences [1][21] - Foreign tourists are increasingly engaging in "multi-city tours," spending more time and exploring a wider range of destinations across China [3][4][5] Inbound Tourism Trends - The Beijing border inspection station predicts over 500,000 inbound and outbound travelers during the holiday, with a daily average of 46,000 at the Capital International Airport, an 18% year-on-year increase [1] - Guangzhou Baiyun Airport expects over 400,000 travelers, marking a 15% increase compared to last year [1] - Hainan's airports anticipate 50,100 travelers, reflecting a 16.3% growth year-on-year [1] Multi-City Travel - Foreign tourists are moving beyond simple transit visits to engaging in extensive travel across multiple cities, supported by China's robust transportation network [3][4] - Long-distance travelers from countries like the USA, Russia, Canada, and Australia prefer to explore multiple cities in one trip, utilizing high-speed rail to connect major urban centers with smaller towns [3] Deep Travel Experiences - Tourists are increasingly seeking immersive experiences, such as participating in local traditions and exploring lesser-known destinations [10][11] - The use of the 240-hour visa-free transit policy allows tourists to delve deeper into China's natural and cultural offerings [5] Emerging Destinations - Data from the Qunar platform indicates that foreign tourists' flight bookings now cover 171 cities, with 18 new additions compared to last year, particularly in third-tier and lower cities [15] Seasonal Experiences - During the autumn harvest season, foreign tourists are engaging in local festivities and culinary experiences, such as participating in traditional food preparation and harvest celebrations [16][19] - The influx of tourists from neighboring countries, such as Vietnam, highlights the growing interest in local agricultural products and cultural exchanges during this season [21]

Core Insights - The article highlights the increasing popularity of China as a travel destination for international tourists, particularly during the recent National Day and Mid-Autumn Festival holidays, showcasing a shift in perception towards the country as a vibrant and modern place to visit [4][17]. Group 1: Tourist Experience - International tourists are experiencing a diverse range of activities in China, from traditional cultural experiences to modern conveniences like mobile payments, which have left a positive impression on visitors [6][7]. - The rise of social media platforms like TikTok has contributed to the popularity of "China Travel," with over 2.3 million posts under this tag, showcasing various experiences across the country [6][8]. Group 2: Policy Impact - China's implementation of visa-free policies for citizens from 47 countries has significantly boosted international tourist arrivals, with a 27.8% increase in foreign visitors in the first eight months of the year [8][11]. - The extension of transit visa-free periods from 72 hours to 240 hours has allowed tourists more time to explore, leading to a notable increase in arrivals from countries like Thailand, where visitor numbers surged over fourfold after the policy change [8][12]. Group 3: Emerging Destinations - There is a growing trend of international tourists exploring smaller cities and less conventional destinations in China, with ticket bookings for these areas increasing significantly compared to major cities [13][14]. - The focus is shifting from major urban centers to smaller cities known for their natural beauty and cultural heritage, with some cities seeing booking increases of over 500% [13][14]. Group 4: Cultural Engagement - Cultural experiences are becoming a core competitive advantage for attracting tourists, with many visitors engaging in local traditions and crafts, such as pottery in Jingdezhen [14][15]. - The combination of cultural immersion and modern conveniences is enhancing the overall travel experience, encouraging tourists to delve deeper into China's rich history and culture [15][17]. Group 5: Changing Perceptions - The article notes a shift in global perceptions of China, with tourists expressing surprise at the modernity and convenience of Chinese cities compared to their expectations [20]. - The increase in Russian tourists following the introduction of a visa-free policy is indicative of changing travel patterns, with projections suggesting a significant rise in Russian visitors to China in the coming years [19][20].

Core Viewpoint - The article highlights the increasing influx of foreign tourists to China, particularly during the recent National Day and Mid-Autumn Festival holidays, showcasing a shift in global perceptions of China as a travel destination and the impact of new visa policies on tourism growth [2][3]. Group 1: Tourist Influx and Experience - Over 4.1 million foreign tourists visited Shanghai in the first eight months of 2025, with a significant increase in visitors from countries like South Korea and Japan [11]. - The introduction of a digital tourism consumption system in Shanghai aims to enhance the experience for foreign tourists, facilitating easier navigation and payment options [7][8]. - The number of foreign tourists entering China reached 51.27 million in the first eight months of 2025, marking a 27.8% year-on-year increase, with visa-free entries surging by 52.1% [8][11]. Group 2: Shift in Travel Preferences - Foreign tourists are increasingly exploring smaller cities and regions beyond major urban centers, with ticket bookings for 171 cities in China rising by 18 compared to the previous year [12][13]. - Notable increases in ticket bookings were observed for cities like Datong, with a 9-fold increase, and other regions such as Inner Mongolia and Tibet showing over 5-fold growth [13][14]. - The trend indicates a transition from "transit tourism" to "in-depth tourism," as visitors seek to engage more deeply with local cultures and experiences [16][19]. Group 3: Changing Global Perceptions - The upcoming implementation of a visa-free policy for Russian tourists is expected to significantly boost travel from Russia, with a projected increase of over 200,000 visitors by 2025 [21]. - Social media plays a crucial role in reshaping global perceptions of China, as tourists share their experiences, highlighting the modernity and convenience of Chinese cities [22]. - The article emphasizes that the experiences of foreign tourists in China are increasingly viewed as more modern and convenient compared to their experiences in Western countries [22].

Core Insights - The upcoming National Day and Mid-Autumn Festival in 2025 will create an 8-day long holiday, leading to a surge in car rental demand, particularly for self-driving trips [1][2] - Shenzhou Car Rental reports a significant increase in rental bookings since August 15, with over 40% of users reserving their vehicles more than a month in advance [2][4] Rental Market Trends - The rental period has extended to an average of 5.2 days, with long-term rentals (over 8 days) increasing by over 30% compared to last year, indicating a shift towards deeper travel experiences [2][3] - Popular rental destinations include cities like Urumqi, Xining, and Hohhot, with cross-city routes gaining traction due to the demand for scenic autumn drives [3][4] User Demographics - A notable influx of new users, with nearly 40% being first-time renters, and a significant portion of the user base being younger generations (post-2000s and 1990s) [4][5] - The preference for electric vehicles is rising, with popular models including BYD Song Pro and Li Auto L6, reflecting a shift towards green and smart travel options [4][5] Company Positioning - Shenzhou Car Rental boasts a fleet of over 190,000 vehicles and approximately 180 million registered users, ensuring robust service coverage across key travel hubs [5] - The company offers convenient services such as credit-free deposits and 24-hour self-service pick-up and drop-off, enhancing the overall user experience [5]

Core Insights - Shenzhou Car Rental has reported a significant increase in car rental bookings for the upcoming Mid-Autumn Festival and National Day, with over 40% of users booking their trips more than a month in advance, indicating a strong trend towards early planning [1][2] - The average rental period has extended to 5.2 days, with long-term rentals (over 8 days) increasing by over 30% compared to last year, reflecting a shift in user preferences towards deeper travel experiences [1][2] Booking Trends - The top ten cities for National Day car rentals include Chengdu, Urumqi, Xining, Beijing, Hohhot, Harbin, Guangzhou, Guiyang, Shenzhen, and Haikou, with a notable interest in destinations known for autumn scenery and road trips [2] - Cross-city self-driving trips have become the mainstream choice, with popular routes such as Xining-Dunhuang and Haikou-Sanya leading in bookings, highlighting the demand for flexible travel options [2] User Demographics - The rental market is seeing a younger demographic, with nearly 40% of early bookers being new users and over 50% of users from the post-2000 and 1990 generations, indicating a shift towards a more youthful customer base [2] - There is a notable preference for new energy vehicles among younger users, with top models including BYD Song Pro, BYD Qin PLUS, and others, reflecting a growing interest in green travel and smart experiences [2] Company Overview - Shenzhou Car Rental operates a fleet of over 190,000 vehicles and has approximately 180 million registered users, with service points strategically located at airports, high-speed rail stations, and key business districts [3] - The company offers convenient services such as credit-free deposits and 24-hour self-service pick-up and return, ensuring a smooth process from booking to vehicle return [3]

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the **tourism industry** in China, focusing on domestic and outbound travel trends during the National Day holiday period [1][3][4]. Key Points and Arguments 1. **Optimistic Market Performance**: The tourism market during the National Day holiday is expected to perform well, continuing the positive trend from the summer, with capacity recovery reaching **94%** [1][3]. 2. **User Behavior Changes**: There is a significant shift in user behavior, with **65%** of travelers opting for deep travel and long-distance trips, indicating a diversification in travel methods [1][5]. 3. **Stable Pricing**: Domestic flight and hotel prices remained relatively stable during the holiday, with a slight year-on-year decline. Hotel supply increased by **15%** compared to previous quarters [1][6]. 4. **Peak Travel Trends**: The holiday's extension led to a more dispersed travel peak, with **30% to 35%** of users choosing to travel during off-peak times, extending the travel period from **September 29 to October 12** [4]. 5. **Increased Depth of Travel**: Outbound travel trends show a preference for deep exploration and self-driving tours, reflecting evolving user demands and preferences [1][7]. 6. **Hotel Market Growth**: The domestic hotel market is projected to grow by approximately **15%**, with varying performance across different destinations, particularly in regions known for autumn scenery [12]. 7. **Outbound Travel Popularity**: Popular outbound travel destinations include Japan, South Korea, Thailand, and Malaysia, with a notable increase in family and group travel [13][14]. 8. **Rising Customer Spending**: The average spending per outbound tourist is on the rise, driven by longer stays and increased group travel, with family trips accounting for about **50%** of the total [15]. 9. **OTA Market Competition**: The OTA market is experiencing competitive pressures from both established players and new entrants, with companies like JD.com and Meituan actively entering the travel sector [16][20]. 10. **Marketing Strategies**: The OTA industry plans to increase marketing budgets in Q4 to address competitive pressures and seasonal demand fluctuations, particularly in overseas markets [21]. Additional Important Insights - **Temporary Travel Plans**: An estimated **25% to 30%** of travelers are expected to make last-minute travel plans during the holiday, indicating a growing demand for flexible travel arrangements [10]. - **Hotel Pricing Trends**: The average daily room rate (ADR) has seen a narrowing decline, reflecting improved market confidence, with a current drop of about **3%** compared to earlier in the year [9]. - **Challenges for New Entrants**: JD.com faces challenges in the food delivery and hotel markets, struggling to achieve significant results despite initial efforts [17][19]. - **Marketing Adjustments**: The OTA industry is adjusting its marketing strategies to enhance competitiveness, particularly in response to aggressive moves by rivals like Fliggy [20][21].