证券研究报告 | 公司点评报告 2026 年 03 月 26 日 同程旅行（00780.HK） 收入&业绩符合预期，酒管并表提速增长 消费品/商业 3 月 24 日，同程旅行发布 2025 年 Q4 财报，报告期内实现营收 48.4 亿元 /+14.2%，实现经调整利润 7.8 亿元/+18.1%，整体来看收入稳步增长，业绩符 合预期。Q4 以来国内出行景气度稳步提升，酒店业务呈现量价齐升趋势，国际 业务延续高增长趋势，目前已初步实现盈利，随着 10 月万达酒管并表，公司酒 旅产业链进一步完善，叠加公司持续推进降本增效&精细化补贴，看好未来业绩 延续高增长，维持"强烈推荐"评级。 ❑ 风险提示：全球疫情反复；经济消费下滑风险；出行政策变化风险。 强烈推荐（维持） 当前股价：18.44 港元 基础数据 | 总股本（百万股） | 2354 | | --- | --- | | 香港股（百万股） | 2354 | | 总市值（十亿港元） | 43.4 | | 香港股市值（十亿港元） | 43.4 | | 每股净资产（港元） | 9.6 | | ROE（TTM） | 10.5 | | 资产负债率 | 43.8% | | ...

Core Viewpoint - The ticket price subsidy reform in China's transportation sector is progressing steadily, focusing on enhancing public welfare and resource efficiency through flexible pricing strategies for high-speed rail and urban public transport [1][2][7]. Group 1: High-Speed Rail Pricing Reform - The traditional uniform pricing mechanism for high-speed rail is being replaced by a more flexible, tiered pricing system, allowing for discounts as low as 40% on over 1,300 train services by the end of 2025 [2][3]. - The new pricing strategy, termed "tidal pricing," aims to improve seat occupancy rates, which have increased by over 15% since the implementation of differentiated discounts [3]. - Special groups such as students and disabled individuals will continue to receive additional discounts, enhancing accessibility and affordability for these demographics [2][3]. Group 2: Urban Public Transport Subsidy Mechanism - The urban public transport sector faces challenges due to rising operational costs and stagnant ticket prices, necessitating a shift towards a more scientific and precise subsidy mechanism [4][5]. - The newly established dynamic adjustment mechanism for urban public transport pricing encourages a multi-tiered pricing system based on service quality and operational efficiency [5][6]. - Innovative cases, such as the cost regulation standards in Nanchang, have shown a 20% improvement in operational efficiency for public transport companies, linking subsidies to performance metrics [5][6]. Group 3: Overall Impact and Economic Development - The ticket price reform is not only enhancing transportation access but also acting as a catalyst for regional economic development, with significant increases in passenger volumes and local business activity [8]. - The integration of ticket pricing policies with tourism strategies has led to a notable rise in travel-related economic activity, exemplified by a 91.3% increase in passenger numbers on specific routes [8]. - The reforms aim to balance public service needs with operational sustainability and fiscal responsibility, ultimately enhancing the quality of life for citizens [7][8].