证券研究报告 携程集团 (9961 HK/TCOM US) 4Q25 业绩：境外业务延续高增长 华泰研究 年报点评 2026 年 2 月 26 日│中国香港/美国 互联网 携程公布 4Q25 业绩，收入 154 亿元，yoy+20.8%，超 VA 一致预期 3.7% （简称预期）。调整后经营利润 32 亿元，高于预期 1.2%；调整后经营利润 率 20.7%，略低于预期 0.5pct，4Q25 销售与营销费用率 28.5%，高于预期 1.3pct，主要由于国际业务拓展的投入。4Q25 国内旅游需求景气，国际 OTA 平台全年总预订量同比增长 60%，全球化业务贡献营收占比提升至 40%， 成为长期结构性增长来源；银发旅游、"娱乐 + 旅游" 等细分赛道表现亮 眼。同时四季度公司宣布董事会组成变更，范敏、季琦辞任董事，任命吴亦 泓及萧杨为新任独立董事。26 年 1 月公司收到国家市场监管总局反垄断调 查，带来短期不确定性，但是我们长期看好公司国内稳健增长、全球化布局 的长期潜力。维持买入评级。 4Q25 收入增长超预期，盈利稳健彰显经营韧性 携程 4Q25 收入 154 亿元，yoy+21%，超预期 3.7%， ...

家属认为旅行社擅自增加行程、高强度安排及未尽救助义务导致悲剧，诉至法院索赔。旅游公司则辩称 江大爷是因自身疾病猝死，且未告知病史，故不应承担责任。法院审理后，判决旅游公司承担次要责 任，赔偿35万余元。 来源 北京二中院金色天平 2024年7月，年逾六旬的江大爷与亲友一同报名旅游公司的北京五日游项目。行程首日晚上，导游短信 通知次日凌晨4点15分集合前往八达岭长城，仅告知"行程顺序调整"，未说明全天安排。次日，江大爷 一行凌晨出发，爬长城时已显疲惫，同行家属劝其休息，江大爷仍坚持参与行程。当日行程原计划仅含 长城与奥林匹克公园，导游临时在车上通知增加自费演出和天坛公园游览。 行程第三日凌晨3点15分，团队集合前往旅游景点。行进中江大爷逐渐落后，最终因身体不适在路边晕 倒。虽经路人与急救人员抢救，江大爷仍因呼吸心跳骤停离世，抢救记录显示其存在高血压病史，初步 诊断为呼吸心跳骤停，高血压。 转自：扬子晚报 随着"银发旅游"市场持续升温，老年人跟团出游的安全问题也愈发受到关注。近日，北京市第二中级人 民法院审结的一起老年人跟团游猝死纠纷案件，暴露出旅行社服务与老年人自身防护中的多重隐患。 ...

Core Insights - Viking Cruises has been operating in the Chinese market for ten years, serving nearly 100,000 guests, making China a significant source market in its global strategy [1][2] - The company plans to introduce four custom "Viking Longships" for the Chinese market in the 2026 sailing season, launching 14 European river cruise routes covering 29 destinations across 10 countries along the Rhine and Danube rivers [1] - Approximately 70% of Viking's Chinese guests are aged 55 and above, indicating a focus on the senior demographic [1] Market Strategy - Viking Cruises aims to expand its presence in new first-tier and second-tier cities in China, promoting high-quality travel products tailored to the needs of Chinese tourists [1] - The company emphasizes providing personalized and thoughtful travel experiences for the senior market, recognizing China as one of the most dynamic and promising cruise source markets globally [2]

Core Insights - The article highlights the vibrant trends in China's economy for 2025, showcasing various sectors such as consumer goods, tourism, and technology, emphasizing the potential for growth and innovation in the market. Group 1: Consumer Goods and Upgrading - In the first 11 months of the year, over 10 million cars and more than 100 million home appliances were exchanged under the "old for new" policy, generating over 2.5 trillion yuan in sales and benefiting over 360 million people [13][14] - The "old for new" policy has stimulated consumer demand for high-quality, green, and smart products, with significant growth in sales of smart home products and new energy vehicles, which saw production and sales of 14.9 million and 14.78 million units respectively, marking year-on-year increases of 31.4% and 31.2% [14] Group 2: Ticket Economy - The concept of "ticket economy" has evolved, transforming tickets from mere entry passes to "invitations" for exploring cities, with various benefits linked to ticket purchases, enhancing consumer experiences [15][16] - Cities are leveraging the ticket economy to stimulate consumption, with Shanghai incorporating it into its consumption promotion plans, indicating a broader trend of integrating service consumption with various activities [16] Group 3: New Consumption Scenarios - Innovative consumption scenarios are emerging across China, such as transforming industrial heritage into interactive experiences and repurposing highway service areas into diverse consumer spaces [17][18] - The development of new commercial scenes is being prioritized, with cities like Beijing focusing on enhancing shopping districts and creating vibrant night-time economies that integrate culture, tourism, and entertainment [18] Group 4: Robotics Industry - China remains the world's largest producer of robots, with the industry expected to grow significantly, as evidenced by the increase in revenue from 106.1 billion yuan in 2020 to 237.89 billion yuan in 2024, with an annual growth rate of 22.4% [21][22] - The integration of robots into various sectors, including home services and sports, is becoming more prevalent, showcasing the potential for robots to revolutionize multiple industries [20][21] Group 5: Rural Economy and "Village Brands" - The "village brand" phenomenon is gaining traction, with various cultural and tourism activities driving local economies, as evidenced by the economic benefits of over 13.09 billion yuan generated from rural cultural events [23][24] - The retail sales in county and rural areas accounted for 38.7% of total social retail sales, highlighting the significant growth potential in these markets [24] Group 6: Silver Economy and Tourism - The silver tourism market is expanding, with specialized trains catering to older travelers, reflecting a shift towards more personalized and fashionable travel experiences for this demographic [25][26] - The number of elderly tourists now constitutes over 20% of the total tourism market, indicating a growing trend in silver tourism that is becoming more mainstream [26][27] Group 7: International Tourism and Shopping - The extension of the 240-hour visa-free transit policy to 55 countries has significantly boosted inbound tourism, with a 27.2% increase in foreign visitors compared to the previous year [28][29] - The rise in international tourists is contributing to a surge in shopping, with over 10,000 duty-free stores established, tripling the number from the previous year, and a notable increase in duty-free sales [28][29]

Core Viewpoint - The case highlights the responsibilities of travel agencies and insurance companies in ensuring the safety and well-being of elderly clients during travel activities, particularly those over 65 years old, and the legal implications of failing to meet these obligations [5][6]. Group 1: Case Background - In October 2024, an insurance company organized a travel event to Xishuangbanna, Yunnan, charging an "age surcharge" of 800 yuan for clients over 65 years old. A 68-year-old client, Wang, paid this fee and joined the trip [2]. - During the trip, Wang experienced a series of activities and collapsed due to health issues, ultimately leading to his death from acute respiratory failure and hypertension [2]. Group 2: Legal Proceedings - Wang's children sued the insurance company and travel agency for a total of 800,000 yuan, claiming negligence in assessing Wang's health and the risks associated with the travel itinerary [2]. - The travel agency was found to have a higher duty of care due to the age surcharge but failed to inform Wang about safety precautions and did not inquire about his health status, leading to a 25% liability for Wang's death [3]. - The insurance company also failed to assess Wang's health and inform him of risks, resulting in a 15% liability [3]. Group 3: Court Judgment - The court determined the total damages at 691,500 yuan, with the travel agency ordered to pay 172,900 yuan and the insurance company 103,700 yuan [4]. - Both parties accepted the court's decision and fulfilled their compensation obligations [4]. Group 4: Industry Implications - The case underscores the increasing disputes in the "silver tourism" market, emphasizing the need for stricter safety measures for elderly travelers as mandated by Chinese tourism law [5]. - Travel operators are required to provide services that meet higher safety standards and must actively inform clients about risks associated with their age and health conditions [5][6]. - The case serves as a reminder for travel agencies to thoroughly assess the health and safety of elderly clients and for travelers to be aware of their health status and communicate it effectively [6].

Group 1 - The core viewpoint of the articles highlights the increasing demand for diverse and personalized travel experiences among elderly tourists, who now represent over 20% of the total tourism population in China [1][3] - In Wushi Village, Zhejiang, the unique offerings such as traditional homestays and activities like wild vegetable foraging and handmade tofu making cater specifically to the preferences of older travelers, indicating a shift from traditional tourism methods [1] - Wushi Village is projected to receive over 1 million visitors in 2024, with an estimated 130 million visitors in 2023, of which 70% are elderly tourists, showcasing the growing market segment [1] Group 2 - The emergence of concepts like slow travel, micro-vacations, and wellness tourism reflects the evolving needs of elderly travelers, who are seeking more suitable travel experiences [3] - In Huangshan, a travel base has introduced integrated medical and wellness services, allowing elderly visitors to engage in activities such as tea mountain hiking and poetry reading, rather than merely visiting tourist attractions [3]

Core Viewpoint - The Ministry of Culture and Tourism and the Civil Aviation Administration of China have issued an "Action Plan" to promote the integration of cultural tourism and the aviation industry, focusing on enhancing travel services for elderly passengers [1] Group 1: Action Plan Highlights - The Action Plan emphasizes the need to optimize travel environments for elderly tourists, ensuring accessibility and comfort [1] - Airlines and airports are guided to upgrade services tailored to the needs of elderly travelers, including the introduction of companion services, rest areas, onboard meals for seniors, and designated waiting seats [1] - A guideline for the planning and construction of accessible environments in airport passenger terminals will be developed to accelerate the renovation of airport facilities for elderly accessibility [1]

Core Viewpoint - The silver tourism market is evolving from traditional sightseeing to a more quality-oriented and personalized consumption experience, driven by rising income levels and changing consumer attitudes among the elderly [1]. Group 1: Market Trends - The tourism market is increasingly providing tailored products for the elderly demographic, with a continuous emergence of customized offerings to meet growing demand [1]. - Data from the China Tourism Association's Elderly Tourism Branch indicates that from January to October 2025, cross-province travel orders for the 55-70 age group increased by 42% year-on-year, with customized tourism products accounting for 35% of these orders [7]. Group 2: Service Innovations - A new "butler-style" management approach is being implemented on tourist trains, offering personalized services such as one-on-one luggage handling and travel arrangements to cater to the comfort and quality demands of elderly travelers [5]. - Dining options on these services include low-sugar and low-salt meals designed for older adults, aligning with their dietary needs [5]. - Various functional spaces such as reading corners, game rooms, mini KTV, and wellness areas are available, along with activities like folk lectures, handicraft sessions, and sing-alongs, enhancing the travel experience for the silver generation [5]. Group 3: Product Diversification - Silver tourism products are diversifying towards more refined and varied offerings, including ice and snow trains, Three Gorges cruise ships, urban study tours, and rural living experiences [7].

Core Viewpoint - The Nanning Railway Bureau has announced the launch of a special tourism train service in collaboration with the Guangxi Zhuang Autonomous Region's Culture and Tourism Department to meet the travel needs of tourists during the winter season, specifically targeting the "Silver-haired Tourism" market [1] Group 1: Tourism Train Initiative - The initiative includes the implementation of the "Leisurely Travel in Guangxi, Enjoying the Mountains and Waters" plan, which features five premium tourism train routes within Guangxi [1] - The first train will commence operations on December 3, with a route from Nanning to Nandan, allowing tourists to explore the hidden gems of the northwest Guangxi Yao region [1] Group 2: Collaboration and Objectives - This collaboration aims to fulfill the directives from nine governmental bodies, including the Ministry of Commerce and the Ministry of Culture and Tourism, to promote the integration of railway services with the cultural and tourism industries [1] - The tourism train service is part of a broader action plan to enhance service consumption and promote tourism [1] Group 3: Onboard Experience - The first train will utilize the "Gui Xing Tian Xia" brand and will feature various onboard activities such as health seminars, singing, and chess competitions to enhance the travel experience [1] - A healthcare professional will accompany the train to provide health and basic medical services, ensuring passenger well-being during the journey [1] - The train will also include a multifunctional entertainment carriage equipped with KTV, a chess room, a VR cinema, and a leisure bar, with special VR sensory seating [1] Group 4: Ticketing and Services - The tourism train offers hard and soft sleeper options, with ticket prices covering transportation, meals, accommodation, guided tours, insurance, medical care, and entrance fees, providing a comprehensive "one-ticket travel" experience for passengers [2]

Core Insights - The article emphasizes the potential for growth in the silver-haired tourism market, highlighting the need for differentiated travel products tailored to the elderly population [1][2] Group 1: Market Demand and Consumer Insights - There are approximately 90 million individuals aged 60 to 64 in China, referred to as "new elderly" or "vibrant seniors," indicating a strong consumer potential in this demographic [1] - Current tourism offerings often do not cater to the specific needs of older adults, suggesting a lack of segmentation in the market compared to products for younger age groups [1] Group 2: Product Development and Service Enhancement - Recommendations include adapting travel itineraries to be more suitable for older adults, such as incorporating health monitoring devices and improving accessibility features at tourist sites [1] - The article suggests that tourism products for seniors should include health management services, such as nutritionists and health checks, to better meet their needs [2] Group 3: Thematic and Experience-Based Travel - The article proposes the introduction of themed deep-dive tours, such as nostalgia trips for former "sent-down youth," and special experiences like wedding photo shoots for seniors who missed out on such opportunities [2]