2025全年净营收624亿元，同比上升17%，净利润332.9亿元，同比暴涨95%，核心OTA业务成交额更是 突破1.1万亿，其中机票业务就占了五成！ 更值得关注的是，国际业务贡献了40%的总收入，较上年提升5个百分点，入境游服务人次同比接近翻 倍，这是携程跳出国内竞争、布局全球的核心信号。 现在国内中高端酒店、国际航班资源，携程占据了半壁江山，尤其是出境游和入境游赛道，它的供应链 优势几乎无人能及，2025年投入超10亿元推动入境游增长，服务超2000万人次入境旅客，这就是独家优 势。 来源：市场资讯 （来源：美刀哥） 本文章来自美刀哥会员直播精华 每周一三五准时直播 今天我们来讲讲携程的财报，看看经历反垄断风波后它的数据如何？ 第四季度，携程营收154亿元，同比上升21%，携程净利润同比暴涨98%，净营收同比狂增21%，这还不 是最关键的。 最核心的：携程现在的赚钱逻辑，正在被反垄断调查彻底颠覆，它过去的护城河，可能正在慢慢消失。 先给大家科普一下背景：近期，市场监管部门针对在线旅游平台的反垄断调查持续推进，携程作为行业 龙头，首当其冲被纳入调查范围，核心调查方向是"二选一""捆绑销售""大数据杀熟"以及 ...

文|《财经》记者 杨立赟 编辑 | 谢丽容 净利润明显增长的一个重要因素是发生在2025年三季度的一笔投资收益——当时，携程出售了印度在线旅游平台MakeMyTrip的部分股权，使当季 财报中的"其他收入"超过170亿元 2月26日，携程集团（9961.HK）公布其2025年第四季度及全年未经审计财务业绩。财报显示，2025年该集团净营业收入624亿元，同比增长 17%；全年净利润334亿元，同比增长94%。经调整EBITDA利润率为30%，较2024年下降2个百分点。 携程在财报中解释称，净利润大幅增长的主要原因是投资获利达199亿元，这部分收入在2024年仅为11亿元。根据财报数据，2025年携程的营业利 润为157.7亿元，这一数字反映了携程在主营业务上的真实利润。营业利润指的是公司靠主要业务（如机票、酒店订单）的获利，净利润包含了投 资、出售资产等所有经营活动的获益。2024年携程的营业利润为141.8亿元，从营业利润的角度，2025年同比上涨11.2%。 其中，2025年四季度，携程集团净营业收入為154亿元人民币，同比上升21%，环比下降16%。携程将这一季度同比的增长归因于旅游需求的韧 性，把环 ...

Core Viewpoint - Ctrip Group reported a 17% year-on-year increase in net revenue for 2025, reaching approximately 624 billion RMB, alongside significant changes in its board of directors [1][4]. Financial Performance - In Q4 2025, Ctrip's net revenue was 154 billion RMB, a 21% increase year-on-year, driven by resilient travel demand, with a net profit of 43 billion RMB. However, there was a 16% quarter-on-quarter decline due to seasonal factors [3][4]. - For the full year 2025, Ctrip's net revenue was approximately 624.09 billion RMB, reflecting a year-on-year growth of about 17.1%. The net profit attributable to shareholders was around 332.94 billion RMB, marking a 95% increase year-on-year [4]. Revenue Breakdown - Q4 2025 revenue from accommodation bookings was approximately 63 billion RMB, up 21% year-on-year, while full-year accommodation revenue was about 261 billion RMB, also up 21% [4]. - Q4 2025 revenue from transportation ticketing was around 54 billion RMB, a 12% increase year-on-year, with full-year revenue at approximately 225 billion RMB, up 11% [4]. - Q4 2025 revenue from vacation services was about 11 billion RMB, a 21% increase year-on-year, and full-year revenue was approximately 47 billion RMB, reflecting an 8% increase [4]. - Q4 2025 revenue from business travel management was around 8.8 billion RMB, a 15% increase year-on-year, with full-year revenue at approximately 28 billion RMB, up 13% [4]. Strategic Focus - Ctrip's CEO disclosed that the core OTA business transaction volume for 2025 was about 1.1 trillion RMB, with accommodation and flight ticketing contributing approximately 280 billion RMB and 550 billion RMB, respectively [5]. - The international segments of Ctrip showed robust growth, with the international OTA platform's total bookings increasing by about 60%. The company served around 20 million inbound travelers throughout the year [6]. - Ctrip's board chairman emphasized the importance of inbound tourism as a significant growth engine and indicated future investments in this area, as well as in social responsibility and AI innovation [6]. Board Changes - Ctrip announced the resignation of Fan Min as the company's president and director, and Qi Ji as a director, effective February 25, 2026. New independent directors Wu Yihong and Xiao Yang were appointed [7][8].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：瑞恩资本RyanbenCapital | | | 截至以下日期止三個月 | | | | 截至以下日期止一年 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 2024年 | 2025年 | 2025年 | 2025年 | 2024年 | 2025年 | 2025年 | | | 12月31日 | 9月30日 | 12月31日 | 12月31日 | 12月31日 | 12月31日 | 12月31日 | | | 人民幣 | 人民警 | 人民幣 | 英元 | 人民幣 | 人民幣 | 美元 | | | (日萬元) (自萬元) | | (百萬元) | (百萬元) | (自萬元) | (百萬元) (百萬元) | | | 收入: | | | | | | | | | 住宿題訂 | 5,178 | 8,047 | 6,287 | 899 | 21,612 | 26,100 | 3,732 | | 交通票務 | 4.780 | 6,306 | 5,368 | 768 | 20 301 | ...

Core Viewpoint - Ctrip Group reported its unaudited financial performance for Q4 and the full year of 2025, highlighting robust growth across international business segments and a significant increase in net profit due to investment gains [1][2][3] Financial Performance - In Q4 2025, Ctrip's net operating revenue reached 15.4 billion RMB, a year-on-year increase of 21%, driven by resilient travel demand. However, it saw a quarter-on-quarter decline of 16% due to seasonal factors [1][2] - For the full year 2025, net operating revenue totaled 62.4 billion RMB, marking a 17% year-on-year increase [1][2] Business Segment Performance - Q4 2025 accommodation booking revenue was 6.3 billion RMB, up 21% year-on-year, primarily due to growth in accommodation bookings, but down 22% quarter-on-quarter due to seasonal factors [1][3] - For the full year 2025, accommodation booking revenue amounted to 26.1 billion RMB, also a 21% year-on-year increase, accounting for 42% of total revenue [1][3] - Q4 2025 transportation ticketing revenue was 5.4 billion RMB, a 12% year-on-year increase, but down 15% quarter-on-quarter due to seasonal factors [1][3] - For the full year 2025, transportation ticketing revenue reached 22.5 billion RMB, reflecting an 11% year-on-year increase, making up 36% of total revenue [1][3] Profitability - The net profit for the full year 2025 was 33.4 billion RMB, compared to 17.2 billion RMB in 2024, with the increase largely attributed to investment gains of 19.9 billion RMB (approximately 2.8 billion USD) included in other income, compared to 1.1 billion RMB in 2024 [2][3] Strategic Focus - Ctrip's Executive Chairman Liang Jianzhang emphasized that inbound tourism is a key driver for expanding opportunities and promoting local community development, with ongoing investments in inbound tourism, social responsibility, and AI innovation to establish a solid foundation for sustainable long-term growth [2][3]

巨人网络：超自然 春节表现超预期，DAU再创新高【东吴传媒互联网 张良卫团队】 事件：根据Sensor Tower，《超自然》2月前21天流水已达12月/1月流水的193%/135%弹性显著，iOS畅销榜基本维 持在6-9名水平；DAU持续创新高。 我们于25年初以来坚定看好巨人网络的强产品周期，作为我们团队标签标的，率先挖掘《超自然行动组》大DAU 强流水的爆款潜质，认知和跟踪持续领先市场， 巨人网络：超自然 春节表现超预期，DAU再创新高【东吴传媒互联网 张良卫团队】 事件：根据Sensor Tower，《超自然》2月前21天流水已达12月/1月流水的193%/135%弹性显著，iOS畅销榜基本维 持在6-9名水平；DAU持续创新高。 我们于25年初以来坚定看好巨人网络的强产品周期，作为我们团队标签标的，率先挖掘《超自然行动组》大DAU 强流水的爆款潜质，认知和跟踪持续领先市场，并在多次市场分歧时坚定强call，当前我们继续重申看好观点： #《超自然》稳健运营，业绩弹性显著。 1月9日品牌代言人赵露思亮相，社交裂变驱动用户破圈；寒假期间用户回流，2月新赛季、新角色临云与宠物系统 上线，春节假期DAU再创新 ...

全文共1112字，阅读大约需要2分钟 2月10日晚，雷军在直播中透露，最后一辆初代小米SU7量产下线，正在运送途中，将安排车主提车。 据雷军介绍，第一代SU7，2024年4月开始交付到2026年2月，不到2年时间，交付总量超过了38.1万 辆。 直播中，雷军带网友云参观了小米汽车科技展厅和定制服务中心。在介绍新一代小米SU7时，雷军表 示，门把手提前符合了新国标。有消息称，新一代小米SU7的隐藏门把手新增了机械冗余，解决了低温 失灵，故障率高等问题。 雷军在直播中提到，新一代SU7卡布里蓝实车已经在小米汽车工厂店展厅开始展示，2月13日开始将在 北京、上海、杭州、广州、深圳、成都、武汉的Mall店进行展示。 2026年初，雷军公布了小米汽车2026年55万辆的销量目标。 2月11日，小米创办人、董事长兼CEO雷军在社交媒体发文表示，随着最后一辆车下线，初代SU7 正式 停产。新一代SU7，预计4月上市。 2026年年初，雷军公布了小米汽车2026年55万辆的销量目标。2月1日，小米公布最新新能源汽车交付数 据显示，1月交付量超过39000台，较2025年12月超5万辆的交付量下降22%。 对此，雷军表示："1 ...

Core Viewpoint - The company emphasizes that 2026 will be a crucial stage for strategic investment and transformation, focusing on steady operations in its audio and video core business while enhancing product and service capabilities [1] Group 1: Business Strategy - The company aims to maintain stable operations in its audio and video core business, continuously improving product strength and service capabilities [1] - The company plans to consolidate existing customers and industry scenarios as part of its strategic focus [1] Group 2: AI Innovation - The AI innovation business will progress according to a predetermined schedule, focusing on product iteration and market validation [1] - The company will adhere to a strategy of "seeking progress while maintaining stability" and will optimize its offerings through ongoing validation and improvement [1]

Core Insights - The article emphasizes the accelerated adoption of AI financial auditing in the chain food industry, driven by the need for cost reduction, technological maturity, and external market pressures [5] - AI financial auditing has transitioned from an optional tool to a necessity for chain enterprises, particularly as they face increased cost pressures and the need for compliance [5] Group 1: AI Financial Auditing Implementation - Leading chain brands are integrating AI into core financial auditing and expense management processes, resulting in significant improvements in auditing efficiency and compliance risk reduction [5] - The case study of "Good Idea" illustrates the challenges faced before AI implementation, including organizational and procedural resistance, and highlights the changes in collaboration between finance, business, and store headquarters [6] Group 2: Adaptation of AI in Different Chain Models - The article presents various case studies from different chain models, such as "Mingming Very Busy," "Kaojiang," and "Yunhai Yao," focusing on their unique financial challenges and AI implementation strategies [7] - It discusses the essential differences in financial compliance requirements across various chain business models and defines the jurisdiction of AI auditing, identifying which expenses can be fully managed by AI and which require human intervention [7] Group 3: Limitations and Future of AI in Financial Auditing - The article outlines the conditions under which AI financial auditing is effective, including rule stability, reimbursement frequency, and control granularity [8] - It identifies characteristics of enterprises that are unsuitable for AI implementation, such as lack of standardized rules and resistance to organizational change [8] - A roundtable discussion addresses the potential limitations of AI in financial auditing, including overlooked foundational assets and the balance between technology and management in enhancing efficiency [8]

Core Insights - Smart Communications has launched a series of strategic AI features on its Conversation Cloud platform aimed at enhancing business efficiency, data accuracy, and governance for regulated enterprises without compromising compliance standards [1][3][5] Group 1: AI Innovations and Features - The new AI functionalities integrate consistent and reliable intelligence into core workflows for customer communication and digital data collection, covering all aspects of creation, management, storage, and governance [1][3] - SmartIQ™ Agent Infrastructure enables conversational and controlled data collection experiences across any channel, while SmartIQ MCP server connects generative AI applications with enterprise software systems for compliant data collection [4][5] - AI-Powered Form Migration accelerates the transformation process by converting outdated PDFs and traditional documents into SmartIQ digital data collection workflows, generating "best drafts" in minutes [4] - Knowledge Assistant provides in-app guidance using natural language, helping users quickly find answers and follow best practices, thus improving efficiency for users of SmartCOMM and SmartIQ [4] - Writing Assistant optimizes writing tone while maintaining accuracy, brand voice, and compliance, offering real-time translation and audit tracking for AI-assisted modifications [4] - Design Assistant enhances template creation through AI-driven optimization, improving language expression and readability [4] Group 2: Market Position and Future Directions - Smart Communications aims to provide AI innovations that deliver real outcomes rather than hype, focusing on responsible scaling of AI applications in regulated environments [5][6] - The company will host a webinar on February 10, 2026, to showcase its latest AI innovations and discuss future developments in scaling customer interactions confidently in regulated industries [5][6] - Smart Communications serves over 700 enterprises globally, including Zurich Insurance and Priority Health, helping them reduce compliance risks, enhance operational efficiency, and accelerate digital transformation [7]