As far as competition is concerned, it remains relatively benign as the smaller operators/new entrants (e.g., Fliggy, Douyin) are still competing in the niche markets and they still believe it will take time for them to build up supply chain and customer service teams. Even though the company was able to deliver healthy EBIT margin 11 January 2026 | 1:26PM HKT Equity Research Tongcheng Travel Holdings (0780.HK): APAC Consumer & Leisure Corp Day — Key Takeaways: 4Q25 guidance met. Further scope for margin Si ...

报告共计：41页 今天分享的是：2026年全球旅游趋势报告(英文) 混合式规划：AI助手与真人经验并存 尽管生成式AI工具在行程规划中的使用率一年内飙升64%，但旅客并未完全依赖机器。报告揭示，2026年真正的趋势是"旅行混合学"——人们聪明地在AI推 荐、社交媒体、用户生成内容与传统口碑之间切换，以获取既高效又可靠的旅行方案。例如，通过AI工具快速生成目的地列表，再转向Reddit论坛或 YouTube视频获取真实体验细节；或是利用视觉搜索技术，直接通过短视频解锁完整行程。尽管AI能节省时间、提供个性化推荐，但约四分之一旅客曾遭遇 其提供的信息过时或不准确。因此，信任感成为关键，融合机器效率与人性真实的混合规划模式，正成为主流。 直飞时代：世界因窄体机而变小 航空技术的进步正在重新绘制世界地图。新一代长途窄体客机，如空客A321XLR，凭借更低的燃油消耗与更远的航程，使得直飞二线城市或小众目的地成 为可能。低成本航空与全服务航司纷纷借此开辟新航线，例如印度至雅典、蒙特利尔至马略卡岛等以往需中转的路线将被直飞连接。对旅客而言，这意味着 更短的旅途时间与更便捷的出行选择；对目的地而言，则是旅游经济的新机遇。此外 ...

Financial Data and Key Metrics Changes - In Q3 2025, the company reported a net revenue of RMB 5.5 billion, reflecting a year-over-year increase of 10.4% [18] - Adjusted net profit reached RMB 1,060 million, marking a 16.5% year-over-year growth, with an adjusted net margin expanding to 19.2% from 18.2% [19][22] - Gross profit increased by 14.4% year-over-year to RMB 3.6 billion, with a gross margin of 65.7% [22] - Annual paying users reached a historic high of 253 million, representing a year-over-year growth of 8.8% [11] Business Line Data and Key Metrics Changes - The accommodation reservation business achieved RMB 1.6 billion in revenue for Q3 2025, a 14.7% increase from the same period in 2024, driven by increased hotel room nights sold [19] - Transportation ticketing revenue reached RMB 2.2 billion, marking a 9.0% year-over-year increase [20] - Other business segments, including hotel management, saw revenue grow to RMB 821 million, a 34.9% year-over-year increase [21] Market Data and Key Metrics Changes - The international air ticketing business accounted for around 6% of total transportation ticketing revenue, up about two percentage points year-over-year [21] - The company noted a significant increase in the proportion of higher-quality accommodation bookings, with over 20% growth in room nights sold [38] Company Strategy and Development Direction - The company aims to enhance user value and operational efficiency in its domestic business while expanding its outbound business and strengthening its global market presence [24][25] - Following the acquisition of Wanda Hotel Management, the company plans to integrate its operations to accelerate growth in the hotel management segment [6][32] - The focus remains on technological innovation to drive product and service upgrades, ensuring high-quality travel experiences for users [5] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience and growth potential of China's travel industry, driven by changing consumer behaviors and preferences [3][5] - The company anticipates continued growth in the outbound travel segment, targeting a revenue contribution of 10%-15% in the coming years [30] - Management remains committed to balancing market expansion with profitability, aiming for robust growth in both top line and bottom line [24][25] Other Important Information - The company has achieved an MSCI ESG rating of AAA, placing it among the top 5% of companies globally in its industry [15] - The standalone app has seen strong growth, with daily active users hitting nearly 5 million before the National Day holidays [12] Q&A Session Summary Question: Future growth engines regarding international business and hotel management - Management highlighted that the outbound business is a key growth driver, with expectations for rapid growth and profitability in the coming years [29][30] - The hotel management business is expected to expand significantly, with a focus on integrating the Wanda brand and enhancing operational efficiency [32][33] Question: Future hotel ADR trends and competition in the domestic market - Management noted that domestic ADR has stabilized and is expected to improve, driven by a shift towards higher-quality accommodations [38] - The company believes its established supply chain and user understanding provide a strong competitive advantage against new entrants [42][43] Question: Margin trends and AI technology impact - Management indicated that margin expansion remains a priority, supported by improved operational efficiency and AI integration [55][58] - AI technology is seen as beneficial for enhancing operational efficiency and user experience, with ongoing investments planned [59][60] Question: Impact of recent events in Japan on business performance - Management does not expect a material impact on overall performance but will monitor developments closely and adjust strategies as needed [64]

Financial Data and Key Metrics Changes - Trip.com Group reported a net revenue of RMB 18.3 billion for Q3 2025, representing a 16% increase year-over-year and a 24% increase quarter-over-quarter [18] - Adjusted EBITDA for Q3 was RMB 6.3 billion, compared to RMB 5.7 billion in the same period last year and RMB 4.9 billion in the previous quarter [20] - Diluted earnings per ordinary share were RMB 28.61 or $4.02, elevated due to a one-time gain from the divestment of an overseas investment [21] Business Line Data and Key Metrics Changes - Accommodation reservation revenue increased by 18% year-over-year to RMB 8.0 billion, driven by strong outbound and international hotel bookings [18] - Transportation ticketing revenue rose by 12% year-over-year to RMB 6.3 billion, with international air bookings showing robust growth [18] - Package tour revenue grew by 3% year-over-year to RMB 1.6 billion, primarily due to the expansion of international offerings [19] Market Data and Key Metrics Changes - Outbound hotel and air bookings grew by close to 20% year-over-year, reaching about 140% of 2019 volumes [8] - Inbound travel bookings on the platform grew by over 100% year-over-year, reflecting robust international demand [10] - The Asia-Pacific region remains the largest source of inbound travelers, with international bookings growing around 60% year-over-year [11] Company Strategy and Development Direction - The company aims to leverage AI innovation to enhance travel experiences and improve service delivery [6][17] - Trip.com Group is focusing on expanding its international presence, particularly in the Asia-Pacific region, while also enhancing domestic services [40] - The company is committed to nurturing the broader travel ecosystem and supporting local economic development through strategic partnerships [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of travel, citing strong demand and a growing desire for immersive experiences [5][6] - The company plans to continue investing in AI and technology to enhance customer service and operational efficiency [26] - Management noted that challenges in the market present opportunities for strengthening the company's foundation and expanding its market share [40] Other Important Information - The company launched a free layover experience for travelers at Hong Kong International Airport, enhancing its offerings for international visitors [11] - The number of Old Friends Club members and their total GMV rose over 70%, indicating a growing focus on senior travelers [12] Q&A Session Summary Question: Insights on AI's role in Trip.com's strategy - Management highlighted AI as a central pillar of their strategy, with significant growth in the use of AI-driven tools like Trip Genie, which is now used in over 200 countries [24][25] Question: Consumer behavior trends during national holidays - Management noted strong trends for long stays and long-distance travel during the national holiday, with outbound bookings increasing over 30% year-over-year [30] Question: Recent trends in hotel and air ticket prices - Management indicated that hotel and air ticket prices have shown a slight decline, with domestic prices trending higher during peak travel periods [34] Question: Insights on international performance and regional highlights - Management reported a 60% year-over-year increase in international bookings, with Asia-Pacific being the largest contributor [50] Question: Updates on inbound travel business - Management shared positive feedback from inbound customers regarding safety and hospitality, highlighting the growth potential in this segment [54] Question: Marketing strategy and future plans - Management discussed the effectiveness of their marketing strategy in Q3 and plans to continue executing signature campaigns for upcoming global holidays [60] Question: Impact of competition and market dynamics - Management emphasized the favorable environment for online travel companies in the Asia-Pacific region, focusing on delivering one-stop solutions and exceptional customer service [63]

Financial Data and Key Metrics Changes - Trip.com Group reported a net revenue of RMB 18.3 billion for Q3 2025, representing a 16% increase year-over-year and a 24% increase quarter-over-quarter, driven by robust travel demand [18] - Adjusted EBITDA for Q3 was RMB 6.3 billion, compared to RMB 5.7 billion in the same period last year and RMB 4.9 billion in the previous quarter [20] - Diluted earnings per ordinary share were RMB 28.61 or $4.02, elevated primarily due to a one-time gain from the divestment of an overseas investment [21] Business Line Data and Key Metrics Changes - Accommodation reservation revenue for Q3 was RMB 8.0 billion, an 18% increase year-over-year and a 29% increase quarter-over-quarter, driven by strong outbound and international hotel bookings [18] - Transportation ticketing revenue was RMB 6.3 billion, a 12% increase year-over-year and a 17% increase quarter-over-quarter, with international air bookings showing robust growth [18] - Package tour revenue was RMB 1.6 billion, a 3% increase year-over-year and a 49% increase quarter-over-quarter, primarily due to the expansion of international offerings [19] Market Data and Key Metrics Changes - Outbound hotel and air bookings grew by close to 20% year-over-year, reaching about 140% of 2019 volumes, with Japan, South Korea, and Southeast Asia being popular destinations [8] - Inbound travel bookings grew by over 100% year-over-year, reflecting robust international demand [10] - Mobile bookings accounted for over 70% of total bookings, indicating a shift towards mobile platforms among travelers [12] Company Strategy and Development Direction - The company aims to leverage AI innovation to enhance travel experiences, with a focus on personalized services and operational efficiency [6][26] - Trip.com Group is expanding its international presence, particularly in the Asia-Pacific region, and is committed to investing in inbound travel and catering to senior and younger travelers [40][56] - The company is enhancing its product offerings and services to meet diverse traveler needs, including partnerships with live entertainment companies to drive travel experiences [15][70] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of travel, citing strong demand and a growing desire for immersive experiences among travelers [5][17] - The company is focused on sustainable growth and long-term value creation, with plans to enhance services and empower the broader travel ecosystem [22][40] - Management noted that challenges in the market present opportunities for strengthening the company's foundation and expanding its market share [40] Other Important Information - The company launched initiatives like the "Taste of China" dining experience to attract international visitors and enhance inbound travel [6] - The balance of cash and cash equivalents as of September 30, 2025, was RMB 107.7 billion or $15.1 billion, indicating a strong liquidity position [22] Q&A Session Summary Question: Insights on AI's role in Trip.com's strategy - Management emphasized that AI is a central pillar of their strategy, with significant growth in AI-driven tools and a commitment to enhancing the travel experience through technology [24][25] Question: Consumer behavior trends during national holidays - Management noted strong trends in long-haul and long-stay travel during holidays, with outbound bookings increasing significantly [30] Question: Recent trends in hotel and air ticket prices - Management indicated that hotel and air ticket prices have stabilized, with slight year-on-year declines, but are expected to remain under pressure due to expanding capacity [34] Question: Impact of competition in the travel market - Management highlighted that the travel market is evolving, and their investments in technology and customer service will help maintain a competitive edge [44] Question: Updates on international performance - Management reported a 60% year-over-year increase in international bookings, with a strong focus on the Asia-Pacific region [50] Question: Inbound travel growth catalysts - Management cited positive feedback from inbound travelers regarding safety and hospitality, along with favorable visa policies as key growth drivers [54] Question: Marketing strategy and future plans - Management discussed the effectiveness of their marketing strategy and plans to continue executing campaigns aligned with long-term growth objectives [60] Question: Margin outlook for the future - Management stated that it is too early to provide specific margin outlooks but emphasized ongoing improvements in operating efficiency [76]