Summary of Booking Holdings Conference Call Company Overview - **Company**: Booking Holdings (NasdaqGS: BKNG) - **Event**: 2026 Conference at Morgan Stanley TMT Conference - **Date**: March 3, 2026 Key Points Growth Framework - Booking Holdings aims for a medium-term growth framework of **8%** in gross bookings and revenue, and **15%** in earnings per share (EPS) [7] - In 2025, the company exceeded these targets with results of **10%** growth in gross bookings, **10%** in revenue, and **18%** in EPS on a constant currency basis [7] - For 2026, guidance is set at **9%** for gross bookings and revenue, and **15%** for EPS, indicating confidence in continued growth [8] Market Dynamics - Travel markets are expected to grow faster than global GDP, driven by increased disposable income leading to higher travel spending [8] - Booking Holdings is positioned as the largest online travel platform in Asia (excluding mainland China) and is focused on capturing growth in this region [9] - The company is also targeting growth in the U.S. market, where it has seen double-digit growth rates, significantly outpacing the overall market [10] Strategic Initiatives - Booking Holdings is investing in various verticals, including flights and attractions, with growth rates of **30%** and **80%** respectively in the previous year [10] - The company is reinvesting savings from its transformation program into strategic initiatives to drive future growth [10] Regional Focus - **Asia**: The company is enhancing its go-to-market strategy with localized branding and payment options, particularly through its brand Agoda [13][17] - **U.S.**: Growth drivers include performance marketing optimization, B2B partnerships, and an increase in direct channel bookings, which have shown significant improvement [21][29] - **Europe**: Booking Holdings continues to grow faster than the European travel industry, focusing on enhancing user experience and expanding service offerings [44][46] Marketing and Advertising - The company has diversified its marketing spend, increasing investment in social media platforms, with total marketing spend exceeding **$10 billion** [62] - Social media advertising has grown **13%** year-over-year, contributing to overall marketing effectiveness [62] Technology and AI Integration - Booking Holdings is developing agentic tools to enhance customer experience and streamline operations, with a focus on integrating generative AI into customer service and other areas [98][106] - The company has seen a **10%** reduction in average cost per booking due to improved customer service efficiency through AI tools [98] Competitive Landscape - Booking Holdings maintains a strong relationship with Google, which serves as a lead generator rather than a direct competitor in the OTA space [125][126] - The company views the rise of horizontal agents and LLMs (Large Language Models) as opportunities to enhance its service offerings rather than threats [130][131] Financial Performance and Projections - The transformation program has led to increased targets for reinvestment, with **$700 million** allocated for 2026, expected to generate approximately **$400 million** in additional revenue [103][106] - The net impact on the bottom line from these investments is projected to be around **$300 million** [106] Additional Insights - Booking Holdings emphasizes the importance of customer trust and support during travel disruptions, positioning itself as a reliable partner for travelers [66][74] - The company is focused on creating a seamless travel experience through integrated services, enhancing customer loyalty and repeat business [130][131]

Expedia Group (NasdaqGS:EXPE) 2026 Conference March 03, 2026 01:00 PM ET Company ParticipantsScott Schenkel - CFOScott SchenkelOr-ModeratorYeahScott Schenkelyou know, coach or whatever.ModeratorThat's great. Well, there's a lot of good restaurants in TC.Scott SchenkelThere areModerator... Fort Worth's amazing. Yeah. Thumbs up. We are on. As we were talking through the best restaurants in Fort Worth. Good morning, everyone. Welcome to day two of the Morgan Stanley 2024 TMT conference. We're thrilled today to ...

[Table_Title] 【广发商社&海外】携程网(TCOM)/ 携程集团-S(09961.HK) | [Table_单位Finance] :人民币百万元 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 主营收入 | 53,294 | 62,409 | 71,522 | 81,541 | 92,694 | | ） 增长率（ % | 19.7% | 17.1% | 14.6% | 14.0% | 13.7% | | EBITDA | 17,613 | 37,939 | 18,510 | 23,380 | 26,441 | | 归母净利 NonGAAP | 18,041 | 31,839 | 20,094 | 22,986 | 25,993 | | 增长率（%） | - | 76.5% | -36.9% | 14.4% | 13.1% | | NonGAAP EPS(元/股) | 26.39 | 44.62 | 28.71 | 32.84 | 37.13 | | NonGAAP PE | 18.1 ...

SDICSI 2026 年 03 月 02 日 携程集团 (9961.HK/TCOM.US) 4 季度业绩略超预期，国际业务投入加码 4 季度业绩略超预期，其中收入超我们/市场预期 5%/4%，经调整净利润超我 们/市场预期 5%/8%。2025 年国际业务对总收入的贡献占比提升至 40%，管理 层强调国际业务及 AI 投入。我们维持 2026 年收入预测不变，下调经调整净利 润 5%，维持买入。 报告摘要 4Q25 业绩略超预期：净收入 154 亿元（人民币，下同，列明除外），同比增 21%， 超我们/市场预期 5%/4%，其中住宿预订同比增 15%，交通票务收入同比增 12%， 占总收入的 41%、35%，贡献收入净增量的 42%、22%。毛利同比增 20%，毛利 率同比稳定在 79%。经营利润 25 亿元，同比增 10%，略低于我们/市场预期 2%/4%；经调整归母净利润 35 亿元，超我们/市场预期 5%/8%。 2025 年主要经营数据：1）GMV：2025 年核心 OTA 业务 GMV 为 1.1 万亿元， 同比下降 8%，其中住宿预订/机票预订约为 2,800 亿元/5,500 亿元。2）国际业 ...

研究所： 2026 年 02 月 28 日 公司研究 评级：买入(维持) | | chenm | | --- | --- | | E券分析师: E券分析师: | 陈梦竹 张娟娟 | 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 张娟娟 S0350523110004 zhangjj02@ghzq.com.cn [Table_Title] 延续高质量增长，入境游成为强劲增长引擎 ——携程集团-S（9961.HK）2025Q4 及全年财 报点评 最近一年走势 | 相对恒生指数表现 | | | 2026/02/27 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 携程集团-S | -17.6% | -23.2% | -8.9% | | 恒生指数 | -1.8% | 2.6% | 12.3% | | 市场数据 | | | 2026/02/27 | | 当前价格（港元） | | | 411.40 | | 52 周价格区间（港元） | | | 397.20-613.00 | | 总市值（百万港元） | | | ...

2026 年 2 月 28 日 公司研究 25Q4 各业务营收均呈双位数增长，国际业务表现强劲 ——携程集团-S（9961.HK）25Q4 业绩点评 买入（维持） 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 7.14 | | 总市值(亿港元)： | 2857.03 | | 一年最低/最高(港 | 397.20/613.00 | | 元)： | | | 近 3 月换手率： | 31.73% | 股价相对走势 当前价：400.40 港元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523877 wanghangyu@ebscn.com | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -16.73 | -33.72 | -21 ...

Summary of Ctrip Group's Q4 2025 Earnings Call Company Overview - **Company**: Ctrip Group - **Quarter**: Q4 2025 Key Financial Metrics - **Total Revenue**: 15.429 billion (vs guidance 14.870 billion), a year-over-year increase of 20.84% [1] - **Transportation Ticketing Revenue**: 5.368 billion (vs guidance 5.350 billion), a year-over-year increase of 12.30% [1] - **Hotel Revenue**: 6.287 billion (vs guidance 6.150 billion), a year-over-year increase of 21.42% [1] - **Tourism Vacation Revenue**: 1.056 billion (vs guidance 0.980 billion), a year-over-year increase of 21.38% [1] - **Business Travel Revenue**: 0.808 billion (vs guidance 0.730 billion), a year-over-year increase of 15.10% [1] - **Other Business Revenue**: 1.910 billion (vs guidance 1.660 billion), a year-over-year increase of 12.38% [1] Profitability Metrics - **Gross Profit Margin (GPM)**: 78.96% (vs guidance 78.50%) [2] - **Operating Profit Margin (OPM)**: 16.46% (vs guidance 17.30%) [2] - **Non-GAAP OPM**: 20.77% (vs guidance 21%) [2] - **Stock-Based Compensation (SBC)**: 0.664 billion (vs guidance 0.550 billion) [2] - **Non-GAAP Net Profit**: Approximately 3.484 billion, compared to 3.038 billion in the same period last year [2] Q1 2026 Outlook - **Projected Total Revenue**: 15.870 billion, a year-over-year increase of approximately 14.58% [2] - **Transportation Ticketing Revenue**: Approximately 5.990 billion, a year-over-year increase of about 10.56% [2] - **Hotel Booking Revenue**: Approximately 6.490 billion, a year-over-year increase of 17.13% [2] - **Tourism Vacation Revenue**: Approximately 1.110 billion, a year-over-year increase of 17.21% [2] - **Business Travel Revenue**: Approximately 0.660 billion, a year-over-year increase of 15.18% [2] - **Other Business Revenue**: Approximately 1.620 billion, a year-over-year increase of 18.16% [2] - **Profitability Expectations**: GPM around 80.5%, Non-GAAP OPM around 28% [2] Regulatory and Operational Insights - **Regulatory Impact**: The company anticipates limited impact from regulatory changes and AI agents on normal operations [3] - **Profit Recovery**: Expected return to normal profit growth rates, excluding the impact of MMYT [3] - **Monitoring Factors**: Suggested focus on the progress of penalties, overseas business developments, and the pace of profit release [3]

算法"杀熟"需多元共治 □ 刘 诚 □ 随着算法技术的演进，大数据"杀熟"现象已完成从简单粗放到复杂隐蔽的根本性形态变迁。其核心路 径是从基于静态身份的显性价格差异，转向依托人工智能、融合多元情境的隐性系统性博弈 □ 大数据"杀熟"的盛行与平台经济发展阶段直接相关。本质上，这是一种着眼于短期利润再分配的"掠 夺性增长"，而非通过创新与服务提升实现价值增量的"创造性增长"，若任由其蔓延，将从根本上动摇 市场公平原则，危及平台经济的可持续性与长期投资价值 □ 面对日益隐蔽且系统化的算法差别定价，治理须超越单一的事后处罚思维，转向涵盖法律规制、技术 审计、市场结构优化与社会监督的系统性重构。其核心在于重新平衡平台算法权力与消费者权利，引导 技术向善，保障市场公平 近期，市场监管总局依据《中华人民共和国反垄断法》，对携程集团涉嫌滥用市场支配地位实施垄断行 为立案调查，释放了强监管信号。2月1日，正式施行的《网络交易平台规则监督管理办法》更是划出红 线，明确规定平台不得在消费者不知情的情况下，对同一商品或服务在同等条件下设置不同价格或收费 标准。此举旨在根治长期存在的大数据"杀熟"乱象。 然而，现实挑战不容小觑。大数据 ...

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 ...

针对此次人事变动的原因，携程方面表示，这是我们持续完善董事会独立性与多元化的举措之一。去年六月，携程已向股东传 达过优化董事会构成的计划，旨在确保随着公司发展，董事会能持续提供有效的治理与战略监督。作为联合创始人，范先生和 季先生仍是公司坚定的支持者。董事会经过审慎周密的遴选流程，任命了两位具备互补技能、行业经验及多元视角的新董事 ——这将通过建设性对话和科学决策，增强携程服务全体股东的能力。 （来源：大公产经晚间消息） 2月26日，携程集团发布2025年第四季度及全年未经审计财务业绩，同时宣布董事会人事变动：联合创始人范敏辞任公司董事兼 总裁，另一联合创始人季琦也同时辞任公司董事，并任命吴亦泓、萧杨为新任独立董事。 需指出的是，范敏的离开并非仓促决定，而是伴随着一系列精准的资本操作。 据携程向美国SEC递交20-F文件，截至2025年2月28日，携程创始人、董事局主席梁建章持股5.3%，CEO孙洁持股2.1%。百度持 股7%，CapitalWorldInvestors持股6.2%，BlackRock持股5.3%，而范敏持股已不足1%。 携程方面指出，公司将积极配合监管部门调查，全面落实监管要求，与行业各方携 ...