携程网(TCOM.US)盘前涨2.88%，报72.93美元。消息面上，2025年第三季度，携程集团净营业收入为 183亿元人民币(约合26亿美元)，同比增长16%，主要得益于越来越强劲的旅游需求；净营业收入环比增 长24%，主要得益于季节性因素。期内归属于股东的净利润为199亿元人民币(约合28亿美元)，而2024年 同期为68亿元人民币，上季度为48亿元人民币，主要由于部分处置某些投资。 绩后，花旗发研报指，携程集团第三季业绩稳健，毛利率81.7%，相较第二季为81%，略高于该行预 期；非通用会计准则(non-GAAP)经营利润率33.4%，高于该行预期的32%。酒店业务表现稳健，主要受 平均每日房价(ADR)复苏所推动。其他收入强劲增长归因于广告业务快速增长，而稳健的经营利润率则 受惠于毛利率好过预期及行政费用减少。该行予美股目标价85美元及"买入"评级。(格隆汇) | TCOM 携程网 | | | | --- | --- | --- | | 70.890 4 -1.140 -1.58% | | 收盘价 11/17 16:00 美东 | | 72.930 + 2.040 +2.88% | | 盘前价 11 ...

Core Insights - The Ministry of Culture and Tourism of China has issued a warning for Chinese tourists to avoid traveling to Japan recently [1] - There has been a noticeable increase in cancellations and changes to travel plans to Japan, with many tourists opting for refunds on flights and hotels [1] - Popular outbound travel destinations have shifted, with South Korea emerging as the top destination for Chinese tourists [1] Travel Industry Impact - Major travel companies have reported a surge in cancellations for trips to Japan, with flight refunds being largely hassle-free [1] - Hotel refunds depend on local hotel policies, but travel agencies are actively working to facilitate no-loss refunds [1] - Data from Qunar indicates that South Korea, particularly Seoul, has become the most searched destination for outbound travel [1] Booking Trends - There is a significant increase in bookings for other Southeast Asian destinations, including Thailand, Malaysia, Singapore, Vietnam, and Indonesia [1] - The search volume for Singapore, Sydney, and Bali has increased by over 10% compared to the previous week [1]

花旗发表研究报告指，携程集团第三季业绩稳健，收入按年增长16%至183亿元，大致符合该行及市场 预期；毛利率81.7%，相较第二季为81%，略高于该行预期；非通用会计准则(non-GAAP)经营利润率 33.4%，高于该行预期的32%。酒店业务表现稳健，主要受平均每日房价(ADR)复苏所推动。其他收入 强劲增长归因于广告业务快速增长，而稳健的经营利润率则受惠于毛利率好过预期及行政费用减少。该 行现予美股目标价85美元及"买入"评级。 ...

格隆汇11月18日｜根据交易所备案文件，Tera Yatirim Teknoloji Holding的子公司Tera Turizm签署了收购 DLT Turizm的协议，后者拥有tatilsepeti.com网站。收购须获得反垄断批准和其他先决条件。 ...

Group 1 - Ctrip Group-S (09961) reported a net operating revenue of 18.3 billion RMB (approximately 2.6 billion USD) for Q3 2025, a 16% increase year-on-year [1] - XPeng Motors-W (09868) experienced a decline of over 9% post-earnings, with Q3 revenue at 20.38 billion RMB, a 102% year-on-year growth, but slightly below market expectations of 20.45 billion RMB [1] - BeiGene (06160) saw a 2.32% increase following positive results from its Phase III HERIZON-GEA-01 study [1] - Kinko Service (09666) surged over 17% after resuming trading, with a revised offer price of 6.67 HKD per share contingent on shareholder approval for delisting [1] Group 2 - Gold stocks continued to decline, with Lingbao Gold (03330) down 6.91% and Tongguan Gold (00340) down 4.66%, as gold prices fell for the fourth consecutive day [2] - Joy City Property (00207) rose 1.67% after announcing plans to withdraw its listing status on November 27 [2] - Semiconductor stocks performed well, with Hua Hong Semiconductor (01347) up 4.45% and SMIC (00981) up 1.58%, indicating high demand with a 95.8% capacity utilization rate in Q3 [2] - Guangzheng Education (06068) fell nearly 10%, projecting a net profit of approximately 37.7 million RMB for the fiscal year ending August 31, 2025, down from 96.4 million RMB in the previous year [2] Group 3 - Coal stocks faced declines, with Yanzhou Coal Mining (01171) down 4.7% and China Shenhua Energy (01088) down 3.59%, despite a quarter-on-quarter recovery in coal prices [3] - Hong Kong Travel (00308) dropped over 17% following the announcement of a cash distribution plan related to its private company shares [4] Group 4 - Dell Technologies (DELL.US) fell 8.43% after Morgan Stanley downgraded its stock rating from "Overweight" to "Underweight," raising concerns about its earnings outlook [5] - XPeng Motors (XPEV.US) dropped 10.32% as its Q3 revenue fell short of market expectations [5] - Lithium stocks surged, with Sigma Lithium (SGML.US) up 32.34%, driven by strong demand rather than supply disruptions [5] - Sohu (SOHU.US) rose 7.26% with a Q3 revenue of 180 million USD, a 19% increase year-on-year [6] - Quantum Computing (QUBT.US) increased 8.49% after reporting better-than-expected earnings and outlining a roadmap for mass production [6] - Google (GOOGL.US) gained 3.11% following Berkshire Hathaway's new investment in Alphabet [6] - Alibaba (BABA.US) rose over 2.54% after announcing its entry into the AI to C market with the "Qianwen" project [6]

携程集团绩后上涨超2%。消息面上，携程集团近日发布2025年第三季度业绩，三季度净营业收入达183 亿元人民币，同比增16%。主要得益于全球旅游需求的持续增强。季度净利润达199亿元人民币，较 2024年同期的68亿元人民币，同比大幅增长。 11月18日早盘，港股三大指数集体下跌。盘面上，科网股普跌，汽车股走弱。主流ETF方面，A股同赛 道规模最大的恒生科技指数ETF（513180）跟随指数下跌，持仓股中，小鹏汽车、联想集团、小米集 团、蔚来、理想汽车、比亚迪（002594）股份等跌幅居前，华虹、携程集团、中芯国际等少数公司上 涨。 申万宏源指出，在线旅游公司的收入增速快于旅游大盘，受益于线上转化率的提升，以及用户大部分是 休闲用户，商旅占比少。携程和同程旅行今年没有受到近期新进入竞争玩家的影响，反而国内的营销效 率在提升，同时出境游和纯海外业务的增速更高也提供长期的业绩增长驱动力。 此外，携程本季度的国际业务表现尤为亮眼。具体来看，国际OTA平台的总预订量同比增长约60%，入 境旅游预订量同比增长超过100%。同时，出境酒店和机票的预订量已攀升至2019年同期水平的140%。 ...

Core Insights - Ctrip Group's international business showed remarkable performance in Q3 2025, with total bookings on the international OTA platform increasing by approximately 60% year-on-year, and inbound travel bookings more than doubling, up over 100% [1] - Outbound hotel and flight bookings reached 140% of the levels seen in the same period of 2019 [1] Financial Performance - The company's net operating revenue for Q3 2025 was 183 billion RMB, representing a year-on-year growth of 16% and a quarter-on-quarter increase of 24% [3] - Accommodation booking revenue was 8 billion RMB, up 18% year-on-year and 29% quarter-on-quarter [1] - Transportation ticketing revenue reached 6.3 billion RMB, with a year-on-year increase of 12% and a quarter-on-quarter rise of 17% [1] - Vacation revenue amounted to 1.6 billion RMB, showing a year-on-year growth of 3% and a significant quarter-on-quarter increase of 49% [1] - The net profit for Q3 2025 was 19.9 billion RMB, a substantial increase compared to 6.8 billion RMB in Q4 2024 and 4.9 billion RMB in the previous quarter [1] Investment in Technology - The company continued to increase its investment in technology, with product development expenses reaching 4.1 billion RMB, a year-on-year increase of 12% and a quarter-on-quarter increase of 17%, accounting for 22% of net operating revenue [1] - Sales and marketing expenses were 4.2 billion RMB, up 24% year-on-year and 26% quarter-on-quarter, representing 23% of net operating revenue [1]

Core Viewpoint - Klook, known as the "Hong Kong version of Ctrip," has filed for an IPO with the SEC, marking a significant moment for its investors despite the company never having achieved profitability since its establishment in 2014 [1][2]. Company Overview - Klook was founded in 2014 and is one of the few unicorns to emerge from Hong Kong, focusing on non-standard travel products, unlike traditional OTAs like Ctrip and Booking that offer standardized services [2][3]. - The platform supports 14 languages, 40 currencies, and over 40 payment methods, providing 310,000 travel booking services across approximately 4,200 destinations globally [2]. - Klook is projected to achieve 54.5 million bookings in 2024 and over 65 million bookings in the year ending September 30, 2025 [2]. Financial Performance - Klook has not turned a profit in its 10 years of operation, with revenues of $129 million, $335 million, $417 million, and $407 million for the years 2022, 2023, 2024, and the first three months of 2025, respectively [3]. - The corresponding net losses for these years were $123 million, $142 million, $99 million, and $141 million [3]. - However, the company showed signs of improvement in 2025, with adjusted EBITDA turning positive in the second and third quarters, reaching approximately $5 million per quarter [3]. Investment and Funding - Klook's co-founders control approximately 20.5% of the company's shares through various investment vehicles [4]. - Since its inception, Klook has completed nine funding rounds, raising over $1 billion, with notable participation from Sequoia China, which has invested in six rounds [4][5]. - Recent funding rounds include $210 million from Asian financial institutions in December 2023 and $100 million led by Veen Capital in February 2025, aimed at enhancing AI technology and digital transformation [5].

Core Viewpoint - Ctrip Group's stock rose nearly 4% following the release of its Q3 2025 earnings report, reflecting strong performance driven by increased global travel demand [1] Financial Performance - Ctrip's net operating revenue for Q3 reached 18.3 billion RMB (approximately 2.6 billion USD), marking a 16% increase compared to the same period last year [1] - The company's net profit for the quarter was 19.9 billion RMB (around 2.8 billion USD), significantly up from 6.8 billion RMB in Q3 2024 [1] International Business Growth - Ctrip's international business showed remarkable growth, with total bookings on its international OTA platform increasing by approximately 60% year-on-year [1] - Inbound tourism bookings surged by over 100% compared to the previous year [1] - Bookings for outbound hotels and flights have reached 140% of the levels seen in the same period of 2019 [1]

值得注意的是，携程的国际业务在本季度表现尤为突出。国际OTA平台的总预订量同比增长约60%，入 境旅游预订量同比增长超过100%。 同时，出境酒店和机票的预订量已攀升至2019年同期水平的140%。 消息面上，携程集团发布2025年第三季度业绩，第三季度的净营业收入达到183亿元人民币(约合26亿美 元)，与去年同期相比增长了16%。主要得益于全球旅游需求的持续增强。季度净利润达到了199亿元人 民币(约合28亿美元)，相较于2024年同期的68亿元人民币，同比大幅增长。 智通财经APP获悉，携程集团-S(09961)绩后涨近4%，截至发稿，涨3.69%，报576港元，成交额6.54亿 港元。 ...