Core Insights - Ctrip's 2025 National Day travel trend forecast indicates a 45% year-on-year increase in cross-province travel orders for the Mid-Autumn and National Day holidays [1] - Key factors influencing travel decisions are emotional value, time efficiency, and cost-effectiveness, with a shift from "sightseeing" to "experiential travel" [1] Summary by Category Travel Orders - Domestic inter-provincial border cities have seen a 58% year-on-year increase in holiday order volume [1] - Notable increases in specific regions include: - Zhaotong, with a 95% increase in holiday pre-orders, known for its ethnic culture and natural scenery [1] - Hezhou, famous for its karst landforms and ancient town culture, with an 88% increase [1] - Ganzhou, attracting tourists with Hakka culture and revolutionary history, showing a 70% increase [1] Travel Preferences - Emotional value is becoming the core factor in destination selection, with "check-in tourism" gradually giving way to "immersive vacations" [1] - Hotel search interest for long-distance destinations such as Xinjiang, Tibet, and Inner Mongolia has increased by 60% year-on-year, primarily from first-tier and new first-tier cities [1]

计划在北京开展电商平台、众筹、网络约车等在线交易业务？您很可能需要办理一项关键资质——EDI许可证。本文为您详细解析在北京地区申请EDI证的 全面流程、所需材料及常见陷阱，助您高效合规地迈出创业第一步。 一、 什么是EDI许可证？我的业务需要它吗？ 1. 定义： 电商平台类： 这是最常见的类型。只要您的网站/平台为第三方商家和个人提供交易撮合服务（如淘宝、京东、拼多多模式），就需要申请EDI证。请 注意： 如果仅销售自家商品（如小米官网、华为商城），则不属于此类，通常只需ICP备案即可。 众筹平台类： 产品众筹、股权众筹等平台。 网络约车平台类： 如滴滴出行、嘀嗒出行等。 在线票务类： 机票、酒店、演出票务预订平台（如携程、去哪儿的平台部分）。 其他交易处理类： 如互联网金融平台、大宗商品交易平台等。 EDI许可证又称为在线数据处理与交易处理业务的经营许可，根据《电信业务经营许可管理办法》，凡是从事电商平台的、电商自营等电商平台都需要办理 EDI许可，EDI许可证是电商平台必须具备的市场准入资质，全称是：增值电信业务经营许可证-审批的范围是"在线数据处理与交易处理业务"，具体是指利 用各种与通信网络相连的数据 ...

Core Viewpoint - Ctrip Group (09961) maintains a strong growth trajectory with robust revenue and profit increases, driven primarily by hotel bookings and international business, leading to an "overweight" rating from Guotai Junan [1][2] Group 1: Financial Performance - For Q2 2025, Ctrip achieved revenue of 14.864 billion RMB, a 16.23% increase year-on-year, and a net profit attributable to shareholders of 4.864 billion RMB, up 26.4% [1] - Adjusted net profit forecasts for 2025, 2026, and 2027 are set at 18.325 billion RMB, 20.660 billion RMB, and 22.721 billion RMB respectively [1] - Adjusted EBITDA for the quarter was 4.880 billion RMB, reflecting a 10% increase, while adjusted operating profit rose by 10.4% to 4.668 billion RMB [1] Group 2: Revenue Breakdown - Revenue sources showed significant growth: accommodation bookings increased by 21.2%, transportation ticketing by 10.8%, group tours by 5.3%, business travel by 9.3%, and other revenues surged by 31% [1] - Domestic hotel performance outpaced transportation, indicating a low double-digit growth potential, while outbound business remained stable [1] Group 3: Market Position and Competitive Landscape - Ctrip's market share is reportedly increasing, with high growth rates in revenue aligning with previously tracked high-frequency data trends [1] - The company has maintained a stable sales expense ratio despite increased marketing investments, indicating effective cost management [2] - International business continues to show over 50% revenue growth, with significant contributions from markets like Hong Kong and Singapore, where Ctrip holds the leading market share [2]

Core Viewpoint - Ctrip Group-S (09961) maintains a "Buy" rating with robust revenue and profit growth driven by hotel bookings and international business, with adjusted net profits projected at RMB 183.25 billion, 206.60 billion, and 227.21 billion for 2025, 2026, and 2027 respectively [1][2] Financial Performance - In Q2 2025, Ctrip achieved revenue of RMB 14.864 billion, a 16.23% increase, and a net profit of RMB 4.864 billion, up 26.4% [1] - Adjusted net profit excluding non-recurring items was RMB 5.011 billion, reflecting a 0.5% increase, while adjusted EBITDA and operating profit grew by 10% and 10.4% respectively [1] Revenue Breakdown - Revenue sources showed significant growth: accommodation bookings increased by 21.2%, transportation ticketing by 10.8%, group tours by 5.3%, business travel by 9.3%, and other revenues by 31% [1] - Domestic hotel performance outpaced transportation, with a low double-digit growth rate, while outbound business remained stable [1] Market Position and Competition - Ctrip's market share is increasing, with high revenue growth aligning with previously tracked high-frequency data trends, and no significant impact from Agoda's competition observed [1] - The competitive landscape remains stable, supporting Ctrip's profit stability, with overseas business showing over 50% revenue growth and approaching a 15% share of total revenue [2] Profitability and Cost Management - Profitability is steadily improving, with unexpected profit mainly driven by sales expenses, which remained stable year-on-year despite increased marketing investments [2] - Ctrip has maintained multiple quarters of rising profit margins, indicating a favorable competitive environment and successful overseas expansion [2]

据"郑州市场监管"微信公众号消息， 2025年9月17日，郑州市市场监管局依法对携程旅 行网运营主体进行行政约谈。 经调查核实，该平台违反《中华人民共和国电子商务法》第三十五条及《网络反不正当竞 争暂行规定》第二十四条的规定， 存在利用服务协议、交易规则和技术手段对平台内经 营者的交易及交易价格进行不合理限制的问题。 郑州市市场监管局已于2025年9月4日 依法向其下达《责令改正通知书》。本次约谈旨在督促企业全面整改、规范运营，切实维 护公平竞争市场秩序，保障平台内经营者合法权益。 会议要求，携程旅行网要高度重视此次行政约谈， 严格按照时限完成整改。 企业要在规 定期限内完成合同条款修订、调价工具优化等整改任务，并建立健全长效合规机制，加强 内部监管和问责，杜绝类似问题再次发生，确保依法合规开展经营活动。 会议强调，公平竞争是市场经济的核心。互联网平台企业应进一步增强法治意识，主动接 受监管： 欢迎分享给你的朋友！ 一要建立健全常态化法律法规学习机制，不断提升中高层管理人员及一线运营人员的合规 经营能力，积极配合市场监管部门工作； 出品 | 中国能源报（c n e n e rg y） 二要坚守诚信原则， 彻底 ...

每经AI快讯，9月18日，港股同程旅行(00780.HK)涨超3%，再创历史新高。截至发稿，涨3.33%，报 24.84港元，成交额1.66亿港元。 ...

智通财经APP获悉，国泰海通发布研报称，维持同程旅行(00780)增持评级。考虑OTA行业竞争格局依然 稳定，且公司通过补贴效率提升等方式维持利润率稳步提升，维持公司25/26/27年经调整归母净利润至 33.11/38.47/44.02亿元人民币(下同)。考虑公司自身成长性和业绩弹性，和相比携程体量，给予2025年 18xPE估值，维持目标市值596亿元人民币，以1HKD=0.9128CNY汇率计算，对应653亿港币，对应目标 价27.88元港币。 国泰海通主要观点如下： 25Q2业绩超预期，酒旅需求维持景气并驱动GMV同比恢复正增长;行业竞争格局稳定，通过营销补贴效 率提升驱动核心OTA利润率继续稳步提升。 业绩简述 25Q2公司实现收入46.69亿元，同比+10%，核心OTA实现收入40.08亿元，同比+13.66%。经调整净利润 7.75亿元/yoy+18%，经调整净利率16.6%/yoy+1.1pct。其中，核心OTA平台营业利润10.70亿/+24.69%， 核心OTA营业利润率26.7%/+2.4pct。业绩超预期，酒旅高景气且GMV增速回正。①本季财报重点关注 1)交通票务增速放缓对收入的拖累 ...

25Q2公司实现收入46.69亿元，同比+10%，核心OTA实现收入40.08亿元，同比+13.66%。经调整净利润 7.75亿元/yoy+18%，经调整净利率16.6%/yoy+1.1pct。其中，核心OTA平台营业利润10.70亿/+24.69%， 核心OTA营业利润率26.7%/+2.4pct。业绩超预期，酒旅高景气且GMV增速回正。①本季财报重点关注 1)交通票务增速放缓对收入的拖累。2)竞争格局变化，以及对应的营销投放效率提升对业绩提振效果。 ②25Q2公司业绩超预期，收入符合预期。本季GMV增速再次恢复正增长更值得关注，考虑大盘情况， 同程份额实际略有提升。③Take rate同比24Q2的提升在继续是收入增长的驱动力。但预计Q3起高基 数，因此25H2收入增速将环比H1放缓。 格局稳定营销效率提升，核心OTA利润率稳步提升 ①25Q2经调整净利润7.75亿，同比+18%，经调整EBITDA同比+29.75%，利润率提升动力依然来自效率 端改善。②销售费用率同比-2.2pct侧面验证行业竞争并未明显加剧。核心OTA营业利润10.42亿，同比 增速21.4%;营业利润率26%，同比+1.7pct。③ ...

Core Viewpoint - The Zhengzhou Market Supervision Administration has conducted an administrative interview with Ctrip Travel Network for violating e-commerce laws and regulations, emphasizing the need for the company to rectify its practices to ensure fair competition and protect the rights of platform operators [1][2]. Group 1: Regulatory Actions - The Zhengzhou Market Supervision Administration issued a "Notice of Correction" to Ctrip on September 4, 2025, due to unreasonable restrictions on transactions and pricing imposed on platform operators [1]. - The administrative interview aims to urge Ctrip to comprehensively rectify its operations and establish a long-term compliance mechanism to prevent similar issues in the future [1][2]. Group 2: Compliance and Fair Competition - The meeting highlighted the importance of fair competition as a core principle of the market economy, urging internet platform companies to enhance their legal awareness and actively cooperate with regulatory authorities [2]. - Ctrip is required to revise contract terms and optimize pricing tools within a specified timeframe, ensuring respect for merchants' autonomy and correcting unreasonable restrictions such as "mandatory activation and inability to exit" [2]. - The Zhengzhou Market Supervision Administration will continue to monitor the progress of Ctrip's rectification efforts and conduct inspections to ensure compliance with market regulations [2].

此外，据央视网报道，2025年国庆中秋假期合并，10月1日至10月8日放假八天，今年假期旅游热度高 涨。花旗预计期间旅游需求将强劲，长线游及出境游可更受惠。花旗维持对同程的买入评级，目标价为 28港元。 智通财经APP获悉，同程旅行(00780)涨超3%，高见24.88港元再创历史新高。截至发稿，涨3.33%，报 24.84港元，成交额1.66亿港元。 消息面上，商务部等9部门9月16日印发《关于扩大服务消费的若干政策措施》的通知。其中提到，吸引 更多境外人员入境消费，及优化学生假期安排，完善配套政策。探索设置中小学春秋假，相应缩短寒暑 假时间，增加旅游出行等服务消费时间。中金认为，若春秋假成为固定安排后，有望分散原本集中的旅 游需求，形成新的出行小高峰，使旅游需求在一年中分布更加均衡。更好平衡价格，OTA以量取胜，长 假拉动利润率提升。 ...