Group 1 - The core viewpoint of the article highlights a significant increase in search volume for dragon boat-related activities and destinations on the Meituan travel platform, indicating a growing interest in traditional cultural experiences during the Dragon Boat Festival [1] - Since May 1, 2023, the search volume for "Dragon Boat Base" has surged by 216%, while "Dragon Boat Cultural Park" searches have increased by 147%, with cities like Wenzhou, Foshan, Guangzhou, Qingdao, Hangzhou, Nanjing, Dongguan, Suzhou, Ningbo, and Chengdu being the top ten destinations for "Dragon Boat Base" searches [1] - As of May 21, 2023, the overall order volume for cultural and tourism activities during the Dragon Boat Festival has risen by 63% year-on-year, with five-star hotel bookings experiencing a doubling in growth [1] Group 2 - The search volume for traditional Dragon Boat Festival food, specifically "Dragon Boat Rice," has increased by 183% since May 1, 2023, with Guangdong, Dongguan, Foshan, Jiangmen, Hangzhou, and Shenzhen emerging as popular search destinations for this dish [1]

Core Insights - Airbnb is launching a new product innovation called "Airbnb Services" and an upgraded "Airbnb Experiences" to enhance travel experiences beyond just accommodation [1][3] - The new offerings aim to redefine Airbnb's role in travel, shifting from merely booking stays to planning entire journeys, catering specifically to the desires of Chinese travelers [1][3] Group 1: Airbnb Services - The newly launched "Airbnb Services" includes a variety of offerings such as meals, massages, and photography, with over 80% of Chinese respondents expressing interest in adding services when booking accommodations [3] - The top five most popular service categories among Chinese travelers are private dining, simple meals, photography, massages, and spa treatments, reflecting their preferences for food, photography, and wellness [3] Group 2: Airbnb Experiences - The redefined "Airbnb Experiences" encompasses cultural activities, culinary tours, cooking classes, and outdoor adventures, allowing travelers to connect deeply with their destinations [5] - Nearly 95% of Chinese respondents indicated they would book experience projects while traveling, with 60% prioritizing "authenticity" in their search for experiences [5] Group 3: Trends in Chinese Travelers - There is a significant increase in outbound travel searches from Chinese travelers, with a growth rate exceeding 200% year-on-year, particularly in the Asia-Pacific region, with Japan and South Korea seeing over 300% growth [7] - The primary motivation for Chinese travelers is experiencing local cuisine, with searches for Bologna, Italy, skyrocketing nearly 2000% due to its association with authentic pasta [8] - Cultural consumption is on the rise, with younger travelers willing to spend on artistic experiences, as evidenced by the increased interest in events like the Setouchi International Art Festival [8] - The popularity of K-pop and related events has led to a surge in searches for destinations hosting concerts, with some locations seeing increases of over 4000% [9] - Nature and outdoor activities are driving travel trends, particularly among Gen Z travelers, with destinations like Kumano Kodo in Japan experiencing nearly 400% growth in interest [10]

Core Insights - The travel market is experiencing steady growth during the Dragon Boat Festival in 2025, with local and surrounding travel dominating at a 50% share [1] - The popularity of short-distance overseas travel to destinations like Japan, South Korea, and Thailand is notable, alongside a continued interest in inbound tourism [1][4] Domestic Travel Trends - Local and surrounding travel is the primary focus for the 2025 Dragon Boat Festival, with a significant increase in bookings for trips within a "3-hour high-speed rail circle" [1][2] - Bookings for surrounding travel have increased by 23% year-on-year, indicating a stable growth trend in the domestic market [1] - The search interest in traditional cultural experiences during the festival has surged by 50% compared to last year, highlighting a strong interest in local customs [2] Event-Driven Travel - The presence of various themed music festivals and concerts during the Dragon Boat Festival has led to a noticeable increase in cross-city travel [2] - Major events such as concerts by popular artists have sold out, contributing to a spike in hotel bookings in cities hosting these events [2] Family and Pet Travel - The proportion of family travel has significantly increased, with family-oriented bookings accounting for 35% of total orders on travel platforms [3] - There is a growing trend of pet-friendly travel, with a 20% increase in the popularity of pet-friendly hotels compared to last year [3] Inbound and Outbound Travel - Inbound tourism remains strong, with hotel search interest for inbound travel increasing by over 100% during the Dragon Boat Festival [3] - Popular outbound destinations include Japan and South Korea, with unique locations like Egypt and Russia seeing significant hotel booking increases [4]

Group 1 - The tourism market for the Dragon Boat Festival in 2025 is characterized by a deep integration of traditional cultural experiences and modern consumer demands, with local and surrounding travel dominating, an increase in long-distance travel popularity, and cross-border experiences and cultural consumption emerging as new highlights [1][2] - Data from Tuniu and Tongcheng Travel indicate that local and surrounding travel will be the most popular choices for the 3-day holiday, with a peak in bookings expected before the holiday [1][2] - The main travel areas within a 2-hour high-speed rail radius include the Yangtze River Delta, Beijing-Tianjin-Hebei, Pearl River Delta, and Sichuan-Chongqing regions, with popular routes such as Beijing-Qinhuangdao and Chengdu-Leshan [1] Group 2 - The cultural attributes of the Dragon Boat Festival, recognized as the first Chinese traditional festival included in the UNESCO Intangible Cultural Heritage list, are driving tourism consumption, particularly in the Beijing-Tianjin-Hebei, Pearl River Delta, and Sichuan-Chongqing regions [2] - There has been a significant increase in search volume for keywords related to the festival, with terms like "Dragon Boat" and "Zongzi" seeing a 220% increase compared to the previous month [2] - The top ten popular destinations for folk tourism during the festival include Chengdu, Hangzhou, Foshan, Suzhou, Tongren, Nanning, Huaihua, Dongguan, Miluo, and Suqian, featuring various dragon boat races and intangible cultural heritage activities [2] Group 3 - Following the Dragon Boat Festival, there is an anticipated increase in international travel as parents reward their children for completing the national college entrance examination, with international flight prices rising nearly 20% on June 7 [3] - The average price of international tickets is expected to peak at around 3000 yuan by June 17, reflecting strong demand for outbound travel during the upcoming summer season [3] - Observations indicate that there is a window of opportunity for cost-effective international travel before the holiday rush, with ticket prices for routes like Kunming to Paris and Fuzhou to New York remaining below 3000 yuan and 4000 yuan, respectively [3]

Core Viewpoint - Company maintains revenue expectations for 2025/2026 while raising non-GAAP net profit forecasts by 3% for both years due to better-than-expected cost control [1] Group 1: Financial Performance - Company reported Q1 2025 revenue of 13.8 billion, a 16% year-on-year increase, meeting consensus expectations; non-GAAP net profit reached 4.2 billion, exceeding market expectations by 9% due to controlled marketing expenses and favorable foreign exchange gains [2] - Non-GAAP net profit forecasts for 2025 and 2026 are adjusted to 16.4 billion and 18.9 billion respectively [1] Group 2: Domestic Tourism Demand - Domestic hotel booking revenue for Q1 2025 was 5.54 billion, a 23% year-on-year increase, surpassing market expectations; domestic hotel booking volume increased nearly 20% [3] - Company anticipates mid to low double-digit year-on-year growth in domestic hotel night volume for Q2 2025 [3] Group 3: International Travel Trends - During the May Day holiday, outbound hotel and flight bookings increased by 30%, with demand for destinations like Japan and Europe compensating for the slow recovery in Thailand [4] - Company expects a 15-20% year-on-year increase in outbound hotel and flight bookings for Q2 2025, returning to 120% of 2019 levels [4] Group 4: Trip.com Growth Strategy - Trip.com achieved over 60% year-on-year growth in international OTA bookings, with its revenue share rising to 13%; inbound travel bookings surged by approximately 100% [5] - Company plans to maintain investment in Trip.com, focusing on marketing in low-penetration markets and enhancing brand presence in the Middle East and Europe, with an expected operating profit margin of 28% for 2025 [5]

Group 1 - HSBC's report indicates that Trip.com (TCOM.O) achieved a 16% year-on-year revenue growth in Q1, driven by a strong 23% increase in hotel revenue [1] - Adjusted operating profit margin decreased by 2.4 percentage points but was better than expected [1] - The company expects revenue growth to return to normal levels, despite soft average daily room rates due to increasing supply in domestic hotels [1] Group 2 - Airfare prices have stabilized, and while concerns about safety in Southeast Asia pose challenges to outbound tourism growth, travelers are changing their destinations [1] - Overall outbound tourism is expected to grow by 14% to 19% [1] - Increased marketing spending in overseas markets is a key driver of revenue growth, currently accounting for approximately 15% of hotel revenue and 20% of transportation revenue, with high double-digit growth anticipated [1] Group 3 - HSBC maintains a "buy" rating for Trip.com, raising the target price from $75 to $78 [1] - The company anticipates a 15% revenue growth for the year, with an adjusted operating profit margin rising to 11%, resulting in a profit margin of 29% [1] - For Q2, revenue is expected to increase by 14.5%, with an adjusted operating profit margin of 2%, maintaining a profit margin of 29% [1]

证券研究报告 携程集团 (TCOM US/9961 HK) 1Q25 业绩：看好海外长期成长 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 20 日│美国/中国香港 | 互联网 | 盈利预测与估值 我们预测公司 25-27 年收入分别为 613/712/823 亿美元（基本不变），调整后 归母净利润分别 193/225/260 亿美元（25 年下调 2%，26、27 年不变），其中 25 年主要为小幅调高了联营企业亏损等非经营项目，在经营层面我们认为仍随 着营销投放优化向好。因旅游服务消费的需求韧性，25 年可比公司 VA 的 PE 估值较前值 18.3 倍 PE 抬升至 21.3 倍，考虑到公司虽在国内 OTA 板块的龙头 地位稳固，但短期内因增加国际业务投入利润端有小幅影响，因此在行业平均 PE 基础上给予一定折价，且后续海外投入仍有不确定性，小幅增加折价幅度， 以 25 年 19 倍（前值 18 倍）PE 给予携程美股目标价 78.0 美元（前值：75.5 美元）；港股目标价 559.4 港币（前值：563.7 港币）。 风 ...

交银国际研究 每日晨报 2025 年 5 月 21 日 今日焦点 | 携程集团 | | | 9961 HK | | --- | --- | --- | --- | | 1 | 季度超市场预期，休闲出游需求依然坚挺 | | 评级: 买入 | | 收盘价: 港元 | 505.50 | 目标价: 港元 591.00↓ | 潜在涨幅: +16.9% | | 孙梦琪 | | mengqi.sun@bocomgroup.com | | 1 季度轻资产占比环比略降，公司预计短期内将保持稳定。资产质量总体保 持稳定。股票回购稳步推进。 维持买入评级。公司预计资金成本仍有小幅下降空间，2025 年全年 net take rate 将同比提升。我们基本维持盈利预测，预计公司 2025 年 Non-GAAP 净 利润同比增长 15%。公司作为行业领先的信贷科技平台，兼具多元化业务模 式，平衡风险与增长，股东回报吸引。当前估值水平上兼具防御性与进取性， 维持买入评级和目标价 58 美元。 | 全球主要指数 | | | | | --- | --- | --- | --- | | | 收盘价 | 升跌% | 年初至今 升跌% | | 恒 ...

携程一季度增收不增利，海外扛起增长大旗。 今日携程发布 2025 年一季度财报，本季度净收入为 138 亿元，同比增长 16%，净利 43 亿元，和 去年同期完全持平，营收增长但利润没有上升。 主要原因是费用上升，其中营销费用支出了 30 亿元，同比增长了 30%，接近收入增速的两倍。研 发、管理费用增速则没有明显扩张，三费加起来占营收比重同比增加了 1.6 个百分点；本季度的毛 利率为 80.4%，低于市场预期的 81%。 携程主要有四块业务，住宿预订（55 亿元营收）、交通票务（54 亿元营收）、旅游度假（9.47 亿 元营收）、商旅管理（5.73 亿元营收），其中占比最大、增长最快的是住宿预订，占到总营收的 39.8%，同比增长 23%。 本季度海外平台的预定量同比增长超过 60%。另一块快速增长的是入境游业务，预订同比翻倍。 受益于免签等便利政策，上观智库称，今年一季度，全国入境外国游客达 921.5 万人次，同比激增 40.2%，这一个季度已接近去年上半年（1100 万人次）的总量。 本田缩减超 200 亿美元纯电动车投资计划，将重点发展混动车型。 由于纯电动车市场需求放缓，本田将缩减相关投资，转而 ...

｜ 2025年5月21日星期三 ｜ NO.1 斗鱼一季度毛利润1.14亿元，实现同比环比双增长 5月20日，斗鱼发布2025年第一季度财报。该季度斗鱼总收入9.47亿元，其中创新业务、广告及其他收 入3.83亿元，同比增长60.2%。一季度毛利润为1.14亿元，同比增长4.1%，环比增长62.6%，运营亏损额 2610万元，同比减少84.3%。公司一季度调整后净亏损2090万元，同比缩窄75.6%。本季度斗鱼平均移 动端MAU（月活跃用户数）为4140万人，平均付费用户×为290万人，ARPPU（每付费用户平均收入） 为216元。 点评：斗鱼2025年第一季度财报表现出一定的结构性修复迹象。尤其是创新业务与广告收入同比增长超 六成，展现出公司在直播主业承压下通过多元化探索获得的营收韧性。在直播行业整体增速放缓的大背 景下，斗鱼正优化成本结构、发力创新业务、提升用户变现能力，以此努力寻找转型突破口。 NO.2 巴黎世家任命新创意总监 5月20日， 全球高端精品巨头开云集团与Balenciaga （巴黎世家）共同宣布，任命Pierpaolo Piccioli为 Balenciaga新任创意总监，自2025年7月1 ...