财报介绍，作为一站式旅游平台，同程旅行致力于为用户提供全面的旅行相关产品及服务，以满足旅客 在旅途中的多样化需求。截至报告期末，同程旅行线上平台提供由国内外约800家航空公司及代理运营 超45万条航线、逾400万家全球酒店及非标住宿选择、逾16万条汽车路线、610条渡轮线路及超一万个旅 游景点的门票服务。 得益于酒店管理业务的优异表现，2025年三季度，同程旅行其他收入板块同比增长34.9%，达到8.21亿 元。截至今年9月末，艺龙酒店科技平台运营酒店数量已增至近3000家，另有1500家正在筹建。 【深圳商报讯】（记者 范宏韬）近日，同程旅行（0780.HK）发布2025年第三季度业绩报告。同程旅行 年付费用户达到2.53亿，年累计服务人次突破20亿，创历史新高。 财报表明，同程旅行三季度实现营业收入55.09亿元，同比增长10.4%，其中，交通业务收入同比增长 9%，达22.09亿元；住宿业务收入实现14.7%的同比增长，达15.80亿元。公司经调整溢利净额同比增长 16.5%至10.6亿元，经调整净利润率从去年同期的18.2%提升至19.2%。 随着对万达酒管的收购，同程旅行将进一步完善酒店管理业务版图 ...

（原标题：谷歌预计2025年越南数字经济规模将达到390亿美元） 《越南经济》11月26日报道，根据谷歌、淡马锡和贝恩公司11月25日联合发布的东南亚数字经济年 度报告（《东南亚数字经济2025》），到2025年底，越南数字经济的商品交易总额（GMV）将达到390 亿美元，比上年增长17%。这一增长率使越南在东南亚数字经济中排名第二，仅次于印度尼西亚，并跻 身增长最快的数字经济体之列。 今年报告最引人注目的亮点之一是越南民众对人工智能的接受程度。越南目前在东南亚的三项关键 指标中排名第一：81%的用户每天与人工智能互动；83%的用户积极学习或提升人工智能相关技能； 96%的用户愿意与人工智能代理共享数据访问权限。谷歌称，人工智能的高度互动性有助于越南市场快 速吸收新应用。截至2025年上半年，人工智能集成产品的收入在短短一年内增长了78%。报告还指出， 越南目前拥有超过40家人工智能领域的初创企业，并在过去一年中吸引了1.23亿美元的私人投资，相当 于该国人工智能投资总额的5%。值得注意的是，79%的投资者认为，越南未来将继续吸引投资，尤其 是在软件、人工智能和深度科技领域。 该报告还评估认为，越南正在经历数 ...

Core Viewpoint - The company, Tongcheng Travel, has responded to a significant fire incident in Hong Kong by donating funds and essential supplies to support disaster relief efforts [1] Group 1 - Tongcheng Travel donated 1 million HKD through its charitable foundation to assist with rescue needs following the fire [1] - The company collaborated with its platforms, HopeGoo and eLong Hotel Technology, to raise an additional 1 million HKD worth of hygiene and living supplies for the affected area [1] - The donations aim to support the emergency needs and post-disaster reconstruction efforts for the impacted residents [1]

Group 1: Investment Ratings - The report maintains a "Buy" rating for both Ctrip and Tongcheng Travel, indicating a positive outlook on their performance in the online travel industry [1][2][5][6]. Group 2: Core Insights - Ctrip's Q3 2025 revenue increased by 16% year-on-year to 18.4 billion yuan, with non-GAAP operating profit reaching 6.1 billion yuan, exceeding expectations due to lower marketing expenses [1][5]. - Tongcheng Travel reported a 10% year-on-year revenue growth to 5.5 billion yuan in Q3 2025, with adjusted net profit rising 17% to 1.06 billion yuan, driven by better-than-expected accommodation business performance [2][6]. - Ctrip's accommodation booking revenue grew by 18%, transportation revenue by 12%, and international OTA platform bookings increased by over 60% year-on-year [1][5]. - Tongcheng Travel's core OTA business revenue grew by 15%, with accommodation booking revenue also up by 15%, benefiting from increased hotel average prices and record daily room nights [2][6]. - Ctrip's international hotel and flight bookings have increased by 140% compared to 2019, while Tongcheng Travel expects outbound travel business to grow rapidly, contributing 10-15% to overall revenue by 2027 [1][2][5][6]. Group 3: Summary by Sections Section 1: Overseas Social Services - Ctrip's Q3 2025 performance shows strong growth across various segments, with significant increases in international bookings and a solid market position in China [1][5]. - Tongcheng Travel's performance reflects a robust growth trajectory, particularly in accommodation and outbound travel, with a strong user base [2][6]. Section 2: Overseas Pharmaceuticals - CSPC Pharmaceutical Group reported a 12.3% year-on-year decline in revenue for the first three quarters of 2025, totaling 19.89 billion yuan, but showed a 3.4% revenue growth in Q3 [3][10]. - The company's net profit for Q3 2025 increased by 27.2% to 964 million yuan, aligning with expectations despite a decline in overall revenue for the year [3][10]. Section 3: Overseas Education - The education index saw a 2% increase, with a year-to-date growth of 7.3%, indicating a recovery in the sector [4][16]. - The report suggests a positive outlook for private higher education companies, with expectations of improved profitability and growth potential [4][18].

Investment Rating - The report maintains a "Buy" rating for both Ctrip and Tongcheng Travel, indicating a positive outlook for their performance in the online travel industry [2][3]. Core Insights - Ctrip's 3Q25 revenue increased by 16% year-on-year to 18.4 billion yuan, with a non-GAAP operating profit of 6.1 billion yuan, exceeding expectations due to lower marketing expenses [2][7]. - Tongcheng Travel's 3Q25 revenue grew by 10% year-on-year to 5.5 billion yuan, with adjusted net profit rising 17% to 1.06 billion yuan, driven by better-than-expected accommodation business performance [3][8]. - Both companies are expected to benefit from the recovery in outbound tourism, with Ctrip's international OTA platform bookings increasing over 60% year-on-year and inbound tourism bookings more than doubling [2][7]. - The report highlights the stability of the online travel industry and the potential for market share growth for both companies, particularly in international markets [2][3]. Summary by Sections 1. Overseas Social Services: Ctrip and Tongcheng Travel 3Q25 Performance - Ctrip's accommodation booking revenue rose by 18%, transportation revenue by 12%, and business travel management revenue by 15% [2][7]. - Tongcheng Travel's core OTA business revenue increased by 15%, with accommodation booking revenue also up by 15% [3][8]. - Both companies are positioned well for future growth, particularly in outbound travel, with expectations for international flight and hotel contributions to increase significantly by 2027 [3][8]. 2. Overseas Pharmaceuticals: CSPC Pharmaceutical Group - CSPC's revenue for the first three quarters of 2025 decreased by 12.3% to 19.89 billion yuan, but third-quarter revenue grew by 3.4% to 6.62 billion yuan, aligning with expectations [4][13]. - The report notes a decline in gross margin and a decrease in the contribution of the prescription drug segment to total sales [4][13]. 3. Overseas Education: Profitability Management Conditions Mature - The education index rose by 2% this week, with a year-to-date increase of 7.3% [19]. - The report suggests focusing on Hong Kong higher education companies, anticipating a recovery in profitability and expansion potential [21][29].

Group 1: Tourism Trends - The domestic tourism market is experiencing a "dual climate" effect due to the recent cold wave, with increased interest in both ice and snow tourism as well as warm weather destinations like Sanya [1][2] - Since November 7, searches for "hot springs" and "skiing" have surged over 100% compared to the previous month, indicating a strong demand for these activities [1] - The trend of booking hot spring hotels for consecutive nights has increased by over 10% in southern regions compared to the previous month, with Sanya leading in winter tourism [2] Group 2: Hotel Booking Insights - Popular hotel types for hot springs include family rooms and luxury suites, with many bookings sold out three days in advance for peak dates [2] - The top ten destinations for hot spring hotel bookings include Chongqing, Nanjing, and Beijing, reflecting a rise in local tourism [2][3] - For ice and snow tourism, hotel bookings around ski resorts have increased by over 100% compared to the previous month, with Harbin and Zhangjiakou seeing significant growth [4] Group 3: Travel Patterns - There is a notable increase in flight bookings from northern cities to southern destinations like Sanya, with Urumqi to Sanya flights growing over 50% [3] - The most popular cities for winter escape travel include Sanya, Kunming, and Haikou, with one-way ticket prices ranging from 800 to 1000 yuan [3] Group 4: Consumer Demand and Promotions - To cater to the demand for high-quality accommodations near ski and hot spring areas, a new promotional campaign has been launched, offering various benefits and packages [6]

Core Insights - The domestic tourism market is experiencing a "dual climate" effect due to the recent cold wave, with a surge in ice and snow tourism as popular ski resorts open, while beach destinations like Sanya are crowded with northern tourists [1][2] Group 1: Ice and Snow Tourism - The search interest for "hot springs" and "skiing" has significantly increased since November 7, with a more than 100% month-on-month growth [1] - Hotel bookings around ski resorts and accommodations tagged with "hot springs" and "private baths" have more than doubled compared to the same period last month [1] - The booking heat for ice and snow theme attractions has increased over 100% compared to the same period last month, with significant interest in hotels near Harbin and Zhangjiakou [4] Group 2: Hot Spring Tourism - The booking heat for hot spring hotels and homestays in southern regions is higher than in northern regions, with a more than 10% increase in bookings for stays of two nights or more compared to last month [2] - Popular hot spring accommodations in cities like Shanghai and Suzhou are selling out three days in advance for family rooms and luxury suites [2] - The demographic for hot spring tourism includes over 30% families with children, and there is a notable increase in the elderly demographic compared to last year [2] Group 3: Travel Trends - The trend of southern travel for warmth has intensified since the start of winter, with Harbin being the top source city for flights to Sanya, and a more than 50% increase in flight bookings from Urumqi to Sanya [3] - The top ten cities for winter escape travel include Sanya, Kunming, and Haikou, with one-way ticket prices ranging from 800 to 1000 yuan [3] Group 4: Quality Accommodation Demand - To meet the demand for high-quality accommodations near ski and hot spring resorts, the company has launched a themed campaign covering popular ski areas and high-quality hot spring accommodations [6] - The campaign includes a 300 yuan "Winter Hotel Package" and a 1000 yuan "Snow Friends Privilege Card," which covers various services including accommodation and transportation [6]

北京商报讯(记者吴其芸)11月28日，去哪儿数据显示，寒假时间陆续公布后，第一批赶在春节前错峰出 游的家庭已经订好优惠机票。寒假前半段，0—12岁儿童的机票预订量同比增长60.7%，13—18岁青少 年的机票预订同比涨了57.8%。三亚、珠海、西双版纳等避寒城市的机票预订同比均翻倍增长。 寒假开始后，主题乐园将迎来新一轮亲子家庭高峰。据去哪儿数据，寒假多个主题乐园的酒店预订量同 比增长五成以上。其中，珠海长隆和广州长隆的酒店预订量，同比分别增长了2.7倍和1.1倍。同时，北 京环球影城大酒店、三亚亚特兰蒂斯酒店、上海迪士尼乐园酒店的预订量，同比增长也都达到50%。 另一个趋势则是，越来越多游客选择在一个城市的民宿多住几天，享受深度慢游。寒假期间，在去哪儿 民宿连续入住7天以上的旅居订单同比去年增长11%。旅居用户住得更久、订得也更早了。据去哪儿数 据，今年寒假，旅居游客的平均入住天数达到12天，同比去年增长12.7%；平均提前预订天数达到80 天，比去年早13天。云南红河州、福建泉州、广东汕头等特色小城，旅居订单量增长领先。 ...

国际业务今年有望盈亏平衡，独立APP 凸显动能增长3Q25 公司国际机票预订量同比增长显著，占总交 通票务收入的6%，同比提升2pct。公司加强与全球酒店供应商合作，国际酒店预订服务覆盖范围持续 扩大。长期来看，随着出境游目的地选择多元化与用户出行信心恢复，国际业务增长潜力将逐步释放。 在3Q25 业绩会中，公司提出公司未来致力于将国际业务收入贡献提升10%以上，成为重要的利润贡献 来源。自有APP作为核心用户运营阵地，本季度表现亮眼，日活用户在国庆假期前创下历史新高，主要 源于公司推出AI 行程规划智能体DeepTrip，为数百万用户提供个性化行程方案，大幅改善用户体验。 盈利预测与估值 我们预计公司25-27 年收入为194/219/244 亿元（较前值基本不变），预计公司25-27 年调整后净利润分 别34/39/45 亿元（较前值不变/-4.1%/-6.3%），主要考虑到公司新资产合并对于利润的不确定性影响， 我们小幅下调26、27 年利润。我们选取全球OTA 平台作为可比公司，考虑到公司竞争地位略弱于海外 龙头携程、Booking 等，在可比公司PE 均值基础上给予一定折价。 估值切换至26 年，可 ...

盈利预测与估值 我们基本维持25/26 年收入盈利预期，维持跑赢行业评级和目标价28 港元（对应18x/15x 25e/26e Non- IFRS 市盈率），上行空间为30%，公司目前交易于14x/12x 25e/26e Non-IFRS P/E。 风险 宏观不确定性，费用管控不及预期，投资并购风险。 同程旅行3Q25 收入同增10%至55.1 亿元，略高于市场预期0.5%，主要系酒店收入和其他收入超预期； Non-IFRS 归母净利润10.5 亿元，超市场预期1.1%，对应19.1% Non-IFRS 净利润率，系服务开发费用和 管理费用有效控制。 发展趋势 国内酒店中高星占比提升。1）住宿：3Q25 公司国内酒店间夜量同比增长10-15%，符合此前预期， ADR 同比低单个位数增长，主要系用户消费习惯变化，中高星占比提升，公司三星酒店等高质量供给 的间夜量同比增长20%。我们预计4Q25 酒店收入同比增长15%，其中国内酒店间夜量同比增长约10%， ADR 继续维持同比低单个位数增长，抽佣率同比小幅提升。2）交通：3Q25国内机票量同比增速和大 盘类似，公司聚焦提升变现率，该趋势延续至下个季度，我们预计4 ...