Financial Data and Key Metrics Changes - The company achieved the highest quarterly revenue in its history, with adjusted EBITDA reaching approximately $1 billion for the first time [6][22] - Load factor finished at 106.4%, exceeding expectations, driven by strong demand, particularly from families [6][22] - Adjusted EPS came in at $1.20, exceeding guidance by $0.06, and trailing 12-month adjusted operational EBITDA margin reached 36.7%, an improvement of 220 basis points from last year [6][7][23] Business Line Data and Key Metrics Changes - The NCL brand saw stronger-than-anticipated demand, particularly from families, contributing to net yield growth of 1.5% [6][22] - Bookings in the third quarter were up over 20% year-over-year, marking the strongest third-quarter bookings in company history [7][38] - Pre-cruise sales reached all-time high levels, driving higher onboard revenue and guest satisfaction [8] Market Data and Key Metrics Changes - The company is experiencing a shift towards shorter Caribbean sailings, with short sailing capacity increasing over 80% compared to the prior year [14][15] - The Caribbean deployment is expected to account for over 50% of total capacity, reflecting a deliberate move to attract more families and new-to-cruise travelers [14][15] Company Strategy and Development Direction - The company is focused on enhancing family appeal and experience, particularly through short-cruising sailings [10][11] - A new loyalty program was launched, allowing members to enjoy tier status across all three brands, aimed at deepening connections with loyal guests [20] - The company is committed to balancing return on investment with return on experience, aiming for sustainable financial performance and strengthening its balance sheet [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year adjusted EBITDA guidance and raised adjusted EPS guidance, citing solid customer demand and strong booking trends [5][6] - The company anticipates continued strength across all three brands, with a focus on family demographics driving load factor and margin expansion [32] - Management highlighted the importance of consumer demand and effective marketing strategies to absorb increased Caribbean capacity [46][50] Other Important Information - The company completed a capital market transaction that reduced shares outstanding by over 38 million, improving adjusted EPS [8][28] - A landmark agreement for supplying renewable marine fuels at the Port of Barcelona was announced, emphasizing the company's commitment to sustainability [9] Q&A Session Summary Question: Impact of family mix shift on yields for next year - Management indicated that while attracting families may bring slightly lower pricing, they expect to continue growing yields in the low to mid-single digits [35] Question: Clarification on bookings increase - Bookings were up 20% for the entire third quarter and continued into October, with growth seen across all three brands [38] Question: Promotional environment in the Caribbean - Management noted that the promotional landscape is normal and not unusual, allowing for expected yield increases [44] Question: Strategy to absorb Caribbean capacity - The company is focusing on consumer demand and marketing strategies, with significant investments in Great Stirrup Cay expected to drive demand [46][50] Question: Expectations for next year's costs and occupancy - Management reiterated expectations for sub-inflationary cost growth and highlighted the positive impact of increased occupancy on margins [26][29]

Financial Data and Key Metrics Changes - The company achieved the highest quarterly revenue in its history, with adjusted EBITDA reaching approximately $1 billion for the first time [5][21] - Load factor finished at 106.4%, exceeding expectations, driven by strong demand, particularly from families [5][20] - Adjusted EPS came in at $1.20, exceeding guidance by $0.06, and trailing 12-month adjusted operational EBITDA margin reached 36.7%, an improvement of 220 basis points year-over-year [6][21] Business Line Data and Key Metrics Changes - The NCL brand saw stronger-than-anticipated demand from families, contributing to net yield growth of 1.5% [5][20] - Bookings in the third quarter were up over 20% from the previous year, marking the strongest third-quarter bookings in company history [6][35] - Pre-cruise sales reached all-time high levels, driving higher onboard revenue and guest satisfaction [8] Market Data and Key Metrics Changes - The company is focusing on enhancing its Caribbean presence and increasing short sailings, which are expected to drive higher load factors [13][14] - The fourth quarter is projected to have the highest mix of short sailings since 2019, with Caribbean deployment moving to over 50% of total capacity [13][14] Company Strategy and Development Direction - The company is committed to balancing return on investment with return on experience, focusing on delivering exceptional vacations and strengthening its balance sheet [5][6] - A three-part commercial strategy is being executed to drive yields and profitability, focusing on families as a core demographic, strengthening brand positioning, and elevating guest experience [9][10] - Significant investments are being made in Great Stirrup Cay, including new amenities and a waterpark, to enhance guest experience and drive demand [11][12][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing strength of consumer demand and the positive momentum expected to continue into 2026 [30] - The company anticipates load factors to improve year-over-year, reaching at least 105% in 2026, driven by increased family dynamics and new amenities [30][50] - Management reiterated the focus on cost control, expecting adjusted net cruise costs to remain flat or increase only slightly, well below inflation [22][24] Other Important Information - A landmark agreement with Repsol for supplying renewable marine fuels at the Port of Barcelona was announced, highlighting the company's commitment to sustainability [8] - The company completed a capital market transaction that reduced shares outstanding by over 38 million, improving adjusted EPS [7][27] Q&A Session Summary Question: Insights on yield impact from family mix shift - Management indicated that while attracting more families may bring slightly lower pricing, they expect to continue growing yields in the low to mid-single digits [32][33] Question: Clarification on booking growth - Bookings were up 20% for the entire third quarter and continued into October, with growth seen across all three brands [35] Question: Promotional environment in the Caribbean - Management noted that the promotional landscape is normal and not unusual, allowing for a projected yield increase of 3.5%-4% in Q4 [36][37] Question: Strategy for absorbing Caribbean capacity - The company is focused on creating brand constructs and marketing vehicles to appeal to demographics interested in the Caribbean, with significant investments in Great Stirrup Cay [38][39] Question: Cost dynamics with occupancy increase - Management confirmed that they continue to see margin expansion and improved unit costs, with a focus on maintaining guest satisfaction [56]

Core Points - The Tianjin port has seen a significant increase in cruise activity this year, with over 150 cruise ships and more than 370,000 passengers recorded [1][2] - The "Dream" cruise ship recently departed from Tianjin with over 2,200 passengers for a six-day trip to Japan and South Korea [2][3] - The East Jiang Border Inspection Station has implemented various measures to ensure efficient customs clearance and enhance passenger experience [2][4] Group 1 - The total number of inbound and outbound cruise ships at Tianjin port has surpassed 150, with over 370,000 passengers, including more than 10,000 foreign travelers from countries such as the USA, Russia, and Mongolia [1] - The East Jiang Border Inspection Station has coordinated with various stakeholders to manage peak passenger flow effectively, including opening additional inspection channels to reduce waiting times [2] - Special services have been established for vulnerable groups, including elderly, disabled, and pregnant passengers, to facilitate smoother customs procedures [2][4] Group 2 - The East Jiang Border Inspection Station has deployed autonomous monitoring robots and enhanced smart surveillance systems to improve safety and operational efficiency at the port [4] - Future plans include further optimizing customs processes and enhancing passenger services to boost the competitiveness of Tianjin port and support the recovery of the cruise industry [4]

今年，第一批"65后"、"70后"开始达到60岁（男）和55岁（女）退休年龄，他们年轻时经历了 中国经济的高速发展，被认为可能是"最有钱"的一代退休老人，经济实力也带来消费能力的跃 升。 作者丨高江虹 编辑丨高梦阳 深圳的王阿姨是位退休的名医，最近斥巨资安排了明年好几趟旅行。 "6月跟着维京的船去欧洲，然后8月玩一圈地中海，再坐河轮看看莱茵河。"王阿姨告诉记者， 这一整趟旅行大概会花二十几万元。 像这么有财力也有意愿花钱玩的银发一族越来越多，多家OTA近期发布的银发族旅行消费报告 显示，60岁以上的银发族旅行消费更注重品质，平均住宿花费较年轻群体高30%以上，并且是 高端游、奢华游的绝对主力，在客单价10万元以上的极地邮轮客群中，银发族占比高达90%。 这一批新银发族在旅游消费上又有什么不同的习惯和特点？ 花1 0万元以上去玩极地邮轮的客群 九成是银发族 有意思的是，60岁以上老年用户的人均住宿花费比青年群体高30%以上，入住中高端酒店的比 例也相对更高。《报告》认为，随着"65后"和"70后"的加入，"新银发族"已成为支撑银发游消 费升级的中坚力量，并将对银发游的消费结构、消费偏好等产生重要影响。 新银发族 ...

21世纪经济报道记者 高江虹 深圳的王阿姨是位退休的名医，最近斥巨资安排了明年好几趟旅行。 "6月跟着维京的船去欧洲，然后8月玩一圈地中海，再坐河轮看看莱茵河。"王阿姨告诉记者，这一整趟 旅行大概会花二十几万元。 像这么有财力也有意愿花钱玩的银发一族越来越多，多家OTA近期发布的银发族旅行消费报告显示，60 岁以上的银发族旅行消费更注重品质，平均住宿花费较年轻群体高30%以上，并且是高端游、奢华游的 绝对主力，在客单价10万元以上的极地邮轮客群中，银发族占比高达90%。 这一批新银发族在旅游消费上又有什么不同的习惯和特点？ 花10万元以上去玩极地邮轮的客群九成是银发族 今年，第一批"65后"、"70后"开始达到60岁（男）和55岁（女）退休年龄，他们年轻时经历了中国经济 的高速发展，被认为可能是"最有钱"的一代退休老人，经济实力也带来消费能力的跃升。 《2025"新银发一族"飞行报告》显示，截至目前，55周岁至70周岁的"新银发族"，今年乘坐飞机打卡了 全国255个城市。他们最喜欢去成都、北京、上海、广州、深圳，出行最高峰出现在寒暑假和开学季， 女性乘客购买的机票数量比男性高近一成。 在出境游方面，"新银发族 ...

Core Points - China Eastern Airlines will launch the first "Aviation + Cruise" joint membership program with MSC Cruises starting November 5, 2025, enhancing the "Eastern Miles" frequent flyer ecosystem and improving member travel experiences [1][3] Group 1 - The joint membership program allows "Eastern Miles" members to bind their accounts through the Eastern Airlines app or official WeChat mini-programs, providing multiple exclusive benefits [2][5] - Members who successfully bind and purchase tickets for MSC Lirica's mainland China homeport voyages can earn up to 8,000 Eastern Miles for each cabin, enabling "one journey, double points" [2] Group 2 - The program offers various benefits, including onboard spending credits, with gold card members receiving 200 yuan and other members receiving 50 yuan in onboard credits, usable within 30 days of booking [5] - The collaboration also includes member level matching benefits, opportunities for membership upgrades, and mileage point rewards [5]

Core Insights - The article discusses the growth and development of Shanghai's international cruise tourism, particularly focusing on the Wu Songkou International Cruise Port, which is expected to see an increase in inbound tourists this year [1][2]. Group 1: Cruise Port Development - Wu Songkou International Cruise Port has evolved from a basic facility to Asia's leading cruise port since its opening in October 2011, but still needs improvements to attract more inbound tourists [2]. - The port primarily serves as a transit point for outbound tourists, with a need to enhance its appeal to inbound visitors by improving surrounding services and attractions [2][3]. - The newly developed Shanghai International Cruise Tourism Resort aims to integrate various cultural and tourism resources to create a strong attraction for tourists [3]. Group 2: Inbound Tourism Strategies - There is a push to develop more multi-homeport cruise routes, allowing tourists to board from multiple locations, enhancing regional tourism collaboration [4]. - The article emphasizes the importance of branding Shanghai as a cruise tourism hub, similar to Miami and Singapore, to attract global visitors [5]. - The "airplane + cruise" model is emerging, where tourists fly into Shanghai and then take cruises, indicating a need for better marketing and sales channels [3][4]. Group 3: Airport Efficiency - Pudong International Airport remains the largest air port in China, with a significant increase in passenger traffic, indicating a robust inbound tourism market [6]. - The airport has implemented various measures to enhance the efficiency of customs and immigration processes, including dedicated lanes for different types of travelers [6][7]. - Feedback from travelers highlights the importance of optimizing baggage handling and overall airport experience to improve visitor satisfaction [7][8]. Group 4: Overall Tourism Experience - The article stresses that enhancing the overall service quality in the city is crucial for a successful tourism strategy, aiming for a seamless experience for international visitors [8]. - The focus should be on understanding and meeting the needs of tourists, ensuring they feel comfortable and welcomed during their stay [8].

Core Insights - Royal Caribbean Group reported its Q3 2025 earnings, raising its full-year targets and announcing a new exclusive destination plan [1] Financial Performance - The company reported earnings per share of $5.74 (adjusted $5.75) and total revenue of $5.1 billion, with a net profit of $1.6 billion (adjusted) [1] - Year-over-year growth was observed in all key metrics, with a passenger load factor of 112% (up 1 percentage point) and a capacity increase of 2.9% [1] - The company served 2.5 million guests, a 7% increase year-over-year, and reported a gross margin increase of 3.8%, while cost growth was optimized by nearly 200 basis points compared to guidance [1] Full-Year Outlook - The company raised its adjusted earnings per share forecast for 2025 to $15.58-$15.63, representing a 32% year-over-year increase [1] - Full-year net income is expected to grow by 3.5%-4.0% [1] Booking Trends - Booking rates for 2025-2026 are at historical highs, with significant year-over-year increases in booking prices for 2026 [1] - Onboard and pre-cruise spending by guests has exceeded previous years [1] Strategic Developments - The company announced the opening of the "Santorini Royal Beach Club" in summer 2026 and plans to expand its land-based exclusive destinations from 2 to 8 by 2028, with the first Royal Beach Club opening in December in the Bahamas [1]

Core Insights - The cruise industry is shifting from extensive growth to refined, high-quality operations, with companies intensifying competition through new routes, expanded destinations, and tailored services for the Chinese market [1][6][9] Route Expansion - Multiple cruise giants are planning to introduce new routes for 2026, covering a wider range of destinations. Viking Cruises will expand from river to ocean routes, launching 14 river routes and 5 ocean routes, including a Chinese service Mediterranean route [3] - Royal Caribbean continues to focus on East Asia, operating the "Spectrum of the Seas" from Shanghai and Hong Kong, while adding new stops like Mount Fuji and Nagoya [5] Targeting Customer Segments - The cruise companies are competing for key travel periods, such as Chinese New Year and summer vacations, while also targeting silver-haired travelers and weekend vacationers. MSC Cruises plans to offer autumn voyages to attract these demographics [5][6] - Royal Caribbean is responding to the growing demand for short weekend getaways among young consumers by introducing music-themed short cruises [5] Service Localization - The competition has extended to service offerings, with cruise lines focusing on localizing services to meet the consumption habits of Chinese tourists. Royal Caribbean has tailored dining options on the "Spectrum of the Seas" to cater to Chinese guests [8] - Viking Cruises is addressing the needs of the silver-haired demographic by providing a user-friendly WeChat mini-program for itinerary management and essential services [9] Industry Trends - The cruise market is expected to become increasingly competitive, transitioning from price competition to value competition and model innovation. This reflects a maturation phase in the industry, emphasizing the importance of localized services and product innovation [6][9]

近日，文化和旅游部正式批复支持青岛国际邮轮港区开展《推进青岛国际邮轮母港消费设施建设及 场景提升总结和模式探索》重大课题项目，并给予专项资金支持。青岛是中国北方唯一入选城市，标志 着青岛邮轮经济高质量发展跻身全国先进行列，将填补国内特别是北方区域邮轮消费升级系统性研究空 白，为中国邮轮母港消费升级提供"可复制、可推广"的实践经验。 据介绍，自2023年青岛在北方率先实现国际邮轮成功复航以来，2024年引进4艘邮轮来青运营21个 航次，接待出入境旅客7.1万人次，位居全国第五，恢复速度位居全国第三；2025年邮轮运营全面突 破，在全国总运力下降、复航港口增多的情况下，引进5艘邮轮来青运营近30个航次，截至9月底接待邮 轮23个航次，出入境旅客7.8万人次。 "我们将以此次文化和旅游部重大课题为抓手，加速推进港区建设与'邮轮+'模式创新。"青岛国际 邮轮港区服务管理局相关负责人表示，下一步将系统总结母港消费设施建设及场景提升成熟路径，形成 可推广的"青岛打法"，不仅助力青岛邮轮母港成为东北亚文旅消费升级样板，更将为我国从"邮轮大 国"向"邮轮强国"迈进提供有力支撑。(完) 据悉，在国家和省市文化旅游部门的大力支持 ...