Core Viewpoint - UBS reports that Trip.com Group Ltd (09961) exceeded expectations in both revenue and profit margin for Q2, while announcing a new round of stock buyback plan [1] Group 1: Financial Performance - The company is expected to see strong growth in room nights for Q3, supporting a steady domestic revenue growth of approximately 10% [1] - UBS maintains its Q3 revenue and non-GAAP operating profit estimates, projecting a year-on-year growth of 14% and 32.5% respectively [1] - The target price for the company has been raised from HKD 588 to HKD 660, with a "Buy" rating [1] Group 2: Market Trends - The recovery of cross-border flight capacity and a high base effect are expected to normalize outbound travel revenue growth in Q3 to low teens [1] - The overseas business revenue growth for Trip.com is expected to maintain a strong momentum of over 50% [1]

Core Viewpoint - Daiwa's report indicates that Ctrip Group-S (09961) exceeded market expectations for Q2 profits by 8%, driven by higher-than-expected revenue from accommodation and other services [1] Group 1: Financial Performance - The company announced a new $5 billion share buyback plan [1] - For Q3, Daiwa expects revenue and operating profit margins to meet current market expectations, with potential upside in operating profit margins due to lower-than-expected marketing expenses [1] - The group is anticipated to see a rebound in operating profit margins next year after completing investments in international business this year [1] Group 2: Price Target and Rating - Daiwa raised the target price from HKD 745 to HKD 750, reflecting a projected price-to-earnings ratio of 25 times [1] - The firm reiterated a "Buy" rating for the stock [1]

Core Viewpoint - Daiwa has raised the target price for Trip.com Group Ltd (09961) to HKD 750, following a second-quarter profit that exceeded market expectations by 8% due to higher-than-expected revenue from accommodation and other services [1] Group 1: Financial Performance - The second-quarter profit surpassed market expectations by 8% [1] - Revenue from accommodation and other services was higher than anticipated [1] Group 2: Future Outlook - For the third quarter, Daiwa expects revenue and operating profit margins to meet current market expectations, with potential for upward movement in operating profit margins due to lower-than-expected marketing expenses [1] - The company is expected to complete its investment in international business this year, with operating profit margins likely to rebound next year [1] Group 3: Share Buyback and Valuation - Trip.com Group announced a new share buyback plan worth USD 5 billion [1] - Daiwa has increased the target price from HKD 745 to HKD 750, corresponding to a projected price-to-earnings ratio of 25 times, while reiterating a "buy" rating [1]

Core Insights - The report highlights a new trend in tourism consumption during the summer of 2025, indicating a shift towards quality upgrades in travel experiences [2] - The number of first-time air travelers is expected to reach approximately 6 million, primarily consisting of children, students, and seniors, marking a significant growth in the travel market [2][3] - The demand for mid-to-high-end hotel bookings has increased by over 40% compared to the previous year, outpacing the growth of budget hotel bookings [3] Group 1: Travel Consumption Trends - The overall passenger transport volume in civil aviation is projected to hit a historical high of 150 million during the summer [2] - The increase in international travel demand, particularly from non-first-tier cities, has led to a 26.3% year-on-year growth in international flight passenger volume in July, significantly higher than the 3.7% growth in domestic flights [3] - Local and surrounding weekend leisure travel has become a major source of tourists in central cities, with over 70% of hotel and scenic area visitors coming from local and nearby cities [4] Group 2: Hotel and Accommodation Insights - The "Weekend Escape Plan" launched by the company offers discount packages for transportation, hotels, and attraction tickets, effectively boosting weekend travel consumption in popular cities [4] - Cities with high hotel booking rates during the summer include Shenzhen, Guangzhou, Chengdu, Shanghai, Beijing, and others, with family-friendly accommodations in high demand [4] - The average length of stay in certain cities is close to 1.5 nights, exceeding the national average, indicating a willingness among consumers to spend more on quality accommodations [4] Group 3: Popular Destinations and Attractions - The report identifies several hot spots in cultural and tourism consumption, including historical sites, natural landscapes, and exhibition venues, with popular destinations like Jiuzhaigou and Shanghai Disneyland [5]

Core Viewpoint - Citigroup's research report indicates that Trip.com exceeded expectations in its second-quarter performance, with resilient domestic revenue growth anticipated for the second half of the year [1] Group 1: Financial Performance - Citigroup expects Trip.com's domestic revenue growth to remain robust, with a significant number of room nights still being booked [1] - The strong momentum of Trip.com is likely to continue into the third quarter [1] Group 2: Earnings Forecast and Target Price - The earnings estimates for Trip.com for the years 2025 to 2027 have been raised by 2%, 2%, and 3% respectively [1] - The target price for Trip.com has been increased from $78 to $85, maintaining a "Buy" rating [1]

Core Viewpoint - UBS reported that Ctrip Group's Q2 revenue and profit margins exceeded expectations, alongside the announcement of a new stock buyback plan [1] Group 1: Financial Performance - The company is expected to see strong growth in room nights for Q3, supporting a domestic revenue growth rate of approximately 10% [1] - The anticipated recovery in cross-border flight capacity and a high base effect will lead to a normalization of outbound travel revenue growth, projected to reach low single digits in Q3 [1] Group 2: Future Projections - UBS maintains its Q3 revenue and non-GAAP operating profit estimates for Ctrip, forecasting a year-on-year growth of 14% and 32.5% respectively [1] - The target price for Ctrip has been raised from HKD 588 to HKD 660, with a "Buy" rating [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Views - The company's Q2 2025 financial results slightly exceeded expectations, with revenue of 14.83 billion yuan, representing a year-on-year growth of 16.2%, and a NON-GAAP net profit of 5.01 billion yuan, up 0.5% [1][7]. - Domestic travel demand has steadily released since Q2 2025, and the inbound and international business continues to show high growth, supported by optimized marketing expenses and effective personnel cost control [1][7]. - The new large share buyback authorization has effectively boosted market confidence, and the outbound and international business is expected to be a core growth driver in the long term [1][7]. Financial Performance Summary - For the fiscal year 2023, the company is projected to achieve a main revenue of 44.51 billion yuan, with a year-on-year growth of 122% [2][9]. - The net profit attributable to shareholders is expected to reach 9.92 billion yuan, reflecting a significant year-on-year increase of 632% [2][9]. - The adjusted EPS for 2025 is estimated at 27.35 yuan, with a PE ratio of 18.5 [2][10]. Business Segment Performance - Revenue from accommodation bookings, transportation tickets, vacation travel, business travel management, and other services for Q2 2025 was 6.23 billion, 5.40 billion, 1.08 billion, 690 million, and 1.47 billion yuan respectively, with year-on-year changes of +21.2%, +10.8%, +5.3%, +9.3%, and +31.0% [7]. - The overall gross margin for the period was 81.0%, a slight decrease of 0.9 percentage points, primarily due to the increasing proportion of lower-margin international business [7]. Market Outlook - The report indicates that the outbound and international business is expected to continue driving growth, with international OTA platform bookings increasing by over 60% year-on-year and inbound tourism bookings more than doubling [1][7]. - The company has approved a new share buyback plan with a total repurchase scale not exceeding 5 billion USD, which, along with dividends, is expected to provide continuous investment returns to shareholders [1][7].

Core Insights - Ctrip Group's stock price increased over 5%, reaching a new high of 584.5 HKD, with a current price of 580.5 HKD and a trading volume of 1.241 billion HKD [2] Financial Performance - For Q2 2025, Ctrip reported a net revenue of 14.843 billion RMB, a year-on-year increase of 16.22% [2] - The net profit attributable to Ctrip Group was 4.846 billion RMB, reflecting a year-on-year growth of 26.43% [2] Business Growth - The company's international business segments showed strong growth, with total bookings on the international OTA platform increasing by over 60% year-on-year [2] - Inbound tourism bookings more than doubled, with a year-on-year growth exceeding 100% [2] - Outbound hotel and flight bookings surpassed 120% of the levels seen in the same period in 2019, prior to the pandemic [2] Market Position and Valuation - According to CMB International, the Q2 performance exceeded expectations, with hotel business growth surpassing forecasts and market share continuing to increase [2] - The target price for Ctrip has been raised from 591 HKD/76 USD to 653 HKD/84 USD, based on a 20x P/E ratio for 2026, while maintaining a "buy" rating [2] - The firm anticipates a 15% year-on-year revenue growth for Q3, with hotel revenue expected to grow by 18%, driven by increased overnight stays and expanding market share in mainland China [2]

Core Viewpoint - Ctrip Group's stock price has increased over 5%, reaching a new high of 584.5 HKD, following the release of its Q2 2025 earnings report, which showed strong growth across various business segments [1] Financial Performance - Ctrip Group reported a net revenue of 14.843 billion RMB for Q2 2025, representing a year-on-year increase of 16.22% [1] - The net profit attributable to Ctrip Group Limited was 4.846 billion RMB, reflecting a year-on-year growth of 26.43% [1] Business Segments Growth - The international OTA platform's total bookings increased by over 60% year-on-year [1] - Inbound tourism bookings saw a remarkable growth of over 100% year-on-year [1] - Outbound hotel and flight bookings have surpassed 120% of the levels seen in the same period before the pandemic in 2019 [1] Market Position and Valuation - According to CMB International, the Q2 performance exceeded expectations, with hotel business growth surpassing forecasts and market share continuing to rise [1] - The target price for Ctrip has been raised from 591 HKD/76 USD to 653 HKD/84 USD, based on a 20x P/E ratio for 2026, while maintaining a "buy" rating [1] - The firm anticipates a 15% year-on-year revenue growth and an 18% increase in hotel revenue for Q3, driven primarily by an increase in room nights [1]

Group 1 - Ctrip Group's stock price increased over 5%, reaching a new high of 584.5 HKD, with a current price of 580.5 HKD and a trading volume of 1.227 billion HKD [1] - For Q2 2025, Ctrip reported a net revenue of 14.843 billion RMB, a year-on-year increase of 16.22%, and a net profit attributable to Ctrip of 4.846 billion RMB, up 26.43% year-on-year [1] - The company's international business segments showed strong growth, with total bookings on the international OTA platform increasing over 60% year-on-year, inbound tourism bookings more than doubling, and outbound hotel and flight bookings exceeding 120% of pre-pandemic levels [1] Group 2 - According to CMB International, Ctrip's Q2 performance exceeded expectations, with hotel business growth surpassing forecasts and market share continuing to rise [1] - The target price for Ctrip was raised from 591 HKD/76 USD to 653 HKD/84 USD based on a 20x P/E ratio for 2026, while maintaining a buy rating [1] - The firm anticipates a 15% year-on-year revenue growth and an 18% increase in hotel revenue for Q3, driven by increased room nights and expanding market share in mainland China [1]