Group 1 - The core viewpoint of the report is that Ctrip Group's revenue expectations for 2025 and 2026 are maintained, with an 8% increase in the 2025 non-GAAP net profit forecast to 17.7 billion yuan, and the 2026 non-GAAP net profit forecast remaining at 18.9 billion yuan [1] - The company reported a 16% year-on-year increase in revenue for Q2 2025, reaching 14.9 billion yuan, which exceeded market expectations by 1%, primarily due to better-than-expected accommodation revenue [2] - The company achieved a non-GAAP net profit of 5 billion yuan in Q2 2025, surpassing market expectations by 15%, attributed to controlled marketing expenses and higher-than-expected government subsidies [2] Group 2 - Domestic hotel booking revenue for Q2 2025 was 6.2 billion yuan, a 21% year-on-year increase, exceeding market expectations by 3%, driven by higher hotel booking volumes [3] - The company expects a low double-digit year-on-year growth in domestic hotel night volumes for Q3 2025, despite a generally weak performance in the industry during the summer [3] - The company’s outbound travel bookings for Q2 2025 recovered to over 120% of 2019 levels, continuing to outperform the industry’s flight recovery rate of 84% [4] Group 3 - The international OTA booking volume increased by over 60% in Q2, with Trip.com’s revenue share rising to 14%, and inbound travel bookings more than doubling [5] - Despite increased hotel price subsidies from international competitors in Thailand and South Korea, Trip.com maintained over 70% growth in hotel revenue, indicating effective execution of its differentiated strategy [5] - The company is expected to maintain over 50% year-on-year growth in Q3 2025, supported by continued investment in the Asia-Pacific region and expansion in the Middle East [5]

Core Viewpoint - Company maintains revenue expectations for 2025 and 2026, with an 8% increase in 2025 non-GAAP net profit forecast to 17.7 billion yuan, and a maintained forecast of 18.9 billion yuan for 2026 [1] Group 1: Financial Performance - In Q2 2025, company reported a 16% increase in revenue to 14.9 billion yuan, exceeding market expectations by 1%, driven by better-than-expected accommodation revenue [2] - Non-GAAP net profit for Q2 2025 was 5 billion yuan, with a net profit margin of 34%, surpassing market expectations by 15% due to controlled marketing expenses and higher-than-expected government subsidies [2] - The company completed its previously announced $400 million shareholder return plan ahead of schedule and approved a new buyback plan of up to $5 billion in August 2025 [2] Group 2: Domestic Hotel Performance - In Q2 2025, domestic hotel accommodation revenue reached 6.2 billion yuan, a 21% year-on-year increase, exceeding market expectations by 3% due to higher hotel booking volumes [3] - Despite a lackluster industry performance during the summer, the company outperformed the market in night stays, with expectations of low double-digit year-on-year growth in domestic hotel night stays for Q3 2025 [3] Group 3: International Travel Performance - In Q2 2025, company’s outbound flight and hotel bookings recovered to over 120% of 2019 levels, continuing to outperform the industry’s recovery rate of 84% [4] - The company anticipates a slight slowdown in year-on-year growth for outbound revenue due to high base effects from last year's summer travel [4] Group 4: Competitive Landscape - In Q2, international OTA booking volume increased by over 60%, with Trip.com’s revenue share rising to 14% [5] - Despite increased hotel price subsidies from international competitors in Thailand and South Korea, the overall market remains fragmented, and Trip.com’s differentiated strategy has effectively maintained over 70% growth in hotel revenue [5] - The company is also expanding in the Middle East, with expectations of maintaining over 50% year-on-year growth for Trip.com in Q3 2025 [5]

Group 1 - The search volume for keywords such as "Qixi," "Valentine's Day," and "couples" has surged, doubling year-on-year on travel platforms like Qunar and Tujia [1] - During the Qixi festival, the highest ticket booking volume comes from young adults aged 23-40, accounting for nearly 60% of total bookings [1] - Popular tourist destinations during Qixi include Beijing Universal Resort, Shanghai Disneyland, the Forbidden City, Jiuzhaigou Valley in Sichuan, and Beihai Park in Beijing [1] Group 2 - Hotel bookings on Qunar saw a significant year-on-year increase of over 40% during Qixi, with Haikou experiencing more than a 100% increase [1] - The top ten cities for hotel booking growth include Haikou, Suzhou, Harbin, Nanchang, Shijiazhuang, Changzhou, Guiyang, Jilin, Urumqi, and Altay [1] - The most popular hotel booking districts are Changsha Wuyi Square, Beijing Olympic Park, Suzhou Guanqian Street, Guiyang Financial City, and Harbin Central Street [1] Group 3 - On Tujia, the booking volume for homestays during Qixi is predominantly from the post-95 and post-00 generations, making up 53% of total bookings [2] - Female users account for approximately 57% of homestay bookings on Tujia [2] - The top ten cities for homestay bookings during Qixi include Chengdu, Harbin, Guiyang, Qingdao, Beijing, Suzhou, Xi'an, Shanghai, Hangzhou, and Kunming [2]

Core Viewpoint - Tuniu reported a net income of 134.9 million RMB for Q2 2025, marking a year-on-year growth of 15.3%, driven by a 26.3% increase in tourism revenue to 113.4 million RMB, indicating a recovery in performance [3] Financial Performance - The company's revenue cost increased by 50.2% year-on-year, yet it achieved a net profit of 14.1 million RMB, compared to a net profit of 43 million RMB in the same period of 2024 [3] - Tuniu's management anticipates a revenue growth of 7%-12% for Q3 [3] - The company had experienced consecutive losses for two quarters prior and had been in a loss position for five years until it turned a profit in 2024, with a total net profit of 77.17 million RMB for the year [3] Historical Context - Tuniu previously experienced rapid growth, maintaining a 300% annual growth rate for three consecutive years around 2010 [3] - CEO Yudun De expressed a desire to continue this growth trajectory while enhancing customer experience [3] Leadership Background - CEO Yudun De, born in 1981, graduated from Southeast University in 2003 with a degree in mathematics [3] - He held positions as a technical director at Blogcn and CTO at Parenting.com before co-founding Tuniu in 2006 [3] - Tuniu successfully went public on NASDAQ on May 9, 2014 [3]

Core Insights - Ctrip reported a net profit attributable to shareholders of 9.123 billion yuan for H1, representing a year-on-year increase of 12.01% [1] - Total revenue reached 28.673 billion yuan, showing a year-on-year growth of 16.19% [1] - The company completed its previously announced $400 million shareholder return plan ahead of schedule and approved a new buyback plan of up to $5 billion in August 2025 [1] Financial Performance - In Q2 2025, Ctrip's revenue was 14.8 billion yuan, reflecting a year-on-year increase of 16.2%, exceeding expectations by 1.5% [1] - The accommodation business outperformed expectations, primarily driven by strong domestic travel demand [1] Market Reaction - Following the positive earnings report, Ctrip's stock surged over 5%, ranking among the top gainers in the Hang Seng Index [1] - The tourism sector in the A-share market showed active performance, with the tourism ETF (562510) rising over 1% at one point, and leading stocks such as Spring Airlines (601021) and China Eastern Airlines (600115) also performing well [1]

周四，携程(TCOM.US)大涨超12%，报73.22美元。消息面上，该公司二季度净收入人民币148.43亿元 (单位下同)，同比增加16.22%;归属携程集团有限公司净利润48.46亿元，同比增加26.43%。公司指出， 第二季度国际各业务板块继续呈现强劲增长态势，国际OTA平台总预订同比增长超过60%;入境旅游预 订同比增长超过100%;出境酒店和机票预订已全面超越2019年疫情前同期的120%水平。 ...

Market Performance - The Dow Jones Industrial Average closed up by 0.16% [1] - The S&P 500 index increased by 0.3% [1] - The Nasdaq composite rose by 0.5% [1] Company Specific Movements - Nvidia (NVDA.O) experienced a decline of 0.8% [1] - Google (GOOG.O) saw an increase of 2% [1] - Xpeng Motors (XPEV.N) dropped over 3% [1] - Alibaba (BABA.N) fell by 2% [1] - Trip.com (TCOM.O) surged by 14.9% following its earnings report [1] Index Performance - The Nasdaq China Golden Dragon Index rose by 0.14% [1]

Core Viewpoint - Ctrip (TCOM.US) experienced a significant increase of over 12%, reaching $73.22, driven by strong financial performance in Q2 [1] Financial Performance - The company's net revenue for Q2 was RMB 14.843 billion, representing a year-on-year increase of 16.22% [1] - Ctrip's net profit attributable to the company was RMB 4.846 billion, showing a year-on-year growth of 26.43% [1] Business Growth - The international business segments continued to show robust growth, with total bookings on the international OTA platform increasing by over 60% year-on-year [1] - Inbound travel bookings saw a remarkable growth of over 100% year-on-year [1] - Bookings for outbound hotels and flights have surpassed 120% of the levels seen in the same period before the pandemic in 2019 [1]

Group 1 - The U.S. stock market opened with slight gains, with the Nasdaq up 0.18%, S&P 500 up 0.1%, and Dow Jones up 0.09% [1] - Nvidia's Q2 revenue increased by 56% year-over-year, exceeding expectations, and the company approved an additional $60 billion for stock buybacks [1] - Snowflake's Q2 revenue grew by 32% year-over-year, surpassing expectations, and the company raised its full-year revenue forecast [1] - Trip.com saw an 8.2% increase in stock price, with Q2 net profit attributable to shareholders rising over 26%, and announced a stock buyback of up to $5 billion [1] - CrowdStrike experienced a decline of over 2%, reporting a net loss of $77.7 million in Q2, transitioning from profit to loss, with revenue guidance slightly below market expectations [1]

Group 1 - The "romantic economy" combined with the back-to-school season is boosting the summer travel market, particularly for the upcoming Qixi Festival in 2025 [1] - High-quality hotel bookings are experiencing a nearly 40% year-on-year increase on Qixi Festival, with themed hotel packages and unique room types being particularly popular [2] - The user demographic for hotel bookings on Qixi Festival shows that nearly 70% are from the post-90s and post-00s generations, with male users favoring audiovisual rooms and female users preferring family rooms and cost-effective packages [2] Group 2 - Flight bookings for destinations like Chengdu, Chongqing, Guangzhou, and Shenzhen are seeing a 15% week-on-week increase on Qixi Festival, driven by the need for couples in long-distance relationships to meet [3] - Major cultural and sporting events, such as the 2025 Ping Pong Super League and the Urumqi Marathon, are contributing to the rise in long-distance travel during this period [3] - Traditional cultural attractions are also seeing a significant increase in bookings, with a 52% week-on-week rise for cultural sites and a 79% increase for night tour products from August 29 to 31 [3] Group 3 - Various scenic spots are launching themed activities for Qixi Festival, such as the "Jin Yi Night Walk" event in Luozhi Ancient Town, which includes tickets, accommodation, and dining [4] - Other locations like Wuzhen and Luoyang are also offering diverse Qixi-themed events to attract visitors [4]