每经编辑｜程鹏 上海交通大学接连获校友大额捐赠。 东方财富今日（2月26日）公告称，接到公司控股股东、实际控制人其实通知，为支持教育事业发展，促进人才培养及科技创新，其实计划向上海交通大 学教育发展基金会捐赠其持有的公司2000万股无限售流通股，占公司总股本的0.13%。截至今日收盘，东方财富报22.50元/股，据此粗略估算，所捐赠的 2000万股约合4.5亿元。数据显示，截至2025年3季度末，其实位列东方财富第一大股东，持有30.62亿股，持股比例19.38%。 "上海交通大学" 图 著名企业家、华住集团创始人，上海交大工程力学系1989届本科校友、机械工程系1992届硕士校友季琦，向母校捐资1亿元人民币，支持学校各项事业发 展。 上海交大党委书记杨振斌，上海交大校长、中国科学院院士丁奎岭共同为季琦颁发校董聘书。 "上海交通大学" 图 杨振斌感谢季琦的慷慨捐赠。他表示，季琦"将自己独有的人生感悟、创业智慧与人文情怀，深深融入母校高质量发展的每一步，彰显了交大人以实际行 动践行'饮水思源，爱国荣校'校训的责任与担当"。此次设立"全季人文发展基金"，将助力百年校园焕发人文新彩，丰富校园文化生活，厚植人文底蕴， ...

北京时间2月26日早间，携程集团（纳斯达克：TCOM；香港联交所：9961）公布了2025年第四季度及 全年未经审计的财务业绩：2025年全年，携程净营业收入为624亿元（人民币，下同），同比上升 17%。录得归属携程集团股东的净利润为332.9亿元，同比增长95%，主要由于2025年全年包含在其他 （支出）/收入中的投资获利199亿元（该指标2024年为11亿元）。 财报发布同时，携程宣布一系列董事变动：携程联合创始人、总裁范敏已辞任携程董事兼总裁职务，携 程联合创始人季琦已辞任携程董事职务。值得一提的是，范敏在2025年曾四度减持携程公司股票，合计 套现约7.6亿元。 携程董事会任命吴亦泓及萧杨为新任独立董事。据公开资料，吴亦泓曾在如家酒店、阿里健康、 MakeMyTrip（印度主流OTA平台）有任职经历；萧杨拥有超15年的投行工作经历。"此项任命体现了董 事会持续致力于保持多元化的专业知识与创新视角，以有效指导公司不断演进的策略并监督未来的机遇 与风险。"携程方面称，该等变动自2026年2月25日起生效。 核心OTA业务成交额1.1万亿 机票占五成 2025年第四季度，得益于旅游需求的韧性，携程集团净营 ...

公开资料显示，范敏1999年参与创建携程网并任执行副总裁，2000年起担任执行副总裁、首席运营官， 2013年任携程董事会副主席兼总裁；季琦是携程旅行网的联合创始人，曾任首席执行官等职务，2008年 任携程集团独立董事，2009年8月任董事会执行董事长。 与此同时，董事会任命吴亦泓、萧杨为新任独立董事，李基培获任董事会薪酬委员会成员。 2月26日，携程集团对外发布2025年第四季度及全年未经审计财务业绩。财报显示，2025年全年，携程 集团实现净营业收入624亿元，同比增长17%；归属于公司股东的净利润为333亿元，同比增长95%。其 中，2025年第四季度净营业收入为154亿元，同比增长21%；归属于公司股东的净利润为43亿元，同比 增长95.5%。 携程集团表示，2025年净利润同比增加主要由于2025年全年包含在其他（支出）/收入中的投资利得199 亿元，超过了利润增量，而2024年这一数字为11亿元。 伴随业绩公告同步发布的，还有董事会成员调整信息。公告显示，自 2026 年2月25日起，联合创始人范 敏辞任公司董事兼总裁职务，联合创始人季琦辞任公司董事职务。 公开资料显示，吴亦泓具备深厚的财务监管与 ...

Core Viewpoint - Ctrip Group announced its unaudited financial results for Q4 2025 and the entire year, along with changes in its board of directors [1][4] Financial Performance - In Q4 2025, Ctrip Group reported a net operating revenue of 15.4 billion yuan and a net profit of 4.3 billion yuan [4] - For the full year 2025, Ctrip Group's net operating revenue reached 62.4 billion yuan, representing a year-on-year increase of 17% [4] Board Changes - Fan Min has resigned from his position as a director and president of the company, while Ji Qi has stepped down from his role as a director [1][3] - Wu Yihong and Xiao Yang have been appointed as new independent directors [1] Regulatory Investigation - Ctrip received a notification from the State Administration for Market Regulation in January 2026 regarding an investigation into alleged monopolistic behavior under the Anti-Monopoly Law of the People's Republic of China [3][4] - The company is cooperating fully with the investigation and maintaining active communication with regulatory authorities [3]

Core Insights - Airbnb's CEO Brian Chesky provided an optimistic perspective on the impact of AI platforms like ChatGPT on traditional search engines, noting that users directed from AI chatbots have a higher booking conversion rate than those from Google search [2][3]. Group 1: AI Traffic Quality - The traffic from AI platforms exhibits a higher conversion rate for bookings compared to traditional search engines [3]. - Users arriving via AI have clearer intentions and shorter decision paths, as AI helps them filter options before reaching Airbnb [5]. Group 2: Strategic Positioning - Chesky emphasized that Airbnb will embrace AI platforms as new top-tier traffic sources, similar to how they previously engaged with Google [7]. - The company aims to combine general AI models with its proprietary data to create a platform that understands travel better than generic AI [7]. Group 3: Operational Efficiency - Unlike other tech giants investing billions in AI, Airbnb's "light asset" model allows it to innovate on existing top models without building large data centers [7]. - The company projects accelerated revenue growth while maintaining stable profit margins through its AI strategy [7]. Group 4: Unique Offerings - Airbnb boasts millions of unique listings that are exclusive to its platform, supported by a trust network of 200 million verified users and over 500 million authentic reviews [10].

Core Viewpoint - Ctrip Group reported a 17% year-on-year increase in net revenue for 2025, reaching approximately 624 billion RMB, alongside significant changes in its board of directors [1][4]. Financial Performance - In Q4 2025, Ctrip's net revenue was 154 billion RMB, a 21% increase year-on-year, driven by resilient travel demand, with a net profit of 43 billion RMB. However, there was a 16% quarter-on-quarter decline due to seasonal factors [3][4]. - For the full year 2025, Ctrip's net revenue was approximately 624.09 billion RMB, reflecting a year-on-year growth of about 17.1%. The net profit attributable to shareholders was around 332.94 billion RMB, marking a 95% increase year-on-year [4]. Revenue Breakdown - Q4 2025 revenue from accommodation bookings was approximately 63 billion RMB, up 21% year-on-year, while full-year accommodation revenue was about 261 billion RMB, also up 21% [4]. - Q4 2025 revenue from transportation ticketing was around 54 billion RMB, a 12% increase year-on-year, with full-year revenue at approximately 225 billion RMB, up 11% [4]. - Q4 2025 revenue from vacation services was about 11 billion RMB, a 21% increase year-on-year, and full-year revenue was approximately 47 billion RMB, reflecting an 8% increase [4]. - Q4 2025 revenue from business travel management was around 8.8 billion RMB, a 15% increase year-on-year, with full-year revenue at approximately 28 billion RMB, up 13% [4]. Strategic Focus - Ctrip's CEO disclosed that the core OTA business transaction volume for 2025 was about 1.1 trillion RMB, with accommodation and flight ticketing contributing approximately 280 billion RMB and 550 billion RMB, respectively [5]. - The international segments of Ctrip showed robust growth, with the international OTA platform's total bookings increasing by about 60%. The company served around 20 million inbound travelers throughout the year [6]. - Ctrip's board chairman emphasized the importance of inbound tourism as a significant growth engine and indicated future investments in this area, as well as in social responsibility and AI innovation [6]. Board Changes - Ctrip announced the resignation of Fan Min as the company's president and director, and Qi Ji as a director, effective February 25, 2026. New independent directors Wu Yihong and Xiao Yang were appointed [7][8].

Core Insights - Ctrip Group reported a net revenue of 62.4 billion yuan and a net profit of 13.4 billion yuan for the year, indicating a shift in strategy from linear growth to value reconstruction across the entire cultural tourism industry [2] - The competitive landscape has evolved from merely sharing market share to collaboratively expanding the market and benefiting a broader range of ecosystem participants [3] Industry Transformation - The online travel industry is transitioning from a focus on simple supply-demand matching to enhancing the quality and efficiency of supply, particularly for small and medium-sized hotels and local attractions [4] - Ctrip's strategy has shifted towards driving value across the entire industry chain, focusing on digital infrastructure in lower-tier markets and empowering small businesses through operational support and advanced technology [4][5] Empowerment of Small Businesses - Ctrip has partnered with over 130 attractions for investment and operational cooperation, implementing smart ticketing systems and dynamic pricing strategies to enhance visitor experiences [5] - The platform is helping local attractions transition from relying solely on ticket sales to creating comprehensive consumer experiences that include dining and accommodation [6][7] Economic Impact - The empowerment initiatives have led to the creation of over 50,000 new jobs, with more than half located in second-tier and lower-tier cities, indicating a positive impact on local economies [11] - The shift towards smaller group travel has resulted in a significant increase in consumer spending, with average spending on small group products rising by 80% [11][12] Technological Advancements - Ctrip is investing heavily in technology, including a self-developed language model that translates product information into 25 languages, facilitating international tourism [14][15] - The platform's technological investments also include a 2.9 billion yuan allocation for service guarantees, enhancing trust and safety for both consumers and small businesses [16] Strategic Shift - The core value of Ctrip is evolving from transaction volume to ecological value, emphasizing the importance of providing substantial services and support to small businesses [18] - The future success of the platform will be measured not just by financial metrics but by its ability to enhance the competitiveness and vitality of small businesses and unlock the economic and cultural value of previously underutilized tourism resources [18]

北京时间2月26日早间，携程集团（纳斯达克：TCOM；香港联交所：9961）公布了2025年第四季度及 全年未经审计的财务业绩：2025年全年，携程净营业收入为624亿元（人民币，下同），同比上升 17%。录得归属携程集团股东的净利润为332.9亿元，同比增长95%，主要由于2025年全年包含在其他 （支出）/收入中的投资获利199亿元（该指标2024年为11亿元）。 1月中旬，国家市场监管总局对携程涉嫌滥用市场支配地位实施垄断行为立案调查。携程方面在财报中 最新披露称："目前调查仍在进行中，公司正全力配合国家市场监管总局。公司将继续就合规事宜与监 管部门保持积极沟通。公司目前无法预计调查的状态和结果，并会在调查结束后提供进一步更新。公司 的业务运营维持正常。" 孙洁在财报发布后的业绩会上进一步提到，2025年，携程投入超10亿元推动入境游市场增长，相关举措 包括加强平台建设、与全球影响力人士合作推广中国旅游目的地，以及为国际旅客提供免费中转游 等。"在我们平台上，超过40个城市在入境游中的贡献率非常高，且这些入境游客也带动消费增长。我 们的目标是在2026年将这一数字翻一番。""中国入境游正处在一个显著且可 ...

2月26日，携程公布2025年全年未经审计财务业绩，这一年，携程交出了一份有些"反常识"的财报：全 年营收624亿元，剔除投资收益净利润134亿元，但按交易额口径计算的净利润率仅为1.2%——用户每 在携程花100元，携程收5-6块钱，只赚1.2元。 这一年，携程投入10亿元发力入境游，其中包含人工客服、产研服务和推广的主动投入。结果是：近7 万中国商家第一次从携程海外平台拿到入境游订单——6万多家酒店、2500多个景点、600余个旅行社， 从不知道怎么做外国人生意，到迎来全球各地的游客。 通过这些商家中来自酒店、景点和餐厅的三位代表，以及那个"跑前跑后"的携程人，试图还原一个真实 的携程：赚的是辛苦钱，花在了刀刃上，让中国商家成为入境游红利的主人。 "让外国人知道我" 从无人问津到被世界看见 对于二三线城市的景点和酒店来说，入境游最大的门槛不是服务，而是"存在感"——外国游客根本不知 道你的名字。 但入境游这件事，携程想做，商家更想做。自2023年底过境免签和入境免签政策不断优化放开，中 国"免签朋友圈"不断扩容，对于要做入境游生意，携程和商家几乎都是一拍即合。 张家界天门山景区对此深有体会。这个2005年 ...

Core Insights - In Q4 2025, Ctrip Group reported a net revenue of 15.4 billion RMB, a year-on-year increase of 21%, but a quarter-on-quarter decrease of 16% due to seasonal factors [1] - For the full year 2025, the net revenue reached 62.4 billion RMB, reflecting a 17% year-on-year growth [1] Revenue Breakdown - In Q4 2025, revenue from accommodation bookings was 6.3 billion RMB, up 21% year-on-year; transportation ticketing revenue was 5.4 billion RMB, up 12% year-on-year; and vacation business revenue was 1.1 billion RMB, up 21% year-on-year [1] - The business travel management segment generated 808 million RMB in Q4 2025, a 15% year-on-year increase and a 7% quarter-on-quarter increase, driven by growth in business travel orders [1] - For the full year 2025, accommodation bookings accounted for 42% of total revenue at 26.1 billion RMB, transportation ticketing accounted for 36% at 22.5 billion RMB, vacation business accounted for 7% at 4.7 billion RMB, and business travel management accounted for 5% at 2.8 billion RMB [1] Cost and Expenses - In Q4 2025, operating costs were 3.2 billion RMB, a 23% year-on-year increase and a 4% quarter-on-quarter decrease, aligning with the trend of net revenue [1] - For the full year, operating costs totaled 12.1 billion RMB, a 21% year-on-year increase, representing 19% of net revenue [1] Marketing and Sales Expenses - In Q4 2025, sales and marketing expenses were 4.4 billion RMB, a 30% year-on-year increase and a 5% quarter-on-quarter increase, accounting for 29% of net revenue for the quarter [2] - For the full year, sales and marketing expenses reached 14.9 billion RMB, a 25% year-on-year increase, representing 24% of net revenue [2] Profitability - In Q4 2025, the net profit attributable to Ctrip Group shareholders was 4.3 billion RMB, while the full year net profit was 33.3 billion RMB, nearly a 95% increase compared to 17.1 billion RMB in 2024, primarily due to investment gains of 19.9 billion RMB, a 17-fold increase from 1.1 billion RMB in 2024 [4] Cash Position - As of December 31, 2025, Ctrip Group had cash and cash equivalents, restricted cash, short-term investments, and held-to-maturity deposits and financial products totaling 105.8 billion RMB [4] Management Changes - Ctrip Group announced several board changes, with Fan Min resigning as director and president, and Ji Qi resigning as a director, effective February 25, 2026 [4] - Wu Yihong and Xiao Yang were appointed as new independent directors [4][5]