Group 1 - The core viewpoint of the report is that Ctrip (00780) has had its target price raised by 5.8% from HKD 24 to HKD 25.4, while maintaining a "Buy" rating [1] - Ctrip's Q3 2025 performance shows total revenue of RMB 5.5 billion, a year-on-year increase of 10.4%, exceeding both the expectations of the company and market consensus by 1% [1] - Adjusted net profit for the same period reached RMB 1.06 billion, reflecting a year-on-year growth of 16.5%, which is 4% and 2% higher than the company's and market's forecasts respectively, driven by better-than-expected operational leverage in the core OTA business [1] Group 2 - The operating profit margin for the core OTA business increased to 31.2% in Q3 2025, slightly above the company's forecast by 0.1 percentage points [1] - The company has adjusted its revenue forecasts for 2025-2027 upwards by 1-3% due to the consolidation of Wanda Hotel Management starting October 2025, which is expected to generate additional revenue [1] - Ctrip anticipates a year-on-year revenue growth of 14% and adjusted net profit growth of 12% in 2026 [1]

总收入55亿元，同比增10%，符合该行及机构一致预期。经调整净利润同比增17%至10.6亿元，略超该 行/市场预期4%/2%，经调整利润率19.2%，同比/环比提升1个/3个百分点，受益于经营费用效率优化。 分业务看，核心OTA经营利润同比增15%至14亿元，经营利润率31.2%，同比稳定，环比提升4个百分 点。 Q3为核心OTA业务旺季 3季度核心OTA收入同比增15%，其中：1)住宿预订收入同比增15%，受益于日均间夜量(创新高)稳健增 长及ADR小幅提升(好于行业)。高质量酒店间夜量同比增20%，快于平台整体间夜量增速，占比持续提 升。2)交通票务预订收入同比增9%，变现率稳定，国际机票业务贡献交通票务收入的6%，同比提升2个 百分点。 智通财经APP获悉，国投证券发布研报称，上调同程旅行(00780)目标价至27.2港元(前值：24.9港元)， 维持买入评级，公司营收与经调整净利润实现高速增长，核心广告平台Mintegral增势强劲，其AI智能出 价产品已广泛采用并成为主要收入来源，公司正通过深化AI技术在素材制作与广告投放环节的应用， 持续提升服务竞争力。 用户ARPPU值提升趋势不变 国投证券主要 ...

国投证券发布研报称，上调同程旅行(00780)目标价至27.2港元(前值：24.9港元)，维持买入评级，公司 营收与经调整净利润实现高速增长，核心广告平台Mintegral增势强劲，其AI智能出价产品已广泛采用并 成为主要收入来源，公司正通过深化AI技术在素材制作与广告投放环节的应用，持续提升服务竞争 力。 3季度MPU为4,770万，同比增3%，APU同比增9%至2.53亿人。ARPPU值角度，若以最近12个月总收入/ 核心OTA收入除APU，计算单个用户对年度总收入/年度核心OTA收入贡献为74元/63元，同比增 6%/7%，该行认为平台的用户规模优势将逐步释放。 财务预测 该行预计4季度核心OTA收入同比增17%，其中住宿预订/交通票务同比增15%/9%，预计国内酒店预订 收入仍主要由间夜量增长驱动。看中长期业务潜力，对于国内业务，该行认为住宿预订是主要增长动 力，高星酒店占比提升将带动ADR增长、新住宿场景开发带来间夜量新增长动力;对于国际业务，公司 指引未来2-3年对总收入的占比有望提升至10-15%，当前的业务重心为提升国际机票用户粘性及单量、 国际酒店供给能力建设，后续建议关注国内高星酒店间夜量 ...

Core Viewpoint - The report from China Merchants Securities maintains a "strong buy" rating for Tongcheng Travel (00780), highlighting the sustained release of leisure travel demand since the summer peak season, driven by the company's subsidy strategy and an increase in the proportion of hotels rated three stars and above, leading to a trend of simultaneous growth in both volume and price in the hotel business [1] Group 1: Revenue and Performance - The company achieved revenue of 5.51 billion yuan, representing a year-on-year increase of 10.4%; adjusted EBITDA reached 1.51 billion yuan, up 14.5%, and adjusted net profit was 1.06 billion yuan, increasing by 16.5%, with both revenue and performance meeting expectations [1] - In Q3 2025, the company generated revenue from accommodation bookings, transportation tickets, vacation services, and other businesses amounting to 1.58 billion, 2.21 billion, 900 million, and 820 million yuan respectively, with other businesses performing exceptionally well, primarily driven by strong growth in hotel management [1] - As of September 30, 2025, the number of hotels under the group's management platform increased to nearly 3,000, with an additional 1,500 hotels in preparation; the acquisition of Wanda Hotel Management Co., Ltd. was completed on October 16, 2025, with 239 hotels operated under Wanda as of Q3 2025 [1] Group 2: Profitability and Margins - The company's overall gross margin was 65.7%, an increase of 2.3 percentage points year-on-year; the management, R&D, and sales expense ratios were 5.3%, 9.3%, and 31.1% respectively, with an adjusted net profit margin of 19.2%, up 1.0 percentage point, indicating steady improvement in profitability [2] Group 3: User Growth and Services - The average monthly paying users reached 47.7 million, an increase of 2.8%, while annual paying users totaled 250 million, up 8.8%, marking a historical high; the total number of travelers served over the past 12 months was 2.02 billion, reflecting a 7.3% increase, indicating a continued steady growth trend in paying users [3]

Core Viewpoint - The report from China Merchants Securities maintains a "strong buy" rating for Tongcheng Travel (00780), highlighting the sustained release of leisure travel demand since the summer peak season, driven by the company's subsidy strategy and an increase in the proportion of hotels rated three stars and above, leading to a trend of rising volume and price in hotel business [1] Group 1: Revenue and Performance - The company achieved revenue of 5.51 billion yuan, representing a year-on-year increase of 10.4%, with adjusted EBITDA of 1.51 billion yuan (+14.5%) and adjusted net profit of 1.06 billion yuan (+16.5%), meeting expectations [1] - In Q3 2025, revenue from accommodation booking, transportation ticketing, vacation business, and other businesses reached 1.58 billion, 2.21 billion, 900 million, and 820 million yuan respectively, with strong performance in hotel management driving growth [1] - As of September 30, 2025, the number of hotels under the group's management platform increased to nearly 3,000, with an additional 1,500 hotels in preparation, and the acquisition of Wanda Hotel Management Co., Ltd. was completed on October 16, 2025, managing 239 hotels under Wanda [1] Group 2: Profitability and Margins - The company's overall gross margin was 65.7%, an increase of 2.3 percentage points year-on-year, indicating steady improvement in profitability [2] - The management, R&D, and sales expense ratios were 5.3%, 9.3%, and 31.1% respectively, with an adjusted net profit margin of 19.2%, up by 1.0 percentage point, aligning with expectations [2] Group 3: User Growth and Services - The average monthly paying users reached 47.7 million, an increase of 2.8%, while annual paying users grew to 250 million, up by 8.8%, marking a historical high [3] - The total number of travelers served in the past 12 months was 2.02 billion, reflecting a year-on-year increase of 7.3%, indicating a continued upward trend in paying users [3]

Core Perspective - The article discusses how companies can transform ESG investments from a compliance cost into a core capital that attracts investment, drives innovation, and builds competitive advantages, ultimately reshaping corporate value [1]. Value Transformation - Companies need to establish a quantifiable ESG assessment system to clearly present the relationship between input and output, avoiding the mindset of only calculating costs without considering value [2]. - ESG investments should be viewed as both costs and benefits, with potential for cost reduction and efficiency gains, such as installing solar panels, and attracting new investors through green financing [2]. - Long-term institutional investors are likely to increase as ESG practices improve, optimizing shareholder structure [2]. - ESG can drive business and product innovation, creating new growth points, especially for products with a lower carbon footprint [2]. Active Practice - The chemical industry is undergoing a green transformation, with companies like Changhua Chemical innovating through catalyst technology to utilize CO2 as a raw material, achieving significant production milestones [3]. - Yabao Chemical has invested over 10 million in sustainable development, responding to industry compliance and enhancing operational efficiency, becoming one of the early adopters of ESG reporting among private enterprises [3][4]. - Ctrip is addressing carbon emission challenges in the travel industry by integrating carbon data from airlines and establishing low-carbon standards for hotels, aligning with the preferences of environmentally conscious consumers [4]. Digital Empowerment - The integration of AI and ESG is becoming a key driver for sustainable development, with companies like Longxin Group leveraging technology to facilitate industry-wide transitions [5][6]. - Longxin Group has developed a distributed photovoltaic management platform covering 50GW of resources and a charging platform with 26 million registered users, significantly enhancing operational efficiency and reducing costs for businesses [6].

Core Insights - The first systematic "AI Travel Assistant Evaluation System" has been released, with Feizhu's "Ask Me" scoring 724.92 points, ranking first among competitors [1] - The evaluation system was developed by an expert team from Beijing International Studies University, focusing on five dimensions: usability, ease of use, personalization, safety, and fluency [1] - The travel AI industry is characterized as being in the "early stage of rapid growth," with strengths in content recommendation but weaknesses in execution [1][2] Evaluation Framework - The evaluation framework categorizes travel AI into four main product forms: OTA-led AI applications, general lifestyle platform applications, general large models, and domain-specific intelligent agents [1] - The overall performance of travel AI is strong in scenarios like "activity and gameplay recommendations" and "route recommendations," but shows significant shortcomings in "transportation mode recommendations" which rely on real-time data and complex decision-making [2] Performance Metrics - Feizhu's "Ask Me" excels in three out of nine evaluation scenarios: activity and gameplay recommendations, dining recommendations, and shopping point recommendations, while ranking in the top three for hotel recommendations, scenic spot recommendations, and itinerary arrangements [2] - In eight functional indicators, "Ask Me" ranks first in demand guidance ability, voice interaction ability, diversity of booking options, historical memory ability, tool invocation speed, and reliability of booking links [2]

同程旅行 20251125 摘要 同山旅游 2025 年第三季度净收入达 55 亿元人民币，同比增长 10.4%，经调整净利润 10.6 亿元人民币，同比增长 16.5%，利润率提 升至 19.2%。核心在线旅游业务收入同比增长 14.9%，达到 46 亿元人 民币，其中住宿预订收入 16 亿元人民币，同比增长 14%。 住宿业务表现强劲，每日房间预订量和季度收入创新高，高品质住宿销 售间夜数增长超 20%。升级会员计划和加强与第三方合作，提升用户粘 性和扩展服务范围，推动业务增长。 交通业务稳健增长，通过算法整合优质交通选择，利用营销活动提升用 户体验。国际航空票务业务占比达 6%，同比增长约 2 个百分点，专注 于增强用户忠诚度，实现销量和收入均衡增长。 酒店管理业务快速扩张，运营酒店总数增至近 3,000 家，完成对万达酒 店管理公司的收购，丰富品牌组合。截至 9 月底，公司在国内外拥有 239 家酒店网络，通过创新用户参与计划产生积极财务影响。 公司持续推动人工智能技术在供应链资源中的应用，推出基于人工智能 的深度旅行规划器，并将其应用扩展到各项业务流程中，提高运营效率 和用户体验，从而提高客户满意度 ...

Core Viewpoint - Klook Travel, the largest pan-regional experience platform in the Asia-Pacific, has initiated its journey towards a U.S. IPO, aiming to list on the New York Stock Exchange under the ticker "KLK" with backing from major underwriters like Goldman Sachs, JPMorgan, and Morgan Stanley [1][2]. Company Overview - Klook Travel has completed nine rounds of financing, raising over $1 billion, with a recent $100 million round led by Vitruvian Partners in February 2025 [1]. - The company has a strong institutional shareholder base, including Sequoia Capital, Matrix Partners, and SoftBank, holding approximately 15.5%, 12.3%, and 11.1% of Class A common stock, respectively [1]. Financial Performance - Klook's revenue is projected to grow significantly, with figures of $129 million, $335 million, and $417 million for 2022, 2023, and 2024, respectively, reflecting a compound annual growth rate (CAGR) of 79.72% [1][5]. - For the first nine months of 2025, Klook reported a 43.5% year-on-year revenue increase to $407 million, indicating continued high growth [1]. - The adjusted EBITDA has shown a trend of reducing losses, achieving a profit of $6.28 million in the first three quarters of 2025, compared to losses in previous years [6][10]. Business Model - Klook's business model focuses on destination experiences rather than standardized travel products, catering to the specific needs of travelers upon arrival at their destinations [3]. - The company has established partnerships with approximately 4,200 merchants across 31,000 experience offerings, enhancing its service diversity [3][4]. Market Position and Growth Potential - The global destination travel experience market is projected to grow from $318.1 billion in 2024 to $512.8 billion by 2029, with a CAGR of 10%, positioning Klook favorably within a rapidly expanding sector [8][9]. - Klook holds the leading market share in the Asia-Pacific region, which is expected to grow from $102.5 billion in 2024 to $197.9 billion by 2029, with a CAGR of 14.1% [9]. Competitive Landscape - The company faces challenges from established online travel agencies (OTAs) that are increasingly entering the destination experience market, necessitating a focus on brand building and customer service [10][11]. - Klook's future growth strategy involves deepening its presence in the Asia-Pacific while accelerating global expansion, which may require significant capital investment [10]. Conclusion - Klook Travel is well-positioned to benefit from the ongoing growth in the destination travel experience market, with a strong financial trajectory and a unique business model. However, it must navigate challenges related to competition and service quality to maintain its market leadership [11].

证券研究报告 港股通 2025 年 11 月 26 日│中国香港 互联网 同程公布 3Q25 业绩：收入 55 亿元，yoy+10.4%，基本符合 VA 一致预期 （简称预期）的 54.9 亿元；经营利润 11.6 亿元，超预期 7.5%，经营利润 率持续优化，yoy+1.5pct，主要来自于精细化补贴和费用管控；调整后净利 润 10.6 亿元，超预期 2.8%。公司本季度收入表现基本符合预期，利润超预 期。我们看好国内旅游的需求韧性，同时公司高品质酒店占比提升，带来结 构性改善。维持"买入"评级。 公司收入基本符合预期，酒店/机票价格改善贡献正向驱动 公司 3Q25 收入 55 亿元，yoy+10.4%，基本符合预期。拆分来看,核心 OTA 业务中，住宿及预定服务收入达 15.8 亿元，yoy+14.7%，基本符合预期。 暑期旅游旺季需求释放，同时公司高品质酒店预订占比提升，客房量增长超 20%，而酒店价格止跌回正，成为收入增长正向驱动。交通业务持续稳健增 长，收入 22.09 亿元，yoy+9.0%，主要源于用户的需求增加以及持续丰富 的增值产品及服务，且机票票价止跌，我们预计未来交通业务量将保持稳健 增 ...