Core Viewpoint - Klook Technology Limited is preparing for an IPO on the New York Stock Exchange, aiming to leverage its unique position in the travel service market, focusing on personalized travel experiences for the Z generation [1][4]. Company Overview - Klook was founded in Hong Kong in 2014 by Ethan Lin, Eric Gnock Fah, and Bernie Xiong, and has since established a technology headquarters in Shenzhen [1]. - The company differentiates itself from traditional OTA platforms by offering non-standardized, personalized travel products, emphasizing the "experience economy" [3][4]. User Demographics - Klook's primary user base consists of young, internet-savvy Z generation consumers who demand high-quality travel experiences [3]. - The platform features a wide range of products, including tickets for attractions, unique experiences, and travel-related services, with over 310,000 experience offerings across more than 4,200 destinations [3]. Business Model and Performance - Klook's business model relies heavily on commission income, which accounts for over 90% of its revenue, but faces challenges due to low profit margins on fragmented products [5]. - The company reported losses of $123 million, $142 million, and $99 million for the years 2022 to 2024, with a loss of $141 million in the first nine months of 2025, marking a 65.1% increase in losses year-over-year [5]. Market Position and Growth - Klook has expanded its operations to nearly ten countries and regions, establishing 25 offices in 18 markets, and has become the largest regional experience platform in the Asia-Pacific by gross transaction value (GTV) [4]. - In the first nine months of 2025, Klook's GTV reached $2.3 billion, a 30.9% increase compared to the same period in 2024, with 82.5% of this revenue coming from Asia-Pacific users [4]. Funding and Investor Confidence - Klook has raised over $500 million through multiple funding rounds since its inception, attracting investments from prominent firms such as Sequoia Capital, Matrix Partners, and SoftBank Vision Fund [6][9]. - The company is backed by a strong investor base, with Sequoia Capital holding 15.5% of Class A shares, and other major investors including Matrix Partners and SoftBank [9]. Challenges and Customer Feedback - Despite its growth, Klook faces significant challenges, including complaints about service quality, refund difficulties, and customer service issues, which have emerged as the company scales [10]. - The company must address its profitability model, improve service quality for fragmented products, and enhance brand recognition as it prepares for its IPO [10].

Core Insights - The central theme of the articles revolves around the surge in winter sports activities, particularly skiing, driven by a significant drop in temperatures across central and eastern China, leading to increased interest and participation in ice and snow tourism [1][4]. Group 1: Weather Impact and Tourism Trends - The Central Meteorological Observatory issued a blue alert for a cold wave, predicting a temperature drop of 6-10°C in central and eastern China from November 16 to 18, with local areas experiencing drops exceeding 14°C [1]. - Following the cold wave, there has been a notable increase in skiing-related searches, with "Chongli skiing" searches up by 169% year-on-year, and tourism bookings in Zhangjiakou increasing by 25% [1]. Group 2: Promotional Activities and Membership Benefits - Meituan Travel launched promotional activities on November 18, offering a 188 yuan ski coupon package and early bird prices for ski tickets, with additional benefits for black diamond members [3]. - The collaboration between popular ski resorts and Meituan Travel aims to enhance the skiing experience for members, including exclusive access to free rest areas at ski resorts [5]. Group 3: Regional Participation and Market Growth - Indoor ski resorts are breaking geographical barriers, making skiing a high-frequency activity accessible to both northern and southern regions of China, with cities like Beijing, Shanghai, and Guangzhou emerging as top search locations for indoor skiing [4]. - The Guangzhou Hot Snow Miracle indoor ski resort has quickly become one of the fastest to surpass one million visitors, highlighting the potential of the southern market [5]. Group 4: Increased Interest in Zhangjiakou - Zhangjiakou is experiencing a surge in tourism interest, with searches for "Chongli hotels" up by 198%, "Chongli food" by over 1000%, and "Chongli ski equipment rental" by 116% [5]. - The marketing director of Wanlong Ski Resort reported a 61% increase in search volume and a 151% increase in ticket sales since mid-November, with a significant portion of visitors being younger demographics [7]. Group 5: Strategic Partnerships and Promotions - Major hotel and travel brands, including Marriott and Disney, are partnering with Meituan Travel to enhance member benefits during the ski season, tapping into a user base of 770 million [9]. - Meituan Travel is promoting an "Ice and Snow Hot Spring Season" campaign, offering discounts on ski and hot spring tickets across over 1500 quality ski resorts and hot spring attractions nationwide [9].

Core Viewpoint - Klook Technology Limited, a travel booking company based in Hong Kong and Singapore, has filed for an IPO in the US, aiming to raise approximately $500 million, which would make it the largest IPO by a Chinese company in the US this year [1][2]. Group 1: Company Overview - Klook was founded in May 2014 by three founders under the age of 40, with a focus on mobile travel experience bookings [2][8]. - The company operates in over 2,700 destinations, offering more than 500,000 products and services, including attractions, day tours, and local transportation [2]. - Klook has established 25 offices across 18 markets and employs 1,944 staff globally as of September 30, 2025 [2]. Group 2: Financial Performance - Klook's Gross Transaction Value (GTV) reached $2.5 billion in 2024, with a 30.9% year-over-year increase to $2.3 billion in the first nine months of 2025 [3]. - The company reported revenues of $1.29 million, $3.35 million, $4.17 million, and $4.07 million for the years 2022, 2023, 2024, and the first nine months of 2025, respectively [4][5]. - Despite revenue growth, Klook has incurred significant losses, totaling over $500 million over the reporting period, with a net loss of $141.5 million in the first nine months of 2025 [4][6]. Group 3: Market Position and Competition - Klook claims to be the largest regional experience platform in the Asia-Pacific region, with 86.6% of its GTV coming from regional users [2][3]. - However, compared to global competitors like Expedia Group and Booking Holdings, Klook's scale remains relatively small, with the latter companies reporting revenues of $13.69 billion and $23.7 billion in 2024, respectively [7]. Group 4: Funding and Shareholding Structure - Since its inception, Klook has raised over $1 billion through eight funding rounds, with participation from top-tier investors including Sequoia Capital, SoftBank Vision Fund, and major banks [7]. - The management team holds a combined 21.6% of the company's shares, with significant stakes held by institutional investors [7].

Investment Rating - The report maintains a "Recommended" rating for Ctrip Group-S (09961.HK) with a target price of 635 HKD, reflecting an expected upside of 12.3% from the current price of 564.50 HKD [2][4]. Core Insights - Ctrip Group reported a revenue of 18.37 billion HKD in Q3 2025, representing a year-over-year increase of 15.5%. The gross margin was 81.7%, down 0.7 percentage points year-over-year. Operating profit reached 5.57 billion HKD, up 11.3% year-over-year, while net profit surged to 19.89 billion HKD, a remarkable increase of 194.0% due to gains from the disposal of certain investments [2][4]. - The accommodation booking revenue exceeded expectations, amounting to 8.05 billion HKD, with a year-over-year growth of 18.3%. Transportation ticketing revenue was 6.31 billion HKD, up 11.6% year-over-year. The international business continued to grow significantly, with total bookings on the international OTA platform increasing by approximately 60% year-over-year [8][2]. - The company has increased its marketing expenses to support overseas business expansion, leading to a sales expense ratio of 22.8%, which is an increase of 1.5 percentage points year-over-year [8][2]. - The sale of MakeMyTrip shares resulted in a substantial non-recurring gain, with other income for Q3 2025 reaching 17.03 billion HKD, a significant rise from 1.78 billion HKD in the same period last year [8][2]. Financial Projections - Revenue projections for Ctrip Group are estimated at 61.68 billion HKD for 2025, 70.16 billion HKD for 2026, and 79.54 billion HKD for 2027, with year-over-year growth rates of 15.7%, 13.8%, and 13.4% respectively [4][9]. - The net profit attributable to shareholders is forecasted to be 31.65 billion HKD in 2025, 20.62 billion HKD in 2026, and 23.59 billion HKD in 2027, with growth rates of 85.4%, -34.9%, and 14.4% respectively [4][9]. - The report anticipates a price-to-earnings ratio of 20x for 2026, leading to a target market capitalization of 452.4 billion HKD [8][4].

Investment Rating - The report maintains a "Buy" rating for Ctrip Group-S (09961.HK) with a target price of 648.83 HKD, based on expected strong performance in the upcoming months [5]. Core Insights - Ctrip Group's Q3 2025 performance shows robust growth driven by strong travel demand, with total revenue reaching 18.3 billion RMB, a year-on-year increase of 16%. The net profit attributable to shareholders was 19.9 billion RMB, and adjusted EBITDA was 6.3 billion RMB [1][2]. Revenue Breakdown - Accommodation booking revenue was 8 billion RMB, up 18% year-on-year, supported by strong outbound travel and international hotel bookings. Transportation ticketing revenue reached 6.3 billion RMB, a 12% increase, driven by robust international flight bookings. Vacation revenue was 1.6 billion RMB, growing 3%, primarily due to the expansion of international product lines. Business travel management revenue was 756 million RMB, up 15% as more companies adopted these services [2]. International Business Performance - Ctrip's international OTA platform saw total bookings increase by approximately 60% year-on-year, with the Asia-Pacific region being the largest contributor. All regions experienced growth exceeding 50%, with mobile bookings accounting for over 70% of total bookings. Inbound travel bookings more than doubled, with significant growth from the Asia-Pacific, Europe, and the US. Outbound hotel and flight bookings increased nearly 20%, reaching 140% of the levels seen in the same period of 2019 [2]. Demographic Trends - There is a strong demand from both senior and young travelers, indicating a trend of intergenerational diversity. The number of users in Ctrip's "Old Friends Club" grew over 70%, with affluent senior travelers focusing on quality travel experiences. Ctrip is customizing more products and services for this demographic. Young travelers are increasingly drawn to experience-driven travel, with revenues from this segment seeing triple-digit growth [2]. Profit Forecast and Investment Suggestion - The report anticipates continued enthusiasm for leisure travel, projecting revenues of 61.56 billion RMB, 70.78 billion RMB, and 80.36 billion RMB for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 15.5%, 15.0%, and 13.5%. Net profits are expected to be 31.92 billion RMB, 20.58 billion RMB, and 23.86 billion RMB, with growth rates of 87.0%, -35.5%, and 15.9% respectively. The report highlights Ctrip's significant domestic business advantages and the potential for international business to contribute additional growth [2][4].

中银国际发表报告指，携程第三季度财报超出市场预期，收入和non-GAAP营业利润按年分别增长16% 和12%，反映其在国内市场和海外市场(Trip.com平台)流量获取方面的显著进展。该行预计，国内稳定 的竞争格局将使携程能够更专注于推动海外市场扩张，重申"买入"评级，并将目标价由630港元升至638 港元。 ...

大华继显发布研报称，携程集团-S(09961)2025年第三季度业绩表现胜预期。营收同比增15.5%至184亿 元人民币，符合市场预期。2025年第三季度非公认会计原则净利达192亿元人民币。若剔除来自Make My Trip的170亿元人民币投资收益(属非经常性项目)，非公认会计原则净利同增8%至59亿元人民币，较 市场预期高出4%。报告指，携程预测2025年第四季营收将同比增15至20%至167亿元人民币，符合市场 预期。维持"买入"评级，目标价由725港元轻微上调至727港元。 ...

智通财经APP获悉，大华继显发布研报称，携程集团-S(09961)2025年第三季度业绩表现胜预期。 营收 同比增15.5%至184亿元人民币，符合市场预期。2025年第三季度非公认会计原则净利达192亿元人民 币。若剔除来自Make My Trip的170亿元人民币投资收益(属非经常性项目)，非公认会计原则净利同增 8%至59亿元人民币，较市场预期高出4%。报告指，携程预测2025年第四季营收将同比增15至20%至167 亿元人民币，符合市场预期。维持"买入"评级，目标价由725港元轻微上调至727港元。 ...

大数据显示，今年以来，俄罗斯是热度增速最快的出境游目的地之一。截至11月19日，今年俄罗斯酒店预订量同比去年增长了43%。 编辑|金冥羽 杜波 每经编辑｜金冥羽 校对|程鹏 据CCTV国际时讯，俄罗斯总统普京11月18日宣布，俄罗斯将很快对中国公民采取对等免签措施。普京表示，这将对两国经济和人文交流产生重大影响， 显著促进两国人民交流，并将积极推动两国关系快速向前发展。 去哪儿旅行指数显示，消息带动赴俄罗斯机票搜索量猛增。截至19日上午9点，北京-莫斯科航线搜索量环比前一小时猛增3.4倍，成都出发航线环比增3.2 倍，上海出发航线环比增1.1倍，深圳环比增1.4倍，杭州、重庆均增1倍以上。 每日经济新闻综合CCTV国际时讯、封面新闻 中国至圣彼得堡航线搜索量同样显示出明显增幅。增速最快的国内出发地有武汉、天津、乌鲁木齐、上海、广州等。其中武汉同比上周增14倍，天津增5 倍，乌鲁木齐增4.5倍，上海至圣彼得堡一小时增2倍，同比上周增3倍。 ...

Core Viewpoint - Citigroup's report indicates that Trip.com has shown strong booking growth in Q3, with over 60% year-on-year increase, and over 50% growth in the Asia-Pacific region, while Europe and the Middle East show encouraging momentum [1] Group 1: Financial Performance - Trip.com reported better-than-expected revenue performance in Q3, leading to an upward revision of profit forecasts for 2025 to 2027 by 1.7%, 0.3%, and 0.2% respectively [1] - The target price for Trip.com’s US stock has been raised from $85 to $86, maintaining a "Buy" rating [1] Group 2: Market Trends - The growth momentum is expected to continue into Q4 2025, despite facing a high year-on-year comparison base, driven by increased user engagement and ongoing upgrades in products and services [1] - The upcoming travel peak season is anticipated to reflect these improvements in user engagement and service offerings [1]