Core Insights - Ctrip Group's international business showed remarkable performance in Q3 2025, with total bookings on the international OTA platform increasing by approximately 60% year-on-year, and inbound travel bookings more than doubling, up over 100% [1] - Outbound hotel and flight bookings reached 140% of the levels seen in the same period of 2019 [1] Financial Performance - The company's net operating revenue for Q3 2025 was 183 billion RMB, representing a year-on-year growth of 16% and a quarter-on-quarter increase of 24% [3] - Accommodation booking revenue was 8 billion RMB, up 18% year-on-year and 29% quarter-on-quarter [1] - Transportation ticketing revenue reached 6.3 billion RMB, with a year-on-year increase of 12% and a quarter-on-quarter rise of 17% [1] - Vacation revenue amounted to 1.6 billion RMB, showing a year-on-year growth of 3% and a significant quarter-on-quarter increase of 49% [1] - The net profit for Q3 2025 was 19.9 billion RMB, a substantial increase compared to 6.8 billion RMB in Q4 2024 and 4.9 billion RMB in the previous quarter [1] Investment in Technology - The company continued to increase its investment in technology, with product development expenses reaching 4.1 billion RMB, a year-on-year increase of 12% and a quarter-on-quarter increase of 17%, accounting for 22% of net operating revenue [1] - Sales and marketing expenses were 4.2 billion RMB, up 24% year-on-year and 26% quarter-on-quarter, representing 23% of net operating revenue [1]

Core Viewpoint - Klook, known as the "Hong Kong version of Ctrip," has filed for an IPO with the SEC, marking a significant moment for its investors despite the company never having achieved profitability since its establishment in 2014 [1][2]. Company Overview - Klook was founded in 2014 and is one of the few unicorns to emerge from Hong Kong, focusing on non-standard travel products, unlike traditional OTAs like Ctrip and Booking that offer standardized services [2][3]. - The platform supports 14 languages, 40 currencies, and over 40 payment methods, providing 310,000 travel booking services across approximately 4,200 destinations globally [2]. - Klook is projected to achieve 54.5 million bookings in 2024 and over 65 million bookings in the year ending September 30, 2025 [2]. Financial Performance - Klook has not turned a profit in its 10 years of operation, with revenues of $129 million, $335 million, $417 million, and $407 million for the years 2022, 2023, 2024, and the first three months of 2025, respectively [3]. - The corresponding net losses for these years were $123 million, $142 million, $99 million, and $141 million [3]. - However, the company showed signs of improvement in 2025, with adjusted EBITDA turning positive in the second and third quarters, reaching approximately $5 million per quarter [3]. Investment and Funding - Klook's co-founders control approximately 20.5% of the company's shares through various investment vehicles [4]. - Since its inception, Klook has completed nine funding rounds, raising over $1 billion, with notable participation from Sequoia China, which has invested in six rounds [4][5]. - Recent funding rounds include $210 million from Asian financial institutions in December 2023 and $100 million led by Veen Capital in February 2025, aimed at enhancing AI technology and digital transformation [5].

Core Viewpoint - Ctrip Group's stock rose nearly 4% following the release of its Q3 2025 earnings report, reflecting strong performance driven by increased global travel demand [1] Financial Performance - Ctrip's net operating revenue for Q3 reached 18.3 billion RMB (approximately 2.6 billion USD), marking a 16% increase compared to the same period last year [1] - The company's net profit for the quarter was 19.9 billion RMB (around 2.8 billion USD), significantly up from 6.8 billion RMB in Q3 2024 [1] International Business Growth - Ctrip's international business showed remarkable growth, with total bookings on its international OTA platform increasing by approximately 60% year-on-year [1] - Inbound tourism bookings surged by over 100% compared to the previous year [1] - Bookings for outbound hotels and flights have reached 140% of the levels seen in the same period of 2019 [1]

Core Viewpoint - Ctrip Group's stock rose nearly 4% following the release of its Q3 2025 earnings report, reflecting strong performance driven by increased global travel demand [1] Financial Performance - The net operating revenue for Q3 reached 18.3 billion RMB (approximately 2.6 billion USD), representing a 16% increase compared to the same period last year [1] - The net profit for the quarter was 19.9 billion RMB (approximately 2.8 billion USD), significantly up from 6.8 billion RMB in Q4 2024, marking a substantial year-on-year growth [1] International Business Performance - Ctrip's international business showed remarkable growth, with total bookings on the international OTA platform increasing by approximately 60% year-on-year [1] - Inbound travel bookings surged by over 100% compared to the previous year [1] - Bookings for outbound hotels and flights have risen to 140% of the levels seen in the same period of 2019 [1]

Core Insights - Ctrip Group reported a net operating revenue of 18.3 billion RMB (approximately 2.6 billion USD) for Q3 2025, representing a 16% year-over-year increase, driven by sustained global travel demand [2] - The net profit for the quarter reached 19.9 billion RMB (approximately 2.8 billion USD), a significant increase from 6.8 billion RMB in the same quarter of 2024 [2] Business Segment Performance - Accommodation booking revenue was 8 billion RMB, up 18% year-over-year, attributed to an increase in booking volume [2] - Transportation ticketing revenue reached 6.3 billion RMB, a 12% increase, driven by growth in ticket bookings [2] - Vacation travel revenue amounted to 1.6 billion RMB, reflecting a 3% year-over-year growth [2] - Business travel management revenue was 756 million RMB, up 15%, mainly due to an increase in business travel orders [2] International Business Highlights - Ctrip's international business showed remarkable performance, with total bookings on the international OTA platform increasing by approximately 60% year-over-year [2] - Inbound tourism bookings more than doubled, with a year-over-year growth exceeding 100% [2] - Bookings for outbound hotels and flights reached 140% of the levels seen in the same period of 2019 [2] Executive Commentary - The Executive Chairman of Ctrip, Liang Jianzhang, noted the strong summer travel demand driven by travelers' enthusiasm for exploring the world, emphasizing the use of artificial intelligence to optimize travel processes [3] - The CEO, Sun Jie, expressed satisfaction with the strong performance in Q3, particularly in cross-border travel, and highlighted the commitment to empowering partners to enhance service capabilities and seize growth opportunities [3]

Core Insights - Ctrip Group reported a strong performance in Q3 2025, with net operating revenue reaching 18.3 billion RMB (2.6 billion USD), a year-on-year increase of 16% driven by robust travel demand [1] - The company experienced significant growth in various segments, including accommodation bookings and transportation ticketing, attributed to seasonal factors [1][2] Revenue Breakdown - Accommodation booking revenue for Q3 2025 was 8 billion RMB (1.1 billion USD), up 18% year-on-year and 29% quarter-on-quarter [1] - Transportation ticketing revenue reached 6.3 billion RMB (886 million USD), reflecting a 12% year-on-year increase and a 17% quarter-on-quarter rise [1] - Revenue from vacation packages was 1.6 billion RMB (226 million USD), showing a 3% year-on-year growth and a substantial 49% increase from the previous quarter [1] Profitability Metrics - Adjusted EBITDA for Q3 2025 was 6.3 billion RMB (892 million USD), compared to 5.7 billion RMB in Q4 2024 and 4.9 billion RMB in the previous quarter [2] - Net profit attributable to Ctrip Group shareholders was 19.9 billion RMB (2.8 billion USD), significantly up from 6.8 billion RMB year-on-year and 4.8 billion RMB quarter-on-quarter [2] - Non-GAAP net profit for Q3 2025 was 19.2 billion RMB (2.7 billion USD), compared to 6 billion RMB in the same quarter of 2024 and 5 billion RMB in the previous quarter [2] Strategic Initiatives - The company is leveraging artificial intelligence to enhance various aspects of travel and is focused on redefining inbound tourism experiences through initiatives like the "Taste of China" immersive restaurant [3] - Ctrip's leadership expressed optimism about the strong performance in cross-border travel and emphasized the commitment to empowering partners to improve service capabilities and seize growth opportunities [3]

Core Viewpoint - The implementation of spring and autumn breaks in primary and secondary schools is gaining traction across various regions in China, aimed at reducing academic pressure and boosting consumer spending through family travel opportunities [2][4][5]. Group 1: Policy Implementation - Sichuan and Zhejiang provinces have fully implemented the spring and autumn break system for primary and secondary schools [2]. - Other cities like Foshan, Hanzhong, and Enshi are also exploring the implementation of spring and autumn breaks [2]. - The central government has encouraged local areas to explore the setting of spring and autumn breaks while maintaining the total number of school days and teaching hours [4]. Group 2: Impact on Consumer Behavior - The establishment of spring and autumn breaks is expected to promote family travel, thereby stimulating consumption in the tourism sector [5]. - Various regions have scheduled autumn breaks, with many cities aligning these breaks with weekends to create extended holiday periods [4]. Group 3: Tourism Surge - The autumn breaks have led to a significant increase in tourist traffic at various scenic spots, with some locations experiencing visitor saturation and implementing crowd control measures [6]. - Popular tourist destinations like Jiuzhaigou and Shanghai Disneyland reported full bookings during the autumn break period, indicating a strong demand for travel [7][8]. - Data from travel platforms show a substantial increase in travel bookings, with train ticket orders from Chengdu to Jiuzhaigou up by 116.7% year-on-year and Jiuzhaigou ticket reservations up by 158% [8].

流动消费的增量首先来自于机票、酒店和景区等旅游消费。美团旅行数据显示，十五运会期间，前往广 州、深圳、珠海等赛事主要承办城市的机票预订量同比增长26%。其中，广州、深圳机票预订增速尤为 显著，分别增长28.8%和18.4%。酒店的入住率同样因全运会吸引的参赛、观赛人群而上涨。同程旅行 数据显示，男子400米自由泳决赛期间，深圳大运中心周边5公里范围内的部分酒店热门房型已经售罄； 乒乓球男子和女子单打1/16决赛期间，酒店预订热度同比增长超过52%。途家数据显示，11月9日至21 日全运会举办期间，广州、深圳、汕头、珠海、佛山等地民宿预订高涨，其中汕头订量同比增幅超 30%。去哪儿数据显示，闭幕式举办地深圳市酒店订单量同比增长近20%，其中拥有大运中心体育馆的 龙岗赛区成为全市预订量最高的商圈，预订量较去年同期或增1.25倍。 在商品消费上，全运会吉祥物喜洋洋和乐融融因网友的二创传播，热度持续升温，火爆全网。喜洋洋乐 融融火出圈，带动周边商品火爆，尤其像醒狮挂饰、十二生肖盲盒等，线上线下都出现卖断货的情况， 抖音商城相关人士表示，有些款式直播间下单后要较长时间才能发货。 好的吉祥物IP，不仅能极大推高赛事传播声 ...

Core Insights - Klook, known as the "Hong Kong version of Ctrip," has filed for an IPO with the SEC, marking a significant moment for its investors after years of funding. However, the company has not achieved profitability in its 10 years of operation and faces challenges from industry giants during its global expansion [2][3]. Company Overview - Founded in 2014, Klook is one of the few unicorns to emerge from Hong Kong, focusing on non-standard travel products, unlike traditional OTAs like Ctrip and Booking that offer standardized services. Klook supports 14 languages, 40 currencies, and over 40 payment methods, providing 310,000 travel booking services across approximately 4,200 destinations by September 30, 2025 [4]. - Klook's offerings include tickets for attractions, local experiences, transportation vouchers, hotels, and dining options. The platform is positioned against non-standard experience platforms like GetYourGuide in Europe and Viator in North America [4][5]. Financial Performance - Klook has not turned a profit in its decade of operation, with revenues of $129 million, $335 million, $417 million, and $407 million for the years 2022, 2023, 2024, and the first three months of 2025, respectively. Corresponding net losses were $123 million, $142 million, $99 million, and $141 million [5]. - However, there are signs of improvement in 2025, with adjusted EBITDA turning positive in the second and third quarters, reaching approximately $5 million per quarter [5]. Investment and Ownership - Klook's co-founders hold approximately 20.5% of the company's shares through various entities, with significant stakes held by EEB Capital Limited and other investment firms [6][7]. - Since its inception, Klook has raised over $1 billion across nine funding rounds, with notable participation from Sequoia China and other major investors. Recent funding rounds in December 2023 and February 2025 focused on accelerating international expansion and enhancing AI technology [8][9].

Core Insights - The article highlights the increasing popularity of winter sports, particularly skiing, driven by promotional activities from Meituan Travel and a growing interest among the public [1] Group 1: Promotional Activities - Meituan Travel announced a special skiing event for its "18 Member Surprise Day" in November, offering discounts such as a 188 yuan skiing coupon and early bird ticket prices [1] - Black Diamond members of Meituan can receive a 50 yuan coupon and enjoy exclusive benefits like unlimited access to member-only rest areas at various ski resorts [1] Group 2: Market Trends - The search volume for "Chongli skiing" has increased by 169% year-on-year since the second week of November 2025, indicating a surge in interest in skiing [1] - Zhangjiakou's tourism bookings for late November have risen by 25% year-on-year, suggesting a strong demand for winter tourism [1] - The Chongli ski resort is expected to experience its first peak in visitor numbers for the winter season this weekend [1] Group 3: Regional Developments - Indoor ski resorts in the Greater Bay Area are transforming skiing from a northern activity to a popular sport for all [1] - In the first week of November 2025, ticket purchases for the Guangdong Hot Snow Miracle ski resort by Hong Kong tourists increased by 207%, while Macau tourists rose by 55% [1] - The Hot Snow Miracle ski resort in Guangzhou is noted for being one of the fastest indoor ski resorts to surpass one million visitors, highlighting the potential of the southern market [1]