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]

在大湾区，室内滑雪场正打破地理限制，让滑雪从"北方运动"变成全民的"高频运动"。美团旅行数据显 示，2025年11月第一周，购买广东热雪奇迹景区滑雪门票的香港游客同比上涨207%，澳门游客同比上 涨55%。广州热雪奇迹雪场相关负责人表示："广州热雪奇迹是全球最快突破百万客流的室内滑雪场之 一，印证了南方市场的巨大潜力。与美团旅行合作'会员专属免费雪场休息室'，看好美团会员池的丰富 性。" 智通财经APP获悉，大风降温催热冰雪游。11月17日，美团旅行宣布，本月"18会员惊喜日"将上线滑雪 专场，并推出188元滑雪神券、滑雪门票早鸟价、住滑套餐等优惠福利。其中，美团黑钻会员可领50元 大额券。根据美团会员页面显示，美团黑金、黑钻会员还可不限次使用张家口富龙滑雪场、张家口万龙 滑雪场、广州热雪奇迹、北京军都山滑雪场的"会员专属免费雪场休息室"。 受"3亿人上冰雪"带动，南北雪场热度齐涨。美团旅行数据显示，2025年11月第二周以来，"崇礼滑 雪"搜索量同比上涨169%，滑雪热带动张家口11月下旬文旅预订增速同比上涨25%。张家口崇礼滑雪场 或将于本周末迎今冬首个客流小高峰。 ...

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 participation [1] - The company has yet to achieve profitability since its establishment in 2014, and faces challenges in competing with industry giants during its global expansion [1] Company Overview - Founded in 2014, Klook is one of the few unicorns to emerge from Hong Kong, focusing on non-standard travel products, unlike major OTAs like Ctrip and Booking that offer standardized services [2] - Klook supports 14 languages, 40 currencies, and over 40 payment methods, providing 310,000 travel booking services across approximately 4,200 destinations [2] - The platform 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 been profitable 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] - Corresponding net losses were $123 million, $142 million, $99 million, and $141 million for the same periods [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 three co-founders control approximately 20.5% of the company through various investment vehicles, with EEB Capital Limited holding 15.3% [4] - Since its inception, Klook has completed nine funding rounds, raising over $1 billion, with Sequoia China participating in six rounds [4][5] - Recent funding includes $210 million from Asian financial institutions in December 2023, aimed at accelerating international expansion, and a $100 million round led by Veen Capital in February 2025 for AI and digital transformation initiatives [5]

Core Viewpoint - The Ministry of Culture and Tourism of China has issued a serious reminder for Chinese tourists to avoid traveling to Japan recently [1] Group 1: Travel Trends - According to data from Qunar, the ranking of popular outbound travel destinations has changed, with South Korea becoming the new top destination for outbound travel as of the weekend of November 15-16 [1] - The analysis by Qunar's big data research institute indicates that the demand for staggered outbound travel among Chinese tourists remains strong until the end of 2025 [1] - Some tourists who originally planned to visit Japan are now shifting their travel plans to other destinations, leading to a more diversified choice of travel locations [1]

Core Insights - The search popularity for "ice and snow routes" such as "Xi'an to Lhasa," "Chengdu to Urumqi," and "Guangzhou to Harbin" has been steadily increasing since November [1] - The search volume for the "Chengdu to Urumqi" route has seen a year-on-year increase of 48% [1] - Major popular "ice and snow routes" include "Shanghai to Harbin," "Shenzhen to Beijing," and "Guangzhou to Harbin" [1] Travel Trends - The top 10 destinations for ice and snow tourism include Beijing, Zhangjiakou, Urumqi, Altay region, Changchun, Baishan, Tianjin, Harbin, Shenyang, and Chengdu [1] - There is a noticeable trend of increased tourism activity across both northern and southern regions, indicating a nationwide rise in interest for ice and snow travel [1]

Core Insights - Klook has officially submitted its IPO prospectus to the SEC, aiming to list on the NYSE, with major banks like Goldman Sachs and Morgan Stanley as underwriters [1] - The company was founded in 2014 by three individuals who were inspired by a subpar travel experience, leading them to create a platform focused on destination services and deep travel experiences [2][4] - Klook has expanded its operations to approximately 4,200 destinations globally, offering around 310,000 travel products, catering primarily to tech-savvy millennials and Gen Z consumers [6][11] Company Overview - Klook was established in Hong Kong and has since expanded to Singapore and other regions, focusing on the "experience economy" rather than traditional travel services [4] - The founders have backgrounds in investment banking and technology, which has helped Klook navigate the competitive landscape of online travel [2][4] Funding and Financial Performance - Klook has raised significant funding over the years, including a $2 billion D round in 2018, achieving unicorn status with a valuation exceeding $1 billion [8] - Despite the pandemic's impact on the travel industry, Klook adapted by focusing on local experiences and staycations, leading to a successful $200 million E round in 2021 [9] - As of the first nine months of 2025, Klook reported a gross transaction value (GTV) of $2.3 billion, a 30.9% increase year-over-year, although it has incurred losses totaling over $500 million in the past four years [11] Market Trends - The global travel industry is expected to grow significantly, with projections indicating a market size of $15.5 trillion by 2033, particularly in the Asia-Pacific region [13] - There is a shift in consumer behavior towards experience-based travel, especially among younger generations who prioritize unique and personalized experiences over traditional sightseeing [15]

Group 1 - The core viewpoint of the articles highlights a significant increase in interest and bookings for winter tourism, particularly for "ice and snow routes" in China, with notable growth in searches and reservations for specific routes and destinations [1][2] Group 2 - The search volume for the "Chengdu to Urumqi" route has increased by 48% year-on-year, while popular routes include "Shanghai to Harbin," "Shenzhen to Beijing," and "Guangzhou to Harbin" [1] - The top 10 destinations for winter tourism include Beijing, Zhangjiakou, Urumqi, Altay, Changchun, Baishan, Tianjin, Harbin, Shenyang, and Chengdu, indicating a trend of increased interest across various regions [1] - In Beijing, the overall tourism booking volume has increased by 15% since November, with a nearly 90% surge in searches related to "Beijing skiing" [1] - Zhangjiakou has experienced a surge in visitor numbers, with a 275% increase in daily search volume for "Chongli ski tickets," and hotel and accommodation bookings have risen by 12% [2] - Nearly half of the visitors to Zhangjiakou are from the post-95 generation, with Beijing tourists contributing over 20% of the total visitor flow [2] - Some popular ski routes are currently offering low prices, with tickets from Beijing to Harbin starting at 300 yuan, Shanghai to Changchun at 280 yuan, and Sanya to Beijing at 370 yuan [2]

Core Insights - Klook has officially filed for an IPO in the US, aiming to list on the New York Stock Exchange with major underwriters including Goldman Sachs, Morgan Stanley, and Citigroup [3][4] - The company, founded in 2014 by three entrepreneurs after a disappointing travel experience, focuses on deep travel experiences rather than traditional tourism [3][4] - Klook has expanded its operations to approximately 4,200 destinations globally, offering around 310,000 travel products, catering primarily to tech-savvy millennials and Gen Z consumers [8][14] Company Overview - Klook was established in Hong Kong and has since expanded to Singapore, Malaysia, South Korea, and other regions, with a technology headquarters in Shenzhen [6][8] - The founders have backgrounds in investment banking and technology, which has helped Klook navigate capital operations and business strategies effectively [4][6] - The company operates in the "experience economy," focusing on enhancing user experiences at travel destinations rather than just facilitating travel [6][8] Financial Performance - As of the first nine months of 2025, Klook reported a Gross Transaction Value (GTV) of $2.3 billion, a 30.9% increase year-over-year, with 82.5% of revenue coming from the Asia-Pacific region [14] - Despite the growth in GTV, Klook has faced significant losses, totaling over $500 million in the past four years, with a reported loss of $141 million in the first nine months of 2025 [14][15] - The company has successfully attracted a strong investor base, including Sequoia Capital, which holds 15.5% of Class A shares, and has completed multiple funding rounds, including a recent $210 million round in late 2023 [12][14] Industry Context - The global tourism industry is expected to grow significantly, with projections indicating a market size of $15.5 trillion by 2033, particularly in the Asia-Pacific region [16] - The shift in consumer behavior towards experience-based travel has been noted, with younger generations prioritizing unique and personalized experiences over traditional sightseeing [16][18] - Klook's business model aligns with this trend, as it focuses on providing diverse local experiences and activities, catering to the evolving preferences of modern travelers [16][18]

天天IPO . 以下文章来源于天天IPO ，作者吴琼 投资界（PEdaily.cn）旗下，专注IPO动态 欢迎加入投资界读者群 崛起于大湾区。 作者 I 吴琼 投资界获悉，Kl o ok（客路）正式向美国证券交易委员会（SEC）递交招股书，拟在美国纽交所IPO上市。高盛、大摩、小摩、花旗等 联席承销。 这是一个崛起于大湾区的独角兽。时间回到2 014年，经历一次不太满意的旅行体验后，林照围、王志豪和熊小康三人在香港成立境外 旅游服务提供商Kl o ok客路，也在深圳设立技术总部。 不同与走马观花的旅游方式，Kl o o k从"目的地服务"切入深度游市场，具体方案是：在目的地集结一众知名人士与旅游体验专家，包 括探险家、杂志编辑、旅行作家、米芝莲星级大厨等，亲自筛选并核实特色旅游路线与活动体验，确保所有项目的质量及安全。 至今，Kl oo k集结了包括红杉中国在内 长长的 投资人队伍，共同奔赴IPO敲钟舞台。 三个人，缔造一个IPO Kl oo k的创业灵感，源于一次旅行体验。 三位创始人曾回忆这段往事：那是2013年在尼泊尔的一次旅行，他们把现金塞满背包，只为了支付一次徒步的费用——尽管当时在线 旅游业的发展 ...

Core Viewpoint - Ctrip Group's stock experienced a decline of over 6% in early trading, attributed to travel warnings issued by the Chinese government regarding Japan, leading to a significant number of hotel cancellations and customer inquiries [1] Group 1: Stock Performance - Ctrip Group's stock price fell by 4.17%, reaching 552.5 HKD, with a trading volume of 1.316 billion HKD [1] Group 2: Travel Warnings and Customer Impact - On November 14, the Chinese Ministry of Foreign Affairs and the Chinese consulate in Japan advised citizens to avoid traveling to Japan [1] - Ctrip's customer service reported an increase in hotel order cancellations, with efforts underway to assist customers in processing refunds [1] - Some hotels are accommodating free cancellations, while others require further negotiations [1] Group 3: Business Growth and Profitability - Goldman Sachs noted that Ctrip's outbound travel business is normalizing, with a year-on-year growth of 14-15%, slightly above the company's guidance of 10-20% [1] - Guotai Junan Securities highlighted that Ctrip's adjusted profit margin is on a clear upward trend due to economies of scale in R&D and management expenses [1] - Anticipated improvements in profitability are expected as Trip.com enhances its earnings [1]