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]

Core Viewpoint - Ctrip Group's stock price has experienced a decline of over 6%, currently down 4.17% at HKD 552.5, with a trading volume of HKD 1.316 billion, following travel advisories against visiting Japan [1] Group 1: Market Reaction - Ctrip's stock fell sharply after the Chinese government issued warnings to citizens to avoid travel to Japan, leading to a significant number of hotel cancellations [1] - The company's customer service indicated that they are actively managing cancellations and assisting customers with refunds, with some hotels agreeing to free cancellations [1] Group 2: Business Performance - Goldman Sachs reported 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] - According to Guotai Junan Securities, Ctrip is benefiting from economies of scale in R&D and management expenses, with adjusted profit margins on an upward trajectory [1] - Profitability is expected to improve further with the anticipated earnings recovery of Trip.com [1]

Core Insights - The popularity of "snow mountain viewing" flights has surged on social media, coinciding with the arrival of the snow season, leading to increased interest in "ice and snow routes" that provide access to ski resorts and unique aerial experiences [1][2] Group 1: Travel Trends - Major destinations for ice and snow tourism include Beijing, Zhangjiakou, and Urumqi, with significant increases in search volumes for routes such as "Chengdu to Urumqi" up by 48% year-on-year [1] - The top ten destinations for ice and snow tourism reflect a trend of increased activity across various regions, showcasing a north-south linkage in travel patterns [1][2] Group 2: Visitor Demographics - Nearly half of the visitors to Zhangjiakou are from the post-95 generation, indicating a younger demographic driving the tourism market [2] - The search volume for "Cui Li Ski Resort tickets" has seen a dramatic increase of 275%, highlighting the growing interest in skiing among younger tourists [2] Group 3: Booking and Pricing - Popular ski routes are currently available at low prices, with flights from Beijing to Harbin starting at 300 yuan and from Shanghai to Changchun at 280 yuan [1] - The introduction of promotional packages by Meituan Travel, such as the "18 Member Surprise Day" coupon, is aimed at enhancing customer engagement and driving bookings [1] Group 4: Regional Developments - Zhangjiakou has experienced a surge in visitor numbers, with hotel and accommodation bookings increasing by 12% as a result of heightened interest in winter sports [2] - The opening of the Shenbai High-Speed Railway has significantly reduced travel time to Changbai Mountain, facilitating weekend trips for urban workers [3] Group 5: Local Attractions - In addition to skiing, visitors to Changbai Mountain are exploring various activities such as natural hot springs and reindeer feeding, enhancing the overall appeal of winter getaways [3] - The convenience of short-distance travel options from Beijing to nearby ski resorts has made weekend ski trips a popular choice for city dwellers [4]

Core Insights - The article emphasizes the integration of AI technology in enhancing travel experiences, transforming traditional tours into immersive cultural dialogues with historical figures and narratives [2][4][24] - It highlights a shift in traveler preferences from superficial visits to meaningful engagements with history and culture, facilitated by AI-driven personalized guidance [5][6] Group 1: AI Integration in Travel - AI assistants provide real-time, context-aware information, allowing travelers to engage deeply with their surroundings, such as historical artifacts and cultural sites [2][8] - The technology enables a seamless experience where users can ask questions and receive tailored responses, enhancing their understanding and appreciation of the sites visited [6][12] Group 2: Personalized Experiences - AI guides can adapt their storytelling based on the audience, offering different narratives for children, history enthusiasts, and general visitors, thus catering to diverse interests [12][13] - The system creates a "digital travel diary" that compiles users' experiences, photos, and narratives, allowing for a lasting memory of their journey [15][18] Group 3: Technological Foundations - The positioning technology combines GPS, inertial navigation, and pedestrian dead reckoning to ensure accurate location tracking, enhancing the immersive experience by minimizing disruptions [19][25] - A large language model (LLM) powers the content generation, enabling the creation of multiple narrative versions tailored to different audience segments, significantly improving content production efficiency [20][21] Group 4: Future Outlook - The article envisions further advancements in AI technology to enhance visual recognition and user behavior analysis, aiming for a more intuitive and personalized travel experience [24][26] - The ultimate goal is to enrich cultural understanding and personal resonance during travels, positioning AI as a facilitator rather than a replacement for human experiences [24][26]

Core Insights - The 2025 Fliggy "Double 11" Global Travel Festival achieved record-breaking sales, with overall fulfillment GMV increasing by 30% compared to last year [2] - The number of participating users and their spending power on the Fliggy platform continued to rise, with transaction users increasing by over 20% year-on-year [2] - The CEO of Fliggy emphasized the importance of resource integration and mechanism design to enhance the connection between quality supply and diverse demand [2] User Engagement and Sales Performance - The number of merchants achieving over 10 million yuan in GMV during "Double 11" increased by approximately 30%, with travel agency merchants seeing a 160% growth [4] - Small and medium-sized merchants participating for the first time also reported sales exceeding 1 million yuan [5] - Major brands such as China Southern Airlines and Marriott International saw their activity product GMV surpassing 1 billion yuan, with some close to 10 billion yuan [5] Product Offerings and Consumer Trends - Consumers ordered over 6 million activity products during "Double 11," including nearly 1 million flight tickets and around 300 million hotel packages, reflecting significant year-on-year growth [6] - The share of outbound travel products accounted for nearly half of the total orders, while inbound travel products showed a remarkable increase of over 4 times compared to the peak travel season earlier in the year [6] Innovative Travel Experiences - New travel experiences were highlighted, such as the popularity of the Murmansk destination in Russia and innovative glacier hiking tours in New Zealand, with related GMV reaching 600 million yuan [7] - The introduction of themed family rooms and unique product strategies contributed to significant sales, with one hotel achieving over 20 million yuan in GMV during the event [7]

Group 1: Hong Kong Consumer Services Investment Strategy - The report emphasizes the importance of capturing certainty and focusing on marginal improvements in the Hong Kong consumer services sector for 2026 [2][8] - Macau gaming revenue shows resilience, with October gross gaming revenue increasing by 16% year-on-year, reaching the highest monthly record post-pandemic, driven by relaxed visa policies and events like concerts [2][8] - The report highlights the growth in VIP gaming revenue, which increased by 29% year-on-year, recovering to 54% of 2019 levels, while mass gaming revenue grew by 7% year-on-year, up 15% compared to 2019 [2][8] - The current EV/EBITDA valuation for the industry is at a low of 9 times, indicating potential for investment [2][8] - Recommended stocks include Galaxy Entertainment, MGM China, and Sands China [2][8] Group 2: Online Travel Sector - Online travel companies are experiencing revenue growth that outpaces the overall travel market, benefiting from increased online penetration and a focus on leisure travel rather than business travel [2][8] - Ctrip and Tongcheng Travel have not been adversely affected by new competitors, with improved marketing efficiency and higher growth rates in outbound and pure overseas travel segments [2][8] Group 3: Restaurant Sector - The restaurant sector faces fundamental pressures but continues to trend towards increased chain penetration, with significant elasticity expected if consumer sentiment improves [3][9] - The report recommends focusing on marginal changes in companies, highlighting ready-to-drink tea brands like Gu Ming and Mi Xue, as well as franchise models in lower-tier markets like Guo Quan [3][9] - Notable companies with strong shareholder returns include Yum China, which achieved record net openings for KFC and Pizza Hut in the third quarter [3][9] Group 4: Higher Education Sector - The report discusses the maturation of conditions for profit-oriented classification management in higher education, with expectations for a turnaround in the fortunes of higher education companies [4][13] - Recent policy developments in Guangdong province regarding private higher education classification management are anticipated to be followed by other provinces, enhancing the operational asset rights of listed private higher education companies [4][14] - The report predicts that after five years of quality improvement investments, the operational efficiency of higher education companies is expected to gradually recover, with a focus on quality enhancement as a regulatory goal [5][15] Group 5: Dividend Returns in Higher Education - The report anticipates a resumption of expansion for higher education companies once quality standards are met, leading to revenue growth and valuation increases [6][16] - With a current payout ratio of 30% and low valuation multiples, some higher education companies are expected to offer dividend yields exceeding 9%, providing a good margin of safety [6][16] - Recommended stocks include Yuhua Education, Zhongjiao Holdings, New Higher Education Group, and others [6][16] Group 6: Investment Analysis in Higher Education - The report suggests focusing on Hong Kong higher education companies, as the potential for profit-oriented classification is expected to revive expansion dynamics [20][31] - The report also highlights the positive performance of autumn enrollment data for K12 education companies, indicating strong brand appeal among students [20][31] - Recommendations include New Oriental, TAL Education, and others, with a particular emphasis on vocational education companies like China Oriental Education [20][31]

Group 1 - The core viewpoint of the article highlights that during the "Double 11" shopping festival, the overall fulfillment GMV (Gross Merchandise Volume) on the platform increased by 30% compared to last year [1] - The number of trading users grew by over 20% year-on-year, with 88VIP (membership) trading users increasing by approximately 30%, contributing to over 70% of the transactions from top merchants [1] - The progress of redeeming travel products has accelerated, with the GMV of travel products that have been used or booked by November 14 increasing by over 30% year-on-year [1]

Core Insights - The "Double 11" global travel festival concluded with Fliggy reporting record-breaking performance, with overall GMV (Gross Merchandise Volume) increasing by 30% compared to last year [1] - The number of trading users on the platform grew by over 20% year-on-year, with 88VIP users increasing by approximately 30%, contributing to over 70% of the sales from top merchants [1] - The number of merchants achieving over 10 million yuan in GMV during "Double 11" rose by about 30% year-on-year, with travel agency merchants seeing a significant increase of 160% [1] Group 1 - Fliggy's official live streaming matrix led to a nearly 70% year-on-year increase in GMV for promotional products, with the number of products achieving over 10 million yuan in GMV doubling [1] - As of November 14, the GMV for travel products that had been used or booked increased by over 30% year-on-year [1] - Major brands such as China Southern Airlines, Marriott International, Hilton Hotels, and Shanghai Disneyland saw their GMV exceed 100 million yuan, with some nearing 1 billion yuan [1] Group 2 - Consumers placed orders for over 6 million promotional items during "Double 11," including nearly 1 million flight tickets and around 3 million hotel packages, reflecting significant growth [2] - The share of outbound travel products accounted for nearly half of the total orders, while inbound travel made a strong debut in "Double 11," with GMV increasing by over 4 times compared to the peak travel season earlier in the year [2]

Group 1 - The core viewpoint of the article highlights that Fliggy achieved record-breaking sales during the "Double 11" global travel festival, with a 30% year-on-year increase in overall GMV (Gross Merchandise Volume) [1] - The number of trading users on the platform increased by over 20% year-on-year, with 88VIP trading users growing by approximately 30%, contributing to over 70% of the sales from top merchants [1] - The number of merchants with GMV exceeding 10 million yuan increased by about 30% year-on-year, with travel agency merchants seeing a significant growth of 160% [1] Group 2 - The official live streaming matrix of Fliggy led to a nearly 70% year-on-year increase in GMV for promotional products, with the number of products achieving over 10 million yuan in GMV doubling compared to the previous year [2] - Consumers placed orders for over 6 million promotional products, including nearly 1 million flight tickets and around 3 million hotel packages, reflecting substantial growth [2] - The introduction of inbound travel into the "Double 11" event resulted in a remarkable performance, with GMV for inbound travel products increasing by over 4 times compared to the peak travel season earlier in the year [2]