展望第四季，计入并购影响后，预期同程旅行收入将增长10%至15%，当中核心OTA业务增长达15%至 20%。第四季经调整利润指引为7.2亿至7.8亿元人民币，反映全年指引不变，因公司计划稍为加大投入 于新兴出境旅游业务及自有APP。管理层预期2026年核心OTA业务收入有机增长将达低至中十位数。透 过研发及行政效率提升，利润率有望进一步改善约0.5个百分点。 智通财经APP获悉，摩根士丹利发布研报称，同程旅行(00780)第三季业绩略胜预期，期内收入较该行预 期高1%，主要受核心线上旅游平台(OTA)业务同比增长15%带动，增幅高于国内行业水平，毛利率达 65.7%，较该行预期高1个百分点，因OTA业务占比提高，净利润较该行预期高3%，利润率同比提升1个 百分点。该行维持对其"增持"评级，目标价29港元。 ...

Core Insights - Ctrip's recent financial report shows a revenue of 18.3 billion and a net profit of 19.9 billion, raising concerns about the sustainability of such high profits in the industry [1] - The hotel industry is experiencing a push to reclaim direct booking power from Online Travel Agencies (OTAs), reminiscent of past movements in Europe [1][3] - The struggle against OTAs has led to significant legal and marketing efforts from major hotel groups, including campaigns to promote direct bookings [2][3] Group 1: Industry Dynamics - The hotel industry in Europe has historically viewed OTAs as detrimental middlemen, with high commissions being a major pain point [3][4] - Major hotel chains formed alliances, such as the Room Key platform, to combat OTAs by consolidating inventory and driving direct bookings [5][6] - Room Key ultimately failed due to internal conflicts and the realization that direct sales come with hidden costs that can rival or exceed OTA commissions [7][9] Group 2: Cost Analysis - Transitioning to direct sales shifted costs from OTAs to hotels, including website maintenance, marketing, and customer service expenses [8][9] - Analysis from 2016 to 2018 indicated that the total cost of direct sales often matched or exceeded OTA commission rates of 15% to 20% [9][10] - The competitive landscape requires hotels to invest heavily in marketing to compete with OTA advertising budgets, leading to a paradox where direct sales become more expensive [10][11] Group 3: Market Trends - The "advertising board effect" shows that hotels benefit from visibility on OTAs, as direct bookings increase when hotels are listed on these platforms [11][12] - Data from 2013 to 2015 revealed a decline in direct bookings from 59.4% to 55.2%, highlighting the challenges faced by hotels in reclaiming market share [14][17] - The current domestic market sees Ctrip as a dominant player, with commission rates ranging from 8% to 15%, leading to mixed feelings among hotel operators [18][19] Group 4: Comparative Analysis - Ctrip's operational costs are rising, with a 20% increase in operating costs and a 24% increase in sales and marketing expenses, outpacing revenue growth [19] - In comparison, Booking's EBITDA margin is significantly higher at 47%, indicating more efficient operations despite similar revenue growth rates [20] - The European hotel groups have adapted to the presence of OTAs, viewing them as necessary partners rather than adversaries, which contrasts with the current sentiment in the domestic market [21][22] Group 5: Strategic Insights - The hotel industry is recognizing the importance of leveraging OTAs for customer acquisition while focusing on converting high-value customers to direct bookings [22][23] - The competitive landscape in China offers various platforms beyond Ctrip, allowing hotels to diversify their distribution strategies [23][24] - The narrative suggests that without Ctrip, the market dynamics would not necessarily improve, as evidenced by the failure of Room Key [27][28]

Group 1 - Ctrip reported a revenue growth of 16% year-on-year and a net profit increase of 194.01% in Q3 2025, achieving a net profit of 199 billion yuan, surpassing Kweichow Moutai's net profit of 192.2 billion yuan [3][4] - The significant profit increase was partly due to the disposal of certain assets, including a portion of its stake in MakeMyTrip, which contributed 170.32 billion yuan in "other income" [3][4] - Ctrip's gross margin reached 81.55%, significantly higher than other major internet companies like Tencent and NetEase, which reported gross margins of 56.41% and 64.10% respectively [5][7] Group 2 - The hotel booking segment contributed 80 billion yuan in revenue, accounting for 43.72% of total revenue, marking the highest proportion in three years [9] - Ctrip's commission rates for hotels are notably high, with some hotels paying up to 20% in commissions, reflecting the industry's heavy reliance on Ctrip for customer acquisition [10][12] - Ctrip's market share in the domestic OTA market is projected to be 56% in 2024, significantly ahead of competitors like Tongcheng, Meituan, and Fliggy [12] Group 3 - Ctrip enjoys a strong competitive advantage with no significant direct competitors in the domestic OTA market, allowing it to capitalize on its market leader status [16][17] - The company has strategically invested in and partnered with potential competitors in the past, effectively consolidating the market and reducing price competition [13][14] - Ctrip's focus on service quality has fostered customer loyalty, making it difficult for competitors to gain market share despite potential price incentives [16][17]

传统观念里，出色的企业风险管理意味着深入研究、细致分析，以及精准执行精心雕琢的实施方案。高 度聚焦业务优化与持续改进，这在过去无疑是明智之举。然而，今时不同往日。 在当下这个数字化变革持续且迅猛的时代，变化的节奏急剧加快，常常呈现出指数级增长，而非线性发 展。在众多行业领域，诸如Airbnb、Netflix、Shein、Temu、OpenAI等全新的竞争对手，借助日益强大 的计算机技术、机器学习算法、连接买家与卖家的创新模式，以及其他新兴技术，重塑了行业格局，创 造并获取了全新的价值源泉。许多行事过于谨慎，或当下转型步伐迟缓的品牌，正面临着被市场淘汰的 高风险，甚至可能走上消亡之路。 阳狮集团前首席数字官、《重塑商业灵魂》作者里沙德·托巴科瓦拉指出，过去三十年，我们历经了三 个 "互联时代"，这些时代改变了我们的连接与商业运作方式——从电子商务到智能设备，再到5G、虚 拟现实、云计算以及人工智能。而我们才刚刚开始领略生成式人工智能带来的变革性影响。 如今，我们生活在一个选择丰富、获取便捷、信息充裕的世界，购买阻力（即那些拖慢、复杂化顾客购 买流程，或增加购买成本的障碍）正不断减少甚至消失。曾经仅凭尚可的产品就 ...

Core Insights - Tongcheng Travel reported a record high of 253 million annual paying users and over 2 billion cumulative service users as of Q3 2025 [1] - The company achieved a revenue of 5.509 billion yuan in Q3, marking a year-on-year growth of 10.4%, with transportation and accommodation revenues growing by 9% and 14.7% respectively [1][2] - The growth potential in the mass tourism market remains significant, providing favorable conditions for the long-term sustainable development of the company [1][3] Revenue Breakdown - Transportation business revenue reached 2.209 billion yuan, while accommodation business revenue was 1.580 billion yuan [1] - Other revenue segments saw a year-on-year increase of 34.9%, totaling 821 million yuan in Q3 [2] Strategic Initiatives - The company has established strategic partnerships with over 20 airports or airport groups to enhance the aviation industry chain [2] - Tongcheng Travel is leveraging AI technology to provide personalized travel experiences and has integrated AI tools across various services, attracting millions of users [1][2] - The company is promoting digital upgrades in the accommodation industry through its platform, with nearly 3,000 hotels currently operating and an additional 1,500 under construction [2] Future Outlook - The CEO of Tongcheng Travel emphasized the commitment to enriching high-quality tourism product offerings to meet the travel needs of ordinary consumers and to foster a sustainable industry ecosystem [3]

11月25日，同程网络科技股份有限公司（以下简称"同程旅行"）发布2025年第三季度业绩报告。财报显 示，截至2025年三季度末，同程旅行年付费用户达到2.53亿，年累计服务人次突破20亿，创历史新高。 受益于大众旅游人群消费潜力的持续提升，2025年第三季度，同程旅行实现营业收入55.09亿元，同比 增长10.4%。其中，交通业务收入同比增长9%，达22.09亿元；住宿业务收入同比增长14.7%，达15.80亿 元。 今年前三季度，国内旅游市场延续复苏态势，旅游消费呈现明显的多元化、体验化升级趋势，出境游及 入境游持续向好带来市场增量。深圳市华美酒店管理顾问有限公司首席知识官、旅游酒店行业高级经济 师赵焕焱向《证券日报》记者表示，大众旅游市场所蕴含的消费潜力尚未充分释放，仍具备巨大的开发 空间与增长机会，这为同程旅行未来的长期可持续发展创造了有利条件。 大众消费潜力释放 非一线城市人群正成为推动旅游市场发展的主力军。文化和旅游部数据显示，2025年前三季度，国内居 民出游花费4.85万亿元。其中，农村居民出游花费增速显著高于城镇居民出游花费，同比增长24%。大 众旅游消费潜力的释放，让深耕大众市场的同程旅行 ...

Core Insights - Tongcheng Travel reported a revenue of 5.509 billion yuan for Q3 2025, a year-on-year increase of 10.4%, and a net profit of 976 million yuan, up 23.1% year-on-year [2] - The company has seen significant growth in its user base, with annual paid users reaching 253 million and cumulative service users exceeding 2 billion, marking a historical high [2][4] Revenue Growth - Transportation business revenue grew by 9% to 2.209 billion yuan, while accommodation revenue increased by 14.7% to 1.580 billion yuan [2][4] - Other income segments saw a year-on-year increase of 34.9%, reaching 821 million yuan [5] User Engagement and Services - The number of annual paid users increased by 8.8%, and cumulative service users grew by 7.3% year-on-year [4][5] - The "First Flight Care" service saw a more than 300% increase in users in August 2025, covering 25 major airport cities [3] Market Trends - Non-first-tier cities are becoming the main drivers of tourism market growth, with rural residents' travel spending increasing by 24% year-on-year [3] - The overall domestic travel expenditure reached 4.85 trillion yuan in the first three quarters of 2025 [3] Strategic Partnerships and Innovations - Tongcheng Travel has established strategic partnerships with over 20 airports to enhance its service offerings and improve the travel experience [5] - The integration of AI technology has allowed for personalized travel experiences, with the AI tool DeepTrip attracting millions of users [4][5] CEO's Vision - The CEO emphasized the ongoing growth potential of the mass tourism market and the company's commitment to providing high-quality travel products while fostering sustainable industry development [6]

11月25日晚间，同程旅行披露截至2025年9月30日止三个月的业绩。当季，同程旅行收入由去年同期的49.915亿元同比增加10.4%至55.091亿元。经调整 EBITDA同比增加14.5%至15.103亿元；经调整EBITDA利润率增加至27.4%，去年同期为26.4%。经调整溢利净额同比增加16.5%至10.602亿元。经调整净利 润率由去年同期的18.2%增加至19.2%。 此外，当季来自度假业务的收入达9.003亿元，同比下降8.0%，主要由于旅客对东南亚旅游的安全担忧持续存在。 用户规模方面，2025年第三季度，同程旅行平均月付费用户同比增加2.8%至4770万人，创历史新高。年付费用户同比增加8.8%至2.529亿人，创历史新 高。另外，截至2025年9月30日止的十二个月，累计服务人次同比增加7.3%至20.194亿。 蔡淑敏/摄 业务细分来看，第三季度，同程旅行的住宿业务收入同比增长14.7%至15.795亿元。同程旅行表示，公司当季重点满足用户对高品质酒店日益增长的需 求，推动了平台上高品质酒店间夜量占比的显著提升，并强化了在低线城市高价值用户中的品牌认知度，另外在国际酒店方面，持续致力于 ...

Tongcheng Travel Holdings Limited Stock Code: 0780 Investor Presentation November 2025 Disclaimer The materials used in this investors presentation are being furnished to you for your information only, which shall be kept in strict confidence. No representation or warranty, express or implied, is made by Tongcheng Travel Holdings Limited (the "Company") or its connected person, or any of their respective directors, officers, employees, advisers or representatives as to, and no reliance should be placed on, ...

财报显示，截至2025年三季度末，同程旅行年付费用户达到2.53亿，年累计服务人次突破20亿，创历史 新高。 同程旅行还在酒店市场持续发力。截至2025年9月末，艺龙酒店科技平台运营酒店数量已增至近3000 家，另有1500家正在筹建。2025年三季度，同程旅行其他收入板块同比增长34.9%，达到8.21亿元。随 着对万达酒管的收购，同程旅行将进一步完善酒店管理业务版图。 （文章来源：北京商报） 11月25日，同程旅行发布2025年三季度业绩报告，报告期内，同程旅行实现营业收入55.09亿元，同比 增长10.4%。其中，交通业务收入同比增长9%，达22.09亿元；住宿业务收入实现14.7%的同比增长，达 15.8亿元。 ...