Core Viewpoint - JD.com officially announced its entry into the hotel and travel industry, aiming to provide supply chain services and optimize costs for hotel operators, while offering a three-year zero-commission plan for participating hotels [2][7]. Group 1: Business Strategy - JD.com is leveraging a combination of accommodation subsidies and food delivery vouchers to attract users, positioning itself competitively against major OTA platforms like Ctrip and Fliggy [3][5]. - The company is focusing on a "no-bundling" approach for flight bookings, avoiding hidden fees and additional services that often frustrate consumers, thus addressing a common pain point in the market [3][7]. - JD.com has emphasized that profit is not the primary focus at this stage, as indicated by its zero-commission offer for hotel partners [7]. Group 2: Recruitment and Compensation - There were exaggerated claims about JD.com offering three times the salary to recruit talent from other online travel agencies, with actual salary differences being more modest, typically 20-30% higher than competitors [8][10]. - JD.com is primarily recruiting for positions based in Beijing, with roles including business analysis, sales operations, and product management, which limits its geographical reach compared to competitors like Ctrip that have a more global presence [10]. Group 3: Market Opportunity - The domestic travel market is recovering, with a projected increase in travel volume, providing JD.com an opportunity to capture market share in the hotel and travel sector [11]. - JD.com's existing high-frequency food delivery service, which has reached a daily order volume of 25 million and a market share of 12%, is expected to drive traffic to its new travel offerings [11].

Travel Industry Overview - Travel industry is experiencing a turbulent period due to macro uncertainty, but there's cautious optimism in the lodging sector [1] - Forward bookings have paused for about four months, around Liberation Day [3] - The 30-day booking window has decreased to approximately 20 days, indicating last-minute booking trends [3] - Luxury travel is holding up, while weakness is observed at the lower end [4] - Inbound tourism from Mexico and Canada remains weak, potentially due to a weaker dollar [5] International Travel Impact - International travelers account for a low to mid-single-digit percentage (3-5%) of US hotel stays, but certain resorts and gateway cities have a higher percentage [7] - Fewer outbound travels from Americans are expected, with more domestic holidays [8] - Inbound travel, characterized by longer stays, is expected to decline through the rest of 2025 [9] Lodging Stock Picks and Strategy - Hyatt is the top lodging pick, with a "buy" rating despite being down this year and over the past 12 months [9] - Hyatt is in the "fifth or sixth inning" of becoming asset-light, similar to Marriott and Hilton [11] - Hyatt is focusing on wellness and luxury customers, particularly in North America [12] - Hyatt has the biggest pipeline of new properties compared to its competitors [13] - Marriott and Hilton are rated neutral because their upside is already captured, and a resurgence in travel fundamentals is needed for further growth [14] - Hyatt is expected to close an acquisition of a Caribbean Mexican all-inclusive company for over $1 billion [15]

Group 1 - Trip.com Group Limited has entered into a share repurchase agreement with MakeMyTrip Limited to sell a portion of its Class B ordinary shares for cancellation, aiming to optimize its investment portfolio and enhance shareholder returns [1] - After the proposed repurchase, Trip.com Group will remain the largest minority shareholder of MakeMyTrip and continue to support its growth [1] - To fund the repurchase, MakeMyTrip has launched an offering of convertible senior notes and a concurrent underwritten public offering of ordinary shares, with Trip.com Group agreeing to a 180-day lock-up period [1] Group 2 - Trip.com Group Limited is a leading global one-stop travel platform, offering a comprehensive suite of travel products and services [2] - The company operates under various brands, including Ctrip, Qunar, Trip.com, and Skyscanner, and aims to provide travelers with informed and cost-effective travel bookings [2] - Founded in 1999, Trip.com Group was listed on Nasdaq in 2003 and on HKEX in 2021, with a mission to pursue the perfect trip for a better world [2]

Group 1 - Trip.com Group Limited has entered into a share repurchase agreement with MakeMyTrip Limited to sell a portion of its Class B ordinary shares for cancellation, aiming to optimize its investment portfolio and enhance shareholder returns [1] - After the proposed repurchase, Trip.com Group will remain the largest minority shareholder of MakeMyTrip and continue to support its growth [1] - To fund the repurchase, MakeMyTrip has launched an offering of convertible senior notes and a concurrent underwritten public offering of ordinary shares, with Trip.com Group agreeing to a 180-day lock-up period [1] Group 2 - Trip.com Group Limited is a leading global one-stop travel platform, offering a comprehensive suite of travel products and services [2] - The company operates under various brands, including Ctrip, Qunar, Trip.com, and Skyscanner, and aims to provide travelers with cost-effective booking options and support [2] - Founded in 1999, Trip.com Group was listed on Nasdaq in 2003 and on HKEX in 2021, with a mission to pursue the perfect trip for a better world [2]

马作鹏 随着人工智能逐渐进入各行各业，在重塑城市管理模式、推动区域经济可持续发展进程中，这项技术扮演越来越重要的角色。 在政策层面，上海市陆续出台一系列支持智慧城市建设和AI技术发展的政策措施。这些政策不仅为AI技术在智慧城市中的应用提供了广阔的空间，更为城 市大脑的智能化升级指明方向。 据上海移动消息，今年世界电信日当天中国移动上海公司发布了双万兆AI能力升级行动，启动万兆园区算网升级；携手合作伙伴成立"AI合作联盟"，汇聚行 业合力深入推进"人工智能+"行动计划，共同促进人工智能焕"新"向"实"，赋能千行百业数智化转型 。 不久前，2025年F1中国大奖赛在上海国际赛车场圆满落幕，赛事平稳运行的背后，一个数字化的服务保障平台也在一刻不停地运转。在嘉定区城运中心的 大屏上，道路实况、入场客流、停车管理等信息一目了然。系统根据实时信息科学测算客流出行方式，为轨交班次安排提供数据支撑，保障国内外车迷留下 了难忘的上海记忆。 滴滴企业版本次率先发布内测的AI小滴差旅助手、管理助手、解决方案助手智能体，是基于70万企业累积的B端服务数据，采用目前最先进的开源模型 Multi-Agent架构来实现的。 AI小滴差旅助 ...

出海四小龙 「Going Global 出海周报」 是创业邦推出的出海系列栏目，旨在为出海领域的创业者和投资人精选 出海大事件、海外大公司、投融资消息，本篇为栏目第 287 篇报道。 整理丨赵晓晓 本周（ 202 4 . 06 . 09 - 2025.06.15 ）出海大事件包括 ： TikTok Shop 美国业务由中国高管接管； TikTok 宣布在英国扩大投资； TikTok Shop 东 南亚站点放宽入驻政策， GMV 泰国超越美国； Temu 美区全托管或将恢复上架；速卖通在中东卖车；京东物流进军沙特：已开启配送，当地招募上千人 团队；携程 CEO 孙洁：未来 3-5 年海外收入占比目标翻倍；韩国时尚电商 Musinsa 拟进军中国和日本市场； Grab ：目前没在同 GoTo 谈合并 等。 TikTok Shop 美国业务由中国高管接管 TikTok 宣布在英国扩大投资 TikTok 宣布将在英国扩大投资，包括在伦敦设立新办事处、扩大业务规模并新增就业岗位。 声明称， TikTok 英国员工人数今年将增至 3000 人，新增 500 多个工作岗位。 据报道， TikTok 正在伦敦巴比肯投资新建办 ...

Travel Trends - Price Line's research team coined the term "town sizing," indicating a trend where consumers seek quieter destinations and hometown experiences in smaller markets [3][4] - While smaller markets gain traction, major entertainment hubs like Orlando, New York, Los Angeles, San Francisco, Seattle, and San Diego remain popular [5][6] - Consumers prioritize summer vacations, adapting their travel patterns based on restrictions and costs [7] - Interest in longer vacations overseas, particularly to Asia (Japan) and Europe (Rome, Paris, London), continues into 2025 [8] - Travelers are exploring more affordable international destinations like Manila, Seoul, Prague, Istanbul, and Berlin, where five-star hotels can be found for under $200, and sometimes close to $100 per night [9][10] International Travel - Inbound travel to the US from Canada has decreased due to tariff policies, leading Canadians to seek alternative destinations like Mexico [11][12] - There has been a slight reduction in traffic coming into the US from Europe [13] Booking Tips - Flexibility in travel dates (shifting a day or two) can significantly reduce flight costs [14] - Price comparison and open-mindedness regarding destinations are recommended to find better deals [15] - Flight prices for overseas travel are favorable due to increased inventory [15][16] - Price Line offers products like Express Deals to help consumers find great value [17]

Company Overview - Travelzoo is a club for travel enthusiasts, reaching 30 million travelers and offering Club Offers that are personally reviewed by deal experts globally [1] - The company partners with thousands of top travel suppliers, leveraging long-standing relationships to provide exclusive deals [1] Club Offers - Travelzoo has released Club Offers for its members, which are rigorously vetted and negotiated [1] - Offers include a $499 all-inclusive getaway to Mexico, a $2,999 5-star Maldives villa with a 74% savings, and a $125 summer stay in Chicago with a 71% discount [2] - Other notable offers include a $599 stay at Maui's No. 1 resort, saving $300 per night, and a luxurious Serengeti safari for two priced at $7,999, down from $13,592 [2]

Financial Data and Key Metrics Changes - For the first quarter of 2025, net revenues were RMB117.5 million, representing a year-over-year increase of 9% from the corresponding period in 2024 [16] - Revenues from packaged tours increased by 19% year-over-year to RMB99 million, accounting for 84% of total net revenues [16] - Gross profit for the first quarter was RMB69.3 million, down 15% year-over-year [17] - Operating expenses rose to RMB80.1 million, up 15% year-over-year [17] - Net loss attributable to ordinary shareholders was reported, with non-GAAP net income also noted [18][19] - The company expects to generate RMB131 million to RMB136.8 million in net revenues for the second quarter, representing a 12% to 17% year-over-year increase [19] Business Line Data and Key Metrics Changes - The core business maintained steady growth, with packaged tours showing a 19% increase year-over-year [5] - Outbound tour transaction volume achieved double-digit year-over-year growth, despite challenges in some Southeast Asian destinations [6] - Transaction volume for new select products increased by over 80% compared to the previous quarter [9][26] Market Data and Key Metrics Changes - The contribution of live streaming to total transaction volume increased from 10% in the first quarter last year to over 15% this year [10] - The company opened nearly 300 offline stores, primarily in high-demand markets [11] Company Strategy and Development Direction - The company is focused on offering differentiated and high-quality products as a competitive advantage [7] - Strategies include leveraging supply chain advantages to reduce procurement costs and enhance customer value [6][7] - The introduction of AI technologies aims to improve customer experience and operational efficiency [13][14] Management's Comments on Operating Environment and Future Outlook - Management noted that the domestic travel market showed consistent growth momentum, particularly during the Spring Festival [5] - The company is committed to diversifying its product offerings to attract different customer segments, especially price-sensitive travelers [25] - Management aims to achieve profitability in the second quarter by controlling internal costs [27] Other Important Information - The company has embraced new AI technologies to enhance customer experience and operational efficiency [13][14] - The launch of a self-developed travel AI agent aims to provide one-stop services for customers [13] Q&A Session Summary Question: Inquiry about product strategy and pricing - Management emphasized that quality is a priority, and competitive pricing is essential to attract new customers and enhance repurchase rates [22][24] - The company consolidates its supply chain to lower purchasing costs and uses AI for competitive pricing [25] - Management aims to achieve profitability in the second quarter while maintaining a lower gross profit ratio compared to the previous year [26][27]

Core Viewpoint - Tuniu Corporation reported steady growth in the first quarter of 2025, with a focus on enhancing product quality and optimizing sales channels to reach more customers [2][12]. Financial Performance - Net revenues for Q1 2025 were RMB 117.5 million (US$ 16.2 million), marking an 8.9% increase year-over-year from Q1 2024 [3]. - Revenues from packaged tours were RMB 99.0 million (US$ 13.6 million), representing a year-over-year increase of 19.3% [15]. - Other revenues decreased to RMB 18.5 million (US$ 2.6 million), a decline of 25.8% year-over-year [15]. Cost and Profitability - Cost of revenues was RMB 48.2 million (US$ 6.6 million), an increase of 85.9% year-over-year, constituting 41.0% of net revenues [5]. - Gross profit decreased to RMB 69.3 million (US$ 9.6 million), a decline of 15.5% from the previous year [5]. - Operating expenses rose to RMB 80.1 million (US$ 11.0 million), reflecting a 14.9% increase year-over-year [6]. Operational Losses - Loss from operations was RMB 10.8 million (US$ 1.5 million), compared to an income from operations of RMB 12.3 million in Q1 2024 [7]. - Net loss was RMB 5.4 million (US$ 0.7 million), a significant drop from a net income of RMB 21.9 million in Q1 2024 [9]. Cash Position - As of March 31, 2025, Tuniu had cash and cash equivalents totaling RMB 1.2 billion (US$ 167.2 million) [11]. Future Outlook - For Q2 2025, Tuniu expects net revenues between RMB 131.0 million and RMB 136.8 million, indicating a year-over-year increase of 12% to 17% [12]. Share Repurchase Program - The company has repurchased approximately 9.5 million ADSs for about US$ 9.0 million under its share repurchase program authorized in March 2024 [13].