计及海外业务增长胜预期，该行将携程今明两年收入预测分别上调1%及2%，至619亿及698亿元。同时 因应投资收益及营运杠杆改善，中金亦将其今明两年非通用会计准则净利润预测上调77%及4%，至315 亿及197亿元，维持"跑赢大市"评级，目标价上调至711.7港元，美股目标价上调至92.5美元。 中金发表研究报告指，携程上季收入按年增长16%，较市场预期高1%；非通用会计准则经营利润录61 亿元，亦较市场普遍高6%；非通用会计准则净利润达192亿元，大幅超越市场预期。 ...

Core Insights - Ctrip Group reported significant growth in revenue and profit for Q3 2025, driven by strong global travel demand and robust international business performance [1] - The company's net operating revenue reached 18.3 billion RMB, a 16% increase year-over-year and a 24% increase quarter-over-quarter [1] - Net profit soared to 19.9 billion RMB, up approximately 193% compared to the same period in 2024, and a substantial increase from 4.9 billion RMB in the previous quarter [1] Revenue Breakdown - International OTA platform bookings increased by about 60% year-over-year, with inbound travel bookings more than doubling [1] - Outbound hotel and flight bookings reached 140% of the levels seen in the same period of 2019 [1] - Accommodation bookings, the main revenue driver, generated 8 billion RMB, reflecting an 18% year-over-year growth [1] - Transportation ticketing revenue was 6.3 billion RMB, a 12% increase year-over-year [1] - Travel vacation business revenue was 1.6 billion RMB, showing a slight 3% year-over-year increase but a significant 49% increase quarter-over-quarter [1] - Business travel management revenue reached 756 million RMB, up 15% year-over-year [1] Strategic Focus - Ctrip's leadership emphasized the importance of leveraging artificial intelligence to optimize travel experiences and enhance service capabilities [2] - The company aims to build a vibrant and interconnected international tourism ecosystem through collaboration with partners [2]

周二，携程网(TCOM.US)涨3%，报73.04美元。财报显示，今年第三季度，携程净营业收入约183亿 元，同比增长16%；归母净利润约199亿元，同比增长192.6%；经调整EBITDA(息税折旧及摊销前利润) 约63.46亿元。第三季度携程国际OTA平台总预订同比增长约60%，其中入境旅游预订同比增长超过 100%，出境酒店和机票预订已全面超越2019年疫情前同期140%水平。 ...

Core Insights - Ctrip (TCOM.US) experienced a pre-market increase of approximately 3.7%, reaching a peak of $73.5 [1] - The company reported third-quarter net operating revenue of 18.3 billion yuan, a year-on-year increase of 16% [1] - Net profit for the quarter was 19.9 billion yuan, significantly up from 6.8 billion yuan in the same period of 2024 [1] International Business Performance - Ctrip's international business showed strong performance, with total bookings on the international OTA platform increasing by approximately 60% year-on-year [1] - Inbound travel bookings surged by over 100% year-on-year [1] - Bookings for outbound hotels and flights have risen to 140% of the levels seen in the same period of 2019 [1] Technological Advancements - Ctrip's Chairman Liang Jianzhang revealed that the company is enhancing the entire travel service process through artificial intelligence technology [1] - The improvements span from itinerary planning to real-time bookings, smart customer service, and personalized recommendations [1] - The technological empowerment has significantly enhanced user experience [1]

智通财经APP获悉，周二，携程网(TCOM.US)涨3%，报73.04美元。财报显示，今年第三季度，携程净 营业收入约183亿元，同比增长16%；归母净利润约199亿元，同比增长192.6%；经调整EBITDA(息税折 旧及摊销前利润)约63.46亿元。第三季度携程国际OTA平台总预订同比增长约60%，其中入境旅游预订 同比增长超过100%，出境酒店和机票预订已全面超越2019年疫情前同期140%水平。 ...

Core Insights - Ctrip Group reported significant revenue and profit growth for Q3 2025, driven by strong global travel demand and robust international business performance [1][2] Financial Performance - Net operating revenue reached 18.3 billion RMB (approximately 2.6 billion USD), a 16% increase year-over-year and a 24% increase quarter-over-quarter [1] - Net profit surged to 19.9 billion RMB (approximately 2.8 billion USD), a staggering 193% increase compared to 6.8 billion RMB in Q3 2024, and a significant rise from 4.9 billion RMB in the previous quarter [1] - Adjusted EBITDA was 6.3 billion RMB (approximately 892 million USD), showing growth both year-over-year and quarter-over-quarter [1] Business Segments - Accommodation bookings, the main revenue driver, generated 8 billion RMB (approximately 1.1 billion USD), up 18% year-over-year [2] - Transportation ticketing revenue was 6.3 billion RMB (approximately 886 million USD), reflecting a 12% year-over-year increase [2] - Travel vacation business revenue reached 1.6 billion RMB (approximately 226 million USD), a slight 3% year-over-year increase but a substantial 49% increase quarter-over-quarter [2] - Business travel management revenue was 756 million RMB (approximately 106 million USD), up 15% year-over-year [2] International Business Highlights - International OTA platform total bookings increased by approximately 60% year-over-year [1] - Inbound travel bookings more than doubled, with a year-over-year growth exceeding 100% [1] - Outbound hotel and flight bookings reached 140% of the levels seen in the same period of 2019 [1] Cost and Expenses - Operating costs rose by 20% year-over-year to 3.4 billion RMB [2] - Product development expenses increased by 12% year-over-year to 4.1 billion RMB [2] - Sales and marketing expenses grew by 24% year-over-year to 4.2 billion RMB, aligning with the trend of net operating revenue growth [2] Cash Position - As of September 30, 2025, the company had cash and cash equivalents, restricted cash, short-term investments, and held-to-maturity deposits totaling 107.7 billion RMB (approximately 15.1 billion USD) [3]

Core Insights - Ctrip Group reported a net revenue of 18.338 billion yuan for Q3 2025, representing a year-on-year increase of 15.53% driven by strong travel demand [1] - The company experienced growth across all major business segments, with accommodation booking revenue increasing by 18.3%, transportation ticketing revenue by 11.61%, vacation revenue by 3.08%, and business travel management revenue by 15.24% [1] - Ctrip's international OTA platform bookings grew approximately 60% year-on-year, with inbound tourism bookings more than doubling [1] Financial Performance - Ctrip achieved a net profit of 19.919 billion yuan in Q3, significantly up from 6.823 billion yuan in the same quarter of 2024 and 4.88 billion yuan in the previous quarter [1] - Adjusted EBITDA for the quarter was 6.346 billion yuan, an increase from 5.68 billion yuan year-on-year and 4.88 billion yuan quarter-on-quarter [1] - The substantial increase in net profit was primarily due to the disposal of certain investments, with "other income" reported at 17.032 billion yuan compared to 1.781 billion yuan in the previous year [2] Cost and Investment - Operating costs for Q3 were 3.359 billion yuan, up 19.96% year-on-year, aligning with the revenue growth trend [2] - Research and development expenses rose by 12.17% to 4.083 billion yuan, while sales and marketing expenses increased by 23.63% to 4.181 billion yuan [2] - As of September 30, 2025, Ctrip held cash and cash equivalents, restricted cash, short-term investments, and term deposits totaling 107.7 billion yuan [2]

携程网(TCOM.US)盘前涨2.88%，报72.93美元。消息面上，2025年第三季度，携程集团净营业收入为 183亿元人民币(约合26亿美元)，同比增长16%，主要得益于越来越强劲的旅游需求；净营业收入环比增 长24%，主要得益于季节性因素。期内归属于股东的净利润为199亿元人民币(约合28亿美元)，而2024年 同期为68亿元人民币，上季度为48亿元人民币，主要由于部分处置某些投资。 绩后，花旗发研报指，携程集团第三季业绩稳健，毛利率81.7%，相较第二季为81%，略高于该行预 期；非通用会计准则(non-GAAP)经营利润率33.4%，高于该行预期的32%。酒店业务表现稳健，主要受 平均每日房价(ADR)复苏所推动。其他收入强劲增长归因于广告业务快速增长，而稳健的经营利润率则 受惠于毛利率好过预期及行政费用减少。该行予美股目标价85美元及"买入"评级。(格隆汇) | TCOM 携程网 | | | | --- | --- | --- | | 70.890 4 -1.140 -1.58% | | 收盘价 11/17 16:00 美东 | | 72.930 + 2.040 +2.88% | | 盘前价 11 ...

Core Insights - The Ministry of Culture and Tourism of China has issued a warning for Chinese tourists to avoid traveling to Japan recently [1] - There has been a noticeable increase in cancellations and changes to travel plans to Japan, with many tourists opting for refunds on flights and hotels [1] - Popular outbound travel destinations have shifted, with South Korea emerging as the top destination for Chinese tourists [1] Travel Industry Impact - Major travel companies have reported a surge in cancellations for trips to Japan, with flight refunds being largely hassle-free [1] - Hotel refunds depend on local hotel policies, but travel agencies are actively working to facilitate no-loss refunds [1] - Data from Qunar indicates that South Korea, particularly Seoul, has become the most searched destination for outbound travel [1] Booking Trends - There is a significant increase in bookings for other Southeast Asian destinations, including Thailand, Malaysia, Singapore, Vietnam, and Indonesia [1] - The search volume for Singapore, Sydney, and Bali has increased by over 10% compared to the previous week [1]

Group 1 - The core viewpoint of the report indicates that Ctrip Group's Q3 performance is robust, with revenue increasing by 16% year-on-year to 18.3 billion yuan, aligning with expectations from both Citigroup and the market [1] - The gross margin for the quarter was reported at 81.7%, slightly higher than the 81% in Q2 and above Citigroup's expectations [1] - The non-GAAP operating profit margin reached 33.4%, exceeding Citigroup's forecast of 32% [1] Group 2 - The hotel business showed steady performance, primarily driven by the recovery in Average Daily Rate (ADR) [1] - Strong growth in other income is attributed to the rapid expansion of the advertising business [1] - The solid operating profit margin benefited from better-than-expected gross margins and a reduction in administrative expenses [1] Group 3 - Citigroup has set a target price of $85 for Ctrip's U.S. stock and maintains a "Buy" rating [1]