Investment Rating - The report maintains a "Buy" rating for Ctrip Group-S (09961.HK) [1] Core Insights - Ctrip Group is experiencing rapid growth in international business and is deepening its inbound tourism strategy [4] - Domestic tourism demand remains stable, with significant growth in private group tours and the silver economy [3] - The company has launched various themed travel products targeting the elderly and has seen substantial growth in its membership program [3] - The "performance + tourism" strategy is yielding triple-digit growth, enhancing cross-city travel and extending stay durations [3] Financial Projections - Total revenue is projected to reach RMB 62.41 billion in 2025, with a year-on-year growth of 17.10% [1] - The net profit attributable to shareholders is expected to be RMB 33.29 billion in 2025, reflecting a significant year-on-year increase of 95.08% [1] - Non-GAAP net profit is forecasted at RMB 33.61 billion for 2025, with an 86.29% year-on-year growth [1] - The report anticipates a non-GAAP net profit of RMB 239 billion by 2028, with corresponding P/E ratios decreasing from 12 to 10 over the forecast period [4]

Financial Performance - In Q4 2025, Ctrip Group reported a net operating revenue of 15.4 billion yuan, a year-on-year increase of 21%, driven by resilient travel demand, with a net profit of 4.3 billion yuan. However, there was a quarter-on-quarter decline of 16% due to seasonal factors [1]. - For the full year 2025, Ctrip Group's net operating revenue reached 62.4 billion yuan, up 17% year-on-year, with a net profit of 33.4 billion yuan, compared to 17.2 billion yuan in 2024. The increase was primarily attributed to investment gains of 19.9 billion yuan (2.8 billion USD) included in other income/expenses, compared to 1.1 billion yuan in 2024 [1]. Board Changes - Ctrip announced significant board changes effective February 25, 2026, with Fan Min resigning as a director and president, and Qi Ji resigning as a director. Wu Yihong and Xiao Yang were appointed as new independent directors [3][4]. - Fan Min co-founded Ctrip in 1999 and has held various executive roles, including COO and president since 2013. Qi Ji is a co-founder and has served as CEO and independent director [4]. Stock Performance - As of 15:47, Ctrip's Hong Kong stock fell over 3%, trading at 401.2 HKD per share, with a market capitalization of 286.3 billion HKD, reflecting a cumulative decline of over 27% year-to-date. In contrast, its US stock rose over 1% in pre-market trading [6].

智通财经APP获悉，携程集团-S(09961)午后一度跌4%，现跌幅有所收窄。截至发稿，跌2.75%，报 402.4港元，成交额21.3亿港元。 值得关注的是，携程集团在业绩公告中表示 ，于2026年1月，公司收到国家市场监管总局的调查通知， 获悉其根据《中华人民共和国反垄断法》启动调查。目前调查仍在进行中，公司正全力配合国家市场监 管总局。公司将继续就合规事宜与监管部门保持积极沟通。公司目前无法预计调查的状态和结果，并会 在调查结束后提供进一步更新。公司的业务运营维持正常。 消息面上，2月26日，携程集团公布2025年第四季度及全年未经审计的财务业绩。2025年第四季度，携 程集团净营业收入为154亿元，同比上升21%；净营业收入环比下降16%；净利润为43亿元，相比2024 年同期为22亿元，相比上季度为199亿元。此外，携程还公布了一系列董事变动，变动自2026年2月25日 起生效。公告显示，范敏已辞任公司董事兼总裁职务，季琦已辞任公司董事职务。与此同时，公司宣布 任命吴亦泓及萧杨为新任独立董事。 ...

格隆汇2月26日丨携程集团-S(09961.HK)发布公告，2025年第四季度，携程集团净营业收入为154亿元人 民币(22亿美元)，同比上升21%，主要得益于旅游需求的韧性。2025年第四季度住宿预订营业收入为63 亿元人民币(8.99亿美元)，同比上升21%，主要得益于住宿预订的增长。2025年第四季度交通票务营业 收入为54亿元人民币(7.68亿美元)，同比上升12%，主要得益于交通票务预订的增长。2025年第四季度 旅游度假业务营业收入为11亿元人民币(1.51亿美元)，同比上升21%，主要得益于旅游度假业务预定的 增长。2025年第四季度商旅管理业务营业收入为8.80亿元人民币(1.16亿美元)，同比上升15%，环比上升 7%，主要得益于商旅订单的增长。 2025年全年，归属于携程集团股东的净利润为333亿元人民币(48亿美元)，相比2024年为171亿元人民 币。同比增加主要由于2025年全年包含在其他(支出)╱收入中的投资利得199亿元人民币(28亿美元)，相 比2024年为11亿元人民币。若不计股权报酬费用以及包含在其他(支出)╱收入中的按公允价值计量且其 变动计入损益的投资和可交换债券公允价 ...

今年春节假期，让AI帮忙下单餐饮、订机票酒店、买电影票成为新时尚，其中AI预订旅行服务迎来"大 爆发"。整个春节假期，飞猪AI订单量比节前增长了800%以上，简单实惠的AI订门票最受欢迎，订单量 大增超24倍，沈阳东北亚国际滑雪场、沈阳森林动物园等景区是AI订门票热门景区。 飞猪数据显示，春节假期冰雪游订单量同比增长超2倍，沈阳等地是热门滑雪目的地。 越来越多的外国游客选择到中国过年，感受中国传统文化。春节假期入境游机票订单量同比增长近10 倍，沈阳等城市是他们青睐的"入境游首站"城市。 （来源：沈阳日报） 转自：沈阳日报 本报讯（沈阳日报、沈报全媒体记者谢飞燕）飞猪旅行平台数据显示，今年春节假期，辽宁的酒店间夜 量（又称间夜数或夜间数，是衡量酒店在特定时间段内房间出租率的计算单位）同比增长115%，门票 订单量同比增长96%，线路游订单量同比增长超40%。沈阳等地增速居前。 ...

Group 1 - The Spring Festival holiday saw a record high in domestic travel orders, with ticket orders increasing by over 80% and hotel night stays rising by 75% compared to the previous year [1] - In Liaoning, hotel night stays grew by 115%, ticket orders increased by 96%, and tour package orders rose by over 40% during the holiday [1] - AI-assisted travel services experienced a significant surge, with AI order volume increasing by over 800% during the holiday, and ticket orders via AI growing more than 24 times [1] Group 2 - There was a notable increase in inbound tourism, with flight ticket orders for foreign visitors during the Spring Festival holiday rising nearly tenfold [2] - Cities like Shenyang emerged as popular destinations for inbound tourists seeking to experience traditional Chinese culture [2]

Core Insights - The article highlights the significant increase in customer service demand for Tongcheng Travel during the 2026 Lunar New Year, with an expected service volume growth of 20% to 30% compared to the previous year, and peak days seeing over 10 million inquiries [1][2]. Group 1: Customer Service Operations - Tongcheng Travel has proactively prepared for the annual peak by deploying over 500 additional frontline service personnel and establishing a backup team of more than 100 members [2]. - During the peak period, nearly 5,000 staff members, including frontline customer service, managers, and technical personnel, will be on duty to handle the surge in inquiries [2]. - The average call duration for customer service representatives is between three to five minutes, with some calls extending over 30 minutes, particularly during the Spring Festival [3][4]. Group 2: Employee Commitment and Sacrifice - Many customer service representatives, including those with over ten years of experience, have not returned home for the New Year for several years, viewing their work as a necessary sacrifice to help others reunite with their families [2][4]. - Employees express a sense of pride in their roles, understanding the importance of their work in facilitating family reunions during the holiday season [4][5]. Group 3: Technological Support and System Preparedness - The company has implemented a robust emergency response plan to monitor real-time data on flight changes, traffic disruptions, and tourist site crowd levels, ensuring early detection and warning of potential issues [6]. - The customer service platform experiences a surge in inquiries during the Spring Festival, with volumes increasing four to five times, and in some cases, exceeding ten times the normal levels [6]. - The integration of advanced AI technology has significantly improved the efficiency of customer service, with intelligent systems now handling over 90% of initial inquiries and achieving a user satisfaction rate of 80% to 82% [6][7]. Group 4: Perception of the Customer Service Profession - The article discusses the societal perception of customer service roles, which are often viewed negatively, yet emphasizes the dignity and importance of the profession in providing essential support during critical times [8][10]. - Employees find fulfillment in their work, recognizing the impact they have on customers' lives, especially during stressful travel periods like the Spring Festival [10][11].

新浪科技讯 2月23日晚间消息，携程平台最新数据显示，今年春节旅游市场呈现出显著的"深度 化"与"国际化"双重趋势。中国人不再满足于简单的回家团圆或景点打卡，而是追求更丰富的文化体验 和更灵活的双城漫游；同时，中国春节也正吸引着全球游客前来深度体验，逐步成为一个世界级的文化 IP。 携程数据显示，今年春节，北京、成都、上海、广州、深圳、哈尔滨、三亚、西安、重庆、福州、厦 门、武汉 等城市依旧是全国游客最喜爱的国内目的地。此外，一批具有独特风情和文化体验的小众目 的地成功突围：陕西延安订单量同比增长70%，山东泰安增长65%，云南普洱增长59%，新疆可克达 拉、海南文昌、广西崇左均实现56%以上增长，内蒙古呼和浩特、云南玉溪、新疆双河、江苏无锡增长 率均在48%以上。 以非遗为代表的文化体验成为最热门出行主题。在北方，传统年画技艺带动了古城旅游，天津订单量同 比增长29%，河南开封和郑州整体订单分别实现50%和27%的增长。在南方，灯会与非遗表演同样火 爆，安徽黄山订单同比上涨32%，四川自贡订单量同比增长20%。潮汕地区的英歌舞在这个春节"再破 圈"，广东汕头和潮州的订单量分别增涨36%和31%。同样因非遗而 ...

2026年春节假期即将圆满收官，旅游市场交出一份亮眼成绩单。2月23日，记者从同程、去哪儿、途牛 等旅游平台获悉，今年出外"旅游式过年"与返乡"过年式旅游"双双爆火，出游频次更高、游玩内容更丰 富，人均旅游消费持续提升。受益于此，各家平台多维度数据表现亮眼，超长假期释放出消费市场强劲 增长动能。 这个假期，不少城市的街头巷尾也有了更多国际"新面孔"。受益于持续优化的免签政策，越来越多的外 国游客选择春节期间来华旅游，感受"中国年"。飞猪平台上，春节假期入境游机票订单量同比增长近10 倍，上海、广州、成都、北京、大连、西安、杭州、深圳、福州、宁波等是他们最青睐的"入境游首 站"城市。 具体来看，如木鸟民宿平台上，春节期间订单同比增长26%，连住3天以上订单同比增长32%，刷新平 台历史春节高峰数据。同程旅行平台上，重庆、成都等中西部城市文旅产品来自本地居民的预订热度同 比增幅超100%；米兰等意大利热门目的地酒店预订热度同比增长超200%。飞猪数据则显示，国内游订 单量再创新高，其中门票订单量同比去年增长超80%，酒店间夜量同比增长75%。同时，该平台上假期 国内游人均预订金额较去年提升约10%。 过年不再围着 ...

智通财经APP获悉， "史上最长春节假期"交上了一份漂亮的长假旅游成绩单，假期出游高峰全国多个知名景区"一票难求"，周边游、长线游等 旅游消费亮点纷呈。2月23日，同程旅行(00780)发布了《2026春节假期旅游消费盘点报告》(下称《报告》)，基于同程旅行平台数据，总结了 2026年春节假期旅游消费的新趋势和新特点。 《报告》数据显示，传统年俗文化依然是春节旅游市场的"大菜"，追寻传统"年味儿"成为春节国内游主流，广东、福建等地举办的各类迎新春 年俗活动成为假日文旅消费的大热门，汕头等地旅游热度增幅领先，成为春节国内游"黑马"目的地。封关后首个春节长假，海南全岛春节旅游 热度创新高，酒店预订热度同比增长超70%。春节假期冰雪游热门目的地哈尔滨热度居前，同时室内滑雪场成为南方地区居民体验滑雪的首 选。春节期间"返乡游"与"反向过年"双向奔赴，重庆、成都等中西部城市文旅产品来自本地居民的预订热度同比增幅超100%。"跟着AI过大 年"成为今年春节出游新时尚，年轻人流行向AI请教各地的春节民俗。超长假期显著推高了春节长线出境游需求，米兰等意大利热门目的地酒 店预订热度同比增长超200%。 广东成为年俗游"顶流"， ...