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 ...

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 ...

11月25日，同程旅行发布2025年第三季度业绩报告。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；住宿业务收入实现14.7%的同比 增长，达15.80亿元。 ...

Core Viewpoint - The report from Credit Lyonnais anticipates Tongcheng Travel's (00780) third-quarter core online travel platform (OTA) business to grow by 15% year-on-year to 4.6 billion RMB, with adjusted net profit reaching 1.03 billion RMB and a profit margin of 19% [1] Group 1: Financial Performance - Revenue from accommodation and transportation ticketing is expected to increase by 14% and 10% year-on-year, respectively [1] - The adjusted net profit forecast has been slightly raised due to improved sales and marketing efficiency [1] Group 2: Stock Rating and Price Target - The target price for Tongcheng Travel has been raised from 20 HKD to 22 HKD, maintaining a "Buy" rating [1] Group 3: Market Outlook - The performance during the National Day holiday met internal expectations, indicating a positive outlook for the fourth quarter, particularly for outbound tourism [1] - The recent acquisition of Wanda Hotel Development (00169) is expected to enhance the brand value of the existing hotel management business, although its impact on this year's financial performance is anticipated to be limited due to the need for strategic development [1]

Core Viewpoint - The report from CICC anticipates Tongcheng Travel (00780) will see a 15% year-on-year growth in its core online travel agency (OTA) business for Q3, reaching 4.6 billion RMB, with an adjusted net profit of 1.03 billion RMB and a profit margin of 19% [1] Financial Performance - Revenue from accommodation and transportation ticketing is expected to increase by 14% and 10% year-on-year, respectively [1] - The adjusted net profit forecast has been slightly raised due to improved sales and marketing efficiency [1] Target Price and Rating - The target price for Tongcheng Travel has been increased from 20 HKD to 22 HKD, maintaining a "Buy" rating [1] Seasonal Performance - The performance during the National Day holiday met internal expectations, indicating strong demand [1] - The fourth quarter's outbound tourism performance is deemed crucial for the group's growth prospects in 2026 [1] Acquisition Impact - The recent acquisition of Wanda Hotel Development (00169) is expected to have a limited impact on this year's financial performance due to the need for strategic development [1] - The acquisition is believed to enhance the brand value of the existing hotel management business and improve earnings per share [1]

Core Viewpoint - Credit Lyonnais forecasts that Tongcheng Travel's core online travel agency (OTA) business revenue will grow by 15% year-on-year to 4.6 billion yuan in Q3, with adjusted net profit reaching 1.03 billion yuan and a profit margin of 19% [1] Group 1: Revenue and Profit Expectations - The expected revenue growth for the accommodation and transportation ticketing segments is 14% and 10% year-on-year, respectively [1] - The fourth quarter's outbound tourism performance is deemed crucial for the group's growth prospects in 2026 [1] Group 2: Acquisition Impact - The recent acquisition of Wanda Hotel Development is expected to have a limited impact on this year's financial performance due to the need for the group to establish a development strategy and the limited time remaining in the year [1] - The acquisition is anticipated to enhance the brand value of the group's existing hotel management business and improve earnings per share [1] Group 3: Target Price Adjustment - The target price for Tongcheng Travel has been raised from 20 HKD to 22 HKD, maintaining a "Buy" rating [1]

Core Viewpoint - Daiwa's report indicates that Ctrip Group-S (09961) exceeded market expectations for Q2 profits by 8%, driven by higher-than-expected revenue from accommodation and other services [1] Group 1: Financial Performance - The company announced a new $5 billion share buyback plan [1] - For Q3, Daiwa expects revenue and operating profit margins to meet current market expectations, with potential upside in operating profit margins due to lower-than-expected marketing expenses [1] - The group is anticipated to see a rebound in operating profit margins next year after completing investments in international business this year [1] Group 2: Price Target and Rating - Daiwa raised the target price from HKD 745 to HKD 750, reflecting a projected price-to-earnings ratio of 25 times [1] - The firm reiterated a "Buy" rating for the stock [1]

Core Insights - Ctrip reported a net profit attributable to shareholders of 9.123 billion yuan for H1, representing a year-on-year increase of 12.01% [1] - Total revenue reached 28.673 billion yuan, showing a year-on-year growth of 16.19% [1] - The company completed its previously announced $400 million shareholder return plan ahead of schedule and approved a new buyback plan of up to $5 billion in August 2025 [1] Financial Performance - In Q2 2025, Ctrip's revenue was 14.8 billion yuan, reflecting a year-on-year increase of 16.2%, exceeding expectations by 1.5% [1] - The accommodation business outperformed expectations, primarily driven by strong domestic travel demand [1] Market Reaction - Following the positive earnings report, Ctrip's stock surged over 5%, ranking among the top gainers in the Hang Seng Index [1] - The tourism sector in the A-share market showed active performance, with the tourism ETF (562510) rising over 1% at one point, and leading stocks such as Spring Airlines (601021) and China Eastern Airlines (600115) also performing well [1]

Group 1 - The company, Santer Cable (002159), stated on August 25 that its Hainan project currently does not have self-operated accommodation services but collaborates with other hotels [1] - Tourists can inquire about accommodation through the WeChat public account "Nanwan Monkey Island Scenic Area Booking Platform" [1] - The long-term plan for the Hainan project includes accommodation products, which are still in the planning and approval stage [1]

Core Insights - Tongcheng Travel reported strong mid-year performance with revenue reaching 9.05 billion yuan, an increase of 11.5% year-on-year [1] - Adjusted EBITDA for the first half of 2025 was 2.34 billion yuan, reflecting a growth of 35.2% compared to the previous year [1] - The adjusted net profit stood at 1.56 billion yuan [1] User Growth - As of the end of Q2, Tongcheng Travel served 1.99 billion users cumulatively, marking a 7.2% increase year-on-year [1] - The number of paying users reached 252 million, setting a new historical high [1] Business Segment Performance - Accommodation revenue grew by 18.8% year-on-year, totaling 2.56 billion yuan [1] - The company capitalized on new booking scenarios such as weekend getaways and events, achieving record daily room nights [1] - Transportation revenue also saw an 11.6% increase, reaching 3.88 billion yuan, with international flight bookings growing nearly 30% in Q2 [1][2] International Business Growth - International ticket volume in Q2 increased by nearly 30%, driven by relaxed outbound travel policies and rising consumer demand for cross-border travel [2] - Other revenue, including online vacation services, reached 1.36 billion yuan, up 24.1% year-on-year, indicating a shift in user travel preferences towards more diverse experiences [2] Market Trends - Domestic tourism showed robust growth, with 3.285 billion trips taken by residents in the first half of 2025, a 20.6% increase [2] - The average revenue per user (ARPU) grew by 13.8%, and the number of paid Black Whale members increased by 24%, indicating enhanced consumer spending willingness [2] Demographic Insights - Over 87% of registered users on Tongcheng Travel's platform are from non-first-tier cities, highlighting a shift in travel consumption patterns [2]