Investment Rating - The report assigns a "Buy" rating to the company, with an initial coverage date of July 8, 2025 [1][4]. Core Insights - The company is positioned as a leading player in the domestic OTA market, particularly benefiting from the growth in lower-tier markets and the overall tourism boom. It is backed by major shareholders Tencent and Trip.com, which provide significant advantages in customer acquisition and supply chain resources [4][6][9]. Summary by Sections Company Overview - The company, formed from the merger of Tongcheng and eLong, is a top-tier one-stop travel service platform in China, successfully ranking among the top three in the OTA industry [17]. Shareholding Structure - The company has a concentrated shareholding structure, with major shareholders Tencent and Trip.com holding 24.07% and 20.46% respectively, facilitating deep collaboration in business operations [18][21]. Business Breakdown - The core OTA business includes transportation and accommodation bookings, contributing approximately 50% and 30% of revenue respectively. The company is expanding into hotel management and vacation services, enhancing its competitive edge [23]. Financial Performance - The company has shown strong recovery post-pandemic, with revenues of RMB 11.896 billion in 2023 and projected growth to RMB 19.624 billion by 2025, reflecting a growth rate of 80.7% and 45.8% respectively [8][31]. Adjusted net profit is expected to reach RMB 27.07 billion in 2025 [6]. OTA Industry Insights - The online travel market in China is projected to exceed RMB 1 trillion in 2024, with a significant increase in online transaction rates, indicating a robust recovery and growth potential in the sector [39][46]. Competitive Landscape - The OTA market is characterized by a high concentration of major players, with Trip.com leading the market share. The competitive dynamics are stable, with companies leveraging unique strengths to capture different market segments [49][52]. Pricing Power - The pricing power of the company is influenced by the concentration of upstream resources, particularly in transportation and accommodation sectors, which affects commission rates and overall profitability [56][59].

京东官宣入局酒旅不到一周，阿里也将飞猪并入电商事业群......从外卖到酒旅，本地生活成为巨头们重 点争夺的对象。 为什么要瞄准酒旅？ 以利润看，酒旅赛道背后是难以抗拒的商业吸引力。以携程为例，2024年携程核心OTA业务交易额突破 1.2万亿元。2025年第一季度，携程当季收入为138亿元，净利润为43亿元，经调整EBITDA利润率达 31%。 其中，住宿预订营业收入达到55亿元，同比上升23%；交通票务营业收入54亿元，同比上升8%，毛利 率更是高达80.4%，。携程，仿佛是财富永动机一样的存在。 从战略布局来看，从外卖到酒旅，阿里京东瞄准的是"本地生活"这门生意。平台切入酒旅业务后，将带 动本地餐饮、门票、摄影等到店服务，撬动B端生态，想象力无限。 那么，夹缝求生的酒店品牌们，还有利益可言吗？ 全季们艰难开副本OTA无痛"躺赚" 一个酒旅行业的共识是，这两年旅游行业虽然回暖了，但钱变得更"难挣"了。 据文化和旅游部数据，2024年，国内居民出游56.2亿人次，同比增长14.8%；国内居民出游总花费5.8万 亿元，同比增长17.1%。 出行需求增加了，钱却没有进入酒店的"口袋"。以华住、锦江、首旅、亚朵四 ...

"携程利润表现与其营收的稳健增长形成反差。携程的销售及营销费用、研发费用、一般及行政费用分 别达30亿元、35亿元、10亿元，同比增幅分别为30%、13%、11%，主因是线下门店扩张和AI技术投 入。同程旅行净利润同比大涨得益于同程通过AI技术降低客服成本（节省15%人力成本）和动态打包系 统提升供应链效率。途牛同比转亏主要源于营业成本同比上升85.9%，占净收入的41%，远高于2024年 同期的24%。"陈礼腾表示。 文化和旅游部数据显示，2025年一季度国内居民出游总花费同比增长18.6%，达到1.8万亿元，其中农村 居民出游花费同比增长近40%，增速远高于城镇居民。县域及农村市场释放消费力将成为新增长极。此 外，国际旅游复苏加速将为行业带来新机遇。 途牛2025年第一季度净营收1.175亿元，同比增长8.9%。其中打包旅游产品收入9900万元，同比增长 19.3%，占总营收84%；其他收入1850万元，同比下跌25.8%；直播业务单场支付金额破千万元，核销额 同比增超20%。 网经社电子商务研究中心数字生活分析师陈礼腾表示，从营收规模来看，携程领跑行业，主要源于其全 链条服务能力（覆盖住宿、交通、度假、 ...

近期，携程（TCOM）、同程（0780）、途牛(TOUR) 3家在线旅游上市公司相继发布2025年一季度业 绩报告。对此，网经社电子商务研究中心给予解读。 出品｜网经社 作者｜无痕 审稿｜云马 配图｜网经社图库 | 2025年Q1携程、同程旅行、途牛核心财报数据对比 | | | | | --- | --- | --- | --- | | 指标 | 携程 | 同程旅行 | 途牛 | | 营收 (亿元) | 138 | 43.77 | 1.175 | | 营收增速 | 16% | 13.2% | 8.9% | | 核心业务营收 | 住宿预订:55.41 | 住宿业务:11.9 | 打包旅游:0.99 | | (亿元) | 交通票务:54.18 | 交通业务:20 | | | 净利润(亿元) | 43.14 | 7.88 | -0.054 | | 滕野菜乐光 | 持平 | 41.3% | 转亏 | | 净利率 | 34% | 18% | -4.6% | | 图表编制:网经社 | | | 网址: WWW.100EC.CN | 营收规模与增速：携程领跑 同程稳健 途牛承压 携程2025年Q1净营收138亿元，同比增长1 ...

不过，在线住宿预订服务行业在持续高速增长的同时也面临许多问题，如入住时无房，无法更改或取消 预订，服务描述与实际服务严重不一致，用户敏感、隐私和财务数据泄露等。携程研究院文旅产业及数 据中心主任姜文恒坦言，在平台实际运行中，确实曾遇到类似挑战，如在退改服务上，不同供应商政策 不一，用户理解成本较高；在支付服务上，境外用户的支付偏好和技术习惯差异，导致体验不一致；在 平台责任边界方面，用户对"平台中介"与"住宿服务提供方"的区分并不清晰，也容易引发消费纠纷。 在数字化和全球化迅猛发展的今天，线上平台已成为游客出行时预订住房的主流方式，人们对便捷旅游 的需求持续增长。据统计，近年来，全球在线住宿预订市场规模年均增速超10%。 近期，由中国牵头制定的《旅游及相关服务在线旅游机构（OTA） 在线住宿预订平台服务指南》（ISO 9468:2025）和《展览与活动第1部分：术语》（ISO 25639-1:2025）两项国际标准，陆续由国际标准化 组织（ISO）正式发布。这是继2024年底国际标准化组织发布首个由中国牵头的旅游信息咨询服务国际 标准之后，又推出的两项重要成果。 "此次发布的《旅游及相关服务在线旅游机构（OT ...

Airbnb CEO：我的师傅是奥巴马，他会给我布置作业，还会教我怎么处关系 图片来源：Aurelien Meunier/Getty Images for Airbnb 为了把Airbnb打造成一家成功的公司，切斯基有时每周要工作100个小时，工作强度非常大。即使是这 样，他也会定期抽出时间，向奥巴马请教经验。 切斯基最近透露道："在2018年的一段时间里，我们基本上每周都会固定进行一小时的电话交流。我白 天工作，晚上跟这位前总统'上夜校'，而且他还会给我布置一些作业，不过这段经历改变了我的人 生。" 最近，切斯基在米歇尔·奥马的播客栏目IMO中露面时表示："我当时真的是毫无顾忌地主动联系他，寻 求建议和指导，而他也愿意与我见面，并给我一些建议。" 他说，奥巴马曾对他讲，不要成为那种像"无人驾驶汽车"一样缺乏主观能动性的领导，而是要立足长远 想问题，认识到关系的重要性，而且要积极实现自己想达到的影响。 《财富》已联系切斯基和奥巴马并请其发表评论。 当总统的徒弟是一种什么样的体验 将Airbnb打造成了一个家喻户晓的品牌后，切斯基却仍不感到满足，甚至也称不上快乐。 切斯基说："虽然我在科技领域非常成功，也赚了很 ...

事件： 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 25Q1公司的毛利率达到68.8%，同比+3.8pcts，主要受益于营收增长带来的规模效应提升。25Q1公司的经 调整净利润率与核心OTA利润率均同比提升，经调整净利润率达到18.0%，同比+3.6pcts。核心OTA业务利 润率达到29.2%，同比+6.6pcts，环比+0.8pcts。主要得益于公司精细化补贴投放，更关注ROI水平，销售 费用率同比下降且应用AI提升内部运营效率。25Q1公司销售费用率为33.2%，同比-2.2pcts。预计25Q2公 司的销售费用率将进一步同比下降，核心OTA利润率将同比持续提升。另外，公司于25年4月17日公告收 购万达酒管，有望补齐高端酒管的短板，打造更完善的酒管品牌矩阵，未来 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Insights - The company has shown continuous improvement in profit margins, with a focus on international expansion performance [3][6]. - In Q1 2025, the company achieved revenue of 4.4 billion yuan, representing a year-over-year increase of 13%, and an adjusted net profit of 790 million yuan, up 41% year-over-year, with an adjusted net profit margin of 18%, an increase of 3.6 percentage points year-over-year [5][6]. Financial Performance - The core online travel platform generated revenue of 3.8 billion yuan in Q1 2025, a year-over-year increase of 18%, with an operating profit margin of 29.2%, up 6.6 percentage points year-over-year [6]. - Revenue from transportation ticketing reached 2 billion yuan, up 15% year-over-year, benefiting from increased demand and enhanced value-added services [6]. - Accommodation bookings generated 1.2 billion yuan in revenue, a 23% year-over-year increase, with international hotel night volume growing over 50% [6]. - The vacation business faced short-term revenue pressure, generating 590 million yuan, down 11.8% year-over-year, due to safety issues in Southeast Asia [6]. User Metrics - The average monthly paying user count reached 46.5 million, a 9.2% year-over-year increase, with annual paying users totaling 247 million, up 7.8% year-over-year [6]. - Over 87% of registered users reside in non-first-tier cities in China, with 68% of new paying users from these areas, reinforcing the platform's position in the mass market [6]. Future Projections - Revenue forecasts for 2025-2027 are adjusted to 19.3 billion, 22.1 billion, and 24.9 billion yuan respectively, with net profits projected at 2.7 billion, 3.0 billion, and 3.5 billion yuan [8]. - The target market capitalization for 2025 is set at 51.4 billion yuan, with a target price of 24 HKD per share [8].

营业收入符合指引，全年业绩释放确定性强 消费品/商业 5 月 23 日，同程旅行发布 25Q1 业绩，报告期内公司实现营收 43.8 亿元，同 比增长 13.2%；实现经调整 EBITDA/经调整净利润为 11.6/7.9 亿元，同比增长 41.3%/41.1%，收入符合指引预期，经营业绩略超市场预期。2025Q1 国内出行 需求仍保持较高的景气度，得益于佣金率提升及休闲旅游需求持续释放，公司 Q1 收入稳步增长，国际业务延续高增长趋势。随着 OTA 渗透率持续提升+格 局优化下佣金率改善延续，公司收入端有望延续高增趋势，叠加国际业务减亏& 规模效益带来的 OPM 改善，全年业绩具备较强确定性，维持"强烈推荐"评 级。 ❑ 风险提示：经济消费下滑风险；出行政策变化风险；疫情反复风险。 证券研究报告 | 公司点评报告 2025 年 5 月 25 日 同程旅行（00780.HK） 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入(百万元) | 11904 | 173 ...

Core Viewpoint - Trip.com Group reported strong financial performance in Q1 2025, with revenue growth and positive operating profit margins, indicating a robust recovery in the travel sector [1][4]. Financial Performance - Q1 2025 revenue reached Rmb13.9 billion, representing a 16% year-over-year increase [1]. - Non-GAAP operating profit was Rmb4 billion, with a non-GAAP operating profit margin of 29% [1]. - The company maintains its non-GAAP EPS forecasts of Rmb27.7 for 2025, Rmb29.7 for 2026, and Rmb30 for 2027 [1]. Business Segment Performance - Accommodation reservation revenue increased by 23% year-over-year [2]. - Transportation ticketing revenue grew by 8%, packaged tour revenue by 7%, corporate travel revenue by 12%, and other business revenue by 33% [2]. - Revenue breakdown by region: domestic (65% of total revenue, low teens growth), outbound (15%, 20% growth), and pure overseas (20%, 30%+ growth) [2]. Brand Contribution and Outlook - The Trip.com brand contributed 13% of total revenue, with over 50% year-over-year growth [3]. - For Q2 2025, revenue is expected to grow by 14% year-over-year, with domestic business in low teens, outbound travel up by 15%, and Trip.com brand growth exceeding 50% [3]. - The recovery rate of outbound travel compared to 2019 is projected to rise from 50% in Q1 2025 to 60% [3]. Market Position and Rating - The company is positioned as a leader in China's online travel industry, with potential for market share gains internationally [4]. - The target price is maintained at HK$590, indicating a 22% upside, with a Buy rating sustained [4].