Core Viewpoint - The launch of the "Foreign Affairs Pass" module on the Wuhan International Trade Digital Platform aims to streamline the process for foreign trade enterprises in handling invitations for foreigners to come to China and APEC Business Travel Cards, enhancing efficiency and convenience in international business operations [1][3]. Group 1: Functionality and Benefits - The "Foreign Affairs Pass" allows foreign trade enterprises to submit applications online, eliminating the need for physical paperwork and reducing the time required for qualification reviews [3]. - The integration with the Wuhan International Trade Digital Platform's big data capabilities enables precise profiling of enterprises' foreign trade operations, facilitating "one registration, multiple services" [3]. Group 2: APEC Business Travel Card - The APEC Business Travel Card facilitates business personnel's travel across 16 APEC economies, allowing Chinese cardholders to travel freely for five years [3]. - The possession of an APEC Business Travel Card is increasingly seen as a benchmark for assessing a company's strength and level of internationalization [3]. Group 3: Strategic Initiatives - The launch of the "Foreign Affairs Pass" is part of Wuhan's broader strategy to enhance coordination between foreign affairs and foreign trade, promoting a comprehensive approach to foreign affairs, trade, and investment [3].

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].

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