机构：中银证券 研究员：李小民/宋环翔 降本增效成果显著，利润率持续改善。25Q2 公司的毛利率为65.0%，同比+0.4pct，成本费用逐步优 化，25Q2 公司的管理/研发/销售费用率分别为4.8%/10.5%/32.8%，同比分别-0.1pct/-0.5pct/-2.3pct；OTA 经营利润率为26.7%，同比+2.4pct；经调整净利润率为16.6%，同比+1.1pct。 注重流量运营，用户基数及用户价值持续增长。25Q2 公司平均月付费用户为 4650 万人，同比+9.2%， 年付费用户为2.5 亿人，同比+10.2%。公司过去12 个月累计的服务人次为19.9 亿人次，同比+7.2%。微 信生态仍然为公司的主要流量来源，公司愈发注重平台内的运营效率；此外针对年轻用户推出系列娱乐 性营销互动，加强品牌吸引力。 估值 Q2 公司业绩实现稳健增长，国内出行市场持续高景气，跨境游维持高增长，全年业绩确定性较强。中 长期来看，公司坐享下沉市场行业红利，积极开拓业务，有望推动公司业绩增长。我们预计25-27 年公 司归母净利润为27.07/33.69/40.82 亿元，对应P/E 分别为17.0/13.7/ ...

"订到今晚演唱会场馆附近的亚朵酒店，1200多元一晚。" 8月23日晚，等在上海体育馆旁的家长王女士 向记者讲述，"这家酒店演唱会结束后周一的价钱是300多元一晚。" 8月20日—24日，偶像男团"时代少年团"在上海体育场举行演唱会。数据显示，作为时代少年团出道以 来最大规模的演唱会，四场演唱会预计将吸引超过30万人次观演，25岁以下观众占比超过80%，其中未 成年人超过25%。 8月23日晚，记者实地走访，在晚上7点多，"时代少年团"演唱会开场不久，就有不少家长等候在上海体 育场外，还有不少未买到票入场的粉丝也聚集在场馆周围。 美团数据显示，怀化、北京、杭州、南京、金华、无锡、长沙、宁波、苏州、东莞等异地游客喜欢搜 索"上海体育场"。受演唱会气氛带动，"上海体育场附近美食"搜索量上涨626%，"上海演唱会应援妆"搜 索量上涨529%，其中明星演唱会所在地徐汇区搜索量位居上海各区top1。 明星演唱会有效拉动本地文旅经济，带动"吃住行游购娱"一站式消费，形成"3小时演出撬动72小时消 费"联动效应。美团旅行数据显示，8月14日至8月20日期间，上海文旅消费同比增速达13%。上海体育 场附近商场飞洲国际消费带动 ...

Group 1: Tourism and Travel Industry - Chengdu's inbound tourism during the World Games saw a year-on-year increase of 31%, with popular destinations including Chunxi Road and Tianfu Square, indicating the positive impact of large international events on tourism consumption [1] - Tongcheng Travel reported a revenue of 9.05 billion yuan for the first half of 2025, a year-on-year growth of 11.5%, and an adjusted EBITDA of 2.34 billion yuan, reflecting a recovery in domestic travel demand and improved monetization capabilities [3] - The national railway system transported over 712 million passengers during the summer transport period, marking a 4.1% increase year-on-year, showcasing strong demand in the transportation and tourism market [4] Group 2: Animation Industry - The animated film "Wang Wang Mountain Little Monster" surpassed 1 billion yuan in box office revenue, entering the top ten of China's animated film box office history, highlighting the market potential for domestic 2D animation despite lacking major IP support [2]

OTA平台的良好表现源于"生态协同+全球化+供应链创新"的模式创新。这些平台凭借数字化能力精准匹 配供需、优化服务体验、创新产品组合，在行业调整期实现了增长。 8月13日，据《观点指数 2025中国房地产全产业链发展白皮书》显示，当前文旅行业正经历明显的结构 性调整，不同领域呈现出分化态势。从细分板块数据来看，在线旅游OTA业务凭借数字化优势保持增 长，传统文旅企业则普遍面临增长放缓的情况，行业格局出现重塑的迹象。 文旅集团营收平均规模为16.07，营收平均增速-11.53%，平均净利润率-0.4%，净利润率增速低 至-185%，这一数据反映出重资产运营模式在消费需求变化中的适应能力有待提升。 地方文旅处境更为困难，营收平均规模仅1.04，营收平均增速-19%，平均净利润率-42.0%，净利润率增 速-355%，对"门票经济"的依赖以及产品同质化等问题较为突出。 观点指数认为，行业分化的本质是模式迭代速度的不同。传统文旅企业需要加快从"资源依赖"向"产品 创新+运营提效+生态协同"转型：或借助在线平台对接流量资源，或深耕在地文化打造差异化IP，或引 入数字化工具优化运营体系。只有主动适应变革，才能在消费需求向 ...

分组1 - Expedia reported quarterly earnings of $4.24 per share, exceeding the Zacks Consensus Estimate of $4.14 per share, and up from $3.51 per share a year ago, representing an earnings surprise of +2.42% [1] - The company posted revenues of $3.79 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.94%, compared to $3.56 billion in the same quarter last year [2] - Over the last four quarters, Expedia has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] 分组2 - The stock has underperformed the market, losing about 0.6% since the beginning of the year, while the S&P 500 has gained 7.9% [3] - The current consensus EPS estimate for the coming quarter is $7.11 on revenues of $4.22 billion, and for the current fiscal year, it is $14.65 on revenues of $14.17 billion [7] - The Zacks Industry Rank indicates that the Internet - Commerce sector is currently in the bottom 34% of over 250 Zacks industries, which may impact stock performance [8]

Core Viewpoint - The Guizhou Provincial Market Supervision Administration has conducted a meeting with five travel platform companies, including Ctrip, Tongcheng, Douyin, Meituan, and Fliggy, to enforce compliance with pricing laws and regulations, aiming to eliminate price irregularities and maintain a fair market environment [1] Regulatory Compliance - The meeting emphasized the need for strict adherence to the Price Law of the People's Republic of China, the Anti-Monopoly Law, and regulations against price fraud [1] - Companies were urged to strengthen self-discipline and compliance measures, and to conduct comprehensive self-inspections to prevent price fraud, price gouging, and collusion [1] Market Monitoring - The Guizhou Provincial Market Supervision Administration will closely monitor the competitive dynamics of the involved platform companies [1] - Companies that violate regulations or fail to rectify issues will face strict legal consequences, including public exposure of typical cases to deter non-compliance [1]

Core Viewpoint - The article discusses the recent acquisitions by Tongcheng Travel, highlighting the challenges and market reactions associated with its attempts to integrate and control Dalian Shengya, a struggling tourism company [2][4][10]. Group 1: Acquisitions Overview - In April 2025, Tongcheng Travel acquired all shares of Wanda Hotel Development's hotel assets for 2.5 billion yuan [3]. - In July 2025, Tongcheng Travel planned to acquire a 23.08% stake in Dalian Shengya for 960 million yuan, gaining control over the company [6][8]. - The total investment in Dalian amounts to nearly 3.5 billion yuan, indicating a strategy to consolidate local tourism resources [4][10]. Group 2: Market Reactions - Following the announcements of the acquisitions, Tongcheng Travel's stock price dropped significantly, reflecting market skepticism about the deals [5][22]. - Dalian Shengya's stock experienced volatility, initially rising but then falling sharply after the acquisition news, indicating investor concerns about the integration process [5][22]. Group 3: Financial Performance and Challenges - Dalian Shengya reported total assets of 2.1 billion yuan and a net loss of 70 million yuan in 2024, highlighting its financial struggles compared to Tongcheng Travel's total assets of 37.8 billion yuan and net profit of 1.97 billion yuan [10][14]. - The company has a high debt ratio exceeding 85%, with significant financial burdens, including interest payments of 51 million yuan [15][16]. - Dalian Shengya's revenue growth in its main business segments has lagged behind the industry average, with a mere 5.7% increase in its scenic area operations [14]. Group 4: Governance and Control Issues - Dalian Shengya has faced governance challenges, including a power struggle among shareholders, which may complicate Tongcheng Travel's integration efforts [20][21]. - The controlling shareholder's shares are judicially frozen, raising concerns about potential changes in the shareholder structure and governance stability [19][20]. Group 5: Strategic Implications - Tongcheng Travel aims to leverage its extensive user base and resources to enhance Dalian Shengya's operations and expand its market presence [17]. - The acquisition is seen as a move to transition from an online-focused business model to a more integrated offline tourism operation [26].

Fiverr International (FVRR) came out with quarterly earnings of $0.69 per share, missing the Zacks Consensus Estimate of $0.72 per share. This compares to earnings of $0.58 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -4.17%. A quarter ago, it was expected that this online marketplace for freelance services would post earnings of $0.67 per share when it actually produced earnings of $0.64, delivering a surprise of -4.48%.Ov ...

Investment Rating - The report maintains a positive outlook on the higher education sector, indicating a "Buy" recommendation for specific companies such as New Higher Education, Neusoft Ruixin, Xijiao International Holdings, and Zhonghui Group [30]. Core Insights - The report anticipates a turning point in educational investment, with improved operational efficiency expected in the higher education sector. It notes that while revenue growth for higher education companies is generally slowing due to a deceleration in student enrollment, tuition fee increases are becoming the primary driver of revenue growth [3][12]. - The report predicts that the average revenue growth rate for six higher education companies in FY25 will be 8.8%, a decline of 2.8 percentage points from the previous year and a drop of 11.8 percentage points from the five-year average [4][13]. - The report highlights that the average tuition fee growth for FY25 is expected to remain stable at 9.3%, which is an increase of 1.2 percentage points compared to the five-year average [4][12]. Summary by Sections Market Review - The education index increased by 2.9% during the week, outperforming the Hang Seng Index by 0.4 percentage points. Year-to-date, the education index has risen by 14.21%, lagging behind the Hang Seng Index by 7.23 percentage points [11]. Financial Projections - The report forecasts that the average gross profit growth for the six higher education companies in FY25 will be 3.7%, a decrease of 1.1 percentage points from the previous year and a drop of 14.4 percentage points from the five-year average. The average gross profit margin is expected to be 43.6%, down 2.9 percentage points from the previous year [5][18]. - The average number of teachers is projected to grow by 2.9% in FY25, continuing to outpace student enrollment growth. Teacher salaries are expected to increase by an average of 14.7%, indicating a trend towards hiring higher-caliber talent [5][18]. Cost Management - The average sales expense ratio for FY25 is projected to be 2.5%, remaining stable compared to the previous year. The average management expense ratio is expected to rise to 11.8%, while the average financial expense ratio is anticipated to decrease to 3.7% [6][22]. Operational Efficiency - The report suggests that the operational efficiency of higher education companies is expected to bottom out, with quality improvements in education becoming the main theme of the industry. It predicts that the cost growth for higher education companies will align with student enrollment growth in the coming year [8][27]. - The report also indicates that as educational investment peaks, the resumption of dividends from higher education companies is anticipated [29].

Core Insights - The report emphasizes the stability of the social service sector while highlighting structural opportunities in strong platforms and brands [1][3] - The investment rating is maintained at "outperform the market" [2] Market Review - In May, the A-share social service sector underperformed the benchmark by 3.6 percentage points, while leading companies in the travel chain sector in Hong Kong and the US reached new highs after earnings reports [3][4] - The overall performance of the A-share social service sector was volatile, with some undervalued companies showing resilience [9] Platform vs. Brand Dynamics - The hotel industry is experiencing oversupply, which enhances the relative advantages of platforms over brands. The expected growth rate for hotel supply is projected to remain between 5-10% until 2025 [3][14] - Online Travel Agencies (OTAs) are benefiting from resilient leisure tourism and increased online penetration, leading to double-digit revenue growth in Q1 [3][12] Brand Performance - The operational efficiency of leading hotel brands is increasingly differentiated during challenging periods, with major players enhancing shareholder returns [3][26] - Companies like Atour and Huazhu are expanding their market share rapidly, leveraging their central reservation capabilities [3][26] Investment Recommendations - The report suggests investing in companies such as Tongcheng Travel, Ctrip Group-S, Meituan-W, and Atour, among others, based on the current economic environment and market trends [3][12] Financial Performance Overview - The financial performance of leading companies in the hotel and OTA sectors shows a divergence, with some brands experiencing significant growth while others face challenges [11][12] - For instance, Atour reported a 55.3% year-on-year increase in revenue for 2024, while Huazhu's revenue growth was more modest at 9.2% [11] Trends in Hotel Supply and Demand - The hotel supply is expected to grow due to favorable policies and declining rental costs, attracting diverse investors [14][20] - The demand for hotels is driven by resilient leisure travel, although business travel remains cyclical and is still under observation for recovery [20][22] Shareholder Returns - Leading companies are increasingly focusing on shareholder returns, with Atour and Huazhu announcing significant buyback and dividend plans [39][40] - The report highlights that overseas hotel leaders typically offer shareholder returns around 5%, indicating a trend towards enhancing shareholder value in the domestic market as well [39][40]