2025年8月21日，全球领先的酒店及住宿在线预订平台Booking.com缤客在上海举办了2025中国旅客出境游趋势 报告发布会，勾勒出中国旅客探索世界时出行动因、旅途期待、个性化偏好等维度的旅行趋势与行为特征。值 得关注的是，中国旅客探索世界的热忱正持续升温，他们的旅行足迹遍及亚太地区乃至更广袤的目的地。 Booking.com缤客持续为旅客提供多元旅行体验，同时，通过推动创新、助力中国旅游业发展。 随着国际旅游的逐步回暖，中国旅客的旅行偏好也呈现出崭新的发展趋势。从目的地维度来看，亚太地区仍是 旅客出国游玩的热门选择。澳大利亚一直以来都是中国游客的热门选择，官方数据显示2024年6月至2025年5月 期间赴澳中国游客达到94.76万人次，同比增长21%，是澳大利亚入境游客数量增长最快的国际客源市场。 中国旅人心向远方，安为基石 欧洲旅行目的地的吸引力也在稳步上升，意大利、西班牙和荷兰的受关注程度分别增长了15%、10%和10%， 凭借独特的人文风貌，成为出国旅行期待之选。无论心向何处，安全始终是中国旅客选择目的地时的首要考量 与顾虑。报告显示，44%的受访者表示会在出行前会重点评估目的地的安全/治安状况 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported a revenue of 4.669 billion yuan for Q2 2025, representing a year-on-year increase of 10.0%, and an adjusted net profit of 0.775 billion yuan, up 18.0% year-on-year, with an adjusted net profit margin of 16.6%, an increase of 1.1 percentage points year-on-year [1][3]. - The core OTA business showed robust performance with a revenue of 4.008 billion yuan in Q2 2025, a year-on-year increase of 13.7% [2]. - The company is focusing on enhancing its domestic OTA business market share and profitability while cautiously investing in heavy asset sectors [4]. Revenue and Profitability Analysis - The company's gross margin reached 65.0%, up 0.4 percentage points year-on-year, and the core OTA business margin was 26.7%, an increase of 2.4 percentage points year-on-year [3]. - The revenue from accommodation bookings in Q2 2025 was 1.371 billion yuan, up 15.2% year-on-year, driven by new accommodation scenarios such as concerts and sports events [2]. - The international ticketing business volume grew nearly 30% year-on-year, contributing over 6% to total ticketing revenue [2]. Future Projections - The company expects its core OTA business revenue to maintain double-digit year-on-year growth in Q3 2025, benefiting from ADR improvements and the development of hotel management business [4]. - The adjusted net profit forecasts for 2025, 2026, and 2027 are 3.381 billion yuan, 4.063 billion yuan, and 4.651 billion yuan respectively, with corresponding adjusted PE ratios of 13, 11, and 10 times [4][5].

Group 1: Earnings and Revenue Forecasts - Booking Holdings (BKNG) is expected to report quarterly earnings of $50.46 per share, reflecting a 20.4% increase year over year [1] - Analysts forecast revenues of $6.56 billion, indicating an 11.9% year-over-year growth [1] - The consensus EPS estimate has been adjusted upward by 0.4% over the past 30 days, showing analysts' reassessment of projections [1] Group 2: Key Revenue Metrics - 'Revenues- Agency' is expected to be $2.03 billion, a decrease of 5.4% from the prior-year quarter [3] - 'Revenues- Advertising and Other Revenues' is projected to reach $282.45 million, an increase of 5% year over year [4] - 'Revenues- Merchant' is anticipated to be $4.25 billion, reflecting a 23.3% increase compared to the previous year [4] Group 3: Gross Bookings and Units Sold - Total 'Gross Bookings' is projected at $46.23 billion, up from $41.40 billion year over year [4] - 'Gross Bookings - Agency' is expected to be $14.62 billion, down from $15.60 billion in the prior year [5] - 'Units Sold - Room Nights' is forecasted to reach 300.87 million, compared to 287.00 million in the same quarter last year [6] Group 4: Market Performance - Over the past month, shares of Booking Holdings have returned +4.6%, while the Zacks S&P 500 composite has changed +5.7% [7] - BKNG currently holds a Zacks Rank 1 (Strong Buy), suggesting potential outperformance in the near future [7]

Group 1 - The core point of the article is that Booking.com, the world's largest OTA, plans to lay off approximately 1,000 employees globally, significantly impacting its Amsterdam headquarters [2][5]. - The layoffs are part of a broader organizational restructuring aimed at modernizing processes and improving operational efficiency, despite the company's recent strong financial performance, including a 37% increase in net profit to $5.9 billion [5][6]. - The company currently employs over 24,000 people globally, with around 13,000 at Booking.com, including approximately 7,000 in Amsterdam, where layoffs are expected to range from 200 to 1,000 positions [5][6]. Group 2 - In 2020, during the COVID-19 pandemic, Booking Holdings announced a 25% global workforce reduction, indicating a history of significant layoffs [3]. - The restructuring plan was announced on November 8, 2024, and includes not only layoffs but also optimizing procurement and seeking real estate savings [5]. - The Dutch Christian trade union CNV has expressed concerns about the vagueness of the restructuring plan, particularly regarding the criteria for layoffs and which employees will be affected [7].

Core Points - The agreement between China and Malaysia on mutual visa exemption for holders of ordinary and official passports will take effect on July 17, 2025, marking a new phase in bilateral relations and enhancing people-to-people exchanges and economic cooperation [3] - The agreement allows for visa-free entry for Chinese and Malaysian passport holders for stays not exceeding 30 days, with a cumulative stay of 90 days within 180 days, for various purposes including tourism and business [3] - As of July 2023, China has established mutual visa exemption agreements with Singapore, Thailand, and Brunei among the ten ASEAN countries, with 47 countries benefiting from unilateral visa exemption policies to China [4] Industry Insights - Malaysia has emerged as a top travel destination for Chinese tourists this summer, with hotel bookings increasing by 43% year-on-year [4] - Kuala Lumpur, Tawau, and Langkawi are the most popular cities for Chinese travelers, with Kuala Lumpur being the top city for outbound travel from China according to recent data [4] - In the first four months of 2023, 1.4 million Chinese tourists visited Malaysia, a 37.8% increase compared to the same period in 2024, with projections suggesting that the total number of Chinese tourists to Malaysia could reach 5 million this year [4]

Group 1 - The phenomenon of hotel and homestay "breach of contract" has intensified post the May Day holiday, with numerous complaints on social media regarding last-minute cancellations and price hikes by hotels [1][2] - Some businesses exploit the supply-demand imbalance during peak holiday periods, leading to deceptive practices such as claiming "equipment upgrades" to cancel reservations and charge higher prices to new customers [2][3] - Major travel platforms like Ctrip are implementing service guarantees to protect consumers, including upgrading rooms or assisting in booking equivalent accommodations when breaches occur [2][3] Group 2 - The "dynamic pricing" strategy employed by hotels and homestays is a common market practice to adjust supply and demand, although some consumers question whether this reflects unfair pricing practices by online travel agencies (OTAs) [2][3] - Misunderstandings about pricing mechanisms arise from consumers' lack of awareness that hotels and homestays control pricing, while platforms primarily serve as information providers [3] - The phenomenon of "prices increasing with more searches" is attributed to real-time changes in supply and demand, where low-priced rooms get booked quickly, leaving only higher-priced options available [3]

Group 1 - The core viewpoint of the articles highlights the significant increase in inbound tourism in China during the "May Day" holiday, driven by favorable policies such as visa exemptions and tax refunds for foreign travelers [1][2] - Major cities for inbound travel include Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou, with ticket bookings for inbound flights to cities like Chengdu, Xiamen, Nanjing, Chongqing, and Haikou doubling compared to the previous year [1] - The highest proportion of inbound travelers comes from the United States, South Korea, and Japan, with Australian travelers showing the highest growth in ticket bookings, increasing by 1.5 times year-on-year [1] Group 2 - In terms of outbound tourism, hotel bookings by Chinese travelers have expanded to 1,837 cities globally, an increase of 432 cities compared to the previous year [2] - Popular destinations for international flights include countries within a 5-hour flight radius and visa-free countries, with hotel bookings in Vietnam and Spain seeing a doubling in volume compared to last year's high base [2]

Group 1 - The core demand for travel during the May Day holiday is primarily for returning home and leisure trips [1][5] - Travel demand is expected to peak on April 30 and May 1, with Didi predicting a 55% increase in ride-hailing demand during peak hours [2][3] - Didi forecasts a 304% increase in charter orders compared to pre-holiday levels, with significant growth in intercity travel [3] Group 2 - Car rental demand during the May Day holiday is expected to be 2 to 3 times higher than during the Qingming Festival, with 65% of bookings for out-of-town rentals [4] - Hello's data indicates that the demand for ride-sharing during the holiday could reach 60 million orders, setting a historical high for the platform [4] - The search volume for May Day travel has surged over 500% compared to last year, with a notable increase in interest from the younger demographic [6] Group 3 - Popular destinations for ride-hailing include cities like Guilin and Zhuhai, with emerging cities showing significant demand growth [3][5] - The majority of ride-sharing orders during the holiday are expected to be for scenic spots within a two-hour travel radius of major cities [5] - The trend of seeking nature experiences is rising, with significant increases in bookings for national parks and lakes [11]

Group 1: Travel Demand and Trends - The upcoming "May Day" holiday is expected to see a significant increase in travel demand, with the China Railway Beijing Bureau predicting 11.74 million passengers over the 8-day period, a year-on-year increase of 4.13 million passengers [1] - Online travel platforms report a surge in demand for "deep travel" and "long-distance travel," with domestic flight bookings rising approximately 30% compared to last year [2] - Popular destinations include traditional cities like Shanghai and Beijing, while lesser-known locations such as Changjiang and Nujiang are experiencing booking increases of over 100% compared to last year [2] Group 2: Travel Management and Regulations - Many popular tourist sites are implementing strict reservation and entry verification systems to manage the expected influx of visitors during the holiday [3] - Various scenic areas, including Huangshan and Yulong Snow Mountain, are enforcing measures such as real-name reservations and visitor limits to ensure a manageable flow of tourists [3][5] Group 3: Promotion of Niche Travel - Local tourism authorities are promoting "reverse travel" and niche travel routes to alleviate congestion at popular sites, offering unique experiences that highlight cultural and natural attractions [4] - Beijing's cultural and tourism bureau has introduced 10 niche travel routes aimed at providing a pleasant experience away from crowded hotspots, featuring historical and artistic sites [4] Group 4: Outbound Travel Market - The outbound travel market is expected to continue its upward trend, with significant increases in bookings for flights and hotels compared to last year, particularly for destinations like Japan and Malaysia [7] - Personalized travel experiences are gaining popularity, with a notable rise in demand for unique activities such as themed hotels and adventure tourism [7]