Group 1: Economic Development and Growth - The emphasis on stabilizing growth, promoting transformation, preventing risks, and improving people's livelihoods to achieve annual goals and high-quality development [1][3] - The need for continuous expansion of effective investment and acceleration of major project construction to stimulate consumption potential [3] - The focus on developing key industries such as cultural tourism, elderly care services, and agricultural product processing, leveraging platforms like the China-France Ecological Demonstration City and the China-Germany Industrial Park [3] Group 2: Tourism and Cultural Development - The successful operation of the Wuhan Chengjian Kaiyuan Senbo Resort, attracting over 100,000 visitors within two months of opening, highlighting the potential of major cultural tourism projects [1] - The call for enhancing management and service quality in tourism projects to drive surrounding rural tourism and promote the integration of agriculture, culture, and tourism [1] Group 3: Elderly Care and Health Services - The development of the Huzhong Younian Life (Wuhan) Elderly Care Community, which aims to provide refined medical and nursing services to ensure better health and quality of life for the elderly [2] - The encouragement for the new district to leverage spatial and cost advantages to expand high-quality elderly care services, meeting diverse and multi-level needs of the elderly population [2] Group 4: Agricultural Development and Food Security - The successful management of over 1,100 acres of rice production in Longquan Village, emphasizing the importance of agricultural management and irrigation services [2] - The commitment to ensuring food security by implementing drought resistance measures and enhancing agricultural technology innovation and application [2][3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 25.50, indicating a potential upside of 29.7% from the current price of HKD 19.66 [1][10]. Core Insights - The company's Q2 performance met expectations, with a projected 15% year-on-year growth in core OTA business revenue for Q3, driven by a 10-15% increase in accommodation nights and stable ADR [2][7]. - The overall core OTA business is expected to grow by 16% for the year, with an operational profit margin improvement of approximately 2 percentage points, attributed to a strategic shift towards enhancing user ARPU and profitability in new business areas [2][3]. - Despite a 10% expected decline in revenue from the outbound travel business due to negative impacts in Southeast Asia, the company remains profitable [2]. Financial Forecasts - Total revenue projections for 2025 are set at RMB 19,295 million, reflecting an 11.3% growth rate, with adjustments showing slight decreases from previous forecasts [3][13]. - The accommodation booking segment is expected to generate RMB 5,505 million in revenue, while transportation ticketing is projected at RMB 8,032 million for 2025 [3][8]. - Adjusted operating profit for 2025 is forecasted at RMB 3,756 million, with an adjusted operating profit margin of 19.5% [3][13]. Operational Data - The company reported a robust growth in user base, with annual paying users reaching 252 million, a 10% increase year-on-year [6][7]. - The company's self-owned app remains a key channel for acquiring new users, contributing approximately 8% to core OTA revenue [6][7]. Market Performance - The stock has shown a year-to-date change of 8.02%, with a market capitalization of approximately HKD 45.36 billion [5][12]. - The stock's 52-week high and low are HKD 23.45 and HKD 13.04, respectively [5].