本文来自微信公众号：投资人黄海 （ID：haivcconsumer），作者：投资人黄海，题图来自：AI生成 但后来的事情大家都知道了，饿了么在并入淘宝生态后迅猛发力，现在单量都要赶上美团了。同样的逻 辑下，飞猪这次也得到了淘宝的弹药支持，在整个阿里集团里的位置也不可同日而语了。 从八月份开始，在闪购之后，飞猪也非常显眼地出现在淘宝app的首页一级菜单栏。甚至淘宝app的所有 订单被分成三类，分别是正常购物、闪购还有旅游。 除了阿里之外，旅游行业的巨头当然就是大家很熟悉的携程和美团，还有早就涉足酒店业务的抖音。外 卖三国杀之后，新一波的"旅游混战"正在酝酿。 为什么酒旅行业会成为下一个被争夺的风口呢？ 之前我发过好几篇旅游行业相关的文章，之所以关注这个领域，是因为旅游行业是目前国内为数不多的 朝阳行业。 前一段时间京东、美团、阿里的外卖三国杀非常精彩，现在另外一个行业也逐渐开始出现巨头混战的苗 头了，但是留意到这个趋势的朋友还不多。这篇文章跟大家分析一下新一轮巨头混战的行业——酒店旅 游。 前两个月，阿里巴巴宣布了一个重大的战略升级，把饿了么和飞猪这两块业务并入了淘宝。 过往很长一段时间，阿里巴巴奉行的是各个事 ...

Macro Insights - The Chinese mobile internet industry continued its growth in Q2 2025, supported by a stable macroeconomic environment and ongoing policy support, with GDP growth of 5.2% year-on-year and 1.1% quarter-on-quarter [1][4] - The retail sales of consumer goods reached 24.55 trillion yuan, growing by 5.0%, with online retail sales amounting to 7.43 trillion yuan, a year-on-year increase of 8.5% [4][49] - The investment in high-tech industries showed remarkable growth, with information services, aircraft manufacturing, and computer equipment manufacturing increasing by 37.4%, 26.3%, and 21.5% respectively [4] Policy Changes - The central government emphasized stabilizing employment, businesses, and market expectations, implementing a series of policies to boost domestic demand and support economic recovery [9][11] - Key policies included the introduction of the "Private Economy Promotion Law" and measures to enhance consumer confidence and spending [10][11] Investment and Financing - The total social financing scale increased to 22.83 trillion yuan in the first half of 2025, with a notable rise in loans to the real economy [13][15] - The IPO market showed signs of recovery, with over 359 IPO applications in Q2, reflecting a significant increase compared to previous quarters [16] Mobile Traffic Overview - As of June 2025, the number of internet users in China reached 1.123 billion, with an internet penetration rate of 79.7% [18] - The average daily usage time of mobile devices approached 6 hours, indicating a growing reliance on mobile technology [18] Segment Market Insights E-commerce - The 6.18 shopping festival became a normalized event, with online retail sales exceeding 3.81 trillion yuan in Q2 2025 [49][51] - The "old-for-new" policy significantly boosted sales in the 3C digital product category, with sales surpassing 750 billion yuan [49][50] Food Delivery - The food delivery market saw intensified competition, with JD.com entering the space and implementing aggressive subsidy strategies [54][55] - JD's food delivery service achieved over 1 million daily orders within 40 days of launch, indicating rapid market penetration [55] Gaming - The gaming market maintained growth, with mobile games generating 1.253 trillion yuan in revenue in the first half of 2025, a year-on-year increase of 16.55% [64] - New game releases in Q2 included several successful titles, with some achieving over 1 billion yuan in revenue in their first month [66][67] Short Dramas - The short drama market continued to grow, with various platforms actively investing in new content and leveraging AI technology for production [72]

Core Insights - Ctrip (TCOM) opened with a 4.08% increase, reaching $61.76 per share, with a total market capitalization of $40.367 billion as of August 13 [1] - As of March 31, 2025, Ctrip reported total revenue of 13.83 billion RMB, a year-on-year increase of 16.17%, while net profit attributable to shareholders decreased by 0.81% to 4.277 billion RMB [1] - Ctrip is set to release its fiscal year 2025 mid-term report on August 25, with the actual disclosure date subject to company announcements [1] Company Overview - Ctrip Group is a leading one-stop travel platform globally, offering a comprehensive range of travel products, services, and differentiated travel content [1] - The company assists users in exploring travel options, providing inspiration and information for cost-effective travel bookings, and offering in-trip services [1] - Established in 1999, Ctrip went public on NASDAQ in 2003 and was listed on the Hong Kong Stock Exchange in 2021, operating brands including Ctrip, Qunar, Trip.com, and Skyscanner [1] Business Operations - Ctrip's accommodation services offer over 1.7 million options, including hotels, motels, resorts, residences, apartments, homestays, inns, and other properties [2] - The flight booking service provides tickets from over 600 airlines, covering more than 3,400 airports in over 220 countries and regions [2] - The company primarily serves non-mainland Chinese users through Trip.com and Skyscanner, with Trip.com offering services in 24 languages and 35 local currencies [2] - Skyscanner provides services in over 50 countries and regions, supporting more than 35 languages [2] - Ctrip employs 36,249 staff members as of December 31, 2023 [2]

Core Viewpoint - Ctrip (TCOM) shows a 2.41% increase in stock price, reaching $62.09 per share, with a total market capitalization of $40.582 billion as of August 4 [1] Financial Performance - As of March 31, 2025, Ctrip's total revenue is 13.83 billion RMB, reflecting a year-on-year growth of 16.17% [1] - The net profit attributable to shareholders is 4.277 billion RMB, showing a slight decrease of 0.81% year-on-year [1] Company Overview - Ctrip Group Limited is a leading one-stop travel platform globally, offering a comprehensive range of travel products, services, and differentiated travel content [1] - Established in 1999, Ctrip went public on NASDAQ in 2003 and was listed on the Hong Kong Stock Exchange in 2021 [1] - The company operates major brands including Ctrip, Qunar, Trip.com, and Skyscanner, and aims to provide high-quality travel booking experiences [1] Business Operations - Ctrip's accommodation services offer over 1.7 million options, including hotels, motels, resorts, apartments, and other properties [2] - The flight booking service provides tickets from over 600 airlines, covering more than 3,400 airports in over 220 countries and regions [2] - Trip.com and Skyscanner cater to non-mainland Chinese users, with Trip.com offering services in 24 languages and 35 local currencies [2] - As of December 31, 2023, the company employs 36,249 staff members [2]