OTA在各自领域形成分野 携程集团近年来各项收入数据(亿元) ● 住宿预订 ● 交通票务 ● 旅游度假 ● 商旅管理 ● 其他 600 400 200 0 2022年 2025上半年 2020年。 。 ·2021年 · · · · 2023年。。 2024年 途牛近年来各项收入数据（亿元） 10° ● 打包旅游 ● 其他 5 0 2021年 2025上半年 2020年 2022年 2024年 2023年 同程旅行近年来各项收入数据(亿元) 目 200 - ● 住宿预订 ● 交通票务 ● 其他 150 100 50 0 。2021年 2022年 。2023年 2024年 2025上半年 2020年。 数据来源：公司财报 携程股价增长有其原因 中国OTA行业市场规模逐年递增 OTA行业市场规模(亿元) 同比变化(%) 15,000 50% 12,000 40% 9,000 30% 6,000 20% 3,000 10% 0 0% 2021年 2022年 2024年 2020年 2023年 从近年10月旅游APP的月活人数来看,携程始终遥遥领先 从左至右分别为2022年10月,2023年10月,2024年10月的月 ...

每经记者｜舒冬妮 每经编辑｜张海妮 倒计时！2025年国庆、中秋相连形成的8天"超级黄金周"即将正式开启，旅游市场或将迎来全面升温。 综合携程、同程、去哪儿、航旅纵横等多个平台的数据来看，今年"超级黄金周"跨省游、出境游及入境游预订量均超过去年同期。其中，出境游、长线深 度游表现尤为亮眼，携程平台上跨省游订单同比增长45%。 此外，旅客"拼假"趋势显著，出行半径明显扩大，追求"情绪价值"与"深度体验"成为这个假期的鲜明主题。从跨省交界游的兴起到中亚国家的走红， 从"治愈式体验"的搜索热到"拼假错峰"，游客不仅走得更远，也玩得更深。 "治愈系"酒店搜索热度上涨正是今年"情绪经济"强势崛起的生动注脚。当下，年轻人早已不满足于酒店的住宿功能，大家愿意为情绪价值付费，"心价 比"已取代"性价比"成为消费决策核心。 长线游占比提升，拼假潮拉长消费周期 这个假期，8天长假显著推动了长线旅游需求。携程数据显示，截至目前跨省游订单量同比增长45%。同程的报告指出，"请3休12"的拼假策略带动9月26 日至28日出游产品预订热度同比上涨26%，北京、成都、重庆等城市在假期前已迎来首波客流高峰。 交通出行数据同样印证"走得远"的 ...

Core Viewpoint - The company reported stable revenue growth and improved profit margins in Q2 2025, exceeding Bloomberg's expectations, driven by strong execution and increased overseas investments [1][4]. Revenue Breakdown - Domestic hotel and outbound travel businesses continue to gain market share, with Q2 accommodation booking revenue at 62.3 billion yuan, up 21.2%, and transportation ticketing revenue at 54.0 billion yuan, up 10.8% [2]. - Estimated Q2 domestic revenue growth exceeded 10%, with hotel night growth maintaining over 15%, while outbound revenue also grew over 10%, with hotel and flight bookings recovering significantly [2]. - International platform revenue is expected to grow over 30%, with Trip.com seeing over 60% growth in hotel and flight bookings [2]. Profitability Breakdown - The international platform is still in an investment phase, impacting profit margins, while domestic operations are optimizing profitability [3]. - The company's gross margin decreased by 0.9 percentage points year-on-year, with R&D and management expenses rising by 18.3% [3]. - The company has repurchased 4 billion USD worth of shares and announced a new 50 billion USD buyback plan, reflecting a commitment to shareholder returns [3].

Core Insights - Ctrip Group reported Q2 2025 revenue of 14.83 billion yuan, a 16.2% increase, and a NON-GAAP net profit of 5.01 billion yuan, a 0.5% increase, with overall revenue meeting guidance and performance slightly exceeding expectations [1][3] - The company experienced steady release of domestic travel demand since Q2 2025, with inbound and international business continuing to show high growth trends, supported by optimized domestic marketing expenses and effective personnel cost control [1][2] Revenue Breakdown - Revenue from various segments includes accommodation bookings at 6.23 billion yuan (+21.2%), transportation tickets at 5.40 billion yuan (+10.8%), travel vacation at 1.08 billion yuan (+5.3%), business travel management at 690 million yuan (+9.3%), and other businesses at 1.47 billion yuan (+31.0%) [1] Profitability Analysis - The overall gross margin for the period was 81.0%, down 0.9 percentage points, primarily due to the increasing proportion of lower-margin international business [2] - The adjusted operating profit margin (OPM) was 31.5%, down 1.7 percentage points, with the NON-GAAP net profit margin at 33.8%, down 5.3 percentage points [2] Growth Drivers - The outbound, overseas, and inbound businesses showed rapid growth, with outbound hotel and flight bookings exceeding 120% of pre-pandemic levels from 2019, and international OTA platform bookings increasing over 60% year-on-year, while inbound tourism bookings more than doubled [2] - A new share repurchase plan was approved, with an expected total repurchase scale of up to 5 billion USD, alongside dividends, aiming to provide continuous investment returns to shareholders [2] Investment Outlook - The company maintains a "strong buy" rating, anticipating sustained growth in performance driven by the maturation of international market operations and improved profitability of trip.com [3]

Investment Rating - The report assigns a positive investment rating to the company, indicating a favorable outlook for its stock performance in the coming months [3]. Core Insights - The company is projected to experience significant revenue growth, with total revenue expected to increase from 53.29 billion to 79.93 billion over the next four years, reflecting a compound annual growth rate (CAGR) of approximately 12.47% [8]. - The net profit attributable to the parent company is forecasted to rise from 17.07 billion to 23.34 billion, indicating a strong growth trajectory [8]. - The report highlights a stable gross margin, expected to remain around 81% to 82.5%, which suggests effective cost management and pricing power [8]. - The company's cash flow from operating activities is anticipated to grow steadily, reaching 25.39 billion by 2027, which supports its financial health and ability to reinvest in growth [7]. Financial Projections - Revenue projections for various segments indicate robust growth, with accommodation bookings expected to grow from 5.59 billion in Q3 2023 to 8.30 billion by Q2 2025, representing a year-over-year growth rate of 22% [6]. - The total operating income is projected to increase from 13.75 billion in 2024 to 18.57 billion by 2027, with a consistent year-over-year growth rate [6]. - The company's EBITDA is expected to rise from 20.08 billion to 28.32 billion over the same period, reflecting operational efficiency [8]. Key Financial Ratios - The report outlines key financial ratios, including a projected return on equity (ROE) of 11.48% by 2027, indicating effective use of equity capital [8]. - The debt-to-equity ratio is expected to improve, with a net debt ratio projected to decrease significantly, indicating a strengthening balance sheet [8]. - The earnings per share (EPS) is forecasted to increase from 26.10 to 32.71, reflecting the company's profitability growth [8].

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Views - The company's Q2 2025 financial results slightly exceeded expectations, with revenue of 14.83 billion yuan, representing a year-on-year growth of 16.2%, and a NON-GAAP net profit of 5.01 billion yuan, up 0.5% [1][7]. - Domestic travel demand has steadily released since Q2 2025, and the inbound and international business continues to show high growth, supported by optimized marketing expenses and effective personnel cost control [1][7]. - The new large share buyback authorization has effectively boosted market confidence, and the outbound and international business is expected to be a core growth driver in the long term [1][7]. Financial Performance Summary - For the fiscal year 2023, the company is projected to achieve a main revenue of 44.51 billion yuan, with a year-on-year growth of 122% [2][9]. - The net profit attributable to shareholders is expected to reach 9.92 billion yuan, reflecting a significant year-on-year increase of 632% [2][9]. - The adjusted EPS for 2025 is estimated at 27.35 yuan, with a PE ratio of 18.5 [2][10]. Business Segment Performance - Revenue from accommodation bookings, transportation tickets, vacation travel, business travel management, and other services for Q2 2025 was 6.23 billion, 5.40 billion, 1.08 billion, 690 million, and 1.47 billion yuan respectively, with year-on-year changes of +21.2%, +10.8%, +5.3%, +9.3%, and +31.0% [7]. - The overall gross margin for the period was 81.0%, a slight decrease of 0.9 percentage points, primarily due to the increasing proportion of lower-margin international business [7]. Market Outlook - The report indicates that the outbound and international business is expected to continue driving growth, with international OTA platform bookings increasing by over 60% year-on-year and inbound tourism bookings more than doubling [1][7]. - The company has approved a new share buyback plan with a total repurchase scale not exceeding 5 billion USD, which, along with dividends, is expected to provide continuous investment returns to shareholders [1][7].

Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of HKD 653, representing a potential upside of 18.3% from the current price of HKD 552 [2][11]. Core Insights - The company's Q2 performance exceeded expectations, driven by better-than-expected growth in hotel business and an increase in market share. The trend of improving marketing efficiency in mainland China is expected to continue. Despite increased competition in overseas markets, the impact on overall profitability is manageable. The valuation has been rolled forward to 2026, with a target price adjustment based on a 20x P/E ratio for 2026 [2][6]. Financial Performance Summary - For Q2 2025, total revenue reached RMB 14.864 billion, a year-on-year increase of 16%, slightly above market expectations. The hotel segment grew by 21%, transportation by 11%, and vacation services by 5% [6][7]. - The adjusted net profit for Q2 was RMB 4.846 billion, showing a year-on-year increase of 13% [8][14]. - The company expects Q3 revenue to grow by 15%, driven by an 18% increase in hotel bookings, with continued expansion in market share in mainland China [6][8]. Earnings Forecast Changes - Revenue forecasts for 2025E, 2026E, and 2027E are RMB 61.611 billion, RMB 69.659 billion, and RMB 78.590 billion, respectively, with growth rates of 15.4%, 13.1%, and 12.8% [5][14]. - Adjusted operating profit for 2025E is projected at RMB 17.981 billion, with a margin of 29.2% [5][14]. - The adjusted net profit for 2025E is expected to be RMB 17.974 billion, with a net profit margin of 29.2% [5][14]. Market Position and Competitive Landscape - The company is well-positioned in the competitive landscape of the mainland China market, benefiting from effective marketing strategies and a strong recovery in travel demand [2][6]. - The recovery in outbound travel bookings has surpassed pre-pandemic levels, indicating robust growth potential [6][7].

Group 1 - The core viewpoint of the article highlights Ctrip Group's strong financial performance in Q2 2025, with a net revenue of 14.8 billion yuan, representing a 16% year-on-year growth [1] - In terms of business segments, accommodation booking revenue reached 6.2 billion yuan, up 21% year-on-year; transportation ticketing revenue was 5.4 billion yuan, an 11% increase; vacation revenue was 1.1 billion yuan, growing by 5%; and business travel management revenue was 692 million yuan, up 9% [1] - Ctrip's international OTA platform saw a more than 60% year-on-year increase in flight bookings, with inbound travel bookings doubling compared to the previous year, and outbound hotel and flight bookings recovering to 120% of 2019 levels [1] Group 2 - Ctrip's Executive Chairman Liang Jianzhang emphasized the importance of tourism as a key driver for economic development and cultural exchange, expressing confidence in the long-term growth prospects of the industry [1] - The company announced a new share repurchase plan, authorized to buy back up to 5 billion USD of its issued common stock and/or American Depositary Receipts, subject to market conditions and applicable laws [1]

Core Insights - Ctrip Group reported strong financial results for the first half and second quarter of 2025, with significant revenue and profit growth compared to the previous year [1] Financial Performance - For the first half of 2025, Ctrip's revenue reached RMB 28.7 billion, operating profit was RMB 7.665 billion, and net profit was RMB 9.194 billion [1] - In Q2 2025, revenue was RMB 14.864 billion, a 16% increase from RMB 12.788 billion in the same period last year, with net profit of RMB 4.88 billion [1] Business Segment Performance - Accommodation booking revenue was RMB 6.2 billion, up 21% year-on-year and 12% quarter-on-quarter [2] - Transportation ticketing revenue reached RMB 5.4 billion, reflecting an 11% year-on-year growth [2] - Travel vacation business revenue was RMB 1.1 billion, increasing by 5% year-on-year and 14% quarter-on-quarter [2] - Business travel management revenue was RMB 0.692 billion, a 9% year-on-year increase and a 21% quarter-on-quarter increase [3] Profitability - Q2 2025 net profit was RMB 4.9 billion, compared to RMB 3.9 billion in the same quarter last year and RMB 4.3 billion in the previous quarter [4] - Adjusted EBITDA for Q2 2025 was RMB 4.9 billion, up from RMB 4.4 billion year-on-year [4] - Net profit attributable to Ctrip shareholders was RMB 4.8 billion, compared to RMB 3.8 billion in the same quarter last year [4] Cost Structure - Q2 2025 operating costs were RMB 2.8 billion, a 22% year-on-year increase [5] - Product development expenses were RMB 3.5 billion, up 17% year-on-year [5] - Sales and marketing expenses reached RMB 3.3 billion, reflecting a 17% year-on-year increase [5] - General and administrative expenses were RMB 1.1 billion, a 2% year-on-year increase [5] Earnings Per Share - Diluted earnings per share were RMB 6.97 [6] - Non-GAAP diluted earnings per share were RMB 7.20 [7] Cash Flow and Financial Position - As of June 30, 2025, the company had cash and cash equivalents totaling RMB 94.1 billion [8] Shareholder Returns - As of August 27, 2025, Ctrip had repurchased approximately 7 million ADS for a total consideration of about USD 400 million [9] - The board approved a new share repurchase plan, authorizing up to USD 5 billion for common stock and/or ADS [9]

Core Insights - Ctrip Group reported strong financial results for the first half of 2025, with revenue reaching 28.7 billion RMB (approximately 4 billion USD) and a net profit of 9.194 billion RMB (approximately 1.283 billion USD) [3][4] Financial Performance - For Q2 2025, Ctrip's revenue was 14.864 billion RMB (approximately 2.075 billion USD), a 16% increase year-over-year from 12.788 billion RMB [8][10] - The company's net profit for Q2 2025 was 4.88 billion RMB (approximately 681 million USD), up 26% from 3.9 billion RMB in Q2 2024 [16] - Operating profit for Q2 2025 was 4.1 billion RMB, with an operating margin of 28% [12][14] Revenue Breakdown - Accommodation booking revenue for Q2 2025 was 6.225 billion RMB (approximately 869 million USD), a 21% increase year-over-year [4][10] - Transportation ticketing revenue reached 5.397 billion RMB (approximately 753 million USD), an 11% increase compared to the previous year [10] - The vacation package business generated 1.079 billion RMB (approximately 151 million USD), up 5% year-over-year [10] - Business travel management revenue was 692 million RMB (approximately 97 million USD), a 9% increase year-over-year [10] Cost and Expenses - Total operating costs for Q2 2025 were 2.8 billion RMB (approximately 393 million USD), a 22% increase year-over-year [10] - Research and development expenses for Q2 2025 were 3.5 billion RMB (approximately 489 million USD), up 17% year-over-year [10][11] - Sales and marketing expenses were 3.3 billion RMB (approximately 464 million USD), also up 17% year-over-year [10][11] Cash Position - As of June 30, 2025, Ctrip held cash and cash equivalents totaling 94.1 billion RMB (approximately 13.1 billion USD) [16]