证券研究报告 | 首次覆盖报告 gszqdatemark 2026 01 09 年 月 日 同程旅行（00780.HK） 下沉市场 OTA 龙头，用户价值提升驱动增长 同程旅行：强强联合优势互补，打造在线旅游旗舰。公司由在线旅行平台 同程网络及艺龙于 2018 年合并而成，彼时同程优势在于交通票务，艺龙 聚焦酒店预订。腾讯携程两大股东对同程深度赋能，同程在独占腾讯旗下 微信及 QQ 支付界面交通出行以及酒店服务入口的同时也可共享携程的酒 店库存，实现快速发展，成长为年付费用户超 2.5 亿的下沉市场 OTA 龙 头。出行放开后，公司业绩迎来兑现期，25 年前三季度收入/归母净利/经 调利润为 145.6/22.9/26.2 亿元，同比+11%/41%/23%，其中收入构成为 28%住宿+42%交通+15%度假+15%其他。公司各项费率呈稳中有降趋 势，经调利润率从 24Q1-Q3 的 16.2%明显提升至 25 年同期的 18.0%。 OTA：旅游业强确定性赛道，格局稳定各分天下。1）旅游大盘：截至 25 年前三季度，国内旅游人数/收入分别恢复至 19 年同期 109%/111%，今 年出境游人次亦有望恢复至 ...

Core Viewpoint - Dalian Shengya (600593.SH) has announced a plan to issue A-shares to specific investors, aiming to raise approximately 956.34 million yuan to repay debts and enhance liquidity, which will lead to a change in control of the company [1][3][7]. Group 1: Share Issuance Details - The planned issuance price is set at 24.75 yuan per share, with a maximum of 38,640,000 shares to be issued, representing up to 30% of the company's total shares before the issuance [3][4]. - The specific investor for this issuance is Shanghai Tongcheng Enterprise Management Partnership, which is a holding entity established by Tongcheng Travel, listed on the Hong Kong Stock Exchange [1][3][6]. - Following the issuance, Shanghai Tongcheng will become the controlling shareholder, and the company will have no actual controller due to the lack of a controlling entity for Tongcheng Travel [3][4]. Group 2: Financial Condition and Objectives - The issuance aims to alleviate the company's debt and operational risks, positioning it as a leading enterprise in the cultural tourism sector through industry integration and IP operation [7]. - Dalian Shengya's consolidated asset-liability ratios were reported at 84.90%, 83.05%, 85.75%, and 85.60% for the end of 2022, 2023, 2024, and March 2025, respectively [7]. - The company has faced financial challenges, with net profits of -76.64 million yuan in 2022, 34.38 million yuan in 2023, and further losses projected for 2025 [8][9]. Group 3: Business Operations - Dalian Shengya primarily operates in the tourism and entertainment sector, managing attractions like Dalian Shengya Ocean World and Harbin Polar Park, focusing on scenic area operations, commercial activities, animal management, and hotel operations [6]. - Tongcheng Travel, the indirect controlling entity, offers a wide range of travel services, including transportation ticketing, accommodation booking, and tour packages, indicating potential synergies with Dalian Shengya's operations [6].