赚钱能力太突出，以至于有一种在下行周期里独自上升的诡异美感。 今年7月，《财富》中国500强排行榜发布，净利率排行前十名里，携程是唯一的互联网公司。 携程的赚钱效 率 之高，羡煞一众互联网巨头。80%的毛利率、32%的净利润率拳打腾讯，脚踢拼多 多。除了出入不便的那三年，几乎没有过过苦日子。 2022年，酒旅行业从寒冬复苏，携程一路狂奔，次年净利润翻了6倍至100亿。此后携程一路稳定发 挥、偶有惊喜，到了今年三季度已经单季净赚199亿。 眼见携程在舒适区里一呆就是好多年，创始人梁建章都已两耳不闻窗外事、一心钻研人口学，大厂同行 们心动不如行动，争相加码酒旅业务。 今年618期间，京东开出"最高3年0佣金"的条件，在酒店行业招兵买马；阿里在6月将飞猪并入阿里中 国电商事业群；抖音在十一假期开始前，向上榜酒店豪掷100亿的流量扶持。 然后，他们发现了一个绝望的事实：友商打得越狠，携程地位越稳。 无敌是多么寂寞 梁建章在舆论场上建树颇丰，曾经有两句经典发言，一是携程的血液里流淌着盈利基因，二是携程拿着 高倍望远镜都看不到竞争对手。 但在2020年，梁总上演了一出自我打脸。这年旅游业遭受重创，携程的住宿、交通票务业务 ...

Financial Performance (Q2 FY26) - Revenue from Operations increased by 48% year-over-year to INR 3,509 million[35] - Gross Margins (Revenue less Service Cost) grew by 34% year-over-year to INR 1,257 million[35] - Adjusted EBITDA surged 216% year-over-year to INR 212 million[35] Financial Performance (H1 FY26) - Revenue from Operations increased by 64% year-over-year to INR 5,607 million[21] - Gross Margins (Revenue less Service Cost) grew by 37% year-over-year to INR 2,413 million[21] - Adjusted EBITDA surged 214% year-over-year to INR 418 million[21] Corporate Client Acquisition - Yatra closed 34 new corporate accounts during the quarter with potential annual billing of INR 2,615 million[35] Corporate Business - Yatra caters to over 1,300 large & medium corporates and approximately 58,000 SME clients, with an addressable employee base of more than 9 Million[12] Consumer Business - Yatra has approximately 156 million registered customers[14] - Total consumer visits are approximately 106 million, a 24% year-over-year increase[14] Scheme of Amalgamation - The Mumbai Bench of the Hon'ble National Company Law Tribunal ('NCLT"), through its final order dated October 14, 2025 has approved and sanctioned the Scheme with the appointed date of the amalgamation being April 01, 2024[52]

Core Insights - Expedia's third-quarter results exceeded expectations, leading to a nearly 15% surge in stock price after hours and extending to about 17% in pre-market trading, driven by strong bookings growth and an optimistic outlook [2][5] Group 1: Travel Demand - Travel demand remains robust, with Expedia booking 108.2 million room nights, an 11% year-over-year increase, and an average daily rate (ADR) of $209, indicating that travelers continue to spend despite rising costs [5] - Total gross bookings reached $30.7 billion, comprising $22.7 billion in lodging and $8 billion in non-lodging categories such as air travel, car rentals, and experiences [5] - Air ticket volume hit 14.4 million, reflecting a strong rebound in international and business travel [5] Group 2: Business Model Shift - The merchant model has become the leading booking model for Expedia, generating $18.9 billion in bookings, surpassing the agency model's $11.9 billion, which enhances pricing control and margins per transaction [6] - B2B bookings increased to $9.4 billion, accounting for approximately 31% of total bookings, highlighting Expedia's expanding role as a platform for other brands and loyalty programs [6] Group 3: Operational Performance - Expedia's operational metrics indicate strong growth in both consumer and partner segments, with a focus on converting high volume into sustainable, margin-rich earnings [7] - Despite the positive performance, competition from Booking Holdings and Google's travel ecosystem continues to exert pressure on marketing expenditures and profitability [6]

Core Insights - The State Council has officially announced a 9-day Spring Festival holiday from February 15 to February 23, 2026, which is expected to significantly boost the tourism market [1] Group 1: Travel Demand Surge - There has been a more than double increase in search volume for keywords related to "2026 Spring Festival," "outbound travel," and "long-distance travel" on Ctrip, indicating an unprecedented surge in travel demand [1] - Flight bookings for the Spring Festival period are projected to increase by 63% compared to 2025, with a threefold increase in searches for flights departing during the holiday [2] Group 2: Changing Travel Preferences - The extended holiday is shifting travel preferences from "single destination travel" to "domestic + international connecting travel," with travelers planning more complex itineraries [3] - Popular domestic destinations include Sanya, Dali, and Harbin, while international destinations seeing increased interest include Berlin, Busan, and Melbourne [4] Group 3: Impact on Travel Industry - The extended holiday and new vacation policies are seen as tools to enhance macroeconomic consumption and population mobility, reflecting a broader trend in the travel industry [4]

Core Insights - The 8th China International Import Expo opened in Shanghai, with Ctrip Group participating as the "official travel service partner" to provide comprehensive services for overseas visitors [1][3] - Ctrip reported significant growth in inbound tourism, with ticket bookings and hotel nights for foreign tourists increasing over 100% compared to last year, and ticket sales rising over 300% [3] Group 1 - Ctrip has established a one-stop inbound tourism consultation center, offering over 10 comprehensive services for overseas visitors, emphasizing the concept of "first stop in China" [3] - The "free half-day city tour" initiative has been launched in Shanghai, Beijing, and Hong Kong, attracting over 10,000 tourists from more than 100 countries [3] - Ctrip introduced the "TASTE OF CHINA" immersive restaurant, combining digital art with culinary experiences to enhance visitors' understanding of Chinese culture [3] Group 2 - The Ctrip Global Partner Conference held in Chengdu gathered over 3,000 tourism industry elites from 74 countries and regions, setting a new record for participation [3] - Ctrip plans to continue increasing innovation investments, focusing on technology empowerment, product innovation, and global collaboration to enhance inbound tourism service experiences [3]

Group 1 - The core viewpoint of the articles highlights a significant increase in travel bookings in major cities of the Guangdong-Hong Kong-Macao Greater Bay Area due to the upcoming National Games, with a nearly 400% increase in comprehensive search volume for hotels, flights, train tickets, and attractions related to the event [1] - Major cities such as Guangzhou and Shenzhen experienced over 40% growth in search heat, while Hong Kong and Macau also saw noticeable increases in travel search activity [1] - Flight search heat from cities like Beijing, Chengdu, Hangzhou, Shanghai, Xi'an, and Wuhan to Guangzhou and Shenzhen has shown significant growth, indicating a rise in travel interest during the event period [1] Group 2 - Hotel booking trends show substantial year-on-year increases in cities hosting the events, with Huizhou and Qingyuan exceeding 100% growth, and Shenzhen, Foshan, and Jiangmen showing over 60% growth [1] - The peak travel periods are expected to occur on the weekends of November 8-9 and November 15-16, indicating strong demand for accommodations during these times [1] - The research institute anticipates a considerable rise in winter tourism in major cities of the Greater Bay Area, driven by the National Games and the release of winter travel demand [2]

Core Insights - The trend of off-peak travel is gaining popularity, with travelers seeking higher cost-performance experiences during the National Day holiday [1] Group 1: Flight Pricing - Domestic one-way flight prices from October 3-4 are over 30% cheaper compared to October 1-2, according to Ctrip data [1] - For example, the lowest price for a direct flight from Beijing to Qingdao on October 4 is 920 yuan, down nearly 60% from 2140 yuan on October 1 [1] - Similarly, the lowest price for a direct flight from Shanghai to Guangzhou on October 3 is 339 yuan, almost half of the 649 yuan on October 1 [1] Group 2: Travel Destinations - "Low-heat, high-experience" travel destinations are becoming increasingly popular, with Ctrip's latest list highlighting 20 lesser-known domestic destinations such as Lishui Yunhe Terraces and Qiandongnan Zhaoxing Dong Village [1] - The "October Autumn Viewing Destination List" continues to feature classic routes like Beijing, Shanghai, and Chengdu, while also introducing less common autumn viewing spots like Ganzi, Aba, and Ejin Banner [1] - New high-scoring autumn scenery locations such as Benxi, Huzhou, and Kunming have also been added to the list of China's top 50 autumn viewing destinations [1]

Group 1 - Typhoon "Haikashan" is approaching the coastal areas of Guangdong, expected to make landfall on September 24 [1] - Ctrip has initiated major emergency measures for hotel, flight, and travel products affected by the typhoon, including a guarantee for users to minimize cancellation losses [1] - Ctrip has launched a "Major Disaster Travel Experience Guarantee Fund" for orders affected by the typhoon, covering losses for cancellations due to direct impacts [1] Group 2 - Fliggy has activated an emergency response mechanism to implement refund and modification guarantees for affected flight, hotel, and travel orders [2] - Fliggy is monitoring real-time refund policies from 26 airlines, including major carriers, to facilitate full refunds for eligible consumers [2] - Fliggy will provide free refund and modification guarantees for hotel orders in cities affected by the typhoon, including Shenzhen and Guangzhou [2] Group 3 - Qunar has also initiated emergency guarantees for hotel orders in affected regions, including Guangdong, Hong Kong, and Hainan [3] - Qunar is closely monitoring updates from railway and transportation authorities to ensure compliance with refund and modification services [3]

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the **tourism industry** in China, focusing on domestic and outbound travel trends during the National Day holiday period [1][3][4]. Key Points and Arguments 1. **Optimistic Market Performance**: The tourism market during the National Day holiday is expected to perform well, continuing the positive trend from the summer, with capacity recovery reaching **94%** [1][3]. 2. **User Behavior Changes**: There is a significant shift in user behavior, with **65%** of travelers opting for deep travel and long-distance trips, indicating a diversification in travel methods [1][5]. 3. **Stable Pricing**: Domestic flight and hotel prices remained relatively stable during the holiday, with a slight year-on-year decline. Hotel supply increased by **15%** compared to previous quarters [1][6]. 4. **Peak Travel Trends**: The holiday's extension led to a more dispersed travel peak, with **30% to 35%** of users choosing to travel during off-peak times, extending the travel period from **September 29 to October 12** [4]. 5. **Increased Depth of Travel**: Outbound travel trends show a preference for deep exploration and self-driving tours, reflecting evolving user demands and preferences [1][7]. 6. **Hotel Market Growth**: The domestic hotel market is projected to grow by approximately **15%**, with varying performance across different destinations, particularly in regions known for autumn scenery [12]. 7. **Outbound Travel Popularity**: Popular outbound travel destinations include Japan, South Korea, Thailand, and Malaysia, with a notable increase in family and group travel [13][14]. 8. **Rising Customer Spending**: The average spending per outbound tourist is on the rise, driven by longer stays and increased group travel, with family trips accounting for about **50%** of the total [15]. 9. **OTA Market Competition**: The OTA market is experiencing competitive pressures from both established players and new entrants, with companies like JD.com and Meituan actively entering the travel sector [16][20]. 10. **Marketing Strategies**: The OTA industry plans to increase marketing budgets in Q4 to address competitive pressures and seasonal demand fluctuations, particularly in overseas markets [21]. Additional Important Insights - **Temporary Travel Plans**: An estimated **25% to 30%** of travelers are expected to make last-minute travel plans during the holiday, indicating a growing demand for flexible travel arrangements [10]. - **Hotel Pricing Trends**: The average daily room rate (ADR) has seen a narrowing decline, reflecting improved market confidence, with a current drop of about **3%** compared to earlier in the year [9]. - **Challenges for New Entrants**: JD.com faces challenges in the food delivery and hotel markets, struggling to achieve significant results despite initial efforts [17][19]. - **Marketing Adjustments**: The OTA industry is adjusting its marketing strategies to enhance competitiveness, particularly in response to aggressive moves by rivals like Fliggy [20][21].

Core Points - Ctrip has announced a special guarantee plan for customers affected by the postponement of the Disney Wonder cruise, which is scheduled from December 15, 2025, to March 12, 2026 [1][2] - The plan includes free rescheduling or cancellation services for flights and hotel bookings made through Ctrip within 7 days before or after the original travel date [2][3] - Ctrip will cover any additional losses incurred by customers, with refunds processed through Ctrip Wallet by the end of September [1][3] Summary by Categories Customer Impact - Customers who booked flights and hotels through Ctrip during the affected travel period will be contacted by customer service by September 30, 2025 [2][3] - The company acknowledges the inconvenience caused by the cruise delay and is actively seeking solutions to minimize customer losses [2] Service Offerings - Ctrip provides two options for affected customers: rescheduling their travel dates or canceling their bookings [2] - All refunds for hotel and flight bookings will be processed according to normal cancellation policies [3] Company Commitment - Ctrip emphasizes its commitment to customer service and aims to provide excellent support during this situation [3]