国内酒店业务好于行业表现 1)住宿：2Q25 ADR同比实现正增长，好于行业表现，反映用户消费习惯变化，公司三星酒店间夜量占 比同比提升4个百分点;此外公司继续深化与全球供应商的合作，加强中国游客出境游热门目的地的布 局，国际酒店间夜继续保持较快增长。暑期表现来看，公司酒店ADR继续保持同比正增长，旅游需求 具有韧性。公司预计3Q25 酒店间夜量同比增长10-15%，ADR低个位数增长，好于行业平均，该行预计 3Q25酒店收入同比增长13%。 2)交通：2Q25国际机票量同增超30%，国际机票收入占交通收入比例超6%(同比增长2个百分点)。由于 去年暑期旅游情绪旺盛，根据飞常准的高频数据，2025.6.20-8.16国内航班客运量同比增长仅3%，公司 国内机票增速和行业增速类似，但公司出境机票继续维持高增，叠加变现率提升，该行预计3Q25交通 收入同增9%。 出境业务和酒店管理业务是未来增长的双引擎 智通财经APP获悉，中金发布研报称，维持同程旅行(00780)25/26年收入和盈利预期，维持跑赢行业评 级，维持目标价23港元(对应15x/12x 25e和26e Non-IFRS市盈率)，上行空间为17%，公 ...

Group 1 - The Chengdu Universiade has significantly boosted inbound tourism in Chengdu, with a 31% year-on-year increase in inbound travel during the event [1] - Major sources of foreign tourists include Thailand, Malaysia, Japan, South Korea, and Singapore, among others [1] - Popular tourist destinations during the Universiade include Chunxi Road, Taikoo Li, and Tianfu Square [1]

Core Viewpoint - Company maintains revenue expectations for 2025/2026 while raising non-GAAP net profit forecasts by 3% for both years due to better-than-expected cost control [1] Group 1: Financial Performance - Company reported Q1 2025 revenue of 13.8 billion, a 16% year-on-year increase, meeting consensus expectations; non-GAAP net profit reached 4.2 billion, exceeding market expectations by 9% due to controlled marketing expenses and favorable foreign exchange gains [2] - Non-GAAP net profit forecasts for 2025 and 2026 are adjusted to 16.4 billion and 18.9 billion respectively [1] Group 2: Domestic Tourism Demand - Domestic hotel booking revenue for Q1 2025 was 5.54 billion, a 23% year-on-year increase, surpassing market expectations; domestic hotel booking volume increased nearly 20% [3] - Company anticipates mid to low double-digit year-on-year growth in domestic hotel night volume for Q2 2025 [3] Group 3: International Travel Trends - During the May Day holiday, outbound hotel and flight bookings increased by 30%, with demand for destinations like Japan and Europe compensating for the slow recovery in Thailand [4] - Company expects a 15-20% year-on-year increase in outbound hotel and flight bookings for Q2 2025, returning to 120% of 2019 levels [4] Group 4: Trip.com Growth Strategy - Trip.com achieved over 60% year-on-year growth in international OTA bookings, with its revenue share rising to 13%; inbound travel bookings surged by approximately 100% [5] - Company plans to maintain investment in Trip.com, focusing on marketing in low-penetration markets and enhancing brand presence in the Middle East and Europe, with an expected operating profit margin of 28% for 2025 [5]

Group 1 - HSBC's report indicates that Trip.com (TCOM.O) achieved a 16% year-on-year revenue growth in Q1, driven by a strong 23% increase in hotel revenue [1] - Adjusted operating profit margin decreased by 2.4 percentage points but was better than expected [1] - The company expects revenue growth to return to normal levels, despite soft average daily room rates due to increasing supply in domestic hotels [1] Group 2 - Airfare prices have stabilized, and while concerns about safety in Southeast Asia pose challenges to outbound tourism growth, travelers are changing their destinations [1] - Overall outbound tourism is expected to grow by 14% to 19% [1] - Increased marketing spending in overseas markets is a key driver of revenue growth, currently accounting for approximately 15% of hotel revenue and 20% of transportation revenue, with high double-digit growth anticipated [1] Group 3 - HSBC maintains a "buy" rating for Trip.com, raising the target price from $75 to $78 [1] - The company anticipates a 15% revenue growth for the year, with an adjusted operating profit margin rising to 11%, resulting in a profit margin of 29% [1] - For Q2, revenue is expected to increase by 14.5%, with an adjusted operating profit margin of 2%, maintaining a profit margin of 29% [1]

Group 1 - The core viewpoint indicates a significant increase in travel activity during the "May Day" holiday, with a 30% year-on-year rise in travelers opting for "annual leave + May Day" combinations [1] - The total number of first-time flight ticket purchases has also seen a 30% increase compared to last year [1] - The demographic with the highest growth in travel includes families with one elder and one child, as well as residents from smaller cities [1] Group 2 - There has been over a 40% year-on-year increase in scenic spot ticket bookings [1] - More than 23 music festivals across the country have contributed to a more than threefold increase in hotel bookings in popular cities [1]