7月4日晚，2025"上海之夏"国际消费季(以下简称"上海之夏")正式启动。为大力提振"入境消费和外来消 费"，2025"上海之夏"将聚焦"让全球旅客好来、好玩、好购"，通过"活动+产品+服务+政策"，充分展现 上海的夏日活力和魅力。在活动策划宣传、消费环境打造等方面突出国际化。根据日韩、东南亚、欧美 等不同地区游客特点，差异化打造各项活动和特色产品，提升上海国际消费中心城市全球吸引力。 "上海之夏"推出十大标杆活动。李秋莹摄 "上海之夏"体验官。李秋莹摄 久事集团上海公共交通卡集团董事长周耀东表示："今年'上海之夏'打造升级版Shanghai Pass城市定制 卡，融合'交通、旅游、购物、餐饮'多元优惠于一体。Shanghai Pass城市定制卡无需实名认证就可激 活、即买即用，在提供基础交通功能服务外，整合浦江游览、豫园、双层巴士等游览产品，叠加新天 地、淮海中路、徐家汇等商圈消费优惠。升级推出多日通票，联动更多景点、更多优惠、带动更多消 费。" 据悉，"上海之夏"国际消费季是以促进暑期入境消费为主的城市活动品牌，首届"上海之夏"活动期间境 外旅客人数同比增长42.2%，外卡消费总额同比增长68.2%。今 ...

Group 1 - The 2025 "Shanghai Summer" International Consumption Season will start on July 4, focusing on promoting inbound consumption during the summer [1] - From January to June this year, Shanghai received 4.248 million inbound tourists, a year-on-year increase of 38.5%, and the sales of tax refund goods increased by 85% [1] - The event aims to enhance Shanghai's global attractiveness as an international consumption center by tailoring activities and products to different regional tourist characteristics [1] Group 2 - The event will provide various conveniences and benefits for inbound tourists, including exclusive discounted flight tickets from China Eastern Airlines and over 1 million taxi vouchers from Didi [2] - More than 200 hotels under Jin Jiang International Group will offer special accommodation deals, and Dazhong Dianping will launch a multilingual summer food guide [2] - Shanghai will enhance its tax refund services, including full coverage of tax refund stores in the city center and the introduction of electronic payment channels for refunds [2][3] Group 3 - As of June 2023, Shanghai has implemented a plan to optimize the tax refund consumption environment, proposing 16 measures across four areas [3] - The number of tax refund stores has increased to 1,391, nearly doubling since the end of last year, with centralized refund points established in major shopping areas [3] - Self-service tax refund machines have been installed at airports, facilitating easier processing for international travelers [3]

Group 1 - The summer tourism accommodation demand shows differentiation, with county-level homestay orders increasing by 76.5% year-on-year [1] - Popular historical and cultural cities during the summer include Beijing, Xi'an, Nanjing, Hangzhou, and Luoyang [1] - Emerging travel destinations include Pingtan in Fujian, Antu in Jilin, Changli in Hebei, Yangshuo in Guangxi, Nanao in Guangdong, and Jiuzhaigou in Sichuan [1] Group 2 - Safety, cost-effectiveness, and convenient transportation are key concerns for consumers regarding hotel and homestay options during summer travel [2] - Didi Chuxing launched multiple promotional activities in 81 cities to meet the surge in travel demand, including a "one order gets two vouchers" campaign [2] - The popularity of the Jiangsu Province City Football League ("Su Super") has significantly boosted homestay orders in cities like Nanjing, Suzhou, and Xuzhou, with growth rates exceeding 50% [2]

责任编辑：刘万里 SF014 新浪科技讯 6月30日下午消息，近日，滴滴出行宣布与亚朵集团达成深度合作，双方开放、互通会员体 系，共建服务体验生态。在本次合作中，滴滴里程会员与亚朵的会员权益实现等级互通、权益互享、场 景互联，超10项跨界权益齐在线，联手为用户打造更丰富、更多元、覆盖更多出行场景的增值服务。 近年来，滴滴出行不断深化与酒旅品牌的合作，此次滴滴出行与亚朵集团开放互通会员体系后，用户仅 需简单操作，即能一键免费领取双方联手打造的会员权益。根据各自的会员等级，用户将对应享受定制 化的专属权益：滴滴的V5及V6、V7及V8里程会员可分别兑换亚朵金、铂金体验会籍，亚朵的金、铂金 会员可对应领取滴滴的V5、V7等级权益。 以滴滴V7里程会员为例，用户进入滴滴里程会员中心页面，在酒店会籍中可兑换亚朵铂金体验会员权 益，领取多张亚朵房价折扣券，住宿享8.5折优惠；入住后享免费元气早餐；如需升级房型，用户可使 用旋风升房券，有机会享免费升级至所预定房间的高一级别的房型。 本次合作中，滴滴开放多个打车权益，支持亚朵会员免费领取对应等级的权益。滴滴快速应答权益为用 户提供快速叫车通道，高峰期遇打车排队情况使用该权益 ...

Core Viewpoint - Didi Chuxing is launching multiple promotional activities to meet the surge in travel demand during the summer, including significant subsidies for drivers and various discount coupons for users to enhance their travel experience [1][7]. Group 1: Promotional Activities - Didi is offering a "Complete One Order to Get Two Coupons" promotion, where users can earn two 50% discount coupons worth up to 15 yuan each by completing specific ride orders in 81 cities [1]. - From June 23 to July 13, users in 98 cities can participate in a "One-Click Ride with Didi, Everyone Reduces 5 Yuan and Then 10 Yuan" campaign, allowing them to receive limited 5 yuan and 10 yuan discount coupons [3]. - Users in 26 cities can access a "1 Yuan Deducts 10 Yuan" discount coupon for rides until July 6, while users in Urumqi can earn a "9.9 Yuan Deducts 30 Yuan" coupon through friend referrals [5]. Group 2: Driver Support Initiatives - Didi is distributing over 600 million yuan in summer subsidies to drivers across nearly 300 cities to help them manage increased operating costs during hot weather [7][9]. - The company encourages drivers to provide better service by offering rewards for completing rides during the subsidy period, ensuring they can earn good income while meeting passenger needs [7]. Group 3: User Experience Enhancements - Didi has implemented a "Trip Guardian" service to improve the efficiency of driver-passenger meet-ups, including features that allow users to adjust their pick-up points and receive alerts for optimal meeting locations [9]. - The company is also introducing summer-themed vehicles with special amenities like cooling seat cushions and sunshade curtains to enhance passenger comfort during rides [7]. Group 4: Collaboration with Local Events - Didi is actively collaborating with local tourism departments in cities like Nanchang, Ningbo, and Nanjing to promote travel and consumption through various initiatives, including issuing travel coupon packages and setting up dedicated ride stations [11].

Core Viewpoint - The emergence of "Xiao La Travel" as a new ride-hailing platform in a highly competitive market, leveraging a unique pricing model and operational strategy to attract both drivers and consumers [1][2][3]. Group 1: Company Overview - "Xiao La Travel" is a ride-hailing platform that gained popularity in lower-tier cities, offering a "one-price" model and a low commission rate of 1% [1][2]. - The platform was launched by "Huo La La" as a response to the competitive landscape created by "Didi" and aims to provide additional income opportunities for drivers [2][3]. - The operational model allows drivers to work on multiple platforms, enhancing their income potential without exclusivity [1][8]. Group 2: Business Model and Strategy - The platform's focus has shifted from passenger transport to cargo delivery, filling a market gap for small item transportation [4][6]. - "Xiao La Travel" operates as a dual-purpose platform, allowing users to book both ride-hailing and delivery services, which has garnered positive feedback from consumers and drivers alike [8][9]. - The low commission structure, with an average of 1% compared to 20% on other platforms, is designed to attract more drivers and consumers [10][11]. Group 3: Market Position and Competition - The recent surge in activity for "Xiao La Travel" is attributed to a strategic shift and increased marketing efforts to regain consumer attention [7][9]. - Despite its growth, the platform faces significant competition from "Didi," which is expanding its own services in the same market segment [15][16]. - The sustainability of "Xiao La Travel" will depend on its ability to maintain service quality and user experience amidst increasing competition [16].

一度传闻计划赴香港上市的滴滴(DIDIY.US)，近日披露了靓丽的一季报。 去年10月，滴滴自动驾驶完成了高达2.98亿美元的C轮融资，本轮融资由广汽集团（02238.HK）领投， 滴滴公司亦参与其中。此次募集的资金主要用于加大自动驾驶技术的研发力度，并加速首款Robotaxi量 产车的上市进程。 今年一季度，滴滴核心平台交易量达42.47亿单，同比增长13.4%。其中，中国出行总订单量为32.58亿 单，同比增长10.3%；国际业务总订单量为9.89亿单，同比增长24.9%。 滴滴在中国市场已连续多个季度实现盈利，今年一季度经调整的EBITA继续保持增长。其海外战场虽仍 在烧钱;，但亏损伤口正快速愈合——国际业务经调整EBITA同比收窄44.5%至1.76亿元，主要是受业务 高速增长所驱动。 在2018年，滴滴国际业务就开始拓展国际市场，目前覆盖了拉美、亚太和非洲的14个国家，以出行业务 为支点，同时探索外卖、金融等本地多元化特色服务。 此外，在自动驾驶市场高速发展的背景下，滴滴持续加码自动驾驶赛道。根据滴滴官网披露，滴滴自动 驾驶在L4级自动驾驶的全栈核心技术上已有九年积累。 于2025年第一季度，滴滴核 ...

| | Ended March 31, | | | | | --- | --- | --- | --- | --- | | | | | | % Change | | | | | % | (Constant | | (In RMB millions except transactions) | 2024 | 2025 | Change | Currency | | Operational highlights | | | | | | Transactions (in millions) | 3.746 | 4.247 | 13.4% | | | China Mobility . | 2.954 | 3.258 | 10.3% | | | International | 792 | 989 | 24.9% | | | GTV | 92,231 | 101,604 | 10.2% | 13.5% | | China Mobility | 71.417 | 78.046 | 9.3% | | | International | 20,814 | 23,558 | 13.2% | 27.9% | | Platform ...

证券研究报告 | 公司点评报告 2025 年 6 月 6 日 滴滴出行- ADR（DIDIY.OO）25Q1 财报点评 国内出行利润超预期，看好长期稳健增长及盈利空间 消费品/商业 滴滴出行发布 2025Q1 财报，25Q1 实现营收 533 亿元，同比+8.5%；经调整净 利润 29 亿元，同比+115%。本季度中国出行实现经调整 EBITA margin 4%， 高于公司全年指引，国际业务同汇率下维持较快增长，看好滴滴共享出行市场 稳固份额及长期利润增长潜力，维持强烈推荐评级。 当前股价：4.95 美元 基础数据 | 总股本（万股） | 121055 | | --- | --- | | 海外股（万股） | 0 | | 总市值（亿美元） | 223 | | 海外股市值（亿美元） | 0 | | 每股净资产（美元） | 11.27 | | ROE（TTM） | -2.33 | | 资产负债率 | 19.1% | | 主要股东 Softbank | Vision Fund | | 主要股东持股比例 | Entity 20.0% | 股价表现 | % | 1m | 6m | 12m | | --- | --- | ...

一季度，滴滴核心平台总交易额达1016亿元，固定汇率下较去年同期增长13.5%。其中，中国出行GTV 为780亿元，较去年同期增长9.3%；国际业务GTV为236亿元，固定汇率下较去年同期增长27.9%。 据悉，滴滴曾于2021年6月30日在美国纽约所挂牌上市，后于2022年6月10日从纽交所退市，转至场外市 场(otcbb)交易。自2022年从美国纽交所除牌后，滴滴屡屡传出赴港上市的消息，去年6月曾一度传出寻 求2025年在香港上市，但公司当时表示未有明确IPO时间表，截至目前滴滴尚未在港交所提交上市申 请。 智通财经APP获悉，6月5日，滴滴(DIDIY.US)发布2025年一季度业绩报告。报告显示，滴滴2025年第一 季度收入为532.62亿元，较2024年第一季度的490.72亿元增长8.5%，主要受核心平台总交易额(GTV)增 长推动。一季度实现净利润23.57亿元，上年同期为8.18亿元，同比增长188.14%；经调整净利润28.94亿 元，上年同期为13.44亿元，同比增长115.33%。 一季度，滴滴包括中国出行和国际业务在内的核心平台订单量为42.47亿单，较去年同期增长13.4%。其 中， ...