智通财经记者 薛莎莎 实习生 刘馨潞 花了3129元买机票后，发现其他平台标价仅570元。近日，消费者黄先生向澎湃公众互动平台""反映， 2024年11月16日，他花了3129元在航班管家App购买了北京至厦门的机票，随后他发现，在另一款售票 App上，该机票仅售570元。 8月25日，航班管家的客服人员回应智通财经称，已退消费者2559元，关于订单的其他问题，客服人员 会直接与消费者沟通。 黄先生在 购票后，黄先生在某短视频平台发现，有人反映机票在第三方购票平台存在差价，他使用航旅纵横App 查看了该机票的价格。根据他提供的截图，航旅纵横App显示他所购机票"含税票价"为570元，和他此 前购买支付的费用，差价达到2559元。 黄先生随即向民航局投诉，要求"退一赔三"。根据黄先生提供的投诉调解结果页面截图，2024年12月5 日，航班管家在12326民航服务质量监督平台回复称，"由于客户要求赔付金额过大，无法满足用户要求 退款10806元诉求。我司已将差价2559元补退用户......如客户接受后续致电我司，可申请再退款3129 元。" 航旅纵横 app上显示黄先生的机票含税票价为570元。受访者 供图 随 ...

机构：中金公司 研究员：吴其坤/冯启斌/郑学建/杨鑫 1H25 业绩符合市场预期 建议关注联营企业中航信移动科技（"航旅纵横"经营方）经营动向。根据公司2024 年年报，截至2024 年末公司持有中航信移动科技有限公司20.66%的股权。根据中国民用航空网，航旅纵横App 于7 月正式 上线"民航官方直销平台"功能，用户可在单一界面完成多家航司直销机票的比价和购买；航旅纵横作为 平台方，不收取机票代理费。我们建议继续关注近期航旅纵横用户活跃度变化，以及对其商业化的潜在 影响。 盈利预测与估值 我们维持公司2025、2026 年盈利预测23.27 亿元、25.81 亿元不变。当前股价对应13.6 倍2025 年市盈率 和12.1 倍2026 年市盈率。维持跑赢行业评级和目标价13 港元不变（对应15 倍2025 年市盈率和13 倍 2026 年市盈率），较当前股价有10.2%的上行空间。 风险 民航需求不及预期；成本增长高于预期；大额减值准备计提。 营业成本同比有所下滑；回款情况改善。1H25 公司营业成本同比下滑4.2%，主要受益于：1）由于部 分固定资产和无形资产已完成折旧摊销，折旧摊销成本同比下滑17.6 ...

Core Viewpoint - The company forecasts a net profit of approximately 1.45 billion yuan for the first half of 2025, representing a year-on-year growth of about 5% [1] Group 1: Financial Performance - The company expects a total revenue decrease in 1H25 due to a decline in system integration service revenue, influenced by the progress of airport system integration projects [1] - The company reported a 5% year-on-year increase in AIT business processing volume for 1H25, with domestic inbound and outbound flights growing by 4% and 21% respectively, while international outbound flights decreased by 8% [1] - The company has slightly adjusted its revenue forecasts for 2025 and 2026 down by 3% to 9.175 billion yuan and 9.823 billion yuan respectively, while maintaining profit forecasts for the same years at 2.327 billion yuan and 2.581 billion yuan [2] Group 2: Business Operations - The company is advised to monitor the operational trends of its joint venture, China Aviation Information Technology Co., Ltd., which operates the "Travel Companion" app, particularly its user engagement and potential commercialization impacts [2] - The company noted improvements in cash collection, leading to an increase in the reversal amount of credit impairment losses in 1H25 compared to the previous year [1] Group 3: Market Outlook - The company suggests paying attention to the progress of project-based business revenue recognition, especially given the high revenue base from system integration services in 2024 [1] - The current stock price corresponds to 14.5 and 12.9 times the earnings for 2025 and 2026, respectively, with a target price of 13 HKD, indicating a potential upside of 5% from the current price [2]

Core Viewpoint - The article discusses the shift of the airline ticketing platform, Hanglv Zongheng, towards a more comprehensive service model, suggesting that it may be more beneficial to operate as a Travel Management Company (TMC) rather than a traditional Online Travel Agency (OTA) [2][5]. Group 1: Industry Context - The airline ticketing industry is experiencing increased competition with Hanglv Zongheng's recent announcement of "source direct sales" for tickets, although it does not fully align with the definition of direct sales [2]. - Hanglv Zongheng, established in 2012, initially focused on providing flight information, a service that has become highly competitive with many players in the market [2][3]. Group 2: Business Model Challenges - Providing only flight information is not a sustainable business model due to high competition and limited utility for travelers [3]. - Hanglv Zongheng's previous attempts to monetize features like paid seat selection have faced consumer backlash, limiting revenue opportunities [4]. Group 3: Shift Towards OTA - The platform has evolved to resemble other OTAs, offering a wide range of services including train tickets, hotel bookings, and insurance, indicating a shift towards a more comprehensive sales model [4]. - This transformation is likened to "carcinization," where different companies in the market gradually adopt similar OTA characteristics despite their varied origins [4]. Group 4: Future Opportunities - The article suggests that Hanglv Zongheng could find greater success by operating as a TMC, leveraging its flight information and customer service capabilities to cater to corporate clients [5]. - This potential shift mirrors the historical example of Ctrip's investment in Feichangzhun, integrating flight information services into its OTA model [5].

Core Viewpoint - The launch of the "Civil Aviation Official Direct Sales Platform" by the Hanglv Zongheng App aims to provide a more transparent, secure, and convenient ticket purchasing service, addressing long-standing issues in the ticket sales market [1][3]. Group 1: Platform Features - The platform integrates direct ticket sales from 37 domestic airlines, allowing users to compare and purchase tickets from multiple airlines in one interface [1]. - It emphasizes six commitments: price transparency, no bundled sales, strict adherence to airline refund and change policies, prevention of data discrimination, protection of user data security, and authenticity of reimbursement vouchers [1]. Group 2: Market Impact - The platform is expected to shift some ticket sales from Online Travel Agencies (OTAs) to airlines, marking a transition from a "channel-dominant" model to one where airlines reclaim some authority [3]. - Despite this potential shift, it is anticipated that the platform will not significantly alter the existing ticket sales model in the short term [3]. Group 3: User Experience - Users can access various services beyond flight bookings, including train tickets, taxi services, airport transfers, hotel bookings, check-in, and global duty-free purchases [1]. - A comparison of ticket prices shows that the platform's prices are competitive with other apps, indicating a need for consumers to compare prices across different platforms [3]. Group 4: Future Plans - The company plans to expand the range of airlines connected to the platform and introduce more value-added services to enhance the overall travel experience [3].

Core Viewpoint - The launch of the "official direct sales platform" by the Hanglv Zongheng App aims to provide a transparent and efficient way for consumers to compare and purchase airline tickets directly from multiple airlines without intermediary fees [1] Group 1: Platform Features - The platform allows users to complete ticket comparisons and purchases from various airlines in a single interface [1] - Ticket prices and service policies are directly published and managed by the airlines, ensuring transparency [1] - Hanglv Zongheng does not charge any ticket agency fees, enhancing cost-effectiveness for consumers [1] Group 2: Industry Issues Addressed - The airline ticket sales market has faced issues such as price markups and bundled sales by third-party platforms, leading to discrepancies between actual payment and ticket prices [1] - The introduction of the direct sales platform is expected to address these long-standing industry pain points [1] Group 3: User Benefits - The platform promises a more transparent, secure, and convenient ticket purchasing experience [1] - It guarantees price transparency, no bundled sales, prevention of data-driven price discrimination, and protection of user data security [1] Group 4: Future Plans - Hanglv Zongheng plans to expand the range of airlines connected to the platform and introduce more value-added services [1] - The company aims to continuously optimize the overall travel experience for passengers [1]

Core Insights - The implementation of the new lending regulations is set to reshape the industry landscape, with a focus on a 24% annual interest rate becoming a critical threshold for the lending sector [1][2][3] - Banks are increasingly rejecting loans with interest rates between 24% and 36%, leading to a rise in funding costs for smaller lending institutions [2][3] - Major lending platforms like Ant Group and JD.com continue to dominate the "white list" of approved institutions, while new entrants like "Hanglv Zongheng" are emerging as significant players [1][6] Lending Rate Dynamics - The new regulations emphasize that banks must clearly define service fees and include them in the overall financing cost for borrowers, with a focus on maintaining a 24% cap for legal protection [2][8] - There is a notable shift in the lending landscape, with banks tightening their approval processes for loans in the 24%-36% interest rate range, which has historically been accepted [2][3] Structural Changes in the Market - Smaller lending institutions are experiencing a rapid increase in funding costs, while larger institutions are less affected due to their focus on loans below the 24% threshold [3][4] - The tightening of credit from banks is forcing smaller lenders to reconsider their business models, as they struggle to cover costs without offering higher interest loans [3][4] Collaboration Trends - Banks are increasingly seeking partnerships with leading institutions and new "cross-industry players" to enhance their customer acquisition strategies [5][7] - Recent collaborations include banks partnering with platforms like "Hanglv Zongheng," which has a user base exceeding 100 million, indicating a shift towards leveraging established user bases for loan distribution [7][8] Regulatory Compliance - The new regulations require banks to enhance their due diligence and establish clear agreements with lending platforms, ensuring compliance with the new standards [8] - Recent penalties for non-compliance highlight the regulatory scrutiny in the lending sector, emphasizing the need for banks to adhere to the new guidelines [8]