这一动作,被业内视为惠选订房从行业鲶鱼向龙门跃迁的关键一役,也是资本寒冬中罕见的逆势豪赌。 李嘉诚盯上的项目 这次亿级合作背后,藏着一场跨越20年的资本轮回。故事的起点,要从李嘉诚多年前的一笔投资说起。 5月17日,中国酒店行业与数字广告领域同时迎来一场"巨震"。 以"滴滴订房"模式颠覆酒店行业的惠选订房,与"中国高铁传媒第一股"兆讯传媒达成了亿级传播合作。 早在1998年,美国诞生了一家名为Priceline的旅游服务企业。该公司的独特之处在于开创了一种全新的商 业模式——Name Your Price。 Name Your Price的中文含义是"用户定价",即商品或服务的价格由消费者确定,符合条件的商家可根据消 费者的报价进行抢单。 "用户定价"模式的价值体现在,它既为用户节省了成本、提高了消费效率,又为商家带来了更多客源、提 升了销售业绩。 凭借这一创新模式,Priceline成立当年便获得了一亿美元的融资,不到两年时间就在纳斯达克成功上市,甚 至引起了李嘉诚的关注。 2001年,当互联网泡沫破灭,Priceline股价跌至冰点,李嘉诚以7352万美元抄底,最终控股这家以"用户定 价"模式横扫全球的在 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 670 million yuan for 2024, representing a year-on-year increase of 12.26%. However, the net profit attributable to the parent company was 76 million yuan, down 43.64% year-on-year. For Q1 2025, the revenue was 164 million yuan, a decrease of 7.60%, with a net profit of 21 million yuan, down 45.72% year-on-year. The decline in profit is primarily attributed to the upfront costs associated with expanding advertising locations, despite stable growth in advertising spending [2][5][11]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 670 million yuan, up 12.26% year-on-year. The net profit attributable to the parent company was 76 million yuan, down 43.64% year-on-year. For Q1 2025, the revenue was 164 million yuan, down 7.60%, with a net profit of 21 million yuan, down 45.72% year-on-year [2][5]. Advertising Growth - High-speed rail passenger numbers continued to grow, leading to a recovery in high-speed rail advertising, which generated 564 million yuan in revenue for 2024, an increase of 4.25% year-on-year. The company has signed agreements with 18 domestic railway bureaus, establishing a digital network that reaches over 2 billion passengers annually across 30 provincial-level regions [11]. Outdoor Advertising Expansion - The company significantly increased its revenue from outdoor naked-eye 3D screens, achieving 107 million yuan in 2024, a year-on-year growth of 88.85%. The company is also focusing on AI content production, with several notable projects completed [11]. Cost Structure - The expansion of advertising locations has led to increased costs, with operating costs rising by 28.25% in 2024 and 3.21% in Q1 2025. The media resource usage cost reached 383 million yuan in 2024, up 29.37% year-on-year [11]. Profitability Outlook - The company anticipates that the upfront costs for new advertising locations will impact profitability in the near term. The expected net profit for 2025 and 2026 is projected to be 72 million yuan and 146 million yuan, respectively, with corresponding price-to-earnings ratios of 54.32 and 26.96 [11].