相对于非标住宿900亿美元的潜在市场，财报前Airbnb市值已达800亿美元，亦即市值已体现Airbnb不断加入的长租、体验与本地生活元素，但 市值叙事框架终需被数字检验，而本次财报正被视为本地生活可能性的初步检验点。 01 只是稳健，一份不差但也不"燃"的财报 本季，Airbnb的间夜与体验数达到1.34亿，年增7%；营收31亿美元，年增13%；调整后EBITDA为10亿美元，利润率34%，高于去年的32.5%。 从间夜与体验的产出来看各地区，拉美与亚太成长约10%、欧洲与中东非为中个位数、北美则在低个位数。 但在资本市场的视角下，在数字之外，更被重视的是Airbnb"估值转型"野心的可能性与实践现况。 02 非标住宿的压力，当Booking不再只是"牵制者" 在非标住宿领域，二季度Booking已将其替代住宿房源扩张至840万套、间夜1.14亿，分别达到Airbnb同期的84%、85%。我们此前也谈过， Booking原本只是尝试在非标住宿领域牵制Airbnb，现在非标住宿却成为Booking的间夜增速驱动之一，对Airbnb的压力可见一斑。 从Airbnb角度来看，这对其市场话语权稀释比一般OTA更剧烈 ...

Core Insights - Company reported a 7% year-over-year increase in booking nights and seat counts, reaching 134 million in Q2 2025 [1] - The company plans to invest approximately $200 million in new business initiatives by 2025, despite expecting a decline in adjusted EBITDA margins due to these investments [2][3] - Strong financial position allows the company to focus on core business growth while expanding services and experiences [3] Financial Performance - Q2 2025 saw a cash and investments total of $11.4 billion, with $10 billion in customer funds [1] - The company repurchased $1 billion in common stock during the quarter, with an additional $6 billion authorized for future buybacks [1] - Q3 revenue is projected to be between $4.02 billion and $4.1 billion, reflecting an 8% to 10% year-over-year growth [2] Business Expansion - The company is focusing on enhancing core services and improving customer interactions, including a 15% reduction in the need for human agents through AI customer service [2] - New business opportunities are expected to contribute significantly to revenue growth in the coming years, despite initial low revenue impact [2][3] - The company is actively working to increase penetration rates for Airbnb Experiences, with a focus on key cities like Paris [4][5] Market Trends - Growth in Latin America is in the double digits, while Asia-Pacific shows mid-single-digit growth, and North America is experiencing low single-digit growth [1] - The company is seeing a shift in user behavior towards browsing and discovery rather than direct searches, which is strategically significant [11] - The company aims to enhance its presence in underpenetrated markets, particularly in the U.S., where short-term rental penetration remains low [12] Marketing Strategy - Future marketing efforts will focus on integrated campaigns that bundle accommodations, services, and experiences [7] - The company is shifting advertising spend from traditional media to social media to better target potential customers [8] - The company is exploring loyalty programs that are innovative and distinct from traditional point systems [17] Technology and Innovation - The company is investing in AI to enhance customer service and streamline booking processes, with plans to integrate AI more deeply into the application [18] - The company is leveraging insights from initial expansion markets to accelerate product development and updates in new markets [18] Strategic Outlook - The company remains open to acquisition opportunities to accelerate growth, having previously successfully acquired Hotel Tonight [9] - The company believes in the potential of both its core lodging business and new service offerings, aiming to create a comprehensive platform that includes accommodations, services, and experiences [20]

Core Insights - Airbnb has launched a new feature called Airbnb Services, which allows users to book various services typically found in traditional hotels, enhancing the vacation experience [2][4] - The initial rollout includes 10 service categories across 260 cities globally, offering options like in-home chefs, massage therapists, and personal trainers [2][6] - All service providers are vetted by Airbnb, ensuring identity verification and necessary certifications, with at least one service available for $50 or less in each category [3][4] Airbnb Experiences Revamp - Airbnb Experiences is being revamped alongside the new Services feature, allowing users to book local guides for unique activities and experiences [4][6] - The new Airbnb Originals will offer extraordinary experiences with notable personalities, such as joining celebrities in themed activities [5][6] - The Experiences feature, including Originals, is available in over 650 cities worldwide, with plans for further international expansion [6]