携程集团-S（9961.HK）2025 年四季报点评 国际业务表现亮眼，积极拥抱 Agent 合作 glmszqdatemark 事件：25Q4，公司实现净营收 154 亿元，yoy+21%，超 bbg 一致预期 3.5%。 利润端，25Q4 营业利润为 25 亿元，yoy+10%；经调整营业利润 32 亿元， yoy+16%，经调整营业利润率 20.8%，yoy-1pct；经调整归母净利润 35 亿元， yoy+15%，超 bbg 一致预期 8%。25Q4 公司经调整 EBITDA 为 34 亿元，经调 整 EBITDA 利润率 22%。2025 年携程核心 OTA 业务总预订额约为 1.1 万亿元， 全年净收入 624 亿元，yoy+17%；经调整经营利润 180 亿元，经调整经营利润 率 28.9%，yoy-1.5pct。截至 2025 年 12 月 31 日，现金及等价物、短期投资等 合计 1058 亿元。 旅游度假&商旅管理超预期，国际业务板块表现强劲，入境游成为核心增长支柱 之一。分业务看，25Q4 公司住宿预定收入 63 亿元，yoy+21%/qoq-22%。交 通票务 54 亿元，yoy+12 ...

携程集团-S（9961.HK）2025 年四季报点评 2026 年 02 月 27 日 国际业务表现亮眼，积极拥抱 Agent 合作 glmszqdatemark 事件：25Q4，公司实现净营收 154 亿元，yoy+21%，超 bbg 一致预期 3.5%。 利润端，25Q4 营业利润为 25 亿元，yoy+10%；经调整营业利润 32 亿元， yoy+16%，经调整营业利润率 20.8%，yoy-1pct；经调整归母净利润 35 亿元， yoy+15%，超 bbg 一致预期 8%。25Q4 公司经调整 EBITDA 为 34 亿元，经调 整 EBITDA 利润率 22%。2025 年携程核心 OTA 业务总预订额约为 1.1 万亿元， 全年净收入 624 亿元，yoy+17%；经调整经营利润 180 亿元，经调整经营利润 率 28.9%，yoy-1.5pct。截至 2025 年 12 月 31 日，现金及等价物、短期投资等 合计 1058 亿元。 旅游度假&商旅管理超预期，国际业务板块表现强劲，入境游成为核心增长支柱 之一。分业务看，25Q4 公司住宿预定收入 63 亿元，yoy+21%/qoq-22%。交 ...

Summary of Conference Call Records Industry Overview - The records primarily focus on the **tourism, restaurant, hotel, and duty-free industries** in the context of post-pandemic recovery and government stimulus policies [1][2][4]. Key Points and Arguments Tourism Industry - Post-pandemic, the tourism penetration rate has increased significantly, with **Ctrip's stock performing strongly** and scenic area data showing high activity levels, indicating a robust tourism industry [1][2]. - Government subsidies for service consumption, particularly in tourism, have a notable multiplier effect, with regions like Gansu and Harbin successfully stimulating economic growth through tourism [1][2]. - The **OTA (Online Travel Agency) market** is expected to maintain rapid growth, with the top five OTAs holding over **90% market share**, and Ctrip nearing **50%** [2][10]. Restaurant Industry - The restaurant sector is benefiting from the recovery of the tourism market and subsidies from delivery platforms, leading to significant growth, especially in lower-tier markets [2][12]. - High-frequency, low-cost consumer goods like tea and coffee are showing strong demand elasticity, with double-digit growth rates expected [12][19]. - Recommended stocks include **Haidilao, Xiaocaiyuan, and Guoquan**, which are expected to perform well due to their competitive advantages [19]. Hotel Industry - The hotel sector is experiencing a narrowing decline in performance, with **H World** reporting stable data and **Jinjiang Inn** showing signs of recovery [6][7]. - The supply expansion rate is expected to decrease in the coming years, which may alleviate pressure on RevPAR (Revenue per Available Room) if demand remains stable [6]. - Jinjiang Inn is projected to recover from losses, with significant potential for revenue growth in the coming years [7][8]. Duty-Free Market - The duty-free market has shown positive performance since September, aided by low base effects and new policies, with expectations for continued growth if further supportive measures are implemented [5]. - The Hainan government aims for a duty-free market size of **60 billion** by 2027, up from **58 billion** in 2023, indicating a recovery trend [5]. Future Trends - The tea beverage industry is expected to grow significantly in 2025, driven by delivery subsidies and a rebound in scenic areas, with growth rates approaching high double digits [11][13]. - Head companies like **Mixue Ice City** and **Guming** are expanding rapidly, with strong supply chain capabilities and competitive pricing strategies [14][15][17]. - The restaurant industry is anticipated to see a recovery in demand, particularly during holidays, with a focus on high-value, chain-operated businesses that can manage supply chains effectively [18][19]. Additional Important Insights - The **duty-free market** is influenced by government policies and consumer behavior, with a notable impact from promotional activities and consumer awareness campaigns [5]. - The **OTA industry** is adapting to market changes by focusing on niche segments and enhancing customer engagement through innovative offerings [10]. - The overall sentiment in the restaurant and tourism sectors is optimistic, with expectations for sustained growth driven by consumer demand and strategic business expansions [12][19].

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [6]. Core Insights - The travel demand is showing steady improvement, with significant growth in duty-free sales, outbound tourism, and scenic area performance during the New Year's holiday period [1][2]. - Domestic tourism during the New Year's holiday reached 142 million trips, a year-on-year increase of 5.2%, with total tourism revenue of 84.79 billion yuan, up 6.4% year-on-year [2]. - The report highlights the strong performance of the outbound tourism sector, which continues to lead overall growth, and recommends focusing on online travel agencies (OTAs) and regional scenic spots that benefit from external transportation conditions and internal optimization [1][2]. Summary by Sections Overall Situation - Domestic tourism during the New Year's holiday saw 142 million trips, a 5.2% increase year-on-year, with daily average trips of approximately 47 million, also up 5.1% [2]. - Total tourism revenue reached 84.79 billion yuan, reflecting a 6.4% year-on-year increase, with per capita spending at 597.11 yuan, a slight increase of 1.1% [2]. Transportation - Daily average cross-regional personnel flow increased by 19.5% year-on-year, with railway and civil aviation passenger volumes growing by 9% and 13% respectively [3]. - During the holiday, a total of 5.9 billion people traveled, with significant increases in railway and highway travel [3]. Duty-Free Sales - Duty-free sales in Hainan saw a remarkable 50% increase compared to 2024, with shopping amounts reaching 712 million yuan, a 128.9% increase [4]. Scenic Areas - Scenic areas experienced significant growth in visitor numbers, with notable increases in places like Changbai Mountain and Jiuzhaigou, where visitor numbers grew by 40.77% and 224% respectively [10]. - High-profile tourist cities like Beijing and Shanghai reported substantial increases in visitor numbers and tourism revenue during the holiday [11][12]. OTA Performance - The report indicates a surge in demand for travel products, with significant increases in hotel and flight bookings, particularly among younger travelers [15][17]. - The "please 3 days off and 8 days on" trend has driven long-distance travel, with a notable rise in outbound tourism bookings [17][19]. Inbound and Outbound Travel - Inbound and outbound travel showed better-than-expected performance, with a total of 6.615 million people traveling across borders, reflecting a year-on-year increase of 27.7% [20][21].

Group 1 - The article discusses the deceptive pricing tactics used by online ticketing platforms, where consumers are often misled into paying higher prices due to hidden fees like "refund protection" that are bundled with the advertised low prices [2][3] - Regulatory challenges are highlighted, as local authorities struggle to enforce rules against these platforms due to jurisdictional issues, leading to a lack of effective consumer protection [3] - The article calls for breaking down regional barriers in regulation, implementing clear penalties for deceptive practices, and simplifying the complaint process for consumers [3] Group 2 - The second commentary addresses the issue of online travel agencies (OTAs) unilaterally adjusting prices, which undermines the pricing autonomy of businesses and negatively impacts consumer experience [4][5] - It emphasizes that such practices, justified under the guise of "optimizing supply and demand," are a form of overreach that harms both merchants and consumers [4][5] - The article argues for the need to respect the pricing rights of businesses and maintain a fair competitive environment, as well as the importance of platforms acting as facilitators rather than price manipulators [5] Group 3 - The third commentary focuses on the misuse of AI models in e-commerce, where some merchants use AI to create misleading representations of products, leading to significant discrepancies between advertised and actual items [6][7] - It points out that while AI technology can enhance marketing, its abuse can lead to consumer distrust and increased return rates, ultimately harming businesses [7][8] - The article references new regulations aimed at ensuring transparency in AI-generated content, highlighting the legal implications of misleading advertising practices [8][9]

Core Insights - The article emphasizes the importance of being cautious when purchasing tickets for tourist attractions through OTA platforms or mini-programs, highlighting common pitfalls that can disrupt travel plans. Group 1: Ticket Types - Consumers should carefully review ticket types, which may include basic tickets, combination tickets, and package tickets, as cheaper options may not include core attractions or services [2] Group 2: Refund and Change Policies - It is crucial to check the refund and change policies before booking, as non-refundable tickets can lead to total loss if plans change. Some OTAs offer quick refund or worry-free cancellation services [3] Group 3: Ticket Collection and Entry Process - Most tickets now use electronic formats and real-name systems. Consumers should verify the collection and entry processes, including whether an ID is required and if paper tickets need to be exchanged at the venue [8] Group 4: Common Traps - Consumers often fall into traps such as low-priced tickets from dubious sources, mandatory bundled services that increase costs, and undisclosed additional fees that arise after entry. It is advisable to compare prices and clarify what is included in the ticket price [5] Group 5: Keeping Evidence - After successful booking, it is important to save order pages, payment records, and communication screenshots, as these can serve as crucial evidence in case of disputes with OTA platforms or regulatory complaints [6] Group 6: Conclusion - The article concludes that while travel should be enjoyable, non-standard ticketing practices can ruin a trip. Spending a few extra minutes to check ticket types, refund policies, and complaint records can lead to a smoother and more secure travel experience [7]