近期，携程海外版的广告语在社交媒体上频繁出现，引发了广泛关注。 这家来自中国的在线旅游平台究竟是 如何在竞争激烈的海外市场中站稳脚跟的？ 携程集团旗下的国际在线旅游平台 Trip.com，作为携程在海外市场的重要延伸，目前已在包括美国、印度等 39 个国家和地区开展业务。尽管携程集团早在 2018 年就制定了「在 5 年内将海外业务占比提升至 40%-50%」 的战略目标，但新冠疫情的冲击打乱了原有节奏，2020 年和 2021 年海外业务营收占比一度下滑至 7% 左右。 面对各类国际旅游平台的成熟发展格局，携程的海外突围之路充满挑战。 然而，近年来携程在海外市场确实取得了显著成绩。根据携程公布的 2024 年财报，海外业务收入占比已达到 14%。招银国际预测，未来三到五年内，海外业务预计将贡献集团约 20% 的收入，有望成为携程重要的增长 引擎。在与其他海外在线旅游平台的竞争中，Statista 数据显示，2024 年 Trip.com 的下载量超过 3130 万次， 排名第四，仅次于 Booking、Airbnb 和 Expedia。 那么， 携程海外版究竟采用了哪些策略来吸引海外用户？在国际市场扩张方面 ...

金十数据6月11日讯，近期携程集团(09961.HK)在伦敦、东京等23国75城开放超1100个海外岗位，涵盖 酒店、度假等业务线。同步设立10亿元旅游创新基金，并与泰国、马来西亚等酒店集团达成战略合作。 2025年Q1携程国际平台Trip.com预订量同比增超60%，CEO孙洁称未来3-5年海外收入占比目标翻倍。 业内人士指出，新兴平台短期难撼动携程等头部OTA的供应链与服务优势，行业正形成"本土深 耕"与"全球拓展"的错位竞争格局。 （36氪） 携程加速全球化布局，在伦敦、东京等23国75城开放超1100个海外岗位 ...

携程 20250603 摘要 二季度国内酒店预订保持双位数增长，虽价格同比下降，但降幅收窄。 酒店供应量同比增长 5%-10%，需求端常态化增长趋势明显，交通方面 保持稳健的双位数增长，预计国内旅游将持续常态化增长。 出境游运力恢复至 80%-85%，自由行、酒店及机票恢复度达 120%- 125%。携程国际版一季度增速约 60%，目标全年增长 50%以上，预 计全年收入增速维持在 15%左右。关注亚太市场进展，下半年有望受益 于航线进一步恢复。 目前国内业务占总收入 60%-65%，出境业务约 15%，纯海外业务 20%。Trip.com 贡献约 13%，超过疫情前水平。目标未来三到五年国 际业务贡献 50%以上收入，Trip.com 贡献 20%左右。 Skyscanner 以机票搜索为主，Trip.com 早期以机票为主，现酒店收入 占比超 40%且逐步提升。酒店比例提升将对携程利润结构有明确帮助， 可参考国内市场经验。 Trip.com 已进入 30 多个市场，四季度为旺季，三季度也相对繁忙。亚 太地区部分航线尚未完全恢复，如泰国。欧洲大部分地区已恢复甚至超 过 2019 年水平。新加坡、日本和韩国等 ...

Core Viewpoint - Trip.com Group Limited is notifying holders of its 1.50% Exchangeable Senior Notes due 2027 about their right to require the company to repurchase these notes for cash on July 1, 2025, under specific terms outlined in the Indentures [1][2][3] Group 1: Repurchase Right Details - Holders can require the company to repurchase all or a portion of their Exchangeable Notes, with a minimum amount of US$200,000 or integral multiples of US$1,000 [2][3] - The repurchase price will be 100% of the principal amount plus any accrued and unpaid interest up to July 1, 2025 [2] - The total outstanding amount of Exchangeable Notes as of May 27, 2025, is US$500,000,000, which means the total cash purchase price could reach US$500,000,000 if all notes are surrendered [2] Group 2: Timeline and Procedures - The opportunity to exercise the 2025 Repurchase Right starts on May 28, 2025, at 9:00 a.m. and ends on June 27, 2025, at 5:00 p.m. [3] - Holders must follow specific transmittal procedures outlined in the 2025 Repurchase Right Notice to exercise their rights [3] - Holders can withdraw previously tendered Exchangeable Notes until June 27, 2025 [3] Group 3: Company Overview - Trip.com Group Limited is a leading global one-stop travel platform, offering a comprehensive suite of travel products and services [7] - The company operates under various brands, including Ctrip, Qunar, Trip.com, and Skyscanner, and aims to provide cost-effective travel solutions [7] - Founded in 1999 and listed on Nasdaq in 2003 and HKEX in 2021, the company continues to expand its reach among travelers worldwide [7]

2025 年1 季度业绩：收入138 亿元（人民币，下同），同比增16%，与我们/彭博市场预期基本一致，其 中住宿+23%/交通+8%/度假+7%/商旅+12%。 中国内地酒店间夜量同比增15%+，ADR 中低个位数降幅好于行业水平。 出境机酒预定恢复至2019 年的120%，领先国际航班83%的恢复速度。 Trip.com 收入同比增近60%，占收比~13%。调整后净利润同比增3%至42亿元，超过我们/彭博市场预期 10%/9%，主因营销费用少于预期，净利率30%，同比降约4 个百分点，因Trip.com 海外品牌增加投入。 展望：预计2 季度公司收入增14%，其中酒店/交通增17%/9%，中国内地/出境酒店间夜量增10-15%/15- 20%，随着业务可比基数恢复至常态水平，预计业务量增长渐趋稳定，但行业竞争格局良好或一定程度 上缓释变现压力。预计调整后运营利润同比基本持平，利润率下降反映海外投入持续。 机构：交银国际 研究员：孙梦琪/谷馨瑜/赵丽/蔡涵 1 季度收入符合预期，利润超市场预期9%。预计2 季度收入增14%，调整后运营利润同比持平。休闲旅 游需求仍然快速增长，考虑因2 季度关税扰动对商旅出境 ...

Core Viewpoint - The company reported a strong performance in Q1 2025, with revenue and net profit exceeding market expectations, driven by controlled marketing expenses and favorable foreign exchange gains [1][3]. Performance Review - In Q1 2025, the company's revenue increased by 16% to 13.8 billion yuan, aligning with market expectations; non-GAAP net profit reached 4.2 billion yuan, exceeding market expectations by 9% [1]. - The company's hotel booking revenue in Q1 2025 was 5.54 billion yuan, a 23% year-on-year increase, surpassing market expectations by 1.4% [1]. Development Trends - Domestic tourism demand remains robust, with hotel prices expected to stabilize. The company anticipates a mid-to-low double-digit year-on-year growth in domestic hotel night stays for Q2 2025, with a narrowing decline in Average Daily Rate (ADR) [1]. - For outbound travel, the company expects a 15-20% year-on-year increase in outbound flight and hotel bookings in Q2 2025, recovering to 120% of 2019 levels, despite challenges in the Thai market [2]. Growth Expectations - Trip.com is projected to achieve high growth, with international OTA bookings increasing over 60% in Q1, and inbound travel bookings nearly doubling [3]. - The company expects to maintain a 50%+ revenue growth rate for Trip.com in the second half of the year, supported by strong demand from inbound tourism policies and brand expansion into new markets [3]. Profit Forecast and Valuation - The company has adjusted its non-GAAP net profit forecasts for 2025 and 2026 upwards by 3% to 16.4 billion yuan and 18.9 billion yuan, respectively, while maintaining revenue expectations [3]. - The target prices for the company's shares are set at $75.9 for US stocks and HK$588.5 for Hong Kong stocks, reflecting a potential upside of 13% and 14% from current prices [3].

Summary of China Consumer Pulse 1Q25 Industry Overview - The report focuses on the **Chinese consumer market** and highlights the **fragile recovery** in consumer sentiment across various sectors, including **premium beverages**, **apparel**, **luxury goods**, **autos**, **travel**, and **home appliances** [2][30]. Key Insights 1. **Consumer Sentiment and Spending Trends** - Chinese consumer sentiment shows signs of a **fragile recovery** with **experiential spending** leading the way, particularly in **restaurant activity** and **travel** [30][32]. - **Restaurant app usage** increased by **26% YoY**, and travel during Chinese New Year and Qing Ming saw increases of **9%** and **6%** respectively [4][32]. 2. **Channel Performance** - **Digital channels** significantly outperform traditional retail, with **e-commerce beauty sales** growing by **12.7%** and **apparel platforms** by **14%** [2][32]. - Physical retail continues to struggle, indicating a stark divergence in channel performance [30]. 3. **Premium Segment Dynamics** - The **luxury goods** sector shows mixed signals, with consumers becoming more discerning and holding back on spending amid economic uncertainty [6][32]. - **Premium beverages** maintain stable pricing, while **high-end hotels** outperform the broader market [30][32]. - **Premium auto sales** have deteriorated significantly, down **13.5% YoY** [7][32]. 4. **Home Appliances and Export Strength** - The home appliance sector showed solid performance with **air conditioner shipments** growing **16% YoY**, primarily driven by strong export demand [11][12][32]. - Recent tariff announcements raise concerns about the sustainability of this growth [12][32]. 5. **Macroeconomic Factors** - Persistent **deflation** (-0.1% CPI) and escalating **trade tensions** contribute to cautious consumer behavior, with expectations of lower prices leading to delayed purchases [3][30]. - The **Q1 PMI** improved, but anticipated contraction in April indicates fragile business confidence [3][30]. 6. **Outlook and Risks** - The recovery remains fragile and vulnerable to reversal due to economic uncertainty, deflationary pressures, and escalating US-China trade tensions [30][32]. - Any acceleration in government stimulus could potentially support consumer spending [3][30]. Additional Insights - **Travel Industry**: The travel sector showed resilience with a **7%** growth in travelers, despite challenges in outbound travel due to incidents in Southeast Asia [9][23]. - **Cosmetics Sector**: Beauty eCommerce tracked companies showed a recovery with **Gross Merchandise Value** growing **12.7%**, but concerns about sustainability remain due to weak macroeconomic indicators [10][32]. - **Automotive Sector**: In Q1 2025, **EV sales** increased by **34.7% YoY**, with penetration reaching **46.1%**, indicating a strong shift towards electric vehicles [7][28]. This comprehensive analysis highlights the complexities and challenges within the Chinese consumer market, emphasizing the need for careful monitoring of economic indicators and consumer behavior trends.