中国在线旅游平台 2025 年第二季度前瞻：竞争热潮渐退后关注需求走向-China OTAs-2Q25 preview Watching demand after competition noise

July 17, 2025 10:42 AM GMT China OTAs | Asia Pacific 2Q25 preview: Watching demand after competition noise We believe the market has formed a consensus that JD's entrance won't significantly impact OTA leaders due to the supply chain moat. We expect TCOM and TCEL to deliver in-line 2Q earnings. The recent decline in domestic travel demand is worth monitoring. Competition: OTA incumbents have yet to feel rising competition from JD and they have only suspended inventory sharing with JD (no take rate cut to ho ...