中国旅游与休闲_酒店_在线旅游平台 2025 年第三季度前瞻_华住、亚朵在每间可售房收入和零售销售上有望超预期，携程可能在利润率上表现亮眼。澳门业绩迄今好于预期

4 November 2025 | 5:54AM HKT Equity Research CHINA TRAVEL & LEISURE Hotel/OTA 3Q25 preview: HTHT/ATAT to beat on RevPar and retail sales, TCOM potentially on margin. Macau results better than feared so far Against weaker disposable income (+4.5% vs. +5.1% yoy in 2Q25) and consumption trend in 3Q25 (+3.4% vs. +5.2% yoy in 2Q25), China's travel industry also experienced a slowdown with domestic air traffic +3% yoy (vs. +6% in 2Q25). Outbound travels (excluding HK/Macau) also further normalized to +15% yoy (vs ...