<p>携程集团（HK:9961）在香港交易中股价下跌 3.4%，原因是其第四季度财务结果发布后，显示出中国旅游巨头的业绩情况喜忧参半。尽管公司的收入和净利润实现了显著增长，但盈利能力的担忧却给积极的收入增长蒙上了阴影。</p>
<p>该旅游平台报告称，归属于股东的净利润为 42.8 亿元人民币（6.14 亿美元），几乎是去年 21.6 亿元人民币的两倍。收入从去年同期的 51.8 亿元人民币激增至 62.9 亿元人民币，反映出全球旅行活动恢复带来的强劲需求。</p>
<p>然而，基础利润率却呈现出不同的情况。调整后的息税折旧摊销前利润（EBITDA）利润率从上个季度的 35% 骤降至 22%，标志着运营效率的急剧下降。即使与去年第四季度的结果相比，携程的核心盈利率也从 23% 下降，尽管销售增长，但盈利能力面临压力。</p>
<p>公司将利润率压缩部分归因于国际市场的激进扩张努力和加大营销活动，以利用涌入中国的旅游热潮。这些投资虽然在短期内成本高昂，但是携程加强在国内外竞争激烈的旅游市场立足点的战略一部分。</p>
<p>市场观察人士指出，传统上利润较低的 12 月季度解释了部分疲软，但其他人则指出，竞争定价和增加的促销支出带来的挑战。更大的不确定性来自中国市场监管总局在反垄断法下进行的持续监管调查，携程承认正在全力配合，但提供的细节寥寥。</p>
<p>分析师的反应谨慎。瑞穗证券将携程美国存托凭证的目标价从 82 美元下调至 79 美元，原因是旅游行业估值下滑以及与人工智能干扰相关的逆风。尽管如此，该券商维持了 “跑赢大盘” 的评级，强调携程第四季度的强劲表现以及中国入境旅游复苏可能带来的好处。它还指出，中国旅游行业的碎片化特征可以作为潜在人工智能驱动市场风险的缓冲。</p>
<p>携程的势头反映了疫情后全球旅游的整体复苏，但利润率的侵蚀引发了对可持续盈利能力的质疑，因为竞争加剧和运营成本上升。持续的投资和监管压力是否会影响未来几个季度还有待观察。</p>
<p>随着旅游行业在技术变革和监管审查中不断演变，携程的业绩突显了公司在努力实现收入增长的同时，保持利润率所面临的复杂性。</p>

携程集团-S

全球航空业 ETF - U.S. Global

3 倍做多旅游行业 ETN - MicroSectors

携程网

旅游科技 ETF -ETFMG

<p>携程集团-S 的股价在香港下跌了 3.4%，此前该公司公布了第四季度业绩，显示净利润为 42.8 亿元人民币，几乎是去年的两倍，收入达到 62.9 亿元人民币。然而，调整后的 EBITDA 利润率从 35% 降至 22%，引发了对盈利能力的担忧。公司指出，激进的国际扩张和营销成本是导致这一情况的因素。分析师们保持谨慎，瑞穗证券下调了其目标价，但维持 “跑赢大盘” 评级，指出来自竞争和监管审查的挑战。这些结果突显了在不断发展的旅游行业中平衡增长与利润率的复杂性</p>

<p>Shares of Trip.com (HK:9961) slipped 3.4% in Hong Kong trading following the release of its fourth-quarter financial results, which painted a mixed picture for the Chinese travel giant. While the company's revenue and net profit saw impressive leaps, concerns around profitability margins cast a shadow over the positive top-line growth.</p>
<div class="lb-trans"><p>携程集团（HK:9961）在香港交易中股价下跌 3.4%，原因是其第四季度财务结果发布后，显示出中国旅游巨头的业绩情况喜忧参半。尽管公司的收入和净利润实现了显著增长，但盈利能力的担忧却给积极的收入增长蒙上了阴影。</p>
</div><p>The travel platform reported net profit attributable to shareholders of 4.28 billion yuan ($614 million), nearly double last year's 2.16 billion yuan. Revenue surged to 6.29 billion yuan from 5.18 billion yuan a year earlier, reflecting robust demand as travel activities picked up globally.</p>
<div class="lb-trans"><p>该旅游平台报告称，归属于股东的净利润为 42.8 亿元人民币（6.14 亿美元），几乎是去年 21.6 亿元人民币的两倍。收入从去年同期的 51.8 亿元人民币激增至 62.9 亿元人民币，反映出全球旅行活动恢复带来的强劲需求。</p>
</div><p>However, underlying profit margins told a different story. Adjusted EBITDA margin tumbled to 22% from 35% the previous quarter, marking a sharp contraction in operating efficiency. Even when compared to the prior year's Q4 result, Trip.com's core earnings margin dipped from 23%, signaling pressure on profitability despite growing sales.</p>
<div class="lb-trans"><p>然而，基础利润率却呈现出不同的情况。调整后的息税折旧摊销前利润（EBITDA）利润率从上个季度的 35% 骤降至 22%，标志着运营效率的急剧下降。即使与去年第四季度的结果相比，携程的核心盈利率也从 23% 下降，尽管销售增长，但盈利能力面临压力。</p>
</div><p>The company attributed the margin squeeze partly to aggressive expansion efforts internationally and intensified marketing activities aimed at capitalizing on surging inbound tourism into China. These investments, while costly in the short term, are part of Trip.com's strategy to strengthen its foothold in competitive travel markets domestically and overseas.</p>
<div class="lb-trans"><p>公司将利润率压缩部分归因于国际市场的激进扩张努力和加大营销活动，以利用涌入中国的旅游热潮。这些投资虽然在短期内成本高昂，但是携程加强在国内外竞争激烈的旅游市场立足点的战略一部分。</p>
</div><p>Market watchers noted that the traditionally low-margin December quarter explained some of the softness, but others pointed to the challenges rising from competitive pricing and increased promotional spending. Adding to the uncertainty is an ongoing regulatory investigation by China's State Administration for Market Regulation under anti-monopoly laws, which Trip.com acknowledged is underway with full cooperation but provided scant details.</p>
<div class="lb-trans"><p>市场观察人士指出，传统上利润较低的 12 月季度解释了部分疲软，但其他人则指出，竞争定价和增加的促销支出带来的挑战。更大的不确定性来自中国市场监管总局在反垄断法下进行的持续监管调查，携程承认正在全力配合，但提供的细节寥寥。</p>
</div><p>Analyst reactions were cautious. Mizuho trimmed its price target on Trip.com's American Depositary Receipts from $82 to $79 amid falling travel sector valuations and headwinds linked to artificial intelligence disruptions. That said, the brokerage maintained an Outperform rating, highlighting Trip.com's strong Q4 performance and potential benefits from China's inbound tourism rebound. It also cited the fragmented nature of the travel industry in China as a buffer against potential AI-driven market risks.</p>
<div class="lb-trans"><p>分析师的反应谨慎。瑞穗证券将携程美国存托凭证的目标价从 82 美元下调至 79 美元，原因是旅游行业估值下滑以及与人工智能干扰相关的逆风。尽管如此，该券商维持了 “跑赢大盘” 的评级，强调携程第四季度的强劲表现以及中国入境旅游复苏可能带来的好处。它还指出，中国旅游行业的碎片化特征可以作为潜在人工智能驱动市场风险的缓冲。</p>
</div><p>Trip.com's momentum reflects the broader recovery in global travel post-pandemic, but the margin erosion raises questions about sustainable profitability as competition heats up and operational costs increase. Whether ongoing investments and regulatory pressures will impact future quarters remains to be seen.</p>
<div class="lb-trans"><p>携程的势头反映了疫情后全球旅游的整体复苏，但利润率的侵蚀引发了对可持续盈利能力的质疑，因为竞争加剧和运营成本上升。持续的投资和监管压力是否会影响未来几个季度还有待观察。</p>
</div><p>As the travel sector evolves amid tech shifts and regulatory scrutiny, Trip.com's results underline the complexities facing companies trying to grow top line while keeping an eye on margins.</p>
<div class="lb-trans"><p>随着旅游行业在技术变革和监管审查中不断演变，携程的业绩突显了公司在努力实现收入增长的同时，保持利润率所面临的复杂性。</p>
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携程网股价下跌，因第四季度利润激增但利润率缩小掩盖了这一增长