<p><em>在线旅游代理商的收入在第一季度增长了 14%，但其最新报告中缺乏对 Trip.com 的反垄断调查的讨论，后者是其主要股东和关键供应商</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/25053242/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_25-5-2026_133117_thebambooworks.com_-1024x658.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/25053242/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_25-5-2026_133117_thebambooworks.com_-1024x658.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>同程旅行报告称其第一季度收入增长了 14.4%，其中住宿部门增长了 14.7%，酒店管理业务增长了 60%</li>
<li>在线旅游代理商的最新报告未能讨论 1 月份对 Trip.com 发起的反垄断调查，Trip.com 是同程的主要酒店预订服务供应商</li>
</ul>
<p>尽管收入和利润双双增长，但在线旅游代理商 <strong>同程旅行控股有限公司</strong>（0780.HK）在其上周四发布的 最新季度报告 中未提及一个重要问题。</p>
<p>这个问题是针对领先在线旅游代理商 <strong>Trip.com</strong> (NASDAQ: TCOM)（9961.HK）于 1 月份宣布的 反垄断调查，这几乎肯定会在案件最终决定时对同程产生重大影响。这是因为同程是 Trip.com 市场主导地位的一部分，正在接受调查。Trip.com 目前持有同程约 24% 的股份，也是同程三大收入来源之一的主要酒店预订服务供应商。</p>
<p>然而，尽管有如此重大的隐患，同程在其最新的季度报告中并未提及这一关系，报告看起来相对积极，包括截至 3 月的三个月内收入增长 14.4% 和利润增长 16.4%。</p>
<p>但投资者并没有被这些积极的数字所欺骗，同程的股价在最新报告发布后的周五下跌了 5%。随着周五的抛售，同程的股价自年初以来已下跌 33%，几乎与 Trip.com 的 36% 下跌相当。大部分下跌发生在 Trip.com 于 1 月 14 日确认正在接受中国市场监管总局（SAMR）调查之后。其他报道指出，该调查集中在该公司在中国酒店预订市场的主导地位上。</p>
<p>此次抛售使同程的市盈率（P/E）降至仅 13，尽管这仍然是 Trip.com 受挫估值的 6.6 的两倍左右。相比之下，规模更小的 <strong>途牛</strong>（TOUR.US）市盈率为 16，而全球巨头 <strong>Expedia</strong>（EXPE.US）市盈率为 19。</p>
<p>说实话，同程最终可能会从这次反垄断调查中受益，这几乎肯定会使其部分或完全摆脱 Trip.com 的主导地位。它对 Trip.com 的酒店预订服务的依赖正在压低其毛利率，去年仅为 66.3%，而 Trip.com 为 80.6%，Expedia 更高，达到 90.1%。但实现如此高的毛利率将迫使同程开发自己的独立渠道来完成通过其平台进行的酒店预订，这需要时间。</p>
<p>该公司已经通过发展其酒店管理业务朝这个方向迈出了步伐。这是其最新报告的亮点之一，此前同程去年收购了陷入困境的房地产开发商万达的酒店管理业务。此次收购使同程的 “其他业务” 收入（主要包括酒店管理）在第一季度同比增长约 60%，达到 9.61 亿元人民币（1.41 亿美元），占其 50 亿元收入的近五分之一。相比之下，该业务在一年前仅占收入的 14%。</p>
<p>随着收购和酒店管理业务的快速增长，截至 3 月底，同程管理的酒店网络中的酒店数量达到了 3200 家，还有 1900 家在建。这使得该公司成为领先的中国顶级酒店运营商，超过了 <strong>如家酒店</strong> (NASDAQ: ATAT) 截至 3 月底的 2088 家酒店，但仍远远落后于领先酒店集团 <strong>华住集团</strong> (NASDAQ: HTHT)（1179.HK）的 13000 多家酒店。</p>
<h4><strong>重建业务</strong></h4>
<p>同程管理的 3200 家酒店为其建立自己的直接房间预订服务奠定了基础，而无需使用 Trip.com 作为中介，尽管这仍然只是其网络上 400 万家酒店和替代住宿的微小部分。这意味着该公司可能已经开始与像华住集团这样的知名品牌，以及许多较小的连锁酒店直接洽谈，建立自己的房间预订服务关系。</p>
<p>该公司的最新年度报告显示，它与 Trip.com 的关系是多么紧密，Trip.com 通过在十年前促成两家大型在线旅游代理商的合并，帮助创建了现在的同程。Trip.com 拥有其中一家代理商的控股权，而互联网巨头腾讯则拥有另一家。合并后，Trip.com 以其 24% 的控股股东身份出现，而腾讯则以 20% 的股份紧随其后。腾讯也是同程的重要合作伙伴，同程通过腾讯极受欢迎的微信平台上的优先门户获得了大量业务。</p>
<p>同程最新的年度报告显示，2025 年其从携程网获得了高达 32.1 亿元的佣金和其他收入，这主要是提供酒店预订服务，约占其当年收入的 16.5%。在最新的季度报告中，住宿服务同比增长 14.7%，达到 13.6 亿元，占整体收入的 27%。</p>
<p>同程最大的收入来源是交通票务服务，第一季度同比增长 6.2%，达到 21.2 亿元，占整体收入的 42%。这一部分收入不应受到反垄断调查的影响，因为同程直接与航空公司、铁路和公交运营商合作。</p>
<p>住宿和交通票务收入的增长，加上其酒店管理业务的巨大收益，帮助同程在第一季度将利润提升 16.4%，达到 7.79 亿元，较去年同期的 6.69 亿元有所增长。</p>
<p>同程将自己定位为服务中国小城市的客户，并在最新报告中指出，第一季度 87% 的用户来自非一线城市。这种策略在中国许多消费领域中很常见，顶级运营商通常直接在一线城市提供服务，因为那里的利润率最高，然后与合作伙伴一起开发利润率较低的小市场。</p>
<p>值得注意的是，同程的销售和营销支出在第一季度同比增长 16.4%，占其收入的 42.2%，高于去年同期的 40.8%。这可能表明公司开始采取更积极的措施来发展自己的酒店关系，以应对监管机构最终要求其切断或大幅限制与携程网关系的情况。然而，在最新的季度业绩和 4 月发布的年度报告中，对这一重要问题的沉默似乎并不是应对这一关键问题的最佳方式，这可能最终有助于公司改善利润率，但在过渡过程中也会带来一些痛苦。</p>
<p><em>要订阅 Bamboo Works 的免费每周通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>

携程网

携程集团-S

同程旅行

旅游科技 ETF -ETFMG

<p>同程旅行控股有限公司在第一季度报告了 14.4% 的收入增长，主要得益于其住宿和酒店管理部门。然而，报告中显著遗漏了对主要股东携程网的反垄断调查的细节，携程网持有同程 24% 的股份。尽管盈利表现积极，同程的股价在报告发布后下跌了 5%，反映了投资者对该调查可能影响的担忧。该公司正在努力减少对携程网的依赖，通过扩展其酒店管理业务，该业务的收入增长了 60%</p>

<p><em>The online travel agent's revenue rose 14% in the first quarter, but its latest report lacked discussion of an anti-trust probe into Trip.com, its top stakeholder and a key supplier</em></p>
<div class="lb-trans"><p><em>在线旅游代理商的收入在第一季度增长了 14%，但其最新报告中缺乏对 Trip.com 的反垄断调查的讨论，后者是其主要股东和关键供应商</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/25053242/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_25-5-2026_133117_thebambooworks.com_-1024x658.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/25053242/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_25-5-2026_133117_thebambooworks.com_-1024x658.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Tongcheng reported its revenue rose 14.4% in the first quarter, led by a 14.7% gain for its accommodations unit and a 60% jump for its hotel management business</li>
<li>The online travel agent's latest report failed to discuss an anti-monopoly probe launched in January against Trip.com, Tongcheng's main supplier of hotel booking services</li>
</ul>
<div class="lb-trans"><ul>
<li>同程旅行报告称其第一季度收入增长了 14.4%，其中住宿部门增长了 14.7%，酒店管理业务增长了 60%</li>
<li>在线旅游代理商的最新报告未能讨论 1 月份对 Trip.com 发起的反垄断调查，Trip.com 是同程的主要酒店预订服务供应商</li>
</ul>
</div><p>Double-digit revenue and profit growth weren't enough to hide the big elephant in the room that online travel agent <strong>Tongcheng Travel Holdings Ltd.</strong> (0780.HK) failed to mention in its latest quarterly report released last Thursday.</p>
<div class="lb-trans"><p>尽管收入和利润双双增长，但在线旅游代理商 <strong>同程旅行控股有限公司</strong>（0780.HK）在其上周四发布的 最新季度报告 中未提及一个重要问题。</p>
</div><p>That elephant is an anti-monopoly probe into leading online travel agent <strong>Trip.com</strong> (NASDAQ: TCOM) (9961.HK) announced in January, which will almost certainly have a major impact on Tongcheng when a final decision comes in the case. That's because Tongcheng is part of Trip.com's market dominance that is under investigation. Trip.com currently holds about 24% of Tongcheng's shares, and is also the main supplier of hotel booking services that are one of Tongcheng's top three revenue sources.</p>
<div class="lb-trans"><p>这个问题是针对领先在线旅游代理商 <strong>Trip.com</strong> (NASDAQ: TCOM)（9961.HK）于 1 月份宣布的 反垄断调查，这几乎肯定会在案件最终决定时对同程产生重大影响。这是因为同程是 Trip.com 市场主导地位的一部分，正在接受调查。Trip.com 目前持有同程约 24% 的股份，也是同程三大收入来源之一的主要酒店预订服务供应商。</p>
</div><p>And yet despite that big overhang, Tongcheng makes no mention of the relationship in its latest quarterly report, which looks relatively positive, including 14.4% revenue growth and 16.4% profit growth in the three months to March.</p>
<div class="lb-trans"><p>然而，尽管有如此重大的隐患，同程在其最新的季度报告中并未提及这一关系，报告看起来相对积极，包括截至 3 月的三个月内收入增长 14.4% 和利润增长 16.4%。</p>
</div><p>But investors weren't fooled by the positive numbers, with Tongcheng's shares slumping 5% on Friday, the day after the latest report's release. With the Friday selloff, Tongcheng's shares are now down 33% since the start of the year, almost as bad as Trip.com's 36% decline. Most of the slump has come since Trip.com confirmed on Jan. 14 that it was being investigated by China's State Administration for Market Regulation (SAMR). Other reports said the probe was focused on the company's dominance in China's hotel booking market.</p>
<div class="lb-trans"><p>但投资者并没有被这些积极的数字所欺骗，同程的股价在最新报告发布后的周五下跌了 5%。随着周五的抛售，同程的股价自年初以来已下跌 33%，几乎与 Trip.com 的 36% 下跌相当。大部分下跌发生在 Trip.com 于 1 月 14 日确认正在接受中国市场监管总局（SAMR）调查之后。其他报道指出，该调查集中在该公司在中国酒店预订市场的主导地位上。</p>
</div><p>The selloff has sent Tongcheng's price-to-earnings (P/E) ratio down to just 13, though that's still roughly twice the 6.6 for Trip.com's battered valuation. By comparison, the much smaller <strong>Tuniu</strong> (TOUR.US) trades higher at 16, while global giant <strong>Expedia</strong> (EXPE.US) trades at 19.</p>
<div class="lb-trans"><p>此次抛售使同程的市盈率（P/E）降至仅 13，尽管这仍然是 Trip.com 受挫估值的 6.6 的两倍左右。相比之下，规模更小的 <strong>途牛</strong>（TOUR.US）市盈率为 16，而全球巨头 <strong>Expedia</strong>（EXPE.US）市盈率为 19。</p>
</div><p>Truth be told, Tongcheng could ultimately benefit from this anti-monopoly probe, which almost certainly will result in it being partly or completely cut free from Trip.com's dominance. Its reliance on Trip.com for its hotel booking services is depressing its gross margin, which stood at just 66.3% last year, compared with 80.6% for Trip.com and an even higher 90.1% for Expedia. But achieving such higher margins will force Tongcheng to develop its own separate sources for completing hotel bookings made over its platform, which takes time.</p>
<div class="lb-trans"><p>说实话，同程最终可能会从这次反垄断调查中受益，这几乎肯定会使其部分或完全摆脱 Trip.com 的主导地位。它对 Trip.com 的酒店预订服务的依赖正在压低其毛利率，去年仅为 66.3%，而 Trip.com 为 80.6%，Expedia 更高，达到 90.1%。但实现如此高的毛利率将迫使同程开发自己的独立渠道来完成通过其平台进行的酒店预订，这需要时间。</p>
</div><p>The company is already taking steps in that direction through the development of its hotel management business. That was one of the highlights of its latest report, following Tongcheng's acquisition last year of the hotel management business of embattled property developer Wanda. That acquisition saw revenue from Tongcheng's &#34;other businesses,&#34; which include mostly hotel management, rise about 60% year-on-year to 961 million yuan ($141 million) in the first quarter, accounting for nearly a fifth of its 5 billion yuan in revenue. By comparison, that business accounted for just 14% of revenue a year earlier.</p>
<div class="lb-trans"><p>该公司已经通过发展其酒店管理业务朝这个方向迈出了步伐。这是其最新报告的亮点之一，此前同程去年收购了陷入困境的房地产开发商万达的酒店管理业务。此次收购使同程的 “其他业务” 收入（主要包括酒店管理）在第一季度同比增长约 60%，达到 9.61 亿元人民币（1.41 亿美元），占其 50 亿元收入的近五分之一。相比之下，该业务在一年前仅占收入的 14%。</p>
</div><p>With the acquisition and rapid growth of its hotel management business, the number of hotels in Tongcheng's network of managed properties reached 3,200 at the end of March, with another 1,900 in the pipeline. That makes the company a leading Chinese top hotel operator, outpacing <strong>Atour's</strong> (NASDAQ: ATAT) 2,088 hotels at the end of March, though still well behind the more than 13,000 for leading hotelier <strong>H World Group</strong> (NASDAQ: HTHT) (1179.HK).</p>
<div class="lb-trans"><p>随着收购和酒店管理业务的快速增长，截至 3 月底，同程管理的酒店网络中的酒店数量达到了 3200 家，还有 1900 家在建。这使得该公司成为领先的中国顶级酒店运营商，超过了 <strong>如家酒店</strong> (NASDAQ: ATAT) 截至 3 月底的 2088 家酒店，但仍远远落后于领先酒店集团 <strong>华住集团</strong> (NASDAQ: HTHT)（1179.HK）的 13000 多家酒店。</p>
</div><h4><strong>Rebuilding a business</strong></h4>
<div class="lb-trans"><h4><strong>重建业务</strong></h4>
</div><p>The 3,200 hotels in Tongcheng's managed property network lays a foundation for building its own direct room booking services without having to use Trip.com as a middleman, though it's still a tiny fraction of the 4 million hotels and alternative accommodations now on its network. That means the company is probably already starting to talk directly with the big names like H World Group, as well as many of the smaller chains, about forming its own direct relationships for room booking services.</p>
<div class="lb-trans"><p>同程管理的 3200 家酒店为其建立自己的直接房间预订服务奠定了基础，而无需使用 Trip.com 作为中介，尽管这仍然只是其网络上 400 万家酒店和替代住宿的微小部分。这意味着该公司可能已经开始与像华住集团这样的知名品牌，以及许多较小的连锁酒店直接洽谈，建立自己的房间预订服务关系。</p>
</div><p>The company's latest annual report shows just how closely it is tethered to Trip.com, which helped to create Tongcheng in its current form by engineering a merger between two large online travel agencies about a decade ago. Trip.com owned a controlling stake of one of those agencies, while internet giant Tencent owned the other. Following the merger, Trip.com emerged with its controlling 24% stake in Tongcheng, while Tencent isn't far behind with 20%. Tencent is also a key partner for Tongcheng, which derives a big portion of its business through a preferentially placed portal on Tencent's hugely popular WeChat platform.</p>
<div class="lb-trans"><p>该公司的最新年度报告显示，它与 Trip.com 的关系是多么紧密，Trip.com 通过在十年前促成两家大型在线旅游代理商的合并，帮助创建了现在的同程。Trip.com 拥有其中一家代理商的控股权，而互联网巨头腾讯则拥有另一家。合并后，Trip.com 以其 24% 的控股股东身份出现，而腾讯则以 20% 的股份紧随其后。腾讯也是同程的重要合作伙伴，同程通过腾讯极受欢迎的微信平台上的优先门户获得了大量业务。</p>
</div><p>Tongcheng's latest annual report shows it received a massive 3.21 billion yuan in commissions and other income from Trip.com in 2025, presumably mostly for providing hotel booking services, equal to about 16.5% of its revenue for the year. In its latest quarter report, accommodation services rose 14.7% year-on-year to 1.36 billion yuan, accounting for 27% of overall revenue.</p>
<div class="lb-trans"><p>同程最新的年度报告显示，2025 年其从携程网获得了高达 32.1 亿元的佣金和其他收入，这主要是提供酒店预订服务，约占其当年收入的 16.5%。在最新的季度报告中，住宿服务同比增长 14.7%，达到 13.6 亿元，占整体收入的 27%。</p>
</div><p>Tongcheng's largest revenue source is transportation ticketing services, which rose 6.2% in the first quarter year-on-year to 2.12 billion yuan, accounting for 42% of overall revenue. That portion of its revenue shouldn't be affected by the anti-monopoly probe, since Tongcheng works directly with airlines, rail and bus operators for that part of its business.</p>
<div class="lb-trans"><p>同程最大的收入来源是交通票务服务，第一季度同比增长 6.2%，达到 21.2 亿元，占整体收入的 42%。这一部分收入不应受到反垄断调查的影响，因为同程直接与航空公司、铁路和公交运营商合作。</p>
</div><p>Growth in accommodations and transport ticketing revenue, combined with the big gains for its hotel management business, helped Tongcheng to boost its profit by 16.4% to 779 million yuan in the first quarter, up from 669 million yuan a year earlier.</p>
<div class="lb-trans"><p>住宿和交通票务收入的增长，加上其酒店管理业务的巨大收益，帮助同程在第一季度将利润提升 16.4%，达到 7.79 亿元，较去年同期的 6.69 亿元有所增长。</p>
</div><p>Tongcheng positions itself as serving customers in China's smaller cities, and points out in its latest report that 87% of its users in the first quarter were from non-Tier 1 cities. Such a strategy is common in many of China's consumer sectors, where top operators often directly provide services in Tier 1 cities where margins are highest, and then work with partners to develop smaller markets where margins are thinner.</p>
<div class="lb-trans"><p>同程将自己定位为服务中国小城市的客户，并在最新报告中指出，第一季度 87% 的用户来自非一线城市。这种策略在中国许多消费领域中很常见，顶级运营商通常直接在一线城市提供服务，因为那里的利润率最高，然后与合作伙伴一起开发利润率较低的小市场。</p>
</div><p>Notably, Tongcheng's sales and marketing spending grew 16.4% year-on-year in the first quarter to account for 42.2% of its revenue, up from 40.8% a year earlier. That could indicate the company is starting to take more aggressive steps to develop its own hotel relationships for the day when the regulator ultimately orders it to sever or severely curtain its relationship with Trip.com. Still, its silence on such an important issue – both in its latest quarterly results and its annual report released in April – doesn't seem like the best approach for such a critical issue that could ultimately help the company improve its margins, but will also bring some pain in that transition.</p>
<div class="lb-trans"><p>值得注意的是，同程的销售和营销支出在第一季度同比增长 16.4%，占其收入的 42.2%，高于去年同期的 40.8%。这可能表明公司开始采取更积极的措施来发展自己的酒店关系，以应对监管机构最终要求其切断或大幅限制与携程网关系的情况。然而，在最新的季度业绩和 4 月发布的年度报告中，对这一重要问题的沉默似乎并不是应对这一关键问题的最佳方式，这可能最终有助于公司改善利润率，但在过渡过程中也会带来一些痛苦。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>
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Tongcheng's Upbeat Earnings Report Fails To Discuss Anti-Trust Probe Into Major Stakeholder Trip.com

benzinga_article

途牛

Expedia

亚朵

华住酒店

华住集团-S

腾讯控股

Trip.com HK SDR 50to1

腾讯控股(ADR)

腾讯控股-R

Tencent HK SDR 10to1

腾讯控股(ADS)

同程旅行乐观的财报未能提及对主要股东携程网的反垄断调查