<p><em>在線旅遊代理商的收入在第一季度增長了 14%，但其最新報告中缺乏對 Trip.com 的反壟斷調查的討論，後者是其主要股東和關鍵供應商</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>圖片來源：Bamboo Works</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>同程旅行報告稱其第一季度收入增長了 14.4%，其中住宿部門增長了 14.7%，酒店管理業務增長了 60%</li>
<li>在線旅遊代理商的最新報告未能討論 1 月份對 Trip.com 發起的反壟斷調查，Trip.com 是同程的主要酒店預訂服務供應商</li>
</ul>
<p>儘管收入和利潤雙雙增長，但在線旅遊代理商 <strong>同程旅行控股有限公司</strong>（0780.HK）在其上週四發佈的 最新季度報告 中未提及一個重要問題。</p>
<p>這個問題是針對領先在線旅遊代理商 <strong>Trip.com</strong> (NASDAQ: TCOM)（9961.HK）於 1 月份宣佈的 反壟斷調查，這幾乎肯定會在案件最終決定時對同程產生重大影響。這是因為同程是 Trip.com 市場主導地位的一部分，正在接受調查。Trip.com 目前持有同程約 24% 的股份，也是同程三大收入來源之一的主要酒店預訂服務供應商。</p>
<p>然而，儘管有如此重大的隱患，同程在其最新的季度報告中並未提及這一關係，報告看起來相對積極，包括截至 3 月的三個月內收入增長 14.4% 和利潤增長 16.4%。</p>
<p>但投資者並沒有被這些積極的數字所欺騙，同程的股價在最新報告發布後的週五下跌了 5%。隨着週五的拋售，同程的股價自年初以來已下跌 33%，幾乎與 Trip.com 的 36% 下跌相當。大部分下跌發生在 Trip.com 於 1 月 14 日確認正在接受中國市場監管總局（SAMR）調查之後。其他報道指出，該調查集中在該公司在中國酒店預訂市場的主導地位上。</p>
<p>此次拋售使同程的市盈率（P/E）降至僅 13，儘管這仍然是 Trip.com 受挫估值的 6.6 的兩倍左右。相比之下，規模更小的 <strong>途牛</strong>（TOUR.US）市盈率為 16，而全球巨頭 <strong>Expedia</strong>（EXPE.US）市盈率為 19。</p>
<p>説實話，同程最終可能會從這次反壟斷調查中受益，這幾乎肯定會使其部分或完全擺脱 Trip.com 的主導地位。它對 Trip.com 的酒店預訂服務的依賴正在壓低其毛利率，去年僅為 66.3%，而 Trip.com 為 80.6%，Expedia 更高，達到 90.1%。但實現如此高的毛利率將迫使同程開發自己的獨立渠道來完成通過其平台進行的酒店預訂，這需要時間。</p>
<p>該公司已經通過發展其酒店管理業務朝這個方向邁出了步伐。這是其最新報告的亮點之一，此前同程去年收購了陷入困境的房地產開發商萬達的酒店管理業務。此次收購使同程的 “其他業務” 收入（主要包括酒店管理）在第一季度同比增長約 60%，達到 9.61 億元人民幣（1.41 億美元），佔其 50 億元收入的近五分之一。相比之下，該業務在一年前僅佔收入的 14%。</p>
<p>隨着收購和酒店管理業務的快速增長，截至 3 月底，同程管理的酒店網絡中的酒店數量達到了 3200 家，還有 1900 家在建。這使得該公司成為領先的中國頂級酒店運營商，超過了 <strong>如家酒店</strong> (NASDAQ: ATAT) 截至 3 月底的 2088 家酒店，但仍遠遠落後於領先酒店集團 <strong>華住集團</strong> (NASDAQ: HTHT)（1179.HK）的 13000 多家酒店。</p>
<h4><strong>重建業務</strong></h4>
<p>同程管理的 3200 家酒店為其建立自己的直接房間預訂服務奠定了基礎，而無需使用 Trip.com 作為中介，儘管這仍然只是其網絡上 400 萬家酒店和替代住宿的微小部分。這意味着該公司可能已經開始與像華住集團這樣的知名品牌，以及許多較小的連鎖酒店直接洽談，建立自己的房間預訂服務關係。</p>
<p>該公司的最新年度報告顯示，它與 Trip.com 的關係是多麼緊密，Trip.com 通過在十年前促成兩家大型在線旅遊代理商的合併，幫助創建了現在的同程。Trip.com 擁有其中一家代理商的控股權，而互聯網巨頭騰訊則擁有另一家。合併後，Trip.com 以其 24% 的控股股東身份出現，而騰訊則以 20% 的股份緊隨其後。騰訊也是同程的重要合作伙伴，同程通過騰訊極受歡迎的微信平台上的優先門户獲得了大量業務。</p>
<p>同程最新的年度報告顯示，2025 年其從攜程網獲得了高達 32.1 億元的佣金和其他收入，這主要是提供酒店預訂服務，約佔其當年收入的 16.5%。在最新的季度報告中，住宿服務同比增長 14.7%，達到 13.6 億元，佔整體收入的 27%。</p>
<p>同程最大的收入來源是交通票務服務，第一季度同比增長 6.2%，達到 21.2 億元，佔整體收入的 42%。這一部分收入不應受到反壟斷調查的影響，因為同程直接與航空公司、鐵路和公交運營商合作。</p>
<p>住宿和交通票務收入的增長，加上其酒店管理業務的巨大收益，幫助同程在第一季度將利潤提升 16.4%，達到 7.79 億元，較去年同期的 6.69 億元有所增長。</p>
<p>同程將自己定位為服務中國小城市的客户，並在最新報告中指出，第一季度 87% 的用户來自非一線城市。這種策略在中國許多消費領域中很常見，頂級運營商通常直接在一線城市提供服務，因為那裏的利潤率最高，然後與合作伙伴一起開發利潤率較低的小市場。</p>
<p>值得注意的是，同程的銷售和營銷支出在第一季度同比增長 16.4%，佔其收入的 42.2%，高於去年同期的 40.8%。這可能表明公司開始採取更積極的措施來發展自己的酒店關係，以應對監管機構最終要求其切斷或大幅限制與攜程網關係的情況。然而，在最新的季度業績和 4 月發佈的年度報告中，對這一重要問題的沉默似乎並不是應對這一關鍵問題的最佳方式，這可能最終有助於公司改善利潤率，但在過渡過程中也會帶來一些痛苦。</p>
<p><em>要訂閲 Bamboo Works 的免費每週通訊，請點擊</em> 這裏</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>

攜程網

攜程集團-S

同程旅行

旅遊科技 ETF -ETFMG

<p>同程旅行控股有限公司在第一季度報告了 14.4% 的收入增長，主要得益於其住宿和酒店管理部門。然而，報告中顯著遺漏了對主要股東攜程網的反壟斷調查的細節，攜程網持有同程 24% 的股份。儘管盈利表現積極，同程的股價在報告發布後下跌了 5%，反映了投資者對該調查可能影響的擔憂。該公司正在努力減少對攜程網的依賴，通過擴展其酒店管理業務，該業務的收入增長了 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>在線旅遊代理商的收入在第一季度增長了 14%，但其最新報告中缺乏對 Trip.com 的反壟斷調查的討論，後者是其主要股東和關鍵供應商</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>圖片來源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</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>同程旅行報告稱其第一季度收入增長了 14.4%，其中住宿部門增長了 14.7%，酒店管理業務增長了 60%</li>
<li>在線旅遊代理商的最新報告未能討論 1 月份對 Trip.com 發起的反壟斷調查，Trip.com 是同程的主要酒店預訂服務供應商</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>儘管收入和利潤雙雙增長，但在線旅遊代理商 <strong>同程旅行控股有限公司</strong>（0780.HK）在其上週四發佈的 最新季度報告 中未提及一個重要問題。</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>這個問題是針對領先在線旅遊代理商 <strong>Trip.com</strong> (NASDAQ: TCOM)（9961.HK）於 1 月份宣佈的 反壟斷調查，這幾乎肯定會在案件最終決定時對同程產生重大影響。這是因為同程是 Trip.com 市場主導地位的一部分，正在接受調查。Trip.com 目前持有同程約 24% 的股份，也是同程三大收入來源之一的主要酒店預訂服務供應商。</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，儘管有如此重大的隱患，同程在其最新的季度報告中並未提及這一關係，報告看起來相對積極，包括截至 3 月的三個月內收入增長 14.4% 和利潤增長 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>但投資者並沒有被這些積極的數字所欺騙，同程的股價在最新報告發布後的週五下跌了 5%。隨着週五的拋售，同程的股價自年初以來已下跌 33%，幾乎與 Trip.com 的 36% 下跌相當。大部分下跌發生在 Trip.com 於 1 月 14 日確認正在接受中國市場監管總局（SAMR）調查之後。其他報道指出，該調查集中在該公司在中國酒店預訂市場的主導地位上。</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>此次拋售使同程的市盈率（P/E）降至僅 13，儘管這仍然是 Trip.com 受挫估值的 6.6 的兩倍左右。相比之下，規模更小的 <strong>途牛</strong>（TOUR.US）市盈率為 16，而全球巨頭 <strong>Expedia</strong>（EXPE.US）市盈率為 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>説實話，同程最終可能會從這次反壟斷調查中受益，這幾乎肯定會使其部分或完全擺脱 Trip.com 的主導地位。它對 Trip.com 的酒店預訂服務的依賴正在壓低其毛利率，去年僅為 66.3%，而 Trip.com 為 80.6%，Expedia 更高，達到 90.1%。但實現如此高的毛利率將迫使同程開發自己的獨立渠道來完成通過其平台進行的酒店預訂，這需要時間。</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>該公司已經通過發展其酒店管理業務朝這個方向邁出了步伐。這是其最新報告的亮點之一，此前同程去年收購了陷入困境的房地產開發商萬達的酒店管理業務。此次收購使同程的 “其他業務” 收入（主要包括酒店管理）在第一季度同比增長約 60%，達到 9.61 億元人民幣（1.41 億美元），佔其 50 億元收入的近五分之一。相比之下，該業務在一年前僅佔收入的 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>隨着收購和酒店管理業務的快速增長，截至 3 月底，同程管理的酒店網絡中的酒店數量達到了 3200 家，還有 1900 家在建。這使得該公司成為領先的中國頂級酒店運營商，超過了 <strong>如家酒店</strong> (NASDAQ: ATAT) 截至 3 月底的 2088 家酒店，但仍遠遠落後於領先酒店集團 <strong>華住集團</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>重建業務</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 家酒店為其建立自己的直接房間預訂服務奠定了基礎，而無需使用 Trip.com 作為中介，儘管這仍然只是其網絡上 400 萬家酒店和替代住宿的微小部分。這意味着該公司可能已經開始與像華住集團這樣的知名品牌，以及許多較小的連鎖酒店直接洽談，建立自己的房間預訂服務關係。</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>該公司的最新年度報告顯示，它與 Trip.com 的關係是多麼緊密，Trip.com 通過在十年前促成兩家大型在線旅遊代理商的合併，幫助創建了現在的同程。Trip.com 擁有其中一家代理商的控股權，而互聯網巨頭騰訊則擁有另一家。合併後，Trip.com 以其 24% 的控股股東身份出現，而騰訊則以 20% 的股份緊隨其後。騰訊也是同程的重要合作伙伴，同程通過騰訊極受歡迎的微信平台上的優先門户獲得了大量業務。</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>同程最新的年度報告顯示，2025 年其從攜程網獲得了高達 32.1 億元的佣金和其他收入，這主要是提供酒店預訂服務，約佔其當年收入的 16.5%。在最新的季度報告中，住宿服務同比增長 14.7%，達到 13.6 億元，佔整體收入的 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>同程最大的收入來源是交通票務服務，第一季度同比增長 6.2%，達到 21.2 億元，佔整體收入的 42%。這一部分收入不應受到反壟斷調查的影響，因為同程直接與航空公司、鐵路和公交運營商合作。</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>住宿和交通票務收入的增長，加上其酒店管理業務的巨大收益，幫助同程在第一季度將利潤提升 16.4%，達到 7.79 億元，較去年同期的 6.69 億元有所增長。</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>同程將自己定位為服務中國小城市的客户，並在最新報告中指出，第一季度 87% 的用户來自非一線城市。這種策略在中國許多消費領域中很常見，頂級運營商通常直接在一線城市提供服務，因為那裏的利潤率最高，然後與合作伙伴一起開發利潤率較低的小市場。</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，同程的銷售和營銷支出在第一季度同比增長 16.4%，佔其收入的 42.2%，高於去年同期的 40.8%。這可能表明公司開始採取更積極的措施來發展自己的酒店關係，以應對監管機構最終要求其切斷或大幅限制與攜程網關係的情況。然而，在最新的季度業績和 4 月發佈的年度報告中，對這一重要問題的沉默似乎並不是應對這一關鍵問題的最佳方式，這可能最終有助於公司改善利潤率，但在過渡過程中也會帶來一些痛苦。</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 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>
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Tongcheng's Upbeat Earnings Report Fails To Discuss Anti-Trust Probe Into Major Stakeholder Trip.com

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