核心观点2025Q1 携程集团实现营收138.50 亿元人民币,同比增长16.18%,实现Non-GAAP 净利润41.88 亿元人民币,同比增长3.28%,收入端基本符合预期,利润端高于彭博一致预期。公司作为国内OTA 龙头,竞争壁垒稳固,2025 年有望受益于扩内需相关政策,同时跨境业务修复仍有兑现空间。受国际业务占比提升影响,25 年利润指引有所压降,也或为未来季度预留buffer,建议关注...
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