【报告导读】1.高基数基础下营收增速保持稳健,国际业务+出境游驱动增长。2.出入境游增速大幅领先市场,国际平台影响力持续提升。3.营销投入大幅增长,盈利能力短期内承压。核心观点事件:公司发布2025年一季报。1Q25公司实现营收138亿元/同比+16.2%,归母净利润43亿元/同比-0.8%,经调归母净利42亿元/同比+3.3%。高基数基础下营收增速保持稳健,国际业务+出境游驱动增长。1Q25公司...
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