前段时间读到莽叔分析亚朵的文章,便顺藤摸瓜研究了华住、携程这几家商旅领域的代表企业。本想写成详尽的分析报告,下笔后却觉得过于冗长,不如分享几点核心观察,若引燃诸位的兴趣,大可自行翻阅财报验证。这三家企业虽同处商旅赛道,却选择了截然不同的路径:携程做的是平台生意,主要靠分佣赚钱,所以毛利率最高,总营收也最大。道理很简单,作为头部平台,对酒店有议价权,还能覆盖机票、门票等其他需求。但代价也明显,为了...
Source Link前段时间读到莽叔分析亚朵的文章,便顺藤摸瓜研究了华住、携程这几家商旅领域的代表企业。本想写成详尽的分析报告,下笔后却觉得过于冗长,不如分享几点核心观察,若引燃诸位的兴趣,大可自行翻阅财报验证。这三家企业虽同处商旅赛道,却选择了截然不同的路径:携程做的是平台生意,主要靠分佣赚钱,所以毛利率最高,总营收也最大。道理很简单,作为头部平台,对酒店有议价权,还能覆盖机票、门票等其他需求。但代价也明显,为了...
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