2月26日,携程集团公布了其2025年业绩公告。去年全年,该集团实现净收入624亿元,剔除投资收益的净利润为134亿。当市场习惯性地从营收、净利润等数字中探寻增长与衰退的线性轨迹时,这份报告却揭示了一个更为深刻的趋势:在流量红利见顶、行业竞争格局趋于固化的当下,头部平台正经历一场静水流深的角色蜕变。
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