出境游搜索热度 - 中国旅行者出境游搜索热度较去年同期接近翻倍 [1] - 希腊搜索热度同比飙升7倍 [1] 目的地结构变化 - 年轻一代出行选择推动目的地结构从传统热门向新兴和多元市场扩展 [1] - 日本继续蝉联黄金周热搜榜首 [1] - 意大利 法国 西班牙 新西兰 韩国 印度尼西亚 澳大利亚 美国和英国跻身热搜前十 [1] - 欧洲城市在热搜前二十城市目的地中占据半数席位 [1] 交通便利性影响 - 受益于新增直飞航班推动希腊搜索热度显著提升 [1]

分析师背景 - 分析师Vladimir Dimitrov为特许金融分析师(CFA) 曾担任品牌及无形资产估值领域的策略顾问[1] - 职业经历涵盖伦敦金融城 曾与科技、电信及银行业部分全球最大品牌合作[1] - 教育背景为伦敦政治经济学院毕业 投资方向关注具有可持续长期竞争优势且价格合理的企业[1] 披露声明 - 分析师声明未持有任何提及公司的股票、期权或衍生品头寸 且未来72小时内无相关头寸建立计划[2] - 文章内容为分析师独立撰写 仅代表个人观点 除Seeking Alpha外未获得其他补偿[2] - 分析师与提及公司不存在任何商业关系[2] 投资建议说明 - 文章内容不构成投资顾问服务 建议投资者在决策前自行尽职调查并咨询专业财务顾问[3] - 所述观点仅涉及提及公司潜在投资的特定方面 无法替代全面投资分析[3] - 建议现有及潜在投资者详细查阅公司SEC文件并进行独立研究[3] 平台免责声明 - Seeking Alpha声明平台非持牌证券交易商、经纪商或美国投资顾问/投行机构[4] - 平台分析师为第三方作者 包含未受机构或监管机构许可/认证的专业投资者与个人投资者[4] - 所表达观点不一定反映Seeking Alpha整体立场 过往业绩不保证未来结果[4]

分析师背景与研究方法 - 分析师拥有注册护士和工商管理硕士背景 专注于通过投资流程设计分析医疗保健和科技行业股票 [1] - 其研究受自创的"Dizzy Framework"指导 该框架旨在对抗追逐市场噪音或固执己见等常见行为错误 [1] - 分析方法注重信息质量和时效性 强调耐心与纪律 将复杂科学和市场动态转化为可操作投资主题 [1] 分析框架特点 - 框架核心在于实施耐心且纪律严明的研究方法 专注于信息质量与时机判断 [1] - 方法论受到《超预测》和《随机漫步的傻瓜》两本著作的重要影响 [1] - 分析过程强调概率评估而非绝对确定性 基于概率方法呈现预测和观点 [3] 信息准确性说明 - 内容致力于保证信息准确性 但承认可能存在无意错误 [3] - 建议投资者独立验证信息并自行进行研究 [3] - 文章提供信息内容 不应被视为对特定公司的详尽分析 [3] 投资性质说明 - 股票投资存在固有波动性 风险和投机因素 [3] - 投资决策前需进行彻底研究并评估个人财务状况 [3] - 过去表现不能保证未来结果 任何投资建议都不应被视为适合特定投资者 [4]

Question-and-Answer SessionEric SheridanGoldman Sachs Group, Inc., Research Division Okay. Thanks everyone for sticking with me through that. Brian, great to see you. You as a company have been on a really interesting journey over the last couple of years. I think one way I want to sort of level set the conversation is talk about your broader vision for what you're trying to build at Airbnb and then we could maybe back solve for how that sort of informs some of your strategic priorities? ...

Airbnb (NasdaqGS:ABNB) 2025 Conference September 09, 2025 06:05 PM ET Company ParticipantsEric Sheridan - Managing DirectorBrian Chesky - Co-Founder, CEO & Chair of the BoardEric SheridanOkay, I know we're transitioning between sessions so people can find their seats. We're going to keep the conversation going. Our next conversation is with Airbnb, and thanks very much to Brian Chesky, CEO, for being part of the conference for the second time in the last couple of years. Brian, it's great to see you.Brian C ...

It has been over a year since my last analysis of Airbnb, Inc. (NASDAQ: ABNB ), where at the time I argued that it was not necessary to be so optimistic about the company's growthEquity Research Analyst with a broad career in the financial market, covered both Brazilian and global stocks. As a value investor, my analysis is primarily fundamental, focusing on identifying undervalued stocks with growth potential. Feel free to reach out for collaborations or to connect!Analyst’s Disclosure:I/we have a benefici ...

It has been over a year since my last analysis of Airbnb, Inc. (NASDAQ: ABNB ), where at the time I argued that it was not necessary to be so optimistic about the company's growthEquity Research Analyst with a broad career in the financial market, covered both Brazilian and global stocks. As a value investor, my analysis is primarily fundamental, focusing on identifying undervalued stocks with growth potential. Feel free to reach out for collaborations or to connect!Analyst’s Disclosure:I/we have a benefici ...

BAYONNE, NJ - SEPTEMBER 1: The Empire State Building is lit in red, white, and blue behind the Statue of Liberty in New York City to mark Labor Day on September 1, 2025, as seen from Bayonne, New Jersey. (Photo by Gary Hershorn/Getty Images)Getty ImagesIf anything taught me that buying real estate through stocks—or better yet high-yielding closed-end funds (CEFs)—is way better than brick-and-mortar, it was my experience renting my Manhattan apartment on Airbnb (ABNB).If you’re reading this, you might feel t ...

AI will make Airbnb a better business, but with caveats.Airbnb (ABNB -1.32%) has grown into one of the most powerful brands in global travel. With more than 8 million listings across 220 countries and regions, the platform has redefined how people stay when they travel. But with that scale comes complexity -- and that's where artificial intelligence (AI) could matter.CEO Brian Chesky believes AI has the potential to fundamentally reshape how people interact with Airbnb, making it more than just a booking si ...

核心观点 - 尽管公司拥有全球品牌地位、持续自由现金流和打造"全能应用"的雄心 但面临监管收紧、新业务利润率压力和高估值三大风险 这些因素可能阻碍其长期回报潜力 [1][2][14] 监管风险 - 全球政府因住房短缺和可负担性问题加强短租监管 西班牙法院要求下架超过65,000个房源 法国法院判决支付超过800万欧元旅游税补偿 美国新奥尔良等地通过更严格验证法规 [4][5] - 监管机构认为公司推高租金并限制住房供应 主要旅游市场供应减少可能限制增长 合规成本和法律纠纷可能影响盈利能力 [6] 新业务扩张风险 - 公司投资2亿美元推动业务多元化 从住宿预订向全方位旅行伴侣转型 [7] - 新业务如"体验"类服务运营密集、需要审核当地房东 利润率远低于核心住宿业务 可能稀释原有轻资产高利润模式 [8][9] - 关键在於能否将新业务转化为生态系统驱动因素 提升用户留存和平均收入 而非成为高成本副业 [10] 估值风险 - 公司股票市盈率达30倍 该估值假设公司能持续增长并保持利润率 [11] - 尽管全球旅游行业预计2030年达1.4万亿美元规模 但监管问题、竞争和利润率压缩风险可能影响估值 [12] - 若增长放缓而成本上升 高估值可能快速承压 2021-2022年科技股下跌提供警示案例 [13] 公司优势与定位 - 公司已实现盈利 拥有强大品牌优势 在长期住宿、国际扩张和平台货币化方面具备增长机会 [14]