H.I.S.：回歸初心，出境為王
H.I.S.: A Return to Its Roots, Outbound Travel Reigns Supreme

海擇短評 Haize Comment：

H.I.S.：回歸初心，出境為王

在全球旅遊市場歷經疫情重創與結構重塑後，H.I.S.作為日本旅遊產業的代表性企業，其疫後財務表現與業務重組，成為觀察行業趨勢的關鍵樣本。2025財年第一季度財報顯示，H.I.S.已由疫情前多元化布局的模式，回歸至以出境遊為絕對核心的經營體系。儘管國內與入境旅遊板塊均有所回升，真正推動公司交易額與盈利回暖的，仍是出境市場的需求復甦。本篇海擇資本將分析從旅遊事業構成、海外子公司表現、銷售通路變化與目的地重心轉移等角度，探討H.I.S.在疫後新常態中的再定位。

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Haize Capital Insights of the Day

H.I.S.: A Return to Its Roots, Outbound Travel Reigns Supreme

Following the upheaval and structural transformation of the global travel market during the pandemic, H.I.S., as one of Japan's leading travel companies, has emerged as a key case study for observing post-pandemic industry trends. Its FY2025 Q1 financial results reveal a strategic return from pre-pandemic diversification efforts to a renewed focus on outbound travel as its absolute core. Although domestic and inbound travel segments have both shown signs of recovery, it is the resurgence in outbound travel demand that has fundamentally driven H.I.S.’s revenue and profit rebound.

This analysis by Haize Capital will examine H.I.S.'s repositioning in the post-pandemic era through the lens of business composition, overseas subsidiary performance, sales channel evolution, and destination shift trends.

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