Summary of Tongcheng Travel Holdings Conference Call Company Overview - **Company**: Tongcheng Travel Holdings (Ticker: 0780.HK) - **Industry**: China Internet and Other Services - **Market Cap**: Rmb 37,149 million - **Current Stock Price**: HK$18.00 - **Price Target**: HK$29.00, representing a 61% upside potential Key Takeaways Travel Demand and Market Position - Overall travel demand is solid, with positive hotel RevPAR in CNY and favorable pre-booking trends for Qingming [1] - Management believes fears regarding AI routing are exaggerated, asserting that the core competitiveness of OTAs lies in their supply chain depth and service capabilities [1] - Content platforms primarily serve as travel inspiration, while consumers with clear intent prefer OTAs over AI chatbots [1] - Tongcheng plans to collaborate with chatbots to capture additional traffic, emphasizing that service capabilities are challenging to replace due to the complex value chain involved in delivery [1] Financial Metrics and Projections - The overall take rate is expected to remain stable in 2026, with transportation take rate around 4% and air ticket take rate between 3.5% and 4% [2] - Hotel take rate is projected to stabilize at 9-10% [2] - Following the acquisition of Wanda Hotel Management, Tongcheng aims to open 100 new hotels and sign 300 in 2026, focusing on higher-tier cities with an average daily rate (ADR) of Rmb 400-500 [3] - This expansion is anticipated to drive revenue acceleration, although margins may be pressured by upfront costs associated with new hotel openings [3] Financial Forecasts - **Fiscal Year Ending**: - 2025: Revenue of Rmb 19,396 million, EPS of 1.46 - 2026: Revenue of Rmb 21,620 million, EPS of 1.67 - 2027: Revenue of Rmb 23,661 million, EPS of 1.86 - 2028: Revenue of Rmb 25,369 million, EPS of 2.01 [4] Valuation and Risks - WACC is estimated at 11.5%, slightly higher than TCOM due to its smaller size, with a terminal growth rate of 3% aligned with long-term GDP growth targets [7] - **Upside Risks**: Strong pent-up demand and moderating competition in lower-tier cities could lead to lower subsidies and margin upside [8] - **Downside Risks**: Softer macroeconomic growth in China may impact price-sensitive users in lower-tier cities, alongside intensifying competition in those areas [8] Additional Insights - The company maintains an attractive industry view, with a stock rating of Overweight [4] - Average daily trading value is HK$251 million, indicating active market participation [4] - The company’s financial metrics suggest a strong growth trajectory, with increasing EPS and revenue forecasts over the next few years [4] This summary encapsulates the critical insights from the conference call, highlighting the company's strategic positioning, financial outlook, and market dynamics.

丨证券研究报告丨 赵刚 杨会强 曹淑蕊 [Table_scodeMsg1] 港股研究丨公司点评丨同程旅行（00780.HK） [Table_Title] 同程旅行 2025Q4 业绩点评：万达酒管并表， OTA 业务稳健增长 报告要点 [Table_Summary] OTA 当前竞争格局趋稳，公司长期深耕 OTA 业务，纵深旅游产业链，用户基本盘、供应链能 力、服务效率筑牢龙头护城河，当前战略聚焦于提升运营效率。公司盈利能力在用户营销策略 优化、精细化补贴、出境游盈利提升下，进入上行通道，后续销售费用率及 take rate 仍有提升 空间，有望支撑公司利润率持续上行。预计同程旅行 2026-2028 年整体营收 219.15、246.87、 277.77 亿元，经调整净利润分别为 39.28、43.52、48.18 亿元，对应当前股价 PE 为 10、9、 8X，维持"买入"评级。 分析师及联系人 [Table_Author] SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 请阅读最后评级说明和重要声明 %% %% %% %% research.95579. ...

Investment Rating - The report maintains an "Overweight" rating for the overseas pharmaceutical industry, indicating a positive outlook compared to the overall market performance [56]. Core Insights - The report highlights that 2025 will see concentrated performance releases across the overseas pharmaceutical sector, with companies like Kelun-Biotech, WuXi AppTec, and Fuhong Hanlin showing significant revenue growth and expanding product pipelines [2][12][15]. - Kelun-Biotech's revenue increased by 6.5% to 2.06 billion CNY, while its product sales surged by 949.8% to 543 million CNY, indicating strong market traction [7][8]. - WuXi AppTec reported a robust revenue growth of 46.7% to 5.94 billion CNY, driven by increased capacity utilization and operational efficiency [12][13]. - Fuhong Hanlin's revenue grew by 16.5% to 6.67 billion CNY, with a notable increase in R&D expenses, reflecting a commitment to innovation [15][16]. Summary by Sections Overseas Pharmaceuticals - The report notes that the Hang Seng Healthcare Index fell by 3.23%, underperforming the Hang Seng Index by 0.70 percentage points [6]. - Kelun-Biotech's core pipeline, Sac-TMT, is progressing well overseas, with multiple key clinical trials initiated [9][10]. - WuXi AppTec's market share increased from 21.7% in 2024 to over 24% in 2025, with a significant rise in unfulfilled orders [13][14]. Fuhong Hanlin - Fuhong Hanlin's global product revenue reached 5.82 billion CNY, with overseas sales exceeding 2 billion CNY, reflecting a strong international presence [15][16]. - The company is actively advancing clinical development for its innovative products, including HLX43 and HLX22, which target various cancers [16][17]. Investment Recommendations - The report suggests focusing on companies like Kelun-Biotech and WuXi AppTec due to their strong growth trajectories and expanding product lines [29]. - It also highlights the potential of Fuhong Hanlin's innovative pipeline and its commitment to R&D as key factors for future growth [15][16].

Group 1 - The report highlights that Chaoyun Group has maintained high dividends for six consecutive years, with revenue and profit both showing year-on-year growth, indicating a sustainable growth outlook for its product matrix [4][5] - In 2025, Chaoyun Group achieved a revenue of 1.988 billion RMB, a year-on-year increase of 9.24%, and a net profit of 224 million RMB, up 9.98% year-on-year, with a comprehensive gross margin of 52.61% [4][5] - The company’s home care products performed well, with revenue from this segment reaching 1.715 billion RMB, a year-on-year increase of 5.0%, while the pet business saw a significant growth of 74.3% [5][6] Group 2 - Jianmin Group's revenue for 2025 was 3.370 billion RMB, a decrease of 3.85% year-on-year, but the fourth quarter showed a strong recovery with an 82.69% increase in net profit [10][11] - The pharmaceutical industrial segment of Jianmin Group reported a revenue of 2.025 billion RMB, a year-on-year increase of 15.91%, driven by strong sales of prescription and OTC products [11][12] - The company is focusing on brand development and innovation, with key products showing significant sales growth, indicating a strong recovery in its core business [11][12] Group 3 - The report on Yimeng Biotech indicates that the B7H3 ADC drug has shown excellent efficacy in treating metastatic castration-resistant prostate cancer (mCRPC), with promising clinical trial results [13][14] - The drug has received fast track designation from the FDA, highlighting its potential in the market [14][15] - The clinical study included 146 patients, showing a median radiographic progression-free survival of 11.3 months, indicating strong therapeutic potential [15][16] Group 4 - Pop Mart reported a revenue of 37.12 billion RMB in 2025, a year-on-year increase of 184.7%, with adjusted net profit rising by 284.5% [18][19] - The company has seen a significant increase in online sales, which accounted for 44.3% of total revenue, reflecting a shift in consumer purchasing behavior [21][22] - The number of IPs generating over 2 billion RMB in revenue has increased, with the "Star People" IP showing a remarkable growth of 1602% [25][26] Group 5 - CIMC Vehicles reported a revenue of 20.18 billion RMB in 2025, a decrease of 3.9% year-on-year, but with a strong performance in the Chinese market, where semi-trailer sales increased by 15% [28][29] - The company anticipates a recovery in the North American market in 2026, with significant order rebounds indicating a potential turnaround [29][30] - The report emphasizes the company's strategic positioning in the global market, particularly in the southern regions, which are expected to drive future growth [28][29] Group 6 - Power Development reported a revenue of 5.293 billion RMB in 2025, a decrease of 6.4% year-on-year, but maintained a high profit margin despite market challenges [32][33] - The company achieved a high dividend payout ratio of 123%, reflecting its commitment to returning value to shareholders [33][34] - The report outlines ongoing projects that are expected to enhance production capacity significantly in the coming years, indicating strong growth potential [34][35] Group 7 - Bluestar Technology is recognized as a leader in adsorption separation materials, with significant growth driven by innovation and market demand in various sectors [37][38] - The company is positioned to benefit from the growing market for small nucleic acid drugs, with projections indicating substantial growth in this area [38][39] - The report forecasts revenues of 2.733 billion RMB for 2025, with a strong growth trajectory expected in subsequent years [39]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Insights - The company's revenue growth in Q4 has improved sequentially, driven by an increase in the OTA business's contribution, leading to enhanced profitability. For Q4 2025, revenue is projected at 4.84 billion HKD, representing a 14.2% increase, with net profit attributable to shareholders at 0.08 billion HKD and adjusted profit at 0.78 billion HKD, reflecting an 18.1% increase [8][4]. - The company is focusing on lower-tier market segments, with Q4 revenues from transportation, accommodation, and other services growing by 6.5%, 15.4%, and 53.0% year-on-year, respectively. The average daily rate (ADR) for hotels has continued its positive growth trend since Q2 2025, with a 5 percentage point increase in the share of three-star and above room nights [2][10]. - The company emphasizes its core OTA business and the growth potential of its hotel management segment, which has expanded significantly since 2021. The management expects continued revenue growth and improved profitability in the hotel management business through operational efficiency enhancements driven by AI technology [11][3]. Summary by Relevant Sections Financial Performance - For 2025, the company anticipates total revenue of 19.4 billion HKD (+11.9%) and net profit of 2.4 billion HKD (+20.1%), with adjusted net profit reaching 3.4 billion HKD (+22.2%). The OTA business's growth rate has increased to 17.5%, primarily due to the hotel management segment [8][4]. - The company plans to maintain a dividend of 0.25 HKD per share, with payout ratios of 24% for net profit and 17% for adjusted net profit [8]. Business Segmentation - The hotel booking segment is undergoing structural upgrades, with international business balancing revenue and profit. The hotel management business is highlighted as a significant growth driver, with the company managing 3,000 hotels following the integration of Wanda Hotel Management [11][3]. - The company expects the share of outbound tourism to increase from 5-6% to 10-15% of total transportation and accommodation revenue by 2025 [11]. Future Outlook - The company has revised its adjusted net profit forecasts for 2025-2028 to 4.0 billion, 4.6 billion, and 5.2 billion HKD, respectively, with corresponding dynamic P/E ratios of 10, 9, and 8 times. The tourism sector is expected to benefit from optimized holiday policies, supporting short-term performance [4][12].

华福证券 旅游综合 2026 年 03 月 29 日 公 司 研 究 同程旅行（00780.HK） 盈利能力稳健，并表万达酒管完善生态 投资要点： 核心 OTA 收入&经调整净利润稳健增长： 公 司 财 2025Q4 同程旅行实现营收 48.4 亿元/+14.2%，核心 OTA 收入 40.6 亿元/+17.5%，经调整净利润 7.8 亿元/+18.1%；2025 全年收入 194.0 亿 元/+11.9%，核心 OTA 收入 164.7 亿元/+16.0%，经调整净利润 34.0 亿 元/+22.2%。 业务拆分来看，核心 OTA 稳健增长，并表万达酒管： 报 点 评 1）2025Q4 核心 OTA 收入 40.6 亿元/+17.5%，核心 OTA 经营利润 11.5 亿元/+17.5%，核心 OTA OPM 28.4%/同比持平；其中交通业务收 入 18.4 亿元/+6.5%，国际机票业务兼顾规模与效益，保持稳健增长； 住宿业务收入 13.1 亿元/+15.4%，国际酒店业务着力优化产品与服务， 业务量实现快速增长；其他收入 9.2 亿元/+53.0%，其中酒管业务聚焦 生态赋能、开启高质量规模扩张，在营 ...

证券研究报告 | 2026年03月28日 2026年03月29日 同程旅行（00780.HK） 优于大市 主业盈利持续验证，强调酒管业务新成长曲线 Q4 收入增速环比提升，OTA 业务占比提升驱动公司盈利能力继续改善。公司 2025Q4 收入 48.4 亿/+14.2%，归母净利润 0.8 亿，经调整利润 7.8 亿元 /+18.1%。2025 年收入 194 亿元/+11.9%，归母净利润 24 亿元/+20.1%，经调 整净利润 34 亿元/+22.2%。OTA 业务增速环比提升至 17.5%主因酒店管理业 务带动，Q4 其他收入增长 53%，OTA 经营利润率同比持平；度假业务同比 -0.3%，经营亏损 4.3 亿元，计提线下旅行社商誉减值 4.5 亿元。公司全年 派息每股 0.25 港元，对应净利润与经调整净利润分红率分别 24%/17%。 分业务：酒店预订结构性升级，国际业务平衡收入利润，酒管业务增长突出。 公司聚焦下沉市场客群，Q4 交通/住宿/其他业务收入同比增长 6.5%/15.4% /53.0%。Q4 公司酒店 ADR 延续 25Q2 起的正增长趋势，幅度进一步提升，其 中平台三星及以上间夜 ...

盈利能力稳定，继续稳健增长 同程旅行(0780) 同程旅行 2025Q4 业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 于清泰(分析师) | 021-38022689 | yuqingtai@gtht.com | S0880519100001 | 本报告导读： 25Q4 经调业绩符合预期，核心 OTA业务继续稳健增长，旅行社业务一次性减值释 放风险。 投资要点： | 财务摘要(百万人民币) | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 17,341 | 19,396 | 21,856 | 24,467 | 26,634 | | (+/-)% | 49.12% | 11.85% | 12.68% | 11.94% | 8.86% | | 归母净利润 | 1 ...

2026 年 3 月 27 日 公司研究 25Q4 利润率持续提升，国际业务与酒管业务加速成长 ——同程旅行（0780.HK）2025 年年报点评 要点 事件：公司发布 25 年业绩公告，25 年营收 193 .96 亿元，同比+11.9%；经调整 净利润 34.03 亿元，同比+22.2%；经调整净利润率 17.5%，同比+1.5pcts。其 中，25Q4 营收 48.40 亿元，同比+14.2%；经调整净利润 7.80 亿元，同比+18.1%， 略超指引（指引为 7.2~7.7 亿元）；经调整净利润率 16.1%，同比+0.5pcts。 点评： 核心 OTA 稳健增长，酒店管理业务高速增长：25Q4 公司核心 OTA 业务营收达 到 40.62 亿元，同比+17.5%。分业务：1）25Q4 住宿预订营收达到 13.10 亿元 ，同比+15.4%，符合指引；25 年住宿预订营收同比+16.8%，主要系公司挖掘 演唱会、体育赛事等新兴住宿场景，顺应用户向高品质酒店的偏好转变，重整运 营资源推动平台高品质酒店间夜量占比提升，同时推动国际酒店间夜量增长。在 未提升佣金率水平的情况下，通过酒店量价提升推动住宿预订营 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][3] Core Insights - The company achieved revenue of 4.84 billion yuan, representing a year-on-year growth of 14.2%, and adjusted profit of 780 million yuan, up 18.1%, indicating steady revenue growth and performance in line with expectations [1][7] - The domestic travel market has shown steady improvement since Q4, with the hotel business experiencing both volume and price increases, while international operations continue to grow significantly and have begun to achieve profitability [1][7] - The acquisition of Wanda Hotel Management in October has further enhanced the company's hotel and travel industry chain, and ongoing cost reduction and efficiency improvement measures are expected to support continued high growth in future performance [1][7] Financial Performance Summary - For Q4, the company reported revenues from accommodation bookings, transportation ticketing, vacation services, and other businesses of 1.31 billion, 1.84 billion, 780 million, and 920 million yuan respectively, with year-on-year growth rates of 15.4%, 6.5%, 0.3%, and 53.0% [7] - The average monthly paying users reached 41.4 million, a 1.0% increase, while annual paying users grew by 6.0% to 250 million [7] - The gross margin improved to 65.9%, up 2.4 percentage points year-on-year, with adjusted net profit margin at 16.1%, reflecting steady improvement in profitability [7] Financial Projections - The company forecasts main revenue of 17.34 billion yuan for 2024, growing to 27.31 billion yuan by 2028, with a compound annual growth rate of 10% [6][9] - Adjusted net profit is projected to increase from 1.97 billion yuan in 2024 to 4.49 billion yuan in 2028, with a notable growth rate of 27% in 2024 [6][9] - The report anticipates an adjusted earnings per share (EPS) of 1.18 yuan for 2024, increasing to 1.91 yuan by 2028, with a price-to-earnings (P/E) ratio decreasing from 19.2 to 8.5 over the same period [6][10]