Core Viewpoint - Guotou Securities has raised the target price for Tongcheng Travel (00780) to HKD 27.2 from HKD 24.9, maintaining a "Buy" rating due to strong revenue and adjusted net profit growth, driven by the robust performance of its core advertising platform Mintegral and the application of AI technology in service enhancement [1] Financial Performance - Total revenue reached RMB 5.5 billion, a year-on-year increase of 10%, aligning with expectations from both the firm and the market. Adjusted net profit rose 17% year-on-year to RMB 1.06 billion, slightly exceeding the firm's and market's expectations by 4% and 2% respectively, with an adjusted profit margin of 19.2%, up 1 and 3 percentage points year-on-year and quarter-on-quarter, benefiting from improved operational efficiency [1] - Core OTA operating profit increased by 15% year-on-year to RMB 1.4 billion, with a stable operating profit margin of 31.2%, showing a 4 percentage point increase quarter-on-quarter [1] Core OTA Business Insights - In Q3, core OTA revenue grew by 15% year-on-year, with accommodation booking revenue also increasing by 15%, supported by a record high average daily room nights and a slight increase in ADR, outperforming the industry. High-quality hotel room nights rose by 20% year-on-year, increasing its share of total room nights [2] - Transportation ticketing revenue grew by 9% year-on-year, with a stable monetization rate, and international ticketing contributed 6% to transportation revenue, up 2 percentage points year-on-year [2] User Metrics - In Q3, the monthly paying users (MPU) reached 47.7 million, a 3% year-on-year increase, while annual paying users (APU) grew by 9% to 253 million. The ARPPU (Average Revenue Per Paying User) for the last 12 months was RMB 74 for total revenue and RMB 63 for core OTA revenue, reflecting a year-on-year increase of 6% and 7% respectively, indicating the gradual release of the platform's user scale advantage [3] Financial Forecast - The firm anticipates a 17% year-on-year increase in core OTA revenue for Q4, with accommodation booking and transportation ticketing expected to grow by 15% and 9% respectively. The domestic hotel booking revenue is primarily driven by room night growth. The firm sees long-term potential in the business, with accommodation bookings as the main growth driver, and an increase in high-star hotel bookings expected to boost ADR. New accommodation scenarios are anticipated to provide additional room night growth [4] - For international business, the company projects that its contribution to total revenue could rise to 10-15% over the next 2-3 years, focusing on enhancing user stickiness and volume for international ticketing and building international hotel supply capacity. Future attention should be on the increase in high-star hotel room nights domestically, progress in international business, and collaboration with Wanda Hotel Management [4]

Core Viewpoint - Guotou Securities has raised the target price for Tongcheng Travel (00780) to HKD 27.2 from HKD 24.9, maintaining a "Buy" rating due to strong revenue and adjusted net profit growth, driven by the robust performance of its core advertising platform Mintegral and the widespread adoption of its AI bidding products [1] Financial Performance - Total revenue reached RMB 5.5 billion, a year-on-year increase of 10%, aligning with expectations from both the firm and the market. Adjusted net profit rose 17% year-on-year to RMB 1.06 billion, slightly exceeding the firm's and market's expectations by 4% and 2%, respectively. The adjusted profit margin improved to 19.2%, up 1 and 3 percentage points year-on-year and quarter-on-quarter, benefiting from enhanced operational efficiency [1] - Core OTA operating profit increased by 15% year-on-year to RMB 1.4 billion, with a stable operating profit margin of 31.2%, showing a 4 percentage point increase quarter-on-quarter [1] Core OTA Business Insights - In Q3, core OTA revenue grew by 15% year-on-year, with accommodation booking revenue also increasing by 15%, supported by a record high average daily room nights and a slight increase in ADR, outperforming the industry. High-quality hotel room nights rose by 20% year-on-year, continuing to increase its share of total room nights [2] - Transportation ticketing revenue grew by 9% year-on-year, with a stable monetization rate. International ticketing contributed 6% to transportation revenue, up 2 percentage points year-on-year [2] User Metrics - In Q3, the monthly paying users (MPU) reached 47.7 million, a 3% year-on-year increase, while annual paying users (APU) grew by 9% to 253 million. The ARPPU (Average Revenue Per Paying User) for the last 12 months was RMB 74 for total revenue and RMB 63 for core OTA revenue, reflecting a year-on-year increase of 6% and 7%, respectively, indicating the platform's user scale advantage is gradually being realized [3] Financial Forecast - The firm anticipates a 17% year-on-year increase in core OTA revenue for Q4, with accommodation booking and transportation ticketing expected to grow by 15% and 9%, respectively. The domestic hotel booking revenue is primarily driven by room night growth. In the medium to long term, accommodation bookings are seen as the main growth driver, with an increasing share of high-star hotels expected to boost ADR. New accommodation scenarios are anticipated to provide additional growth in room nights [4] - For international business, the company projects that its contribution to total revenue could rise to 10-15% over the next 2-3 years, focusing on enhancing user stickiness and volume for international ticketing and building international hotel supply capabilities. Future attention should be given to the increase in high-star hotel room nights domestically, progress in international business, and synergies with Wanda Hotel Management [4]

Core Viewpoint - The report from China Merchants Securities maintains a "strong buy" rating for Tongcheng Travel (00780), highlighting the sustained release of leisure travel demand since the summer peak season, driven by the company's subsidy strategy and an increase in the proportion of hotels rated three stars and above, leading to a trend of simultaneous growth in both volume and price in the hotel business [1] Group 1: Revenue and Performance - The company achieved revenue of 5.51 billion yuan, representing a year-on-year increase of 10.4%; adjusted EBITDA reached 1.51 billion yuan, up 14.5%, and adjusted net profit was 1.06 billion yuan, increasing by 16.5%, with both revenue and performance meeting expectations [1] - In Q3 2025, the company generated revenue from accommodation bookings, transportation tickets, vacation services, and other businesses amounting to 1.58 billion, 2.21 billion, 900 million, and 820 million yuan respectively, with other businesses performing exceptionally well, primarily driven by strong growth in hotel management [1] - As of September 30, 2025, the number of hotels under the group's management platform increased to nearly 3,000, with an additional 1,500 hotels in preparation; the acquisition of Wanda Hotel Management Co., Ltd. was completed on October 16, 2025, with 239 hotels operated under Wanda as of Q3 2025 [1] Group 2: Profitability and Margins - The company's overall gross margin was 65.7%, an increase of 2.3 percentage points year-on-year; the management, R&D, and sales expense ratios were 5.3%, 9.3%, and 31.1% respectively, with an adjusted net profit margin of 19.2%, up 1.0 percentage point, indicating steady improvement in profitability [2] Group 3: User Growth and Services - The average monthly paying users reached 47.7 million, an increase of 2.8%, while annual paying users totaled 250 million, up 8.8%, marking a historical high; the total number of travelers served over the past 12 months was 2.02 billion, reflecting a 7.3% increase, indicating a continued steady growth trend in paying users [3]

Core Viewpoint - The report from China Merchants Securities maintains a "strong buy" rating for Tongcheng Travel (00780), highlighting the sustained release of leisure travel demand since the summer peak season, driven by the company's subsidy strategy and an increase in the proportion of hotels rated three stars and above, leading to a trend of rising volume and price in hotel business [1] Group 1: Revenue and Performance - The company achieved revenue of 5.51 billion yuan, representing a year-on-year increase of 10.4%, with adjusted EBITDA of 1.51 billion yuan (+14.5%) and adjusted net profit of 1.06 billion yuan (+16.5%), meeting expectations [1] - In Q3 2025, revenue from accommodation booking, transportation ticketing, vacation business, and other businesses reached 1.58 billion, 2.21 billion, 900 million, and 820 million yuan respectively, with strong performance in hotel management driving growth [1] - As of September 30, 2025, the number of hotels under the group's management platform increased to nearly 3,000, with an additional 1,500 hotels in preparation, and the acquisition of Wanda Hotel Management Co., Ltd. was completed on October 16, 2025, managing 239 hotels under Wanda [1] Group 2: Profitability and Margins - The company's overall gross margin was 65.7%, an increase of 2.3 percentage points year-on-year, indicating steady improvement in profitability [2] - The management, R&D, and sales expense ratios were 5.3%, 9.3%, and 31.1% respectively, with an adjusted net profit margin of 19.2%, up by 1.0 percentage point, aligning with expectations [2] Group 3: User Growth and Services - The average monthly paying users reached 47.7 million, an increase of 2.8%, while annual paying users grew to 250 million, up by 8.8%, marking a historical high [3] - The total number of travelers served in the past 12 months was 2.02 billion, reflecting a year-on-year increase of 7.3%, indicating a continued upward trend in paying users [3]

同程旅行 20251125 摘要 同山旅游 2025 年第三季度净收入达 55 亿元人民币，同比增长 10.4%，经调整净利润 10.6 亿元人民币，同比增长 16.5%，利润率提 升至 19.2%。核心在线旅游业务收入同比增长 14.9%，达到 46 亿元人 民币，其中住宿预订收入 16 亿元人民币，同比增长 14%。 住宿业务表现强劲，每日房间预订量和季度收入创新高，高品质住宿销 售间夜数增长超 20%。升级会员计划和加强与第三方合作，提升用户粘 性和扩展服务范围，推动业务增长。 交通业务稳健增长，通过算法整合优质交通选择，利用营销活动提升用 户体验。国际航空票务业务占比达 6%，同比增长约 2 个百分点，专注 于增强用户忠诚度，实现销量和收入均衡增长。 酒店管理业务快速扩张，运营酒店总数增至近 3,000 家，完成对万达酒 店管理公司的收购，丰富品牌组合。截至 9 月底，公司在国内外拥有 239 家酒店网络，通过创新用户参与计划产生积极财务影响。 公司持续推动人工智能技术在供应链资源中的应用，推出基于人工智能 的深度旅行规划器，并将其应用扩展到各项业务流程中，提高运营效率 和用户体验，从而提高客户满意度 ...

Summary of Tongcheng Travel Holdings 3Q25 Earnings Call Company Overview - **Company**: Tongcheng Travel Holdings - **Industry**: Online Travel Agency (OTA) in Asia Pacific - **Date of Earnings Call**: November 25, 2025 Key Financial Results - **3Q25 Revenue**: Revenue exceeded estimates by 1%, driven by a 15% growth in the core OTA business, outperforming peers in the domestic market [2][4] - **Gross Profit Margin (GPM)**: Achieved 65.7%, 1 percentage point better than estimates due to a favorable mix shift towards core OTA [2][4] - **Net Profit**: Beat estimates by 3%, with a year-over-year margin improvement of 1 percentage point [2][4] M&A Activity - **Wanda Hotel Management Acquisition**: Closed in mid-October, expected to contribute approximately RMB 160-180 million in revenue and RMB 20 million in profit for 4Q25. This acquisition includes 239 hotels, primarily high-end in tier two or lower cities, and is seen as a future growth engine [3][4] 4Q25 Outlook - **Revenue Growth Projection**: Anticipated growth of 10-15% overall, with core OTA growth at 15-20%. Accommodations expected to be the main contributor with 12-17% revenue growth [4] - **Transportation Revenue Growth**: Projected at 6-11%, driven by improved take rates and value-added service (VAS) adoption [4] - **Other Revenue Growth**: Expected to accelerate to 45-50% due to M&A contributions [4] - **Profit Guidance**: Adjusted profit range for 4Q25 is RMB 720-780 million, with no change to full-year guidance [4] Long-term Projections - **2026 Revenue Growth**: Management expects low to mid-teens organic core OTA revenue growth (13-18% including M&A) and a further 0.5 percentage point margin improvement [4] - **Marketing Investments**: Plans to increase marketing spending for emerging outbound business and its own app [4] Valuation Metrics - **Current P/E Ratios**: Trading at 13.6x for 2025 and 11.6x for 2026, considered attractive given the double-digit core OTA revenue growth and margin expansion [5] - **Price Target**: Set at HK$29.00, indicating a 34% upside from the current price of HK$21.62 [7] Risks and Considerations - **Upside Risks**: Strong pent-up demand and moderating competition in lower-tier cities could enhance margins [12] - **Downside Risks**: Softer macroeconomic growth in China and intensifying competition in lower-tier cities could impact performance [12] Additional Insights - **Market Capitalization**: Approximately RMB 45.203 billion [7] - **Average Daily Trading Value**: HK$253 million [7] - **52-Week Price Range**: HK$24.90 - HK$17.02 [7] This summary encapsulates the key points from the earnings call, highlighting the company's performance, strategic initiatives, and market outlook.

证券研究报告 港股通 2025 年 11 月 26 日│中国香港 互联网 同程公布 3Q25 业绩：收入 55 亿元，yoy+10.4%，基本符合 VA 一致预期 （简称预期）的 54.9 亿元；经营利润 11.6 亿元，超预期 7.5%，经营利润 率持续优化，yoy+1.5pct，主要来自于精细化补贴和费用管控；调整后净利 润 10.6 亿元，超预期 2.8%。公司本季度收入表现基本符合预期，利润超预 期。我们看好国内旅游的需求韧性，同时公司高品质酒店占比提升，带来结 构性改善。维持"买入"评级。 公司收入基本符合预期，酒店/机票价格改善贡献正向驱动 公司 3Q25 收入 55 亿元，yoy+10.4%，基本符合预期。拆分来看,核心 OTA 业务中，住宿及预定服务收入达 15.8 亿元，yoy+14.7%，基本符合预期。 暑期旅游旺季需求释放，同时公司高品质酒店预订占比提升，客房量增长超 20%，而酒店价格止跌回正，成为收入增长正向驱动。交通业务持续稳健增 长，收入 22.09 亿元，yoy+9.0%，主要源于用户的需求增加以及持续丰富 的增值产品及服务，且机票票价止跌，我们预计未来交通业务量将保持稳健 增 ...

摩根士丹利发布研报称，同程旅行(00780)第三季业绩略胜预期，期内收入较该行预期高1%，主要受核 心线上旅游平台(OTA)业务同比增长15%带动，增幅高于国内行业水平，毛利率达65.7%，较该行预期 高1个百分点，因OTA业务占比提高，净利润较该行预期高3%，利润率同比提升1个百分点。该行维持 对其"增持"评级，目标价29港元。 展望第四季，计入并购影响后，预期同程旅行收入将增长10%至15%，当中核心OTA业务增长达15%至 20%。第四季经调整利润指引为7.2亿至7.8亿元人民币，反映全年指引不变，因公司计划稍为加大投入 于新兴出境旅游业务及自有APP。管理层预期2026年核心OTA业务收入有机增长将达低至中十位数。透 过研发及行政效率提升，利润率有望进一步改善约0.5个百分点。 ...

展望第四季，计入并购影响后，预期同程旅行收入将增长10%至15%，当中核心OTA业务增长达15%至 20%。第四季经调整利润指引为7.2亿至7.8亿元人民币，反映全年指引不变，因公司计划稍为加大投入 于新兴出境旅游业务及自有APP。管理层预期2026年核心OTA业务收入有机增长将达低至中十位数。透 过研发及行政效率提升，利润率有望进一步改善约0.5个百分点。 智通财经APP获悉，摩根士丹利发布研报称，同程旅行(00780)第三季业绩略胜预期，期内收入较该行预 期高1%，主要受核心线上旅游平台(OTA)业务同比增长15%带动，增幅高于国内行业水平，毛利率达 65.7%，较该行预期高1个百分点，因OTA业务占比提高，净利润较该行预期高3%，利润率同比提升1个 百分点。该行维持对其"增持"评级，目标价29港元。 ...

Core Insights - Tongcheng Travel reported a record high of 253 million annual paying users and over 2 billion cumulative service users as of Q3 2025 [1] - The company achieved a revenue of 5.509 billion yuan in Q3, marking a year-on-year growth of 10.4%, with transportation and accommodation revenues growing by 9% and 14.7% respectively [1][2] - The growth potential in the mass tourism market remains significant, providing favorable conditions for the long-term sustainable development of the company [1][3] Revenue Breakdown - Transportation business revenue reached 2.209 billion yuan, while accommodation business revenue was 1.580 billion yuan [1] - Other revenue segments saw a year-on-year increase of 34.9%, totaling 821 million yuan in Q3 [2] Strategic Initiatives - The company has established strategic partnerships with over 20 airports or airport groups to enhance the aviation industry chain [2] - Tongcheng Travel is leveraging AI technology to provide personalized travel experiences and has integrated AI tools across various services, attracting millions of users [1][2] - The company is promoting digital upgrades in the accommodation industry through its platform, with nearly 3,000 hotels currently operating and an additional 1,500 under construction [2] Future Outlook - The CEO of Tongcheng Travel emphasized the commitment to enriching high-quality tourism product offerings to meet the travel needs of ordinary consumers and to foster a sustainable industry ecosystem [3]