Core Insights - Tongcheng Travel (00780) reported a significant increase in annual paid users, reaching 253 million, and cumulative service users exceeding 2 billion, marking a historical high [1] - The company achieved a revenue of 5.509 billion yuan in Q3 2025, reflecting a year-on-year growth of 10.4%, driven by the rising consumption potential of the mass tourism market [1] - Transportation business revenue grew by 9% year-on-year to 2.209 billion yuan, while accommodation business revenue saw a 14.7% increase to 1.580 billion yuan [1] Company Initiatives - Tongcheng Travel launched the "New Traveler Public Welfare Plan 2.0" aimed at helping industry partners achieve high-quality development [1] - The company has been recognized for three consecutive years in the S&P Global "Sustainability Yearbook (China Edition)" and received an "AAA" rating in the latest MSCI ESG assessment, placing it in the top 5% globally [1] Industry Outlook - The CEO of Tongcheng Travel, Ma Heping, emphasized the robust growth potential of the mass tourism market, indicating that this trend will continue to unfold in the future [1] - The company plans to enhance the supply of high-quality travel products to meet the demands of ordinary consumers while committing to long-term partnerships to foster a sustainable industry ecosystem [1]

Core Insights - Tongcheng Travel reported a revenue of 5.509 billion yuan for Q3 2025, marking a year-on-year growth of 10.4% [1] Revenue Breakdown - Transportation business revenue grew by 9% year-on-year, reaching 2.209 billion yuan [1] - Accommodation business revenue saw a year-on-year increase of 14.7%, totaling 1.580 billion yuan [1]

Core Insights - Tongcheng Travel (0780.HK) reported a significant increase in annual paid users, reaching 253 million, and cumulative service users exceeding 2 billion, marking a historical high [1] - The company achieved a revenue of 5.509 billion yuan in Q3 2025, reflecting a year-on-year growth of 10.4% [1] - The transportation segment saw a revenue increase of 9%, amounting to 2.209 billion yuan, while the accommodation segment experienced a 14.7% growth, reaching 1.580 billion yuan [1] Business Initiatives - Tongcheng Travel launched the "New Traveler Public Welfare Plan 2.0" aimed at assisting industry partners in achieving high-quality development [1] - The company has been recognized for three consecutive years in the S&P Global "Sustainability Yearbook (China Edition)" and received an "AAA" rating in the latest MSCI ESG assessment, placing it in the top 5% globally [1] Market Outlook - The CEO of Tongcheng Travel, Ma Heping, emphasized the robust growth potential of the mass tourism market, indicating that this growth will continue to be released in the future [1] - The company plans to enhance the supply of high-quality travel products to meet the demands of ordinary consumers while committing to long-term partnerships to foster a sustainable industry ecosystem [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 董事名單與其角色和職能 同程旅行控股有限公司董事（「董事」）會（「董事會」）成員及其各自於董事會及董事 會委員會的角色及職能（自二零二五年十一月二十五日起生效）載列如下： | 董事會委員會 | | | | 環境、社會 | | --- | --- | --- | --- | --- | | | 審核 | 薪酬 | 提名 | 及管治 | | 董事 | 委員會 | 委員會 | 委員會 | 委員會 | | 執行董事 | | | | | | （聯席董事長） 吳志祥 | – | – | C | – | | （首席執行官） 馬和平 | – | – | – | – | | 非執行董事 | | | | | | 梁建章 | – | – | – | – | | 江浩 （聯席董事長） | – | – | – | – | | 謝晴華 | M | – | – | – | | Brent Richard Irvin | – | M ...

Financial Performance - Revenue increased by 10.4% year-on-year to RMB 5,509.1 million for the three months ended September 30, 2025, compared to RMB 4,991.5 million in the same period of 2024[3] - Adjusted EBITDA rose by 14.5% year-on-year to RMB 1,510.3 million, with an adjusted EBITDA margin increasing to 27.4% from 26.4%[3] - Adjusted net profit increased by 16.5% year-on-year to RMB 1,060.2 million, with an adjusted net profit margin rising to 19.2% from 18.2%[3] - Operating profit for the same period was RMB 1,163.2 million, compared to RMB 977.1 million in the previous year[18] - Basic earnings per share increased to RMB 0.42 from RMB 0.35 year-on-year[18] - Profit attributable to equity holders increased from RMB 793.2 million to RMB 976.0 million[35] - Net profit for the three months ended September 30, 2025, was RMB 985,248 thousand, representing a 22.7% increase from RMB 803,234 thousand in 2024[42] - The company reported a gross profit of RMB 3,621,835 thousand for the three months ended September 30, 2025, compared to RMB 3,164,675 thousand in 2024, reflecting a gross margin improvement[42] - The total comprehensive income for the three months ended September 30, 2025, was RMB 980,780 thousand, compared to RMB 788,482 thousand in 2024, indicating overall growth in profitability[44] User Metrics - Average monthly paying users reached a record high of 47.7 million, up 2.8% year-on-year from 46.4 million[3] - Annual paying users grew by 8.8% year-on-year to 252.9 million, also a record high[3] - Cumulative service users for the twelve months increased by 7.3% year-on-year to 2,019.4 million[3] Revenue Breakdown - Revenue from the core online travel platform rose by 14.9% from RMB 4,012.8 million to RMB 4,608.8 million during the same period[21] - Accommodation booking service revenue increased by 14.7% from RMB 1,377.5 million to RMB 1,579.5 million, driven by higher demand[21] - Transportation ticketing service revenue grew by 9.0% from RMB 2,026.8 million to RMB 2,208.7 million, attributed to increased demand for value-added products and services[21] - Other revenue surged by 34.9% from RMB 608.5 million to RMB 820.6 million, mainly due to growth in hotel management services and value-added products[22] - Vacation revenue decreased by 8.0% from RMB 978.7 million to RMB 900.3 million, primarily due to ongoing safety concerns in Southeast Asia[23] Expenses and Costs - Total sales costs increased by 3.3% from RMB 1,826.8 million to RMB 1,887.3 million, with the cost-to-revenue ratio decreasing from 36.5% to 34.2%[26] - Selling and marketing expenses rose by 16.9% from RMB 1,467.6 million to RMB 1,715.4 million, with the expense-to-revenue ratio increasing from 29.2% to 31.0%[28] - Income tax expenses increased from RMB 152.1 million to RMB 174.7 million due to higher taxable income[34] - The total expenses for sales and marketing for the three months ended September 30, 2025, were RMB 1,715,364 thousand, compared to RMB 1,467,569 thousand in 2024, indicating a rise in investment in marketing efforts[42] Assets and Liabilities - As of September 30, 2025, total assets amounted to RMB 40,987,208 thousand, an increase from RMB 37,777,196 thousand as of December 31, 2024, representing a growth of approximately 5.8%[45] - Total liabilities increased to RMB 17,604,498 thousand from RMB 16,814,889 thousand, reflecting a rise of about 4.7%[46] - The equity attributable to shareholders rose to RMB 22,384,995 thousand, up from RMB 20,001,471 thousand, marking an increase of approximately 11.9%[46] - Cash and cash equivalents decreased to RMB 5,786,558 thousand from RMB 8,019,963 thousand, a decline of about 28.8%[47] - The company had a total of 3,653,887 thousand in retained earnings as of September 30, 2025, compared to 1,751,576 thousand at the end of 2024, indicating significant profit retention[46] Strategic Initiatives - The company maintained a strong partnership with Tencent, leveraging the WeChat ecosystem as a key traffic channel[9] - The upgraded membership program includes enhanced benefits such as exclusive customer service and free cancellations, aimed at increasing user loyalty[10] - The company has intensified its marketing efforts on social media platforms to engage younger users and enhance brand exposure[9] - Strategic partnerships with airport management groups aim to enhance marketing and product innovation, particularly in air-rail intermodal products[14] Management and Governance - The company announced a change in the co-chairman of the board, with Jiang Hao appointed effective November 25, 2025, following the resignation of Liang Jianzhang[51] - The board of directors consists of the following members: Wu Zhixiang (Co-Chairman), Ma Heping (CEO), and independent non-executive directors Yang Jiahong, Dai Xiaojing, and Han Yuling[56] - Non-executive directors include Liang Jianzhang, Jiang Hao (Co-Chairman), and Xie Qinghua, along with Brent Richard Irvin[57] Audit and Compliance - The audit committee reviewed the financial performance for the three months ended September 30, 2025, ensuring compliance with relevant accounting standards[50]

Core Points - Tongcheng Travel has launched an upgraded "First Flight Worry-Free" service for international flights, targeting first-time travelers using its platform [1][2] - The service is available at five major international airports, including Shanghai Hongqiao International Airport and Chengdu Tianfu International Airport, covering over 240 outbound travel destinations [2] Group 1: Service Overview - The "First Flight Worry-Free" service offers first-time travelers a verification process upon booking, providing them with international flight discount coupons worth 20-30 yuan [1] - Upon arrival at the airport, travelers can collect identification wristbands or stickers at dedicated service counters, which grant access to a range of exclusive services during their journey [1][2] Group 2: Exclusive Services - The service includes personalized travel guides covering check-in, security checks, and travel tips for first-time international travelers [2] - Travelers receive full guidance from staff at the service counters, including expedited security checks and other convenience services [2] - Some airports offer additional perks, such as priority boarding and exclusive service for flight delays at Xi'an Xianyang International Airport, free shuttle service to the boarding gate at Chengdu Tianfu International Airport, and discount vouchers at select shops in Wuhan Tianhe International Airport [2] Group 3: Market Context - The demand for international flights is increasing due to visa facilitation policies and a rise in flight availability, leading to a growing number of first-time international travelers [3] - The "First Flight Worry-Free" initiative, originally launched for domestic flights, has expanded to international flights, with 26 domestic airports participating and over 100,000 travelers served by the end of October [3]

Core Insights - The winter tourism trend is significantly rising, particularly in snow-related activities, with southern tourists making up over 70% of bookings for snow tourism products [1][2][3] Group 1: Popular Destinations and Trends - Major cities contributing to snow tourism include Shanghai, Nanjing, Shenyang, Beijing, Shenzhen, Chengdu, Hangzhou, Tianjin, Wuhan, and Ningbo, with a notable increase in bookings for destinations like Harbin, which saw over 80% growth in homestay reservations [1][2] - The report from Tongcheng Travel indicates that popular destinations for the 2025-2026 snow season include Harbin, Shenyang, Urumqi, Changchun, Hulunbuir, Altay, Qiqihar, Daxing'anling, Changbai Mountain, and Ili [2] - The winter group tour bookings have more than doubled compared to last year, with a diverse range of destinations being favored, including both snow and warm winter tourism options [3] Group 2: Consumer Behavior and Preferences - There is a notable trend of consumers pre-booking accommodations in popular snow tourism destinations to lock in prices, with an average increase of over 80% in homestay bookings on the Tongcheng platform [2][3] - The demographic for winter hot spring tourism is shifting, with a significant portion of bookings coming from the post-90s generation, who account for about one-third of orders, and the post-00s generation showing a 43% increase in order volume [4] - Family-oriented travel is becoming more prevalent, with services catering to children, such as one-on-one ski coaching, seeing significant growth [4] Group 3: International Snow Tourism - The interest in outbound snow tourism is also increasing, with popular international destinations for the upcoming season including Moscow, Interlaken in Switzerland, Aspen in France, and Whistler in Canada [5] - The recent visa-free policy for Russia has led to a noticeable rise in winter tourism bookings, while traditional favorites like Japan's Hokkaido and Tokyo have seen a decline in popularity [5]

Group 1 - T. Rowe Price Associates, Inc. and its Affiliates increased their stake in Tongcheng Travel (00780.HK) by purchasing 981,200 shares at an average price of HKD 22.235 per share, totaling approximately HKD 21.817 million [1] - Following this transaction, T. Rowe Price's total shareholding in Tongcheng Travel reached 164,651,600 shares, raising their ownership percentage from 6.97% to 7.00% [1]

Core Viewpoint - T. Rowe Price Associates, Inc. and its affiliates have increased their stake in Tongcheng Travel (00780) by acquiring 981,200 shares at an average price of HKD 22.235 per share, totaling approximately HKD 21.817 million, resulting in a new holding of about 165 million shares, representing a 7% ownership stake [1] Summary by Category - **Investment Activity** - T. Rowe Price Associates, Inc. and its affiliates purchased 981,200 shares of Tongcheng Travel [1] - The average purchase price was HKD 22.235 per share [1] - The total investment amounted to approximately HKD 21.817 million [1] - **Ownership Structure** - Following the acquisition, T. Rowe Price's total shareholding in Tongcheng Travel is approximately 165 million shares [1] - The new ownership percentage stands at 7% [1]

Group 1 - T. Rowe Price Associates, Inc. and its Affiliates increased their stake in Tongcheng Travel (00780) by 981,200 shares at an average price of HKD 22.235 per share, totaling approximately HKD 21.817 million [1] - Following the increase, the total number of shares held by T. Rowe Price is approximately 165 million, representing a holding percentage of 7% [1]