Performance Highlights [Q2 2025 Performance Highlights](index=1&type=section&id=2025%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E4%B8%9A%E7%BB%A9%E4%BA%AE%E7%82%B9) Tongcheng Travel Holdings Limited announced unaudited consolidated results for the three months ended June 30, 2025, with revenue increasing by 10.0% to RMB 4,669.4 million, adjusted EBITDA growing by 29.7%, and adjusted net profit increasing by 18.0%, while average monthly paying users also saw a 9.2% increase Q2 2025 Key Financial Indicators | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 4,669,431 | 4,245,357 | 10.0% | | Profit before income tax | 785,745 | 539,128 | 45.7% | | Profit for the period | 642,105 | 429,330 | 49.6% | | Adjusted EBITDA for the period | 1,185,177 | 913,465 | 29.7% | | Adjusted net profit for the period | 775,103 | 656,690 | 18.0% | | Revenue Growth (YoY) | 10.0% | 48.1% | - | | Adjusted EBITDA Margin | 25.4% | 21.5% | Up 3.9pp | | Adjusted Net Profit Margin | 16.6% | 15.5% | Up 1.1pp | - Average monthly paying users increased by **9.2% year-over-year** to **46.4 million** people[3](index=3&type=chunk)[7](index=7&type=chunk) [H1 2025 Performance Highlights](index=3&type=section&id=2025%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E4%B8%9A%E7%BB%A9%E4%BA%AE%E7%82%B9) For the six months ended June 30, 2025, the company's revenue increased by 11.5% year-over-year to RMB 9,046.9 million, adjusted EBITDA grew by 35.2%, and adjusted net profit increased by 28.6%, with annual paying users and cumulative service person-times reaching new highs H1 2025 Key Financial Indicators | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 9,046,863 | 8,111,635 | 11.5% | | Profit before income tax | 1,590,807 | 991,458 | 60.5% | | Profit for the period | 1,320,606 | 829,586 | 59.2% | | Adjusted EBITDA for the period | 2,344,561 | 1,733,693 | 35.2% | | Adjusted net profit for the period | 1,563,271 | 1,215,178 | 28.6% | | Revenue Growth (YoY) | 11.5% | 48.8% | - | | Adjusted EBITDA Margin | 25.9% | 21.4% | Up 4.5pp | | Adjusted Net Profit Margin | 17.3% | 15.0% | Up 2.3pp | - Average monthly paying users increased by **9.2% year-over-year** to **46.5 million** people[10](index=10&type=chunk)[13](index=13&type=chunk) - Annual paying users increased by **10.2% year-over-year** to **251.7 million** people, reaching a new historical high[10](index=10&type=chunk)[13](index=13&type=chunk) - Cumulative service person-times for the twelve months increased by **7.2% year-over-year** to **1,990.6 million**[10](index=10&type=chunk)[13](index=13&type=chunk) Business Review [Market Overview and Company Performance](index=5&type=section&id=%E5%B8%82%E5%9C%BA%E6%A6%82%E5%86%B5%E4%B8%8E%E5%85%AC%E5%8F%B8%E8%A1%A8%E7%8E%B0) China's tourism industry maintained strong growth in Q2 2025 with increasing demand for experiential travel, and the company solidified its market position through user insights and product service optimization, achieving significant growth in total revenue and adjusted net profit - China's tourism industry maintained a strong growth momentum in Q2 2025, with increasing demand for experiential travel[14](index=14&type=chunk) - The company's total revenue increased by **10.0%** and **11.5% year-over-year** in Q2 and H1, respectively, with adjusted net profit reaching **RMB 775.1 million** and **RMB 1,563.3 million**, respectively[14](index=14&type=chunk) [User Growth and Traffic Strategy](index=5&type=section&id=%E7%94%A8%E6%88%B7%E5%A2%9E%E9%95%BF%E4%B8%8E%E6%B5%81%E9%87%8F%E7%AD%96%E7%95%A5) The company's user base and value continued to grow, with annual and monthly paying users reaching new highs, and its market position in non-first-tier cities was strengthened through multi-channel strategies including the WeChat ecosystem, proprietary apps, and social media - For the twelve months ended June 30, 2025, annual paying users increased by **10.2% year-over-year** to **251.7 million** people, reaching a new historical high[15](index=15&type=chunk) - For the three and six months ended June 30, 2025, average monthly paying users both increased by **9.2% year-over-year** to **46.4 million** and **46.5 million** people, respectively[15](index=15&type=chunk) - Over **87%** of registered users reside in non-first-tier cities in China, with **69%** of new paying users on the WeChat platform originating from non-first-tier cities[15](index=15&type=chunk) - The WeChat ecosystem and proprietary apps are significant traffic sources, with daily active users of proprietary apps showing strong growth in Q2 and reaching a new historical high[16](index=16&type=chunk) - The establishment of dedicated hotlines and customer service teams, along with enriched user benefits and welfare, significantly improved user retention and loyalty[17](index=17&type=chunk) [Core Business Segment Performance](index=6&type=section&id=%E6%A0%B8%E5%BF%83%E4%B8%9A%E5%8A%A1%E5%88%86%E9%83%A8%E8%A1%A8%E7%8E%B0) Core online travel platform business showed strong growth with increased revenue from accommodation and transportation ticketing, while other businesses performed exceptionally driven by hotel management, but the vacation business saw a revenue decline due to safety concerns in Southeast Asia [Accommodation Reservation Services](index=6&type=section&id=%E4%BD%8F%E5%AE%BF%E9%A2%84%E8%AE%A2%E6%9C%8D%E5%8A%A1) Accommodation business revenue increased by 15.2% year-over-year to RMB 1,371.4 million, driven by business volume growth and improved monetization capabilities, as the company actively explored new booking scenarios and focused on high-value users and expansion in lower-tier cities - Accommodation business revenue increased by **15.2% year-over-year** to **RMB 1,371.4 million**[18](index=18&type=chunk) - Actively exploring new accommodation booking scenarios such as weekend getaways, concerts, and sports events, driving daily average room nights to a new historical high[18](index=18&type=chunk) - Focusing on high-value users and intensifying expansion efforts in lower-tier cities to enhance market share and competitiveness[18](index=18&type=chunk) [Transportation Ticketing Services](index=6&type=section&id=%E4%BA%A4%E9%80%9A%E7%A5%A8%E5%8A%A1%E6%9C%8D%E5%8A%A1) Transportation ticketing services revenue increased by 7.9% year-over-year to RMB 1,881.0 million, with international air ticket volume reaching a new historical high, growing by nearly 30%, and improved monetization capabilities for train ticket services - Transportation ticketing services revenue increased by **7.9% year-over-year** to **RMB 1,881.0 million**[19](index=19&type=chunk) - International air ticket volume reached a new historical high, growing by nearly **30% year-over-year**[19](index=19&type=chunk) - Continuously upgrading the Smart Travel system and optimizing operational strategies to enhance the monetization capability of train ticket services[19](index=19&type=chunk) [Other Businesses](index=6&type=section&id=%E5%85%B6%E4%BB%96%E4%B8%9A%E5%8A%A1) Other businesses revenue increased by 27.5% to RMB 755.4 million, primarily driven by the hotel management business, which continues its healthy asset-light development with over 2,700 hotels in operation and another 1,500 in preparation - Other businesses revenue increased by **27.5% year-over-year** to **RMB 755.4 million**[19](index=19&type=chunk) - The number of hotels operating under the hotel management business platform has exceeded **2,700**, with another **1,500** hotels in preparation[19](index=19&type=chunk) [Vacation Business](index=6&type=section&id=%E5%BA%A6%E5%81%87%E4%B8%9A%E5%8A%A1) Vacation business revenue decreased by 8.0% to RMB 661.7 million, primarily due to safety concerns in Southeast Asia - Vacation business revenue decreased by **8.0% year-over-year** to **RMB 661.7 million**[19](index=19&type=chunk) - The revenue decline was primarily due to safety concerns in Southeast Asia, leading to a reduction in outbound tour group revenue[19](index=19&type=chunk) [Technology Empowerment and Strategic Partnerships](index=7&type=section&id=%E6%8A%80%E6%9C%AF%E8%B5%8B%E8%83%BD%E4%B8%8E%E6%88%98%E7%95%A5%E5%90%88%E4%BD%9C) The company is committed to empowering industry partners through technology, forming strategic collaborations with Shandong Airport Management Group and Xi'an Xianyang International Airport, while also integrating cutting-edge technology to launch the AI itinerary planning agent DeepTrip, enhancing operational efficiency and user experience - Reached a strategic partnership with Shandong Airport Management Group to help optimize route networks and improve operational efficiency[20](index=20&type=chunk) - Fully upgraded strategic cooperation with Xi'an Xianyang International Airport, deepening intermodal product development, member benefit integration, and joint marketing[20](index=20&type=chunk) - Launched AI itinerary planning agent DeepTrip, integrating platform supply chain capabilities with DeepSeek inference capabilities to optimize customized tour consultation processes, enhancing user experience and booking efficiency[21](index=21&type=chunk) Business Outlook and Strategy [Business Outlook and Strategy](index=7&type=section&id=%E4%B8%9A%E5%8A%A1%E5%89%8D%E6%99%AF%E5%8F%8A%E7%AD%96%E7%95%A5) The company remains optimistic about the development prospects of China's tourism industry, benefiting from strong market demand, government support, improved infrastructure, and digital transformation, and will continue to deepen its core online travel platform business, expand outbound tourism, strengthen hotel management, and seek strategic growth opportunities - China's tourism industry maintains high-quality development driven by strong market demand, with summer travel enthusiasm remaining high[22](index=22&type=chunk) - Optimistic about the development prospects of China's tourism industry, benefiting from government attention, improved infrastructure, and digital transformation[22](index=22&type=chunk) - Tourist preferences are shifting towards more experiential and immersive travel methods, driving the emergence of new tourism scenarios[22](index=22&type=chunk) - Confident in the growth potential of China's outbound tourism market, benefiting from simplified visa policies, restored international flight capacity, and increased demand[22](index=22&type=chunk) - Future strategies include deepening the core online travel platform, expanding outbound tourism, strengthening the hotel management business, and seeking strategic growth opportunities[22](index=22&type=chunk) Detailed Financial Performance Analysis [Q2 2025 vs. Q2 2024 Comparison](index=8&type=section&id=2025%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E4%B8%8E2024%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E6%AF%94%E8%BE%83) This section details the financial performance comparison between Q2 2025 and the same period in 2024, covering revenue, gross profit, various operating expenses, changes in financial assets, and final profit, showing significant growth in revenue and operating profit but also increases in some expense items Q2 2025 vs. Q2 2024 Income Statement Comparison | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | Change | | :--- | :--- | :--- | :--- | | Revenue | 4,669,431 | 4,245,357 | +10.0% | | Gross Profit | 3,036,282 | 2,744,335 | +10.6% | | Operating Profit | 809,316 | 517,025 | +56.5% | | Profit for the Period | 642,105 | 429,330 | +49.6% | | Profit Attributable to Equity Holders of the Company | 641,813 | 433,691 | +48.0% | [Revenue Analysis](index=9&type=section&id=%E6%94%B6%E5%85%A5%E5%88%86%E6%9E%90) Total revenue increased by 10.0% year-over-year to RMB 4,669.4 million, with core online travel platform revenue growing by 13.7%, including 15.2% in accommodation reservation services and 7.9% in transportation ticketing services, while other revenue grew by 27.5% driven by hotel management services, and vacation business revenue declined by 8.0% due to safety concerns in Southeast Asia Q2 2025 Revenue Segment Comparison | Revenue Segment | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change | | :--- | :--- | :--- | :--- | | Core Online Travel Platform | 4,007,775 | 3,525,959 | 13.7% | | Accommodation Reservation Services | 1,371,367 | 1,190,879 | 15.2% | | Transportation Ticketing Services | 1,881,010 | 1,742,736 | 7.9% | | Other | 755,398 | 592,344 | 27.5% | | Vacation | 661,656 | 719,398 | (8.0)% | | **Total Revenue** | **4,669,431** | **4,245,357** | **10.0%** | - Vacation revenue decreased by **8.0%** to **RMB 661.7 million**, primarily due to reduced outbound tour group revenue from Southeast Asia[27](index=27&type=chunk) [Analysis of Cost of Sales, Operating Expenses, and Unallocated Items](index=10&type=section&id=%E9%94%80%E5%94%AE%E6%88%90%E6%9C%AC%E3%80%81%E7%BB%8F%E8%90%A5%E5%BC%80%E6%94%AF%E5%8F%8A%E6%9C%AA%E5%88%86%E9%85%8D%E9%A1%B9%E7%9B%AE%E5%88%86%E6%9E%90) Cost of sales, service development expenses, sales and marketing expenses, and administrative expenses all saw varying changes, with cost of sales increasing by 8.8% due to higher procurement costs and depreciation, sales and marketing expenses growing by 2.4% but decreasing as a percentage of revenue, and net reversal of impairment losses on financial assets increasing, alongside significant growth in fair value gains on investments measured at fair value Q2 2025 Details of Cost of Sales, Operating Expenses, and Unallocated Items | Item | 2025 (RMB '000) | % of Total | 2024 (RMB '000) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Cost of Sales | 1,633,149 | 42.3% | 1,501,022 | 40.2% | | Service Development Expenses | 504,524 | 13.1% | 494,281 | 13.3% | | Sales and Marketing Expenses | 1,538,292 | 39.9% | 1,501,710 | 40.2% | | Administrative Expenses | 277,742 | 7.2% | 272,193 | 7.3% | | Net Reversal of Impairment Losses on Financial Assets | (8,745) | (0.2)% | (8,267) | (0.2)% | | Fair Value Changes of Investments Measured at FVTPL | (48,208) | (1.2)% | (19,468) | (0.5)% | | Other Income | (17,399) | (0.5)% | (27,708) | (0.7)% | | Other Gains/(Losses) Net | (19,240) | (0.6)% | 14,569 | 0.4% | | **Total Cost of Sales, Operating Expenses, and Unallocated Items** | **3,860,115** | **100.0%** | **3,728,332** | **100.0%** | - Cost of sales increased by **8.8%** to **RMB 1,633.1 million**, primarily due to increased costs for value-added user services, depreciation expenses, and employee benefit expenses[29](index=29&type=chunk) - Sales and marketing expenses increased by **2.4%** to **RMB 1,538.3 million**, but excluding share-based compensation, the percentage of revenue decreased from **35.1%** to **32.8%**[31](index=31&type=chunk) - Fair value gains on investments measured at fair value through profit or loss reached **RMB 48.2 million**, primarily influenced by fair value gains from investments in certain public and private companies and wealth management products[34](index=34&type=chunk) - Other net gains amounted to **RMB 19.2 million**, primarily due to exchange gains of **RMB 10.5 million**[36](index=36&type=chunk) [Non-IFRS Financial Measures](index=13&type=section&id=%E9%9D%9E%E5%9B%BD%E9%99%85%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A%E5%87%86%E5%88%99%E8%B4%A2%E5%8A%A1%E8%AE%A1%E9%87%8F) The company uses adjusted EBITDA and adjusted net profit for the period as non-IFRS financial measures to provide a more comparable assessment of core business performance, excluding non-cash or non-core business-driven items such as share-based compensation, amortization, and depreciation - Adjusted EBITDA is defined as operating profit adjusted for share-based compensation, amortization of intangible assets, depreciation, exchange gains/losses, and other items[39](index=39&type=chunk) - Adjusted net profit for the period is defined as profit for the period adjusted for net share-based compensation, amortization of intangible assets from acquisitions, exchange gains/losses, and other items[39](index=39&type=chunk) [Reconciliation of Adjusted EBITDA to Operating Profit](index=14&type=section&id=%E7%BB%8F%E8%B0%83%E6%95%B4EBITDA%E4%B8%8E%E7%BB%8F%E8%90%A5%E6%BA%A2%E5%88%A9%E7%9A%84%E5%AF%B9%E8%B4%A6) This section provides a detailed reconciliation of adjusted EBITDA to operating profit, illustrating the impact of various adjustment items on operating profit to derive adjusted EBITDA Reconciliation of Adjusted EBITDA to Operating Profit (RMB '000) | Item | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Operating Profit for the Period | 809,316 | 517,025 | 1,626,599 | 972,050 | | Add: Total Share-based Compensation | 73,878 | 107,910 | 149,057 | 222,124 | | Add: Amortization of Intangible Assets | 195,058 | 170,092 | 389,886 | 346,770 | | Add: Depreciation of Property, Plant and Equipment and Right-of-use Assets | 135,807 | 84,815 | 226,555 | 166,306 | | Less: Net Exchange (Gains)/Losses | (10,452) | 29,259 | (18,167) | 46,932 | | Less: Net (Gains)/Losses from Investees | (21,412) | 4,470 | (27,385) | (18,574) | | Other | 2,982 | (106) | (1,984) | (1,915) | | **Adjusted EBITDA** | **1,185,177** | **913,465** | **2,344,561** | **1,733,693** | [Reconciliation of Adjusted Net Profit to Profit for the Period](index=15&type=section&id=%E6%9C%9F%E5%86%85%E7%BB%8F%E8%B0%83%E6%95%B4%E6%BA%A2%E5%88%A9%E4%B8%8E%E6%9C%9F%E5%86%85%E6%BA%A2%E5%88%A9%E7%9A%84%E5%AF%B9%E8%B4%A6) This section provides a detailed reconciliation of adjusted net profit for the period to profit for the period, illustrating the impact of various adjustment items on profit for the period to derive adjusted net profit Reconciliation of Adjusted Net Profit for the Period to Profit for the Period (RMB '000) | Item | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Profit for the Period | 642,105 | 429,330 | 1,320,606 | 829,586 | | Add: Net Share-based Compensation | 91,607 | 124,001 | 149,523 | 211,817 | | Add: Amortization of Intangible Assets from Acquisitions | 65,100 | 64,417 | 130,201 | 134,969 | | Less: Net Exchange (Gains)/Losses | (10,452) | 29,259 | (18,167) | 46,932 | | Less: Net (Gains)/Losses from Investees | (21,412) | 4,470 | (27,385) | (18,574) | | Other | 8,155 | 5,213 | 8,493 | 10,448 | | **Adjusted Net Profit for the Period** | **775,103** | **656,690** | **1,563,271** | **1,215,178** | [Share-based Compensation](index=16&type=section&id=%E4%BB%A5%E8%82%A1%E4%BB%BD%E4%B8%BA%E5%9F%BA%E7%A1%80%E7%9A%84%E9%85%AC%E9%87%91) This section lists the total and net share-based compensation recognized in cost of sales and expense items, broken down by different expense categories Details of Share-based Compensation (RMB '000) | Item | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Cost of Sales | 1,962 | 3,928 | 3,942 | 8,019 | | Service Development Expenses | 13,012 | 26,753 | 26,421 | 54,724 | | Sales and Marketing Expenses | 6,493 | 13,475 | 13,548 | 27,499 | | Administrative Expenses | 52,411 | 63,754 | 105,146 | 131,882 | | **Total Share-based Compensation** | **73,878** | **107,910** | **149,057** | **222,124** | | Tax Impact of Provisional Differences | 17,729 | 16,091 | 466 | (10,307) | | **Net Share-based Compensation** | **91,607** | **124,001** | **149,523** | **211,817** | Liquidity and Financial Resources [Cash Flow](index=16&type=section&id=%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F) The company primarily funds its liquidity needs through net cash generated from operations and bank borrowings; for the six months ended June 30, 2025, net cash from operating activities significantly increased, but net cash outflow from investing activities substantially rose, leading to a net decrease in cash and cash equivalents H1 2025 Cash Flow (RMB '000) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 3,035,147 | 1,294,712 | | Net Cash Flow (Used in)/Generated from Investing Activities | (3,559,529) | 576,752 | | Net Cash Flow (Used in)/Generated from Financing Activities | (216,859) | 688,029 | | Net (Decrease)/Increase in Cash and Cash Equivalents | (741,241) | 2,559,493 | | Cash and Cash Equivalents at End of Period | 7,272,479 | 7,747,983 | - Net cash generated from operating activities was **RMB 3,035.1 million**, primarily driven by profit before income tax and an increase in trade payables[46](index=46&type=chunk) - Net cash used in investing activities was **RMB 3,559.5 million**, primarily due to net cash paid for wealth management products and time deposits, and the purchase of property, plant and equipment[47](index=47&type=chunk) - Net cash used in financing activities was **RMB 216.9 million**, primarily due to repayment of bank borrowings and payment of long-term lease liabilities[48](index=48&type=chunk) [Capital Gearing Ratio](index=17&type=section&id=%E8%B5%84%E6%9C%AC%E8%B4%9F%E5%80%BA%E6%AF%94%E7%8E%87) As of June 30, 2025, the company's capital gearing ratio was approximately 25.0% - As of June 30, 2025, the capital gearing ratio was approximately **25.0%**[49](index=49&type=chunk) [Pledge of Assets](index=17&type=section&id=%E8%B5%84%E4%BA%A7%E6%8A%B5%E6%8A%BC) On January 9, 2024, the company borrowed RMB 410.0 million for an acquisition completed in 2023, with the loan secured by 100% equity interest in the target company - On January 9, 2024, the company borrowed **RMB 410.0 million**, secured by **100%** equity interest in the target company, to finance an acquisition completed in 2023[50](index=50&type=chunk) [Capital Expenditure](index=18&type=section&id=%E8%B5%84%E6%9C%AC%E5%BC%80%E6%94%AF) For the first half of 2025, total capital expenditure amounted to RMB 440.4 million, primarily for the acquisition of property, plant and equipment, purchase of intangible assets, and long-term investments, which was a decrease compared to the same period last year H1 2025 Total Capital Expenditure (RMB '000) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Acquisition of Property, Plant and Equipment | 224,322 | 372,679 | | Purchase of Intangible Assets | 31,940 | 6,607 | | Long-term Investments | 184,104 | 574,201 | | **Total Capital Expenditure** | **440,366** | **953,487** | - Capital expenditure is primarily funded by cash generated from operations and bank borrowings[51](index=51&type=chunk) [Long-term Investments](index=18&type=section&id=%E9%95%BF%E6%9C%9F%E6%8A%95%E8%B5%84) As of June 30, 2025, total long-term investments amounted to RMB 3,775.2 million, a decrease from the end of 2024, mainly due to the disposal of certain equity-accounted investments and fair value-measured investments Total Long-term Investments (RMB '000) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Investments Accounted for Using the Equity Method | 1,632,892 | 1,682,145 | | Investments Measured at Fair Value Through Profit or Loss | 798,135 | 957,238 | | Investments Measured at Amortized Cost | 1,344,153 | 1,329,289 | | **Total Long-term Investments** | **3,775,180** | **3,968,672** | - The decrease in long-term investments was primarily due to the disposal of investments or interests in certain private companies and funds with significant influence, as well as the disposal of investments in certain private companies[52](index=52&type=chunk) - The overall strategy for long-term investments is to invest in or acquire businesses that can foster growth and bring benefits to the company[52](index=52&type=chunk) [Short-term Investments](index=19&type=section&id=%E7%9F%AD%E6%9C%9F%E6%8A%95%E8%B5%84) As of June 30, 2025, total short-term investments amounted to RMB 6,162.6 million, a significant increase from the end of 2024, primarily driven by short-term investments (wealth management products) measured at fair value through profit or loss Total Short-term Investments (RMB '000) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Short-term Investments Measured at Amortized Cost | 1,042,817 | 160,639 | | Short-term Investments Measured at Fair Value Through Profit or Loss | 5,119,817 | 2,733,033 | | **Total Short-term Investments** | **6,162,634** | **2,893,672** | - Short-term investments measured at fair value through profit or loss primarily consist of wealth management products with expected returns ranging from **0.86% to 6.50%**[53](index=53&type=chunk) - The company chooses to invest in highly liquid, secure financial products with reasonable returns to generate higher returns than demand deposits or time deposits in a low-interest rate environment[53](index=53&type=chunk) [Significant Acquisitions and Disposals](index=19&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B4%AD%E5%8F%8A%E5%87%BA%E5%94%AE) On April 17, 2025, the company, through eLong, entered into an agreement with Wanda Hotels Development to acquire 100% equity interest in Wanda Hotel Management for an initial consideration of approximately RMB 2,497.3 million, upon which Wanda Hotel Management will become an indirect wholly-owned subsidiary of the company - The company, through eLong, acquired **100%** equity interest in Wanda Hotel Management for an initial consideration of approximately **RMB 2,497.3 million**[54](index=54&type=chunk) - Upon completion, Wanda Hotel Management will become an indirect wholly-owned subsidiary of the company, and its financial results will be consolidated into the Group's financial statements[54](index=54&type=chunk) [Foreign Exchange Risk](index=19&type=section&id=%E5%A4%96%E6%B1%87%E9%A3%8E%E9%99%A9) The company manages foreign exchange risk by regularly reviewing its net foreign exchange exposure and entering into derivative contracts for economic hedging purposes - The company manages foreign exchange risk by regularly reviewing its net foreign exchange exposure[55](index=55&type=chunk) - As of June 30, 2025, the company entered into certain derivative contracts with financial institutions for economic hedging purposes[56](index=56&type=chunk) Employees [Employees](index=20&type=section&id=%E5%83%B1%E5%93%A1) As of June 30, 2025, the company had 10,402 full-time employees, primarily located in non-first-tier cities in China, and recruits through diverse channels, provides internal training, participates in statutory employee benefit plans, and maintains good employee relations without significant labor disputes - As of June 30, 2025, the company had **10,402** full-time employees[57](index=57&type=chunk) - Approximately **30.3%** and **6.9%** of employees are located in Suzhou and Beijing, respectively, with the remaining **62.8%** in other regions of China and overseas[57](index=57&type=chunk) - The company recruits through campus recruitment, recruitment agencies, and online channels, and provides management, technical, and other training[57](index=57&type=chunk) - Participates in China's statutory employee welfare plans, including social insurance funds and housing provident funds[57](index=57&type=chunk) - The company maintains good working relationships with its employees and has not experienced any significant labor disputes[57](index=57&type=chunk) Interim Condensed Consolidated Financial Statements [Interim Condensed Consolidated Statement of Profit or Loss](index=21&type=section&id=%E4%B8%AD%E6%9C%9F%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) This statement presents the unaudited consolidated profit or loss for the three and six months ended June 30, 2025, including revenue, cost of sales, gross profit, various expenses, operating profit, and profit for the period - Provides detailed data for revenue, gross profit, operating profit, and profit for the period for the three and six months ended June 30, 2025 and 2024, respectively[58](index=58&type=chunk) [Interim Condensed Consolidated Statement of Comprehensive Income](index=22&type=section&id=%E4%B8%AD%E6%9C%9F%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) This statement presents the unaudited consolidated comprehensive income for the three and six months ended June 30, 2025, including profit for the period and other comprehensive income/loss - Provides detailed data for profit for the period and other comprehensive income/loss for the three and six months ended June 30, 2025 and 2024, respectively[59](index=59&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=23&type=section&id=%E4%B8%AD%E6%9C%9F%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E8%A1%A8) This statement presents the unaudited consolidated financial position as of June 30, 2025, and December 31, 2024, including non-current assets, current assets, equity, and liabilities - Provides detailed data for assets, liabilities, and equity as of June 30, 2025, and December 31, 2024[60](index=60&type=chunk)[61](index=61&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=25&type=section&id=%E4%B8%AD%E6%9C%9F%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) This statement presents the unaudited consolidated cash flows for the six months ended June 30, 2025, including cash flows from operating, investing, and financing activities - Provides detailed data for net cash flows from operating, investing, and financing activities for the six months ended June 30, 2025 and 2024, respectively[62](index=62&type=chunk) Notes to the Financial Statements [General Information](index=26&type=section&id=%E4%B8%80%E8%88%AC%E8%B5%84%E6%96%99) Tongcheng Travel Holdings Limited was incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange, with the Group primarily engaged in travel-related services in China, and the interim condensed consolidated financial information is prepared in accordance with IAS 34, adopting certain new or revised standards - The Company was incorporated on January 14, 2016, under the laws of the Cayman Islands, and its shares have been listed on the Hong Kong Stock Exchange since November 26, 2018[63](index=63&type=chunk) - The Group is primarily engaged in providing travel-related services in China, including accommodation reservation, transportation ticketing, online advertising, hotel management (core online travel platform), and offline travel agencies, operating scenic spots (vacation business)[63](index=63&type=chunk) - The interim condensed consolidated financial information is prepared in accordance with IAS 34 and has adopted new or revised standards, such as 'Lack of Exchangeability—Amendments to IAS 21'[63](index=63&type=chunk) - Certain new or revised standards (e.g., IFRS 18, IFRS 19) are not yet mandatorily effective and are not expected to have a significant impact on the Group[65](index=65&type=chunk)[66](index=66&type=chunk) [Segment Information](index=27&type=section&id=%E5%88%86%E9%83%A8%E8%B5%84%E6%96%99) The Group identifies two reportable segments: core online travel platform and vacation, with the chief operating decision maker assessing business performance based on each segment's revenue and operating profit/loss, and unallocated items primarily include share-based compensation, amortization of intangible assets, and corporate administrative expenses - The Group identifies two reportable segments: core online travel platform and vacation[67](index=67&type=chunk) - The chief operating decision maker assesses segment performance based on the revenue and operating profit/loss of each operating segment[67](index=67&type=chunk) Q2 2025 Segment Operating Profit/(Loss) (RMB '000) | Segment | Core Online Travel Platform | Vacation | Unallocated Items | Total | | :--- | :--- | :--- | :--- | :--- | | Operating Profit/(Loss) | 1,070,334 | 4,427 | (265,445) | 809,316 | H1 2025 Segment Operating Profit/(Loss) (RMB '000) | Segment | Core Online Travel Platform | Vacation | Unallocated Items | Total | | :--- | :--- | :--- | :--- | :--- | | Operating Profit/(Loss) | 2,177,173 | 29,970 | (580,544) | 1,626,599 | [Expenses by Nature](index=28&type=section&id=%E6%8C%89%E6%80%A7%E8%B3%AA%E5%8A%83%E5%88%86%E7%9A%84%E9%96%8B%E6%94%AF) This section details expenses by nature for the three and six months ended June 30, 2025, including employee benefits, advertising and promotion, and travel product costs Q2 2025 Expenses by Nature (RMB '000) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Employee Benefit Expenses | 1,029,124 | 1,002,817 | | Advertising and Promotion Expenses | 980,841 | 971,271 | | Travel Product Costs | 669,712 | 712,662 | | Order Payment and Settlement Costs | 335,385 | 336,624 | | Depreciation and Amortization Expenses | 330,865 | 254,907 | | Procurement Costs | 228,829 | 142,462 | | Commission Expenses | 166,632 | 143,920 | | Bandwidth and Server Hosting Fees | 52,335 | 39,881 | | Short-term Rental and Utility Fees | 33,702 | 26,465 | | Professional Service Fees and Subcontracting Fees | 33,449 | 53,033 | | Travel and Entertainment Expenses | 32,193 | 34,445 | | Taxes and Surcharges | 25,088 | 21,968 | | Telephone and Communication | 4,316 | 2,918 | | Other | 31,236 | 25,833 | | **Total** | **3,953,707** | **3,769,206** | [Other Gains/(Losses) Net](index=29&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E2%88%95%EF%BC%88%E8%99%A7%E6%90%8D%EF%BC%89%E5%87%80%E9%A2%9D) For the three and six months ended June 30, 2025, the company recorded net other gains, primarily influenced by exchange gains and investment income from investments measured at amortized cost Q2 2025 Other Gains/(Losses) Net (RMB '000) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Net Exchange Gains/(Losses) | 10,452 | (29,259) | | Investment Income from Investments Measured at Amortized Cost | 19,657 | 12,498 | | Net (Losses)/Gains from Derivative Financial Instruments | (2,982) | 106 | | Net (Losses)/Gains from Disposal/Partial Disposal of Equity-Accounted Investments | (7,113) | 206 | | Net Losses from Disposal/Write-off of Property, Plant and Equipment | (4,163) | (349) | | Other | 3,389 | 2,229 | | **Total** | **19,240** | **(14,569)** | [Income Tax Expense](index=29&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) The company's income tax expense increased in both Q2 and H1 2025, with Chinese subsidiaries enjoying a 15% preferential tax rate as high-tech enterprises, some small low-profit enterprises benefiting from a 20% preferential rate, and others paying at 25%, while no deferred tax liability for withholding tax on retained earnings of Chinese subsidiaries has been recognized Q2 2025 Income Tax Expense (RMB '000) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current Income Tax | 122,580 | 93,592 | | Deferred Income Tax | 21,060 | 16,206 | | **Total** | **143,640** | **109,798** | - Four direct Chinese subsidiaries are recognized as high-tech enterprises, subject to a **15%** preferential tax rate, with qualifications to be renewed between 2025 and 2026[74](index=74&type=chunk) - Certain subsidiaries, as small low-profit enterprises, enjoy a **20%** preferential corporate income tax rate[75](index=75&type=chunk) - The company has not recognized deferred tax liabilities for withholding tax on retained earnings distributed by Chinese subsidiaries, as there are no plans for distribution[75](index=75&type=chunk) - The Group has assessed the potential risks of Pillar Two income tax and does not expect to pay any related top-up tax for the financial year ending December 2025[76](index=76&type=chunk) [Earnings Per Share](index=31&type=section&id=%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) This section presents the basic and diluted earnings per share for the three and six months ended June 30, 2025, along with calculation details Q2 2025 Basic Earnings Per Share (RMB) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Company (RMB '000) | 641,813 | 433,691 | | Weighted Average Number of Ordinary Shares in Issue (thousand shares) | 2,282,569 | 2,271,428 | | **Basic Earnings Per Share (RMB)** | **0.28** | **0.19** | Q2 2025 Diluted Earnings Per Share (RMB) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Company for Diluted EPS Calculation (RMB '000) | 641,813 | 433,691 | | Weighted Average Number of Ordinary Shares for Diluted EPS Calculation (thousand shares) | 2,315,864 | 2,299,776 | | **Diluted Earnings Per Share (RMB)** | **0.28** | **0.19** | - As of June 30, 2025, a total of **129,915,768** share options and **27,729,953** restricted share units remained unexercised, having a potential dilutive effect on earnings per share[79](index=79&type=chunk) [Dividends](index=32&type=section&id=%E8%82%A1%E6%81%AF) The company declared a final dividend of HKD 0.18 per share for the year ended December 31, 2024, on March 20, 2025, which was paid on July 15, 2025, and no dividends were declared or paid for the six months ended June 30, 2025 - The 2024 final dividend of **HKD 0.18 per share** (approximately **RMB 379.1 million**) was paid on July 15, 2025[81](index=81&type=chunk) - For the six months ended June 30, 2025, the company did not declare or pay any dividends[81](index=81&type=chunk) [Investments Accounted for Using the Equity Method](index=32&type=section&id=%E6%8E%A1%E7%94%A8%E6%9D%83%E7%9B%8A%E6%B3%95%E5%85%A5%E8%B3%B9%E7%9A%84%E6%8A%95%E8%B3%87) As of June 30, 2025, the closing balance of investments accounted for using the equity method was RMB 1,632.9 million, a decrease from the beginning of the period, primarily due to dividend payments and the disposal of certain investments Changes in Investments Accounted for Using the Equity Method (RMB '000) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Beginning Balance | 1,682,145 | 1,429,800 | | Additions | 2,350 | 138,872 | | Dividends | (55,121) | (46,168) | | Share of Profit | 23,464 | 10,848 | | Disposals | (22,744) | (2,830) | | **Ending Balance** | **1,632,892** | **1,629,738** | [Investments](index=32&type=section&id=%E6%8A%95%E8%B3%87) This section details the company's short-term and long-term investments, including types of investments measured at amortized cost and fair value through profit or loss, their rates of return, and fair value changes Total Investments (RMB '000) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Assets - Short-term Investments | 6,162,634 | 2,893,672 | | Non-current Assets - Long-term Investments | 2,142,288 | 2,286,527 | | **Total** | **8,304,922** | **5,180,199** | [Short-term Investments Measured at Amortized Cost](index=32&type=section&id=%E6%8C%89%E6%94%A4%E9%8A%B7%E6%88%90%E6%9C%AC%E8%A8%88%E9%87%8F%E7%9A%84%E7%9F%AD%E6%9C%9F%E6%8A%95%E8%B3%87) Short-term investments measured at amortized cost are time deposits of less than one year, denominated in USD or RMB, held to collect contractual cash flows - Short-term investments are time deposits of less than one year, with returns calculated at a fixed interest rate, denominated in USD or RMB[84](index=84&type=chunk) [Short-term Investments Measured at Fair Value Through Profit or Loss](index=33&type=section&id=%E6%8C%89%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%A8%88%E9%87%8F%E4%B8%94%E5%85%B6%E8%AE%8A%E5%8B%95%E8%A8%88%E5%85%A5%E6%90%8D%E7%9B%8A%E7%9A%84%E7%9F%AD%E6%9C%9F%E6%8A%95%E8%B3%87) These short-term investments primarily consist of wealth management products denominated in RMB, HKD, or USD, with expected returns ranging from 0.86% to 6.50%, and are measured at fair value because their returns are not guaranteed - Short-term investments primarily consist of wealth management products with expected returns ranging from **0.86% to 6.50%** (2024: **1.90% to 4.58%**)[85](index=85&type=chunk) - All wealth management products have unguaranteed returns and are therefore measured at fair value through profit or loss[85](index=85&type=chunk) [Long-term Investments Measured at Amortized Cost](index=33&type=section&id=%E6%8C%89%E6%94%A4%E9%8A%B7%E6%88%90%E6%9C%AC%E8%A8%88%E9%87%8F%E7%9A%84%E9%95%B7%E6%9C%9F%E6%8A%95%E8%B3%87) Long-term investments measured at amortized cost are time deposits with maturities of 2 to 3 years, denominated in RMB, with fixed annual interest rates ranging from 2.50% to 3.35% - Long-term investments are time deposits with maturities of **2 to 3 years**, with fixed annual interest rates ranging from **2.50% to 3.35%** (2024: **2.70% to 3.56%**), all denominated in RMB[86](index=86&type=chunk) [Long-term Investments Measured at Fair Value Through Profit or Loss](index=33&type=section&id=%E6%8C%89%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%A8%88%E9%87%8F%E4%B8%94%E5%85%B6%E8%AE%8A%E5%8B%95%E8%A8%88%E5%85%A5%E6%90%8D%E7%9B%8A%E7%9A%84%E9%95%B7%E6%9C%9F%E6%8A%95%E8%B3%87) These long-term investments include equity in private and public companies and wealth management products with maturities over one year, measured at fair value due to lack of control or unguaranteed returns, with wealth management products having an expected return of 8.00% - Long-term investments include equity in private and public companies and wealth management products with maturities over one year[86](index=86&type=chunk) - Wealth management products have an expected return of **8.00%** (2024: **3.43% to 8.00%**), with unguaranteed returns[87](index=87&type=chunk) - Fair value of private company equity is valued using unobservable inputs (Level 3), while public company equity is measured at market quotations (Level 1)[86](index=86&type=chunk) [Fair Value Changes of Investments Measured at Fair Value Through Profit or Loss](index=34&type=section&id=%E6%8C%89%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%A8%88%E9%87%8F%E4%B8%94%E5%85%B6%E8%AE%8A%E5%8B%95%E8%A8%88%E5%85%A5%E6%90%8D%E7%9B%8A%E7%9A%84%E6%8A%95%E8%B3%87%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%AE%8A%E5%8B%95) For the three and six months ended June 30, 2025, both short-term and long-term investments measured at fair value through profit or loss recorded fair value gains Q2 2025 FVTPL Investment Fair Value Changes (RMB '000) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Fair Value Changes of Short-term Investments | 22,855 | 24,239 | | Fair Value Changes of Long-term Investments | 25,353 | (4,771) | | **Total** | **48,208** | **19,468** | [Prepayments and Other Receivables](index=34&type=section&id=%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, total prepayments and other receivables amounted to RMB 5,976.8 million, with a significant portion being current, including restricted designated deposit accounts and amounts due from related parties Total Prepayments and Other Receivables (RMB '000) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Non-current, Total | 574,433 | 475,761 | | Current, Total | 5,976,791 | 5,450,137 | | **Total** | **6,551,224** | **5,925,898** | - Among current prepayments and other receivables, restricted designated deposit accounts amounted to **RMB 2,933.2 million**, and amounts due from related parties were **RMB 852.8 million**[89](index=89&type=chunk) [Trade Receivables](index=35&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, net trade receivables amounted to RMB 2,144.3 million, with most balances aged within six months Trade Receivables Aging Analysis (RMB '000) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Up to Six Months | 2,102,898 | 1,702,620 | | Over Six Months | 102,575 | 117,550 | | Less: Impairment Allowance | (61,188) | (92,583) | | **Ending Balance** | **2,144,285** | **1,727,587** | - The company typically grants customers a **30-day** credit period[90](index=90&type=chunk) [Derivative Financial Instruments](index=35&type=section&id=%E8%A1%8D%E7%94%9F%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7) The company recognized net realized gains and unrealized losses/gains from forward exchange contracts in other gains/losses net Q2 2025 Derivative Financial Instruments Profit or Loss (RMB '000) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Net Realized Gains | – | – | | Unrealized (Losses)/Gains | (2,982) | 106 | | **Total** | **(2,982)** | **106** | [Borrowings](index=36&type=section&id=%E5%80%9F%E6%AC%BE) As of June 30, 2025, the company's total borrowings amounted to RMB 4,062.1 million, comprising unsecured and secured long-term and short-term bank borrowings Total Borrowings (RMB '000) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Non-current Liabilities | 2,687,325 | 2,794,457 | | Current Liabilities | 1,374,809 | 1,359,289 | | **Total** | **4,062,134** | **4,153,746** | [Trade Payables](index=36&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade payables amounted to RMB 6,233.6 million, with most balances aged within six months Trade Payables Aging Analysis (RMB '000) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Up to Six Months | 6,079,391 | 4,228,780 | | Over Six Months | 154,225 | 238,350 | | **Total** | **6,233,616** | **4,467,130** | Corporate Governance and Other Information [Interim Dividend](index=37&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors does not recommend the payment of an interim dividend to shareholders for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025[94](index=94&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=37&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and the company held no treasury shares - For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities[95](index=95&type=chunk) - As of June 30, 2025, the company held no treasury shares[96](index=96&type=chunk) [Standard Code for Securities Transactions](index=37&type=section&id=%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company has adopted and complied with the Standard Code for Securities Transactions, with all directors confirming compliance, and no instances of employee breaches have been noted - The company has adopted and complied with the Standard Code, and all directors have confirmed compliance[97](index=97&type=chunk) - No instances of employee breaches of the Standard Code have been noted[97](index=97&type=chunk) [Compliance with Corporate Governance Code](index=37&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%88%99) The company has adopted and applied the principles and code provisions of the Corporate Governance Code and has been in compliance for the six months ended June 30, 2025 - The company has adopted and applied the Corporate Governance Code and has consistently complied with its code provisions[98](index=98&type=chunk) [Audit Committee](index=37&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%91%A1%E6%9C%83) The Audit Committee, comprising three members, has reviewed the Group's unaudited condensed consolidated financial results for the six months ended June 30, 2025, and found them to be in compliance with relevant accounting standards, rules, and regulations - The Audit Committee comprises three members, including two independent non-executive directors and one non-executive director[99](index=99&type=chunk) - Reviewed the Group's unaudited condensed consolidated financial results for the six months ended June 30, 2025, and deemed them to be in compliance with relevant accounting standards, rules, and regulations[99](index=99&type=chunk) [Events After Six Months Ended June 30, 2025](index=37&type=section&id=%E6%88%AA%E8%87%B3%E4%BA%8C%E9%9B%B6%E4%BA%8C%E4%BA%94%E5%B9%B4%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5%E6%AD%A2%E5%85%AD%E5%80%8B%E6%9C%88%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) No significant events requiring disclosure in this announcement occurred from June 30, 2025, up to the date of this announcement - No significant post-balance sheet events occurred from June 30, 2025, up to the date of this announcement[100](index=100&type=chunk) Publication of Results Announcement and Interim Report [Publication of Results Announcement and Interim Report](index=38&type=section&id=%E5%88%8A%E7%99%BC%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This announcement has been published on the HKEXnews website and the company's website, and the company's interim report for the three and six months ended June 30, 2025, will be dispatched or made available electronically to shareholders in due course - The results announcement has been published on the HKEXnews website (www.hkexnews.hk) and the company's website (www.tongchengir.com)[101](index=101&type=chunk) - The interim report will be dispatched or made available electronically to shareholders in due course[101](index=101&type=chunk) Definitions [Definitions](index=38&type=section&id=%E9%87%8B%E7%BE%A9) This section provides definitions for key terms and phrases used in the announcement to ensure readers' accurate understanding of the report's content - Provides definitions for key terms including the Company's share incentive schemes, AI, APP, annual paying users, Audit Committee, China, the Company, Corporate Governance Code, daily active users, Directors, eLong, the Group, HKD, Hong Kong, IFRS, Listing Rules, Standard Code, monthly paying users, online travel platform, RMB, Shares, USD, Shareholders, Stock Exchange, travel service providers, Wanda Hotels Development, and Wanda Hotel Management[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[108](index=108&type=chunk) Acknowledgements [Acknowledgements](index=40&type=section&id=%E8%87%B4%E8%AC%9D) The Board of Directors extends its sincere gratitude to the company's shareholders, management team, employees, business partners, and customers, and lists the members of the Board - The Board of Directors thanks shareholders, the management team, employees, business partners, and customers for their support and contributions[105](index=105&type=chunk) - Lists the names of executive directors, non-executive directors, and independent non-executive directors[107](index=107&type=chunk)[108](index=108&type=chunk)

据"号外工作室"报道，8月6日中午，同程旅行旅游门票华西业务组（成都职场）一员工小伍（化名）爆料，一年前在陪同"带教"老师张某在广元一景区出 差，晚间同景区领导一同就餐饮酒后，被张某侵害。 此事发生后，小伍向派出所进行报案，据小伍介绍说，在派出所调查期间得知，张某的手机有相关照片和聊天记录留存，并进一步表示，"不止我一人"。 小伍表示，此事发生后，被定性为"强制猥亵"，张某被取保候审。但是同程旅行公司对此不问不顾，拒绝承担责任，张某因"个人未到岗时间过长"为由离 职。 据受害人"小伍"最新爆料，事发后，2024年6月25日，成都市公安局抚琴派出所民警就此事，对"小伍"进行笔录问询。在派出所笔录问询期间，得知"带教老 师"张某手机内存储多张不雅照片。 针对上述爆料，同程旅行表示，不太清楚此事，已向内部反馈，有进展会有人联系。 ...

Core Viewpoint - The Guizhou Provincial Market Supervision Administration has conducted a concentrated interview with five major travel platforms, highlighting issues such as "choose one of two," technical interference in merchant pricing, contract breaches with price increases after order confirmation, price fraud, and price gouging [2] Group 1: Regulatory Actions - The regulatory body has mandated these companies to conduct comprehensive self-examinations and corrections immediately [2] - The warning issued is notably severe, indicating that companies failing to comply will face strict legal consequences and public exposure [2] - The interview was based on laws including the Price Law, Anti-Monopoly Law, and regulations against price fraud, emphasizing the platforms' responsibility to enhance self-discipline and compliance [2] Group 2: Industry Implications - This regulatory action is interpreted as a precursor to a new wave of anti-monopoly and price compliance scrutiny targeting online travel platforms ahead of the peak summer travel season [2] - The Guizhou Provincial Market Supervision Administration plans to closely monitor the competitive landscape and aims to create a strong deterrent effect [2]

Core Viewpoint - The Guizhou Provincial Market Supervision Administration has conducted a centralized interview with five online travel platforms (OTAs) to address potential monopolistic practices and other irregularities, marking a shift from post-event penalties to proactive compliance guidance [1][5][6]. Summary by Relevant Sections Regulatory Actions - The interview targets prominent violations such as forced "choose one" behavior, price intervention through technology, order cancellation with price hikes, and price fraud [2][3][5]. - Platforms are required to strictly adhere to laws including the Price Law and the Anti-Monopoly Law, with immediate self-inspection mandated [5][6]. Market Irregularities - Common issues include forced "choose one" practices that limit merchants' autonomy, price intervention through automated systems leading to non-transparent pricing, and unilateral order cancellations that harm consumer rights [2][3][4]. - Price fraud and misleading promotions, such as fictitious original prices and "yin-yang menus," are also prevalent [3][4]. Consumer Complaints - Data from the "Electric Complaint Treasure" platform indicates a significant rise in complaints against OTAs, with issues primarily related to refunds, online fraud, and service quality [3][7]. - The increase in complaints correlates with peak travel periods, highlighting the urgency for regulatory intervention [7]. Industry Challenges - The emergence of price irregularities is attributed to market monopolies, the power dynamics between merchants and platforms, and information asymmetry faced by consumers [8]. - Recommendations for healthy industry development include strict self-regulation by platforms, enhanced law enforcement, and the establishment of a robust credit evaluation system [8].

Group 1 - The core viewpoint of the article is the strategic partnership between SF Express and Tongcheng Travel, aimed at exploring a new paradigm of "logistics + tourism" integration [1] - The collaboration will focus on deep synergy in areas such as express delivery, tourism, products, and service scenarios [1] - The goal is to create a new ecosystem for smart travel that encompasses the entire chain, all scenarios, and the full cycle [1]

Group 1 - The core point of the article is the conclusion of a seven-year control dispute at Dalian Shengya, with Tongcheng Travel's subsidiary Shanghai Tongcheng acquiring a 23.08% stake for 956 million yuan, marking a significant strategic investment in the company [1][5][15] - The investment will provide Dalian Shengya with approximately 956 million yuan to repay debts and supplement working capital, which is crucial for its financial health [1][5] - The acquisition reflects a broader trend in the Chinese theme park industry, where online giants are acquiring offline assets during a period of deep adjustment [2][11] Group 2 - Dalian Shengya has a rich history in the theme park industry, having transitioned from a regional operator to a national cultural tourism platform over 30 years [3][4] - The company has faced challenges, including a significant revenue drop due to the pandemic, with cumulative losses of 412 million yuan from 2020 to 2024 [5][6] - Dalian Shengya's core assets, including its marine parks, have maintained high gross margins, with 2023 and 2024 projected gross margins of 61.5% and 59.73%, respectively [7][9] Group 3 - The company is shifting towards a light asset model, focusing on IP innovation and output, which is seen as essential for future growth [11][12] - Dalian Shengya's unique assets include a national-level breeding base for Antarctic penguins, which has shown significant revenue growth of 96.15% in 2024 [8][10] - The partnership with Tongcheng Travel is expected to enhance Dalian Shengya's capabilities in new IP development and project updates, leveraging internet marketing strategies [14][15]

据贵州省市场监督管理局（贵州省知识产权局）价监反垄断处发布的消息，8月5日下午，贵州省市场监 督管理局集中约谈携程、同程、抖音、美团、飞猪等五家涉旅平台企业，要求相关平台企业严格遵守 《中华人民共和国价格法》《中华人民共和国反垄断法》《明码标价和禁止价格欺诈规定》等法律法规 规章，坚决制止价格乱象，维护公平、有序、诚信的市场环境。 贵州省旅行社协会、贵阳市旅游业协会在倡议中提出，各经营者要加强行业自律，自主制定的市场调节 价格应遵循公平、合法和诚实守信原则。针对住宿、餐饮领域存在的临时加价、"阴阳菜单"等问题，贵 州省民宿协会、贵州省餐饮行业商会联合发出《规范餐饮、住宿行业价格行为倡议书》，要求行业内各 经营者应严格遵守法律法规，在经营场所或商品服务结算页面明码标价，杜绝采用虚假价格手段误导消 费者，坚决抵制价格欺诈。 贵州省消费者协会向消费者及经营者发出倡议，提醒广大消费者挑选住宿以及就餐时应重点关注价格信 息；经营者要严格落实明码标价制度，规范价格行为，共同营造诚实守信、公平公正的旅游"避暑季"消 费环境。 此前的7月31日，贵州省市场监管局还发布了《关于规范"避暑季"住宿行业价格行为的提醒告诫函》 （下 ...

Core Viewpoint - The Guizhou Provincial Market Supervision Administration has summoned five travel platforms, including Ctrip, Tongcheng, Douyin, Meituan, and Fliggy, to address pricing irregularities and ensure compliance with relevant laws and regulations [1][2]. Group 1: Regulatory Actions - The Guizhou Provincial Market Supervision Administration emphasized the need for strict adherence to the Price Law, Anti-Monopoly Law, and regulations against price fraud [1][2]. - The administration will closely monitor the competitive landscape of the involved platforms and will take strict actions against those that violate regulations or fail to rectify issues [2][3]. Group 2: Industry Self-Regulation - Various travel industry associations in Guizhou have initiated a campaign to maintain fair pricing during the summer tourism season, urging operators to follow principles of fairness, legality, and integrity [2][3]. - The Guizhou Provincial Consumer Association has called on consumers to pay attention to pricing information when selecting accommodations and dining options, while urging operators to comply with clear pricing regulations [3]. Group 3: Penalties for Non-Compliance - The administration has issued a warning letter requiring accommodation providers and third-party platforms to adhere to pricing laws, with penalties for violations including fines up to 500,000 yuan for price fraud and 3 million yuan for price gouging [3][4].

Core Viewpoint - The Guizhou Provincial Market Supervision Administration has called for a meeting with major travel platforms to enforce compliance with pricing laws and regulations, aiming to eliminate price irregularities and maintain a fair market environment [1][4]. Group 1: Regulatory Actions - The meeting involved major travel platforms such as Ctrip, Tongcheng, Douyin, Meituan, and Fliggy, addressing issues like "choose one from two," price manipulation, and price fraud [1][4]. - The administration emphasized the need for these platforms to adhere strictly to laws like the Price Law and the Anti-Monopoly Law, and to enhance self-regulation and compliance [4][5]. Group 2: Compliance Requirements - Platforms are required to conduct comprehensive self-inspections and rectify any violations, including price fraud, price collusion, and abuse of market dominance [4][5]. - Specific guidelines were issued regarding accommodation pricing, including timely adjustments of prices, prohibition of additional charges after booking, and restrictions on unilateral contract cancellations [5]. Group 3: Market Conditions - The Guizhou Provincial Market Supervision Administration has noted a surge in tourism interest in the region, prompting reminders for accommodation providers to set reasonable prices and maintain market order [4].

Core Viewpoint - The Guizhou Provincial Market Supervision Administration has conducted a meeting with five travel platform companies, including Ctrip, Tongcheng, Douyin, Meituan, and Fliggy, to enforce compliance with pricing laws and regulations, aiming to eliminate price irregularities and maintain a fair market environment [1] Regulatory Compliance - The meeting emphasized the need for strict adherence to the Price Law of the People's Republic of China, the Anti-Monopoly Law, and regulations against price fraud [1] - Companies were urged to strengthen self-discipline and compliance measures, and to conduct comprehensive self-inspections to prevent price fraud, price gouging, and collusion [1] Market Monitoring - The Guizhou Provincial Market Supervision Administration will closely monitor the competitive dynamics of the involved platform companies [1] - Companies that violate regulations or fail to rectify issues will face strict legal consequences, including public exposure of typical cases to deter non-compliance [1]