Tongcheng Travel Holdings (00780) Q1 2025 Earnings Call May 23, 2025 07:30 AM ET Company Participants Kylie Yeung - Investor Relations DirectorJoyce Li - VP & Head of Capital MarketsFan Lei - CFOBrian Gong - Internet & Media Research Conference Call Participants None - AnalystYue Tang - AnalystWei Xiong - Equity Research Analyst Operator Good day and thank you for standing by. Welcome to Tongcheng Travel twenty twenty five First Quarter Results Announcement. At this time, all participants are in a listen on ...

Financial Data and Key Metrics Changes - The company reported a net revenue of RMB4.4 billion, representing a 13.2% year-over-year increase from the same period in 2024 [27] - Adjusted net profit reached RMB788 million, reflecting a 41.1% year-over-year growth, with an adjusted net margin of 18% compared to 14.4% in the same period of 2024 [27] - The core OTA business revenue grew by 18.4% year-over-year, totaling RMB3.8 billion, driven by growth in accommodation reservation and transportation ticketing [27] Business Line Data and Key Metrics Changes - Transportation ticketing revenue was RMB2.0 billion, a 15.2% increase year-over-year [27] - Accommodation reservation business achieved RMB1.2 billion, representing a 23.3% increase from the same period in 2024 [28] - International accommodation business saw significant growth, contributing to overall performance [29] Market Data and Key Metrics Changes - The outbound travel segment accounted for over 5% of total transportation ticketing revenues, marking a year-over-year increase of three percentage points [28] - International room night sales and international air ticketing volumes increased by more than 40% year-over-year [46] Company Strategy and Development Direction - The company aims to deepen its domestic market presence while accelerating the expansion of its outbound travel business [7] - Plans to acquire Wanda Hotel Management Company to enhance influence within the hotel management sector and support sustainable growth [11] - Focus on technological advancements and integrating AI into business operations to improve service quality and efficiency [8] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the long-term prospects of China's travel industry, supported by government initiatives and changing consumer preferences [11][31] - The company plans to enhance user value and drive technological iteration to improve service efficiency [9] - Positive signals in the travel market, including increased ADR and consumer willingness to pay for quality accommodations, indicate a robust recovery [64] Other Important Information - The company has established a comprehensive hotel brand portfolio with over 2,500 hotels in operation and more than 1,400 in the pipeline [18] - The standalone app has seen a 60% year-over-year increase in daily active users, contributing significantly to user acquisition [20] Q&A Session Summary Question: Growth pattern of core OTA business in upcoming quarters - Management highlighted the resilience of the Chinese travel market and expects steady growth with healthy profitability, focusing on enhancing ARPU and optimizing marketing investments [36][38] Question: Forecast for outbound business growth - Outbound travel segment has shown remarkable growth, with international air ticketing revenue accounting for over 45% of total transportation ticketing revenue [46][48] Question: Impact of AI agent DeepTrip on user engagement - DeepTrip is still in early adoption stages, with innovative features being integrated to enhance user experience and engagement over time [49][50] Question: Update on standalone app performance - The standalone app has significantly contributed to user acquisition and revenue growth, with ongoing efforts to enhance user engagement and ARPU [54][58] Question: Macro uncertainties and travel demand sustainability - Despite macro uncertainties, management remains optimistic about the travel industry's growth, citing strong consumer demand and changing consumption patterns [63][64] Question: Rationale behind the acquisition of Wanda Hotel Management - The acquisition is seen as a strategic move to enhance the company's hotel management capabilities and leverage existing user insights for better marketing and operational efficiency [68][70]

Tongcheng Travel Holdings Limited Stock Code: 0780 May 2025 Investor Presentation Disclaimer 3 The materials used in this investors presentation are being furnished to you for your information only, which shall be kept in strict confidence. No representation or warranty, express or implied, is made by Tongcheng Travel Holdings Limited (the "Company") or its connected person, or any of their respective directors, officers, employees, advisers or representatives as to, and no reliance should be placed on, the ...

【环球网财经综合报道】5月23日，同程旅行发布2025年一季度业绩报告，数据显示，公司一季度实现 营收43.77亿元，同比增长13.2%，经调整净利润为7.88亿元，展现出强劲的增长势头。 随着大众旅游消费力的不断升级，同程旅行年服务人次达到19.6亿，年付费用户更是创下历史新高，达 到2.47亿。公司从普通旅行者需求出发，提供更具性价比的出行方案，交通业务收入同比增长15.2%， 达到20亿元。 在住宿业务方面，同程旅行同样表现出色，收入同比增长23.3%，达到11.9亿元。非一线城市居民出境 热潮的带动下，国际机票和酒店业务也实现显著增长，国际机票量同比增长超40%，国际酒店间夜量同 比增长超50%。 同程旅行还聚焦大众出行的"第一公里"和"最后一公里"，构建了丰富的出行产品体系，满足用户个性化 需求。同时，公司通过火车/机票+接送服务、酒店+用车服务等创新组合，为用户提供大力度的优惠让 利，进一步提升了用户满意度和忠诚度。 此外，同程旅行持续加大在AI应用领域的投入，推出AI智能体DeepTrip，实现从"AI推荐"到"AI决策执 行+预订执行"的闭环，提升了运营效率。 同程旅行CEO马和平表示，大众旅 ...

截至2025年3月31日，集团的线上平台提供由逾760家航空公司及代理运营的约450,000条航线、约4.0百 万家酒店选择及非标住宿选择、170,000多条汽车路线、800多条渡轮线路及超过10,000个旅游景点的门 票服务。 格隆汇5月23日丨同程旅行(00780.HK)公布，截至2025年3月31日止三个月，集团收入为人民币43.77亿 元，同比增长13.2%；期内溢利 为人民币6.79亿元，同比增长69.5%；期内经调整EBITDA为人民币 11.59亿元，同比增长41.3%。受益于收入的持续增长、营销策略的优化和经营效率的提升，经调整净利 润同比增加41.1%至人民币7.88亿元，经调整净利润率同比大幅改善至18.0%。 截至2025年3月31日止十二个月，年付费用户再次创下历史新高，同比增长7.8%至247.3百万；十二个月 累计服务人次同比增长7.3%至1,959.5百万。于2025年第一季度，集团的平均月付费用户同比增长9.2% 至46.5百万人，亦创下新高。凭藉高效的流量策略和卓越的运营能力，我们持续获取大众市场的用户。 截至2025年3月31日，集团居住在中国非一线城市的注册用户超过87% ...

同程旅行公告，截至2025年3月31日止三个月，收入由2024年第一季度的人民币38.66亿元同比增加 13.2%至43.77亿元。期内经调整EBITDA由2024年第一季度的人民币8.2亿元同比增加41.3%至11.59亿 元，经调整EBITDA利润率由21.2%增加至26.5%。期内经调整溢利净额由2024年第一季度的人民币5.58 亿元同比增加41.1%至7.88亿元，经调整净利润率由14.4%增加至18.0%。平均月付费用户由2024年第一 季度的4260万人同比增加9.2%至4650万人。 ...

Financial Performance - Revenue for the first quarter of 2025 increased by 13.2% year-on-year to RMB 4,377.4 million, compared to RMB 3,866.3 million in the first quarter of 2024[3] - Adjusted EBITDA for the first quarter of 2025 rose by 41.3% year-on-year to RMB 1,159.4 million, with an adjusted EBITDA margin increasing from 21.2% to 26.5%[3] - Adjusted net profit for the first quarter of 2025 increased by 41.1% year-on-year to RMB 788.2 million, with an adjusted net profit margin improving from 14.4% to 18.0%[3] - Total revenue increased by 13.2% from RMB 3,866.3 million in Q1 2024 to RMB 4,377.4 million in Q1 2025[22] - Revenue from the core online travel platform rose by 18.4% to RMB 3,792.4 million, driven by a 23.3% increase in accommodation booking services and a 15.2% increase in transportation ticketing services[23] - Gross profit increased to RMB 3,012.5 million, up from RMB 2,514.8 million, reflecting a gross margin improvement[22] - Operating profit surged to RMB 817.3 million, compared to RMB 455.0 million in the previous year[22] - The company recorded a net profit of RMB 678.5 million in Q1 2025, compared to RMB 400.3 million in Q1 2024[44] - The net profit for the three months ended March 31, 2025, was RMB 678,501,000, a significant increase of 69.5% compared to RMB 400,256,000 for the same period in 2024[46] - Total comprehensive income for the period amounted to RMB 671,205,000, up from RMB 399,626,000, reflecting a growth of 67.9% year-over-year[46] User Growth and Engagement - Average monthly paying users grew by 9.2% year-on-year to 46.5 million in the first quarter of 2025, up from 42.6 million in the first quarter of 2024[6] - Annual paying users reached a record high of 247.3 million, representing a year-on-year increase of 7.8%[8] - Cumulative service users for the twelve months ended March 31, 2025, increased by 7.3% year-on-year to 1,959.5 million[6] - Over 87% of registered users reside in non-first-tier cities in China, with more than 68% of new paying users from these areas[8] - The company has strengthened its operational efficiency and user engagement through effective user acquisition strategies and interactive marketing[9] - The self-owned app has shown significant growth in daily active users, supported by continuous product optimization and creative content on social media platforms[9] Revenue Breakdown - In Q1 2025, transportation ticketing service revenue increased by 15.2% year-over-year to RMB 2,002.2 million, driven by enhanced value-added products and improved marketing ROI[11] - Accommodation business revenue grew by 23.3% year-over-year to RMB 1,189.6 million, with international hotel room nights increasing by over 50%[12] - Other business revenue rose by 20.0% year-over-year to RMB 602.6 million, supported by strong performance in hotel management and PMS[13] - Vacation segment revenue decreased by 11.8% to RMB 585.0 million, primarily due to reduced outbound travel income from Southeast Asia[24] Strategic Initiatives - The company announced the acquisition of 100% equity in Wanda Hotel Management, which is expected to enhance its brand matrix and profitability in the high-end hotel sector[13] - The company upgraded its self-developed travel industry model and launched the AI assistant DeepTrip, which integrates booking services for a seamless user experience[15] - The company aims to enhance user value by enriching product offerings and improving user experience while expanding its outbound tourism business[18] - The hotel management business is set to continue its growth, with over 2,500 hotels currently operating and more than 1,400 in preparation[13] Market Outlook - The company continues to capture market opportunities, driven by diverse travel demands and experiential tourism trends in China[7] - The outlook for the Chinese tourism market remains optimistic, with government support and a steady recovery in international flight capacity[17] Financial Position - Non-current assets totaled RMB 19,351,722,000 as of March 31, 2025, slightly down from RMB 19,536,635,000 at the end of December 2024[47] - Current assets increased to RMB 18,972,316,000 from RMB 18,240,561,000, indicating a growth of 4.0%[47] - The total assets reached RMB 38,324,038,000, compared to RMB 37,777,196,000, representing a 1.5% increase[48] - Total liabilities stood at RMB 16,949,790,000, slightly up from RMB 16,814,889,000, reflecting a 0.8% increase[48] - The equity attributable to the company's shareholders increased to RMB 20,403,671,000 from RMB 20,001,471,000, marking a growth of 2.0%[48] Governance and Compliance - The company has adhered to the corporate governance code throughout the reporting period, ensuring compliance with relevant standards[51] - The board of directors consists of executive directors and independent non-executive directors, including co-chairmen Wu Zhixiang and Liang Jianzhang[58][59] - Tencent Holdings Limited is listed on the Hong Kong Stock Exchange with stock code 700, established under Cayman Islands law[59] Expenses and Income - Selling and marketing expenses rose by 6.2% to RMB 1,453.5 million, accounting for 33.0% of total revenue[28] - Administrative expenses increased by 15.9% to RMB 307.4 million, representing 5.8% of total revenue[29] - Financial asset impairment losses recorded a net amount of RMB 8.8 million, compared to a reversal of RMB 6.4 million in the previous year[30] - Other income increased by 24.8% to RMB 17.9 million, mainly due to higher government subsidies received[32] - Other income net amount increased from RMB 0.6 million in Q1 2024 to RMB 31.0 million in Q1 2025, primarily due to foreign exchange gains in Q1 2025[33] - Income tax expense rose significantly from RMB 52.1 million in Q1 2024 to RMB 126.6 million in Q1 2025, attributed to an increase in taxable profits[34]

Group 1 - The core viewpoint of the report indicates that the domestic tourism market during the "May Day" holiday is experiencing a significant surge in demand, potentially reaching historical highs, driven by favorable weather and various factors such as extended holiday arrangements [2] - Popular tourist cities in the Chengdu-Chongqing and Yunnan-Guizhou regions have become key "air hubs" and starting points for self-driving tours, with the top ten self-driving cities including Chengdu, Chongqing, and Shanghai [2] - The report highlights that the top ten train routes during the holiday are primarily "1-hour high-speed rail direct" connections, reflecting a trend where travelers are opting for less crowded, off-the-beaten-path destinations [2] Group 2 - There has been a three-digit percentage increase in the booking popularity of high-quality surrounding tours that include premium accommodations and entertainment packages during the "May Day" holiday [3] - The report notes that hotel booking popularity for four-star and five-star hotels has increased by 54% and 28% respectively, while lower-star hotels saw a 24% increase [3] - Popular outbound travel destinations during the holiday include Vietnam, Malaysia, and Cambodia, with Phnom Penh in Cambodia ranking as the second most popular inbound tourist source [3] Group 3 - Hotel prices in popular surrounding travel destinations such as Bangkok, Tokyo, and Seoul have decreased, enhancing the cost-effectiveness of short-haul outbound travel [3] - Major flight routes from Shanghai to Tokyo and Osaka, as well as from Beijing to Tokyo, have also seen price reductions, contributing to the attractiveness of short-distance international travel [3] - The heat in the short-haul outbound travel market is expected to continue into the first weekend after the holiday due to factors like post-holiday leave arrangements [3]

从民航局节前公布的旅客订票量最高的城市中，成都是唯一与北京、上海、广州、深圳并列第一梯队的城市。此外， 民航局公布的订票量较高的支线航线几乎全部集中在西部城市，如西双版纳、拉萨、丽江、喀什、和田等旅游目的 地。同程研究院分析认为，西部地区的旅游目的地之所以备受一线城市消费者的热捧，一方面是西部地区的旅游城市 基础设施已发生翻天覆地的变化，旅游承载能力大幅增强;另一方面，西部地区丰富的山川、湖泊、沙漠、草原等自然 和人文旅游资源，承接了都市白领对于旅行和修行体验的无限向往。 值得注意的是，成渝、云贵不仅是热门航线的终点，也是热门自驾游线路的起点。同程旅行数据显示，"五一"假期国 内十大热门自驾游城市包括：成都、重庆、上海、南京、武汉、苏州、东莞、深圳、昆明、衢州。 热门线路一票难求，"1小时高铁直达"成铁路旅行主流 5月5日，同程旅行(00780)发布《2025"五一"假期旅游消费洞察报告》(以下简称"报告")。报告显示，得益于假期前半 程全国大部分地区天气晴好，以及前后拼假等多重因素影响，今年"五一"假期国内旅游市场的热度或创历史新高，且 旅行热度有望延长到假期结束后的首个周末。其中，国内旅游市场供需两旺，呈 ...

新浪科技讯 5月5日上午消息，5月5日，同程旅行发布《2025"五一"假期旅游消费洞察报告》。报告显 示，得益于假期前半程全国大部分地区天气晴好，以及前后拼假等多重因素影响，今年"五一"假期国内 旅游市场的热度或创历史新高，且旅行热度有望延长到假期结束后的首个周末。其中，国内旅游市场供 需两旺，呈现出"城市大休闲、乡村微度假"的特点。同程旅行数据显示，除北上广深杭等热门旅游城市 外，"一路向西"成为今年"五一"国内长线旅游市场的主流趋势。此外，成渝、云贵等地区的旅行热度提 升明显，"奔县游"热度依旧不减。 根据民航局假期前发布的预测数据显示，今年"五一"假期，民航旅客运输量约为1075万人次，日均215 万人次，同比增长8%，创同期历史新高。为了应对客流高峰，"五一"假期民航局批复173班加班计划， 加班主要涉及丽江、珠海、敦煌、赣州、三亚等35个城市。从民航局节前公布的旅客订票量最高的城市 中，成都是唯一与北京、上海、广州、深圳并列第一梯队的城市。值得注意的是，成渝、云贵不仅是热 门航线的终点，也是热门自驾游线路的起点。同程旅行数据显示，"五一"假期国内十大热门自驾游城市 包括：成都、重庆、上海、南京、武汉 ...