致：香港交易及結算所有限公司 公司名稱: 同程旅行控股有限公司 呈交日期: 2025年9月2日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00780 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | USD | | 0.0005 | USD | | 1,500,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 3,000,000,000 | USD | | 0.0005 | USD | | 1,500,000 | 本月底法定/註冊 ...

Investment Rating - The report suggests a positive outlook for the online travel industry, particularly for leading companies like Ctrip and Tongcheng, which have shown steady growth in their mid-year reports [1][2]. Core Insights - The online travel industry is experiencing a robust recovery, with Tongcheng's revenue growing by 10% year-on-year in Q2 2025 and Ctrip's revenue increasing by 16.2% in the same period. Both companies maintained stable growth rates compared to Q1 2025, with notable performance in international business [1][2]. - Domestic tourism is on the rise, with the Ministry of Culture and Tourism reporting 5.62 billion domestic trips in 2024, a 14.8% increase year-on-year, and total spending of 5.8 trillion yuan, up 17.1% [1][2]. - The Guangdong provincial government plans to launch a "Golden Autumn Cultural Tourism Consumption Season" on September 12, 2025, with a budget of 20 million yuan for issuing tourism consumption vouchers, which is expected to stimulate local tourism and related industries [1][2]. Summary by Sections Market Weekly Review - The consumer sector saw mixed performance, with retail, food and beverage, and social services showing positive growth, while beauty care, home appliances, and textile and apparel sectors experienced declines [1][2]. - Notable stock performances included Wanchen Group (+41.10%) and Jiaheng Home Care (+55.37%), while West China Animal Husbandry (-5.88%) and Gree (-8.30%) faced declines [1][2]. Industry News and Key Company Announcements - The report highlights significant announcements from various companies, including Taiping Bird's revenue decline of 7.86% and Shanghai Jahwa's revenue growth of 4.75% in the first half of 2025 [1][2]. - Noteworthy is the performance of companies like Nongfu Spring, which reported a 15.6% increase in revenue, and Youyou Food, which saw a 45.59% rise in revenue [1][2].

Group 1 - The core viewpoint of the article highlights a trend of quality upgrades in tourism consumption during the summer of 2025, with a significant increase in first-time air travelers and a notable rise in bookings for mid-to-high-end hotels compared to budget hotels [1][2] - The total passenger volume for civil aviation during the summer is expected to reach a historical high of 150 million, driven by affordable ticket prices on popular domestic and international routes [1] - Approximately 6 million people are expected to fly for the first time this summer, primarily consisting of children, students, and seniors, indicating a significant shift in consumer behavior towards travel [1] Group 2 - Weekend local leisure and nearby vacation travelers are identified as a major source of tourism in central cities, with over 70% of hotel and scenic area guests coming from local and surrounding cities [2] - Popular cities for hotel bookings during the summer include Shenzhen, Guangzhou, Chengdu, Shanghai, Beijing, Chongqing, Hangzhou, Xi'an, Dongguan, and Changsha, which are also favored destinations for family travel [2] - Destinations such as Xinjiang, Tibet, and Qinghai have seen significant increases in travel interest, with hotel booking rates in certain areas exceeding 80% year-on-year [2]

Core Insights - The report highlights a new trend in tourism consumption during the summer of 2025, indicating a shift towards quality upgrades in travel experiences [2] - The number of first-time air travelers is expected to reach approximately 6 million, primarily consisting of children, students, and seniors, marking a significant growth in the travel market [2][3] - The demand for mid-to-high-end hotel bookings has increased by over 40% compared to the previous year, outpacing the growth of budget hotel bookings [3] Group 1: Travel Consumption Trends - The overall passenger transport volume in civil aviation is projected to hit a historical high of 150 million during the summer [2] - The increase in international travel demand, particularly from non-first-tier cities, has led to a 26.3% year-on-year growth in international flight passenger volume in July, significantly higher than the 3.7% growth in domestic flights [3] - Local and surrounding weekend leisure travel has become a major source of tourists in central cities, with over 70% of hotel and scenic area visitors coming from local and nearby cities [4] Group 2: Hotel and Accommodation Insights - The "Weekend Escape Plan" launched by the company offers discount packages for transportation, hotels, and attraction tickets, effectively boosting weekend travel consumption in popular cities [4] - Cities with high hotel booking rates during the summer include Shenzhen, Guangzhou, Chengdu, Shanghai, Beijing, and others, with family-friendly accommodations in high demand [4] - The average length of stay in certain cities is close to 1.5 nights, exceeding the national average, indicating a willingness among consumers to spend more on quality accommodations [4] Group 3: Popular Destinations and Attractions - The report identifies several hot spots in cultural and tourism consumption, including historical sites, natural landscapes, and exhibition venues, with popular destinations like Jiuzhaigou and Shanghai Disneyland [5]

Core Insights - The National Federation of Industry and Commerce released the lists of the top 500 private enterprises in China for 2025, with Jiangsu province having 90, 82, and 15 companies in the respective categories of overall private enterprises, manufacturing private enterprises, and service private enterprises, showing increases from the previous year [1][2]. Group 1: Jiangsu's Economic Contribution - Jiangsu's private economy contributed a value-added of 7.98 trillion yuan in 2024, accounting for 58.2% of the province's GDP, highlighting its significant role in the economy [1]. - Jiangsu ranked second nationally in the number of companies included in the 2025 top 500 private enterprises list, with 71 from southern Jiangsu, 11 from central Jiangsu, and 8 from northern Jiangsu [1]. Group 2: Company Performance - Among the top 500 private enterprises, 11 companies in Jiangsu reported revenues exceeding 100 billion yuan, an increase of one from the previous year [1]. - The total R&D investment of the listed companies reached 75.17 billion yuan, with 83,000 R&D personnel and 24,000 effective domestic invention patents, representing increases of 7.5%, 5.1%, and 32.6% respectively compared to the previous year [1]. Group 3: Tax Contributions and Employment - The total tax contribution of the listed companies amounted to 135.36 billion yuan, with 28 companies paying over 1 billion yuan in taxes annually [1]. - The total employment generated by these companies reached 1.306 million [1].

Core Viewpoint - Tongcheng Travel has achieved an ESG rating of AAA from MSCI, placing it in the top 5% globally, reflecting its strong commitment to sustainable practices and governance [1][2]. Group 1: ESG Performance - Tongcheng Travel has integrated ESG practices into its business operations and culture, aiming for long-term sustainable development [2]. - The company emphasizes a "people-oriented" management philosophy, viewing talent as its most valuable resource and striving to create a diverse, equitable, and inclusive workplace [2]. - Tongcheng Travel has been recognized for its ESG management and long-term investment value, being included in the S&P Global "Sustainability Yearbook (China Edition)" for three consecutive years [3]. Group 2: Technological Advancements - Since 2025, generative AI technology has significantly impacted both supply and demand in the travel industry, with Tongcheng Travel leveraging AI to enhance supply chain capabilities and user experience [2]. - In March 2025, Tongcheng Travel's subsidiary, Lvzhi Technology, announced the full integration of AI models like DeepSeek and Alibaba Tongyi Qianwen into its hotel management system, achieving a 50% efficiency improvement in operational processes [2]. - The company has accelerated the iteration of AI products, launching the upgraded "Chengxin AI" model, now known as DeepTrip, which facilitates a seamless user experience from trip planning to product booking [3].

Core Insights - Tongcheng Travel has achieved an ESG rating of AAA from MSCI, placing it in the top 5% globally, reflecting its strong performance in environmental, social, and governance practices [1] Group 1: ESG Performance - As a leading player in the domestic tourism market, Tongcheng Travel integrates ESG practices into its business operations and culture for long-term sustainable development [2] - The company emphasizes a "people-oriented" management philosophy, viewing talent as its most valuable resource and striving to create a diverse, equitable, and inclusive workplace [2] - Tongcheng Travel has been recognized for its ESG management, being included in the S&P Global "Sustainability Yearbook (China Edition)" for three consecutive years and receiving the "Best Progress in Industry" award [3] Group 2: Technological Advancements - Since 2025, generative AI technology has significantly impacted both supply and demand in the tourism industry, with Tongcheng Travel leveraging AI to enhance supply chain capabilities and user experience [2] - In March 2025, Tongcheng Travel's subsidiary, Lvzhi Technology, announced the full integration of AI models like DeepSeek and Alibaba Tongyi Qianwen into its hotel management system, achieving a 50% efficiency improvement in operational processes [2] - The company has accelerated the iteration of AI products, launching an upgraded version of its AI model, DeepTrip, which facilitates a seamless user experience from trip planning to product booking [3]

Group 1 - MSCI has upgraded Tongcheng Travel's ESG rating to AAA, placing it in the top 5% globally [1] - Tongcheng Travel integrates ESG practices into its business operations and culture, focusing on sustainable development and a people-oriented approach [2] - The company emphasizes the importance of talent and aims to create a diverse, equal, and inclusive workplace [2] Group 2 - Since 2025, generative AI technology has significantly impacted both supply and demand in the travel industry, with Tongcheng Travel leveraging AI to enhance supply chain capabilities and user experience [2] - Tongcheng Travel's subsidiary, Lvzhi Technology, has integrated AI models like DeepSeek and Alibaba's Tongyi Qianwen into its hotel management system, improving operational efficiency by 50% [2] - The company has accelerated the iteration of AI products, launching the upgraded "Chengxin AI" called DeepTrip, which streamlines the entire process from trip planning to product booking [3] Group 3 - Higher ESG ratings reflect the company's robust operations and governance, gaining recognition in global capital markets for its ESG management and long-term investment value [3] - Tongcheng Travel has been included in the S&P Global Sustainable Development Yearbook (China Edition) for three consecutive years and received the "Best Progress in Industry" award [3] - The company plans to continue enhancing operational efficiency and fostering closer partnerships while adhering to sustainable development principles [3]

Core Viewpoint - Tongcheng Travel has achieved an ESG rating of AAA from MSCI, placing it in the top 5% globally, reflecting its strong commitment to environmental, social, and governance practices [1]. Group 1: ESG Performance - As a leading player in the domestic tourism market, Tongcheng Travel integrates ESG practices into its business operations and culture to achieve long-term sustainable development [2]. - The company emphasizes a "people-oriented" management philosophy, viewing talent as its most valuable resource and striving to create a diverse, equitable, and inclusive workplace [2]. - Tongcheng Travel has been recognized for its ESG management, being included in the S&P Global "Sustainability Yearbook (China Edition)" for three consecutive years and receiving the "Best Progress in Industry" award [3]. Group 2: Technological Innovation - Since 2025, generative AI technology has significantly impacted both supply and demand in the tourism industry, with Tongcheng Travel leveraging AI to enhance supply chain capabilities and user experience [2]. - In March 2025, Tongcheng Travel's subsidiary, Lvzhi Technology, announced the full integration of AI models like DeepSeek and Alibaba's Tongyi Qianwen into its hotel management system, achieving a 50% efficiency improvement in operational processes [2]. - The company accelerated the iteration of its AI products, launching the upgraded version of "Chengxin AI" called "DeepTrip," which facilitates a seamless user experience from itinerary planning to product booking [3]. Group 3: Future Outlook - Tongcheng Travel plans to continue its commitment to the value of "customer first" by enhancing operational efficiency and fostering closer partnerships with collaborators [3]. - The company aims to work collaboratively with employees to promote sustainable development principles [3].

Core Viewpoint - The company reported a robust performance in Q2 2025, with revenue of 4.669 billion yuan, a year-on-year increase of 10.0%, and an adjusted net profit of 775 million yuan, up 18.0% year-on-year, indicating significant long-term competitive advantages and maintaining a buy rating [1][2]. Financial Performance - In Q2 2025, the company achieved revenue of 4.669 billion yuan, a year-on-year increase of 10.0%, and an adjusted EBITDA of 1.185 billion yuan, up 29.7% year-on-year [1]. - The adjusted net profit for Q2 was 775 million yuan, reflecting an 18.0% year-on-year growth [1]. - The core OTA business generated revenue of 4.01 billion yuan, a year-on-year increase of 13.7% [1]. Business Segmentation - Revenue from various business segments in Q2 2025 included accommodation at 1.37 billion yuan (+15.2%), transportation ticketing at 1.88 billion yuan (+7.9%), vacation services at 660 million yuan (-8.0%), and other services at 760 million yuan (+27.5%) [1]. - The international flight ticketing business reached a historical high, with a nearly 30% year-on-year increase [1]. - The hotel management platform operated over 2,700 hotels, with an additional 1,500 hotels in preparation [1]. Cost Management and Profitability - The gross margin for Q2 2025 was 65.0%, an increase of 0.4 percentage points year-on-year [2]. - The management, R&D, and sales expense ratios were 4.8%, 10.5%, and 32.8%, showing reductions of 0.1, 0.5, and 2.3 percentage points year-on-year, respectively [2]. - The OTA operating profit margin was 26.7%, up 2.4 percentage points year-on-year, while the adjusted net profit margin was 16.6%, an increase of 1.1 percentage points [2]. User Growth and Engagement - The average monthly paying users reached 46.5 million, a year-on-year increase of 9.2%, while annual paying users totaled 250 million, up 10.2% year-on-year [2]. - The total service users over the past 12 months amounted to 1.99 billion, reflecting a 7.2% year-on-year growth [2]. - The company continues to focus on operational efficiency within the WeChat ecosystem and has launched interactive marketing campaigns targeting younger users to enhance brand appeal [2]. Valuation Outlook - The company is expected to benefit from a high-growth domestic travel market and cross-border travel, with strong performance projected for the full year [2]. - Forecasted net profits for 2025-2027 are 2.707 billion, 3.369 billion, and 4.082 billion yuan, corresponding to P/E ratios of 17.0, 13.7, and 11.3 times, respectively [2]. - Adjusted net profits for the same period are projected at 3.312 billion, 3.979 billion, and 4.797 billion yuan, with adjusted P/E ratios of 13.9, 11.5, and 9.6 times, respectively, maintaining a buy rating [2].