长江商报奔腾新闻记者 江楚雅 同程旅行中期业绩亮眼，多指标同比增长。 8月18日，同程旅行(0780.HK) 披露了其2025年上半年业绩报告。报告显示，上半年同程旅行业绩表现 亮眼，实现营收90.5亿元，较去年同期增长11.5%；经调整EBITDA（税息折旧及摊销前利润）达23.4亿 元，同比增长35.2%；经调整净利润为15.6亿元。 从用户规模看，同程旅行展现出强劲的增长态势。截至二季度末，同程旅行年累计服务人次19.9亿，同 比增长7.2%，年付费用户数量达到2.52亿，创历史新高。 交通业务同样表现出色，上半年收入同比增长11.6%，达到38.8亿元。其中，第二季度国际机票业务量 表现尤为突出，创下历史新高，同比增长近30%。第二季度火车票票务的变现能力也进一步提升，有力 地推动了收入实现健康增长。 国际业务成为新的增长亮点。二季度同程旅行国际机票票量同比增长近30%，日均票量创历史纪录。这 一表现与出境旅游政策放松和消费者跨境出行需求回暖密切相关。 上半年，包括线上度假在内的其他收入达13.6亿元，同比增长24.1%，成为增速最快的业务板块。这表 明用户旅行需求正从基础的交通住宿向休闲度假等更多元 ...

Market Overview - Hong Kong stocks experienced volatility, with the Hang Seng Index closing down 0.21% at 25,122.9 points and a total turnover of 278.2 billion HKD [1] - The Hang Seng China Enterprises Index fell 0.3% to 9,006.23 points, while the Hang Seng Tech Index decreased by 0.67% to 5,542.03 points [1] Blue Chip Performance - China Resources Beer saw a significant increase of 6.24%, closing at 28.28 HKD, contributing 4.24 points to the Hang Seng Index [2] - The company reported a revenue of 23.942 billion RMB, a year-on-year increase of 0.83%, and a net profit attributable to shareholders of 5.789 billion RMB, up 23.04% [2] - Other notable blue chips included Zhongsheng Holdings, which rose 8.29%, and Hansoh Pharmaceutical, which increased by 4.75% [2] Sector Performance - Large tech stocks showed mixed results, with Tencent up 0.94% and Alibaba down 0.25% [3] - AI application stocks performed well, with Zhihu-W rising 23% and Fenbi increasing by nearly 14% [3] - The property management sector was active, with Wanwu Cloud rising 7.19% and Sunac Services increasing by 5.18% [4][5] Earnings Reports - Wanwu Cloud reported a revenue of 18.14 billion RMB, a 3.1% year-on-year increase, and a core net profit of 1.32 billion RMB, up 10.8% [5] - Kancheng Pharmaceutical reported a revenue of 1.569 billion RMB, a 23.7% increase, and a net profit of 498 million RMB, up 24.6% [8] - Li Auto announced a revenue of 24.25 billion RMB, a 174% increase, with a gross margin of 14.1% [9] Notable Stock Movements - Dongfang Zhenxuan experienced a significant drop of 20.89%, closing at 34.32 HKD, following rumors regarding its CEO [12] - Gilead Sciences saw a decline of 15.01% after announcing a share placement and a new share subscription at a discount [13]

21世纪经济报道记者高江虹实习生蒋中阳 8月18日，同程旅行（00780.HK）发布的2025年第二季度及上半年财报显示，同程上半年实现营收90.5 亿元，同比增长11.5%，经调整净利润15.6亿元，同比增长28.6%。尽管非一线城市消费潜力的释放推动 了用户规模和客均收入的增长，但与行业龙头携程相比，同程在营收规模、国际化布局和盈利能力上仍 存明显差距，尤其是收入增长放缓的迹象更引发市场对其长期竞争力的关注。 与行业龙头携程和飞猪相比，同程的竞争短板清晰。携程2025年第一季度营收138亿元，同比增长 16%，远高于同程半年90.5亿元的规模，彰显规模优势和增长稳定性。盈利能力方面，携程2024年经调 整EBITDA利润率稳定在32.1%，而同程同期只有23.5%，虽然较2023年提升了0.7%，仍落后携程8.6个 百分点。携程2025年一季度的经调整EBITDA利润率还保持在31%，也高于同程旅行同期的26.5%。 国际化布局是同程的另一短板。携程2024年国际机票和酒店预订收入占比已达30%，出境游业务恢复至 2019年同期的80%以上，2025年第一季度出境游机酒预订量更达疫情前120%。携程在东南 ...

智通财经8月19日讯(编辑 童古 汤赞淇)以下为各家机构对港股的最新评级和目标价： 花旗：给予中国生物制药买入评级 升目标价至10.5港元 招商证券(香港)就同程旅行(00780.HK)发布研报称，公司2Q25核心OTA业务收入增长符合预期，运营利 润率提升，受益于核心OTA业务经营杠杆释放。招商证券预计下半年核心OTA业务收入和非GAAP净利 润仍将保持稳健增长，维持"买入"评级。 中信证券：维持京东健康买入评级 中信证券就京东健康(06618.HK)发布研报称，公司2025H1业绩符合预期，药品及健康产品销售增长强 劲，AI医疗多维度布局提升平台效率。中信证券认为公司作为线上线下一体化的互联网医疗龙头，在 供给侧和需求侧优势明显，维持"买入"评级。 中信证券：维持网易-S买入评级 上调目标价至240港元 中信证券就网易-S(09999.HK)发布研报称，公司2Q25游戏收入稳健增长，递延收入同比增长，长线运营 能力持续验证。中信证券预计公司后续重磅新游上线将带动收入增长，上调目标价至240港元，维持"买 入"评级。 中金公司：维持海丰国际跑赢行业评级 上调目标价至28港元 中金公司就海丰国际(01308. ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 25.50, indicating a potential upside of 29.7% from the current price of HKD 19.66 [1][10]. Core Insights - The company's Q2 performance met expectations, with a projected 15% year-on-year growth in core OTA business revenue for Q3, driven by a 10-15% increase in accommodation nights and stable ADR [2][7]. - The overall core OTA business is expected to grow by 16% for the year, with an operational profit margin improvement of approximately 2 percentage points, attributed to a strategic shift towards enhancing user ARPU and profitability in new business areas [2][3]. - Despite a 10% expected decline in revenue from the outbound travel business due to negative impacts in Southeast Asia, the company remains profitable [2]. Financial Forecasts - Total revenue projections for 2025 are set at RMB 19,295 million, reflecting an 11.3% growth rate, with adjustments showing slight decreases from previous forecasts [3][13]. - The accommodation booking segment is expected to generate RMB 5,505 million in revenue, while transportation ticketing is projected at RMB 8,032 million for 2025 [3][8]. - Adjusted operating profit for 2025 is forecasted at RMB 3,756 million, with an adjusted operating profit margin of 19.5% [3][13]. Operational Data - The company reported a robust growth in user base, with annual paying users reaching 252 million, a 10% increase year-on-year [6][7]. - The company's self-owned app remains a key channel for acquiring new users, contributing approximately 8% to core OTA revenue [6][7]. Market Performance - The stock has shown a year-to-date change of 8.02%, with a market capitalization of approximately HKD 45.36 billion [5][12]. - The stock's 52-week high and low are HKD 23.45 and HKD 13.04, respectively [5].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][16]. Core Insights - The company has demonstrated steady revenue growth with a year-on-year adjusted net profit increase of over 18% in Q2 2025. Revenue reached 4.669 billion yuan, up 10.0%, and net profit attributable to shareholders was 642 million yuan, up 48.0% [1][9]. - The company is focusing on optimizing profit margins and enhancing user value, with a significant increase in paid users and ARPU (Average Revenue Per User). The total number of paid users reached 250 million, a 10.2% increase year-on-year, and ARPU increased by 13.9% to 72.2 yuan [2][10]. - The management emphasizes the core OTA (Online Travel Agency) business strategy while extending its industry chain layout, aiming to increase the number of hotels under management to 3,000 by the end of the year [3][15]. Revenue Summary - The revenue structure is showing significant upgrades, with international and hotel management sectors experiencing notable growth. Transportation, accommodation, and other businesses grew by 7.9%, 15.2%, and 27.5% year-on-year, respectively [2][10]. - International flight ticket volume increased by nearly 30%, now accounting for over 6% of total transportation revenue, reflecting a shift towards higher-quality hotel accommodations [2][10]. Profitability Summary - The company's gross margin improved by 0.4 percentage points in Q2, driven by enhanced monetization rates in the OTA business and efficiency gains from generative AI reducing customer service processing times [11]. - The sales expense ratio decreased by 2.4 percentage points year-on-year, indicating a focus on balancing marketing investment returns [11][12]. Financial Forecasts - The adjusted net profit forecasts for 2025-2027 have been revised upwards to 3.371 billion, 3.933 billion, and 4.530 billion yuan, respectively, reflecting a positive outlook on profitability and user growth [4][16]. - The projected revenue for 2025 is 19.598 billion yuan, with a year-on-year growth rate of 13.0% [5][18].

Group 1 - Midea Real Estate (03990) expects a profit increase to 350 million yuan for the first half of the year, driven by new business segments from asset distribution and development services [1] - Tongcheng Travel (00780) reported a 6.3% rise post-earnings, with adjusted net profit of 770 million yuan, exceeding expectations by 33% [1] - Country Garden (02007) shares rose over 4% following strong support for its offshore debt restructuring, with the coordination committee holding 49% of the total loan principal [1] - Kelun-Botai Biopharmaceutical (06990) saw a 4% increase in shares after reporting mid-year revenue of 950 million yuan, with efficient cash collection from receivables [1] Group 2 - Dongfang Zhenxuan (01797) shares surged nearly 12%, with a 300% increase since early July, despite a 30% year-on-year revenue decline in Q4 FY25 [2] - Zhihu-W (02390) shares rose over 16% ahead of its earnings announcement, with long-term funds increasing their holdings [2] - Jinyang New Energy (01121) shares increased nearly 1% as profitability for BC products is expected to improve with the ongoing recovery in the photovoltaic industry [2] - China Rare Earth Holdings (03788) shares jumped over 11% after announcing plans to spin off its gold business for a Hong Kong listing [2] Group 3 - Weimob Group (02013) shares rose over 7.5% ahead of its mid-term earnings report, with expectations of business recovery by 2025 due to improved consumer sentiment [3] Group 4 - iQIYI (IQ.US) shares surged 17.09% following the release of a new drama series, achieving significant viewership [4] - NIO (NIO.US) shares increased by 1.25% ahead of the launch of the new ES8 model and expansion into new markets [5] - Weibo (WB.US) shares rose 3.3% after exceeding earnings expectations, with revenue growth of 1.6% year-on-year [5] - Kingsoft Cloud (KC.US) shares increased by 5.38% as it prepares to release its earnings report, with expectations of revenue growth [5]

截至2025年中报，同程旅行营业总收入90.47亿元、净利润13.11亿元。 8月18日，2025财年中报归属股东应占溢利13.11亿人民币，同比增长57.86%，基本每股收益0.58人民 币。 同程旅行控股有限公司是中国在线旅游行业的创新者和市场领导者，提供包括交通、住宿、景点门票预 订及各种配套增值旅游产品及服务的一站式解决方案。公司通过线上平台提供全面创新产品和服务，并 利用大数据和人工智能能力，提供个性化的产品和服务，深入布局中国下沉市场，并致力于从在线旅游 平台转型为智能出行管家。 8月19日，同程旅行(00780)盘中上涨4.98%，截至10:05，报20.64元/股，成交3.48亿元。 作者：行情君 本文源自：金融界 ...

花旗发表报告指，同程旅行第二季业绩符市场预期。进入下半年，由于平均每日房价进一步复苏，预期 酒店营业额增长将逐渐加快，提成率按年略有改善，业务量增长温和。该行微调对同程旅行盈利预测， 目标价由26港元上调至28港元，维持"买入"评级，因估值不高，且未来酒店业务增长有望加快。 ...

消息面上，同程旅行发布业绩。财报显示，2025年上半年，同程旅行实现营收90.5亿元，同比增长 11.5%；经调整EBITDA23.4亿元，同比增长35.2%；经调整净利润15.6亿元。值得注意的是，2025年上 半年，同程旅行包括线上度假在内的其他收入达到13.6亿元，同比增长24.1%。 华泰证券指出，同程旅行二季度收入47亿元，同比增长10.0%，略高于预期的46亿元约0.7%；经营利润 8.1亿元，超预期11.4%，其中核心OTA业务经营利润率持续优化，主要来自于补贴效率的提升和公司经 营杠杆的增加；调整后净利润7.7亿元，超预期3.3%，公司本季度收入表现略高于预期，利润率超预 期。该行看好国内旅游的需求韧性，在战略层面公司重点落地三个方向，分别为深挖用户价值、拓展出 境游业务及酒店管理业务扩张，或将实现长期收入增长和利润稳健释放。 同程旅行(00780)绩后涨超7%，截至发稿，涨3.97%，报20.44港元，成交额1.98亿港元。 ...