证券研究报告 港股通 2025 年 11 月 26 日│中国香港 互联网 同程公布 3Q25 业绩：收入 55 亿元，yoy+10.4%，基本符合 VA 一致预期 （简称预期）的 54.9 亿元；经营利润 11.6 亿元，超预期 7.5%，经营利润 率持续优化，yoy+1.5pct，主要来自于精细化补贴和费用管控；调整后净利 润 10.6 亿元，超预期 2.8%。公司本季度收入表现基本符合预期，利润超预 期。我们看好国内旅游的需求韧性，同时公司高品质酒店占比提升，带来结 构性改善。维持"买入"评级。 公司收入基本符合预期，酒店/机票价格改善贡献正向驱动 公司 3Q25 收入 55 亿元，yoy+10.4%，基本符合预期。拆分来看,核心 OTA 业务中，住宿及预定服务收入达 15.8 亿元，yoy+14.7%，基本符合预期。 暑期旅游旺季需求释放，同时公司高品质酒店预订占比提升，客房量增长超 20%，而酒店价格止跌回正，成为收入增长正向驱动。交通业务持续稳健增 长，收入 22.09 亿元，yoy+9.0%，主要源于用户的需求增加以及持续丰富 的增值产品及服务，且机票票价止跌，我们预计未来交通业务量将保持稳健 增 ...

摩根士丹利发布研报称，同程旅行(00780)第三季业绩略胜预期，期内收入较该行预期高1%，主要受核 心线上旅游平台(OTA)业务同比增长15%带动，增幅高于国内行业水平，毛利率达65.7%，较该行预期 高1个百分点，因OTA业务占比提高，净利润较该行预期高3%，利润率同比提升1个百分点。该行维持 对其"增持"评级，目标价29港元。 展望第四季，计入并购影响后，预期同程旅行收入将增长10%至15%，当中核心OTA业务增长达15%至 20%。第四季经调整利润指引为7.2亿至7.8亿元人民币，反映全年指引不变，因公司计划稍为加大投入 于新兴出境旅游业务及自有APP。管理层预期2026年核心OTA业务收入有机增长将达低至中十位数。透 过研发及行政效率提升，利润率有望进一步改善约0.5个百分点。 ...

展望第四季，计入并购影响后，预期同程旅行收入将增长10%至15%，当中核心OTA业务增长达15%至 20%。第四季经调整利润指引为7.2亿至7.8亿元人民币，反映全年指引不变，因公司计划稍为加大投入 于新兴出境旅游业务及自有APP。管理层预期2026年核心OTA业务收入有机增长将达低至中十位数。透 过研发及行政效率提升，利润率有望进一步改善约0.5个百分点。 智通财经APP获悉，摩根士丹利发布研报称，同程旅行(00780)第三季业绩略胜预期，期内收入较该行预 期高1%，主要受核心线上旅游平台(OTA)业务同比增长15%带动，增幅高于国内行业水平，毛利率达 65.7%，较该行预期高1个百分点，因OTA业务占比提高，净利润较该行预期高3%，利润率同比提升1个 百分点。该行维持对其"增持"评级，目标价29港元。 ...

Core Insights - Tongcheng Travel reported a record high of 253 million annual paying users and over 2 billion cumulative service users as of Q3 2025 [1] - The company achieved a revenue of 5.509 billion yuan in Q3, marking a year-on-year growth of 10.4%, with transportation and accommodation revenues growing by 9% and 14.7% respectively [1][2] - The growth potential in the mass tourism market remains significant, providing favorable conditions for the long-term sustainable development of the company [1][3] Revenue Breakdown - Transportation business revenue reached 2.209 billion yuan, while accommodation business revenue was 1.580 billion yuan [1] - Other revenue segments saw a year-on-year increase of 34.9%, totaling 821 million yuan in Q3 [2] Strategic Initiatives - The company has established strategic partnerships with over 20 airports or airport groups to enhance the aviation industry chain [2] - Tongcheng Travel is leveraging AI technology to provide personalized travel experiences and has integrated AI tools across various services, attracting millions of users [1][2] - The company is promoting digital upgrades in the accommodation industry through its platform, with nearly 3,000 hotels currently operating and an additional 1,500 under construction [2] Future Outlook - The CEO of Tongcheng Travel emphasized the commitment to enriching high-quality tourism product offerings to meet the travel needs of ordinary consumers and to foster a sustainable industry ecosystem [3]

11月25日，同程网络科技股份有限公司（以下简称"同程旅行"）发布2025年第三季度业绩报告。财报显 示，截至2025年三季度末，同程旅行年付费用户达到2.53亿，年累计服务人次突破20亿，创历史新高。 受益于大众旅游人群消费潜力的持续提升，2025年第三季度，同程旅行实现营业收入55.09亿元，同比 增长10.4%。其中，交通业务收入同比增长9%，达22.09亿元；住宿业务收入同比增长14.7%，达15.80亿 元。 今年前三季度，国内旅游市场延续复苏态势，旅游消费呈现明显的多元化、体验化升级趋势，出境游及 入境游持续向好带来市场增量。深圳市华美酒店管理顾问有限公司首席知识官、旅游酒店行业高级经济 师赵焕焱向《证券日报》记者表示，大众旅游市场所蕴含的消费潜力尚未充分释放，仍具备巨大的开发 空间与增长机会，这为同程旅行未来的长期可持续发展创造了有利条件。 大众消费潜力释放 非一线城市人群正成为推动旅游市场发展的主力军。文化和旅游部数据显示，2025年前三季度，国内居 民出游花费4.85万亿元。其中，农村居民出游花费增速显著高于城镇居民出游花费，同比增长24%。大 众旅游消费潜力的释放，让深耕大众市场的同程旅行 ...

其中，交通业务收入同比增长9%至22.09亿元；住宿业务收入同比增长14.7%至15.80亿元。截至2025年 三季度末，同程旅行年付费用户达到2.53亿，年累计服务人次突破20亿，创历史新高。 同程旅行表示，为让更多普通中国人享受出行的便利，同程旅行与湖南机场集团、广东机场集团惠州机 场公司、张家界荷花国际机场达成战略合作。通过整合航司及机场资源，同程旅行不断将航线网络"连 线成网"，让"航空+X"等高性价比的产品惠及更广泛的大众人群。 此外，随着中国"航空人口"的快速增长，同程旅行面向首次乘坐飞机的旅客推出了"首乘无忧"服务。 2025年8月，同程旅行"首乘无忧"服务人次环比增长超300%。目前，该服务已覆盖广州、西安、武汉等 25个重要空港城市。 新华财经北京11月25日电（康耕甫）11月25日，同程旅行发布的2025年第三季度财报显示，受益于大众 旅游人群消费潜力的持续提升，2025年第三季度同程旅行实现营业收入55.09亿元，同比增长10.4%，实 现归母净利润9.76亿元，同比增长23.1%。 用户消费潜力加速释放 非一线城市人群正成为推动旅游市场发展的主力军。文化和旅游部数据显示，2025年前三 ...

Tongcheng Travel Holdings (SEHK:00780) Q3 2025 Earnings Call November 25, 2025 06:30 AM ET Company ParticipantsThomas Chong - Regional Head of Internet and MediaHope Ma - CEOYang Liu - Executive DirectorKylie Yeung - Director of Investor RelationsNone - TranslatorJoyce Li - Chief Capital OfficerQiuting Wang - Senior AssociateJulian Fan - CFOConference Call ParticipantsBrian Gong - Internet and Media Research AnalystWei Xiong - Equity Research AnalystKylie YeungGood evening and good morning, everyone. Welcom ...

Financial Data and Key Metrics Changes - In Q3 2025, the company reported a net revenue of CNY 5.5 billion, a 10.4% year-over-year increase from Q3 2024 [18] - Adjusted net profit reached RMB 1,060 million, reflecting a 16.5% year-over-year growth, with an adjusted net margin expanding to 19.2% compared to 18.2% in the same period last year [19][22] - Gross profit increased by 14.4% year-over-year to RMB 3.6 billion, with a gross margin of 65.7% [22] Business Line Data and Key Metrics Changes - The core OTA business revenue grew by 14.9% year-over-year to RMB 4.6 billion, driven by accommodation reservation, transportation ticketing, and other segments [19] - Accommodation reservation revenue reached RMB 1.6 billion, a 14.7% increase from Q3 2024, attributed to increased hotel room nights sold [19][20] - Transportation ticketing revenue was RMB 2.2 billion, marking a 9.0% year-over-year increase [20] Market Data and Key Metrics Changes - The annual paying users reached a historic high of 253 million, representing a year-over-year growth of 8.8% [11] - The cumulative number of passengers served on the platform exceeded 2 billion over the past 12 months, indicating a stable annual purchase frequency of 8 times per user [11] - The international air ticketing business accounted for around 6% of total transportation ticketing revenue, up about 2 percentage points year-over-year [21][29] Company Strategy and Development Direction - The company aims to enhance user value and operational efficiency in its domestic business while expanding its outbound business and strengthening its global market presence [24][25] - The acquisition of Wanda Hotel Management is expected to accelerate the growth of the hotel management business and strengthen competitive positioning [6][11][32] - The company is committed to integrating AI technologies to enhance operational efficiency and user experience [6][15] Management Comments on Operating Environment and Future Outlook - Management noted that the travel market in China is showing robust growth, driven by rising demand for immersive experiences [7][18] - The company remains focused on balancing market expansion and profitability, aiming for robust growth in both top line and bottom line [24][25] - Management expressed confidence in the long-term sustainable growth and value creation for stakeholders [6][11][33] Other Important Information - The company has achieved an MSCI ESG rating of AAA, placing it among the top 5% of companies globally in its industry [15] - The standalone app has seen strong growth, with daily active users hitting nearly 5 million before the National Day holidays [12] Q&A Session Summary Question: Future growth engines regarding international business and hotel management - Management highlighted that the outbound business is a key growth driver, with expectations for rapid growth and a revenue contribution of 10-15% in the next two to three years [29][30][31] - The hotel management business is expected to expand significantly, with the acquisition of Wanda Hotel Management enhancing the company's portfolio and market influence [32][33] Question: Future hotel ADR trend and competition in the domestic market - Management indicated that domestic ADR has stabilized and is expected to improve, driven by a shift towards higher-quality accommodations [38][40] - The company believes it has strong defensive moats against competition due to its established supply chain and user understanding [42][43] Question: Margin trends and AI technology impact - Management expects continued margin improvement driven by operational efficiency and AI integration, with a focus on balancing revenue growth and profitability [55][58] - AI technology is seen as beneficial for enhancing operational efficiency and user experience, with ongoing investments planned [59][60] Question: Impact of recent Japan incident on business performance - Management does not expect a material impact on full-year performance but will monitor developments closely and adjust strategies as needed [64]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported a net revenue of CNY 5.5 billion, reflecting a year-over-year increase of 10.4% from Q3 2024 [17] - Adjusted net profit reached RMB 1,060 million, representing a 16.5% year-over-year growth, with an adjusted net margin expanding to 19.2% compared to 18.2% in the same period last year [18] - Gross profit increased by 14.4% year-over-year to RMB 3.6 billion, with a gross margin of 65.7% [22] Business Line Data and Key Metrics Changes - The core OTA business revenue grew by 14.9% year-over-year to RMB 4.6 billion, driven by accommodation reservations, transportation ticketing, and other segments [18] - Accommodation reservation revenue reached RMB 1.6 billion, a 14.7% increase from Q3 2024, attributed to higher hotel room nights sold and a slight increase in ADR [18] - Transportation ticketing revenue was RMB 2.2 billion, marking a 9.0% year-over-year increase [20] - Other business segments saw revenue of RMB 821 million, a growth of 34.9% year-over-year, primarily due to the hotel management business [21] Market Data and Key Metrics Changes - The annual paying users reached a historic high of 253 million, representing a year-over-year growth of 8.8% [11] - The cumulative number of passengers served on the platform exceeded 2 billion, indicating a stable annual purchase frequency of 8 times per user [11] - The international air ticketing business accounted for around 6% of total transportation ticketing revenue, up about 2 percentage points year-over-year [30] Company Strategy and Development Direction - The company aims to maintain its focus on the mass market while expanding its outbound business and exploring new growth drivers across the travel industry [5] - The acquisition of Wanda Hotel Management is expected to accelerate the growth of the hotel management business and strengthen the company's competitive positioning [11] - The company is committed to integrating AI technologies to enhance operational efficiency and user experience [5][15] Management Comments on Operating Environment and Future Outlook - Management noted that the travel market in China is showing robust growth, driven by rising demand for immersive experiences and innovative service models [3] - The company plans to capitalize on market opportunities while managing risks with discipline and prudence, aiming for robust growth in both top line and bottom line [24] - Management expressed confidence in achieving long-term sustainable growth and delivering value to stakeholders through a clear strategic roadmap [5][34] Other Important Information - The company has achieved an MSCI ESG rating of AAA, placing it among the top 5% of companies globally in its industry [15] - The standalone app has seen strong growth, with daily active users hitting nearly 5 million before the National Day holidays [12] Q&A Session Summary Question: Future growth engines regarding international business and hotel management - Management highlighted that the outbound business is a key growth driver, with expectations for rapid growth and profitability in the coming years [30][31] - The hotel management business is expected to expand significantly, with a focus on integrating Wanda Hotel Management to enhance offerings and profitability [32][34] Question: Future hotel ADR trends and competition in the domestic market - Management noted that domestic ADR has stabilized and is expected to improve, driven by a shift towards higher-quality accommodations [39][40] - The company believes it has strong defensive moats against competition due to its established supply chain and user understanding [42][43] Question: Margin trends and AI technology impact - Management indicated that margin expansion remains a priority, supported by improved operational efficiency and AI integration [55][57] - AI technology is expected to enhance operational efficiency and user experience, contributing positively to the company's performance [58][60] Question: Impact of recent incidents in Japan on business performance - Management does not expect a material impact on full-year performance but will monitor developments closely and adjust strategies as needed [63]

11月25日晚间，同程旅行披露截至2025年9月30日止三个月的业绩。当季，同程旅行收入由去年同期的49.915亿元同比增加10.4%至55.091亿元。经调整 EBITDA同比增加14.5%至15.103亿元；经调整EBITDA利润率增加至27.4%，去年同期为26.4%。经调整溢利净额同比增加16.5%至10.602亿元。经调整净利 润率由去年同期的18.2%增加至19.2%。 此外，当季来自度假业务的收入达9.003亿元，同比下降8.0%，主要由于旅客对东南亚旅游的安全担忧持续存在。 用户规模方面，2025年第三季度，同程旅行平均月付费用户同比增加2.8%至4770万人，创历史新高。年付费用户同比增加8.8%至2.529亿人，创历史新 高。另外，截至2025年9月30日止的十二个月，累计服务人次同比增加7.3%至20.194亿。 蔡淑敏/摄 业务细分来看，第三季度，同程旅行的住宿业务收入同比增长14.7%至15.795亿元。同程旅行表示，公司当季重点满足用户对高品质酒店日益增长的需 求，推动了平台上高品质酒店间夜量占比的显著提升，并强化了在低线城市高价值用户中的品牌认知度，另外在国际酒店方面，持续致力于 ...