国内酒店业务好于行业表现 1)住宿：2Q25 ADR同比实现正增长，好于行业表现，反映用户消费习惯变化，公司三星酒店间夜量占 比同比提升4个百分点;此外公司继续深化与全球供应商的合作，加强中国游客出境游热门目的地的布 局，国际酒店间夜继续保持较快增长。暑期表现来看，公司酒店ADR继续保持同比正增长，旅游需求 具有韧性。公司预计3Q25 酒店间夜量同比增长10-15%，ADR低个位数增长，好于行业平均，该行预计 3Q25酒店收入同比增长13%。 2)交通：2Q25国际机票量同增超30%，国际机票收入占交通收入比例超6%(同比增长2个百分点)。由于 去年暑期旅游情绪旺盛，根据飞常准的高频数据，2025.6.20-8.16国内航班客运量同比增长仅3%，公司 国内机票增速和行业增速类似，但公司出境机票继续维持高增，叠加变现率提升，该行预计3Q25交通 收入同增9%。 出境业务和酒店管理业务是未来增长的双引擎 智通财经APP获悉，中金发布研报称，维持同程旅行(00780)25/26年收入和盈利预期，维持跑赢行业评 级，维持目标价23港元(对应15x/12x 25e和26e Non-IFRS市盈率)，上行空间为17%，公 ...

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%。 智通财经APP获悉，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。 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。 ...

每经AI快讯，8月19日，港股同程旅行短线拉升，涨幅扩大至6.82%，报21港元，成交额1.27亿港元，换 手率0.26%，总市值491.8亿港元。今年以来该股累计上涨16.4%。 ...

Core Insights - Tongcheng Travel (0780.HK) reported its Q2 and H1 2025 financial results, showing a revenue of 9.05 billion yuan, a year-on-year increase of 11.5% [2] - The adjusted EBITDA for H1 2025 reached 2.34 billion yuan, reflecting a significant growth of 35.2% compared to the previous year [2] - The adjusted net profit for H1 2025 was 1.56 billion yuan, with per capita revenue contribution increasing by 13.8% year-on-year [2] Revenue Breakdown - The accommodation business generated 2.56 billion yuan in revenue, marking an 18.8% year-on-year growth, indicating a rising demand for high-quality lodging [2] - The transportation segment achieved a revenue of 3.88 billion yuan, with an 11.6% year-on-year increase, and a notable 241% quarter-on-quarter growth in first-time airline users [2] - Other revenues, including online vacation services, grew by 24.1% year-on-year to 1.36 billion yuan, with international ticket volume increasing by nearly 30% year-on-year in Q2 [2]

Core Insights - Tongcheng Travel reported Q2 revenue of 4.669 billion yuan, a year-on-year increase of 10.0%, significantly slowing from 48.1% in the same period last year [2] - The adjusted EBITDA margin rose to a record high of 25.4% compared to 21.5% in the same period last year, while the adjusted net profit margin increased to 16.6% from 15.5% [2] - The company achieved a cumulative service user count of 1.99 billion by the end of Q2, a year-on-year growth of 7.2%, with paid users reaching a new high of 252 million [2] Financial Performance - For the first half of 2025, Tongcheng Travel achieved revenue of 9.05 billion yuan, a year-on-year increase of 11.5% [2] - Adjusted EBITDA for the first half was 2.34 billion yuan, reflecting a year-on-year growth of 35.2% [2] - Adjusted net profit for the first half reached 1.56 billion yuan [2] Business Segments - The accommodation booking business showed relative resilience, with revenue growing by 15.2% year-on-year [2] - Revenue from outbound travel groups to Southeast Asia declined due to safety concerns [2]

Core Insights - Tongcheng Travel reported a revenue of 9.05 billion yuan for the first half of 2025, representing a year-on-year growth of 11.5% [1] - Adjusted EBITDA reached 2.34 billion yuan, up 35.2% year-on-year, while adjusted net profit was 1.56 billion yuan [1] - The company is focusing on high-value users and expanding its market share in lower-tier cities, which has contributed to its growth [1][2] Business Segments - The accommodation segment saw a revenue increase of 18.8% year-on-year, totaling 2.56 billion yuan, driven by new booking scenarios such as weekend getaways and events [1] - The transportation segment's revenue grew by 11.6% year-on-year to 3.88 billion yuan, with international flight bookings reaching a historical high, increasing nearly 30% [1] - The company is enhancing its train ticketing system to better meet user needs, resulting in improved revenue generation [1] Market Trends - Domestic tourism in China showed strong growth, with 3.285 billion trips taken by residents in the first half of 2025, a 20.6% increase year-on-year [2] - The average revenue per user (ARPU) for Tongcheng Travel increased by 13.8%, and paid membership subscriptions grew by 24% [2] - Non-first-tier city residents are becoming the main force in travel consumption, with over 87% of registered users on Tongcheng Travel's platform coming from these areas [2] Strategic Initiatives - Tongcheng Travel is expanding its product offerings to include various transportation options, enhancing its service coverage across over 100 cities [3] - The company is positioned to benefit from the growth in lower-tier markets, leveraging its long-term focus on these areas to create a competitive edge [3] - Strategic partnerships with major shareholders Tencent and Ctrip are providing the company with low-cost access to a vast customer base and quality supply chain resources [3]

大众旅游消费潜力的提升，还带来了用户出行需求的多元化。以非一线城市人群为代表的普通人，正成为休闲旅游度假的主力。他们既热衷于打卡小众目的 地，也追求出境游、漂流、探险等新体验，消费需求正逐步向休闲度假和深度体验转变。2025年上半年，公司包括线上度假在内的其他收入同比增长 24.1%，达到13.6亿元；其中，2025年二季度，公司国际机票票量同比增长近30%，日均票量创历史新高。 随着大众旅游时代的到来，旅行已经成为普通人的生活方式。尤其是在非一线城市，大众旅行者的消费频次持续提升。财报显示，截至2025年二季度末，公 司年累计服务人次已达到19.9亿，同比增长7.2%。 2025年上半年，公司住宿业务收入实现18.8%的同比增长，达到25.6亿元，用户住宿消费水平持续提升，对高品质住宿的需求和预订量增长显著。交通业务 收入方面，公司实现11.6%的同比增长，达到38.8亿元，其中航空出行首乘用户规模二季度环比增长241%。 值得注意的是，2025年上半年，公司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%。这表明，随着大众旅游时代的到来，大众旅行需求已 从"刚需出行"延伸至"休闲度假"，旅行 ...

Tongcheng Travel Holdings (00780) Q2 2025 Earnings Call August 18, 2025 07:30 AM ET Company ParticipantsKylie Yeung - Director - IRJoyce Li - VP & Head - Capital MarketsFan Lei - CFOBrian Gong - Internet & Media ResearchYang Liu - Executive DirectorThomas Chong - Managing DirectorConference Call ParticipantsWei Xiong - Equity Research AnalystJia Wei Lee - Summer AnalystOperatorGood day, and thank you for standing by. Welcome to Tongcheng Travel twenty twenty five Second Quarter and Interim Results Announcem ...

Financial Data and Key Metrics Changes - The company reported a net revenue of RMB4.7 billion, marking a 10% year-over-year increase from the same period in 2024 [26] - Adjusted net profit rose to RMB775 million, reflecting an 18% year-over-year growth, with adjusted net margin expanding to 16.6% compared to 15.5% in the same period last year [26] - Gross profit increased by 10.6% year-over-year to RMB3.0 billion, with gross margin rising slightly to 65% [29] - Adjusted EBITDA increased by 29.7% to RMB1.2 billion, with a 25.4% margin compared to a 21.5% margin in the same period last year [30] Business Line Data and Key Metrics Changes - The accommodation reservation business achieved RMB1.4 billion, representing a 15.2% increase from the same period in 2024 [27] - Transportation ticketing revenue reached RMB1.9 billion, marking a 7.9% year-over-year increase [28] - The hotel management business sustained healthy expansion, with over 2,700 hotels in operation and nearly 1,500 in the pipeline [16] Market Data and Key Metrics Changes - The international air ticketing volume reached a historical high, delivering nearly 30% year-over-year growth [14] - The cumulative number of passengers served on the platform reached 2 billion, suggesting a stable user purchase frequency of 8 times per year [20] - The twelve-month annual paying users climbed to over 250 million, representing a 10% year-over-year increase [20] Company Strategy and Development Direction - The company is focused on expanding its core OTA business while enhancing its brand awareness and market share [34] - There is a commitment to leveraging technology, including AI, to drive growth and improve user experience [21][23] - The company aims to deepen its presence in the hotel management sector, targeting over 3,000 hotels in operation by the end of 2025 [73] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the Chinese travel market, anticipating steady year-over-year growth in both top line and bottom line [33] - The shift in consumer preferences towards experiential travel is seen as a significant opportunity for growth [56] - The company plans to maintain a disciplined approach to sales and marketing spending to ensure optimal returns [56] Other Important Information - The company announced the acquisition of a 100% stake in Wanda Hotel Management, which is expected to diversify brand metrics and strengthen market presence [17] - The balance of cash, cash equivalents, restricted cash, and short-term investments was RMB13.5 billion as of June 30, 2025 [32] Q&A Session Summary Question: Can management provide more color regarding the volume growth, ADR, and take rate in the accommodation business? - Management noted that the domestic ADR has stabilized year-over-year and is expected to continue growing, driven by a shift in user behavior towards higher quality products [41][43] Question: How does the company balance strategic resource allocation between core OTA and pursuing a diverse business portfolio? - Management emphasized that the OTA business remains the foundation and strategic focus, while also pursuing organic growth opportunities and selective M&A [46][48] Question: What are the reasons for the low growth in domestic airline ticketing volume? - Management indicated that the industry has returned to a normalized growth trajectory after two exceptional years, but expects the OTA business to outpace overall market growth [52][54] Question: Can management share more details on outbound travel performance? - Management reported significant growth in international air ticketing and accommodation volumes, with a focus on improving marketing efficiency and ROI [58][59] Question: How does management view the impact of JV and BaBa's investments in the OTA market? - Management believes that the competitive landscape remains stable, as new entrants face challenges in replicating established relationships and operational efficiencies [64][66] Question: What is the expected margin outlook for the OTA business? - Management expects steady year-over-year improvement in margins, driven by reduced sales and marketing expenses and improved operational efficiency [69][70] Question: What is the latest development plan for the hotel management business? - Management aims to operate over 3,000 hotels by the end of 2025, with a focus on enhancing quality and brand recognition [73][74] Question: Can management comment on the standalone app's user base and revenue contribution? - Management reported that the app accounted for over 8% of core OTA revenue in Q2, with ongoing efforts to grow the user base and engagement [82] Question: How is AI evolving within the company? - Management highlighted the integration of AI into the travel planning process, improving operational efficiency and user experience [85][86]

每经记者｜舒冬妮 每经编辑｜文多 8月18日盘后，同程旅行（00780.HK，股价19.66港元，市值460.4亿港元）发布2025年第二季度及上半 年业绩报告。公司上半年营收为90.5亿元，同比增长11.5%，经调整EBITDA（税息折旧及摊销前利润） 为23.4亿元，同比增长35.2%，经调整净利润为15.6亿元。 分业务来看，今年上半年同程旅行住宿业务收入实现18.8%的同比增长，达到25.6亿元。公司上半年交 通业务收入38.8亿元，同比增长11.6%，其中航空出行首乘用户规模在第二季度环比增长241%。包括度 假在内的其他收入为26亿元。今年第二季度，住宿、交通业务的收入也获得同比增长。 封面图片来源：每日经济新闻 资料图 同程旅行表示，公司在第二季度更加注重提升平台内的运营效率，并面向年轻用户推出了一系列娱乐性 营销活动，公司还加大了在社交媒体平台的投放力度，以吸引年轻、注重体验的用户。 ...