Core Viewpoint - Morningstar maintains a fair value of HKD 27 for Tongcheng Travel (00780), highlighting strong growth in accommodation bookings as a key driver for a 10% year-on-year revenue increase in Q3 [1] Financial Performance - The company's Q3 revenue growth of 10% aligns with expectations, driven by robust accommodation booking growth [1] - Operating profit margin exceeded expectations by 100 basis points, with core revenue increasing by 15% [1] Growth Catalysts - International business and margin expansion are seen as long-term growth catalysts for the company [1] - The number of hotel room nights for Tongcheng is expected to increase by 23%, indicating strong demand [1] Future Projections - The group anticipates a 15-20% growth in core business revenue for Q4, including additional revenue from the recent acquisition of Wanda [1] - Excluding the acquisition, projected revenue growth is still expected to be in double digits [1] Market Insights - The monetization rate for international tourism is approximately 10-15%, higher than the 5-6% for domestic low-star hotels, suggesting potential for future margin improvement [1] - Long-term expectations indicate that international tourism revenue will account for over 15% of total revenue [1]

2025 年 11 月 27 日 公司研究 25Q3 盈利能力持续增长，国际业务与酒管业务表现亮眼 ——同程旅行（0780.HK）2025 年三季度业绩点评 要点 事件：公司发布 25Q3 业绩公告，25Q3 实现营收 55.09 亿元，同比+10.4%；实 现经调整净利润 10.60 亿元，同比+16.5%；经调整净利润率 19.2%，同比 +1.0pcts。 点评： 25Q3 核心 OTA 业务稳健增长，国际业务与酒店管理业务表现亮眼：25Q3 公司 核心 OTA 业务营收达到 46.09 亿元，同比+14.9%。分业务板块：1）25Q3 住宿 预订营收达到 15.79 亿元，同比+14.7%，主要系暑期旺季需求稳健，日均间夜 量创历史新高，同时公司重点满足用户对高品质酒店的需求，推动了平台上高品 质酒店预订量同比提升，ADR 亦持续改善。2）25Q3 交通票务营收达到 22.09 亿元，同比+9.0%。主要系公司持续丰富增值产品与服务，且国际机票业务保持 快速增长（25Q3 国际机票业务营收占交通票务总收入比例达 6%，同比提升 2.0pcts）。3）25Q3 其他业务营收达到 8.21 亿元，同比+3 ...

招银国际发布研报称，略上调同程旅行(00780)目标价5.8%，从24港元升至25.4港元，维持"买入"评级。 鉴于2025年10月起同程旅行开始合并万达酒店管理业务并由此获得新增收入，该行将2025-2027年收入 预测值上调1-3%；预计同程旅行2026年收入与经调整净利润将有14%与12%的同比增长。 招银国际表示，同程旅行2025年第三季业绩表明，总收入达55亿元人民币(下同)，同比增10.4%，较招 银国际预期及市场一致预期均高出1%；经调整净利润为10.6亿元，同比增16.5%，分别较招银国际预期/ 机构一致预期高4%/2%，得益于核心OTA业务的营运杠杆表现超预期。第三季核心OTA业务的营业利益 率升至31.2%(24Q3：31.1%)，较该行的预测值高出0.1个百分点。 ...

总收入55亿元，同比增10%，符合该行及机构一致预期。经调整净利润同比增17%至10.6亿元，略超该 行/市场预期4%/2%，经调整利润率19.2%，同比/环比提升1个/3个百分点，受益于经营费用效率优化。 分业务看，核心OTA经营利润同比增15%至14亿元，经营利润率31.2%，同比稳定，环比提升4个百分 点。 Q3为核心OTA业务旺季 3季度核心OTA收入同比增15%，其中：1)住宿预订收入同比增15%，受益于日均间夜量(创新高)稳健增 长及ADR小幅提升(好于行业)。高质量酒店间夜量同比增20%，快于平台整体间夜量增速，占比持续提 升。2)交通票务预订收入同比增9%，变现率稳定，国际机票业务贡献交通票务收入的6%，同比提升2个 百分点。 智通财经APP获悉，国投证券发布研报称，上调同程旅行(00780)目标价至27.2港元(前值：24.9港元)， 维持买入评级，公司营收与经调整净利润实现高速增长，核心广告平台Mintegral增势强劲，其AI智能出 价产品已广泛采用并成为主要收入来源，公司正通过深化AI技术在素材制作与广告投放环节的应用， 持续提升服务竞争力。 用户ARPPU值提升趋势不变 国投证券主要 ...

国投证券发布研报称，上调同程旅行(00780)目标价至27.2港元(前值：24.9港元)，维持买入评级，公司 营收与经调整净利润实现高速增长，核心广告平台Mintegral增势强劲，其AI智能出价产品已广泛采用并 成为主要收入来源，公司正通过深化AI技术在素材制作与广告投放环节的应用，持续提升服务竞争 力。 3季度MPU为4,770万，同比增3%，APU同比增9%至2.53亿人。ARPPU值角度，若以最近12个月总收入/ 核心OTA收入除APU，计算单个用户对年度总收入/年度核心OTA收入贡献为74元/63元，同比增 6%/7%，该行认为平台的用户规模优势将逐步释放。 财务预测 该行预计4季度核心OTA收入同比增17%，其中住宿预订/交通票务同比增15%/9%，预计国内酒店预订 收入仍主要由间夜量增长驱动。看中长期业务潜力，对于国内业务，该行认为住宿预订是主要增长动 力，高星酒店占比提升将带动ADR增长、新住宿场景开发带来间夜量新增长动力;对于国际业务，公司 指引未来2-3年对总收入的占比有望提升至10-15%，当前的业务重心为提升国际机票用户粘性及单量、 国际酒店供给能力建设，后续建议关注国内高星酒店间夜量 ...

招商证券发布研报称，维持同程旅行(00780)"强烈推荐"评级，暑期旺季以来休闲旅游需求持续释放， 得益于公司补贴策略&三星以上酒店占比提升驱动，酒店业务呈现量价齐升趋势，国际业务延续高增长 趋势&Q3已初步实现盈利，叠加公司持续推进降本增效&精细化补贴，看好未来业绩延续高增长。 招商证券主要观点如下： 产品服务丰富，用户增长稳中向好 25Q3公司平均月付费用户为4770万人/+2.8%，公司年付费用户为2.5亿人/+8.8%，创历史新高。过去12 个月累计服务的旅客人次为20.2亿人次/+7.3%，付费用户延续稳增长趋势。 投资建议 风险提示：全球疫情反复;经济消费下滑风险;出行政策变化风险。 收入持续增长，业绩符合预期 报告期内公司实现营收55.1亿元/+10.4%;实现经调整EBITDA 15.1亿元/+14.5%，实现经调整利润10.6亿 元/+16.5%，收入&业绩表现均符合预期。分业务来看，25Q3公司住宿预订/交通票务/度假业务/其他业 务分别实现收入15.8/22.1/9.0/8.2亿元，其他业务表现出色，主要受酒店管理业务的优异表现推动，轻资 产酒店管理业务维持强劲的增长势头。截至2025年 ...

Core Viewpoint - The report from China Merchants Securities maintains a "strong buy" rating for Tongcheng Travel (00780), highlighting the sustained release of leisure travel demand since the summer peak season, driven by the company's subsidy strategy and an increase in the proportion of hotels rated three stars and above, leading to a trend of rising volume and price in hotel business [1] Group 1: Revenue and Performance - The company achieved revenue of 5.51 billion yuan, representing a year-on-year increase of 10.4%, with adjusted EBITDA of 1.51 billion yuan (+14.5%) and adjusted net profit of 1.06 billion yuan (+16.5%), meeting expectations [1] - In Q3 2025, revenue from accommodation booking, transportation ticketing, vacation business, and other businesses reached 1.58 billion, 2.21 billion, 900 million, and 820 million yuan respectively, with strong performance in hotel management driving growth [1] - As of September 30, 2025, the number of hotels under the group's management platform increased to nearly 3,000, with an additional 1,500 hotels in preparation, and the acquisition of Wanda Hotel Management Co., Ltd. was completed on October 16, 2025, managing 239 hotels under Wanda [1] Group 2: Profitability and Margins - The company's overall gross margin was 65.7%, an increase of 2.3 percentage points year-on-year, indicating steady improvement in profitability [2] - The management, R&D, and sales expense ratios were 5.3%, 9.3%, and 31.1% respectively, with an adjusted net profit margin of 19.2%, up by 1.0 percentage point, aligning with expectations [2] Group 3: User Growth and Services - The average monthly paying users reached 47.7 million, an increase of 2.8%, while annual paying users grew to 250 million, up by 8.8%, marking a historical high [3] - The total number of travelers served in the past 12 months was 2.02 billion, reflecting a year-on-year increase of 7.3%, indicating a continued upward trend in paying users [3]

同程旅行 20251125 摘要 同山旅游 2025 年第三季度净收入达 55 亿元人民币，同比增长 10.4%，经调整净利润 10.6 亿元人民币，同比增长 16.5%，利润率提 升至 19.2%。核心在线旅游业务收入同比增长 14.9%，达到 46 亿元人 民币，其中住宿预订收入 16 亿元人民币，同比增长 14%。 住宿业务表现强劲，每日房间预订量和季度收入创新高，高品质住宿销 售间夜数增长超 20%。升级会员计划和加强与第三方合作，提升用户粘 性和扩展服务范围，推动业务增长。 交通业务稳健增长，通过算法整合优质交通选择，利用营销活动提升用 户体验。国际航空票务业务占比达 6%，同比增长约 2 个百分点，专注 于增强用户忠诚度，实现销量和收入均衡增长。 酒店管理业务快速扩张，运营酒店总数增至近 3,000 家，完成对万达酒 店管理公司的收购，丰富品牌组合。截至 9 月底，公司在国内外拥有 239 家酒店网络，通过创新用户参与计划产生积极财务影响。 公司持续推动人工智能技术在供应链资源中的应用，推出基于人工智能 的深度旅行规划器，并将其应用扩展到各项业务流程中，提高运营效率 和用户体验，从而提高客户满意度 ...

Summary of Tongcheng Travel Holdings 3Q25 Earnings Call Company Overview - **Company**: Tongcheng Travel Holdings - **Industry**: Online Travel Agency (OTA) in Asia Pacific - **Date of Earnings Call**: November 25, 2025 Key Financial Results - **3Q25 Revenue**: Revenue exceeded estimates by 1%, driven by a 15% growth in the core OTA business, outperforming peers in the domestic market [2][4] - **Gross Profit Margin (GPM)**: Achieved 65.7%, 1 percentage point better than estimates due to a favorable mix shift towards core OTA [2][4] - **Net Profit**: Beat estimates by 3%, with a year-over-year margin improvement of 1 percentage point [2][4] M&A Activity - **Wanda Hotel Management Acquisition**: Closed in mid-October, expected to contribute approximately RMB 160-180 million in revenue and RMB 20 million in profit for 4Q25. This acquisition includes 239 hotels, primarily high-end in tier two or lower cities, and is seen as a future growth engine [3][4] 4Q25 Outlook - **Revenue Growth Projection**: Anticipated growth of 10-15% overall, with core OTA growth at 15-20%. Accommodations expected to be the main contributor with 12-17% revenue growth [4] - **Transportation Revenue Growth**: Projected at 6-11%, driven by improved take rates and value-added service (VAS) adoption [4] - **Other Revenue Growth**: Expected to accelerate to 45-50% due to M&A contributions [4] - **Profit Guidance**: Adjusted profit range for 4Q25 is RMB 720-780 million, with no change to full-year guidance [4] Long-term Projections - **2026 Revenue Growth**: Management expects low to mid-teens organic core OTA revenue growth (13-18% including M&A) and a further 0.5 percentage point margin improvement [4] - **Marketing Investments**: Plans to increase marketing spending for emerging outbound business and its own app [4] Valuation Metrics - **Current P/E Ratios**: Trading at 13.6x for 2025 and 11.6x for 2026, considered attractive given the double-digit core OTA revenue growth and margin expansion [5] - **Price Target**: Set at HK$29.00, indicating a 34% upside from the current price of HK$21.62 [7] Risks and Considerations - **Upside Risks**: Strong pent-up demand and moderating competition in lower-tier cities could enhance margins [12] - **Downside Risks**: Softer macroeconomic growth in China and intensifying competition in lower-tier cities could impact performance [12] Additional Insights - **Market Capitalization**: Approximately RMB 45.203 billion [7] - **Average Daily Trading Value**: HK$253 million [7] - **52-Week Price Range**: HK$24.90 - HK$17.02 [7] This summary encapsulates the key points from the earnings call, highlighting the company's performance, strategic initiatives, and market outlook.

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 ...