Group 1: Financial Performance - The company reported Q1 2025 revenue of 4.377 billion yuan, a year-on-year increase of 13.2% [1] - Adjusted EBITDA reached 1.159 billion yuan, up 41.3% year-on-year [1] - Adjusted net profit was 788 million yuan, reflecting a 41.1% increase compared to the previous year [1] - Gross margin improved to 68.8%, up 3.8 percentage points, primarily due to cost optimization in the core OTA business [1] - The adjusted net profit margin increased to 18.0%, up 3.6 percentage points [1] Group 2: Business Segments - Core OTA business revenue grew by 18.4%, with operating profit margin at 29.2%, up 6.6 percentage points [1] - Accommodation booking revenue was 1.19 billion yuan, a 23.3% increase, driven by high cross-selling rates and over 50% growth in international hotel night stays [1] - Transportation ticketing revenue reached 2 billion yuan, up 15.2%, with significant growth in connecting travel products [1] - Other business revenue was 603 million yuan, a 20% increase, with nearly 2,500 hotels on the platform [1] - Vacation business revenue declined to 585 million yuan, down 11.8%, impacted by safety issues in Southeast Asia [1] Group 3: User Metrics and AI Integration - Monthly active paid users (MPU) reached 46.5 million, a 9.2% increase, while annual paid users (APU) hit 247 million, up 7.9% [2] - Average revenue per user (ARPU) was 72.2 yuan, reflecting a 25.6% year-on-year increase [2] - The platform introduced a new high-tier membership with over 50 additional benefits to enhance user loyalty [2] - AI integration through DeepSeek and the launch of DeepTrip improved user decision-making and internal efficiency, reducing employee workload by 20% [2]
同程旅行(00780.HK)：毛利率大幅提升 AI赋能内部提效+付费转化