Core Viewpoint - The company forecasts a 10% year-on-year revenue growth to 4.66 billion yuan in Q2 2025, with core OTA revenue expected to grow by 13% to 3.99 billion yuan, while the vacation business continues to face pressure [1][2] Group 1: Revenue Projections - The company anticipates Q2 2025 core OTA revenue growth of 13%, driven by better-than-expected performance in accommodation and other businesses, although transportation revenue growth is expected to be lower than previously anticipated due to industry impacts [1] - Hotel revenue is projected to grow by 14% year-on-year in Q2 2025, benefiting from a low base effect and improved commission rates, with expectations for accelerated growth in hotel night volume during peak seasons in the second half of the year [1] - The company has adjusted its full-year transportation revenue growth forecast to 10%, with Q2 2025 transportation revenue expected to grow by 9%, reflecting a slowdown in domestic flight volume growth [2] Group 2: Profitability and Cost Control - The company expects a Non-IFRS net profit of 750 million yuan in Q2 2025, supported by effective cost control and a reduction in expenses [1][2] - The full-year profit guidance has been raised to 3.3-3.4 billion yuan, up from the previous 3.2-3.4 billion yuan, indicating improved profit margins due to efficient cost management and anticipated profitability in international operations [2] - The company has increased its 2025 profit forecast by 2% to 3.3 billion yuan, maintaining a profit forecast of 3.9 billion yuan for 2026, with a target price of 23 HKD, reflecting a potential upside of 9% [2]
同程旅行(00780.HK)：预计2Q业绩基本符合预期 上调全年利润指引