Core Viewpoint - The company demonstrated robust revenue growth in Q2 2025, with adjusted net profit increasing by over 18% year-on-year, indicating a focus on profitability and operational efficiency [1][2]. Revenue Performance - Q2 revenue reached 4.669 billion yuan, a 10.0% increase year-on-year, while the net profit attributable to shareholders was 642 million yuan, up 48.0% [1]. - The OTA segment saw a revenue increase of 13.7%, with an operating profit margin (OPM) of 24.7%, reflecting a 2.4 percentage point improvement [1]. - The company experienced a strategic contraction in packaged business due to demand pressures in Southeast Asia, resulting in an 8.0% decline in revenue from this segment, but maintaining a positive profit contribution [1][2]. User and ARPU Growth - The company achieved a healthy increase in paid users and Average Revenue Per User (ARPU), with cumulative paid users reaching 250 million, a 10.2% increase, and ARPU at 72.2 yuan, up 13.9% [2]. Profitability and Cost Management - The gross profit margin improved by 0.4 percentage points in Q2, driven by enhanced monetization rates in the OTA business and efficiencies gained through generative AI [2]. - The sales expense ratio decreased by 2.4 percentage points, indicating a focus on balancing marketing investment returns, with expectations of breakeven in international business by 2025 [2][3]. - R&D and management expense ratios also saw a decline, with management projecting an overall increase in core business profit margins for the year [2]. Strategic Focus and Industry Positioning - The management emphasized the importance of the OTA core strategy, aiming to capitalize on domestic consumption trends while enhancing international business monetization and cross-selling opportunities [3]. - The company has positioned itself among the top 10 hotel management companies in China, with over 2,700 hotels operational and a target of 3,000 by year-end [3]. - Recent acquisitions, including a proposed 2.49 billion yuan purchase of Wanda Hotel Management, are expected to strengthen the company's market position and operational synergies [3].
同程旅行(00780.HK)：利润率优化逐季验证 付费用户与ARPU值良性增长