TONGCHENGTRAVEL(00780.HK)：SOLID 2Q25 RESULTS

Maintain Buy. We are optimistic about the growth certainty of the online travelindustry and the stability of its competitive landscape. Tongcheng Travel is ahigh-certainty target in domestic demand consumption. The improvement in marketingefficiency and the expansion of outbound travel are expected to drive marginenhancement, while the hotel management business is also poised to provideadditional growth drivers. 机构：申万宏源研究 研究员：贾梦迪 Tongcheng Travel reported 2Q25 revenue of Rmb4.67bn (+10% YoY) and adjustednet ...