Core Insights - The company reported Q2 2025 revenue of 4.669 billion yuan, a year-on-year increase of 10.0%, and an adjusted net profit of 775 million yuan, up 18.0% year-on-year [1] - The adjusted net profit margin reached 16.6%, an increase of 1.1 percentage points year-on-year, while the core OTA business profit margin was 26.7%, up 2.4 percentage points year-on-year [2] Business Performance - The core OTA business showed steady performance with revenue reaching 4.008 billion yuan, a year-on-year increase of 13.7% [1] - Accommodation booking revenue was 1.371 billion yuan, up 15.2% year-on-year, driven by new accommodation scenarios such as concerts and sports events, with daily room nights hitting a record high [1] - Transportation ticketing revenue reached 1.881 billion yuan, a year-on-year increase of 7.9%, supported by enhanced value-added services and a nearly 30% year-on-year growth in international ticket volume [1] - Other business revenue was 755 million yuan, up 27.5% year-on-year, primarily due to hotel management business growth [1] - Vacation revenue decreased by 8.0% year-on-year to 662 million yuan, mainly due to reduced income from Southeast Asia outbound travel groups [1] Profitability and Efficiency - The company's gross margin reached 65.0%, an increase of 0.4 percentage points year-on-year, with the adjusted net profit margin at 16.6% [2] - The core OTA business profit margin improved to 26.7%, reflecting enhanced operational efficiency and increased average revenue per user (ARPU) [2] - AI has processed over 60% of online accommodation booking inquiries and over 30% of phone inquiries, contributing to improved operational efficiency [2] Strategic Focus - The primary strategic focus is on enhancing domestic OTA market share and profit margins, with cautious investment in heavy asset sectors [2] - Q3 2025 core OTA revenue is expected to maintain double-digit year-on-year growth, benefiting from ADR increases and hotel management business development [2] Financial Forecast - The company maintains adjusted net profit forecasts of 3.381 billion yuan, 4.063 billion yuan, and 4.651 billion yuan for 2025-2027, with corresponding adjusted PE ratios of 13, 11, and 10 times [3]
同程旅行(00780.HK)：国际业务与酒管业务增长提速 利润率保持提升态势