Performance Review - In Q2 2025, the company achieved an adjusted net profit of 775 million yuan, with a net profit margin of 16.6%, exceeding the upper guidance limit [1] - Total revenue for Q2 2025 was 4.669 billion yuan, a year-on-year increase of 10%, with core OTA revenue at 4.008 billion yuan, up 14% year-on-year [1] - Accommodation booking revenue reached 1.371 billion yuan, growing 15% year-on-year, driven by robust business volume and improved monetization capabilities [1] - Transportation ticketing revenue was 1.881 billion yuan, an 8% year-on-year increase, with international ticket sales reaching a historical high, up nearly 30% [1] - Other business revenue was 755 million yuan, a significant increase of 28% year-on-year, mainly due to strong performance in hotel management [1] - Vacation business revenue declined to 662 million yuan, down 8% year-on-year, primarily affected by safety issues in Southeast Asia [1] User Acquisition - In Q2 2025, the monthly paid user count reached 46.5 million, a year-on-year growth of 9.2% [2] - Annual paid users increased by 10.2% to 252 million, with cumulative service instances reaching 1.991 billion, up 7.2% year-on-year [2] - The company's self-owned app DAU showed strong growth, reaching a historical peak during the May Day holiday [2] - The company focuses on increasing purchase frequency and ARPU, adjusting marketing budgets to prioritize independent app users, who spend 2.5 times more than WeChat mini-program users [2] Profit Forecast - The company is positioned as a leading OTA platform in China with low customer acquisition costs and enhanced monetization of long-tail traffic [3] - Revenue projections for 2025-2027 are 20.6 billion, 23.1 billion, and 25.9 billion yuan, representing year-on-year growth of 19%, 12%, and 12% respectively [3] - GAAP net profit forecasts for the same period are 2.6 billion, 3.1 billion, and 3.7 billion yuan, with year-on-year growth of 32%, 18%, and 19% respectively [3] - NON-GAAP net profit estimates are 3.4 billion, 3.9 billion, and 4.4 billion yuan, with year-on-year growth of 21%, 15%, and 15% respectively [3]
同程旅行(00780.HK)：25Q2经调整净利润7.75亿元超预期 利润率持续优化