Core Viewpoint - The company reported a robust performance in Q2 2025, with 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, indicating significant long-term competitive advantages and maintaining a buy rating [1][2]. Financial Performance - In Q2 2025, the company achieved revenue of 4.669 billion yuan, a year-on-year increase of 10.0%, and an adjusted EBITDA of 1.185 billion yuan, up 29.7% year-on-year [1]. - The adjusted net profit for Q2 was 775 million yuan, reflecting an 18.0% year-on-year growth [1]. - The core OTA business generated revenue of 4.01 billion yuan, a year-on-year increase of 13.7% [1]. Business Segmentation - Revenue from various business segments in Q2 2025 included accommodation at 1.37 billion yuan (+15.2%), transportation ticketing at 1.88 billion yuan (+7.9%), vacation services at 660 million yuan (-8.0%), and other services at 760 million yuan (+27.5%) [1]. - The international flight ticketing business reached a historical high, with a nearly 30% year-on-year increase [1]. - The hotel management platform operated over 2,700 hotels, with an additional 1,500 hotels in preparation [1]. Cost Management and Profitability - The gross margin for Q2 2025 was 65.0%, an increase of 0.4 percentage points year-on-year [2]. - The management, R&D, and sales expense ratios were 4.8%, 10.5%, and 32.8%, showing reductions of 0.1, 0.5, and 2.3 percentage points year-on-year, respectively [2]. - The OTA operating profit margin was 26.7%, up 2.4 percentage points year-on-year, while the adjusted net profit margin was 16.6%, an increase of 1.1 percentage points [2]. User Growth and Engagement - The average monthly paying users reached 46.5 million, a year-on-year increase of 9.2%, while annual paying users totaled 250 million, up 10.2% year-on-year [2]. - The total service users over the past 12 months amounted to 1.99 billion, reflecting a 7.2% year-on-year growth [2]. - The company continues to focus on operational efficiency within the WeChat ecosystem and has launched interactive marketing campaigns targeting younger users to enhance brand appeal [2]. Valuation Outlook - The company is expected to benefit from a high-growth domestic travel market and cross-border travel, with strong performance projected for the full year [2]. - Forecasted net profits for 2025-2027 are 2.707 billion, 3.369 billion, and 4.082 billion yuan, corresponding to P/E ratios of 17.0, 13.7, and 11.3 times, respectively [2]. - Adjusted net profits for the same period are projected at 3.312 billion, 3.979 billion, and 4.797 billion yuan, with adjusted P/E ratios of 13.9, 11.5, and 9.6 times, respectively, maintaining a buy rating [2].
深度*公司*同程旅行(00780.HK)：核心OTA业务稳健增长 盈利能力持续改善