Core Viewpoint - The company reported a strong performance in Q3 2025, with revenue of 5.509 billion yuan, a year-on-year increase of 10.4%, and an adjusted net profit of 1.060 billion yuan, up 16.5% year-on-year [1] Business Performance Summary - The core OTA business showed robust growth, with Q3 revenue reaching 4.609 billion yuan, a year-on-year increase of 14.9% [1] - Accommodation booking revenue for Q3 was 1.579 billion yuan, up 14.7% year-on-year, driven by strong summer demand and an increase in high-quality hotel bookings [1] - Transportation ticketing revenue reached 2.209 billion yuan, a 9.0% year-on-year increase, supported by the growth in international ticket sales, which accounted for 6% of total transportation revenue, up 2.0 percentage points [1] - Other business revenue grew significantly to 0.821 billion yuan, a 34.9% year-on-year increase, primarily due to strong performance in hotel management [1] - Vacation revenue for Q3 was 0.900 billion yuan, down 8.0% year-on-year, mainly due to ongoing safety concerns regarding travel to Southeast Asia [1] Profitability and Efficiency - The company's gross margin reached 65.7%, an increase of 2.3 percentage points year-on-year, while the adjusted net profit margin was 19.2%, up 1.0 percentage point [1] - Profitability improvements were attributed to the positive effects of revenue scale and the application of AI to enhance operational efficiency, with the AI trip planning tool DeepTrip attracting millions of users [1] - As of September 30, the company had 253 million annual paying users, an increase of 8.8% year-on-year, with over 87% of registered users residing in non-first-tier cities [1] Future Outlook - For Q4 2025, the core OTA revenue is expected to maintain double-digit year-on-year growth, with other business revenue likely to be driven by hotel management [1] - Accommodation revenue is projected to sustain double-digit growth, while transportation revenue is expected to grow in single digits, and vacation business may continue to face challenges [1] Financial Forecast and Valuation - The adjusted net profit forecasts for 2025-2027 are 3.368 billion yuan, 4.044 billion yuan, and 4.667 billion yuan, respectively, with the current stock price corresponding to adjusted PE ratios of 14, 12, and 10 times for the same years [1] - The company maintains a "buy" rating based on its performance and growth prospects [1]
同程旅行(00780.HK)：25Q3盈利能力持续增长 国际业务与酒管业务表现亮眼