TONGCHENG TRAVEL(780.HK)：SOLID 3Q25RESULTS WITH HEALTHY EARNINGS GROWTH
Ge Long Hui·2025-11-28 05:44
Core OTA business delivered healthy growth. In 3Q25, TC's core OTAbusiness revenue reached RMB4.6bn (83.7% of total revenue), up 14.9%YoY (2Q25: 13.7% YoY), and was 0.4% ahead of consensus driven bybetter- than-expected revenue growth in accommodation reservationservices and others. In 3Q25, transportation ticketing services/accommodation reservation services/other revenue achieved YoY growthof 9.0%/14.7%/34.9% (2Q25: 7.9%/15.2%/27.5%). The 12-monthaccumulated number of travellers served reached 2.0bn by en ...