同程旅行(0780.HK)：各业务及用户心智稳健向好 利润释放能力逐步提升

Core View - The company reported Q3 2025 earnings with revenue of 5.509 billion yuan, a year-on-year increase of 10.4%, and adjusted net profit of 1.060 billion yuan, up 16.5% year-on-year, indicating strong performance in both revenue and profit [1][2] Financial Performance - Q3 2025 revenue reached 5.509 billion yuan, aligning with previous guidance, while adjusted net profit of 1.060 billion yuan slightly exceeded the upper limit of prior guidance [1] - Revenue from transportation ticketing services was 2.209 billion yuan, a year-on-year increase of 9.0%, and accommodation booking services generated 1.579 billion yuan, up 14.7% year-on-year [1] - Other business revenue was 0.821 billion yuan, showing a significant year-on-year increase of 34.9% [1][2] - Q3 2025 gross margin was 65.7%, up 2.3 percentage points year-on-year, with service development costs accounting for 9.3% of revenue, down 0.8 percentage points [2] User Growth and Market Position - As of Q3 2025, the company had 253 million annual paying users and over 2 billion cumulative service users, both reaching historical highs [2] - The average monthly paying users for the quarter reached 47.7 million, also a new record [2] Strategic Developments - The company completed the acquisition of Wanda Hotel Management (Hong Kong) Limited on October 16, 2025, which operates 239 hotels and is expected to enhance the company's brand portfolio and accelerate hotel management business expansion [2] - The company launched the "New Traveler Public Welfare Plan 2.0" to support high-quality development of industry partners [3] - The company achieved an MSCI ESG rating upgrade to the highest level of AAA [3] Technological Advancements - AI tools are widely applied in hotel and business travel scenarios, with nearly 3,000 hotels operating on the Yilong hotel technology platform and an additional 1,500 in development [3] - The Yilong Technology's AI can help hotel businesses improve efficiency by 50% and reduce procurement costs by 30% through one-stop supply chain services [3] Future Outlook - The company expects to achieve net profits of 2.7 billion yuan, 3.32 billion yuan, and 3.83 billion yuan from 2025 to 2027, with adjusted net profits projected at 3.35 billion yuan, 3.9 billion yuan, and 4.36 billion yuan for the same period [3]