同程旅行：Expecting resilient core business earnings growth in 2026-20260325

25 Mar 2026 CMB International Global Markets | Equity Research | Company Update Tongcheng Travel (780 HK) Tongcheng Travel (780 HK) - Expecting resilient core business earnings growth in 2026 Earnings Summary Tongcheng Travel (TC) reported (24 Mar) its 4Q25 results: total revenue was RMB4.8bn, up 14.2% YoY, and 2%/1% above our forecast and Bloomberg consensus estimates, respectively. Adjusted net profit was RMB780mn, up 18% YoY, and 4% ahead of both our forecast and consensus. Both revenue and OPM of the co ...