Performance Review - In Q2 2025, the company achieved an adjusted net profit of 775 million yuan, with a net profit margin of 16.6%, exceeding the upper guidance limit [1] - Total revenue for Q2 2025 was 4.669 billion yuan, a year-on-year increase of 10%, with core OTA revenue at 4.008 billion yuan, up 14% year-on-year [1] - Accommodation booking revenue reached 1.371 billion yuan, growing 15% year-on-year, driven by robust business volume and improved monetization capabilities [1] - Transportation ticketing revenue was 1.881 billion yuan, an 8% year-on-year increase, with international ticket sales reaching a historical high, up nearly 30% [1] - Other business revenue was 755 million yuan, a significant increase of 28% year-on-year, mainly due to strong performance in hotel management [1] - Vacation business revenue declined to 662 million yuan, down 8% year-on-year, primarily affected by safety issues in Southeast Asia [1] User Acquisition - In Q2 2025, the monthly paid user count reached 46.5 million, a year-on-year growth of 9.2% [2] - Annual paid users increased by 10.2% to 252 million, with cumulative service instances reaching 1.991 billion, up 7.2% year-on-year [2] - The company's self-owned app DAU showed strong growth, reaching a historical peak during the May Day holiday [2] - The company focuses on increasing purchase frequency and ARPU, adjusting marketing budgets to prioritize independent app users, who spend 2.5 times more than WeChat mini-program users [2] Profit Forecast - The company is positioned as a leading OTA platform in China with low customer acquisition costs and enhanced monetization of long-tail traffic [3] - Revenue projections for 2025-2027 are 20.6 billion, 23.1 billion, and 25.9 billion yuan, representing year-on-year growth of 19%, 12%, and 12% respectively [3] - GAAP net profit forecasts for the same period are 2.6 billion, 3.1 billion, and 3.7 billion yuan, with year-on-year growth of 32%, 18%, and 19% respectively [3] - NON-GAAP net profit estimates are 3.4 billion, 3.9 billion, and 4.4 billion yuan, with year-on-year growth of 21%, 15%, and 15% respectively [3]

Core Insights - CES Asia 2025 serves as a beacon for budget-sensitive companies, providing a clear blueprint for low-cost customer acquisition in a highly competitive business environment [1][3] - The event attracts a significant number of professional attendees and potential customers, with exhibitors historically gaining over 200 valid leads on average [1][3] Cost Comparison - The cost of participating in CES Asia 2025 is only one-third of online promotion costs, making it a financially viable option for companies with limited budgets [1] - For instance, spending 450,000 yuan on online promotion yields a cost of 2,250 yuan per lead, while participating in CES Asia only requires 150,000 yuan for the same number of leads, reducing the cost to approximately 750 yuan per lead [1] Event Highlights - CES Asia 2025 features multiple themed exhibition areas, such as the integration of smart education with fashion technology and sports technology with health electronics, allowing companies to showcase innovative products [2] - The event will host various thematic activities, including industry trend seminars and business cooperation meetings, providing opportunities for in-depth exchanges with industry experts and potential customers [2][3] Opportunities for Companies - Budget-sensitive companies view CES Asia 2025 as an excellent opportunity for low-cost customer acquisition, with many already registering to participate [3] - The event is expected to be a significant opportunity for these companies to stand out in market competition and achieve steady growth [3]