Core Insights - Tongcheng Travel reported a record high of 253 million annual paying users and over 2 billion cumulative service users as of Q3 2025 [1] - The company achieved a revenue of 5.509 billion yuan in Q3, marking a year-on-year growth of 10.4%, with transportation and accommodation revenues growing by 9% and 14.7% respectively [1][2] - The growth potential in the mass tourism market remains significant, providing favorable conditions for the long-term sustainable development of the company [1][3] Revenue Breakdown - Transportation business revenue reached 2.209 billion yuan, while accommodation business revenue was 1.580 billion yuan [1] - Other revenue segments saw a year-on-year increase of 34.9%, totaling 821 million yuan in Q3 [2] Strategic Initiatives - The company has established strategic partnerships with over 20 airports or airport groups to enhance the aviation industry chain [2] - Tongcheng Travel is leveraging AI technology to provide personalized travel experiences and has integrated AI tools across various services, attracting millions of users [1][2] - The company is promoting digital upgrades in the accommodation industry through its platform, with nearly 3,000 hotels currently operating and an additional 1,500 under construction [2] Future Outlook - The CEO of Tongcheng Travel emphasized the commitment to enriching high-quality tourism product offerings to meet the travel needs of ordinary consumers and to foster a sustainable industry ecosystem [3]

11月25日，同程网络科技股份有限公司（以下简称"同程旅行"）发布2025年第三季度业绩报告。财报显 示，截至2025年三季度末，同程旅行年付费用户达到2.53亿，年累计服务人次突破20亿，创历史新高。 受益于大众旅游人群消费潜力的持续提升，2025年第三季度，同程旅行实现营业收入55.09亿元，同比 增长10.4%。其中，交通业务收入同比增长9%，达22.09亿元；住宿业务收入同比增长14.7%，达15.80亿 元。 今年前三季度，国内旅游市场延续复苏态势，旅游消费呈现明显的多元化、体验化升级趋势，出境游及 入境游持续向好带来市场增量。深圳市华美酒店管理顾问有限公司首席知识官、旅游酒店行业高级经济 师赵焕焱向《证券日报》记者表示，大众旅游市场所蕴含的消费潜力尚未充分释放，仍具备巨大的开发 空间与增长机会，这为同程旅行未来的长期可持续发展创造了有利条件。 大众消费潜力释放 非一线城市人群正成为推动旅游市场发展的主力军。文化和旅游部数据显示，2025年前三季度，国内居 民出游花费4.85万亿元。其中，农村居民出游花费增速显著高于城镇居民出游花费，同比增长24%。大 众旅游消费潜力的释放，让深耕大众市场的同程旅行 ...

Core Insights - Tongcheng Travel reported a revenue of 9.05 billion yuan for the first half of 2025, representing a year-on-year growth of 11.5% [1] - Adjusted EBITDA reached 2.34 billion yuan, up 35.2% year-on-year, while adjusted net profit was 1.56 billion yuan [1] - The company is focusing on high-value users and expanding its market share in lower-tier cities, which has contributed to its growth [1][2] Business Segments - The accommodation segment saw a revenue increase of 18.8% year-on-year, totaling 2.56 billion yuan, driven by new booking scenarios such as weekend getaways and events [1] - The transportation segment's revenue grew by 11.6% year-on-year to 3.88 billion yuan, with international flight bookings reaching a historical high, increasing nearly 30% [1] - The company is enhancing its train ticketing system to better meet user needs, resulting in improved revenue generation [1] Market Trends - Domestic tourism in China showed strong growth, with 3.285 billion trips taken by residents in the first half of 2025, a 20.6% increase year-on-year [2] - The average revenue per user (ARPU) for Tongcheng Travel increased by 13.8%, and paid membership subscriptions grew by 24% [2] - Non-first-tier city residents are becoming the main force in travel consumption, with over 87% of registered users on Tongcheng Travel's platform coming from these areas [2] Strategic Initiatives - Tongcheng Travel is expanding its product offerings to include various transportation options, enhancing its service coverage across over 100 cities [3] - The company is positioned to benefit from the growth in lower-tier markets, leveraging its long-term focus on these areas to create a competitive edge [3] - Strategic partnerships with major shareholders Tencent and Ctrip are providing the company with low-cost access to a vast customer base and quality supply chain resources [3]