长江商报奔腾新闻记者 江楚雅 同程旅行中期业绩亮眼，多指标同比增长。 8月18日，同程旅行(0780.HK) 披露了其2025年上半年业绩报告。报告显示，上半年同程旅行业绩表现 亮眼，实现营收90.5亿元，较去年同期增长11.5%；经调整EBITDA（税息折旧及摊销前利润）达23.4亿 元，同比增长35.2%；经调整净利润为15.6亿元。 从用户规模看，同程旅行展现出强劲的增长态势。截至二季度末，同程旅行年累计服务人次19.9亿，同 比增长7.2%，年付费用户数量达到2.52亿，创历史新高。 交通业务同样表现出色，上半年收入同比增长11.6%，达到38.8亿元。其中，第二季度国际机票业务量 表现尤为突出，创下历史新高，同比增长近30%。第二季度火车票票务的变现能力也进一步提升，有力 地推动了收入实现健康增长。 国际业务成为新的增长亮点。二季度同程旅行国际机票票量同比增长近30%，日均票量创历史纪录。这 一表现与出境旅游政策放松和消费者跨境出行需求回暖密切相关。 上半年，包括线上度假在内的其他收入达13.6亿元，同比增长24.1%，成为增速最快的业务板块。这表 明用户旅行需求正从基础的交通住宿向休闲度假等更多元 ...

Investment Rating - The report assigns a "Buy" rating to the company, with an initial coverage date of July 8, 2025 [1][4]. Core Insights - The company is positioned as a leading player in the domestic OTA market, particularly benefiting from the growth in lower-tier markets and the overall tourism boom. It is backed by major shareholders Tencent and Trip.com, which provide significant advantages in customer acquisition and supply chain resources [4][6][9]. Summary by Sections Company Overview - The company, formed from the merger of Tongcheng and eLong, is a top-tier one-stop travel service platform in China, successfully ranking among the top three in the OTA industry [17]. Shareholding Structure - The company has a concentrated shareholding structure, with major shareholders Tencent and Trip.com holding 24.07% and 20.46% respectively, facilitating deep collaboration in business operations [18][21]. Business Breakdown - The core OTA business includes transportation and accommodation bookings, contributing approximately 50% and 30% of revenue respectively. The company is expanding into hotel management and vacation services, enhancing its competitive edge [23]. Financial Performance - The company has shown strong recovery post-pandemic, with revenues of RMB 11.896 billion in 2023 and projected growth to RMB 19.624 billion by 2025, reflecting a growth rate of 80.7% and 45.8% respectively [8][31]. Adjusted net profit is expected to reach RMB 27.07 billion in 2025 [6]. OTA Industry Insights - The online travel market in China is projected to exceed RMB 1 trillion in 2024, with a significant increase in online transaction rates, indicating a robust recovery and growth potential in the sector [39][46]. Competitive Landscape - The OTA market is characterized by a high concentration of major players, with Trip.com leading the market share. The competitive dynamics are stable, with companies leveraging unique strengths to capture different market segments [49][52]. Pricing Power - The pricing power of the company is influenced by the concentration of upstream resources, particularly in transportation and accommodation sectors, which affects commission rates and overall profitability [56][59].