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同程旅行(0780.HK):OTA业务稳健增长 利润率持续改善
Ge Long Hui· 2025-08-20 04:02
Core Insights - The company reported a revenue of 4.669 billion yuan in Q2 2025, representing a year-on-year increase of 10.0% [1] - Adjusted EBITDA for Q2 was 1.185 billion yuan, up 29.7% year-on-year [1] - Adjusted net profit reached 775 million yuan in Q2, reflecting an 18.0% increase year-on-year, with a net profit margin of 16.6% compared to 15.5% in the same period last year [1] Revenue Performance - The core OTA business showed steady growth, with significant contributions from hotel management [1] - Accommodation revenue in Q2 was 1.371 billion yuan (+15.2%), transportation revenue was 1.881 billion yuan (+7.9%), and other revenue was 755 million yuan (+27.5%), while vacation revenue decreased to 662 million yuan (-8.0%) [1] - The accommodation booking business was the main growth driver, benefiting from a rebound in average industry room rates and a shift towards higher-quality products [1] Profitability and Cost Management - The company’s profitability is on an upward trajectory, with continuous improvement in profit margins [2] - Excluding stock-based compensation, the sales cost rate, service development cost rate, sales expense rate, and administrative expense rate decreased year-on-year by 0.4, 0.5, 2.3, and 0.1 percentage points respectively [2] - The adjusted net profit margin reached 16.6%, an increase of 1.1 percentage points year-on-year, driven by improved sales ROI and marketing efficiency [2] Market Outlook - The travel industry is expected to have long-term growth potential as consumers seek unique experiences [3] - The company has a strong foundation in the OTA business, with a solid user base, supply chain capabilities, and service efficiency [3] - The company is projected to achieve revenues of 19.685 billion, 22.668 billion, and 26.018 billion yuan from 2025 to 2027, with adjusted net profits of 3.338 billion, 3.920 billion, and 4.615 billion yuan respectively [3]