Core Viewpoint - The company reported a revenue of 4.377 billion yuan in Q1 2025, representing a year-on-year increase of 13.2%, and an adjusted net profit of 788 million yuan, up 41.1% year-on-year, exceeding previous guidance [3]. Group 1: Revenue Breakdown - The core OTA business revenue grew steadily, reaching 3.792 billion yuan in Q1 2025, a year-on-year increase of 18.4% [4]. - Accommodation booking revenue was 1.190 billion yuan, up 23.3% year-on-year, driven by an increase in take rate and cross-selling rates [4]. - Transportation ticketing revenue reached 2.000 billion yuan, a 15.2% increase year-on-year, supported by enhanced value-added products and rapid international ticketing business growth [4]. - Other business revenue amounted to 603 million yuan, reflecting a 20.0% year-on-year increase, mainly from hotel management, advertising services, and attraction ticket services [4]. - Vacation revenue decreased to 585 million yuan, down 11.8% year-on-year, primarily due to safety concerns affecting outbound travel to Southeast Asia [4]. Group 2: Profitability and Efficiency - The company's gross margin reached 68.8%, an increase of 3.8 percentage points year-on-year, benefiting from revenue growth and economies of scale [5]. - The adjusted net profit margin was 18.0%, up 3.6 percentage points year-on-year, while the core OTA profit margin was 29.2%, reflecting a year-on-year increase of 6.6 percentage points [5]. - The sales expense ratio decreased to 33.2%, down 2.2 percentage points year-on-year, indicating improved operational efficiency through refined subsidy allocation and AI applications [5]. - The acquisition of Wanda Hotel Management is expected to enhance the company's high-end hotel management capabilities, potentially increasing revenue and profit in the future [5].