As far as competition is concerned, it remains relatively benign as the smaller operators/new entrants (e.g., Fliggy, Douyin) are still competing in the niche markets and they still believe it will take time for them to build up supply chain and customer service teams. Even though the company was able to deliver healthy EBIT margin 11 January 2026 | 1:26PM HKT Equity Research Tongcheng Travel Holdings (0780.HK): APAC Consumer & Leisure Corp Day — Key Takeaways: 4Q25 guidance met. Further scope for margin Si ...