截至2025年中报，同程旅行营业总收入90.47亿元、净利润13.11亿元。 8月18日，2025财年中报归属股东应占溢利13.11亿人民币，同比增长57.86%，基本每股收益0.58人民 币。 同程旅行控股有限公司是中国在线旅游行业的创新者和市场领导者，提供包括交通、住宿、景点门票预 订及各种配套增值旅游产品及服务的一站式解决方案。公司通过线上平台提供全面创新产品和服务，并 利用大数据和人工智能能力，提供个性化的产品和服务，深入布局中国下沉市场，并致力于从在线旅游 平台转型为智能出行管家。 8月19日，同程旅行(00780)盘中上涨4.98%，截至10:05，报20.64元/股，成交3.48亿元。 作者：行情君 本文源自：金融界 ...

Core Points - Severe flooding disasters have occurred in Inner Mongolia, particularly in cities like Hohhot, Baotou, and Ulanqab, resulting in significant casualties and property damage [1] - The National Disaster Reduction Committee has activated a level four emergency response for disaster relief on August 7 [1] - The National Development and Reform Commission has allocated 80 million yuan (approximately 11.2 million USD) for emergency recovery efforts in Inner Mongolia, focusing on restoring damaged infrastructure such as water conservancy, transportation, and schools [1]

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].