Core Insights - Tongcheng Travel reported strong mid-year performance with revenue reaching 9.05 billion yuan, an increase of 11.5% year-on-year [1] - Adjusted EBITDA for the first half of 2025 was 2.34 billion yuan, reflecting a growth of 35.2% compared to the previous year [1] - The adjusted net profit stood at 1.56 billion yuan [1] User Growth - As of the end of Q2, Tongcheng Travel served 1.99 billion users cumulatively, marking a 7.2% increase year-on-year [1] - The number of paying users reached 252 million, setting a new historical high [1] Business Segment Performance - Accommodation revenue grew by 18.8% year-on-year, totaling 2.56 billion yuan [1] - The company capitalized on new booking scenarios such as weekend getaways and events, achieving record daily room nights [1] - Transportation revenue also saw an 11.6% increase, reaching 3.88 billion yuan, with international flight bookings growing nearly 30% in Q2 [1][2] International Business Growth - International ticket volume in Q2 increased by nearly 30%, driven by relaxed outbound travel policies and rising consumer demand for cross-border travel [2] - Other revenue, including online vacation services, reached 1.36 billion yuan, up 24.1% year-on-year, indicating a shift in user travel preferences towards more diverse experiences [2] Market Trends - Domestic tourism showed robust growth, with 3.285 billion trips taken by residents in the first half of 2025, a 20.6% increase [2] - The average revenue per user (ARPU) grew by 13.8%, and the number of paid Black Whale members increased by 24%, indicating enhanced consumer spending willingness [2] Demographic Insights - Over 87% of registered users on Tongcheng Travel's platform are from non-first-tier cities, highlighting a shift in travel consumption patterns [2]