公司发布2025Q3 业绩，25Q3 实现收入55.09 亿元，同比+10.4%。 机构：中信建投证券 研究员：刘乐文/陈如练 核心观点 公司发布2025Q3 业绩，25Q3 实现收入55.09 亿元，同比+10.4%。 实现经调整净利润10.60 亿元，同比+16.5%。收入符合预期，利润表现优质。25Q3 经调整利润率 19.3%，同比+1.0pct。10 月中旬正式完成对万达酒管的收购。至25Q3 末公司年付费用户达到2.53 亿， 年累计服务人次突破20 亿，创历史新高。公司不断推进场景、业务、技术等环节的赋能，出境业务持 续向好，预计将持续受益行业心智的提升和业务模式拓展。 事件 用户规模稳步突破，行业心智稳定提升 截至25Q3 末，公司年付费用户达到2.53 亿，年累计服务人次突破20 亿，创历史新高。季度月均付费用 户4770 万也再创新高。 公司推出"新旅人公益计划2.0"，帮助产业链合作伙伴高质量发展。25Q3 公司MSCI ESG 评级升至最高 的AAA。交通业务端，公司"首乘无忧"服务人次环比增超300%，目前服务已覆盖25 个重要空港城市。 公司在哈尔滨、海口等城市设立近20 个会员服 ...

Core Insights - Tongcheng Travel reported a significant increase in annual paid users and service instances, reaching 253 million and over 2 billion respectively by the end of Q3 2025, marking a historical high [1] - The company achieved a revenue of 5.509 billion yuan in Q3 2025, reflecting a year-on-year growth of 10.4%, driven by the rising consumption potential of the mass tourism market [1][2] - The domestic tourism market continues to recover, with a notable trend towards diversified and experiential travel, supported by both outbound and inbound tourism growth [1][2] Revenue Growth - Transportation revenue grew by 9% year-on-year to 2.209 billion yuan, while accommodation revenue increased by 14.7% to 1.580 billion yuan in Q3 2025 [1] - The overall domestic travel expenditure reached 4.85 trillion yuan in the first three quarters of 2025, with rural residents' spending growing at a rate of 24%, significantly outpacing urban residents [2] Service Optimization - Tongcheng Travel launched the "First Flight Care" service targeting first-time flyers, which saw a more than 300% month-on-month increase in users in August [2] - The company enhanced user experience by integrating services like "Easy Security Check" into its WeChat mini-program and app, and established nearly 20 member service centers in various cities [2] Product Diversification - The company is expanding its product offerings and utilizing AI technology to provide personalized travel experiences, with its AI tool DeepTrip attracting millions of users [3] - The urban transportation service has expanded to cover over 100 cities, catering to everyday travel needs of regular travelers [2][3] Industry Transformation - The application of intelligent technology is accelerating changes in the tourism industry, with Tongcheng Travel forming strategic partnerships with over 20 airports to enhance the aviation supply chain [4] - The company is promoting digital upgrades in the accommodation sector through its platform, with nearly 3,000 hotels currently operational and 1,500 under construction [4] Strategic Acquisitions - Tongcheng Travel completed the acquisition of 100% equity in Wanda Hotel Management for 2.49 billion yuan, aiming to enhance its high-end brand offerings and align with its user base in lower-tier cities [5] - The CEO emphasized the ongoing growth potential in the mass tourism market and the commitment to enriching high-quality travel product offerings [5]

Core Insights - Tongcheng Travel reported a revenue of 5.509 billion yuan for Q3 2025, a year-on-year increase of 10.4%, and a net profit of 976 million yuan, up 23.1% year-on-year [2] - The company has seen significant growth in its user base, with annual paid users reaching 253 million and cumulative service users exceeding 2 billion, marking a historical high [2][4] Revenue Growth - Transportation business revenue grew by 9% to 2.209 billion yuan, while accommodation revenue increased by 14.7% to 1.580 billion yuan [2][4] - Other income segments saw a year-on-year increase of 34.9%, reaching 821 million yuan [5] User Engagement and Services - The number of annual paid users increased by 8.8%, and cumulative service users grew by 7.3% year-on-year [4][5] - The "First Flight Care" service saw a more than 300% increase in users in August 2025, covering 25 major airport cities [3] Market Trends - Non-first-tier cities are becoming the main drivers of tourism market growth, with rural residents' travel spending increasing by 24% year-on-year [3] - The overall domestic travel expenditure reached 4.85 trillion yuan in the first three quarters of 2025 [3] Strategic Partnerships and Innovations - Tongcheng Travel has established strategic partnerships with over 20 airports to enhance its service offerings and improve the travel experience [5] - The integration of AI technology has allowed for personalized travel experiences, with the AI tool DeepTrip attracting millions of users [4][5] CEO's Vision - The CEO emphasized the ongoing growth potential of the mass tourism market and the company's commitment to providing high-quality travel products while fostering sustainable industry development [6]

Core Insights - Tongcheng Travel reported a record high of 253 million annual paying users and over 2 billion cumulative service users by the end of Q3 2025, driven by the growing consumption potential of the general tourism market [1][4] - The company achieved a revenue of 5.509 billion yuan in Q3 2025, marking a year-on-year growth of 10.4%, with transportation and accommodation revenues growing by 9% and 14.7% respectively [1][4] - Tongcheng Travel's MSCI ESG rating improved to the highest level of AAA, placing it among the top 5% globally, reflecting its commitment to sustainable development [1][5][6] Revenue Growth - The revenue growth in Q3 2025 was significantly supported by the increasing travel expenditure of non-first-tier city residents, with domestic travel spending reaching 4.85 trillion yuan in the first three quarters of 2025 [2] - The transportation business revenue reached 2.209 billion yuan, while accommodation revenue was 1.58 billion yuan, both showing positive year-on-year growth [4] User Engagement and Services - The number of service users reached 2.019 billion, a year-on-year increase of 7.3%, and the daily active users of the Tongcheng Travel app hit a historical peak before the National Day holiday in 2025 [4] - The "First Flight Care" service saw a more than 300% increase in users in August 2025, indicating a strong demand for services catering to first-time flyers [2][3] Strategic Partnerships and Innovations - Tongcheng Travel has established strategic partnerships with over 20 airports, enhancing its service offerings and integrating airline and airport resources to improve travel convenience [5][6] - The company is leveraging AI technology to provide personalized travel experiences, with its AI tool DeepTrip attracting millions of users since its launch [3][6] Sustainable Development Initiatives - The "New Traveler Public Welfare Program 2.0" aims to empower small and medium-sized hotels through technology and marketing support, benefiting thousands of hotels [6] - Tongcheng Travel has been recognized for its sustainable practices, being included in the S&P Global Sustainable Development Yearbook for three consecutive years and receiving the "Best Progress in Industry" award [6]