Core Insights - The company reported Q2 2025 revenue of 4.669 billion yuan, a year-on-year increase of 10.0%, and an adjusted net profit of 775 million yuan, up 18.0% year-on-year [1] - The adjusted net profit margin reached 16.6%, an increase of 1.1 percentage points year-on-year, while the core OTA business profit margin was 26.7%, up 2.4 percentage points year-on-year [2] Business Performance - The core OTA business showed steady performance with revenue reaching 4.008 billion yuan, a year-on-year increase of 13.7% [1] - Accommodation booking revenue was 1.371 billion yuan, up 15.2% year-on-year, driven by new accommodation scenarios such as concerts and sports events, with daily room nights hitting a record high [1] - Transportation ticketing revenue reached 1.881 billion yuan, a year-on-year increase of 7.9%, supported by enhanced value-added services and a nearly 30% year-on-year growth in international ticket volume [1] - Other business revenue was 755 million yuan, up 27.5% year-on-year, primarily due to hotel management business growth [1] - Vacation revenue decreased by 8.0% year-on-year to 662 million yuan, mainly due to reduced income from Southeast Asia outbound travel groups [1] Profitability and Efficiency - The company's gross margin reached 65.0%, an increase of 0.4 percentage points year-on-year, with the adjusted net profit margin at 16.6% [2] - The core OTA business profit margin improved to 26.7%, reflecting enhanced operational efficiency and increased average revenue per user (ARPU) [2] - AI has processed over 60% of online accommodation booking inquiries and over 30% of phone inquiries, contributing to improved operational efficiency [2] Strategic Focus - The primary strategic focus is on enhancing domestic OTA market share and profit margins, with cautious investment in heavy asset sectors [2] - Q3 2025 core OTA revenue is expected to maintain double-digit year-on-year growth, benefiting from ADR increases and hotel management business development [2] Financial Forecast - The company maintains adjusted net profit forecasts of 3.381 billion yuan, 4.063 billion yuan, and 4.651 billion yuan for 2025-2027, with corresponding adjusted PE ratios of 13, 11, and 10 times [3]

Core Viewpoint - The company forecasts a 10% year-on-year revenue growth to 4.66 billion yuan in Q2 2025, with core OTA revenue expected to grow by 13% to 3.99 billion yuan, while the vacation business continues to face pressure [1][2] Group 1: Revenue Projections - The company anticipates Q2 2025 core OTA revenue growth of 13%, driven by better-than-expected performance in accommodation and other businesses, although transportation revenue growth is expected to be lower than previously anticipated due to industry impacts [1] - Hotel revenue is projected to grow by 14% year-on-year in Q2 2025, benefiting from a low base effect and improved commission rates, with expectations for accelerated growth in hotel night volume during peak seasons in the second half of the year [1] - The company has adjusted its full-year transportation revenue growth forecast to 10%, with Q2 2025 transportation revenue expected to grow by 9%, reflecting a slowdown in domestic flight volume growth [2] Group 2: Profitability and Cost Control - The company expects a Non-IFRS net profit of 750 million yuan in Q2 2025, supported by effective cost control and a reduction in expenses [1][2] - The full-year profit guidance has been raised to 3.3-3.4 billion yuan, up from the previous 3.2-3.4 billion yuan, indicating improved profit margins due to efficient cost management and anticipated profitability in international operations [2] - The company has increased its 2025 profit forecast by 2% to 3.3 billion yuan, maintaining a profit forecast of 3.9 billion yuan for 2026, with a target price of 23 HKD, reflecting a potential upside of 9% [2]

智通财经APP获悉，中金发布研报称，由于同程旅行(00780)公司有效控费，该行上调25年盈利预测2% 至33亿元，维持26年盈利预测39亿元。该行维持跑赢行业评级和目标价23港元(对应15x/12x 25e和26e Non-IFRS市盈率)，上行空间为9%，公司目前交易于14x/11x 25e/26e Non-IFRS P/E。2Q25该行预计集团 收入同增10%至46.6亿元;其中，核心OTA收入同增13%至39.9亿元，预期2Q25 Non-IFRS净利润为7.5亿 元。 其他：受酒店管理业务和PMS收入增长驱动，该行预计其他业务收入同比增长24%，此外公司预计下半 年其他业务收入增长有望加速。 有效控费，国际业务全年有望盈亏平衡，上调全年利润指引 受益于核心OTA降本增效，该行预计2Q25公司Non-IFRS净利润7.5亿元。此外，考虑到国际业务下半年 有望逐步释放利润，以及集团高效的费控，公司上调集团全年利润指引至33-34亿元(此前为32-34亿 元)，利润率水平进一步优化。 酒店：公司预计2Q25间夜同增高单个位数，符合此前指引，且平台ADR同比低单个位数提升，好于行 业整体表现。此外，受益于用 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HK$24.00, representing a potential upside of 17.1% from the current price of HK$20.50 [5]. Core Insights - The company reported a strong performance in Q1 2025, with total revenue of RMB 4.4 billion, a year-on-year increase of 13%, exceeding both the report's and Bloomberg's expectations by 0.7% and 0.9% respectively. Adjusted net profit reached RMB 788 million, up 41% year-on-year, also surpassing forecasts [1][2]. - The core OTA business revenue was RMB 3.8 billion, accounting for 86.6% of total revenue, with a year-on-year growth of 18.4%, driven by strong performance in transportation ticketing and other services [2]. - The report anticipates stable growth in profits for the full year, with a projected 25% increase in operating profit and an 18% rise in non-GAAP net profit for the core OTA business in 2025 [1]. Summary by Sections Q1 2025 Performance - Total revenue was RMB 4.4 billion, a 13% increase year-on-year, with adjusted net profit at RMB 788 million, reflecting a 41% growth [1]. - The core OTA business saw revenue of RMB 3.8 billion, up 18.4% year-on-year, driven by growth in transportation ticketing and accommodation services [2]. Q2 2025 Outlook - For Q2 2025, total revenue is expected to reach RMB 4.7 billion, a 10% year-on-year increase, with core OTA revenue projected to grow by 13% [3]. - The report notes that while core OTA revenue growth may slow due to seasonal factors, a recovery is anticipated in the second half of the year [3]. Profitability and Margins - The overall operating margin improved to 18.7% in Q1 2025, up from 11.8% in Q1 2024, with the core OTA business margin expanding to 29.2% [4]. - The report predicts continued expansion of the core OTA's non-GAAP operating margin to 25.5% in Q2 2025, supported by healthy revenue growth and optimized sales and marketing expenses [4]. Financial Projections - Revenue projections for 2025-2027 have been slightly adjusted downwards by 2%, while non-GAAP net profit expectations remain largely unchanged [1][12]. - The company is expected to achieve total revenues of RMB 19.5 billion in 2025, with a year-on-year growth rate of 12.4% [10].