2025年12月19日，同程旅行发布了《2025年度旅行榜》。基于平台超2.5亿年消费用户的旅行数据，同 程旅行发布了2025年大众旅行消费的热门出行线路榜、热门县级目的地榜、出境游热门目的地榜以及 AI互动热门城市榜等年度榜单。 2025年大众旅游需求旺盛，呈现出"走得更远，频次更高，品质升级"的趋势，尤其是非一线城市的旅行 消费升级趋势明显。同程旅行数据显示，2025年度，国内1200公里以上的出行需求增长强劲。部分热门 航线的客均出行频次超过4.6次，其中，西安与榆林之间的航线以客均5.3次的出行频次成为全年最繁忙 的支线航线。新疆、青海、西藏、四川等西部地区热门目的地的过夜游客增速、单次停留时长等指标表 现出色。2025年度，县域旅游继续升温，来自新疆、青海、内蒙古、云南等地的县级旅游目的地登上年 度"奔县游"榜单。出境游热门目的地主要集中于东南亚等"5小时飞行圈"和"免签朋友圈"，马来西亚、 新加坡等上榜2025年度前十大出境游热门目的地，比利时、西班牙、意大利等以较快的客流量增幅登上 热度飙升榜前十名。 2025国内长线出行榜北上广至川藏航线热度居首，西安往返榆林入选最繁忙支线航线 2025年度国 ...

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 paid users, surpassing 250 million, driven by a booming summer travel market and diverse consumer demands [1][3] - The company has successfully penetrated lower-tier markets, with over 87% of registered users coming from non-first-tier cities, differentiating its growth strategy from competitors [3][4] User Growth and Market Strategy - As of September 30, 2025, Tongcheng Travel's annual paid users reached 253 million, an 8.8% year-on-year increase, with monthly paid users rising to 47.7 million [1] - The company has focused on a comprehensive strategy that includes traffic acquisition, product design, and ecosystem development to tap into the vast lower-tier market [3] Product Innovation and Service Expansion - Tongcheng Travel has introduced services like "First Trip Worry-Free," which saw a 241% quarter-on-quarter increase in first-time air travelers in Q2 2025, and has expanded its offerings to over 25 major airports [4] - The "City Pass" service integrates daily commuting with travel needs, covering over 100 cities, enhancing user engagement and market presence [4] Financial Performance - In Q3 2025, Tongcheng's accommodation revenue grew by 14.7% year-on-year to 1.579 billion yuan, with daily room nights reaching a historical high [4] - The average revenue per user (ARPU) increased by 6.3% year-on-year in Q3 2025, showing a more than 50% rise compared to 2019 [4] Technological Advancements - The introduction of AI tools, including the AI itinerary planner DeepTrip, has significantly improved order volume and customer satisfaction [5][7] - The company has seen a 34.9% year-on-year increase in other business revenues, largely due to strong performance in hotel management [7] Hotel Management and Acquisitions - Tongcheng's hotel management segment is expanding, with nearly 3,000 hotels currently operating and 1,500 more in preparation [7] - The acquisition of Wanda Hotel Management in October added 239 high-end hotels to Tongcheng's portfolio, enhancing its market position in the upscale hotel sector [7] Outlook on International Travel - The company remains optimistic about the long-term growth of outbound tourism, citing simplified visa policies and the recovery of international flight capacity as positive indicators [7]

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 - Hangzhou Airport achieved record transportation data during the National Day holiday, with a total of 1.217 million passengers and 7,596 flights from October 1 to 8, marking year-on-year increases of 1.7% and 2.4% respectively [1][2] - October 1 was the peak travel day, with passenger volume reaching 157,000, setting a new single-day record for the National Day holiday [1] Group 1: Passenger and Flight Data - Total passengers transported during the holiday period was 1.217 million [1] - Total flights operated during the same period was 7,596 [1] - Year-on-year growth in passenger numbers was 1.7% and in flight numbers was 2.4% [1] Group 2: Route and Service Enhancements - New routes were introduced, including "Hangzhou-Vientiane" and "Hangzhou-Jakarta," along with increased frequency on popular international routes such as Singapore and Kuala Lumpur [2] - To manage high passenger volumes, additional check-in counters and security channels were established during peak hours [2] - The airport provided special services for first-time flyers, including assistance with boarding and security checks [2] Group 3: Special Initiatives - A limited edition boarding pass was launched to enhance the festive experience, featuring designs inspired by West Lake and National Day greetings [2] - Improvements were made to the visibility of key travel information on boarding passes to aid passenger navigation [2]

Core Insights - Tongcheng Travel has experienced a significant growth period due to structural changes in the domestic tourism market, particularly in non-first-tier cities, leading to a revenue increase of 11.5% year-on-year to 9.05 billion yuan in the first half of 2025 [2] - The company reported an adjusted EBITDA of 2.34 billion yuan, reflecting a 35.2% increase, and an adjusted net profit of 1.56 billion yuan [2] Revenue Growth - In the first half of 2025, Tongcheng Travel's accommodation business revenue grew by 18.8% year-on-year, reaching 2.56 billion yuan, driven by an increase in demand for quality accommodations [3] - The transportation ticketing service revenue rose by 7.9% year-on-year to 1.88 billion yuan in Q2 2025, with international ticket sales reaching a historical high, growing nearly 30% [4][5] User Engagement and Market Penetration - As of the end of Q2 2025, Tongcheng Travel's cumulative service users reached 1.99 billion, a 7.2% increase year-on-year, with over 87% of registered users coming from non-first-tier cities [6][7] - The company has expanded its service offerings to include a variety of transportation options, enhancing user engagement and satisfaction [7] Diverse Travel Demand - The demand for travel services has diversified, with a notable increase in leisure travel and experiences among users from non-first-tier cities, contributing to a 24.1% year-on-year growth in other revenues, reaching 1.36 billion yuan [8] - The introduction of innovative services such as "dynamic packaging" and "multi-modal transport combinations" has made travel more cost-effective for users [10]

Core Insights - Tongcheng Travel reported a revenue of 9.05 billion yuan for the first half of 2025, marking an 11.5% year-on-year increase, with adjusted EBITDA reaching 2.34 billion yuan, up 35.2% [1][6] - The company has seen a significant increase in user engagement, with cumulative service users reaching 1.99 billion, a 7.2% increase year-on-year [1][4] Revenue Growth - The accommodation segment experienced an 18.8% year-on-year growth, generating 2.56 billion yuan, indicating a rising demand for high-quality lodging [3][6] - Transportation revenue grew by 11.6% year-on-year to 3.88 billion yuan, with a notable 241% quarter-on-quarter increase in first-time airline users [3][6] User Demographics - Over 87% of registered users on Tongcheng Travel's platform are from non-first-tier cities, highlighting the growing importance of this demographic in travel consumption [4][8] - The number of paid users reached a new high of 252 million by the end of Q2 2025, reflecting increased travel frequency among users [4] Service Expansion - Tongcheng Travel has diversified its service offerings to include various transportation options, enhancing user experience and increasing customer loyalty [5][6] - The introduction of innovative travel solutions, such as multi-modal transport options, has contributed to a 24% year-on-year growth in other revenue streams, totaling 1.36 billion yuan [3][8] Market Trends - The domestic tourism market is thriving, with total spending by residents reaching 3.15 trillion yuan in the first half of 2025, indicating a robust recovery and growth in the tourism sector [6][8] - There is a shift in consumer preferences towards leisure travel and international experiences, with a nearly 30% year-on-year increase in international ticket sales [8]

Core Insights - Tongcheng Travel reported a revenue of 9.05 billion yuan for the first half of 2025, marking an 11.5% year-on-year increase, with adjusted EBITDA reaching 2.34 billion yuan, up 35.2% [1] - The company has seen a significant increase in user engagement, with 87% of registered users coming from non-first-tier cities, and annual paid users reaching a record high of 252 million [2][4] - The demand for high-quality accommodation has surged, with accommodation revenue hitting 2.56 billion yuan, a growth of 18.8% year-on-year, driven by increased bookings for mid-range and high-end hotels [4][5] Financial Performance - In the first half of 2025, Tongcheng Travel achieved an adjusted net profit of 1.56 billion yuan, with average revenue per user (ARPU) increasing by 13.8% compared to the same period last year [4] - The transportation segment experienced an 11.6% year-on-year growth, generating 3.88 billion yuan in revenue [3] User Engagement and Trends - The number of first-time airline passengers using Tongcheng Travel increased by 241% quarter-on-quarter in Q2 2025, indicating a growing trend in air travel among new users [4] - The company has diversified its offerings to meet the evolving travel needs of users, with a 24.1% increase in revenue from online vacation services, reaching 1.36 billion yuan [5] Market Dynamics - The domestic tourism market is thriving, with Chinese residents spending 3.15 trillion yuan on travel in the first half of 2025, reflecting a robust recovery in the tourism industry [4] - Non-first-tier city residents are becoming the main force in travel consumption, showing a shift in market dynamics towards these demographics [2][5]

Core Insights - Tongcheng Travel reported a revenue of 9.05 billion yuan for the first half of 2025, marking an 11.5% year-on-year increase, with adjusted EBITDA reaching 2.34 billion yuan, up 35.2% [1] - The company has seen a significant increase in service users, with a total of 1.99 billion users served in the first half of 2025, reflecting a 7.2% growth [1][3] - The demand for high-quality travel experiences is rising, particularly in non-first-tier cities, leading to a notable increase in accommodation and transportation revenues [1][5] Revenue Breakdown - Accommodation revenue grew by 18.8% year-on-year, reaching 2.56 billion yuan, driven by increased demand for high-quality lodging [1][5] - Transportation revenue also saw an 11.6% increase, totaling 3.88 billion yuan, with a remarkable 241% quarter-on-quarter growth in first-time airline users [1][6] - Other income, including online vacation services, reached 1.36 billion yuan, up 24.1% year-on-year, indicating a shift from essential travel to leisure and vacation travel [2][6] User Demographics and Behavior - Over 87% of registered users on Tongcheng Travel's platform are from non-first-tier cities, highlighting the growing importance of this demographic in the travel market [3] - The number of paying users reached a record high of 252 million, with increased travel frequency among users [3] - The average revenue per user (ARPU) increased by 13.8% year-on-year, reflecting the rising value of users to the company [5] Market Trends - The domestic tourism market is thriving, with residents spending 3.15 trillion yuan on travel in the first half of 2025, contributing to the overall growth of the tourism industry [5] - There is a noticeable shift in travel preferences, with users increasingly seeking unique experiences and international travel options [6] - The CEO of Tongcheng Travel expressed optimism about the long-term growth potential of the mass tourism market, emphasizing the company's commitment to enhancing product quality and service [6]

Core Viewpoint - The strategic partnership between Xi'an Xianyang International Airport Co., Ltd. and Tongcheng Travel aims to enhance the airport's operational quality and expand its market presence through innovative travel products and services [3][4]. Group 1: Strategic Cooperation - Xi'an Xianyang International Airport and Tongcheng Travel have maintained close collaboration in areas such as transfer product development, service quality upgrades, and joint marketing efforts [3]. - The upgraded strategic cooperation is expected to inject new momentum into the airport's main business development [3]. Group 2: Innovative Products - The two companies jointly launched four categories of eleven innovative products, including the "Once Transfer, One Free Segment" product, which offers travelers a free segment when purchasing designated connecting tickets through Tongcheng Travel [4]. - The "Ticket + Museum" travel integration product allows travelers to book tickets and enjoy a one-click reservation for the West Airport Museum ticket located in the T5 terminal of Xi'an Xianyang International Airport [4]. Group 3: New Route Announcement - The Xi'an to Chimkent route was officially announced, set to be operated by SCAT Airlines starting July 3, 2025, with two flights per week [5]. - This route enhances Xi'an Xianyang International Airport's role as a "composite international aviation hub" and strengthens its connectivity with Central Asia [5]. - The airport has opened or restored 54 international passenger routes, covering seven cities in five Central Asian countries, facilitating economic and cultural exchanges along the "Air Silk Road" [5].