Core Viewpoint - The company reported a strong performance in Q3 2025, with revenue of 5.509 billion yuan, a year-on-year increase of 10.4%, and an adjusted net profit of 1.060 billion yuan, up 16.5% year-on-year [1] Business Performance Summary - The core OTA business showed robust growth, with Q3 revenue reaching 4.609 billion yuan, a year-on-year increase of 14.9% [1] - Accommodation booking revenue for Q3 was 1.579 billion yuan, up 14.7% year-on-year, driven by strong summer demand and an increase in high-quality hotel bookings [1] - Transportation ticketing revenue reached 2.209 billion yuan, a 9.0% year-on-year increase, supported by the growth in international ticket sales, which accounted for 6% of total transportation revenue, up 2.0 percentage points [1] - Other business revenue grew significantly to 0.821 billion yuan, a 34.9% year-on-year increase, primarily due to strong performance in hotel management [1] - Vacation revenue for Q3 was 0.900 billion yuan, down 8.0% year-on-year, mainly due to ongoing safety concerns regarding travel to Southeast Asia [1] Profitability and Efficiency - The company's gross margin reached 65.7%, an increase of 2.3 percentage points year-on-year, while the adjusted net profit margin was 19.2%, up 1.0 percentage point [1] - Profitability improvements were attributed to the positive effects of revenue scale and the application of AI to enhance operational efficiency, with the AI trip planning tool DeepTrip attracting millions of users [1] - As of September 30, the company had 253 million annual paying users, an increase of 8.8% year-on-year, with over 87% of registered users residing in non-first-tier cities [1] Future Outlook - For Q4 2025, the core OTA revenue is expected to maintain double-digit year-on-year growth, with other business revenue likely to be driven by hotel management [1] - Accommodation revenue is projected to sustain double-digit growth, while transportation revenue is expected to grow in single digits, and vacation business may continue to face challenges [1] Financial Forecast and Valuation - The adjusted net profit forecasts for 2025-2027 are 3.368 billion yuan, 4.044 billion yuan, and 4.667 billion yuan, respectively, with the current stock price corresponding to adjusted PE ratios of 14, 12, and 10 times for the same years [1] - The company maintains a "buy" rating based on its performance and growth prospects [1]

Core Viewpoint - The company reported a strong performance in Q3 2025, with revenue of 5.509 billion yuan, a year-on-year increase of 10.4%, and an adjusted net profit of 1.060 billion yuan, up 16.5% year-on-year [4]. Group 1: Business Performance - The core OTA business achieved revenue of 4.609 billion yuan in Q3 2025, reflecting a year-on-year growth of 14.9% [5]. - Accommodation booking revenue reached 1.579 billion yuan, up 14.7% year-on-year, driven by strong summer demand and an increase in high-quality hotel bookings [5]. - Transportation ticketing revenue was 2.209 billion yuan, a 9.0% increase year-on-year, supported by the growth in international ticket sales [5]. - Other business revenue surged to 0.821 billion yuan, marking a 34.9% increase, primarily due to strong performance in hotel management [5]. - Vacation revenue decreased to 0.900 billion yuan, down 8.0% year-on-year, attributed to ongoing safety concerns regarding travel to Southeast Asia [5]. Group 2: Profitability and Efficiency - The company's gross margin reached 65.7%, an increase of 2.3 percentage points year-on-year, while the adjusted net profit margin was 19.2%, up 1.0 percentage point [6]. - Profitability improvements were driven by revenue scale effects and the application of AI technologies, enhancing operational efficiency and customer experience [6]. - The number of annual paying users reached 253 million, an increase of 8.8% year-on-year, with over 87% of registered users residing in non-first-tier cities [6]. - The international and hotel management businesses are expected to contribute more profits in 2026, with the international business projected to break even [6]. Group 3: Future Outlook - The company anticipates that Q4 2025 core OTA revenue will maintain double-digit year-on-year growth, with other business revenue driven by hotel management continuing to grow [7]. - Accommodation revenue is expected to sustain double-digit growth, while transportation revenue is projected to grow in single digits, and vacation business may face continued pressure [7].

Core Insights - The report maintains a "Buy" rating for Tongcheng Travel (00780), highlighting robust performance in Q3 with double-digit growth in both revenue and adjusted net profit, driven by strong core OTA business performance [1] Group 1: Financial Performance - In Q3 2025, Tongcheng Travel achieved revenue of 5.509 billion yuan, a year-on-year increase of 10.4%, and an adjusted net profit of 1.060 billion yuan, up 16.5% year-on-year, with an adjusted net profit margin of 19.2%, an increase of 1.0 percentage points [1] - The core OTA business revenue reached 4.609 billion yuan in Q3 2025, reflecting a year-on-year growth of 14.9% [2] Group 2: Business Segments - Q3 2025 revenue from accommodation bookings was 1.579 billion yuan, up 14.7% year-on-year, driven by strong summer demand and an increase in high-quality hotel bookings [2] - Transportation ticketing revenue was 2.209 billion yuan, a year-on-year increase of 9.0%, with international ticketing contributing 6% to total transportation revenue, up 2.0 percentage points year-on-year [2] - Other business revenue reached 821 million yuan, a significant year-on-year increase of 34.9%, primarily due to strong performance in hotel management [2] Group 3: Profitability and Efficiency - The gross margin for Q3 2025 was 65.7%, an increase of 2.3 percentage points year-on-year, while the adjusted net profit margin was 19.2%, up 1.0 percentage points year-on-year [3] - The company is leveraging AI technology to enhance operational efficiency, with the AI trip planning tool DeepTrip attracting millions of users [3] - As of September 30, 2025, the number of annual paying users reached 253 million, a year-on-year increase of 8.8%, with over 87% of registered users residing in non-first-tier cities [3] Group 4: Future Outlook - For Q4 2025, the company expects core OTA business revenue to maintain double-digit year-on-year growth, with other business revenue driven by hotel management expected to remain high [4]

Core Insights - The report from Everbright Securities maintains a "Buy" rating for Tongcheng Travel (00780), highlighting robust performance in Q3 with double-digit growth in both revenue and adjusted net profit, driven by strong performance in the core OTA business, particularly in international ticketing and hotel management [1] Financial Performance - In Q3 2025, Tongcheng Travel achieved revenue of 5.509 billion yuan, a year-on-year increase of 10.4%; adjusted net profit reached 1.060 billion yuan, up 16.5% year-on-year; the adjusted net profit margin was 19.2%, an increase of 1.0 percentage points year-on-year [1] - The core OTA business revenue reached 4.609 billion yuan in Q3 2025, reflecting a year-on-year growth of 14.9% [2] Business Segmentation - Accommodation booking revenue in Q3 2025 was 1.579 billion yuan, up 14.7% year-on-year, driven by strong summer demand and an increase in high-quality hotel bookings [2] - Transportation ticketing revenue was 2.209 billion yuan, a 9.0% year-on-year increase, supported by the growth in international ticketing, which accounted for 6% of total transportation revenue, up 2.0 percentage points year-on-year [2] - Other business revenue reached 821 million yuan, a significant increase of 34.9% year-on-year, primarily due to strong performance in hotel management [2] Profitability and Efficiency - The gross margin for Q3 2025 was 65.7%, an increase of 2.3 percentage points year-on-year; the adjusted net profit margin was 19.2%, up 1.0 percentage points year-on-year [3] - The company is leveraging AI technology to enhance operational efficiency, with the AI trip planning tool DeepTrip attracting millions of users [3] - As of September 30, 2025, the number of annual paying users reached 253 million, an increase of 8.8% year-on-year, with over 87% of registered users residing in non-first-tier cities [3] Future Outlook - For Q4 2025, the core OTA business is expected to maintain double-digit year-on-year revenue growth, with other business revenues likely to be driven by hotel management [4]

2025 年 11 月 27 日 公司研究 25Q3 盈利能力持续增长，国际业务与酒管业务表现亮眼 ——同程旅行（0780.HK）2025 年三季度业绩点评 要点 事件：公司发布 25Q3 业绩公告，25Q3 实现营收 55.09 亿元，同比+10.4%；实 现经调整净利润 10.60 亿元，同比+16.5%；经调整净利润率 19.2%，同比 +1.0pcts。 点评： 25Q3 核心 OTA 业务稳健增长，国际业务与酒店管理业务表现亮眼：25Q3 公司 核心 OTA 业务营收达到 46.09 亿元，同比+14.9%。分业务板块：1）25Q3 住宿 预订营收达到 15.79 亿元，同比+14.7%，主要系暑期旺季需求稳健，日均间夜 量创历史新高，同时公司重点满足用户对高品质酒店的需求，推动了平台上高品 质酒店预订量同比提升，ADR 亦持续改善。2）25Q3 交通票务营收达到 22.09 亿元，同比+9.0%。主要系公司持续丰富增值产品与服务，且国际机票业务保持 快速增长（25Q3 国际机票业务营收占交通票务总收入比例达 6%，同比提升 2.0pcts）。3）25Q3 其他业务营收达到 8.21 亿元，同比+3 ...