财报数据显示，截至9月30日，同程旅行年付费用户达到2.53亿，同比增长8.8%。与此同时，月付费用户数增至4770万， 过去十二个月累计服务人次突破20亿。 又一家互联网企业交出了一份成绩单。11月25日，同程旅行发布的2025三季度财报显示，这家在线旅游平台一年服务的 付费用户突破2.5亿大关。 自2018年同程与艺龙合并后，同程便重点投入微信小程序。借助微信的庞大用户基础和"九宫格"入口，以较低成本触达 了大量非一线城市用户。除了微信生态，同程旅行还在兴趣电商、线下服务等多渠道布局，触达更广泛的大众人群。例 如，其会员服务中心覆盖哈尔滨、海口等城市，已上线的"易安检"服务接入了41家重点机场。 "暑期旅游市场的火爆超出了我们预期，"同程旅行在财报中表示，"家庭游、毕业旅行、研学游等多元需求集中爆发，为 我们带来了可观的增长。"这份财报背后，藏着同程旅行怎样的增长密码？ 年付费用户突破2.5亿，靠的是什么？ 亮眼的用户数据背后，是同程这几年在大众市场深耕的结果。据悉，同程旅行超过87%的注册用户来自非一线城市，微 信平台上超过70%的新付费用户也来自这些地区，构成了其庞大的用户基本盘。这意味着，当OTA同 ...

Core Viewpoint - The company reported a revenue of 4.669 billion yuan in Q2 2025, representing a year-on-year increase of 10.0%, and an adjusted net profit of 775 million yuan, up 18.0% year-on-year [1][2] Financial Performance - The adjusted EBITDA for Q2 2025 was 1.185 billion yuan, a year-on-year increase of 29.7%, with an adjusted EBITDA margin of 25.4%, up 3.9 percentage points year-on-year [1][2] - The gross profit margin for Q2 2025 was 65.0%, an increase of 0.4 percentage points year-on-year, and the adjusted net profit margin was 16.6%, up 1.1 percentage points year-on-year [1][2] Revenue Breakdown - Revenue from accommodation booking services was 1.371 billion yuan, up 15.2% year-on-year, while transportation ticketing services generated 1.881 billion yuan, an increase of 7.9% year-on-year [2] - Other business revenue reached 755 million yuan, a year-on-year increase of 27.5%, while vacation business revenue was 662 million yuan, down 8.0% year-on-year, with the decline narrowing compared to Q1 2025 [2] User Metrics - The cumulative number of service users reached 1.99 billion, a year-on-year increase of 7.2%, with annual paid users hitting a record high of 252 million [2] - The average revenue per user (ARPU) for the first half of 2025 increased by 13.8% year-on-year, and the number of paid "Black Whale" members grew by 24% year-on-year [2] Business Development - The company's hotel management business is growing rapidly, with over 2,700 hotels under the "Elong" brand, and plans to acquire Wanda's hotel management business to enhance its high-end hotel brand matrix [2] - The company is expanding its services into niche markets, with a significant increase in transfer passenger flow at regional airports and a strong growth in first-time users of air travel services [2] - The company's self-owned app maintained strong growth in daily active users, reaching a historical high before the May Day holiday, and increased investment in social media to attract younger, experience-focused users [2] Investment Outlook - The company is expected to achieve a net profit of 2.6 billion yuan, 3.08 billion yuan, and 3.59 billion yuan from 2025 to 2027, with adjusted net profits of 3.32 billion yuan, 3.71 billion yuan, and 4.22 billion yuan for the same period [3] - The current stock price corresponds to a price-to-earnings (PE) ratio of 17X, 15X, and 13X for net profit, and 14X, 12X, and 11X for adjusted net profit for the years 2025 to 2027 [3]

Core Insights - The company reported Q2 revenue of 4.669 billion yuan, a year-on-year increase of 10.0%, significantly slowing from 48.1% in the same period last year [1][4] - Adjusted EBITDA margin improved to 25.4% from 21.5% year-on-year, while adjusted net profit margin rose to 16.6% from 15.5% [2][4] - The company remains optimistic about the outbound travel market despite a decline in revenue from Southeast Asia due to safety concerns [3] Business Performance - The accommodation booking segment showed resilience with a revenue increase of 15.2% to 1.371 billion yuan, attributed to steady business growth and improved monetization [2][4] - The transportation ticketing business experienced a slowdown, with revenue growth dropping to 7.9%, although international ticket sales reached a historical high with nearly 30% year-on-year growth [2][4] - The vacation business saw a revenue decline of 8.0% to 662 million yuan, primarily due to ongoing safety issues in Southeast Asia [2][4] Operational Efficiency - The company achieved strong operating cash flow of 3.035 billion yuan in the first half of the year, indicating robust cash generation capabilities [2] - The adjusted EBITDA for the first half reached 2.34 billion yuan, a year-on-year increase of 35.2% [1][2] - The company is focusing on high-value users and expanding its presence in lower-tier cities to enhance market share and monetization [3] Technological Advancements - The introduction of the AI-powered itinerary planning tool, DeepTrip, aims to enhance user experience and operational efficiency by optimizing service processes and resource matching [3] - The hotel management platform operates over 2,700 hotels, with an additional 1,500 in preparation, reflecting a continued light-asset expansion strategy [3]