Core Financial Performance - Tongcheng Travel (TC) reported total revenue of RMB5.5 billion for 3Q25, reflecting a 10.4% year-over-year increase, which was 1% better than forecasts [1] - Adjusted net profit (NP) reached RMB1.06 billion, up 16.5% YoY, exceeding forecasts by 4% and consensus by 2% [1] - The operating profit margin (OPM) of the core OTA business expanded to 31.2% in 3Q25, slightly ahead of the forecast [1] Core OTA Business Growth - The core OTA business generated revenue of RMB4.6 billion, accounting for 83.7% of total revenue, with a YoY growth of 14.9% [2] - Revenue growth in transportation ticketing services, accommodation reservation services, and other revenue was 9.0%, 14.7%, and 34.9% YoY, respectively [2] - The accumulated number of travelers served reached 2.0 billion by the end of September, marking a 7.3% YoY increase [2] 4Q25 Outlook - For 4Q25, total revenue is estimated at RMB4.76 billion, representing a 12.4% YoY increase, driven by a 17.4% growth in the core OTA segment [3] - The core OTA business is expected to see revenue growth of 8.3% for transportation ticketing, 14.6% for accommodation reservation, and 48.9% for other business [3] - An incremental revenue contribution of RMB170 million is anticipated from the consolidation of Wanda Hotel Management (WHM) starting October 2025 [3] Operating Profit Margin Expectations - The overall OPM for TC reached 21.1% in 3Q25, up from 19.6% in 3Q24, with the core OTA business OPM improving to 31.2% [4] - A stable OPM of 28.4% is forecasted for the core OTA business in 4Q25, despite increased marketing spend for user acquisition [4] - Non-GAAP net profit is expected to grow by 14.0% YoY to RMB752 million, translating into a non-GAAP net margin of 15.8% [4]