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Tongcheng Travel Holdings (780) investor relations material
Tongcheng Travel Holdings Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary18 Aug, 2025
Executive summary
Revenue grew 10.0% year-over-year to RMB4,669.4 million in Q2 2025 and 11.5% to RMB9,046.9 million for H1 2025, driven by robust demand, effective market strategies, and strong user engagement, with record accumulated travelers served at 1.99 billion.
Adjusted net profit reached RMB775.1 million for Q2 2025 (up 18.0% YoY) and RMB1,563.3 million for H1 2025 (up 28.6% YoY), with improved adjusted net margins of 16.6% and 17.3%.
Adjusted EBITDA rose 29.7% year-over-year to RMB1,185.2 million in Q2 2025 and 35.2% to RMB2,344.6 million for H1 2025, with margins improving to 25.4% and 25.9%.
User engagement remained strong, with average monthly paying users (MPUs) up 9.2% year-over-year to 46.4 million in Q2 and 46.5 million for H1, and over 87% of registered users from non-first-tier cities.
Continued expansion in lower-tier cities, focus on mass market, and technology adoption, including AI-powered itinerary planner DeepTrip.
Financial highlights
Q2 2025 revenue: RMB4,669.4 million (+10.0% YoY); H1 2025 revenue: RMB9,046.9 million (+11.5% YoY).
Q2 2025 adjusted EBITDA: RMB1,185.2 million (+29.7% YoY), margin 25.4%; H1 2025 adjusted EBITDA: RMB2,344.6 million (+35.2% YoY), margin 25.9%.
Q2 2025 adjusted net profit: RMB775.1 million (+18.0% YoY), margin 16.6%; H1 2025 adjusted net profit: RMB1,563.3 million (+28.6% YoY), margin 17.3%.
Core OTA business revenue grew 13.7% YoY in Q2 2025 to RMB4,007.8 million, led by accommodation (+15.2%) and transportation ticketing (+7.9%).
Basic EPS for H1 2025: RMB0.58; diluted EPS: RMB0.57.
Outlook and guidance
Management remains optimistic about China's travel industry, citing strong consumer demand, government support, and digitalization.
Plans to expand core OTA business, outbound travel, and hotel management, while maintaining focus on domestic market share and brand influence.
Outbound business expected to break even and turn profitable within the year, with continued rapid growth anticipated.
Focus on leveraging technology, including AI-powered tools, to improve operational efficiency and user experience.
No interim dividend declared for H1 2025.
Elaborate on domestic ADR drivers.
M&A plans beyond core OTA business?
Comment on outbound travel performance.
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Next Tongcheng Travel Holdings earnings date
Q3 202518 Nov, 2025
Next Tongcheng Travel Holdings earnings date
Q3 202518 Nov, 2025
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Frequently asked questions
Tongcheng Travel Holdings Limited is a Chinese online travel service provider that offers a range of travel-related services, including transportation ticketing, accommodation reservations, and vacation packages. The company primarily operates through its mobile app and website, allowing users to book flights, trains, buses, hotels, and other travel services. Tongcheng Travel leverages data analytics and AI to personalize recommendations and enhance user experience, catering to both individual travelers and corporate clients in China. The company is headquartered in Suzhou, China, and its shares are listed on the Hong Kong Stock Exchange.
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