TONGCHENGTRAVEL Forecasts Q4 Revenue of RMB4.57–4.844 Billion, Up 7.9%–14.3% YoY

Deep News12-09

1. What are TONGCHENGTRAVEL's Q4 performance expectations? As of December 9, 2025, according to quarterly performance forecast data: - Expected revenue: RMB4.57–4.844 billion, a year-on-year increase of 7.9%–14.3%. - Expected net profit: RMB415–795 million, up 18.3%–126.7% YoY. - Adjusted net profit forecast: RMB724–758 million, rising 9.6%–14.8% YoY. Investors should monitor whether actual results exceed expectations upon the official earnings release.

2. Latest analyst views on TONGCHENGTRAVEL **China Galaxy Securities** noted: - Q3 2025 results showed both revenue and net profit growth, with core OTA platform revenue up 14.9% and net profit attributable to shareholders rising 23.0%. - Accommodation bookings led industry growth, while transportation ticketing maintained steady expansion. Other businesses benefited from hotel management expansion. - User operations shifted focus to ARPU improvement, with proprietary app promotions driving record daily active users. - Profitability improved, with higher gross margins and lower expense ratios. Core OTA margins and adjusted net margins expanded.

**Business segment highlights**: 1) **Accommodation bookings**: Revenue reached RMB1.58 billion (+14.7% YoY), outperforming peers, driven by higher ADRs from increased 3-star+ hotel mix. 2) **Transportation ticketing**: Revenue hit RMB2.21 billion (+9.0% YoY), supported by international flights and ancillary products. 3) **Other businesses**: Revenue surged 34.9% to RMB820 million, primarily due to hotel management expansion, with Wanda Hotels’ consolidation expected to boost Q4 performance. 4) **Proprietary app**: Achieved record DAUs, with monetization efforts targeting higher ARPU.

**Guohai Securities** added: - Q3 revenue and adjusted net profit grew 10.4% and 17% YoY, respectively. - Core OTA revenue rose 15%, led by transportation and accommodation, with international flights and premium hotels contributing significantly. - Hotel management expanded to nearly 3,000 operating properties, plus 1,500 in pipeline. - Despite an 8% decline in vacation packages (impacted by Southeast Asia safety concerns), paying users grew steadily, especially in lower-tier cities. - The firm maintains a "Buy" rating, projecting sustained revenue and profit growth for 2025–2027.

**Risk warning**: The data or cases mentioned are for reference only and should not guide investment decisions. Market volatility, corporate performance, and policy changes may affect stock prices. Investors should assess risks independently.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment