Tongcheng Travel Holdings Limited · HKEX:780
Tongcheng Travel — Tongcheng Travl Hldgs — Q3 2025 Earnings Presentation
26 slides from Tongcheng Travel's earnings presentation, Nov 25, 2025
Slide 1: Investor Presentation
Tongcheng Travel Holdings Limited Stock Code: 0780 Investor Presentation November 2025
Slide 2: Disclaimer
Disclaimer The materials used in this investors presentation are being furnished to you for your information only, which shall be kept in strict confidence. No representation or warranty, express or implied, is made by Tongcheng Travel Holdings Limited (the “Company”) or its connected person, or any
Slide 3: Agenda
Agenda 1 3Q2025 Review 2 Business Highlights and Updates 3 Financial Highlights 3
Slide 4: 3Q2025 Review
Section 1 3Q2025 Review
Slide 5: 3Q2025 Review – Operating Metrics
3Q2025 Review – Operating Metrics APU(1) 8.8% YoY Growth 252.9MM Record High MPU 2.8% YoY Growth 47.7MM Record High Accumulated Number of Travelers Served(2) 7.3% YoY Growth 2,019.4MM Record High 5 Notes 1. Paying users in the twelve-month period ended September 30, 2025 2. Cumulative number of pass
Slide 6: 3Q2025 Review – Financial Metrics
3Q2025 Review – Financial Metrics Total Revenue 10.4% RMB 5.5Bn YoY Growth Core OTA Revenue Tourism Revenue 14.9% RMB 4.6Bn YoY Growth RMB 900.3MM 31.2% Core OTA Operating Profit Tourism Operating Profit Margin 1.4% RMB 1.4Bn RMB 12.4MM Margin +10 bps YoY Margin Growth 27.4% 19.2% Adjusted EBITDA(1)
Slide 7: Business Highlights and Updates
Section 2 Business Highlights and Updates
Slide 8: Business Highlights and Growth Strategy
Business Highlights and Growth Strategy Mass Market Strengthened position in China’s mass market User Base Extensive user base with diversified traffic sources User Engagement Effective user engagement and improved user value Data & Technology Continuously refined technological capabilities Business
Slide 9: Strengthened Position in China’s Mass Market
1 Strengthened Position in China’s Mass Market Promising Demographic Feature 87%+ 70%+ of registered users of new paying from non-first-tier Weixin users from cities in China (1) non-first-tier cities in China(2) The great migration to internet has The resilience and vitality of mass Residents in no
Slide 10: Extensive User Base with Diversified Traffic Sources
2 Extensive User Base with Diversified Traffic Sources Average MPUs MM Record High 50 70.0% 61.7% 47.7 54.3% 46.4 46.5 46.4 45 44.2 50.0% 42.2 42.6 42.5 41.4 41.0 40 30.0% 30.5% 37.5 20.1% 9.3% 9.2% 9.2% 35 2.9% 5.0% 2.8% 10.0% 0.7% 30 -10.0% 25 -30.0% 20 -50.0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2023
Slide 11: Expanded User Base through Multiple Channels
2 Expanded User Base through Multiple Channels Standalone Apps Cooperation with Handset Vendors Creative content on social media platforms Cultivate high-value users Provide convenient access for users Boost user engagement and stickiness 11
Slide 12: Stable Cooperation with Weixin
2 Stable Cooperation with Weixin We Direct Users to Our Mini Program Based Platform from Various Channels on Weixin 3 Search Portals 4 Mini Program Drop-down Bar 2 Advertisement 5 Weixin Official Account Weixin Pay 6 Weixin Video 1 Account Interface 12
Slide 13: Effective User Engagement and Improved User Value
3 Effective User Engagement and Improved User Value Marketing Campaigns Branding Campaigns Innovative promotion Special marketing campaign Upgraded membership Exclusive sponsorship of Branding campaigns events for outbound of train ticketing during the program with more the 2025 Tencent Music on Ten
Slide 14: Continuously Refined Technological Capabilities
4 Continuously Refined Technological Capabilities Innovative Technology Solutions AI Agent DeepTrip “AI agent DeepTrip” combines Leverage the reasoning the reasoning capabilities of DeepSeek and the supply chain capabilities of DeepSeek advantages of our platform and the supply chain advantages of o
Slide 15: Pursuing Sustainable Growth as a Comprehensive Travel Platform
5 Pursuing Sustainable Growth as a Comprehensive Travel Platform • Continue to grow core OTA business as the pillar of the company • Tap into the global market and hotel management segment to forge the second growth curve Transportation Ticketing and Accommodation Reservation Domestic • Amplify mark
Slide 16: Rapidly Expanding Hotel Management Platform
5 Rapidly Expanding Hotel Management Platform • Comprehensive hotel brand portfolio spanning from economy to upper-scale • Focused on high-quality growth in geographical coverage while improving take rate • The completed acquisition of Wanda Hotel Management in October will accelerate the expansion
Slide 17: Practice Sustainability Philosophy
5 Practice Sustainability Philosophy ESG Laurels • MSCI ESG Rating: Achieved the highest AAA rating, placing us among the top 5% of companies globally in our industry • CSA Score: Consistent improvement in CSA scores for three consecutive years, surpassing 89% of industry peers • Sustainability Year
Slide 18: Financial Highlights
Section 3 Financial Highlights
Slide 19: Our Financial Highlights
Our Financial Highlights Historic Highs in Quarterly Revenue and Adjusted Net Profit 1 Diversified Revenue Streams with Balanced Composition 2 Efficient Operations Driven by Enhanced Organizational Capabilities and Improved S&M ROI 3 Outstanding Margin Expansion with Solid Financial Position 4 19
Slide 20: 3Q2025 Review – Financial Highlights
3Q2025 Review – Financial Highlights In million RMB 25Q3 24Q3 YoY Total Revenue 5,509.1 4,991.5 10.4% Core OTA 4,608.8 4,012.8 14.9% Accommodation 1,579.5 1,377.5 14.7% Transportation 2,208.7 2,026.8 9.0% Others 820.6 608.5 34.9% Tourism 900.3 978.7 -8.0% Operating profit 1,163.2 977.1 19.0% Core OT
Slide 21: Historic High in Quarterly Revenue
Historic High in Quarterly Revenue Revenue RMB MM 7,500 94.2% 109.6% 100.0% 61.1% 75.0% 50.5% 49.5% 48.1% 51.3% 34.8% 50.0% 6,500 13.2% 10.0% 10.4% 25.0% 0.0% 5,509 -25.0% 5,500 4,991 -50.0% 16.3% -75.0% 4,669 4,377 -100.0% 4,500 4,245 19.6% 4,238 14.1% -125.0% 3,866 14.9% 13.3% -150.0% 16.9% 18.4%
Slide 22: Outstanding Margin Expansion with Solid Financial Position
Outstanding Margin Expansion with Solid Financial Position Adjusted EBITDA(1) RMB MM 28.3% 28.1% 26.4% 22.8% 21.2% 21.5% 26.4% 23.5% 26.5% 25.4% 27.4% 1,600.0 1,510.3 250.0% 1,400.0 1,318.8 193.0% 200.0% 175.8% 1,185.2 1,200.0 1,159.4 997.7 150.0% 1,000.0 913.5 869.9 805.8 820.2 800.0 732.2 715.9 10
Slide 23: Outstanding Margin Expansion with Solid Financial Position
Outstanding Margin Expansion with Solid Financial Position Adjusted Net Profit(1) RMB MM 19.5% 20.7% 18.8% 15.3% 14.4% 15.5% 18.2% 15.6% 18.0% 16.6% 19.2% 1188.3% 1,060.2 1000.0 1100.0% 910.0 788.2 900.0% 800.0 775.1 656.7 660.2 620.6 700.0% 592.4 600.0 558.5 503.6 482.5 428.9% 500.0% 400.0 300.0% 1
Slide 24: Our Mission is to Make Travel Easier and More Joyful
Our Mission is to Make Travel Easier and More Joyful
Slide 25: Appendix
Appendix
Slide 26: Corporate Milestones
Corporate Milestones Included in Hang Seng Composite LargeCap & MidCap Index, Hang Seng Stock Connect Hong Kong Index, and Completed the Hang Seng SCHK New Economy Index merger effective March 11, 2020 Weixin Wallet Became the sole operator of Founding of “Rail & Flight” portals on Tongcheng Listed
Tongcheng Travl Hldgs — Q3 2025 Earnings Presentation on 6ix