Tongcheng Travel Holdings Limited · HKEX:780
Tongcheng Travel — Tongcheng Travl Hldgs — Q2 2025 Earnings Presentation
26 slides from Tongcheng Travel's earnings presentation, Aug 19, 2025
Slide 1: Investor Presentation
Tongcheng Travel Holdings Limited Stock Code: 0780 Investor Presentation August 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 2Q2025 and 1H2025 Review 2 Business Highlights and Updates 3 Financial Highlights 3
Slide 4: 2Q2025 and 1H2025 Review
Section 1 2Q2025 and 1H2025 Review
Slide 5: 2Q2025 and 1H2025 Review – Operating Metrics
2Q2025 and 1H2025 Review – Operating Metrics Accumulated Number of Travelers Served(2) 7.2% YoY Growth 1.99Bn Record High APU(1) 10.2% YoY Growth 251.7MM Record High 2Q2025 MPUs 9.2% 1H2025 MPUs 9.2% 46.4MM YoY Growth 46.5MM YoY Growth Notes 1. Paying users in the twelve-month period ended June 30,
Slide 6: 2Q2025 Review – Financial Metrics
2Q2025 Review – Financial Metrics Total Revenue 10.0% RMB 4.7Bn YoY Growth Core OTA Revenue Tourism Revenue 13.7% RMB 4.0Bn YoY Growth RMB 661.7MM 26.7% Core OTA Operating Profit Tourism Operating Profit Margin 0.7% RMB 1.1Bn RMB 4.4MM Margin +2.4 pp YoY Margin Growth 25.4% 16.6% Adjusted EBITDA(1)
Slide 7: 1H2025 Review – Financial Metrics
1H2025 Review – Financial Metrics Total Revenue 11.5% RMB 9.0Bn YoY Growth Core OTA Revenue Tourism Revenue 15.9% RMB 7.8Bn YoY Growth RMB 1.2Bn 27.9% Core OTA Operating Profit Tourism Operating Profit Margin 2.4% RMB 2.2Bn RMB 30.0MM Margin +4.4 pp YoY Margin Growth 25.9% 17.3% Adjusted EBITDA(1) M
Slide 8: Business Highlights and Updates
Section 2 Business Highlights and Updates
Slide 9: Business Highlights and Growth Strategy
Business Highlights and Growth Strategy Mass Market Solidified position in China’s mass market User Base Extensive user base with diversified traffic sources User Engagement Enhanced user engagement and improved user value Data & Technology Continuously strengthened technological capabilities Busine
Slide 10: Solidified Position in China's Mass Market
1 Solidified Position in China’s Mass Market Promising Demographic Feature 87%+ 69% 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 non-f
Slide 11: Extensive User Base with Diversified Traffic Sources
2 Extensive User Base with Diversified Traffic Sources Average MPUs MM 50 70.0% 61.7% 46.4 46.5 46.4 44.2 45 42.6 42.5 60.0% 41.4 54.3% 41.0 42.2 40 50.0% 36.8 35 37.5 40.0% 31.7 30.5% 30 30.0% 26.1 24.3 25 16.1% 20.0% 20.1% 9.5% 20 10.0% 9.3% 9.2% 9.2% 15 2.9% 5.0% 0.0% 0.7% 10 -10.0% 5 -20.0% -21.
Slide 12: 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 seamless access for users Boost user engagement and stickiness 12
Slide 13: Deepened Cooperation within Weixin
2 Deepened Cooperation within 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 13
Slide 14: Enhanced User Engagement and Improved User Value
3 Enhanced User Engagement and Improved User Value Marketing Campaigns Branding Campaigns Explored high-impact Launched “717 Travel Upgraded membership Implemented targeted Title sponsorship for cultural events to deepen Together Campaign” during program with more advertising campaigns the hit varie
Slide 15: Continuously Strengthened Technological Capabilities
4 Continuously Strengthened Technological Capabilities Innovative Technology Solutions AI Agent DeepTrip Upgrade our proprietary tourism-specific LLM Chengxin Leverage the reasoning and launch an AI agent capabilities of DeepSeek and DeepTrip the supply chain advantages of our OTA platform “Huixing”
Slide 16: 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 to forge the second growth curve Transportation Ticketing and Accommodation Reservation Domestic • Amplify market share
Slide 17: Rapidly Expanding Hotel Management Platform
5 Rapidly Expanding Hotel Management Platform • Elong Hotel Technology platform was launched in 2021 • Developed 12 major hotel brands, spanning from economy to luxury, through internal incubations, investments, and acquisitions • Achieved high-quality growth in geographical coverage while improving
Slide 18: Practice Sustainability Philosophy
5 Practice Sustainability Philosophy Improved ESG practices Contributions to the industry Care for employees • 2025 CSA score substantially improved • Conducted a training program on digital • Established a comprehensive talent and achieved a new high of 57 operation and marketing of rural tourism d
Slide 19: Financial Highlights
Section 3 Financial Highlights
Slide 20: Our Financial Highlights
Our Financial Highlights Outstanding Performance with Robust Growth 1 Diversified Revenue Streams with Balanced Composition 2 Efficient Operations Driven by Enhanced Organizational Capabilities and S&M ROI Improvement 3 Decent Margin Expansion with Solid Financial Position 4 20
Slide 21: Outstanding Performance with Robust Growth
Outstanding Performance with Robust Growth Revenue RMB MM 4,991 4,669 4,377 4,245 4,238 3,866 3,299 3,145 2,866 2,586 2,048 1,718 1,500 1,319 21
Slide 22: Decent Margin Expansion with Solid Financial Position
Decent Margin Expansion with Solid Financial Position Adjusted EBITDA(1) RMB MM 25.5% 22.2% 22.6% 16.3% 28.3% 28.1% 26.4% 22.8% 21.2% 21.5% 26.4% 23.5% 26.5% 25.4% Adjusted EBITDA Margin Notes 1. Calculated as operating profit adding back share-based compensation, amortization of intangible assets,
Slide 23: Decent Margin Expansion with Solid Financial Position
Decent Margin Expansion with Solid Financial Position Adjusted Net Profit(1) RMB MM 14.3% 8.5% 12.3% 2.5% 19.5% 20.7% 18.8% 15.3% 14.4% 15.5% 18.2% 15.6% 18.0% 16.6% Adjusted Net Margin Notes 1. Calculated as profit for the period adding back share-based compensation, amortization of intangible asse
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
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