Tongcheng Travel Holdings Limited · HKEX:780
Tongcheng Travel — Tongcheng Travl Hldgs — Q4 2025 Earnings Presentation
29 slides from Tongcheng Travel's earnings presentation, Mar 24, 2026
Slide 1: Investor Presentation
Tongcheng Travel Holdings Limited Stock Code: 0780 Investor Presentation March 2026
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 4Q2025 and Full Year 2025 Review 2 Business Highlights and Updates 3 Financial Highlights 3
Slide 4: 4Q2025 and Full Year 2025 Review
Section 1 4Q2025 and Full Year 2025 Review
Slide 5: 4Q2025 and Full Year 2025 Review – Operating Metrics
4Q2025 and Full Year 2025 Review – Operating Metrics Accumulated Number of Travelers Served(1) 5.5% YoY Growth 2.03Bn Record High APU(2) 6.0% 252.6MM YoY Growth FY2025 MPUs 4Q2025 MPUs 1.0% 5.6% 45.5MM YoY Growth 41.4MM YoY Growth Notes 1. Cumulative number of passengers served on our platform in th
Slide 6: 4Q2025 Review – Financial Metrics
4Q2025 Review – Financial Metrics Total Revenue 14.2% RMB 4.8Bn YoY Growth Core OTA Revenue 17.5% Tourism Revenue RMB 4.1Bn YoY Growth RMB 777.5MM Core OTA Operating Profit 17.5% Tourism Operating Loss* RMB 1.2Bn YoY Growth RMB (427.8)MM *primarily attributable to one-off goodwill impairment Adjuste
Slide 7: FY2025 Review – Financial Metrics
FY2025 Review – Financial Metrics Total Revenue 11.9% RMB 19.4Bn YoY Growth Core OTA Revenue 16.0% Tourism Revenue RMB 16.5Bn YoY Growth RMB 2.9Bn Core OTA Operating Profit 25.0% Tourism Operating Loss* RMB 4.8Bn YoY Growth RMB (385.5)MM *primarily attributable to one-off goodwill impairment Adjuste
Slide 8: FY2025 Shareholder Return
FY2025 Shareholder Return • Deliver high-quality growth and sustainable shareholder returns • Declared a cash dividend of HKD0.25 per share (YoY +38.9%), with Non-GAAP payout ratio(1) of 15.5% (YoY +2pp) Dividend Growth Trajectory 0.25 0.18 Non-GAAP YoY+38.9% payout ratio 0.15 15.5% YoY+20.0% FY2023
Slide 9: Business Highlights and Updates
Section 2 Business Highlights and Updates
Slide 10: 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 Enhanced user engagement and improved user value Data & Technology Advanced AI application and innovation Business Expansion
Slide 11: 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 12: Extensive User Base with Diversified Traffic Sources
2 Extensive User Base with Diversified Traffic Sources Average MPUs MM 70 20.0% 9.3% 9.2% 9.2% 5.0% 2.9% 2.8% 1.0% 0.7% 60 0.0% 50 47.7 46.4 46.5 46.4 -20.0% 42.6 42.5 41.0 41.4 40 -40.0% 30 -60.0% 20 -80.0% 10 0 -100.0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2024 2024 2024 2024 2025 2025 2025 2025 MPU YoY 12
Slide 13: Expanded User Base through Multiple Channels
2 Expanded User Base through Multiple Channels Standalone Apps Cooperation with Handset Vendors Interactive content on social media platforms Cultivate high-value users Reach a broader user base Boost user engagement and stickiness 13
Slide 14: 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 14
Slide 15: Enhanced User Engagement and Improved User Value
3 Enhanced User Engagement and Improved User Value Marketing Campaigns Branding Campaigns Dedicated marketing Innovative promotional Launched skiing-themed Advertising Campaigns on Tencent Video campaign for the events for experiences marketing campaigns Spring Festival 15
Slide 16: Advanced AI Application and Innovation
4 Advanced AI Application and Innovation • Maintain strong conviction in the long-term potential of AI technology • Integrate AI across the travel service value chain to elevate user experience and drive operational excellence AI agent DeepTrip Combine DeepSeek's reasoning capabilities with our plat
Slide 17: 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 18: Established Elong Hotel Technology Platform in 2021
5 Established Elong Hotel Technology Platform in 2021 • Ranked 8th among hotel groups in China in terms of room count (1) • Formed a comprehensive hotel brand portfolio spanning from economy to upper-scale segments through internal incubation and strategic investment • Focused on expanding its geogr
Slide 19: Acquired Wanda Hotels and Resorts in 2025
5 Acquired Wanda Hotels and Resorts in 2025 • Possess a renowned portfolio of upper-upscale and luxury brands with strong market presence in China • China's leading full-service hotel management firm and the only one with proven specialization in operating ski resorts • Operate a top-notch in-house
Slide 20: 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 21: Financial Highlights
Section 3 Financial Highlights
Slide 22: 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 Improved S&M ROI 3 Solid Financial Position with Steadily Increasing Dividends 4 22
Slide 23: 4Q2025 and FY2025 Review – Financial Highlights
4Q2025 and FY2025 Review – Financial Highlights In million RMB 25Q4 24Q4 YoY FY25 FY24 YoY Total Revenue 4,840.0 4,237.6 14.2% 19,396.0 17,340.7 11.9% Core OTA 4,062.5 3,457.3 17.5% 16,471.5 14,199.4 16.0% Accommodation 1,310.3 1,135.1 15.4% 5,450.8 4,668.2 16.8% Transportation 1,835.5 1,723.0 6.5%
Slide 24: Outstanding Performance with Robust Growth
Outstanding Performance with Robust Growth Revenue RMB MM 8,000 49.5% 48.1% 51.3% 34.8% 50.0% 13.2% 10.0% 10.4% 14.2% 25.0% 7,000 0.0% 6,000 -25.0% 5,509 4,991 -50.0% 4,669 4,840 5,000 16.3% -75.0% 4,377 4,245 4,238 19.6% 16.1% -100.0% 3,866 14.1% 13.3% 14.9% 4,000 16.9% -125.0% 18.4% 12.2% 16.2% 18
Slide 25: Outstanding Margin Expansion with Solid Financial Position
Outstanding Margin Expansion with Solid Financial Position Adjusted EBITDA(1) RMB MM 21.2% 21.5% 26.4% 23.5% 26.5% 25.4% 27.4% 26.5% 2,300.0 50.0% 51.6% 39.4% 41.3% 29.7% 28.6% 12.0% 13.4% 14.5% 0.0% 1,800.0 1,510.3 -50.0% 1,318.8 1,282.9 1,300.0 1,185.2 1,159.4 -100.0% 997.7 913.5 820.2 -150.0% 800
Slide 26: Outstanding Margin Expansion with Solid Financial Position
Outstanding Margin Expansion with Solid Financial Position Adjusted Net Profit(1) RMB MM 14.4% 15.5% 18.2% 15.6% 18.0% 16.6% 19.2% 16.1% 1600.0 46.6% 36.8% 41.1% 50.0% 18.0% 16.5% 18.1% 10.9% 10.9% 1400.0 0.0% 1200.0 1,060.2 -50.0% 1000.0 910.0 -100.0% 788.2 775.1 779.8 800.0 656.7 660.2 -150.0% 600
Slide 27: Our Mission is to Make Travel Easier and More Joyful
Our Mission is to Make Travel Easier and More Joyful
Slide 28: Appendix
Appendix
Slide 29: 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 — Q4 2025 Earnings Presentation on 6ix