【Zhenzhuo HK Stock Trends】Tongcheng Travel (00780.HK) achieved full-year 2025 revenue of RMB 19.4 billion, embracing artificial intelligence for long-term high-quality development
China's leading integrated travel service platform $TONGCHENGTRAVEL(00780.HK) announced its audited consolidated results for the year ended December 31, 2025.
Mr. Ma Heping, Executive Director and CEO of Tongcheng Travel, stated, "After experiencing demand recovery and re-acceleration, China's tourism industry has entered a stage of high-quality development. In 2025, we actively adapted to industry trends to enhance brand influence, thereby further strengthening our leading position in the mass market. Over the past year, we gained deep insights into user needs, accurately identified changes in user preferences, and seized emerging growth opportunities. Thanks to this, we further consolidated our leading position in the mass travel market, and our various businesses, including hotel management, also achieved rapid expansion. Looking ahead, we will always adhere to the user-first philosophy and fully implement the mission of 'making travel simpler and happier.'"
Average Monthly Paying Users Reach Record High, Deep Cultivation of the Mass Travel Market Shows Results
Leveraging its advantages in user acquisition and operational efficiency, Tongcheng Travel further expanded its influence in China's mass travel market. Benefiting from efficient customer acquisition and engagement measures, the user base and user value of Tongcheng Travel continued to improve. During the review period, the Group's monthly paying users increased by 5.6% year-on-year to 45.5 million, with the average monthly paying users reaching a record high. Annual paying users grew by 6.0% year-on-year to 252.6 million, and the cumulative number of services provided over twelve months increased by 5.5% year-on-year to 2,034.3 million.
Traffic growth has always been the cornerstone of the Group's success. During the review period, as the main channel for acquiring new users, the Group's proprietary APP maintained strong growth momentum, with its daily active users showing significant growth. This demonstrates the effectiveness of the Group's innovative marketing activities and confirms its continuously improving brand influence in target markets. As of 2025, registered users residing in non-first-tier cities in China accounted for over 87% of the Group's total registered users, and approximately 70% of new paying users on the WeChat platform came from non-first-tier cities in China.
Core OTA Business Achieves High-Quality Growth, Consolidating Its Market Leadership
During the review period, the Group's core online travel platform business demonstrated robust growth. The Group's transportation business maintained steady growth, with ticketing revenue increasing by 9.6% year-on-year to RMB 7,925.4 million. In 2025, Tongcheng Travel focused on enhancing user experience and engagement, actively expanded travel resources and enriched product offerings, providing users with a wider range of travel choices and ensuring smooth user journeys. At the same time, the Group continued to iterate its algorithm-driven Huixing system, optimizing the convenience and feasibility of its travel solutions, thereby further improving the overall travel experience.
The Group's accommodation business maintained its growth momentum throughout 2025, recording strong growth. During the review period, the Group's accommodation business revenue increased by 16.8% year-on-year to RMB 5,450.8 million. The Group observed a clear shift in user preference toward high-quality hotels and strategically reorganized operational resources to better capture growth opportunities and meet evolving market demands, driving a significant increase in the proportion of high-quality hotel room nights on the Group's platform. In terms of international accommodation business, the Group continued to deepen cooperation with global third-party partners, further enriching products and services. Enhanced product capabilities combined with precise marketing activities drove strong growth in international hotel sales room nights for the full year.
Benefiting from the outstanding performance of the hotel management business and the integration of Wanda Hotels & Resorts, the Group's other businesses again achieved excellent results. During the review period, other business revenue increased by 34.4% year-on-year to RMB 3,095.2 million. Recognizing the immense growth potential in China's hotel industry, the Group has positioned hotel management as a key growth engine for the company.
Actively Embracing AI Technology to Support the Group's High-Quality Development
As an innovation-driven enterprise, Tongcheng Travel firmly believes in the transformative power of Artificial Intelligence (AI) and actively embraces technological advancements to drive corporate growth and success. During the review period, the Group deepened the integration of AI technology with the travel service chain to more accurately identify user needs and deliver exceptional user experiences. The Group integrated the AI-driven itinerary planning agent DeepTrip into its flight booking service, aiming to address users' pre-booking consultation needs while helping users identify more competitive airfare prices. In customer service, Tongcheng Travel continued to advance AI coverage across the entire customer service process, with AI now covering most user consultation scenarios. Furthermore, the Group continuously enhanced its AI technical capabilities to provide instant and human-like responses. These advancements not only reduced the workload of customer service staff but also significantly improved the company's operational efficiency.
Additionally, as a socially responsible enterprise, Tongcheng Travel remains committed to improving its ESG performance. During the review period, the Group's efforts yielded remarkable results, with its ESG achievements receiving multiple international recognitions. The Group's MSCI ESG rating was upgraded to the highest AAA level, placing it among the top 5% of global peers. The Group's CSA score improved for the third consecutive year, and it received the "Industry Best Progress Company" award from S&P Global. Moreover, Tongcheng Travel was selected for the S&P Global "Sustainability Yearbook (China Edition)" for the third consecutive year. These accomplishments not only highlight the Group's leading ESG performance among global peers but also demonstrate its resilience and excellence in corporate sustainable development when facing market uncertainties, changes in the policy environment, and the dynamic evolution of societal development.
Looking ahead, Tongcheng Travel will continue to focus on the mass travel market. By expanding product offerings, optimizing service experiences, enriching membership benefits, and deepening user engagement, it aims to strengthen user loyalty and brand awareness in target markets. In the hotel management business, leveraging its comprehensive hotel brand matrix, mature ecosystem, and strong internet operational capabilities, the Group will accelerate business expansion in 2026. Simultaneously, the Group will prudently explore investment opportunities aligned with its long-term strategy to support the company's sustainable growth and create lasting value for all stakeholders.
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