--- title: "人工智能驅動的增長提升了同程旅行的旅遊市場主導地位" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/278362236.md" description: "人工智能驅動的增長提升了同程旅行的市場主導地位" datetime: "2026-03-09T09:17:17.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/278362236.md) - [en](https://longbridge.com/en/news/278362236.md) - [zh-HK](https://longbridge.com/zh-HK/news/278362236.md) --- # 人工智能驅動的增長提升了同程旅行的旅遊市場主導地位 Tongcheng has transformed from a WeChat-dependent service into a powerful standalone force within China’s mass-market travel ecosystem. As the global travel industry undergoes an uneven recovery, the company has maintained strong momentum by aggressively targeting lower-tier cities and value-driven consumers often ignored by major rivals. China’s top-tier cities remain Tongcheng’s strategic stronghold, contributing the majority of its user base, yet its growth increasingly stems from lower-tier markets. This approach proved highly effective during the record-long 2026 Spring Festival, when the company captured surging demand for multi-destination trips. Tongcheng’s domestic strength is now extending outward, with its international air-ticketing business posting robust y/y growth as it follows Chinese travellers into Southeast Asia and emerging global destinations. The company’s revenue engine is anchored by high-margin transportation ticketing, accommodation reservations, and a fast-expanding “other businesses” segment that includes its newly integrated Wanda hotel management division. This segment has become a breakout performer, accelerating rapidly as Tongcheng evolves from a traditional booking platform into a full-scale hospitality operator overseeing nearly 3,000 hotels. Tongcheng’s distinctive advantage in 2026 is built on its AI-driven mass-travel integration model. Through its Huixing routing system, the company leverages deep-learning algorithms to solve complex transport-connection challenges for rural and small-city travelers. This innovation has pushed cross-modal bookings sharply higher, reinforcing Tongcheng’s role as a technological enabler for mobility in underserved regions and strengthening its competitive moat. Supported by steady financial performance and a top-tier AAA ESG rating from MSCI, Tongcheng’s influence now extends beyond traditional travel services. It has positioned itself as a digital infrastructure provider for China’s ageing population and Gen-Z travelers alike, shaping not only how people book their journeys but how the future of inclusive, tech-enabled travel is designed. ## Strong numbers Tongcheng delivered strong revenue growth in Q3 25, posting 5.5 billion Chinese Yuan, a 10.4% y/y increase, supported by resilient domestic travel demand and continued user-base expansion. The company also benefited from higher engagement in lower-tier cities and improving outbound recovery trends. Profitability strengthened meaningfully, with adjusted EBITDA up 14.5% y/y to CNY 1.5bn and adjusted net profit rising 16.5% to CNY 1.1bn. Margin expansion was driven by disciplined marketing, cost efficiencies, and accelerated adoption of AI-powered automation across service operations, customer targeting, and product personalization. Segment performance remained robust. The core OTA business grew 14.9% y/y, while transportation ticketing rose 9% helped by richer value-added offerings. Accommodation bookings surged 14.7%, reaching record room nights. “Other businesses,” boosted by the Wanda Hotel Management integration, expanded 34.9%, supported by synergies, higher hotel conversion rates, and strengthening cross-selling momentum across Tongcheng’s ecosystem. ## Share surge Tongcheng’s share price has remained steady over the past year, clocking its market value to roughly HKD 40.1bn (USD 5.8bn). The stock currently trades at a FY 26 P/E of 12.4x, below its three-year average of 17.9x, indicating that investors are valuing it at a discount relative to historical norms. Analysts maintain a generally positive outlook. The consensus target price of CNY 24.1 implies around 38.5% upside from current levels, while the most optimistic estimate of CNY 27.3 signals nearly 57.0% potential growth. Out of 26 analysts, 23 recommend the stock as a “Buy,” reflecting continued confidence in its medium-term prospects. ## Challenges Tongcheng strengthens growth with solid revenue momentum, improved profitability, expanding hotel management through the Wanda acquisition, and robust OTA performance across transport, accommodation, and outbound segments. Tongcheng faces rising competitive pressure in China’s travel market, which may constrain pricing power and increase marketing intensity. Softness in certain tourism corridors, driven by traveller safety concerns, has weighed on performance, while higher selling and marketing expenses add profitability risk. The integration of Wanda Hotel Management, though strategically beneficial, introduces execution and scale-up challenges. In addition, outbound recovery remains uneven, exposing the company to fluctuating travel patterns. ### 相關股票 - [00780.HK](https://longbridge.com/zh-HK/quote/00780.HK.md) ## 相關資訊與研究 - [旅監局撤銷日月星旅行社牌照 涉威迫購物](https://longbridge.com/zh-HK/news/282476198.md) - [《外資精點》高盛上調同程目標價至 29 元，評級「買入」](https://longbridge.com/zh-HK/news/280396000.md) - [Topia 推出 Horizon：此代理型人工智能平台終能駕馭環球人才流動](https://longbridge.com/zh-HK/news/282569123.md) - [迅策與深圳數據交易所戰略合作，拓寬數據要素和人工智能創新業務](https://longbridge.com/zh-HK/news/282463385.md) - [同程旅行邁向高質量增長 凸顯中長線配置價值｜聶振邦](https://longbridge.com/zh-HK/news/280855038.md)