External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Tongcheng Travel (TC) reported 2Q25 results: total revenue was RMB4.7bn, up 10% YoY, and was 1% better than both our forecast and Bloomberg consensus estimates; adjusted NP was RMB775mn, up 18% YoY, and was 5/3% better than our forecast/consensus, driven by better-than-expected operating leverage of core OTA business.</li><li>OPM of the core OTA business expanded to 26.7% in 2Q25 (2Q24: 24.3%), 1.2ppts ahead of our forecast.</li><li>Our 2025-2027E revenue forecasts remain largely unchanged, while we lift non-GAAP net profit forecasts by 1-2% to factor in better-than-expected unleashing of operating leverage. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tongcheng Travel (TC) reported 2Q25 results: total revenue was RMB4.7bn, up 10% YoY, and was 1% better than both our forecast and Bloomberg consensus estimates; adjusted NP was RMB775mn, up 18% YoY, and was 5/3% better than our forecast/consensus, driven by better-than-expected operating leverage of core OTA business.OPM of the core OTA business expanded to 26.7% in 2Q25 (2Q24: 24.3%), 1.2ppts ahead of our forecast.Our 2025-2027E revenue forecasts remain largely unchanged, while we lift non-GAAP net profit forecasts by 1-2% to factor in better-than-expected unleashing of operating leverage. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tongcheng Travel (780 HK) - Solid 2Q Results; Core OTA Earnings Growth on Track

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 1st.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi, Pop Mart Intl, BYD, Anta, ABC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 1st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi, Pop Mart Intl, BYD, Anta, ABC.


HK Connect Flows Weekly (Aug 1st): CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi

<ul>
<li>We analysed the earning revision of component stocks of HS TECH in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Ntes - S, Jd, Bidu, Meituan, Li Auto, Hua Hong Semi, Kingdee Int'L.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Ntes - S, Jd, Bidu, Meituan, Li Auto, Hua Hong Semi, Kingdee Int'L.


HS TECH Index Earning Revision (Jul): Ntes, Jd, Bidu, Meituan, Li Auto, Hua Hong Semi

<ul><li>For 2Q25, we expect Tongcheng Travel (TC) to record revenue of RMB4.6bn, up 9.3% YoY, and ink non-GAAP net profit of RMB738mn, up 12.4% YoY, both are largely unchanged compared to our previous forecasts, and are inline with Bloomberg consensus.</li><li>For 2Q25, we expect stronger revenue growth in accommodation reservation than we previously anticipated, primarily aided by likely stronger-than-expected expansion of take rate.</li><li>However, we expect this to be offset by slower-than-expected transportation ticketing services revenue growth owing to milder-than-expected air ticketing volume growth in the near term, as well as likely slower than our previously expected revenue growth recovery for offline Tourism business. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 2Q25, we expect Tongcheng Travel (TC) to record revenue of RMB4.6bn, up 9.3% YoY, and ink non-GAAP net profit of RMB738mn, up 12.4% YoY, both are largely unchanged compared to our previous forecasts, and are inline with Bloomberg consensus.For 2Q25, we expect stronger revenue growth in accommodation reservation than we previously anticipated, primarily aided by likely stronger-than-expected expansion of take rate.However, we expect this to be offset by slower-than-expected transportation ticketing services revenue growth owing to milder-than-expected air ticketing volume growth in the near term, as well as likely slower than our previously expected revenue growth recovery for offline Tourism business. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tongcheng Travel (780 HK) - 2Q25 Preview: Expecting Inline Results

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jun 6th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Ping An, Catl, Cspc Pharma, Xpeng, Lenovo, Li Auto, Jd Health.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 6th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Ping An, Catl, Cspc Pharma, Xpeng, Lenovo, Li Auto, Jd Health.


HK Short Interest Weekly: Ping An, Catl, Cspc Pharma, Xpeng, Lenovo, Li Auto, Jd Health

Hong Kong

Tongcheng Travel Holdings Limited is an investment holding company providing travel-related services in the People's Republic of China. It offers accommodation reservation, transportation ticketing, online advertising, hotel management, tourist attraction tickets, and packaged tours through its online platforms, mobile apps, and websites. The company was founded in 1999 and is headquartered in Suzhou, the People's Republic of China.

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Tongcheng Travel (780 HK)