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

Tongcheng Travel Holdings  / Equity Bottom-Up

<ul><li>Tongcheng Travel (TC) reported (25 Nov) 3Q25 results: total revenue was RMB5.5bn, up 10.4% YoY, and was 1% better than both our forecast and Bloomberg consensus estimates; adjusted NP was RMB1.06bn, up 16.5% YoY, and was 4/2% better than our forecast/consensus, driven by better-thanexpected operating leverage of core OTA business.</li><li>OPM of the core OTA business expanded to 31.2% in 3Q25 (3Q24: 31.1%), 0.1ppts ahead of our forecast.</li><li>We have lifted 2025E-2027E revenue forecast by 1-3% to factor in incremental revenue contribution from the consolidation of Wanda Hotel Management (WHM) since Oct 2025, and adjusted down non-GAAP NP by 1- 2% to factor in TC’s incremental marketing investment on user acquisition. </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 (25 Nov) 3Q25 results: total revenue was RMB5.5bn, up 10.4% YoY, and was 1% better than both our forecast and Bloomberg consensus estimates; adjusted NP was RMB1.06bn, up 16.5% YoY, and was 4/2% better than our forecast/consensus, driven by better-thanexpected operating leverage of core OTA business.OPM of the core OTA business expanded to 31.2% in 3Q25 (3Q24: 31.1%), 0.1ppts ahead of our forecast.We have lifted 2025E-2027E revenue forecast by 1-3% to factor in incremental revenue contribution from the consolidation of Wanda Hotel Management (WHM) since Oct 2025, and adjusted down non-GAAP NP by 1- 2% to factor in TC’s incremental marketing investment on user acquisition. 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 3Q25 Results with Healthy Earnings Growth

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tongcheng-travel-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27363:1" rel="noopener">Tongcheng Travel Holdings (780 HK)</a>'s 1Q25 adjusted net profit surged 41.1%, suggesting an accelerating momentum. It should continue to outperform <a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com Group (9961 HK)</a>. </li>
<li>Good cost management, even as revenue rose 13.2%, has enhanced adjusted EBITDA margin by 5.3pp YoY - this trend will sustain. </li>
<li>More visa convenience will boost inbound and outbound travel. At end-1Q25, net cash equals 14% of market capitalisation, and it can still generate ROE of 12-15%. </li>
</ul>



Tongcheng Travel Holdings (780 HK)'s 1Q25 adjusted net profit surged 41.1%, suggesting an accelerating momentum. It should continue to outperform Trip.com Group (9961 HK). 
Good cost management, even as revenue rose 13.2%, has enhanced adjusted EBITDA margin by 5.3pp YoY - this trend will sustain. 
More visa convenience will boost inbound and outbound travel. At end-1Q25, net cash equals 14% of market capitalisation, and it can still generate ROE of 12-15%. 


Tongcheng Travel (780 HK): Regaining Momentum, Better Choice than Trip.com

<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

<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>Tongcheng Travel (TC) reported 1Q25 results: total revenue was RMB4.4bn, up 13% YoY, and was 0.7/0.9% better than our forecast/Bloomberg consensus estimates, due to the 1% revenue beat in core OTA business but this was partly offset by slower-than-expected recovery in Tourism business; adjusted NP was RMB788mn, up 41% YoY, and was 6.6/7.3% better than our forecast/ consensus, driven by better-than-expected operating leverage of core OTA business, as well as operation refinement of Tourism business.</li><li>OPM of the core OTA business expanded to 29.2% in 1Q25 (1Q24: 22.6%).</li><li>To account for the mixed impact from better-than-expected operating efficiency gains of core OTA business, and slower-than-expected recovery in relatively thin-margin Tourism business, we lower 2025-2027E revenue forecast by 2%, while maintaining nonGAAP net profit forecast largely unchanged. </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 1Q25 results: total revenue was RMB4.4bn, up 13% YoY, and was 0.7/0.9% better than our forecast/Bloomberg consensus estimates, due to the 1% revenue beat in core OTA business but this was partly offset by slower-than-expected recovery in Tourism business; adjusted NP was RMB788mn, up 41% YoY, and was 6.6/7.3% better than our forecast/ consensus, driven by better-than-expected operating leverage of core OTA business, as well as operation refinement of Tourism business.OPM of the core OTA business expanded to 29.2% in 1Q25 (1Q24: 22.6%).To account for the mixed impact from better-than-expected operating efficiency gains of core OTA business, and slower-than-expected recovery in relatively thin-margin Tourism business, we lower 2025-2027E revenue forecast by 2%, while maintaining nonGAAP net profit forecast largely unchanged. 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) - 1Q earnings beat; on track to deliver solid full-year earnings growth

China

Tongcheng Travel Holdings Limited operates as an online travel agency. The Company provides transportation ticketing, accommodation reservation, value added travel products sales, and other services. Tongcheng Travel Holdings provides its services throughout China.

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Tongcheng Travel Holdings (780 HK)

Tongcheng Travel (780 HK) - Solid 3Q25 Results with Healthy Earnings Growth

Tongcheng Travel (TC) reported (25 Nov) 3Q25 results: total revenue was RMB5.5bn, up 10.4% YoY, and was 1% better than both our forecast and...

CMB International

Tongcheng Travel (780 HK): Regaining Momentum, Better Choice than Trip.com

Tongcheng reports a 41.1% surge in 1Q25 adjusted net profit, driven by good cost control. More visa convenience will boost growth, and it is...

Osbert Tang, CFA

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

Tongcheng Travel (TC) reported 2Q25 results: total revenue was RMB4.7bn, up 10% YoY, and was 1% better than both our forecast and Bloomberg...

CMB International

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

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

CMB International

Tongcheng Travel (780 HK) - 1Q earnings beat; on track to deliver solid full-year earnings growth

We are still looking for a 25/18% YoY growth for core OTA OP/total non-GAAP NP in 2025E. Our DCF-based TP remains unchanged at HK$24.0, translating...

CMB International

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Tongcheng Travel (780 HK) - Solid 3Q25 Results with Healthy Earnings Growth

Tongcheng Travel (TC) reported (25 Nov) 3Q25 results: total revenue was RMB5.5bn, up 10.4% YoY, and was 1% better than both our forecast and...

CMB International

Tongcheng Travel (780 HK): Regaining Momentum, Better Choice than Trip.com

​Tongcheng reports a 41.1% surge in 1Q25 adjusted net profit, driven by good cost control. More visa convenience will boost growth, and it is...

Osbert Tang, CFA

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

Tongcheng Travel (TC) reported 2Q25 results: total revenue was RMB4.7bn, up 10% YoY, and was 1% better than both our forecast and Bloomberg...

CMB International

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

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

CMB International

Tongcheng Travel (780 HK) - 1Q earnings beat; on track to deliver solid full-year earnings growth

We are still looking for a 25/18% YoY growth for core OTA OP/total non-GAAP NP in 2025E. Our DCF-based TP remains unchanged at HK$24.0, translating...

CMB International

Tongcheng reports a 41.1% surge in 1Q25 adjusted net profit, driven by good cost control. More visa convenience will boost growth, and it is...