External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

Tongcheng Travel Holdings  / Equity Bottom-Up

<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><p><em>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.</em></p>

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