TONGCHENGTRAVEL (00780) third-quarter revenue and adjusted net profit both hit record highs. Transaction volume increased by 2.4% year-on-year to 72.8 billion yuan.

TONGCHENGTRAVEL (00780) has announced its financial results for the third quarter of 2024, with a year-on-year increase in transaction volume of 2.4% to 72.8 billion yuan; revenue of approximately 4.9915 billion yuan, a year-on-year increase of 51.3%. During the period, net profit increased by 55.8% to approximately 803 million yuan, adjusted EBITDA increased by 51.6% to 1.3188 billion yuan, and adjusted net profit increased by 46.6% to 910 million yuan. The average monthly paying users increased by 5.0% to 46.4 million people, and the annual paying users increased by 3.4% to 232.4 million people. In the review of the quarter, the group's core online travel platform business achieved significant growth. Revenue from transportation ticketing services increased by 20.6% year-on-year to 20.268 billion yuan, reaching a new historical high. The revenue growth was mainly attributed to an increase in ticketing volume, as well as improvements in the group's value-added products and services. The group's air ticketing business maintained its growth momentum, with market share steadily increasing and both business volume and revenue reaching new highs. By expanding the group's international product supply and leveraging pricing advantages, the group's international air ticket volume reached a new high, with a year-on-year growth of over 110%. The group's train ticketing also achieved steady revenue growth, mainly due to the company's continued efforts to improve monetization capabilities through strategies such as perfecting the smart travel system (providing users with more comprehensive travel solutions). The accommodation business also delivered excellent performance, reaching new highs in revenue and business volume. In the third quarter of 2024, revenue from accommodation business increased by 22.2% year-on-year to 13.775 billion yuan. With demand resilience in the third quarter of 2024, the group focused on target markets and seized growth opportunities by exploring various accommodation scenarios. The group also continued to optimize cross-selling strategies to better capture user demand. In addition, the group's international room nights grew by over 130% year-on-year, mainly driven by the company's efforts to enrich hotel supply and innovative marketing activities targeting young travelers. Other businesses maintained their outstanding performance. In the third quarter of 2024, revenue from other core online travel platform businesses reached 6.085 billion yuan, a year-on-year increase of 23.7%. The group's hotel management and online vacation businesses recorded strong growth. Additionally, as part of the group's strategic expansion in the tourism industry chain, the group's hotel management business experienced rapid growth in China. By the end of September 2024, the number of operating hotels in the group had exceeded 2,100, with close to 1,200 in preparation. In addition to its core online travel platform business, the group is actively exploring new businesses in the tourism industry to promote long-term growth. In the third quarter of 2024, against the backdrop of continued industry recovery, the group's vacation business achieved encouraging growth and generated revenue of 9.787 billion yuan. The group focuses on improving products and services to enhance user value and further strengthen the group's market penetration.