HONG KONG, 28 November 2025: Tongcheng Travel Holdings Limited, a leading travel platform in China, announced this week its unaudited consolidated results for the three months ended 30 September 2025 (3Q 2025).
Tongcheng Travel, Executive Director and Chief Executive Officer, Ma Heping, commented on the company’s 3Q 2025 performance, noting that China’s travel industry continued to exhibit growth, buoyed by the emergence of diversified, personalised, and experience-oriented travel demand.
“Thanks to our effective user engagement initiatives and enriched product and service offering, we have built a substantial user base while achieving steady growth. Entering the fourth quarter, we continue to see strong travel enthusiasm and demand, underscoring the industry’s underlying resilience.
“We remain confident in the long-term growth trajectory of China’s travel industry. In an evolving landscape, Tongcheng Travel will continue to capitalise on market opportunities through precise execution while navigating challenges. We will continue to pursue strategic investment opportunities that align with our long-term vision to fuel sustainable growth.”
3Q 2025 highlights
Revenue and Adjusted Profit
Revenue increased by 10.4% year over year to CNY5,509.1 million.
Adjusted EBITDA increased by 14.5% yoy to CNY1,510.3 million. Adjusted EBITDA margin stood at 27.4%.
Adjusted net profit increased by 16.5% yoy to CNY1,060.2 million. Adjusted net margin reached 19.2%.
User base reached a historic high
Monthly paying users (MPUs) increased by 2.8% yoy to 47.7 million.
Annual paying users (APUs) increased by 8.8% yoy to 252.9 million.
Twelve-month accumulated number of travellers served increased by 7.3% yoy to 2,019.4 million, further cementing its position in China’s mass market.
Core OTA businesses
Revenue of core OTA business increased by 14.9% yoy to CNY4,608.8 million.
Revenue from transportation ticketing services increased by 9% yoy to CNY2,208.7 million, supported by its user insights and the enrichment of value-added products and services.
Revenue from accommodation reservation services increased by 14.7% yoy to CNY1,579.5 million, achieving a record high in daily room nights sold.
Revenue from other businesses increased by 34.9% yoy to CNY820.6 million.
Focus on China’s mass travel market
Mass travel demand continued to grow steadily, with strong growth across various travel scenarios, including family trips, graduation trips, and educational tours. Leveraging effective user acquisition strategies and exceptional operational capabilities, Tongcheng Travel has further consolidated its position in China’s mass travel market.
During the period under review, the group’s average MPUs increased by 2.8% yoy to 47.7 million, while APUs grew by 8.8% yoy to 252.9 million, both reaching historic highs. The accumulated number of travellers served over the past 12 months increased by 7.3% to 2,019.4 million.
The group’s core OTA business maintained its growth momentum from 1H2025, with total revenue increasing by 14.9% yoy to CNY4,608.8 million. The group’s revenue from the accommodation business increased by 14.7% to CNY1,579.5 million, achieving a record high in daily room nights sold. It prioritised addressing users’ growing demand for higher-quality hotels, leading to a meaningful increase in the proportion of higher-quality hotel room nights sold on its platform.
The group’s transportation business delivered solid growth, with further enhanced monetisation capabilities. During the period under review, revenue from transportation ticketing services increased by 9% to CNY2,208.7 million.
The group’s other businesses demonstrated remarkable performance. During the period under review, revenue from other companies totalled CNY820.6 million, up 34.9% yoy, mainly driven by the hotel management business. Positioned as a secondary growth driver of the company, the asset-light hotel management business sustained its strong growth momentum, with efforts focused on expanding its hotel network while prioritising quality growth. As of the end of September 2025, the number of hotels in operation under the group’s hotel management business platform had risen to nearly 3,000, with 1,500 in the pipeline. In addition, the group completed the acquisition of Wanda Hotel Management (Hong Kong) Co., Limited (Wanda Hotel Management) on 16 October 2025.
Looking ahead, the group will remain focused on its core OTA business to further strengthen its position in the domestic market. Meanwhile, it will intensify efforts to develop the outbound travel business to amplify its global market presence. With the strategic integration of Wanda Hotel Management, Tongcheng Travel’s hotel management business is poised for accelerated expansion, laying a robust foundation as its second growth driver.
(Source: Tongcheng Travel Holdings Limited)
