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01/11 04:06
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call summary indicates strong financial performance with a 16% YoY revenue increase and robust EBITDA. The Q&A section highlights management's confidence in growth, strategic focus on experiential and sustainable travel, and a significant share repurchase program. Despite some concerns over competition and pricing pressure, the company's strategic initiatives and market resilience suggest a positive outlook. Additionally, the new $5 billion share repurchase program supports shareholder value, further bolstering positive sentiment.
Net Revenue RMB 14.8 billion, representing a 16% increase year-over-year and a 7% increase from the previous quarter, primarily due to strong travel demand across segments.
Accommodation Reservation Revenue RMB 6.2 billion, representing a 21% increase year-over-year and a 12% increase quarter-over-quarter. Growth driven by robust outbound and international hotel bookings, as well as resilient domestic bookings.
Transportation Ticketing Revenue RMB 5.4 billion, representing an 11% increase year-over-year and remained flat quarter-over-quarter. Growth supported by strong momentum in outbound air bookings and rapid scaling of international air bookings.
Packaged Tour Revenue RMB 1.1 billion, representing a 5% increase year-over-year and a 14% increase quarter-over-quarter, primarily driven by the expansion of international tour offerings.
Corporate Travel Revenue RMB 692 million, representing a 9% increase year-over-year and a 21% increase quarter-over-quarter. Growth consistent with seasonal trends and supported by more companies adopting managed travel solutions.
Adjusted EBITDA RMB 4.9 billion, compared with RMB 4.4 billion in the same period last year and RMB 4.2 billion in the previous quarter, reflecting continued top-line growth and operational efficiency.
Diluted Earnings Per Ordinary Share and Per ADS RMB 6.97 or USD 0.97 for the second quarter of 2025. Non-GAAP diluted earnings per ordinary share and per ADS were RMB 7.20 or USD 1.01.
Cash and Cash Equivalents RMB 94.1 billion or USD 13.1 billion as of June 30, 2025. The company completed share repurchases totaling approximately USD 400 million, fully utilizing the authorized quota for the year.
Trip.Planner AI upgrade: Enhanced with personalized and intelligent planning features, integrating real-time transportation, accommodation, dining, and attraction options.
Intelli-Trip initiative: AI-powered tools for hotels to capture inbound demand, offer multilingual services, and improve efficiency.
Old Friends Club: Launched flagship offline store in Shanghai, targeting senior travelers with themed travel products.
Inbound travel growth: Inbound travel bookings increased by over 100% YoY, driven by demand from Korea and Southeast Asia.
Outbound travel growth: Outbound hotel and air bookings surpassed 120% of 2019 volumes, with Japan and Southeast Asia as key destinations.
Global partnerships: Signed MOUs with Tourism Australia, Tourism New Zealand, Saudi Tourism Authority, and Qatar Tourism to promote travel.
Revenue growth: Net revenue increased by 16% YoY to RMB 14.8 billion (USD 2.06 billion).
Mobile bookings: Accounted for 70% of total bookings, highlighting mobile as a key growth driver.
SOS service: Resolved over 22,400 cases since 2017 with a 98% success rate, providing 24/7 multilingual support.
Tourism Innovation Fund: Launched a USD 100 million fund to support innovation in travel.
Sustainability initiatives: Encouraged eco-conscious travel, with 92% of flights displaying carbon emission data and 3,000 partner hotels participating in low-carbon initiatives.
Rural revitalization: Opened 34 country retreats, creating 40,000 jobs, with 80% filled by local hires.
Inbound Travel Growth: While inbound travel bookings increased significantly, the reliance on a few key source markets like Korea and Southeast Asia could pose risks if demand from these regions fluctuates due to geopolitical or economic factors.
Technology and AI Investments: Heavy reliance on AI and technology for personalized travel planning and operational efficiency could face challenges if technological advancements do not meet expectations or if competitors develop superior solutions.
International Expansion: The company's focus on international markets, including partnerships in Oceania and the Middle East, may expose it to geopolitical risks, regulatory hurdles, and cultural differences that could impact operations and profitability.
Marketing and Promotional Investments: Increased marketing and promotional expenses to support international expansion could strain financial resources if the expected returns on these investments are not realized.
Supply Chain and Partner Dependence: Dependence on local hotels, airlines, and other partners for service delivery could lead to operational disruptions if these partners face challenges or fail to meet quality standards.
Economic and Market Conditions: Economic uncertainties, such as fluctuating currency exchange rates and inflation, could impact consumer spending on travel and the company's revenue.
Regulatory and Visa Policies: While easing visa policies are a growth driver, any tightening of these policies or changes in international relations could adversely affect inbound and outbound travel.
Sustainability Initiatives: Efforts to promote eco-conscious travel and rural revitalization may face challenges in scaling effectively or achieving the desired impact, potentially affecting the company's reputation and long-term goals.
Inbound Travel Growth: Inbound travel bookings increased by over 100% year-over-year in Q2 2025, driven by demand from Korea and Southeast Asia. The company expects continued growth in inbound travel, with potential to attract visitors from Europe and Western markets as global awareness of China's offerings grows.
AI and Technology Integration: The company upgraded its Trip.Planner tool to provide a highly personalized and intelligent planning experience. It plans to leverage AI to deliver end-to-end solutions for travelers, enhancing user experience and operational efficiency.
Global Business Expansion: International bookings increased by over 60% year-over-year, with strong contributions from the APAC region. The company plans to strengthen partnerships in Oceania, the Middle East, and other key regions to capture growing interest in global travel.
Outbound Travel Recovery: Outbound hotel and air bookings have surpassed 120% of 2019 volumes, with cross-border flight capacity recovering to 84% of pre-pandemic levels. The company expects sustained growth in outbound travel, particularly to Japan, Southeast Asia, and Western markets.
Hotel Partnerships and AI Tools: The company plans to partner with 200,000 hotels over the next three years, targeting 100% growth in inbound bookings and efficiency. AI-powered tools like Intelli-Trip will help hotels capture demand and improve operational efficiency.
Senior Traveler Segment: The company is focusing on the growing silver generation demographic, with plans to expand themed travel products and offline touchpoints to meet their preferences.
Sustainability Initiatives: The company launched a USD 100 million Tourism Innovation Fund to support sustainability and innovation in travel. It also plans to integrate sustainability into all aspects of its strategy and operations.
Share Repurchase Program: As of the earnings announcement date, the company has completed share repurchases totaling approximately USD 400 million, fully utilizing the authorized quota for the year. In August 2025, the Board approved a new share repurchase program, authorizing the company to repurchase up to an aggregate of USD 5 billion of its outstanding shares. This reflects the company's continued commitment to enhancing shareholder returns and confidence in the company's long-term value.
The earnings call highlights strong growth in inbound and outbound travel, strategic AI and technology integration, and international expansion, which are positive indicators. The Q&A section reveals no significant geopolitical impact, stable hotel prices, and robust travel demand. Management's focus on AI and customer service amid competition is reassuring. Despite unclear margin guidance, the overall sentiment is positive, with strong growth and strategic initiatives likely to drive stock price upwards.
The earnings call summary indicates strong financial performance with a 16% YoY revenue increase and robust EBITDA. The Q&A section highlights management's confidence in growth, strategic focus on experiential and sustainable travel, and a significant share repurchase program. Despite some concerns over competition and pricing pressure, the company's strategic initiatives and market resilience suggest a positive outlook. Additionally, the new $5 billion share repurchase program supports shareholder value, further bolstering positive sentiment.
The earnings report shows strong financial performance with a 16% YoY revenue increase and robust growth in accommodation and transportation. The Q&A section highlights positive travel trends and a commitment to shareholder returns through buybacks and dividends. Despite some management vagueness on geopolitical impacts, the overall sentiment remains positive due to strong growth metrics, optimistic future guidance, and strategic initiatives like AI innovation and international expansion.
The earnings call indicates strong financial growth, particularly in accommodation and transportation revenue, alongside a robust cash position. The Q&A reveals positive trends in travel demand and competitive positioning, despite some management evasiveness. Share repurchase and dividend plans further support a positive outlook. The ratings are bolstered by optimistic guidance and strategic international expansion efforts, suggesting a likely stock price increase in the short term.
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