All published updates

Alibaba Group to Announce December Quarter 2025 Results on March 19, 2026

Alibaba Group Holding Limited announced it will report its unaudited financial results for the quarter ended December 31, 2025, before the U.S. market opens on Thursday, March 19, 2026, and will hold a conference call at 7:30 a.m. U.S. Eastern Time (7:30 p.m. Hong Kong Time) the same day. Participants must pre-register via the English or Chinese registration links to receive dial-in numbers, a passcode and a unique access PIN. A live webcast will be available, and a replay will be accessible for one week after the call.

OAG: Jeju-Seoul Gimpo is the world's busiest airline route in 2025

OAG released its ranking of 2025's busiest airline routes. Jeju (CJU) to Seoul Gimpo (GMP) is the world's busiest route in 2025 with 14.4 million seats scheduled, up 1% versus 2024 but still 17% below 2019 capacity, with seven carriers operating the route. The second and third routes are both in Japan: Sapporo New Chitose-Tokyo Haneda (12.1 million seats) and Fukuoka-Tokyo Haneda (11.5 million seats). The top 10 comprises entirely domestic flights, with nine of ten in Asia Pacific; the only non-Asia Pacific route is fifth-placed Jeddah-Riyadh with 9.8 million seats, up 13% year-on-year, the fastest growth in the top ten. Among cross-border routes, Hong Kong-Taipei leads with 6.8 million sea…

Tongcheng Travel Q3 2025 Revenue Up 10.4% to RMB5.509 Billion

Tongcheng Travel reported unaudited Q3 2025 results: revenue rose 10.4% year-on-year to RMB5.509 billion, adjusted EBITDA rose 14.5% to RMB1.510 billion, and adjusted net profit rose 16.5% to RMB1.060 billion. Average MPUs rose 2.8% to 47.7 million, APUs rose 8.8% to 252.9 million, and twelve-month accumulated travelers served rose 7.3% to 2.019 billion. Core OTA revenue rose 14.9%, with accommodation reservations up 14.7%, transportation ticketing up 9.0% and other businesses up 34.9%; tourism revenue fell 8.0%, mainly due to safety concerns about travel to Southeast Asia. The company completed the acquisition of Wanda Hotel Management (Hong Kong) in October.

Tongcheng Travel Q3 Results: Core OTA Up 14.9%, Wanda Hotel Management Acquired

Tongcheng Travel released a press release on its Q3 2025 results: revenue rose 10.4% year-on-year to RMB5.509 billion and adjusted net profit rose 16.5% to RMB1.060 billion. Core OTA revenue rose 14.9% to RMB4.609 billion, with accommodation reservations up 14.7%, transportation ticketing up 9.0% and other businesses up 34.9%. Average MPUs rose 2.8% to 47.7 million, APUs rose 8.8% to 252.9 million, and twelve-month accumulated travelers served surpassed 2 billion. The company completed the acquisition of Wanda Hotel Management (Hong Kong) on October 16, with nearly 3,000 hotels in operation under its hotel management platform and 1,500 in the pipeline.

Tongcheng Travel 1H2025 Results: Revenue Up 11.5%, Adjusted Net Profit Up 28.6%

Tongcheng Travel Holdings Limited reported unaudited 1H2025 results. Revenue rose 11.5% year on year to RMB9,046.9 million, adjusted EBITDA grew 35.2% to RMB2,344.6 million, and adjusted net profit increased 28.6% to RMB1,563.3 million. Monthly paying users rose 9.2% to 46.5 million, annual paying users grew 10.2% to 251.7 million, and the twelve-month accumulated number of travelers served increased 7.2% to 1,990.6 million. Core OTA business revenue grew 15.9% to RMB7,800.2 million, with transportation ticketing revenue up 11.6% to RMB3,881.2 million, accommodation reservation revenue up 18.8% to RMB2,561.0 million, and other businesses revenue up 24.1% to RMB1,358.0 million. International…

Tongcheng Travel Q1 2025 Revenue Grows 13.2%

Tongcheng Travel Holdings Limited reported unaudited Q1 2025 results. Revenue rose 13.2% year over year to RMB4,377.4 million; adjusted EBITDA rose 41.3% to RMB1,159.4 million with a 26.5% margin; adjusted net profit rose 41.1% to RMB788.2 million with an 18.0% margin. Monthly paying users rose 9.2% to 46.5 million and annual paying users rose 7.8% to 247.3 million, both record highs; the 12-month accumulated number of travelers served rose 7.3% to 1,959.5 million. Core OTA revenue rose 18.4% to RMB3,792.4 million, with transportation ticketing revenue up 15.2% to RMB2,000.2 million and international air ticket volume up over 40%; accommodation reservation revenue rose 23.3% to RMB1,189.6 m…

Tongcheng Travel 2024 Revenue RMB17.34B, Net Profit Up 26.7%

Tongcheng Travel Holdings reported 2024 results: revenue up 45.8% YoY to RMB17,340.7 million, adjusted net profit up 26.7% to RMB2,785.4 million, GMV up 5.9% to RMB255.7 billion. Core OTA revenue rose 22.1% to RMB14,199.4 million, with international air ticket volume up over 130% and international room nights up over 110%. Annual paying users reached 238.3 million, MPUs 43.1 million. The company launched Chengxin AI system, integrated DeepSeek, and fully operates HOPEGOO international platform.

U.S. State Department Adjusts Mainland China Travel Advisory to Level 2

The U.S. Department of State updated its travel advisory for Mainland China, Hong Kong, and Macau on November 27, 2024, shifting Mainland China to Level 2: Exercise Increased Caution due to arbitrary enforcement of local laws, including exit bans. Hong Kong remains at Level 2, while Macau is at Level 3: Reconsider Travel due to limited ability to provide emergency consular services, and also advises increased caution.

Impact and considerations

The adjusted advisory level for Mainland China may affect business travelers' willingness to travel there and their risk assessments, particularly regarding legal risks such as exit bans.

U.S. State Department Issues Level 2 Travel Advisory for Hong Kong

The U.S. Department of State issued a Level 2 travel advisory for Hong Kong on November 27, 2024, urging increased caution due to arbitrary enforcement of local laws. It cites the 2020 National Security Law and the 2024 Safeguarding National Security Ordinance, which contain vaguely defined offenses that may apply to foreign nationals and individuals outside its borders. Those who criticize authorities may face arrest, detention, expulsion, or prosecution. Hong Kong does not recognize dual nationality, and dual U.S.-PRC citizens may face additional security scrutiny and harassment. The advisory also advises avoiding demonstrations, keeping a low profile, and entering on a U.S. passport.

Impact and considerations

The elevated advisory level may affect business travelers' willingness to travel to Hong Kong and their compliance considerations, particularly regarding risks under national security laws.

Tongcheng Travel Announces 2024 Third Quarter Results

Tongcheng Travel announced its unaudited 2024 Q3 results on November 19, 2024. Quarterly revenue increased 51.3% YoY to RMB4,991.5 million, and adjusted net profit increased 46.6% YoY to RMB910.0 million, both record highs. Core OTA business revenue grew 21.6% to RMB4,012.8 million, with operating profit margin rising to 31.1%. International air ticketing volume grew over 110%, and international room nights surged over 130%. Annual paying users reached 232.4 million, and accumulated travelers served reached 1,882.5 million.

Tongcheng Travel 2024 Interim Results: International Revenue Doubles

Tongcheng Travel Holdings (0780.HK) reported unaudited 1H 2024 results: revenue up 48.8% YoY to RMB 8,111.6 million, adjusted EBITDA up 12.7% to RMB 1,733.7 million, adjusted net profit up 10.9% to RMB 1,215.2 million, and GMV up 9.7% to RMB 128.2 billion. In 2Q, transportation ticketing revenue rose 16.6% to RMB 1,742.7 million and accommodation revenue rose 12.8% to a record RMB 1,190.9 million; international air ticketing volume grew 160% YoY and international room nights nearly 140%. The company launched international booking platform HopeGoo in 1H 2024, supporting 16 currencies.

Tongcheng Travel 2023 Revenue Hits Record RMB11.9 Billion

Tongcheng Travel Holdings Limited (0780.HK) reported audited 2023 results: revenue rose 80.7% year on year to RMB11.9 billion, up 60.9% versus 2019; adjusted net profit rose 240.3% to RMB2.2 billion with an 18.5% adjusted net margin; adjusted EBITDA rose 117.4% to RMB3.12 billion. Annual paying users grew 25.2% to a record 234.7 million, and average monthly paying users rose 39.1% to 41.3 million. Transportation ticketing revenue rose 78.5% to RMB6.03 billion, accommodation reservation revenue rose 61.5% to RMB3.90 billion, and other revenue rose 148.6% to RMB1.997 billion. The company said it will continue penetrating non-first-tier cities and expanding internationally.

Tongcheng Travel Delivers Strong 2023 Q3 Results

Tongcheng Travel Holdings Limited (0780.HK) announced unaudited 2023 Q3 results. Revenue increased 61.1% year-on-year to RMB 3,299.3 million, adjusted net profit surged 146.5% to RMB 620.6 million, and adjusted EBITDA rose 88.2% to RMB 870.0 million. Average MPUs rose 20.1% to 44.2 million and APUs grew 12.1% to 224.7 million. Transportation ticketing revenue rose 70.3% to RMB 1,679.9 million, and accommodation reservation revenue grew 37.7% to RMB 1,127.4 million.

T&E Tools Can Help as ESG Regulations Ramp Up

An SAP Concur blog post notes that as new ESG disclosure rules, including those from the U.S. SEC, take shape beginning in 2024, companies face compliance pressure. An SAP Concur-commissioned Forrester survey found 60% of decision-makers identified sustainability as a critical or high priority, but only 45.7% of professionals in a Deloitte poll were confident in meeting new requirements. The article cites PwC Italia, which reduced CO2 emissions by 53% from 2019 to 2022 after standardizing its T&E process with SAP Concur solutions.

SAP Concur Survey: Travel Managers Face More Stress and Data Challenges

SAP Concur released its fifth annual Global Business Travel Survey of 700 travel managers across seven markets. The survey shows 47% of travel managers say their role is more stressful than 12 months ago, and 41% cite inflation driving up travel costs. 98% say lagging data and analytics hinder their job, and 98% expect their company to change travel policies in the next year.

SAP Concur Survey Reveals Top Concerns Among Business Travelers

SAP Concur released its 2019 Business Traveler Report based on responses from 7,850 business travelers in 19 global markets. The survey found that more than three in four female business travelers have experienced harassment, and 58% of respondents changed travel arrangements because they felt unsafe. Among LGBTQ+ travelers, 95% have hidden their sexual orientation. Additionally, 43% of respondents forfeited expenses in 2018, averaging $893.

What Are Companies Doing to Prepare for the Return to Travel?

The SAP Concur blog analyzes the outlook for business travel resumption in Asia-Pacific, noting wide variation in restrictions. China's domestic seat bookings were up 7% year-on-year, while international seats were down 98%. It recommends companies understand employee concerns, track fast-changing information, and build traveler safety into processes. It also mentions travel insurance exclusions for COVID-related costs, the burst Singapore-Hong Kong travel bubble, and the impact of supplier safety commitments on traveler confidence.