Meadin Research: H1 2026 Financial Analysis of 70 Chinese Cultural Tourism Groups

Key points

• Domestic trips reached 3.463 billion in H1, up 5.4% year on year, while total spending rose 2.0% to RMB 3.21 trillion, showing volume growth with slower momentum.
• The 70 groups posted combined revenue of RMB 180.67 billion, averaging RMB 2.581 billion; 40 grew and 30 declined, with average growth of 2.93%.
• Combined net profit attributable to shareholders was RMB 7.103 billion, averaging RMB 101 million; 52 were profitable and 18 posted losses. China Duty Free, Huazhu Group-S, Tongcheng Travel and Atour together accounted for over 60% of sector profit.
• The five groups with revenue above RMB 10 billion remained Trip.com Group-S (RMB 31.87 billion), China Duty Free (RMB 27.66 billion), Yuyuan (RMB 17.02 billion), Huazhu Group-S (RMB 13.12 billion) and OCT A (RMB 13.03 billion).
• Asset-light hotel models continued to pay off: Atour revenue reached RMB 6.302 billion, up 44.06%, and net profit RMB 1.011 billion, up 51.60%.
• OTA performance diverged: Trip.com Group-S recognized about RMB 5.2 billion in one-off costs in Q2 due to an antitrust penalty, leaving H1 net profit at RMB 41 million, down 99.55%.
• OCT A posted a loss of RMB 3.488 billion; its tourism-comprehensive revenue share fell from 72.15% to 58.17%, while the property share rose to 41.60%.
• Inbound travel heated up: 22.914 million foreign arrivals in H1, up 20.4%, of which 17.815 million were visa-free, accounting for 77.7%.