Tongcheng Travel 2023 Revenue Hits Record RMB11.9 Billion

Key points

• 2023 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, with a 26.3% margin.
• 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, and accommodation reservation revenue rose 61.5% to RMB3.90 billion.
• Other revenue rose 148.6% to RMB1.997 billion, with its share of total revenue rising from 7% in 2019 to 16.5%.
• 72.7% of new paying users on the Weixin platform came from non-first-tier cities, and registered users in non-first-tier cities accounted for 86.9% of total registered users.
• The company said it will continue penetrating the domestic market and resume international expansion, advancing its transition from an OTA to an ITA.