Tongcheng Travel 2023 Revenue Hits Record RMB11.9 Billion
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Tongcheng Travel's results show strong recovery in China's online travel market and growth potential in lower-tier cities, relevant for companies tracking China's OTA competition and corporate travel distribution channels.
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- Tongcheng News CenterTongcheng 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.