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On August 20th, Finance Associated Press reported (Reporter Hu Haoqiong) that with the steady growth of China's tourism consumption and the company's relatively stable number of annual paying users, Tongcheng Travel (0780.HK) Q2 single season revenue scale hit a record high. According to the company's statement to the reporter of Finance Associated Press, as of Q2 this year, its users' consumption frequency and per capita consumption amount have shown a significant increase.

Today, Tongcheng Travel released its performance report for the second quarter and the first half of 2024. In the second quarter of this year, Tongcheng Travel achieved revenue of 4.25 billion yuan, a year-on-year increase of 48.1%; the adjusted net income was 660 million yuan, a year-on-year increase of 10.9%; and the adjusted net profit margin was 15.5%, a year-on-year decrease of 5.2 percentage points. In the first half of this year, Tongcheng Travel achieved revenue of 8.112 billion yuan, a year-on-year increase of 48.8%; adjusted EBITDA was 1.734 billion yuan, a year-on-year increase of 12.7%.

In terms of business, in the single quarter of Q2, Tongcheng Travel's transportation ticketing business achieved revenue of 1.743 billion yuan, a year-on-year increase of 16.6%. This growth was mainly driven by the increase in ticket volume and the promotion of value-added products and services; the market share of air ticket ticketing business continued to increase, and quarterly revenue hit a record high; lodging business achieved revenue of 1.191 billion yuan, a year-on-year increase of 12.8%, reaching a new high.

In addition, the company's other businesses, including Black Whale members, hotel management, and leisure travel, achieved Q2 revenue of 0.59 billion yuan, a year-on-year increase of 87.3%. Tongcheng Travel's daily average international air ticket volume also hit a record high, with a year-on-year increase of over 160%; the number of international hotel room nights also increased by nearly 140% year-on-year.

During the reporting period, the company's user base also grew further. As of the second quarter of this year, the number of Tongcheng Travel's annual paying users reached 0.23 billion, compared to 0.218 billion in the same period last year.

It is worth mentioning that the data provided by the company shows that as of the second quarter of 2024, the annual per capita consumption frequency of Tongcheng Travel users has increased from 6.6 times in the same period in 2023 to 8.1 times. Financial data also shows that as of the second quarter of 2024, Tongcheng Travel's cumulative service users reached 1.86 billion, a year-on-year increase of 29.9%. At the same time, the cumulative number of Black Whale members' purchases has also increased significantly.

Currently, in order to better promote product innovation, Tongcheng Travel has recently strategically cooperated with Beijing Capital Airport Co. (00694.HK), Jilin Airport Group, etc. In addition, it has reached cooperation with the National Tourism Administration of Serbia, the National Tourism Administration of Portugal, and launched the international tourism booking platform HopeGoo in the first half of this year.