The revenue of Tongcheng Travel in the first quarter was 2.59 billion yuan, a year-on-year increase of 50.5%

On May 24th, Tongcheng Travel released its performance report for the first quarter of 2023. The report shows that in the first quarter of 2023, Tongcheng Travel achieved a revenue of 2

On May 24th, Tongcheng Travel released its performance report for the first quarter of 2023. The report shows that in the first quarter of 2023, Tongcheng Travel achieved a revenue of 2.59 billion yuan, a year-on-year increase of 50.5%. Adjusted EBITDA (pre tax, interest, depreciation, and amortization) was 730 million yuan, a year-on-year increase of 67%. The adjusted net profit was 500 million yuan, a year-on-year increase of 105.6%.

Tongcheng Travel stated that in 2023, thanks to the outbreak of the mass tourism market, the domestic tourism market has rapidly recovered, and the tourism market has shown a development trend of "national new tourism" characterized by new circles, new services, and new scenarios; In the first quarter of 2023, the average monthly active user (MAU) of the same journey reached 290 million, an increase of 16.9% year-on-year and 43.6% year-on-year. The average monthly paid user (MPU) reached 41.4 million, an increase of 30.6% year-on-year and 79.2% compared to the same period in 2019.

According to the financial report, in the first quarter of 2023, the average monthly active users of the same journey were 290 million, an increase of 16.9% year-on-year and 43.6% compared to the same period in 2019. Among them, approximately 68.7% of new paying users on the same journey WeChat platform come from non first tier cities in China. As of March 31, 2023, approximately 86.6% of registered users living in non first tier cities in China accounted for the same journey.

In the first quarter of 2023, the average monthly paid users for the same journey reached 41.4 million, a year-on-year increase of 30.6% and a year-on-year increase of 79.2% compared to the same period in 2019; In the first quarter, Tongcheng Travel achieved a revenue of 2.59 billion yuan, a year-on-year increase of 50.5%. Adjusted EBITDA (pre tax, interest, depreciation, and amortization) was 730 million yuan, a year-on-year increase of 67%. The adjusted net profit was 500 million yuan, a year-on-year increase of 105.6%. The adjusted net profit margin increased from 14.3% in the same period of 2022 to 19.5%.

According to the financial report, the accommodation business revenue of Tongcheng Travel in the first quarter of 2023 was 830 million yuan, a year-on-year increase of 53.6%, and a year-on-year increase of 70.5% compared to the same period in 2019. The overnight volume of domestic hotels increased by over 130% compared to the same period in 2019. The revenue from transportation business was 1.38 billion yuan, a year-on-year increase of 35.9%, an increase of 9.8% compared to the same period in 2019, and the number of air tickets increased by over 35% compared to the same period in 2019. The revenue from other businesses was 370 million yuan, an increase of 134.1% year-on-year and 945.9% compared to the same period in 2019. The proportion of other business revenue increased from 2% in the same period of 2019 to 14.2% in 2023, mainly due to hotel management, advertising services, membership services, and business travel services.

Ma Heping, CEO of Tongcheng Travel, said, "We will continue to promote the further growth of our core business, maintain industry-leading growth rates, and patiently build a second growth engine to lay the foundation for long-term sustainable growth