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Tongcheng Travel 2025Q1 Secures Foothold in the Mass Travel Market Revenue Grows 13.2% Yoy to RMB4.4 Billion

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Rising Travel Spending Boosts Core OTA Business Growth

AI Empowers High-Quality Development Across the Travel Industry Chain

HONG KONG, May 23, 2025 /PRNewswire/ — Tongcheng Travel Holdings Limited (“Tongcheng Travel” or the “Company”, together with its subsidiaries the “Group”, stock code: 0780.HK), an innovator and leader in China’s online travel industry, today announced its unaudited consolidated results for the three months ended 31 March 2025 (the “period under review” or “2025Q1”).

2025Q1 Results Highlights with Year-on-year (yoy) Change

Continued Growth Momentum in Revenue and Adjusted Net Profit

●       Revenue increased by 13.2% yoy to RMB4,377.4 million

●       Adjusted EBITDA increased by 41.3% yoy to RMB1,159.4 million, adjusted EBITDA margin increased 5.3 percentage points yoy to 26.5%

●       Adjusted net profit increased by 41.1% yoy to RMB788.2 million, adjusted net margin increased 3.6 percentage points yoy to 18.0%

User Base and User Value Consistently Grew

●       Monthly paying users (MPUs) for the first quarter increased by 9.2% yoy to 46.5 million, reaching a record high

●       Annual paying users (APUs) increased by 7.8% yoy to 247.3 million, setting another record

●       Accumulated number of travelers served in the 12-month period increased by 7.3% yoy to 1,959.5 million

Soild Growth in Core OTA Business

●       Revenue of core OTA business increased by 18.4% yoy to RMB3,792.4 million

‣      Revenue from transportation ticketing services increased by 15.2% yoy to RMB 2,000.2 million, with international air ticket volume recording a growth rate of over 40% yoy

‣      Revenue from accommodation reservation services increased by 23.3% yoy to RMB1,189.6 million, with international hotel room nights sold registering a yoy increase of over 50%

‣      Revenue from other businesses increased by 20.0% yoy to RMB602.6 million

Mr. Ma Heping, Executive Director and Chief Executive Officer of Tongcheng Travel, said, “Since the beginning of 2025, China’s travel market remained steady growth, driven by the release of diversified travel demand and the continuous rise in consumption power in non-first tier cities in China. We maintain an optimistic outlook on the growth of China’s travel industry in 2025 and remain confident in the growth prospects of the outbound travel market this year. Looking ahead, Tongcheng Travel will continue to deepen its presence in the mass travel market and actively invest in AI capabilities, delivering smarter and more efficient travel services to the public while contributing to the high-quality development of the travel industry.”

Deepened Presence in the Mass Travel Market with Record Number of Annual Paying Users
Through effective user acquisition and user engagement initiatives, Tongcheng Travel continued to expand its user base and drive improvements in user value. Leveraging efficient traffic acquisition strategies and exceptional operational capabilities, the Group continued to gain users and further expanded its influence in the mass market in China. For the first quarter of 2025, the Group’s MPUs increased by 9.2% yoy to 46.5 million and APUs increased by 7.8% yoy to 247.3 million, both recorded historic highs with twelve-month Accumulated Number of Travelers Served increased by 7.3% yoy to 1,959.5 million.

Tongcheng Travel not only diversified its traffic sources by exploring the potentials of various channels, but also focused on improving operational efficiency to enhance conversion. Under the stable cooperation with Tencent, the Group remained focused on enhancing its operating efficiency within the Weixin ecosystem, which continued to serve as a vital source of traffic for the Group. Meanwhile, the Group’s proprietary APP also made notable progress, attracting a significant number of younger users through continuous product refinement and interactive marketing campaigns. For the first quarter of 2025, the DAUs of the standalone APP continued to exhibit strong growth momentum. Furthermore, the Group has stepped up the distribution of creative content on social media platforms to boost user engagement and user stickiness. As of 31 March 2025, over 87% of registered users resided in non-first tier cities in China. During the period under review, over 68% of new paying users on the Weixin platform were from non-first tier cities in China.

Enhanced Travel Spending Drove Core OTA Business Growth
During the period under review, China’s travel demand shifted from “essential travel” to “leisure and vacation”. In order to meet the diverse mass travel demand, Tongcheng Travel focused on the “first mile” and “last mile” of user journeys, building a comprehensive travel product system. Driven by ongoing enrichment of the value-added product and service offerings, as well as a stronger focus on the ROI of marketing investments, the Group registered solid growth for its core OTA business. Revenue from transportation ticketing services increased by 15.2% yoy to RMB2,002.2 million. Benefiting from the effective execution of international expansion strategy and optimized efficiency of user subsidies, the Group’s international air ticketing volume increased by more than 40% yoy. As for the train ticketing business, Tongcheng Travel remained concentrated on enhancing user experience by leveraging its algorithm-driven Huixing system, in an effort to better meet user demand. As a result, the train ticketing business improved its monetization capability and recorded a stable growth.

The Group’s accommodation business also delivered impressive results in business volume and revenue. On one hand, the Group continued to implement its cross-selling strategies by utilizing the vast traffic from the transportation business. On the other hand, the Group closely monitored evolving user demands and actively explored emerging accommodation reservation scenarios to capture new growth opportunities, such as entertainment and sport events. Revenue from the accommodation business increased by 23.3% yoy to RMB1,189.6 million. In addition, Tongcheng Travel further deepened cooperation with international hotel suppliers and expanded the coverage of its product and service offerings, with the aim of strengthening price competitiveness as well as user engagement. Therefore, the Group’s international hotel room nights sold maintained a strong growth momentum during the period under review, with a yoy growth rate exceeding 50%.

The Group’s other businesses demonstrated solid performance. Revenue from the other businesses achieved RMB602.6 million with a 20.0% yoy growth, driven by strong performance in the hotel management business and PMS business. By the end of March 2025, the number of hotels in operation that have joined the eLong Hotel Technology Platform has risen to over 2,500, with over 1,400 more in the pipeline.

Advanced Technology Enabled Industry Transformation
AI Ushered in the New Era of Smart Travel
Tongcheng Travel is dedicated to empowering industry partners and delivering exceptional experiences to its users with its profound internet expertise and advanced technologies. During the period under review, the Group initiated a strategic collaboration with China United Airlines Co., Ltd, aiming to fully leverage its advantages in membership marketing, technology and customer service to conduct joint marketing campaigns across online and offline channels. Additionally, Tongcheng Travel entered into a strategic cooperation with Wuhan Tianhe International Airport. By leveraging its big data capabilities, the Group will help the airport optimize its flight planning as well as enhance its brand awareness. Moreover, the Group will also deepen collaborations in areas such as marketing, connecting flights and membership programs.

As a technology-driven company, Tongcheng Travel strategically integrated emerging technologies to deliver seamless and comfortable travel experiences for its users. During the period under review, the Group upgraded its proprietary tourism-specific large language model Chengxin and launched the AI agent DeepTrip, which integrates the reasoning capabilities of DeepSeek and the supply chain advantages of its OTA platform. Not only can DeepTrip assist users in planning complex travel itineraries but also enable direct access to booking services on its platform, creating a seamless transaction loop. In addition, the Group has equipped its employees with a series of generative AI tools to further enhance internal efficiency. For coding tasks, generative AI has greatly reduced the staff’s workload. In customer service, the Group has utilized the reasoning capabilities of generative AI to address user requests more effectively and efficiently. Currently, generative AI handles a meaningful portion of online inquiries related to accommodation reservations and will be applied to more scenarios in the coming quarters.

Furthermore, HopeGoo, the new international online travel booking platform under Tongcheng Travel, has been in full operation. It provides reservation services in six key areas including flights, hotels, train tickets, tickets, ferry tickets, and local activities, and supports payments in 16 currencies and multiple languages. Meanwhile, some hotel brands under eLong Hotel Technology, the hotel technology platform of Tongcheng Travel, have expanded to countries including Japan, Malaysia and Indonesia, aiming to provide diverse and high-quality accommodation experiences for global consumers.

Looking ahead, Tongcheng Travel will continue to strengthen its core competitiveness and actively seize new market opportunities to achieve sustainable growth. While expanding the user base, the Group will prioritize enhancing user value by enriching its product offerings, improving user experience and enhancing user loyalty. At the same time, the Group will continue to advance its outbound travel business to expand its global footprint. Furthermore, the Group will persist in developing its hotel management business to further strengthen its presence across the industry chain. Moreover, the Group will pursue strategic investment opportunities aligned with its long-term objectives to fuel future growth. Finally, Tongcheng Travel will place emphasis on corporate governance, environmental protection, and social responsibility in its operations to generate sustainable value for all stakeholders.

– End –

About Tongcheng Travel Holdings Limited (HKSE Stock Code: 0780.HK)

Tongcheng Travel is a one-stop shop for users’ travel needs. With the mission “make travel easier and more joyful”, Tongcheng Travel offers a comprehensive and innovative selection of products and services covering nearly all aspects of travel, including transportation ticketing, accommodation reservation, tourist attraction ticketing, and products including package tour, self-guided tour and cruise, including a wide array of transportation and leisure travel scenarios primarily through its online platforms, which comprise its Tencent-based platforms, its proprietary mobile Apps, quick Apps and other channels.

As a technology-driven company, Tongcheng Travel leverages big data and AI capabilities to better understand the preferences and behaviors of users, thereby offering users customized products and services. Tongcheng Travel has a strategic focus on lower-tier cities in China and seized opportunities there supported by its diversified traffic sources, product innovation capability and flexible operation strategies. Through the in-depth understanding of user experience and advanced technological capabilities, Tongcheng Travel has been revolutionizing what consumers expect from the online travel industry, making the entire travel process more convenient, personalized and enjoyable than ever. Tongcheng Travel aims to develop and apply its advanced technology to transform from an online travel agency to an intelligent travel assistant.

For more information, please visit the Group’s website at https://www.tongchengir.com

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SOURCE Tongcheng Travel Holdings Limited

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Basware Named a Leader in Accounts Payable Invoice Automation

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A new, independent evaluation names Basware as a Leader, recognizing its Invoice Lifecycle Management approach to governed AI, continuous compliance, and enterprise control 

CHARLOTTE, N.C., June 15, 2026 /PRNewswire/ — Basware, the global leader in Invoice Lifecycle Management (ILM), has been recognized as a Leader in The Forrester Wave™: Accounts Payable Invoice Automation Software, Q2 2026. Finance and AP leaders can read the full report here.  

In its evaluation, Forrester wrote that, “Basware’s distinctive vision redefines APIA (Accounts Payable Invoice Automation) through invoice lifecycle management, unifying inbound and outbound invoicing into a single compliant zero‑touch orchestration model. Its innovation and roadmap embed continuous compliance and governed agentic AI into a financial control plane, moving AP from automation to proactive, real‑time enterprise control.” 

“For years, accounts payable automation focused on one thing: processing invoices faster,” said Jason Kurtz, Chief Executive Officer, Basware. “The world finance operates in has changed. Enterprises now manage dozens of e-invoicing mandates, increasingly sophisticated invoice fraud, sprawling multi-ERP estates, and growing pressure to put AI to work. Those forces compound, and a faster version of a broken process does not solve them. Basware’s answer is Invoice Lifecycle Management.” 

Invoice Lifecycle Management is a single platform that governs every invoice from receipt through payment, across every entity and country. It unifies four capabilities: Governed Autonomy, Continuous Compliance, Financial Integrity, and Enterprise Control. Together they let finance teams adopt AI at the pace they choose while keeping every decision logged, compliant, and auditable. 

“For us, being recognized as a Leader in the Forrester Wave validates the direction we’re taking our customers around the future of finance,” said Donna Wilczek, Chief Product and Technology Officer, Basware. “Most vendors stop at automation. That’s just the beginning. Real value comes from governing the entire invoice lifecycle – touchless, compliant, and protected. That’s what Basware Invoice Lifecycle Management delivers, and what we’re building toward every day.”  

The evaluation assessed vendors across current offering, strategy, and customer feedback. Basware received the highest score possible, 5.0, in all six criteria within the strategy category, including vision, innovation, and roadmap. It also received the highest score possible in ten current offering criteria, including e-invoicing compliancefraud and risk management, exception handling, and process monitoring. 

Alongside current offering and strategy, the evaluation assessed customer feedback. Forrester wrote that “Customers choose Basware for its simple yet granular event and status tracking. They also praised the vendor’s strong reporting and dashboarding features.” 

Read the evaluation

Disclaimer 

Forrester does not endorse any company, product, brand, or service included in its research publications and does not advise any person to select the products or services of any company or brand based on the ratings included in such publications. Information is based on the best available resources. Opinions reflect judgment at the time and are subject to change. This report is part of a broader collection of Forrester resources, including interactive models, frameworks, tools, data, and access to analyst guidance. For more information, read about Forrester’s objectivity here. 

About Basware 
Basware is how the world’s best finance teams gain complete control of every invoice, every time. Our Intelligent Invoice Lifecycle Management Platform ensures end-to-end efficiency, compliance, and control for all invoice transactions. Powered by the world’s most sophisticated invoice-centric AI, trained on over 2.5 billion invoices, Basware’s Intelligent Automation drives real ROI by transforming finance operations. We serve 6,500+ customers globally and are trusted by industry leaders including DHL, Heineken, and Sony. Fueled by more than 40 years of specialized expertise with $10+ trillion in total spend handled, we are pioneering the next era of finance. With Basware, now it all just happens. 

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Teen Entrepreneurs and Innovators Achieve National Recognition at Future Bound by Junior Achievement

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Students from Across the Country Earn National Honors

COLORADO SPRINGS, Colo., June 15, 2026 /PRNewswire/ — On Wednesday, June 10, Junior Achievement (JA) announced award winners at the 2026 Future BoundTM by Junior Achievement Awards Gala.  Future Bound by Junior Achievement, held at Boston University in Boston, MA, showcased the talents and achievements of young entrepreneurs and innovators nationwide. The event featured four dynamic competitions, each highlighting the ingenuity and creativity of over 300 students.  

Future Bound includes four unique competition tracks: JA Company of the Year, JA Social Innovation Challenge, JA Stock Market Challenge, and JA Titan Challenge.  

JA Company of the Year Competition Showcases student teams presenting and pitching their student-run businesses, where they are evaluated on various aspects of business performance and innovation.

JA Social Innovation Challenge This is a competition where students are challenged to identify a social problem and develop a creative solution as a business enterprise, which they then present to a panel for review.

JA Stock Market Challenge This is a competition where students engage in a fast-paced challenge of investing and trading fake funds in the real market, creating draft portfolios as teams, and finalizing their stock selections to test their investing skills.

JA Titan Challenge Showcases students who take on the role of business CEOs, making strategic decisions in areas like production, marketing, and R&D to compete for the title of JA Titan of Business.

The students competing at Future Bound underwent rigorous evaluation encompassing their business performance and individual team members’ personal and professional growth. The competition’s key components included producing a self-produced annual report and commercial, captivating live virtual presentation to a distinguished panel of business leaders, and insightful interviews with esteemed judges.

The Future Bound Awards Gala, held on Wednesday, June 10, served as the platform for presenting the coveted awards, including:

JA Company of the Year: Awarded to the student businesses that most effectively demonstrated their companies’ achievements, as well as the personal development of each team member.
First Place – EVO (Elkins Very Own) – JA of Southeast Texas, Inc.Second Place – Joe Flynn Photography – JA North, Inc.Third Place – Talk of the Town – JA of Southeast Texas, Inc.

JA Social Innovation Challenge: Awarded to the student projects that reflect diverse solutions that address real-world challenges.First Place – ColorFresh – JA of New YorkSecond Place –Forget-Me-Not – JA of the Space CoastThird Place – All Kids Swim – JA of San Diego County

JA Stock Market Challenge: Awarded to the student team that achieves the highest return on their investment.First Place – Eagles of Wallstreet – JA of Greater MiamiSecond Place – Men in Black – JA of OKI PartnersThird Place – Roaring Kitty – JA of Angelina County/JA of Dallas

JA Titan Challenge: Awarded to the student team that best demonstrates capability in financial decisions, marketing, research and development, and corporate social responsibility to earn the title of JA Titan of Business.First Place – Kaboom – JA of WashingtonSecond Place – Caribou1 – JA of MaineThird Place – PVHS2 – Team – JA of the Heartland

Chick-fil-A Community Impact Award: Awarded to the JA Social Innovation team that has created a standout solution focused on impacting a local community need.ColorFresh – JA of New York

Citizens Future-Ready Workforce Award: Awarded to the JA Company Program team that demonstrates forward-thinking leadership by expanding access to skills and opportunities, helping build the diverse, future-ready talent pipeline.Sparkbyte – JA North Central Ohio

CNA Operational Stewardship Award: Awarded to the Titan Challenge team that prioritized employee well‑being, managed production responsibly, and maintained operational excellence.EastLiver Pool 2 – JA of East Ohio

Delta Air Lines Social Impact Award: Awarded to the JA Company Program team that created a solution to address a local, national, or global social concern.Heavy Hugs – JA North Central Ohio

FedEx Global Possibilities Award: Awarded to the JA Company Program team that best exhibits the principles of global connectivity.Sparkbyte – JA North Central Ohio

Jim Sweeny Entrepreneurship Award presented by the Junior Achievement Staff Alumni Network: Awarded to a JA Company Program individual in recognition of their accomplishments, the role they played in their JA Company and their Entrepreneurial potential.Lana Nguyen, Team – JA of Southeast Texas, Inc.

Johnson & Johnson STEM Innovation Award: Awarded to the JA Social Innovation team that used innovative science, technology, engineering, and math applications to create a positive community impact.NextUse –  JA of Southeast Texas

Pacific Life Foundation Responsible Innovation Award: An award for the JA Titan Challenge team that best demonstrated excellence in responsible innovation.PVHS1 – JA of the Heartland

RSM Enduring Excellence Award: Awarded to the JA Stock Market Challenge team that achieves outstanding results through holding onto their investments without selling frequently or making emotional decisions based on short-term market fluctuations.Huskies of Wall Street – JA of the Desert Southwest

RSM Resilience Award: Awarded to the JA Stock Market Challenge team that experiences the greatest recovery from an early setback in the challenge, showcasing resilience and smart adjustments to their strategy.Sophrosyne Advisors – JA of the Space Coast

Staples Sustainable Investing Award: Awarded to the JA Stock Market Challenge team that made the highest gains through their investments in environmentally sustainable businesses/stocks.A.5 – JA of Greater Fairfield County

We are deeply grateful for our visionary and presenting sponsors’ commitment to empowering young entrepreneurs and fostering a culture of innovation. Thank you, Pacific Life Foundation, Chick-fil-A, CNA, Delta Air Lines, and Staples.  We also want to acknowledge these additional supporters who helped make the event memorable for the students: Citizens, FedEx, Johnson & Johnson, RSM US Foundation, Achievement Foundation, Farmers Insurance®, Intercontinental Exchange, Rita & Herbert Z. Gold Charitable Trust, State Farm Insurance, Junior Achievement Staff Alumni Network, and Z Zurich Foundation.

About Junior Achievement USA® (JA)
Junior Achievement is education for what’s next. As a strategic partner working in collaboration with educators, employers, investors, leaders, and the communities they serve, we are dedicated to helping students achieve academically today and economically tomorrow. As a leader in experiential learning operating on a national scale with over a century of experience, we are driving toward lasting change. This means ensuring a generation of students has the transferable skills and competencies needed to navigate a rapidly changing world. By delivering career-connected learning, we are invested in accelerating economic mobility through education. By helping students become confident, capable, and connected today, we can ensure they have access to opportunity-filled futures tomorrow. Junior Achievement reaches more than 4.8 million students annually across nearly 100 U.S. markets, and is part of JA Worldwide, which serves over 19.9 million students in more than 100 countries. Learn more at www.ja.org

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Affle Announces Strategic Acquisition of AdColony Technology Assets and Trademark from DT

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Acquisition Strengthens Affle 3i Consumer Platform Tech Stack and Reinforces Commitment to Accelerated Growth with an Ongoing Commercial Partnership with DT.

SAN FRANCISCO, June 15, 2026 /PRNewswire/ — Affle, a global technology company that delivers premium consumer conversions for advertisers with its verticalized AI-powered Consumer Platform, announced that Affle MEA FZ LLC has entered into a definitive asset purchase agreement with DT (NASDAQ: APPS), formerly Digital Turbine, to acquire select strategic AdColony assets including the AdColony SDK for Android and iOS devices, tech platform, existing integration with in-app publishers and mediation platforms, the brand name, domain and the goodwill exclusively related to the assets. 

The acquisition aligns with Affle’s 10X growth strategy to augment its Consumer Platform technology stack with broader SDK reach, spanning a wide and diverse range of mobile publisher connections globally. Affle’s deep verticalization strategy and expanded IP portfolio ensure enhanced human-vs-non-human data distillation to drive premium consumer conversions through its differentiated CPCU (Cost Per Converted User) business model.

“We are excited to announce this strategic acquisition of assets as part of our 10X growth plan,” said Anuj Khanna Sohum, Chairperson, MD & CEO of Affle. “The integration of AdColony is a significant step towards driving global scale for Affle’s advertisers with premium conversions powered by deeper audience intelligence across all our industry verticals. With our integrated stack, we will unlock greater ROI for our advertisers and publishers alike, and thus drive long-term value for our stakeholders.”

The transaction enables DT to further focus investment and resources on its core media and distribution platforms and differentiated data and intelligence assets.

“We made the strategic decision following our Fyber and AdColony acquisitions to consolidate around a single exchange platform, which became the foundation for what is now DTX,” said Bill Stone, CEO of DT. “That decision allowed us to simplify our technology stack, focus our investment, and build a stronger long-term platform. Affle is a natural partner for these AdColony assets, and this transaction creates an opportunity to deepen our commercial relationship, leveraging our respective supply, demand and technology strengths to deliver greater value for advertisers, publishers and partners.”

“This acquisition reinforces Affle’s commitment to continuously scaling globally and delivering personalized recommendations across the connected consumer journeys,” said Sameer Sondhi, CEO of North America and Chief Strategic Investments Officer at Affle. “AdColony brings a long-standing and trusted reputation with publishers globally that complements Affle’s broader strategy. The acquisition further strengthens Affle’s ability to drive deeper engagement with both existing and new advertisers worldwide. Enhanced reach, combined with richer audience intelligence for premium consumer conversions, will enable truly differentiated impact.”

Through this acquisition and its ongoing commercial partnership with DT, Affle aims to deliver enhanced value for advertisers, publishers and stakeholders globally.

About Affle Inc.

Affle Inc. is a global technology company enabling verticalized AI-led consumer conversions for advertisers globally, powered by the differentiated CPCU business model across Mobile, CTV and other agentic/autonomous intelligent connected devices (AICDs). Affle 3i Consumer Platform enables advertisers to optimize targeting, personalize user engagement and maximize ROI by combining proprietary data, deep audience intelligence and advanced agentic AI capabilities. With innovative technology integrations, Affle maximizes user engagement at every stage of the consumer journey across connected devices with algorithms that go beyond automation and efficiency to deliver next-gen experiences through deep human-vs-non-human data distillation.

Affle Inc. is a step down US subsidiary of Affle 3i Limited, which is listed on the NSE (AFFLE) and BSE (542752).

For more information, visit – www.affle.com | contact – pr@affle.com

 

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