Tongcheng Travel reported Q2 2026 revenue of RMB 4.987 billion, up 6.8% year over year, with adjusted net profit of RMB 851 million (+9.8%) and a 17.1% adjusted net margin, while average monthly paying users fell 5.8% to 43.7 million. Transportation ticketing revenue dropped 2.3% to RMB 1.838 billion, with growth shifting to accommodation booking (RMB 1.481 billion, +8.0%) and other OTA services (RMB 1.025 billion, +35.7%), driven mainly by hotel management — over 3,500 hotels in operation and more than 2,000 in the pipeline as of end-June. The author argues that antitrust pressure, cautious consumer spending and AI booking entry points such as Meta Muse, Doubao and Qwen-on-Fliggy make upstream integration into hotel operations a necessary move for OTAs.

Tongcheng Travel·eLong Hotel Technology·Wanda Hotels & Resorts·+5