同程旅行2026年中期报告披露：上半年收入99.93亿元、经调整净利17.92亿元，但核心业绩已于8月24日公告

Tongcheng Travel Holdings Limited
同程旅行控股有限公司
(Incorporated in the Cayman Islands with limited liability)
( 於開曼群島註冊成立的有限公司 )
Stock Code 股份代號：0780

INTERIM REPORT

中期報告

CONTENTS
目錄

2

CORPORATE INFORMATION
公司資料

95

INTERIM CONDENSED CONSOLIDATED
STATEMENT OF FINANCIAL POSITION
中期簡明綜合財務狀況表

6

KEY HIGHLIGHTS
摘要重點

98

INTERIM CONDENSED CONSOLIDATED
STATEMENT OF CHANGES IN EQUITY
中期簡明綜合權益變動表

13

BUSINESS REVIEW AND OUTLOOK
業務回顧與展望

100

17

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

INTERIM CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS
中期簡明綜合現金流量表

102
35

CORPORATE GOVERNANCE AND OTHER
INFORMATION
企業管治及其他資料

NOTES TO THE INTERIM CONDENSED
CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

167
90

REPORT ON REVIEW OF INTERIM FINANCIAL
INFORMATION
中期財務資料的審閱報告

DEFINITION
釋義

92

INTERIM CONDENSED CONSOLIDATED
INCOME STATEMENT
中期簡明綜合收益表

94

INTERIM CONDENSED CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME
中期簡明綜合全面收益表

CORPORATE INFORMATION
公司資料
THE BOARD OF DIRECTORS

董事會

Executive Directors

執行董事

Mr. Wu Zhixiang (resigned as Co-Chairman on

吳志祥先生（於二零二六年五月二十一日

May 21, 2026)
Mr. Ma Heping (Chief Executive Officer and

appointed as Co-Chairman on

於二零二六年五月二十一日

May 21, 2026)

獲委任為聯席董事長）

Non-Executive Directors

非執行董事

Mr. Liang Jianzhang

梁建章先生

Mr. Jiang Hao (Co-Chairman)

江浩先生（聯席董事長）

Mr. Xie Qing Hua (resigned on July 10, 2026)

謝晴華先生（於二零二六年七月十日辭任）

Ms. Li Huan Na (appointed on July 10, 2026)

李浣娜女士（於二零二六年七月十日獲委任）

Mr. Brent Richard Irvin

Brent Richard Irvin先生

Independent Non-Executive Directors

獨立非執行董事

Mr. Yang Chia Hung

楊嘉宏先生

Mr. Dai Xiaojing

戴小京先生

Ms. Han Yuling

韓玉靈女士

AUDIT COMMITTEE

審核委員會

Mr. Yang Chia Hung (Chairman)

楊嘉宏先生（主席）

Mr. Xie Qing Hua (resigned on July 10, 2026)

謝晴華先生（於二零二六年七月十日辭任）

Ms. Li Huan Na (appointed on July 10, 2026)

李浣娜女士（於二零二六年七月十日獲委任）

Ms. Han Yuling

韓玉靈女士

REMUNERATION COMMITTEE

薪酬委員會

Ms. Han Yuling (Chairman)

韓玉靈女士（主席）

Mr. Brent Richard Irvin

Brent Richard Irvin先生

Mr. Dai Xiaojing

戴小京先生

NOMINATION COMMITTEE

提名委員會

Mr. Wu Zhixiang (resigned as a member and the Chairman on

吳志祥先生（於二零二六年五月二十一日

May 21, 2026)
Mr. Ma Heping (appointed as a member and the Chairman on

May 21, 2026)

2

辭任聯席董事長）
馬和平先生（首席執行官，

辭任成員及主席）
馬和平先生（於二零二六年五月二十一日

獲委任為成員及主席）

Mr. Dai Xiaojing

戴小京先生

Ms. Han Yuling

韓玉靈女士

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

CORPORATE INFORMATION
公司資料

ENVIRONMENTAL, SOCIAL AND GOVERNANCE
COMMITTEE

環境、社會及管治委員會

Mr. Yang Chia Hung (Chairman)

楊嘉宏先生（主席）

Mr. Dai Xiaojing

戴小京先生

Ms. Han Yuling

韓玉靈女士

COMPANY SECRETARY

公司秘書

Ms. Ma Li

馬莉女士

AUTHORIZED REPRESENTATIVES

授權代表

Mr. Ma Heping

馬和平先生

Ms. Ma Li

馬莉女士

REGISTERED OFFICE IN THE CAYMAN ISLANDS

開曼群島註冊辦事處

Conyers Trust Company (Cayman) Limited

Conyers Trust Company (Cayman) Limited

Cricket Square

Cricket Square

Hutchins Drive

Hutchins Drive

P.O. Box 2681

P.O. Box 2681

Grand Cayman

Grand Cayman

KY1-1111

KY1-1111

Cayman Islands

Cayman Islands

HEADQUARTERS

總部

Tongcheng Travel Mansion

中國江蘇省

No. 66 Yunhui Road

蘇州工業園區

Suzhou Industrial Park

醞慧路66號

Jiangsu, China

同程旅行大廈

PRINCIPAL PLACE OF BUSINESS IN HONG KONG

香港主要營業地點

31/F, Tower Two

香港

Times Square

銅鑼灣

1 Matheson Street

勿地臣街1號

Causeway Bay

時代廣場

Hong Kong

二座31樓

二零二六年中期報告 ︱ INTERIM REPORT 2026

3

CORPORATE INFORMATION
公司資料

4

PRINCIPAL SHARE REGISTRAR AND TRANSFER
OFFICE

股份過戶登記總處

Conyers Trust Company (Cayman) Limited

Conyers Trust Company (Cayman) Limited

Cricket Square

Cricket Square

Hutchins Drive

Hutchins Drive

P.O. Box 2681

P.O. Box 2681

Grand Cayman

Grand Cayman

KY1-1111

KY1-1111

Cayman Islands

Cayman Islands

HONG KONG SHARE REGISTRAR

香港證券登記處

Computershare Hong Kong Investor Services Limited

香港中央證券登記有限公司

Shops 1712-1716, 17/F

香港

Hopewell Centre

灣仔

183 Queen’s Road East

皇后大道東183號

Wanchai

合和中心

Hong Kong

17樓1712-1716號舖

LEGAL ADVISERS

法律顧問

As to Hong Kong and U.S. laws:

有關香港及美國法律：

Davis Polk & Wardwell

達維律師事務所

10th Floor, The Hong Kong Club Building

香港

3A Chater Road

遮打道3A號

Hong Kong

香港會所大廈10樓

As to PRC law:

有關中國法律：

Zhong Lun Law Firm

中倫律師事務所

10/11/16/17/F, Two IFC

中國上海市

No. 8 Century Avenue

浦東新區

Pudong New Area

世紀大道8號

Shanghai, China

國金中心二期10、11、16及17層

As to Cayman Islands law:

有關開曼群島法律：

Conyers Dill & Pearman

Conyers Dill & Pearman

Cricket Square, Hutchins Drive

Cricket Square, Hutchins Drive

P.O. Box 2681

P.O. Box 2681

Grand Cayman

Grand Cayman

KY1-1111

KY1-1111

Cayman Islands

Cayman Islands

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

CORPORATE INFORMATION
公司資料

AUDITOR

核數師

PricewaterhouseCoopers

羅兵咸永道會計師事務所

Certified Public Accountants and Registered Public Interest Entity Auditor

執業會計師及註冊公眾利益實體核數師

22/F, Prince’s Building

香港

Central

中環

Hong Kong

太子大廈22樓

PRINCIPAL BANKS

主要往來銀行

China Merchants Bank Beijing DongSanHuan Sub-Branch

招商銀行北京東三環支行

1F, Huijia Building

中國

6 East 3rd Ring North Road

北京市朝陽區

Chaoyang District, Beijing

東三環北路6號

China

匯佳大廈一層西門

Bank of China Suzhou Industrial Park Branch

中國銀行蘇州工業園區分行

Zhongyin Huilong Building

中國江蘇省

No. 8 Suzhou Avenue West

蘇州工業園區

Suzhou Industrial Park

蘇州大道西8號

Jiangsu, China

中銀惠龍大廈

STOCK CODE

股份代號

0780

0780

COMPANY WEBSITE

公司網址

www.tongchengir.com

www.tongchengir.com

二零二六年中期報告 ︱ INTERIM REPORT 2026

5

KEY HIGHLIGHTS
摘要重點
FOR THE THREE MONTHS ENDED JUNE 30, 2026

截至二零二六年六月三十日止三個月

•

•

•

Revenue increased by 6.8% year-to-year to RMB4,987.0 million in the

收入由二零二五年第二季度的人民幣4,669.4

second quarter of 2026 from RMB4,669.4 million in the same period of

百萬元同比增加 6.8% 至二零二六年同期的

2025.

人民幣4,987.0百萬元。

Adjusted EBITDA increased by 7.3% from RMB1,185.2 million in the

•

second quarter of 2025 to RMB1,271.6 million in the second quarter of

經調整EBITDA由二零二五年第二季度的人
民幣1,185.2百萬元增加7.3%至二零二六年第

2026. Adjusted EBITDA margin increased to 25.5% in the second quarter

二季度的人民幣 1,271.6 百萬元。與二零二

of 2026 compared to 25.4% in the same quarter of 2025.

五年第二季度的25.4%相比，二零二六年同
期的經調整EBITDA利潤率增加至25.5%。

•

Adjusted net profit increased by 9.8% from RMB775.1 million in the

•

經調整溢利淨額由二零二五年第二季度的

second quarter of 2025 to RMB850.9 million in the same quarter of 2026.

人民幣775.1 百萬元增加9.8%至二零二六年

Adjusted net margin increased from 16.6% in the second quarter of 2025

同季度的人民幣850.9 百萬元。經調整淨利

to 17.1% in the same quarter of 2026.

潤率由二零二五年第二季度的16.6%上升至
二零二六年同季度的17.1%。

•

Average MPUs decreased by 5.8% year-to-year from 46.4 million in the
second quarter of 2025 to 43.7 million in the same quarter of 2026.

•

平均月付費用戶由二零二五年第二季度的
46.4百萬人同比減少5.8%至二零二六年同季
度的43.7百萬人。

6

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

KEY HIGHLIGHTS
摘要重點

1. KEY FINANCIAL METRICS FOR THE THREE
MONTHS ENDED JUNE 30, 2026

1. 截至二零二六年六月三十日止
三個月的關鍵財務指標
Unaudited
Three months ended
June 30,
未經審核

Year-to-year

截至六月三十日止三個月

change

2026

2025

同比

二零二六年

二零二五年

變動

(in RMB’000)
（人民幣千元）

4,987,027

4,669,431

除所得稅前溢利

808,737

785,745

2.9%

期內溢利

633,724

642,105

(1.3)%

期內經調整EBITDA

1,271,643

1,185,177

7.3%

期內經調整溢利淨額

850,902

775,103

9.8%

Revenue

收入

Profit before income tax
Profit for the period
Adjusted EBITDA for the period
Adjusted net profit for the period
Revenue growth (year-to-year)

收入增長（同比）

6.8%

10.0%

Adjusted EBITDA margin

經調整EBITDA利潤率

25.5%

25.4%

Adjusted net margin

經調整淨利潤率

17.1%

16.6%

6.8%

Note:

附註：

Please refer to “Other Financial Information” below for the meaning of “adjusted
EBITDA” and “adjusted net profit for the period”.

有關「經調整EBITDA」及「期內經調整溢利淨額」的
涵義，請參閱下文「其他財務資料」。

二零二六年中期報告 ︱ INTERIM REPORT 2026

7

KEY HIGHLIGHTS
摘要重點

2. 分部財務資料

2. FINANCIAL INFORMATION BY SEGMENT

Unaudited
Three months ended June 30,
未經審核
截至六月三十日止三個月
2026
二零二六年

2025
二零二五年
(in RMB’000)
（人民幣千元）

8

Core OTA
核心在線
旅遊平台

Tourism
度假

Unallocated
items
未分配項目

Total
總計

Core
OTA
核心在線
旅遊平台

Tourism
度假

Unallocated
items
未分配項目

Total
總計

Accommodation reservation
Transportation ticketing
Others

住宿預訂
交通票務
其他

1,480,655
1,838,210
1,025,369

–
–
642,793

–
–
–

1,480,655
1,838,210
1,668,162

1,371,367
1,881,010
755,398

–
–
661,656

–
–
–

1,371,367
1,881,010
1,417,054

Total revenue

總收入

4,344,234

642,793

–

4,987,027

4,007,775

661,656

–

4,669,431

Cost of revenue, operating expenses
and unallocated items

銷售成本、經營開支及未分配項目

(3,197,906)

(648,947)

(286,776)

(4,133,629)

(2,937,441)

(657,229)

(265,445)

(3,860,115)

Operating profit/(loss)

經營溢利╱（虧損）

1,146,328

(6,154)

(286,776)

853,398

1,070,334

4,427

(265,445)

809,316

Note:

附註：

Unallocated items mainly include (i) share-based compensation expenses; (ii)
depreciation of property, plant and equipment and right-of-use assets from
acquisition; (iii) amortization of intangible assets from acquisition; (iv) fair value
changes of financial investments at fair value through profit or loss; (v) other
income; (vi) other (losses)/gains – net; and (vii) certain corporate administrative
expenses and other miscellaneous items. They are not allocated to individual
segment.

未分配項目主要包括 ( i ) 以股份為基礎的薪酬開
支；(ii)收購產生的物業、廠房及設備以及使用權
資產折舊；(iii)收購產生的無形資產攤銷；(iv)按公
允價值計量且其變動計入損益的金融投資公允價
值變動；(v)其他收入；(vi)其他（虧損）╱ 收益淨
額；及(vii)若干企業行政開支以及其他雜項。未
分配項目不分配至個別分部。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

KEY HIGHLIGHTS
摘要重點

3. OPERATING METRICS FOR THE THREE MONTHS
ENDED JUNE 30, 2026

截至二零二六年六月三十日止
三個月的營運指標

3.

Three months ended June 30,
截至六月三十日止三個月
2026
2025
二零二六年
二零二五年
Number of average MPUs (in million)

平均月付費用戶數目
（按百萬計）

FOR THE SIX MONTHS ENDED JUNE 30, 2026
•

Revenue increased by 10.5% year-to-year to RMB9,992.8 million in

43.7

•

(5.8)%

收入由截至二零二五年六月三十日止
六個月的人民幣 9,046.9 百萬元同比增
加10.5%至二零二六年同期的人民幣

same period of 2025.

Adjusted EBITDA increased by 13.5% year-to-year from RMB2,344.6

46.4

截至二零二六年六月三十日止六個
月

the six months ended June 30, 2026 from RMB9,046.9 million in the

•

Year-to-year
change
同比變動

9,992.8百萬元。
•

經調整 EBITDA 由截至二零二五年六月

million for the six months ended June 30, 2025 to RMB2,660.7

三十日止六個月的人民幣2,344.6百萬元

million for the six months ended June 30, 2026. Adjusted EBITDA

同比增加13.5%至截至二零二六年六月

margin increased from 25.9% in the same period of 2025 to 26.6%.

三十日止六個月的人民幣 2,660.7 百萬
元。經調整 EBITDA 利潤率由二零二五
年同期的25.9%上升至26.6%。

•

Adjusted net profit increased by 14.6% from RMB1,563.3 million for

•

經調整溢利淨額由截至二零二五年六

the six months ended June 30, 2025 to RMB1,792.0 million for the

月三十日止六個月的人民幣1,563.3百萬

six months ended June 30, 2026. Adjusted net margin increased

元增加14.6%至截至二零二六年六月三

from 17.3% in the same period of 2025 to 17.9% for the six months

十日止六個月的人民幣1,792.0百萬元。

ended June 30, 2026.

經調整淨利潤率由截至二零二五年六
月三十日止六個月的17.3%上升至二零
二六年同期的17.9%。

•

Average MPUs decreased by 3.0% year-to-year from 46.5 million

•

平均月付費用戶由截至二零二五年六

for the six months ended June 30, 2025 to 45.1 million for the six

月三十日止六個月的46.5百萬人同比減

months ended June 30, 2026.

少3.0%至截至二零二六年六月三十日止
六個月的45.1百萬人。

•

APUs for the twelve-month period ended June 30, 2026 increased

•

截至二零二六年六月三十日止十二個

by 0.9% year-to-year from 251.7 million in the same period of 2025

月期間的年付費用戶由二零二五年同

to 253.9 million.

期的251.7百萬人同比增加0.9%至253.9
百萬人。

•

Twelve-month Accumulated Number of Travelers Served ended

•

截至二零二六年六月三十日止的十二

June 30, 2026 increased by 2.7% from 1,990.6 million in the same

個月累計服務人次由二零二五年同期

period of 2025 to 2,044.3 million.

的1,990.6百萬增加2.7%至2,044.3百萬。

二零二六年中期報告 ︱ INTERIM REPORT 2026

9

KEY HIGHLIGHTS
摘要重點

4. KEY FINANCIAL METRICS FOR THE SIX MONTHS
ENDED JUNE 30, 2026

4. 截至二零二六年六月三十日止
六個月的關鍵財務指標
Unaudited
Six months ended June 30,
未經審核
截至六月三十日止六個月

Year-to-year

2026

2025

change

二零二六年

二零二五年

同比變動

(in RMB’000)
（人民幣千元）

10

Revenue

收入

9,992,819

9,046,863

10.5%

Profit before income tax

除所得稅前溢利

1,763,805

1,590,807

10.9%

Profit for the period

期內溢利

1,417,953

1,320,606

7.4%

Adjusted EBITDA for the period

期內經調整EBITDA

2,660,686

2,344,561

13.5%

Adjusted net profit for the period

期內經調整溢利淨額

1,792,002

1,563,271

14.6%

Revenue growth (year-to-year)

收入增長（同比）

10.5%

11.5%

Adjusted EBITDA margin

經調整EBITDA利潤率

26.6%

25.9%

Adjusted net margin

經調整淨利潤率

17.9%

17.3%

Note:

附註：

Please refer to “Other Financial Information” below for the meaning of “adjusted
EBITDA” and “adjusted net profit for the period”.

有關「經調整EBITDA」及「期內經調整溢利淨額」的
涵義，請參閱下文「其他財務資料」。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

KEY HIGHLIGHTS
摘要重點

5. FINANCIAL INFORMATION BY SEGMENT

5.

分部財務資料
Unaudited
Six months ended June 30,
未經審核
截至六月三十日止六個月

2026

2025

二零二六年

二零二五年
(in RMB’000)
（人民幣千元）

Core

Unallocated

Core

Unallocated

OTA

items

OTA

items

核心在線

Tourism

未分配

Total

核心在線

Tourism

未分配

Total

旅遊平台

度假

項目

總計

旅遊平台

度假

項目

總計

–

–

2,845,115

2,561,009

–

–

2,561,009

Accommodation reservation

住宿預訂

2,845,115

Transportation ticketing

交通票務

3,962,228

–

–

3,962,228

3,881,221

–

–

3,881,221

Others

其他

1,986,790

1,198,686

–

3,185,476

1,357,975

1,246,658

–

2,604,633

Total revenue

總收入

8,794,133

1,198,686

–

9,992,819

7,800,205

1,246,658

–

9,046,863

Cost of revenue, operating expenses

銷售成本、經營開支及

and unallocated items

未分配項目

(6,342,499)

(1,185,916)

(617,964)

(8,146,379)

(5,623,032)

(1,216,688)

(580,544)

(7,420,264)

Operating profit/(loss)

經營溢利╱（虧損）

2,451,634

12,770

(617,964)

1,846,440

2,177,173

29,970

(580,544)

1,626,599

Note:

附註：

Unallocated items mainly include (i) share-based compensation expenses; (ii)
depreciation of property, plant and equipment and right-of-use assets from
acquisition; (iii) amortization of intangible assets from acquisition; (iv) fair value
changes of financial investments at fair value through profit or loss; (v) other
income; (vi) other (losses)/gains, net; and (vii) certain corporate administrative
expenses and other miscellaneous items. They are not allocated to individual
segment.

未分配項目主要包括 ( i ) 以股份為基礎的薪酬開
支；(ii)收購產生的物業、廠房及設備以及使用權
資產折舊；(iii)收購產生的無形資產攤銷；(iv)按公
允價值計量且其變動計入損益的金融投資公允價
值變動；(v)其他收入；(vi)其他（虧損）╱ 收益淨
額；及(vii)若干企業行政開支以及其他雜項。未
分配項目不分配至個別分部。

二零二六年中期報告 ︱ INTERIM REPORT 2026

11

KEY HIGHLIGHTS
摘要重點

6. OPERATING METRICS FOR THE SIX MONTHS
ENDED JUNE 30, 2026

6. 截至二零二六年六月三十日止
六個月的營運指標
Six months ended June 30,
截至六月三十日止六個月
2025

change

二零二六年

二零二五年

同比變動

Number of average MPUs (in million)

平均月付費用戶數目（按百萬計）

45.1

46.5

(3.0)%

APUs (in million)

年付費用戶（按百萬計）

253.9

251.7

0.9%

Twelve-month Accumulated Number of

十二個月累計服務人次
2,044.3

1,990.6

2.7%

Travelers Served (in million)

12

Year-to-year

2026

（按百萬計）

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

BUSINESS REVIEW AND OUTLOOK
業務回顧與展望
RESULTS HIGHLIGHTS

業績摘要

In the second quarter of 2026, China’s travel market was marked by a

二零二六年第二季度，中國旅遊市場的外部環

challenging external environment. While travel demand remained resilient in

境充滿挑戰。儘管旅遊需求在四月初保持韌

early April, elevated airfares, driven by a significant increase in fuel surcharges,

性，但燃油附加費大幅增加導致機票價格高

have weighed on long-haul travel demand since May. Against this backdrop,

企，自五月起對長途旅遊需求造成壓力。在此

we remained disciplined in execution and delivered another quarter of solid

背景下，我們始終保持穩扎穩打的執行力，再

results.

次交出了穩健的季度業績。

Our total revenue increased by 6.8% year-to-year to RMB4,987.0 million and

截至二零二六年六月三十日止三個月及六個

10.5% year-to-year to RMB9,992.8 million, for the three and six months ended

月，我們的總收入分別同比增加6.8%及10.5%至

June 30, 2026 respectively. Underpinned by enhanced operational leverage,

人民幣4,987.0 百萬元及人民幣9,992.8 百萬元。

our adjusted net profit was RMB850.9 million and RMB1,792.0 million for

得益於經營效率的提升，截至二零二六年六月

the three and six months ended June 30, 2026 respectively, representing

三十日止三個月及六個月，我們的經調整淨利

year-to-year increases of 9.8% and 14.6%, respectively.

潤分別為人民幣850.9百萬元及人民幣1,792.0百
萬元，分別同比增長9.8%及14.6%。

BUSINESS REVIEW

業務回顧

Through effective user engagement initiatives and a full spectrum of

通過高效的用戶互動措施及全面的產品供給，

product offerings, we have built an extensive user base. Our annual

我們建立了龐大的用戶基數。截至二零二六年

paying users for the twelve months ended June 30, 2026 reached 253.9

六月三十日止十二個月，我們的年付費用戶達

million, representing approximately 0.9% year-to-year growth, while our

253.9 百萬人，同比增長約0.9%，十二個月累計

twelve-month Accumulated Number of Travelers Served exceeded 2.0 billion.

服務人次超過20.0億。憑藉卓越的運營能力，我

Our exceptional operational capabilities have enabled us to further solidify

們進一步鞏固了在中國大眾市場的地位。截至

our position in China’s mass market. As of June 30, 2026, our registered users

二零二六年六月三十日，超過87%的註冊用戶來

residing in non-first tier cities in China accounted for over 87% of the total

自中國非一線城市。

registered users.
During the second quarter, the Weixin ecosystem remained an important

第二季度，微信生態系統依舊是我們重要的流

traffic source for us, and we continued to optimize our operational efficiency

量來源，我們持續優化在該生態內的運營效

within the ecosystem. Meanwhile, our standalone APP, the key instrument

率。同時，作為獲取新用戶的核心渠道，我們

for new user acquisition, maintained solid growth momentum, with its

的自有APP保持強勁的增長勢頭，其日活躍用戶

DAUs reaching an all-time high ahead of the May Day holiday. Notably, we

在五一假期前達到歷史新高。值得注意的是，

launched weekend marketing campaigns to tap into evolving consumer

為順應消費者追求儀式感與鬆弛感的新趨勢，

preferences for a sense of ritual and relaxation, deepening interaction with

我們推出了週末主題營銷活動，以加強與年輕

the younger user cohort.

用戶群體的互動。

二零二六年中期報告 ︱ INTERIM REPORT 2026

13

BUSINESS REVIEW AND OUTLOOK
業務回顧與展望

Prioritizing user value, we have been actively investing in our loyalty

我們重視用戶價值，積極投入會員計劃並優化

program and optimizing user benefits. During the quarter, we continued

用戶權益。本季度內，我們通過提供更多專屬

to enhance our engagement programs for high-value members by offering

權益與提升服務質量，以加強與高價值會員的

more exclusive benefits and elevating service quality. These efforts further

互動。這些舉措進一步提高了用戶複購率，並

increased repeat purchases and strengthened user loyalty.

增強了用戶忠誠度。

As a one-stop-shop travel platform, we provide users with an extensive array

作為一站式旅遊平台，我們為用戶提供豐富的

of travel products and services to address evolving user needs throughout

旅遊產品及服務，以滿足用戶在旅程中不斷變

journeys. As of June 30, 2026, our online platforms offered approximately

化的需求。截至二零二六年六月三十日，我們

440,000 routes operated by 783 airlines and agencies, more than 4.0 million

的在線平台提供由783家航空公司及代理運營的

hotel selections and alternative accommodation options, over 150,000 bus

約440,000條航線、超過4.0百萬家酒店及非標住

routes, around 1,000 ferry routes, and more than 13,000 tourist attraction

宿選擇、逾150,000條巴士路線、約1,000條渡輪

ticketing services.

線路，及超過13,000個旅遊景點的門票服務。

For the three months ended June 30, 2026, our revenue from the

截至二零二六年六月三十日止三個月，我們

accommodation business increased by 8.0% year-to-year from RMB1,371.4

住宿業務的收入由人民幣1,371.4 百萬元同比增

million to RMB1,480.7 million, supported by stable growth in both ADR

加8.0%至人民幣1,480.7 百萬元，主要受ADR與

and hotel room nights sold. Driven by the structural shift in consumer

酒店間夜量穩健增長所推動。受益於消費者偏

preferences toward higher-quality hotels, the proportion of higher-star

好向高品質酒店轉移的結構性變化，季度內我

hotel room nights sold on our platform increased further during the quarter.

們平台上高品質酒店間夜量佔比進一步提升。

Additionally, we curated destinations with strong experiential attraction, and

此外，圍繞用戶日益青睞體驗式旅行的趨勢，

launched differentiated interactive marketing campaigns to seize the growth

我們精選了具備強體驗屬性的目的地，並推出

opportunities arising from growing preference toward experience-driven

差異化的營銷活動，以把握增長機會。國際住

travel. As for our international accommodation business, we continued to

宿業務方面，我們持續深化與全球供應商的合

deepen partnership with global suppliers, and further enhanced our product

作，並進一步優化我們的產品及服務供給，以

and service offerings to better address users’ needs. Besides, the successful

更好地滿足用戶需求。此外，交叉銷售的有效

execution of our cross-selling strategy, combined with precise marketing

實施，疊加精準的營銷活動，共同助推了二季

campaigns, added to the exceptional growth in international room nights

度國際酒店間夜量的強勁增長。

sold in the second quarter.

14

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

BUSINESS REVIEW AND OUTLOOK
業務回顧與展望

Our transportation business faced headwinds in the second quarter, with

第二季度，受機票價格高企抑制出行需求的影

elevated airfares dampening travel demand. For the three months ended

響，我們的交通業務承壓。截至二零二六年六

June 30, 2026, our revenue from transportation ticketing services slightly

月三十日止三個月，我們的交通票務服務收入

decreased by 2.3% year-to-year from RMB1,881.0 million to RMB1,838.2

由人民幣1,881.0 百萬元同比小幅下降2.3%至人

million. During the quarter, we remained committed to enhancing user

民幣1,838.2 百萬元。期內，我們致力於提升用

experience. Our algorithm-powered Huixing system continued to deliver

戶體驗。我們由算法驅動的慧行系統持續為用

diverse, reliable end-to-end travel solutions. Meanwhile, we further integrated

戶提供多元、可靠的端到端出行解決方案。同

short-distance transportation options into users’ travel journeys, such as

時，我們進一步將短途交通服務（例如順風車及

carpooling and airport transfers, delivering a more seamless and convenient

機場接送）融入用戶的出行旅程中，為用戶提供

experience for our users. In the international air ticketing business, we

更加順暢及便捷的出行體驗。在國際機票業務

maintained a competitive pricing strategy while further enhancing our

方面，我們維持具有競爭力的定價策略，同時

service quality to strengthen our user awareness. In the second quarter

進一步提升服務質量，以強化用戶心智。二零

of 2026, our international air ticketing revenue maintained strong growth

二六年第二季度，我們的國際機票收入保持了

momentum.

強勁的增長勢頭。

Our other businesses demonstrated notable growth. For the three months

我們的其他業務顯著增長。截至二零二六年六

ended June 30, 2026, our revenue from other businesses achieved

月三十日止三個月，其他業務的收入達人民幣

RMB1,025.4 million with a 35.7% year-to-year growth, driven by the

1,025.4百萬元，同比增長35.7%，主要受酒店管

exceptional performance of the hotel management business. During the

理業務的出色表現所推動。季度內，我們的藝

quarter, our Elong Hotel Technology platform sustained its rapid expansion

龍酒店科技平台戰略聚焦受市場認可的品牌，

trajectory with a strategic focus on well-recognized brands, while leveraging

延續了快速擴張的態勢，同時憑藉技術能力提

technological capabilities to enhance operational efficiency. As for Wanda

升運營效率。萬達酒店及度假村則採取了精細

Hotels and Resorts, it pursued a refined geographic expansion, concentrating

化的擴張策略，聚焦核心城市與熱門旅遊目的

on new hotel openings in core cities and popular tourist destinations to

地，以提升其在中國高端酒店的市場份額。此

increase its market share within China’s high-end hotel segment. In addition,

外，其亦加快了在海外市場的擴張步伐，從而

it also accelerated its pace of international expansion, strengthening its

強化在國際市場的影響力。截至六月底，我們

market presence on the global stage. As of the end of June, the total number

在營運的酒店總數超過3,500家，另有超過2,000

of hotels in operation exceeded 3,500, with over 2,000 in the pipeline,

家酒店在籌備中，彰顯了我們酒店管理業務的

underscoring the strong growth momentum of our hotel management

強勁增長勢頭，以及我們致力於成為中國酒店

business and our steadfast dedication to becoming the industry leader in

管理行業領導者的決心。

China’s hotel management sector.
In the second quarter of 2026, our revenue from tourism business achieved

二零二六年第二季度，我們的度假業務收入達

RMB642.8 million with a 2.9% year-to-year decrease, mainly attributable to

人民幣642.8百萬元，同比下降2.9%，主要是因

subdued demand for outbound package tours amid persistent geopolitical

為地緣政治不確定性持續存在，疊加機票價格

uncertainties and heightened airfares.

高企，導致出境跟團遊需求疲軟。

二零二六年中期報告 ︱ INTERIM REPORT 2026

15

BUSINESS REVIEW AND OUTLOOK
業務回顧與展望

We are committed to harnessing AI to seize new growth opportunities in

我們致力於運用 AI 技術以把握 AI 時代的增長機

the AI era, while enhancing the Company’s overall operational efficiency.

遇，同時提升公司整體的運營效率。我們積極

We proactively pursue strategic collaborations with leading third-party AI

與領先的第三方AI平台開展戰略合作。作為首批

platforms. As one of the first OTAs to integrate with the Weixin AI Assistant,

接入微信AI助手的在線旅遊平台之一，我們正積

we are actively contributing to the development of the Weixin AI ecosystem,

極參與微信 AI 生態系統的共建，聚焦於在該生

focusing on building and validating our capabilities within this ecosystem.

態系統內打磨並驗證我們的業務能力。同時，

Meanwhile, we continuously iterated our proprietary AI-powered itinerary

我們持續迭代自有AI行程規劃智能體DeepTrip。

planner DeepTrip. Over the past quarter, we strengthened DeepTrip’s

於過去一個季度，我們增強了DeepTrip的記憶能

memory capabilities, enabling it to incorporate users’ historical preferences

力，使其能夠結合用戶的歷史偏好，生成更為

and deliver more precise, customized travel itineraries.

精準化、定製化的旅遊行程。

In customer service, we further advanced automation functions powered by

在客戶服務方面，我們進一步深化了AI驅動的自

AI. Beyond the high degree of automation already achieved in routine user

動化能力。在常規用戶諮詢場景已實現高度自

inquiry scenarios, we extended AI applications to more customer service

動化的基礎上，我們將AI應用擴展至理賠追蹤等

scenarios such as compensation claim tracking, which has significantly

更多客服場景，顯著提升了客戶服務效率及用

boosted both customer service efficiency and user experience. Moreover, we

戶體驗。此外，我們將AI深度嵌入到所有人工服

deepened AI integration into every manual process, equipping our customer

務環節中，為我們的客戶服務團隊配置 AI 工具

service team with a set of AI tools to help them better understand user

箱，幫助其更好地理解用戶訴求，從而實現響

inquiries with enhanced accuracy and faster response.

應速度與準確率的提升。

BUSINESS OUTLOOK AND STRATEGIES

業務前景及策略

With the onset of summer season, we have observed subdued travel

進入暑期，我們觀察到出行需求呈現疲軟態

demand, weighed down by the frequent occurrence of extreme weather and

勢，主要受極端天氣頻發以及燃油成本波動帶

the uncertainties caused by fluctuating fuel costs. In spite of the short-term

來的不確定性拖累。儘管面臨短期不利影響，

headwinds, we maintain a positive outlook for both our Company and the

我們對本公司業務及整體中國旅遊業的發展前

broader China travel industry. The Chinese government has reinforced the

景依然保持信心。中國政府進一步強化旅遊業

role of the tourism industry as a strategic pillar of the national economy,

作為國民經濟戰略性支柱產業的地位，為行業

laying a solid foundation for the industry’s long-term growth. Meanwhile,

的長期增長奠定堅實基礎。同時，消費者偏好

the structural shift in consumer preference toward immersive, experiential

向沉浸式與體驗式消費的結構性轉變，正為本

consumption is creating new travel scenarios and growth opportunities for

公司乃至整個旅遊行業創造新的旅遊場景及增

our Company as well as the broader travel industry.

長機遇。

With a clear strategy and strong execution capabilities, we are well-positioned

憑藉清晰的戰略佈局及卓越的執行能力，我們

to navigate the short-term market uncertainties and capture long-term

完全有能力應對短期的市場不確定性，並把握

growth opportunities. We will remain focused on our core OTA business,

長期增長機遇。我們將繼續專注於核心在線旅

strengthening our market position in China’s mass market, while proactively

遊平台業務，鞏固本公司在中國大眾市場的地

expanding our international business. With respect to the hotel management

位，同時積極拓展國際業務。酒店管理業務方

business, we will accelerate its geographical network expansion, while

面，我們將加快酒店網絡擴張，同時提升運營

enhancing operational efficiency. Furthermore, we will step up efforts in

效率。此外，我們將加大力度應用AI技術，以把

leveraging AI technology to capture potential growth opportunities as

握潛在增長機遇並提升運營效率。最後，我們

well as improving operational efficiency. Finally, we remain committed to

將繼續致力於提升本公司的ESG表現，為所有利

enhancing our ESG performance and delivering sustainable, long-term value

益相關者創造可持續的長期價值。

to all stakeholders.

16

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
Second Quarter of 2026 compared to Second Quarter of 2025

二零二六年第二季度與二零二五年第二季度的
比較
Unaudited
Three months ended
June 30,
未經審核
截至六月三十日止三個月
2026
2025
二零二六年
二零二五年
RMB’000
RMB’000
人民幣千元
人民幣千元

Revenue
Cost of revenue

收入
銷售成本

4,987,027
(1,660,405)

4,669,431
(1,633,149)

Gross profit

毛利

3,326,622

3,036,282

Service development expenses
Selling and marketing expenses
Administrative expenses
Net (provision for)/reversal of impairment loss on
financial assets
Fair value changes on investments measured
at fair value through profit or loss
Other income
Other (losses)/gains – net

服務開發開支
銷售及營銷開支
行政開支
金融資產減值虧損（撥備）╱ 撥回淨額

(528,173)
(1,627,575)
(385,704)

(504,524)
(1,538,292)
(277,742)

(5,233)

8,745

41,526
42,351
(10,416)

48,208
17,399
19,240

Operating profit
Finance income
Finance costs
Share of results of investments accounted
for using the equity method

經營溢利
財務收入
財務費用
應佔採用權益法入賬的投資業績

853,398
26,467
(57,604)

809,316
43,161
(77,710)

(13,524)

10,978

Profit before income tax
Income tax expense

除所得稅前溢利
所得稅開支

808,737
(175,013)

785,745
(143,640)

Profit for the period

期內溢利

633,724

642,105

Profit attributable to:
Equity holders of the Company
Non-controlling interests

以下各項應佔溢利：
本公司權益持有人
非控股權益

631,911
1,813

641,813
292

633,724

642,105

850,902

775,103

Adjusted net profit for the period(a)

按公允價值計量且其變動計入損益的
投資公允價值變動
其他收入
其他（虧損）╱ 收益淨額

期內經調整溢利淨額 (a)

Note:
(a)

附註：
Please see “Other Financial Information – Non-IFRS Financial Measures” below for
more information about “adjusted net profit for the period”.

(a)

有關「期內經調整溢利淨額」的更多資料，請參閱
下文「其他財務資料 － 非國際財務報告準則財務
計量」。

二零二六年中期報告 ︱ INTERIM REPORT 2026

17

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

REVENUE

收入

Our revenue was generated from (i) the core OTA business, which mainly

我們的收入來自(i)核心在線旅遊平台業務，主要

encompasses online accommodation reservations and transportation

包括線上住宿預訂及交通票務服務；及(ii)度假

ticketing services; and (ii) the tourism business, which mainly includes

業務，主要包括線下旅行社業務及運營景區。

offline travel agency operations and the operation of scenic parks. These

該兩個分部共同構成我們財務表現的核心來源。

two segments collectively represent the core sources of our financial
performance.

Unaudited
Three months ended
June 30,
未經審核
截至六月三十日止三個月
2026

2025

change

二零二六年

二零二五年

同比變動

RMB’000

RMB’000

人民幣千元

人民幣千元

Core OTA

核心在線旅遊平台

Accommodation reservation services

住宿預訂服務

1,480,655

1,371,367

8.0%

Transportation ticketing services

交通票務服務

1,838,210

1,881,010

(2.3)%

Others

其他

1,025,369

755,398

35.7%

4,344,234

4,007,775

8.4%

Tourism

度假

642,793

661,656

(2.9)%

Total revenue

總收入

4,987,027

4,669,431

6.8%

Total revenue increased by 6.8% from RMB4,669.4 million for the three

總收入由截至二零二五年六月三十日止三個月

months ended June 30, 2025 to RMB4,987.0 million for the three months

的人民幣4,669.4 百萬元增加6.8%至截至二零二

ended June 30, 2026.

六年六月三十日止三個月的人民幣4,987.0 百萬
元。

18

Year-to-year

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

Core OTA

核心在線旅遊平台

The core OTA revenue was generated primarily from accommodation

核心在線旅遊平台收入主要來自住宿預訂服務

reservation services and transportation ticketing services, and increased by

及交通票務服務，並由截至二零二五年六月三

8.4% from RMB4,007.8 million for the three months ended June 30, 2025 to

十日止三個月的人民幣4,007.8 百萬元增加8.4%

RMB4,344.2 million for the three months ended June 30, 2026.

至截至二零二六年六月三十日止三個月的人民
幣4,344.2百萬元。

Revenue from accommodation reservation services increased by 8.0% from

住宿預訂服務收入由截至二零二五年六月三十

RMB1,371.4 million for the three months ended June 30, 2025 to RMB1,480.7

日止三個月的人民幣1,371.4 百萬元增加8.0%至

million in the same period of 2026. The increase was mainly due to the stable

二零二六年同期的人民幣1,480.7 百萬元。該增

growth in both ADR and hotel room nights sold.

加主要由於ADR及已售酒店間夜量均錄得穩定增
長。

Revenue from transportation ticketing services decreased by 2.3% from

交通票務服務收入由截至二零二五年六月三十

RMB1,881.0 million for the three months ended June 30, 2025 to RMB1,838.2

日止三個月的人民幣1,881.0 百萬元減少2.3%至

million for the three months ended June 30, 2026, which was mainly due to

截至二零二六年六月三十日止三個月的人民幣

the decreased demand in transportation ticketing services and value-added

1,838.2 百萬元，這主要是由於我們提供的交通

products and services we provided.

票務服務以及增值產品及服務的需求減少。

Revenue from others increased by 35.7% to RMB1,025.4 million for the three

其他收入由截至二零二五年六月三十日止三個

months ended June 30, 2026 from RMB755.4 million for the three months

月的人民幣755.4百萬元增加35.7%至截至二零二

ended June 30, 2025, which was mainly due to the increases in (i) hotel

六年六月三十日止三個月的人民幣1,025.4 百萬

management services; (ii) advertising services; (iii) ancillary value-added user

元，這主要由於(i)酒店管理服務；(ii)廣告服務；

services; and (iv) attraction ticketing services.

(iii)配套增值用戶服務；及(iv)景點門票服務的增
加。

Tourism

度假

Revenue from tourism decreased by 2.9% from RMB661.7 million for the three

度假收入由截至二零二五年六月三十日止三個

months ended June 30, 2025 to RMB642.8 million for the three months ended

月的人民幣661.7百萬元減少2.9%至截至二零二

June 30, 2026. The decrease was mainly attributable to the subdued demand

六年六月三十日止三個月的人民幣642.8 百萬

for outbound package tours amid persistent geopolitical uncertainties and

元。該減少主要由於地緣政治不確定因素持續

heightened airfares.

及機票價格上升，導致出境跟團遊需求疲弱所
致。

二零二六年中期報告 ︱ INTERIM REPORT 2026

19

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

COST OF REVENUE, OPERATING EXPENSES AND
UNALLOCATED ITEMS

銷售成本、經營開支及未分配項目

The following table sets forth a breakdown of our cost of revenue, operating

下表載列我們於所示期間的銷售成本、經營開

expenses and unallocated items for the periods indicated:

支及未分配項目明細：

Unaudited
Three months ended June 30,
未經審核
截至六月三十日止三個月
2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

1,660,405

40.2%

服務開發開支

528,173

銷售及營銷開支

1,627,575

Cost of revenue

銷售成本

Service development expenses
Selling and marketing expenses
Administrative expenses

行政開支

1,633,149

42.3%

12.8%

504,524

13.1%

39.4%

1,538,292

39.9%

385,704

9.3%

277,742

7.2%

5,233

0.1%

(8,745)

(0.2)%

(41,526)

(1.0)%

(48,208)

(1.2)%

Net provision for/(reversal of) impairment 金融資產減值虧損撥備 ╱
loss on financial assets
Fair value changes on investments

（撥回）淨額
按公允價值計量且其變動

measured at fair value through

計入損益的投資

profit or loss

公允價值變動

Other income

其他收入

(42,351)

(1.0)%

(17,399)

(0.5)%

Other losses/(gains) – net

其他虧損 ╱（收益）淨額

10,416

0.2%

(19,240)

(0.6)%

Total cost of revenue, operating

總銷售成本、經營開支及
4,133,629

100.0%

3,860,115

100.0%

expenses and unallocated items

未分配項目

Cost of revenue

銷售成本

Cost of revenue increased by 1.7% from RMB1,633.1 million for the three

銷售成本由截至二零二五年六月三十日止三個

months ended June 30, 2025 to RMB1,660.4 million for the three months

月的人民幣1,633.1 百萬元增加1.7%至截至二零

ended June 30, 2026. The increase was mainly due to (i) an increase in

二六年六月三十日止三個月的人民幣1,660.4 百

employee benefit expenses driven by the increased employee number of

萬元。該增加主要是由於 (i) 於二零二五年底完

our services and TSP services employees arising from acquisitions completed

成的收購而導致我們的服務及旅遊服務供應商

during the end of 2025; (ii) an increase in procurement cost resulting from

服務的僱員人數增加，從而令僱員福利開支增

increased cost of ancillary value-added user services; and (iii) partially offset

加；(ii)配套增值用戶服務成本增加令採購成本

by the decrease in cost of pre-purchased travel related products and order

增加；及(iii)部分被買斷旅遊相關產品的成本及

processing costs. Excluding share-based compensation charges, cost of

訂單處理成本減少所抵銷。剔除以股份為基礎

revenue accounted for 33.3% of revenue for the three months ended June

的酬金費用，截至二零二六年六月三十日止三

30, 2026, which decreased from 34.9% for the same period of 2025.

個月的銷售成本佔收入的比例由二零二五年同
期的34.9%減少至33.3%。

20

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

Service development expenses

服務開發開支

Service development expenses increased by 4.7% from RMB504.5 million

服務開發開支由截至二零二五年六月三十日止

for the three months ended June 30, 2025 to RMB528.2 million for the three

三個月的人民幣504.5百萬元增加4.7%至截至二

months ended June 30, 2026. The increase was mainly due to the increases

零二六年六月三十日止三個月的人民幣528.2百

in (i) employee benefit expenses arising from acquisitions completed during

萬元。該增加主要是由於 (i) 於二零二五年底完

the end of 2025; (ii) professional fees; (iii) amortization of intangible assets;

成的收購而導致僱員福利開支；(ii)專業費用；

and (iv) rental and utility fees. Excluding share-based compensation charges,

(iii)無形資產攤銷；及(iv)租金及公用設施費用增

service development expenses accounted for 10.5% of revenue for the three

加。剔除以股份為基礎的酬金費用，截至二零

months ended June 30, 2026 and June 30, 2025.

二六年六月三十日及二零二五年六月三十日止
三個月的服務開發開支佔收入的比例為10.5%。

Selling and marketing expenses

銷售及營銷開支

Selling and marketing expenses increased by 5.8% from RMB1,538.3 million

銷售及營銷開支由截至二零二五年六月三十日

for the three months ended June 30, 2025 to RMB1,627.6 million for the

止三個月的人民幣1,538.3 百萬元增加5.8%至截

three months ended June 30, 2026. The increase was mainly due to (i) the

至二零二六年六月三十日止三個月的人民幣

increase in employee benefit expense arising from acquisitions during the

1,627.6百萬元。該增加主要是由於(i)於二零二五

end of 2025; and (ii) the increase in advertising and promotion expenses

年底進行收購而導致僱員福利開支增加；及(ii)

and commission expenses. Excluding share-based compensation charges,

廣告及推廣開支以及佣金開支增加。剔除以股

selling and marketing expenses accounted for 32.6% of revenue for the three

份為基礎的酬金費用，截至二零二六年六月三

months ended June 30, 2026, compared with 32.8% for the same period of

十日止三個月的銷售及營銷開支佔收入的比例

2025.

為32.6%，而二零二五年同期則為32.8%。

Administrative expenses

行政開支

Administrative expenses increased by 38.9% from RMB277.7 million for

行政開支由截至二零二五年六月三十日止三個

the three months ended June 30, 2025 to RMB385.7 million for the three

月的人民幣 277.7 百萬元增加 38.9% 至截至二零

months ended June 30, 2026. The increase was mainly due to the increases

二六年六月三十日止三個月的人民幣385.7百萬

in (i) employee benefit expense arising from acquisitions during the end

元。該增加主要是由於(i)於二零二五年底進行收

of 2025; and (ii) amortization of intangible assets. Excluding share-based

購而導致僱員福利開支增加；及(ii)無形資產攤

compensation charges, administrative expenses accounted for 7.1% of

銷增加所致。剔除以股份為基礎的酬金費用，

revenue for the three months ended June 30, 2026, compared with 4.8% for

截至二零二六年六月三十日止三個月的行政開

the same period of 2025.

支佔收入的比例為7.1%，而二零二五年同期則
為4.8%。

Net provision for/(reversal of) impairment loss on financial
assets

金融資產減值虧損撥備 ╱（撥回）淨額

We recorded net provision for impairment loss on financial assets of RMB5.2

截至二零二六年六月三十日止三個月及二零二

million for the three months ended June 30, 2026 and net reversal of RMB8.7

五年同期，我們分別錄得金融資產減值虧損撥

million for the same period of 2025, respectively. It was mainly due to the

備淨額人民幣5.2百萬元及撥回淨額人民幣8.7百

increase in expected credit loss of trade and other receivables.

萬元。此乃主要由於貿易及其他應收款項的預
期信貸虧損增加所致。

二零二六年中期報告 ︱ INTERIM REPORT 2026

21

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

Fair value changes on investments measured at fair value
through profit or loss

按公允價值計量且其變動計入損益的投資
公允價值變動

We recorded fair value gains on investments measured at fair value through

截至二零二六年及二零二五年六月三十日止三

profit or loss of RMB41.5 million and RMB48.2 million, respectively, for the

個月，我們分別錄得按公允價值計量且其變動

three months ended June 30, 2026 and 2025. The decrease was due to (i) less

計入損益的投資公允價值收益人民幣41.5百萬元

fair value gains in certain investments in public and private companies; and

及人民幣48.2百萬元。有關減少乃由於(i)若干公

(ii) partially offset by the increase in gains on wealth management products.

眾及私人公司投資的公允價值收益減少；及(ii)
部分被理財產品收益增加所抵銷。

Other income

其他收入

We recorded other income of RMB42.4 million for the three months ended

截至二零二六年六月三十日止三個月，我們錄

June 30, 2026, compared with RMB17.4 million for the three months ended

得其他收入人民幣42.4百萬元，而截至二零二五

June 30, 2025. The increase was mainly due to more government subsidies

年六月三十日止三個月則為人民幣17.4百萬元。

received.

該增加主要是由於已收取更多政府補貼。

Other losses/(gains) – net

其他虧損 ╱（收益）淨額

We recorded net other losses of RMB10.4 million for the three months

截至二零二六年六月三十日止三個月，我們錄

ended June 30, 2026, which was mainly due to (i) foreign exchange losses of

得其他虧損淨額人民幣10.4百萬元，主要由於(i)

RMB31.3 million recorded for the three months ended June 30, 2026, and (ii)

截至二零二六年六月三十日止三個月錄得匯兌

partially offset by gains on time deposits. For the three months ended June

虧損人民幣31.3百萬元；及(ii)部分被定期存款收

30, 2025, net other gains of RMB19.2 million were recorded.

益所抵銷所致。截至二零二五年六月三十日止
三個月，錄得其他收益淨額人民幣19.2百萬元。

Income tax expense

所得稅開支

We recorded an income tax expense of RMB175.0 million for the three

我們於截至二零二六年六月三十日止三個月及

months ended June 30, 2026 and income tax expense of RMB143.6 million

截至二零二五年六月三十日止三個月分別錄得

for the three months ended June 30, 2025, respectively. This was mainly due

所得稅開支人民幣175.0百萬元及人民幣143.6百

to the increased taxable income for the three months ended June 30, 2026.

萬元。這主要是由於截至二零二六年六月三十
日止三個月的應課稅收入增加。

Profit attributable to equity holders of the Company

本公司權益持有人應佔溢利

As a result of the foregoing, profit attributable to equity holders of the

綜上所述，本公司權益持有人應佔溢利由截至

Company decreased from RMB641.8 million for the three months ended June

二零二五年六月三十日止三個月的人民幣641.8

30, 2025 to RMB631.9 million for the three months ended June 30, 2026.

百萬元減少至截至二零二六年六月三十日止三
個月的人民幣631.9百萬元。

22

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

OTHER FINANCIAL INFORMATION

其他財務資料

Non-IFRS Financial Measures

非國際財務報告準則財務計量

To supplement our consolidated results, which are presented in accordance

為補充根據國際財務報告準則呈列的綜合業

with IFRS, we also use certain non-IFRS measures, namely adjusted EBITDA

績，我們亦使用若干非國際財務報告準則計量

and adjusted net profit for the period, as additional financial metrics. These

（即經調整EBITDA及期內經調整溢利淨額）作為

non-IFRS financial measures are not required by or presented in accordance

額外財務指標。該等非國際財務報告準則財務

with IFRS.

計量並非國際財務報告準則所規定，亦並非按
其呈列。

Adjusted EBITDA is defined as operating profit adjusted for (i) share-based

經調整EBITDA定義為經以下項目調整的經營溢

compensation, gross; (ii) amortization of intangible assets; (iii) depreciation

利：(i)以股份為基礎的酬金總額；(ii)無形資產攤

of property, plant and equipment, and right-of-use assets; (iv) foreign

銷；(iii)物業、廠房及設備和使用權資產折舊；

exchange loss/(gain), net; (v) net gains on investees; and (vi) others,

(iv)匯兌虧損 ╱（收益）淨額；(v)被投資方的收益

including acquisition-related cost and net gains on foreign currency financial

淨額；及(vi)其他，包括收購相關成本及外幣金

instruments. Adjusted net profit for the period is defined as profit for the

融工具的淨收益。期內經調整溢利淨額定義為

period adjusted for (i) share-based compensation, net; (ii) the amortization of

經以下項目調整的期內溢利：(i) 以股份為基礎

intangible assets from acquisition; (iii) foreign exchange loss/(gain), net; (iv)

的酬金淨額；(ii)收購產生的無形資產攤銷；(iii)

net gains on investees; and (v) others, including acquisition-related cost, net

匯兌虧損 ╱（收益）淨額；(iv)被投資方的收益淨

gains on foreign currency financial instruments and depreciation of property,

額；及(v)其他，包括收購相關成本、外幣金融

plant and equipment and right-of-use assets from acquisition.

工具的淨收益以及已收購物業、廠房及設備和
使用權資產的折舊。

The above items are excluded from our adjusted EBITDA and adjusted net

上述項目從經調整EBITDA及期內經調整溢利

profit for the period measures because these items are either non-cash in

淨額的計量中剔除乃由於該等項目屬於非現金

nature, or are not driven by core operations which render comparisons with

性質，或並非受核心業務所驅動，導致其與過

prior periods and competitors less meaningful. We believe the adjusted

往期間及競爭對手的比較意義不大。我們認為

EBITDA and adjusted net profit for the period are useful measures for the

經調整EBITDA及期內經調整溢利淨額對分析師

analysts and investors as basis for evaluation of our future on-going operating

和投資者而言屬有用的計量指標，可作為評估

performance as these measures allow more meaningful comparison of our

我們未來持續經營表現的依據，原因是該等計

performance and projected cash earnings with our historical results from

量指標可讓我們的表現及預測現金收益與我們

prior periods and to the results of our competitors. Moreover, management

過往期間的歷史業績及競爭對手的業績進行更

uses these measures internally to evaluate the performance of our business

具意義的比較。此外，管理層內部使用該等計

as a whole. However, our presentation of such non-IFRS measures may not

量指標來評估我們的整體業務表現。然而，該

be comparable to similarly titled measures presented by other companies.

等非國際財務報告準則計量的呈列未必可與其

The use of these non-IFRS measures has limitations as an analytical tool, and

他公司所列類似計量指標相比。該等非國際財

you should not consider it in isolation from, or as substitute for analysis of,

務報告準則計量作為分析工具的使用存在局限

our results of operations or financial condition as reported under IFRS.

性，不應視其為獨立於或可代替我們根據國際
財務報告準則所呈報經營業績或財務狀況的分
析。

二零二六年中期報告 ︱ INTERIM REPORT 2026

23

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

a. 經調整EBITDA與經營溢利的對賬

a. Reconciliation of adjusted EBITDA from operating profit
The following table reconciles adjusted EBITDA to operating profit, its

下表載列於所呈報期間經調整 EBITDA與經

most directly comparable financial measure calculated and presented in

營溢利的對賬，為根據國際財務報告準則

accordance with IFRS for the periods presented:

計算及呈列的最具直接可比性的財務計量
方法：

Operating profit for the period

Unaudited
Six months ended June 30,

未經審核

未經審核

截至六月三十日止三個月

截至六月三十日止六個月

2026

2025

2026

2025

二零二六年

二零二五年

二零二六年

二零二五年

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

853,398

809,316

1,846,440

1,626,599

期內經營溢利

Add/(less):

加 ╱（減）：

Share-based compensation, gross(a)

以股份為基礎的酬金總額 (a)

43,573

73,878

82,051

149,057

Amortization of intangible assets

無形資產攤銷

217,114

195,058

433,819

389,886

Depreciation of property, plant and

物業、廠房及設備和使用權
130,830

135,807

263,868

226,555

Foreign exchange loss/(gain), net(b)

匯兌虧損 ╱（收益）淨額 (b)

31,256

(10,452)

39,143

(18,167)

Net gains on investees

被投資方的收益淨額

(16,953)

(21,412)

(17,929)

(27,385)

12,425

2,982

13,294

(1,984)

1,271,643

1,185,177

2,660,686

2,344,561

equipment and right-of-use assets

24

Unaudited
Three months ended June 30,

(c)

資產折舊

Others

其他

Adjusted EBITDA

經調整EBITDA

(c)

Notes:

附註：

(a)

Represents gross expense related to equity-settled share-based payment
transactions. This is a non-cash item and the value is determined by
valuation techniques involving a few parameters out of the management’s
control such as macro economy index and retention rate of grantees.

(a)

指與以權益結算以股份為基礎的付款交易相
關的開支總額。此乃一項非現金項目，數值
乃經涉及若干參數的估值技術釐定，該等參
數不受管理層控制，例如宏觀經濟指數及承
授人的保持率。

(b)

Represents foreign exchange loss/(gain) which is the result of macroeconomic factors and can vary significantly from one period to the next.

(b)

指匯兌虧損 ╱（收益），其為宏觀經濟因素的
結果，於不同期間可能出現重大差異。

(c)

Includes dividend income, fair value changes on equity investments, and net
gains on disposal of investees or subsidiaries.

(c)

包括股息收入、股權投資的公允價值變動及
出售被投資方或附屬公司的收益淨額。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

b. Reconciliation of adjusted profit for the period from profit
for the period

b. 期內經調整溢利與期內溢利的對賬

The following table reconciles our adjusted net profit for the period

下表載列於所呈報期間的期內經調整溢利

from profit for the period, its most directly comparable financial measure

淨額與期內溢利的對賬，為根據國際財務

calculated and presented in accordance with IFRS, for the periods

報告準則計算及呈列的最具直接可比性的

presented:

財務計量方法：

Profit for the period

期內溢利

Add/(less):

加 ╱（減）：

Share-based compensation, net(a)

以股份為基礎的酬金淨額 (a)

Amortization of intangible assets

收購所得無形資產攤銷 (b)

Unaudited

Unaudited

Three months ended

Six months ended

June 30,

June 30,

未經審核

未經審核

截至六月三十日止三個月

截至六月三十日止六個月

2026

2025

2026

2025

二零二六年

二零二五年

二零二六年

二零二五年

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

633,724

642,105

1,417,953

1,320,606

99,353

91,607

157,254

149,523

86,749

65,100

173,554

130,201

from acquisition(b)

31,256

(10,452)

39,143

(18,167)

Net gains on investees(d)

被投資方的收益淨額 (d)

(16,953)

(21,412)

(17,929)

(27,385)

Others

其他

16,773

8,155

22,027

8,493

850,902

775,103

1,792,002

1,563,271

Foreign exchange loss/(gain), net

(c)

匯兌虧損 ╱（收益）淨額

(c)

Adjusted net profit for the period 期內經調整溢利淨額
Adjusted Earnings per share
(expressed in RMB per share):

經調整每股盈利
（以每股人民幣列示）：

– Basic

－ 基本

0.36

0.34

0.77

0.68

– Diluted

－ 攤薄

0.36

0.33

0.76

0.67

Notes:

附註：

(a)

Represents expense related to equity-settled share-based payment
transactions, net of the tax effect of temporary difference arising between
the share-based compensation recognized in profit or loss and the tax
deduction to be obtained in the future.

(a)

指與以權益結算以股份為基礎的付款交易相
關的開支，扣除於損益確認以股份為基礎的
酬金與日後將取得的稅項扣減之間產生的暫
時差額的稅務影響。

(b)

Represents amortization of intangible assets in relation to business
combinations.

(b)

指有關業務合併的無形資產攤銷。

(c)

Represents foreign exchange loss/(gain) which is the result of macroeconomic factors and can vary significantly from one period to the next.

(c)

指匯兌虧損 ╱（收益），其為宏觀經濟因素的
結果，於不同期間可能出現重大差異。

(d)

Includes dividend income, fair value changes on equity investments, and net
gains on disposal of investees or subsidiaries.

(d)

包括股息收入、股權投資的公允價值變動及
出售被投資方或附屬公司的收益淨額。
二零二六年中期報告 ︱ INTERIM REPORT 2026

25

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

Share-based compensation included in cost of revenue and
expense items as follows:

計入銷售成本及開支項目的以股份為基礎
的酬金如下：
Unaudited

Unaudited

Three months ended

Six months ended

June 30,

June 30,

未經審核

未經審核

截至六月三十日止三個月

截至六月三十日止六個月

2026

2025

2026

2025

二零二六年

二零二五年

二零二六年

二零二五年

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

Cost of revenue

銷售成本

1,080

1,962

1,963

3,942

Service development expenses

服務開發開支

6,974

13,012

13,585

26,421

Selling and marketing expenses

銷售及營銷開支

3,802

6,493

7,320

13,548

Administrative expenses

行政開支

31,717

52,411

59,183

105,146

Total share-based compensation, gross

以股份為基礎的酬金總額

43,573

73,878

82,051

149,057

Tax effect of temporary difference

暫時差額的稅務影響

55,780

17,729

75,203

466

Total share-based compensation, net

以股份為基礎的酬金淨額

99,353

91,607

157,254

149,523

Liquidity and Financial Resources

流動資金及財務資源

We fund our liquidity needs mainly from (i) net cash generated from our

我們主要以(i)業務運營所得現金淨額；及(ii)銀

business operations; and (ii) bank borrowings.

行借款所得款項撥付流動資金需求。

We had cash and cash equivalents of RMB6,782.3 million and RMB7,272.5

截至二零二六年及二零二五年六月三十日，我

million as of June 30, 2026 and 2025, respectively.

們分別擁有現金及現金等價物人民幣6,782.3 百
萬元及人民幣7,272.5百萬元。

As of June 30, 2026, the Group’s borrowings are mainly denominated in HKD,

截至二零二六年六月三十日，本集團的借款主

RMB or EUR, and bear interests at Hong Kong Interbank Offered Rate, China

要以港元、人民幣或歐元計值，並按香港銀行

Loan Prime Rate, Euro Interbank Offered Rate with margin or fixed rate. For

同業拆息、中國貸款市場報價利率、歐元銀行

details on the level of borrowings and maturity profile of the bank loans of

同業拆息加上利差或固定利率計息。有關本公

the Company and the Group as at June 30, 2026, please refer to note 21 to

司及本集團於二零二六年六月三十日的借款水

the Interim Condensed Consolidated Financial Information.

平及銀行貸款到期情況的詳情，請參閱中期簡
明綜合財務資料附註21。

26

The Group assesses its creditworthiness based on its business and financial

本集團根據其業務及財務風險狀況評估其信

risk profile and monitors its capital by regularly reviewing its cash position to

譽，並透過定期審閱其反映本集團財務及流動

which reflects the Group’s financial and liquidity position.

資金狀況的現金狀況以監控其資本。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

The following table sets forth our cash flows for the periods indicated:

下表載列我們於所示期間的現金流量：

Unaudited
Six months ended June 30,
未經審核
截至六月三十日止六個月
2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

經營活動所得現金流量淨額

2,633,826

3,035,147

Net cash flows used in investing activities

投資活動所用現金流量淨額

(2,301,059)

(3,559,529)

Net cash flows generated from/(used in)

融資活動所得 ╱（所用）現金流量淨額
5,841

(216,859)

338,608

(741,241)

6,505,907

8,019,963

(62,197)

(6,243)

6,782,318

7,272,479

Net cash flows generated from operating activities

financing activities

Net increase/(decrease) in cash and

現金及現金等價物增加 ╱（減少）淨額

cash equivalents

Cash and cash equivalents at beginning

期初現金及現金等價物

of the period
Effect of exchange rate changes on cash

匯率變動對現金及現金等價物的影響

and cash equivalents

Cash and cash equivalents at end of the period

期末現金及現金等價物

二零二六年中期報告 ︱ INTERIM REPORT 2026

27

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

Net cash generated from operating activities

經營活動所得現金淨額

For the six months ended June 30, 2026, net cash generated from operating

截至二零二六年六月三十日止六個月，經營

activities was RMB2,633.8 million, which was primarily attributable to the

活動所得現金淨額為人民幣2,633.8 百萬元，主

profit before income tax of RMB1,763.8 million, as adjusted by (i) amortization

要由於除所得稅前溢利人民幣1,763.8 百萬元所

of intangible assets of RMB433.8 million, depreciation of property, plant

致，經以下各項調整：(i) 無形資產攤銷人民幣

and equipment and right-of-use assets of RMB263.9 million, share-based

433.8 百萬元、物業、廠房及設備和使用權資產

compensation of RMB82.1 million, fair value gain on investments measured

折舊人民幣263.9 百萬元、以股份為基礎的酬金

at fair value through profit or loss of RMB66.2 million, finance income

人民幣82.1百萬元、按公允價值計量且其變動計

of RMB49.7 million, finance cost of RMB114.0 million; and (ii) changes in

入損益的投資公允價值收益人民幣66.2百萬元、

working capital, which primarily consisted of an increase in trade receivables

財務收入人民幣 49.7 百萬元、財務費用人民幣

of RMB549.5 million, an increase in trade payables of RMB531.4 million, a

114.0百萬元；及(ii)營運資金變動，主要包括貿

decrease in prepayment and other receivables of RMB209.1 million, and an

易應收款項增加人民幣549.5 百萬元、貿易應付

increase in other payables and accruals and contract liabilities of RMB239.4

款項增加人民幣531.4 百萬元、預付款項及其他

million. We also paid income tax of RMB399.2 million and received interest

應收款項減少人民幣209.1 百萬元以及其他應付

income of RMB30.7 million.

款項及應計費用及合同負債增加人民幣239.4百
萬元。我們亦已繳付所得稅人民幣399.2 百萬元
及收取利息收入人民幣30.7百萬元。

Net cash used in investing activities

投資活動所用現金淨額

For the six months ended June 30, 2026, net cash used in investing activities

截至二零二六年六月三十日止六個月，投資活

was RMB2,301.1 million, which was primarily attributable to (i) net cash paid

動所用現金淨額為人民幣2,301.1 百萬元，主要

for wealth management products and term deposits of RMB1,547.6 million; (ii)

由於 (i) 理財產品和定期存款已付淨現金人民幣

purchase of property, plant and equipment of RMB176.2 million; (iii) payment

1,547.6百萬元；(ii)購買物業、廠房及設備人民幣

for long-term equity investments of RMB481.8 million; (iv) payment of loans

176.2百萬元；(iii)長期股權投資付款人民幣481.8

to third parties of RMB165.1 million; and (v) net proceeds from disposal of

百萬元；(iv)向第三方支付貸款人民幣165.1百萬

long-term equity investment and fund investment of RMB12.8 million.

元；及(v)處置長期股權和基金投資所得款項淨
額人民幣12.8百萬元。

Net cash generated from financing activities

融資活動所得現金淨額

For the six months ended June 30, 2026, net cash generated from financing

截至二零二六年六月三十日止六個月，融資活

activities was RMB5.8 million, which was primarily due to (i) repayment of

動所得現金淨額為人民幣5.8 百萬元，主要是由

bank borrowings of RMB335.5 million; (ii) payment of long-term leases of

於(i)償還銀行借款人民幣335.5 百萬元；(ii)支付

RMB174.2 million; (iii) proceeds from bank loans of RMB467.9 million; (iv)

長期租賃款項人民幣174.2百萬元；(iii)銀行貸款

proceeds from exercise of share options of RMB52.8 million; and (v) dividend

所得款項人民幣467.9百萬元；(iv)行使購股權所

paid to non-controlling shareholders of subsidiaries of RMB5.1 million.

得款項人民幣52.8百萬元；及(v)向附屬公司非控
股股東派付股息人民幣5.1百萬元。

28

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

Gearing Ratio

資本負債比率

As of June 30, 2026, our gearing ratio, calculated as total borrowings and

截至二零二六年六月三十日，我們的資本負債

lease liabilities divided by total equity attributable to equity holders of the

比率（按借款總額及租賃負債除以本公司權益持

Company, was approximately 23.7%.

有人應佔權益總額計算）約為23.7%。

Pledge of Assets

資產抵押

In January 2024, the Group entered into a loan agreement with the lending

於二零二四年一月，本集團與借款銀行訂立貸

bank to borrow RMB410.0 million to provide financing for an acquisition

款協議，借入人民幣410.0 百萬元，為於二零二

completed in 2023. The loan was secured by pledging 100% of the equity

三年完成的收購提供融資。貸款以目標公司的

interests of the target company.

100%股權作為抵押。

In January 2025, the Group entered into a loan agreement with the lending

於二零二五年一月，本集團與借款銀行訂立貸

bank to borrow RMB1,400.0 million for building construction. The loan was

款協議，借入人民幣1,400.0 百萬元作樓宇建設

secured by pledging a plot of land.

之用。貸款以一幅土地作為抵押。

In September 2025, the Group entered into a loan agreement with the

於二零二五年九月，本集團與借款銀行訂立貸

lending bank to borrow HKD2,697.0 million for the purpose of financing an

款協議，借入2,697.0 百萬港元，旨在為於二零

acquisition completed in 2025. The loan is secured by pledging 100% of the

二五年完成的一項收購提供資金。貸款以目標

equity interests in the target company.

公司的100%股權作為抵押。

In December 2025, the Group drew down RMB200.0 million from an

於二零二五年十二月，本集團從一間投資基金

investment fund. The loan was secured by pledging 100% equity interest in a

提取人民幣200.0 百萬元。貸款以本集團持有的

subsidiary held by the Group, as well as a plot of land and the construction in

一間附屬公司的100%股權以及一幅土地及其上

progress thereon.

的在建工程作為抵押。

二零二六年中期報告 ︱ INTERIM REPORT 2026

29

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

資本開支

Capital Expenditure

Unaudited
Six months ended
June 30,
未經審核
截至六月三十日止六個月

Purchase of property, plant and equipment

購置物業、廠房及設備

2025
二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

176,174

224,322

Purchase of intangible assets

購買無形資產

2,272

31,940

Placement of long-term investments(a)

長期投資 (a)

481,780

184,104

Total capital expenditure

資本開支總額

660,226

440,366

附註：

Note:
(a)

Placement of long-term investments represents investments accounted for using
the equity method, equity investments measured at fair value through profit or
loss and business combinations.

(a)

長期投資指採用權益法入賬的投資、按公允價值
計量且其變動計入損益的股權投資及業務合併。

Our capital expenditures primarily include purchases of property, plant

我們的資本開支主要包括購置物業、廠房及設

and equipment, intangible assets, investments accounted for using the

備、無形資產、採用權益法入賬的投資、按公

equity method, equity and fund investments measured at fair value through

允價值計量且其變動計入損益的股權和基金投

profit or loss and business combinations. We fund our capital expenditure

資及業務合併。我們主要以經營所得現金及銀

requirements mainly from cash generated from our operations as well as

行借款撥付資本開支需求。

bank borrowings.

30

2026
二零二六年

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

長期投資

Long-term Investments

Unaudited

Audited

As at June 30, As at December 31,
未經審核

經審核

於六月三十日 於十二月三十一日

Investments accounted for using the equity

profit or loss

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

1,832,114

1,774,124

691,142

656,377

395,160

925,814

2,918,416

3,356,315

採用權益法入賬的投資

method
Investments measured at fair value through

2026

按公允價值計量且其變動計入
損益的投資

Investments measured at amortized cost

按攤銷成本計量的投資

Total long-term investments

長期投資總額

Our long-term investments as at June 30, 2026 were RMB2,918.4 million,

於二零二六年六月三十日，我們的長期投資為

as compared to RMB3,356.3 million as at December 31, 2025. The increase

人民幣2,918.4 百萬元，而於二零二五年十二月

in our investments accounted for using the equity method was caused

三十一日為人民幣3,356.3 百萬元。我們採用權

by investments in certain private companies and an investment fund that

益法入賬的投資增加乃由於我們於具有重大影

we have significant influence. The increase in our long-term investments

響力的若干私人公司和一間投資基金的投資所

measured at fair value was caused by investments or interests in certain

致。按公允價值計量的長期投資增加乃由於於

investment funds. As at June 30, 2026 and December 31, 2025, total

若干投資基金的投資或份額所致。於二零二六

long-term investments as a percentage to the Group’s total assets was 6.6%

年六月三十日及二零二五年十二月三十一日，

and 8.0%, respectively. We made long-term investments in accordance with

長期投資總額分別佔本集團資產總額6.6%及

our general strategy of investing in or acquiring businesses that supplement

8.0%。長期投資的整體策略為投資或收購能助

and benefit our business. Investments measured at amortized cost represent

長我們業務及帶來裨益的業務。按攤銷成本計

investments in term deposits over one year, with returns calculated based

量的投資指一年以上的定期存款投資，回報按

on fixed interest rate and denominated in RMB. As of June 30, 2026, none

固定利率計算並以人民幣計值。截至二零二六

of these individual investments was regarded as significant investments as

年六月三十日，概無個別投資被視為上市規則

defined under the Listing Rules. We plan to fund our long-term investments

所界定的重大投資。我們計劃使用經營所得現

using cash flows generated from our operations.

金流量為長期投資提供資金。

二零二六年中期報告 ︱ INTERIM REPORT 2026

31

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

短期投資

Short-term Investments

Unaudited

Audited

As at June 30, As at December 31,
未經審核

經審核

於六月三十日 於十二月三十一日

Short-term investments measured

value through profit or loss

Total short-term investments

32

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

2,164,461

1,903,938

5,315,455

3,444,988

7,479,916

5,348,926

按攤銷成本計量的短期投資

at amortized cost
Short-term investments measured at fair

2026

按公允價值計量且其變動計入
損益的短期投資

短期投資總額

Short-term investments measured at amortized cost as at June 30, 2026 were

於二零二六年六月三十日的按攤銷成本計量的

term deposits within one year, with returns calculated based on fixed interest

短期投資為一年內的定期存款，回報按固定利

rate and denominated in USD, HKD, RMB or KRW. The investments were held

率計算並以美元、港元、人民幣或韓元計值。

for collection of contractual cash flows and the contractual cash flows of

持有投資用於收取合約現金流量，而該等投資

these investments qualify for solely payments of principal and interest, hence

的合約現金流量合資格僅用於支付本金及利

they were measured at amortized cost. Short-term investments measured

息，因此按攤銷成本計量。按公允價值計量且

at fair value through profit or loss include wealth management products,

其變動計入損益的短期投資包括理財產品，以

denominated in RMB, HKD or USD, with expected rates of return ranging

人民幣、港元或美元計值，截至二零二六年六

from 1.07% to 8.00% per annum for the six months ended June 30, 2026. The

月三十日止六個月，每年預期回報率介乎1.07%

returns on all of these wealth management products are not guaranteed,

至8.00%。所有該等理財產品的回報並無保證，

hence their contractual cash flows do not qualify for solely payments of

故彼等的合約現金流量並不合資格僅用於本金

principal and interest. Therefore, they are measured at fair value through

及利息付款，因此按公允價值計量且其變動計

profit or loss. As at June 30, 2026 and December 31, 2025, total short-term

入損益。於二零二六年六月三十日及二零二五

investments as a percentage to the Group’s total assets was 17.0% and

年十二月三十一日，短期投資總額分別佔本集

12.8%, respectively. There is no individual investment having a percentage

團資產總額17.0%及12.8%，並無個別投資佔本

of over 5% to the Group’s total assets. In view of an upside of earning with a

集團的資產總額超過5%。鑒於金融產品具備在

more attractive return than current saving or fixed deposit are under the low

低息趨勢下產生高於活期儲蓄或定期存款之回

interest rate trend, as well as the risk nature and the relatively short-term of

報的優勢，加上其風險性質及到期時間較短或

maturity or flexible redemption terms of those financial products, the Group

贖回條款靈活，本集團已選擇由聲譽良好持牌

selected products with strong liquidity, safety feature and reasonable returns

銀行及金融機構發行的流動性高、安全且有合

issued by reputable licensed banks and financial institutions.

理回報的產品。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

Material Acquisition and Disposal

重大收購及出售

There were no material acquisitions and disposals of subsidiaries, associates

截至二零二六年六月三十日止六個月，概無重

and joint ventures during the six months ended June 30, 2026.

大收購及出售附屬公司、聯營公司及合營公司。

Foreign Exchange Risk

外匯風險

Foreign exchange risk arises when future commercial transactions or

當未來的商業交易或已確認的資產及負債不是

recognized assets and liabilities are denominated in a currency that is not

以我們的功能貨幣計價時，即產生外匯風險。

our functional currency. We manage our foreign exchange risk by performing

我們通過定期審查我們的外匯淨風險敞口管理

regular reviews of our net foreign exchange exposures.

外匯風險。

Our subsidiaries and Consolidated Affiliated Entities in the PRC operate

我們的中國附屬公司及併表聯屬實體主要在中

mainly in the PRC with most of the transactions settled in RMB. There are

國境內經營，而大部分交易以人民幣結算。

certain financial assets or liabilities of our Group which are denominated in

本集團有若干金融資產或負債以本集團於中國

the currencies other than the respective functional currencies of our Group’s

營運的附屬公司及併表聯屬實體各自功能貨幣

subsidiaries and Consolidated Affiliated Entities operating in the PRC, and

以外的貨幣計值，而截至二零二六年六月三十

as of June 30, 2026, the Group entered into certain derivative contracts with

日，本集團與金融機構訂立若干用作經濟對沖

financial institutions which are used for economic hedging purposes. These

用途的衍生合約。該等衍生合約列作衍生金融

derivative contracts are accounted for as derivative financial instruments and

工具並以公允價值計量。

measured at fair value.

二零二六年中期報告 ︱ INTERIM REPORT 2026

33

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

Employee

僱員

As of June 30, 2026, we had a total of 10,773 full-time employees. As of the

截至二零二六年六月三十日，我們共有10,773名

same date, approximately 26.64% and 8.66% of our full-time employees were

全職僱員。截至同日，約26.64%及8.66%的全職

based in Suzhou and Beijing, respectively, while the remaining 64.70% of

僱員分別位於蘇州及北京，餘下64.70%位於中

them were based in the rest of the PRC and overseas.

國其他地區及海外。

We primarily recruit our employees through on-campus job fairs, recruitment

我們主要通過校園招聘會、招聘機構及在線渠

agencies and online channels, including our corporate websites and social

道（包括我們的公司網站及社交網絡平台）招聘

networking platforms. We have adopted robust internal training policies,

僱員。我們採用強大的內部培訓政策，據此由

pursuant to which management, technology and other training is regularly

我們的內部培訓導師或第三方顧問定期為僱員

provided to our employees by in-house trainers or third-party consultants.

提供管理、技術及其他培訓。我們亦採用二零

We have also adopted 2018 Share Incentive Plan, 2019 RSU Plan, 2019 Share

一八年股份激勵計劃、二零一九年受限制股份

Option Plan, 2022 RSU Plan, 2022 Share Option Plan and 2024 Share Scheme.

單位計劃、二零一九年購股權計劃、二零二二
年受限制股份單位計劃、二零二二年購股權計
劃和二零二四年股份計劃。

As required by PRC laws, we participate in various statutory employee benefit

根據中國法律的規定，我們參與各種法定僱員

plans, including social insurance funds, namely a pension contribution plan,

福利計劃，包括社會保險基金，即養老金繳費

a medical insurance plan, an unemployment insurance plan, a work-related

計劃、醫療保險計劃、失業保險計劃、工傷保

injury insurance plan, a maternity insurance plan, and a housing provident

險計劃、生育保險計劃及住房公積金。根據中

fund. We are required under PRC laws to contribute to employee benefit

國法律，我們需要為僱員福利計劃作出金額相

plans at specified percentages of salaries, bonuses and certain allowances of

當於僱員薪金、花紅及某些津貼的特定百分比

our employees up to a maximum amount specified by the local governments

的供款，最高金額由地方政府不時指定。截至

from time to time. The total remuneration expenses of the Group for the six

二零二六年六月三十日止六個月，本集團的薪

months ended June 30, 2026 were approximately RMB2,427.4 million.

酬支出總額約為人民幣2,427.4百萬元。

We believe that we maintain good working relationship with our employees

我們相信我們與僱員之間維持良好工作關係，

and we did not experience any significant labor disputes or any material

於截至二零二六年六月三十日止六個月，我們

difficulty in recruiting employees for our operations for the six months ended

未曾經歷過任何重大勞動糾紛或於為我們的營

June 30, 2026.

運招聘僱員時遇上任何重大困難。

FUTURE PLANS FOR MATERIAL INVESTMENTS AND
CAPITAL ASSETS

重大投資及資本資產的未來計劃

We will continue to explore potential acquisition, investment, joint venture

我們將繼續尋求我們認為符合我們整體業務策

and partnership opportunities that we believe are in line with our overall

略的潛在收購、投資、合資及合夥機會。本公

business strategies. The relevant disclosures will be made by the Company

司將於必要時根據上市規則作出相關披露。

pursuant to the Listing Rules as and when appropriate.

34

Save as disclosed in this interim report, we did not have any other plans for

除本中期報告所披露者外，我們於最後實際可

material investments and capital assets as at the Latest Practicable Date.

行日期並無任何其他重大投資及資本資產計劃。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS
AND SHORT POSITIONS IN SHARES, UNDERLYING
SHARES AND DEBENTURES

董事及最高行政人員於股份、相關
股份及債權證中所擁有的權益及淡
倉

As at June 30, 2026, the interests and short positions of the Directors and

於二零二六年六月三十日，本公司董事及最高

chief executives of the Company and their respective associates in the

行政人員以及彼等各自的聯繫人於本公司或本

Shares, underlying Shares or debentures of the Company or any of the

公司任何相聯法團（定義見證券及期貨條例第XV

associated corporations of the Company (within the meaning of Part XV of

部）的股份、相關股份或債權證中所擁有(a)根據

the SFO), which were required (a) to be notified to the Company and the

證券及期貨條例第XV部第7 及第8 分部須知會本

Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including

公司及聯交所的權益及淡倉（包括根據證券及期

interests and short positions which they were taken or deemed to have

貨條例的有關條文被當作或視作擁有的權益及

under such provisions of the SFO); or (b) pursuant to Section 352 of the SFO,

淡倉）；或(b)根據證券及期貨條例第352條須登

to be entered in the register referred to therein; or (c) to be notified to the

記於該條所指登記冊的權益及淡倉；或(c)根據

Company and the Stock Exchange pursuant to the Model Code, were as

標準守則須知會本公司及聯交所的權益及淡倉

follows:

載列如下：

Long position in the Company’s Shares

於本公司股份的好倉
Approximate

Name of Director

Capacity

Number of

percentage of

ordinary

shareholding in

Shares/Nature

the total issued

of interest

share capital
於已發行

董事姓名

身份

Mr. Wu Zhixiang(1)

Founder of a discretionary trust, Beneficial interest

吳志祥先生

全權信託的創立人、實益權益

(1)

Mr. Ma Heping(2)

Founder of a discretionary trust, Beneficial interest

馬和平先生

全權信託的創立人、實益權益

(2)

Mr. Jiang Hao(3)

Interest of controlled corporation, Beneficial interest,

江浩先生 (3)

受控制法團權益、實益權益、

Mr. Liang Jianzhang

Beneficial interest

梁建章先生

實益權益

所持普通股

股本總額中

數目 ╱

的概約持股

權益性質

百分比

16,981,800 (L)

0.72%

59,438,810 (L)

2.52%

9,462,950 (L)

0.40%

3,252,000 (L)

0.14%

Grantee of restricted shares units
受限制股份單位承授人

(L)

denotes a long position

(L)

代表好倉

二零二六年中期報告 ︱ INTERIM REPORT 2026

35

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Notes:

附註：

(1)

(1)

Travel Maps Limited directly holds 7,782,600 Shares in the Company. As Travel
Maps Limited is wholly-owned by The Travel Maps Trust, of which Mr. Wu Zhixiang
is the founder, Mr. Wu is deemed to be interested in the Shares in which Travel
Maps Limited is interested.

根據二零一八年股份激勵計劃、二零一九年購股
權計劃及二零二二年購股權計劃，吳先生分別於
二零一八年三月九日、二零一八年五月十八日、
二零二零年十月二十三日、二零二一年十月二
十一日、二零二二年六月二十九日及二零二三
年十月二十日獲授予3,500,000份、3,500,000份、
500,000份、700,000份、500,000份及500,000份購
股權。於二零二六年六月三十日，吳先生實益
擁有根據二零一八年股份激勵計劃、二零一九
年購股權計劃及二零二二年購股權計劃授出的
9,199,200份購股權。

3,500,000, 3,500,000, 500,000, 700,000, 500,000 and 500,000 options were granted
to Mr. Wu pursuant to the 2018 Share Incentive Plan, 2019 Share Option Plan
and 2022 Share Option Plan on March 9, 2018, May 18, 2018, October 23, 2020,
October 21, 2021, June 29, 2022, and October 20, 2023, respectively. As at June 30,
2026, Mr. Wu beneficially owns 9,199,200 options granted pursuant to the 2018
Share Incentive Plan, 2019 Share Option Plan and 2022 Share Option Plan.

(2)

Adventure Together Limited directly holds 9,499,140 Shares in the Company. As
Adventure Together Limited is wholly-owned by The Hope Family Trust, of which
Mr. Ma Heping is the founder, Mr. Ma is deemed to be interested in the Shares in
which Adventure Together Limited is interested.

(2)

Oasis Limited directly holds 5,555,560 Shares in the Company. As Oasis Limited is
indirectly wholly-owned and controlled by Mr. Jiang Hao, Mr. Jiang is deemed to
be interested in the Shares in which Oasis Limited is interested.

(3)

36

The above calculation is based on the total number of issued Shares of the
Company as of June 30, 2026, being 2,354,309,962 Shares.

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

Oasis Limited直接持有本公司5,555,560股股份。
由於Oasis Limited由江浩先生間接全資擁有及控
制，江先生被視為於Oasis Limited所持有的股份
中擁有權益。
根據二零一八年股份激勵計劃，江先生分別於二
零一八年三月九日、二零一八年五月十八日及二
零一八年九月一日獲授予1,803,695份、1,803,695
份及1,500,000份購股權。根據二零一六年股份激
勵計劃，江先生於二零一六年八月二十六日亦就
8,300,000股股份獲授予受限制股份單位。於二零
二六年六月三十日，江先生實益擁有根據二零一
六年股份激勵計劃及二零一八年股份激勵計劃授
出的3,907,390份購股權。

1,803,695, 1,803,695 and 1,500,000 options were granted to Mr. Jiang pursuant to
the 2018 Share Incentive Plan on March 9, 2018, May 18, 2018 and September 1,
2018, respectively. Mr. Jiang was also granted restricted share units in respect of
8,300,000 Shares pursuant to the 2016 Share Incentive Plan on August 26, 2016. As
at June 30, 2026, Mr. Jiang beneficially owns 3,907,390 options granted pursuant
to the 2016 Share Incentive Plan and 2018 Share Incentive Plan.

(4)

A d v e n t u r e T o g e t h e r L i m i t e d 直接持有本公司
9,499,140 股股份。由於Adventure Together
Limited由The Hope Family Trust全資擁有，及馬和
平先生為The Hope Family Trust的創辦人，馬先生
被視為於Adventure Together Limited所持有的股
份中擁有權益。
根據二零一八年股份激勵計劃、二零一九年購股
權計劃、二零二二年購股權計劃及二零二四年股
份計劃，馬先生分別於二零一八年三月九日、二
零一八年五月十八日、二零一八年九月一日、二
零一九年十二月二十日、二零二零年十月二十
三日、二零二一年十月二十一日、二零二二年
六月二十九日、二零二三年十月二十日及二零二
四年六月二十七日獲授予6,914,155份、6,914,155
份、6,914,160 份、1,600,000 份、1,600,000 份、
1,600,000 份、1,700,000 份、1,700,000 份及
21,000,000份購股權。於二零二六年六月三十日，
馬先生實益擁有根據二零一八年股份激勵計劃、
二零一九年購股權計劃、二零二二年購股權計劃
及二零二四年股份計劃授出的49,939,670 份購股
權。

6,914,155, 6,914,155, 6,914,160, 1,600,000, 1,600,000, 1,600,000, 1,700,000,
1,700,000 and 21,000,000 options were granted to Mr. Ma pursuant to the 2018
Share Incentive Plan, 2019 Share Option Plan, 2022 Share Option Plan and 2024
Share Scheme on March 9, 2018, May 18, 2018, September 1, 2018, December
20, 2019, October 23, 2020, October 21, 2021, June 29, 2022, October 20, 2023,
and June 27, 2024, respectively. As at June 30, 2026, Mr. Ma beneficially owns
49,939,670 options granted pursuant to the 2018 Share Incentive Plan, 2019 Share
Option Plan, 2022 Share Option Plan and 2024 Share Scheme.

(3)

Travel Maps Limited直接持有本公司7,782,600股
股份。由於Travel Maps Limited由The Travel Maps
Trust全資擁有，及吳志祥先生為The Travel Maps
Trust的創辦人，吳先生被視為於Travel Maps
Limited所持有的股份中擁有權益。

(4)

上述計算乃基於截至二零二六年六月三十日本公
司已發行的股份總數（即2,354,309,962股股份）作
出。

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Long positions in the associated corporations of the Company

於本公司相聯法團的好倉
Approximate
Number of

percentage

Name of Director

Name of associated corporation

securities held

of interests

董事姓名

相聯法團名稱

所持證券數目

權益概約百分比

Mr. Wu Zhixiang

Tongcheng Network

25,447,745

22.86%

吳志祥先生

同程網絡
N/A (1)

51.00%

Suzhou Chengyi
蘇州程藝

不適用 (1)

Mr. Ma Heping

Tongcheng Network

1,093,162

0.98%

馬和平先生

同程網絡
N/A (1)

49.00%

Suzhou Chengyi
蘇州程藝

不適用 (1)

Beijing E-dragon

N/A (1)

北京藝龍
Note:
(1)

50.00%

不適用 (1)
附註：

As Suzhou Chengyi and Beijing E-dragon are limited liability companies
established in the PRC, the percentage of shareholding is determined with
reference to the percentage of subscribed registered capital of each shareholder.

(1)

由於蘇州程藝及北京藝龍為於中國成立的有限責
任公司，故股權百分比經參考各股東所認購註冊
資本百分比釐定。

Save as disclosed above, as at June 30, 2026, none of the Directors or chief

除上文所披露者外，於二零二六年六月三十

executives of the Company and their respective associates has or is deemed

日，概無本公司董事或最高行政人員及彼等各

to have any interests or short positions in the shares, underlying shares or

自的聯繫人於本公司或其任何相聯法團（定義見

debentures of the Company or any of its associated corporations (within the

證券及期貨條例第XV部）的股份、相關股份或債

meaning of Part XV of the SFO) which will be required to be notified to the

權證中擁有或被視作擁有須根據證券及期貨條

Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV

例第XV部第7 及8 分部知會本公司及聯交所的任

of the SFO (including interests and short positions which they were taken or

何權益或淡倉（包括根據證券及期貨條例的有關

deemed to have taken under such provisions of the SFO); or which will be

條文被當作或視作擁有的權益及淡倉）；或須登

required to be recorded in the register to be kept by the Company pursuant

記於本公司根據證券及期貨條例第352條所存置

to Section 352 of the SFO, or which will be required, pursuant to the Model

登記冊的權益或淡倉；或根據標準守則須知會

Code, to be notified to the Company and the Stock Exchange.

本公司及聯交所的權益或淡倉。

二零二六年中期報告 ︱ INTERIM REPORT 2026

37

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND
SHORT POSITIONS IN SHARES AND UNDERLYING
SHARES

主要股東於股份及相關股份的權益
及淡倉

As at June 30, 2026, the followings are the persons, other than the Directors

於二零二六年六月三十日，下列人士（非董事或

or chief executives of the Company, who had interests or short positions in

本公司的最高行政人員）於股份及相關股份中擁

the Shares and underlying Shares which would be required to be notified

有根據證券及期貨條例第XV部第2 及3 分部條文

to the Company and the Stock Exchange under the provisions of Divisions 2

須知會本公司及聯交所的權益或淡倉；或登記

and 3 of Part XV of the SFO; or as recorded in the register required to be kept

於本公司根據證券及期貨條例第XV部第336條所

by the Company pursuant to Section 336 of Part XV of the SFO:

存置之登記冊內的權益或淡倉：

Approximate

Name of substantial Shareholder

Capacity

Total number

percentage of

of ordinary

shareholding in

Shares/Nature

the total issued

of interest

share capital
於已發行
股本總額中

主要股東名稱

身份

TCH Sapphire Limited (“TCH Sapphire”)(1)

Beneficial owner

TCH Sapphire Limited（「TCH Sapphire」）(1)

實益擁有人

Image Frame Investment (HK) Limited (“Image Frame”)(1)

Beneficial owner

意像架構投資（香港）有限公司（「意像架構」）

實益擁有人

Tencent Holdings Limited (“Tencent”)(1)

Interest in controlled corporations

騰訊控股有限公司（「騰訊」）(1)

受控制法團權益

(1)

C-Travel International Limited (“C-Travel”)(2)

Beneficial owner

C-Travel International Limited（「C-Travel」）

(2)

受控制法團權益

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

的概約持股

權益性質

百分比

310,899,020 (L)

13.21%

158,365,730 (L)

6.73%

476,215,740 (L)

20.23%

288,273,190 (L)

12.24%

122,995,180 (L)

5.22%

411,268,370 (L)

17.47%

實益擁有人
Interest in controlled corporations(3)

38

普通股總數 ╱

(3)

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Approximate

Name of substantial Shareholder

Capacity

Total number

percentage of

of ordinary

shareholding in

Shares/Nature

the total issued

of interest

share capital
於已發行
股本總額中

主要股東名稱

普通股總數 ╱

的概約持股

權益性質

百分比

148,966,590 (L)

6.33%

560,234,960 (L)

23.80%

9,869,802 (L)

0.42%

817,200 (L)

0.03%

3,200 (L)

0.00%

153,494,185 (L) (P)

6.52%

164,184,387 (L)

6.97%(4)

12,184,768 (S)

0.52%

5,600 (S)

0.00%

137,352,400 (L)

5.83%

身份

Ctrip.com (Hong Kong) Limited (“Ctrip Hong Kong”)(2)

Beneficial owner

攜程旅行網（香港）有限公司（「攜程（香港）」）

實益擁有人

Trip.com Group Limited (“Trip.com Group”)(2)

Interest in controlled corporations

Trip.com Group Limited（「攜程」）(2)

受控制法團權益

JPMorgan Chase & Co.

Beneficial owner

JPMorgan Chase & Co.

實益擁有人

(2)

Investment manager
投資經理
Person having a security interest in shares
於股份擁有抵押權益的人士
Approved lending agent
核准借出代理人

Beneficial owner
實益擁有人
Investment manager
投資經理
T.Rowe Price Associates, Inc. and its Affiliates

Beneficial owner

T.Rowe Price Associates, Inc.及其聯屬公司

實益擁有人

(L)

denotes a long position

(L)

代表好倉

(S)

denotes a short position

(S)

代表淡倉

(P)

denotes a lending pool

(P)

代表可供借出的股份

二零二六年中期報告 ︱ INTERIM REPORT 2026

39

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

40

Notes:

附註：

(1)

Under the SFO, Tencent is deemed to be interested in (i) the 310,899,020 Shares
held by TCH Sapphire, (ii) the 158,365,730 Shares held by Image Frame, and (iii) the
6,950,990 Shares held by Elite Strength Limited, each of which is a wholly-owned
subsidiary of Tencent.

(1)

根據證券及期貨條例，騰訊被視為於以下項目中
擁有權益：(i) TCH Sapphire持有的310,899,020股股
份，(ii)意像架構持有的158,365,730股股份，及(iii)
Elite Strength Limited持有的6,950,990股股份，以
上三者皆為騰訊的全資附屬公司。

(2)

Under the SFO, Trip.com Group is deemed to be interested in (i) the 288,273,190
Shares held by C-Travel, (ii) the 148,966,590 Shares held by Ctrip Hong Kong, and
(iii) the 27,332,270 Shares held by Luxuriant Holdings Limited, each of which is
a wholly-owned subsidiary of Trip.com Group. Under the SFO, Trip.com Group is
also deemed to be interested in 95,662,910 Shares held by EP II Investment Fund
L.P., an exempted limited partnership established in the Cayman Islands because
Ctrip Investment Holding Ltd, a wholly-owned subsidiary of Trip.com Group,
contributed more than one-third of the capital to EP II Investment Fund L.P..
However, EP II Investment Fund L.P. does not constitute an associate of Trip.com
Group under the Listing Rules as Trip.com Group does not control 30% or more of
the voting power in EP II Investment Fund L.P..

(2)

根據證券及期貨條例，攜程被視為於以下項目
中擁有權益：(i) C-Travel持有的288,273,190 股股
份，(ii)攜程（香港）持有的148,966,590 股股份，
及(iii) Luxuriant Holdings Limited持有的27,332,270
股股份，以上均為攜程的全資附屬公司。根據證
券及期貨條例，由於攜程的全資附屬公司 Ctrip
Investment Holding Ltd認繳EP II Investment Fund
L.P.超過三分之一的股本，故攜程亦被視為於EP II
Investment Fund L.P.（一間於開曼群島成立的獲豁
免有限合夥企業）持有的95,662,910股股份中擁有
權益。然而，由於攜程並無控制EP II Investment
F u n d L . P . 的 30% 或以上投票權，故根據上市規
則，EP II Investment Fund L.P.並不構成攜程的聯
繫人。

(3)

Under the SFO, C-Travel is deemed to be interested in (i) the 27,332,270 Shares
held by Luxuriant Holdings Limited, which is a wholly-owned subsidiary of
C-Travel, and (ii) the 95,662,910 Shares held by EP II Investment Fund L.P., given
Ctrip Investment Holding Ltd, a wholly-owned subsidiary of C-Travel, contributed
more than one-third of the capital to EP II Investment Fund L.P..

(3)

根據證券及期貨條例，由於C-Travel的全資附
屬公司Ctrip Investment Holding Ltd認繳EP II
Investment Fund L.P. 超過三分之一的股本，故
C-Travel被視為於(i) Luxuriant Holdings Limited
（為 C-Travel 的全資附屬公司）持有的 27,332,270
股股份，及(ii) EP II Investment Fund L.P.持有的
95,662,910股股份中擁有權益。

(4)

The above calculation is based on the total number of issued Shares of the
Company as of June 30, 2026, being 2,354,309,962 Shares.

(4)

上述計算乃基於截至二零二六年六月三十日本公
司已發行的股份總數（即2,354,309,962股股份）作
出。

Save as disclosed above, as at June 30, 2026, the Company is not aware

除上文所披露者外，於二零二六年六月三十

of any other person (other than the Directors or chief executives of the

日，本公司概不知悉任何其他人士（本公司的董

Company) who had an interest or short position in the Shares or underlying

事或最高行政人員除外）於股份或相關股份中擁

Shares which would be required to be notified to the Company and the Stock

有根據證券及期貨條例第XV部第2 及3 分部條文

Exchange under the provisions of Divisions 2 and 3 of Part XV of the SFO; or

須知會本公司及聯交所的任何權益或淡倉；或

as recorded in the register required to be kept by the Company pursuant to

登記於本公司根據證券及期貨條例第336條所存

Section 336 of the SFO.

置之登記冊內的權益及淡倉。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR
DEBENTURES

董事收購股份或債權證的權利

Save as disclosed in the section headed “Directors’ and Chief Executives’

除「董事及最高行政人員於股份、相關股份及債

Interests and Short Positions in Shares, Underlying Shares and Debentures”,

權證中所擁有的權益及淡倉」一節所披露者外，

at no time during the Reporting Period and up to the Latest Practicable Date

於報告期內及直至最後實際可行日期期間，本

was the Company or any of its subsidiaries, a party to any arrangement that

公司或其任何附屬公司均非任何安排的其中一

would enable the Directors to acquire benefits by means of acquisition of the

方以讓董事通過收購本公司或任何其他法人團

Shares in, or debentures of, the Company or any other body corporate, and

體的股份或債權證的方式收取利益，亦概無董

none of the Directors or any of their spouses or children under the age of 18

事或任何彼等的配偶或18 歲以下的子女獲授任

were granted any right to subscribe for the equity or debt securities of the

何權利以認購本公司或任何其他法人團體的股

Company or any other body corporate or had exercised any such right.

本或債務證券或已行使任何該等權利。

SHARE SCHEMES

股份計劃

The Company has adopted a total of six share schemes, namely, the 2018

本公司已採納合共六項股份計劃，即二零一八

Share Incentive Plan, the 2019 Share Option Plan, the 2019 RSU Plan, the

年股份激勵計劃、二零一九年購股權計劃、二

2022 Share Option Plan, the 2022 RSU Plan (collectively, the “Existing Share

零一九年受限制股份單位計劃、二零二二年購

Incentive Plans”) and the 2024 Share Scheme.

股權計劃、二零二二年受限制股份單位計劃（統
稱「現有股份激勵計劃」）及二零二四年股份計
劃。

Upon the approval by the Shareholders for the 2024 Share Scheme at the

股東於二零二四年六月二十六日舉行的股東週

annual general meeting held on June 26, 2024, the Existing Share Incentive

年大會上批准二零二四年股份計劃後，現有股

Plans have been terminated and no further grants will be made thereunder,

份激勵計劃已終止，且將不會根據該等計劃進

while the outstanding share options and share awards granted under the

一步授出，而根據現有股份激勵計劃授出的未

Existing Share Incentive Plans shall continue to vest, be valid and exercisable

行使購股權及股份獎勵將繼續根據現有股份激

in accordance with the terms of the Existing Share Incentive Plans. For details,

勵計劃的條款歸屬、有效及可予行使。有關詳

please refer to the circular of the Company dated June 3, 2024.

情，請參閱本公司日期為二零二四年六月三日
的通函。

Further details regarding the terms of each share scheme, together with the

有關各股份計劃條款的進一步詳情連同各自的

respective movements table (where applicable), are set out below.

變動表（如適用）載列如下。

二零二六年中期報告 ︱ INTERIM REPORT 2026

41

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

UTILIZATION OF SCHEME MANDATE LIMIT DURING
THE PERIOD

期內動用計劃授權限額

The number of options and awards available for grant under the scheme

於二零二六年一月一日及二零二六年六月三十

mandate limit of the Company as at January 1, 2026 and June 30, 2026 were

日，本公司根據計劃授權限額可授出的購股權

both 2,249,990. As at June 30, 2026, the Company has not yet adopted any

及獎勵數目均為2,249,990 份。於二零二六年六

service provider sublimit in respect of its share schemes, and no options and/

月三十日，本公司尚未就其股份計劃採納任何

or awards were granted to service providers under Rule 17.03(3) of the Listing

服務供應商分項限額，概無根據上市規則第

Rules.

17.03(3) 條向服務供應商授出購股權及 ╱ 或獎
勵。

As no options or awards were granted under any share scheme of the

由於報告期間並無於本公司任何股份計劃下授

Company during the Reporting Period, the number of Shares that may be

出購股權或獎勵，本公司於報告期間根據所有

issued in respect of options and awards granted under all share schemes of

股份計劃授出的購股權及獎勵可能發行的股份

the Company during the Reporting Period, divided by the weighted average

數目除以報告期間的加權平均股份數目（不包括

number of Shares (excluding treasury shares, if any) for the Reporting Period

庫存股份，如有）為0%。

was 0%.

2018 SHARE INCENTIVE PLAN

二零一八年股份激勵計劃

The Company has approved and adopted the 2018 Share Incentive Plan by

本公司已於二零一八年三月九日通過董事會決

the Board’s resolution on March 9, 2018. No additional options have been or

議案批准及採納二零一八年股份激勵計劃。上

will be granted under the 2018 Share Incentive Plan after the Listing.

市後未曾或概不會根據二零一八年股份激勵計
劃授出額外購股權。

Purpose

目的

The purpose of the 2018 Share Incentive Plan is to promote the success

二零一八年股份激勵計劃旨在通過將本公司及

and enhance the value of our Company, by linking the personal interests of

本公司任何現時或未來附屬公司或VIE（各定義見

the directors, officers and employees of our Company and any present or

下文）董事、高級職員及僱員的個人利益掛鈎，

future subsidiaries or VIEs (each term as defined below) of our Company by

藉著激勵該等人士作出傑出表現，為股東帶來

providing such individuals with an incentive for outstanding performance,

豐厚回報，以促進本公司的成功及提升其價

to generate superior returns to the Shareholders. The 2018 Share Incentive

值。二零一八年股份激勵計劃亦旨在使本公司

Plan is further intended to provide flexibility to our Company in its ability to

能靈活激勵、吸引及留用激勵對象提供服務，

motivate, attract, and retain the services of recipients upon whose judgment,

而本公司能否成功經營業務，將主要取決於該

interest, and special effort the successful conduct of our Company’s

等人士的判斷、利益及特別努力。

operation is largely dependent.

42

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Eligible participants

合資格參與者

Those eligible to participate in the 2018 Share Incentive Plan include: (1) the

二零一八年股份激勵計劃的合資格參與者包

Directors of our Company; and (2) any person employed by (i) our Company,

括：(1)本公司董事；及(2)(i)本公司或(ii)本公司

or (ii) any entity that is directly or indirectly controlled by our Company, or (iii)

直接或間接控制的任何實體，或(iii)就美國公認

any entity that is considered to be a variable interest entity consolidated with

會計準則而言視為與本公司併表的可變權益實

our Company for purpose of U.S. GAAP (the “VIE”) ((i), (ii) and (iii) collectively,

體（「VIE」）的任何實體所聘用的任何人士（(i)、

the “Employee” or the “Participant”). A person will not cease to be an

(ii)及(iii)統稱「僱員」或「參與者」）。任何人士不

Employee solely by virtue of also being a Director.

會僅由於亦為董事而不再屬於僱員。

Maximum number of Shares

最高股份數目

The overall limit on the number of underlying Shares that may be subject to

受任何購股權、受限制股份單位、直至歸屬前

any option, RSU, any Shares issued subject to forfeiture or repurchase by our

本公司可沒收或購回的任何已發行股份（「受限

Company until vested (the “Restricted Share”) or other share-based award or

制股份」）或根據二零一八年股份激勵計劃授出

right granted or sold pursuant to the 2018 Share Incentive Plan is 163,240,270

或出售的其他以股份為基礎獎勵或權利規限的

Shares, which represents approximately 6.9% of the issued Shares as at June

相關股份數目整體上限為163,240,270 股股份，

30, 2026.

佔於二零二六年六月三十日已發行股份約6.9%。

There is no limit for the maximum entitlement of each participant under the

根據二零一八年股份激勵計劃，各名參與者可

2018 Share Incentive Plan.

獲授予之最高股份數目並無限制。

Administration

管理

The 2018 Share Incentive Plan is administered by the Chief Executive Officer,

二零一八年股份激勵計劃由根據股東協議及公

Chief Financial Officer, Chief Operating Officer, Chief Technology Officer, Chief

司組織章程細則委任的本公司行政總裁、財務

Strategy Officer and Chief Marketing Officer of our Company appointed in

總監、營運總監、科技總監、策略總監及營銷

accordance with the Shareholders Agreement and the Articles of Association

總 監（統 稱「管 理 層 」）負 責 管 理 。 管 理 層 將 獲

(collectively, the “Management”). The Management will have the authority

授權酌情釐定根據二零一八年股份激勵計劃授

in its discretion to determine the number of Shares or RSUs to be covered by

出各項獎勵涵蓋的股份或受限制股份單位數目

each award granted under the 2018 Share Incentive Plan (the “Award”).

（「獎勵」）。

二零二六年中期報告 ︱ INTERIM REPORT 2026

43

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Grant of Awards

授出獎勵

The Management is authorized to grant options, RSUs or other Awards to

管理層有權授出購股權、受限制股份單位或其

purchase a specified number of Shares at a specified price during specified

他獎勵，以供於指定時期內以指定價格購買指

time periods. Awards granted will be evidenced by an agreement (the

定數目的股份。授出的獎勵將以協議（「獎勵協

“Award Agreement”). The Award Agreement includes additional provisions

議」）作為證明。獎勵協議包括管理層指定的額

specified by the Management.

外條文。

As at June 30, 2026, (i) 27,266,849 Shares underlying 27,266,849 unexercised

於二零二六年六月三十日，(i)根據二零一八年股

options were available for issue under the 2018 Share Incentive Plan,

份激勵計劃，與27,266,849份未行使購股權相關

representing approximately 1.2% of the issued Shares (excluding treasury

的27,266,849股股份可供發行，佔於最後實際可

shares, if any) as at the Latest Practicable Date; (ii) 27,266,849 unexercised

行日期已發行股份（不包括庫存股份，如有）約

options had been vested as at the Latest Practicable Date; and (iii) there were

1.2%；(ii)27,266,849份未行使購股權於最後實際

no remaining Shares available for grant in the form of Awards under the 2018

可行日期已歸屬；及(iii)根據二零一八年股份激

Share Incentive Plan.

勵計劃，並無可供以獎勵形式授出的剩餘股份。

Consideration

代價

The consideration to be paid for Shares to be issued upon exercise of

就購股權獲行使時將予發行的股份、授出受限

an Option, the granting of an RSU, or the purchase of Restricted Shares,

制股份單位或購買受限制股份將予支付的代

including the method of payment, will be determined by the Management.

價，包括付款方式，將由管理層決定。有關代

Such consideration may consist of (i) cash, (ii) cheque, (iii) such other method

價可包括(i)現金、(ii)支票、(iii)獲管理層批准的

of payment as is approved by the Management, or (iv) any combination of

其他付款方式，或(iv)獲管理層批准的任何前述

the foregoing that is approved by the Management.

方法之組合。

There is no additional amount payable on application or acceptance of the

申請或接納購股權並無應付任何額外款項。

share option.

Exercise of option

行使購股權

The Management shall determine the time or times at which an option may

管理層須決定購股權可全部或部分行使的時間

be exercised in whole or in part, including exercise price prior to vesting.

或多段時間，包括歸屬前的行使價。管理層亦

The Management shall also determine any conditions, if any, that must be

須決定全部或部分獎勵獲行使前須達成的任何

satisfied before all or part of an Award may be exercised.

條件（如有）。

There is no specified period for which an offer for an option must be

相關合資格參與者並無自提出當日起計必須接

accepted by the relevant eligible participant from the date on which it is

納購股權要約的指定期限，惟不得於相關購股

made, provided that no options shall be exercised after ten years from the

權授出日期起計十年後行使購股權。

date of grant of the relevant share options.

44

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Vesting of awards

獎勵歸屬

Any options granted under the 2018 Share Incentive Plan will become vested

根據二零一八年股份激勵計劃授出的任何購股

and exercisable at such times and under such conditions as determined by

權將於管理層釐定並載於獎勵協議的該等時間

the Management and set forth in an Award Agreement. As at June 30, 2026,

及該等條件下予以歸屬並可行使。於二零二六

all options granted under the 2018 Share Incentive Plan have been vested,

年六月三十日，根據二零一八年股份激勵計劃

which ranged from 12 to 48 months from the relevant grant date. For further

授出的所有購股權已於相關授出日期起計 12 至

details of the vesting period attached to outstanding options granted under

48 個月內歸屬。有關根據二零一八年股份激勵

the 2018 Share Incentive Plan, please refer to the table set forth in pages 46

計劃授出的尚未行使購股權所附歸屬期的進一

to 50 of this interim report.

步詳情，請參閱本中期報告第46 頁至第50 頁所
載表格。

Save as disclosed in the movement table below, no right to subscribe for

除以下變動表所披露者外，本公司概無根據二

equity or debt securities of the Company has been granted by the Company

零一八年股份激勵計劃於報告期內向任何其他

to, nor have any such rights been exercised and/or vested by, any other

人士授出認購本公司股本或債務證券的權利，

person under the 2018 Share Incentive Plan during the Reporting Period.

亦無任何其他人士已行使及 ╱ 或歸屬任何該等
權利。

Term of the 2018 Share Incentive Plan

二零一八年股份激勵計劃的年期

The 2018 Share Incentive Plan commenced on March 9, 2018 and was

二零一八年股份激勵計劃於二零一八年三月九

terminated on June 26, 2024. The termination of the 2018 Share Incentive

日開始並於二零二四年六月二十六日終止。二

Plan shall not affect the validity of the outstanding Awards under 2018

零一八年股份激勵計劃的終止將不會影響二零

Share Incentive Plan, which shall continue to vest, be valid and exercisable

一八年股份激勵計劃項下尚未行使的獎勵的有

according to the terms of the 2018 Share Incentive Plan and the applicable

效性，該等獎勵將根據二零一八年股份激勵計

Award Agreement.

劃及適用獎勵協議的條款繼續歸屬、有效及可
行使。

For further details, please refer to the sub-section headed “Appendix V –

有關進一步詳情，請參閱招股章程「附錄五 － 法

Statutory and General Information – Share Incentive Plans – 2018 Share

定及一般資料 － 股份激勵計劃 － 二零一八年股

Incentive Plan” of the Prospectus and the circular of the Company dated June

份激勵計劃」分節及本公司日期為二零二四年六

3, 2024.

月三日的通函。

二零二六年中期報告 ︱ INTERIM REPORT 2026

45

46

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

吳志祥，執行董事

Director

Wu Zhixiang, an executive

最高行政人員

本公司執行董事及╱或

of the Company

and/or chief executive(s)

Executive Directors

類別名稱

承授人

of grantee

Name of category

Outstanding

Date of grant of

options

2,625,200

–

–

–

–

–

–

–

–

–

–

2,625,200

2,625,200

二零一八年五月十八日

May 18, 2018

二零一八年三月九日

March 9, 2018

購股權

行使價

2,625,200

購股權
授出日期

尚未行使的

購股權的

權行使價

期內註銷

沒收的購股

期內獲行使

購股權

期內授出

尚未行使的

share options

六月三十日

2026

該等已到期

options
期內到期及 於二零二六年

期內失效╱
沒收及

period

options as
at June 30,

該等失效╱

period

expired

price of such

share

一月一日

period

period and
the exercise

於二零二六年

2026

forfeited

lapsed/

Cancelled

January 1,

during the

Granted

during the

options as at

during the

the exercise
price of such

share

Expired
during the

during the
period and

Outstanding

Exercised

Lapsed/
Forfeited

Exercise period of

Exercise price of

Closing price

RMB5.50 per Share Note 1

每股人民幣2.60元 附註1

RMB2.60 per Share Note 1

行使價 歸屬期

購股權的

share options Vesting period

二零二八年五月十八日

二零一八年五月十八日至 每股人民幣5.50元 附註1

May 18, 2028

May 18, 2018 to

二零二八年三月九日

二零一八年三月九日至

March 9, 2028

March 9, 2018 to

行使期

購股權的

share options

–

–

–

日期前

–

緊接行使

授出日期前

exercise date

before the

Immediately

股份的收市價

緊接購股權

date of options

before the grant

immediately

of the Shares

–

–

行使日期

於購股權

date of options

At exercise

of the Shares
股份加權平均收市價

購股權數目

Weighted average closing price

Number of share options

報告期內，根據二零一八年股份激勵計劃授出的購股權變動如下：

During the Reporting Period, the movements in the options granted under the 2018 Share Incentive Plan were as follows:

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

expired
options

2026

at June 30,

the Chief Executive Officer

執行董事兼首席執行官

馬和平，聯席董事長、

160

5,185,755

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

160

5,185,755

5,185,755

二零一八年九月一日

September 1, 2018

二零一八年五月十八日

May 18, 2018

二零一八年三月九日

March 9, 2018

RMB5.50 per Share Note 1

每股人民幣2.60元 附註1

RMB2.60 per Share Note 1

二零二八年九月一日

二零一八年九月一日至

market value of the

September 1, 2028

300億元時（附註2）

每股9.80港元 於本公司市值達到人民幣

RMB30 billion (Note 2)

Company reaches

HKD9.80 per Share At the time when the

September 1, 2018 to

二零二八年五月十八日

二零一八年五月十八日至 每股人民幣5.50元 附註1

May 18, 2028

May 18, 2018 to

二零二八年三月九日

二零一八年三月九日至

March 9, 2028

March 9, 2018 to

–

–

–

股份的收市價

5,185,755

an executive Director and

行使價 歸屬期

Ma Heping, Co-Chairman,

行使期

授出日期

購股權

行使價

權行使價

購股權

類別名稱

期內註銷

授出日期前

期內獲行使

緊接購股權
購股權

尚未行使的

承授人

六月三十日

date of options

before the grant

購股權的

購股權的

share options Vesting period

Exercise price of

該等已到期
購股權的

share options

Exercise period of

沒收的購股

share options

Date of grant of

immediately

of the Shares

Closing price

該等失效╱

期內授出

一月一日

期內失效╱

options

forfeited

期內到期及 於二零二六年

period

during the

沒收及

period

during the

share
options as

於二零二六年

period

during the

2026

January 1,

price of such

Outstanding

尚未行使的

of grantee

Name of category

lapsed/

the exercise

price of such
Cancelled

Granted

share

Exercised

during the
period and

period and
the exercise

options as at

Outstanding

Expired

during the

Forfeited

–

–

–

日期前

緊接行使

exercise date

before the

Immediately

–

–

–

行使日期

於購股權

date of options

At exercise

股份加權平均收市價

購股權數目
Lapsed/

of the Shares

Weighted average closing price

Number of share options

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

二零二六年中期報告 ︱ INTERIM REPORT 2026

47

48

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

expired
options

2026

at June 30,

Date of grant of

Exercise period of

Exercise price of

Closing price

非執行董事

江浩，聯席董事長兼

–

–

1,803,695

300,000

–

–

–

–

–

–

–

–

–

–

–

–

–

300,000

1,803,695

1,803,695

二零一八年九月一日

September 1, 2018

二零一八年五月十八日

May 18, 2018

二零一八年三月九日

March 9, 2018

RMB5.50 per Share Note 1

每股人民幣2.60元 附註1

RMB2.60 per Share Note 1

二零二八年九月一日

二零一八年九月一日至

market value of the

September 1, 2028

300億元時（附註2）

每股9.80港元 於本公司市值達到人民幣

RMB30 billion (Note 2)

Company reaches

HKD9.80 per Share At the time when the

September 1, 2018 to

二零二八年五月十八日

二零一八年五月十八日至 每股人民幣5.50元 附註1

May 18, 2028

May 18, 2018 to

二零二八年三月九日

二零一八年三月九日至

March 9, 2028

March 9, 2018 to

–

–

–

股份的收市價

1,803,695

the non-executive Director

行使價 歸屬期

Jiang Hao, Co-Chairman and

行使期

授出日期

購股權

行使價

權行使價

購股權

類別名稱

期內註銷

授出日期前

期內獲行使

緊接購股權
購股權

尚未行使的

承授人

六月三十日

date of options

before the grant

購股權的

購股權的

share options Vesting period

該等已到期
購股權的

share options

沒收的購股

share options

immediately

of the Shares

該等失效╱

期內授出

一月一日

期內失效╱

options

forfeited

期內到期及 於二零二六年

period

during the

share
options as

沒收及

period

during the

price of such

於二零二六年

period

during the

January 1,

2026

Outstanding

尚未行使的

of grantee

Name of category

lapsed/

the exercise

price of such
Cancelled

Granted

share

Exercised

during the
period and

period and
the exercise

options as at

Outstanding

Expired

during the

Forfeited

–

–

–

日期前

緊接行使

exercise date

before the

Immediately

–

–

–

行使日期

於購股權

date of options

At exercise

股份加權平均收市價

購股權數目
Lapsed/

of the Shares

Weighted average closing price

Number of share options

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

二零二六年中期報告 ︱ INTERIM REPORT 2026

總計

Total

本集團735名僱員合計

27,984,272

2,446,900

3,816,298

2,191,614

735 employees of the

–

–

–

–

717,423

98,300

387,266

231,857

–

–

–

–

–

–

–

–

–

–

–

–

27,266,849

2,348,600

3,429,032

1,959,757

二零一八年九月一日

September 1, 2018

二零一八年五月十八日

May 18, 2018

二零一八年三月九日

March 9, 2018

RMB5.50 per Share Note 1

每股人民幣2.60元 附註1

RMB2.60 per Share Note 1

行使價 歸屬期

二零二八年九月一日

二零一八年九月一日至

market value of the

September 1, 2028

300億元時（附註2）

每股9.80港元 於本公司市值達到人民幣

RMB30 billion (Note 2)

Company reaches

HKD9.80 per Share At the time when the

September 1, 2018 to

二零二八年五月十八日

二零一八年五月十八日至 每股人民幣5.50元 附註1

May 18, 2028

May 18, 2018 to

二零二八年三月九日

二零一八年三月九日至

March 9, 2028

March 9, 2018 to

行使期

–

–

–

股份的收市價

授出日期

購股權

行使價

期內註銷

權行使價

期內獲行使

授出日期前

期內授出

緊接購股權
購股權

date of options

before the grant

尚未行使的

購股權的

share options Vesting period

Exercise price of

六月三十日
購股權的

share options

Exercise period of

購股權的

share options

Date of grant of

該等已到期

2026

at June 30,

沒收的購股

於二零二六年

購股權

Group, in aggregate

expired
options

該等失效╱

期內失效╱

options

forfeited

一月一日

period

during the

尚未行使的

period

during the

期內到期及 於二零二六年

period

during the

immediately

of the Shares

Closing price

沒收及

2026

January 1,

類別名稱

承授人

of grantee

Name of category

share
options as

the exercise
price of such

lapsed/

Cancelled

price of such

Exercised

share

options as at

Granted

Outstanding

during the
period and

period and
the exercise

Outstanding

Expired

during the

Forfeited

每股24.40港元

per share

HKD24.40

每股24.12港元

per share

HKD24.12

每股23.97港元

per share

HKD23.97

日期前

緊接行使

exercise date

before the

Immediately

每股24.46港元

per share

HKD24.46

每股24.70港元

per share

HKD24.70

每股24.70港元

per share

HKD24.70

行使日期

於購股權

date of options

At exercise

股份加權平均收市價

購股權數目
Lapsed/

of the Shares

Weighted average closing price

Number of share options

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

49

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Notes:

附註：

(1)

(1)

The share options shall vest in the grantees in the following manner:

購股權須按以下方式歸屬於承授人：

•

25% of the total number of share options shall vest on the first anniversary of
the date of grant;

•

購股權總數的25%須於授出日期的第一週年
歸屬；

•

25% of the total number of share options shall vest on the second
anniversary of the date of grant;

•

購股權總數的25%須於授出日期的第二週年
歸屬；

•

25% of the total number of share options shall vest on the third anniversary
of the date of grant;

•

購股權總數的25%須於授出日期的第三週年
歸屬；

•

25% of the total number of share options shall vest on the fourth anniversary
of the date of grant.

•

購股權總數的25%須於授出日期的第四週年
歸屬。

(2)

The Company reached the market value of RMB30 billion on March 13, 2019.

(2)

本公司市值於二零一九年三月十三日達到人民幣
300億元。

(3)

None of the grantees under the 2018 Share Incentive Plan was (i) a substantial
Shareholder of the Company or its associate; (ii) a participant with options and
awards granted and to be granted in excess of the 1% individual limit (as defined
in the Listing Rules); (iii) a related entity participant or a service provider with
options and awards granted and to be granted in any 12-month period exceeding
0.1% of the Shares in issue; or (iv) a related entity participant or service provider of
the Group.

(3)

概無二零一八年股份激勵計劃項下的承授人為(i)
本公司的主要股東或其聯繫人；(ii)已獲授及將獲
授的購股權及獎勵超過1%個人限額（定義見上市
規則）的參與者；(iii)於任何12個月期間已獲授及
將獲授的購股權及獎勵超過已發行股份0.1%的關
聯實體參與者或服務供應商；或(iv)本集團的關聯
實體參與者或服務供應商。

(4)

As disclosed under the sub-sections headed “Maximum number of Shares” and
“Grant of Awards” in this interim report, no additional options have been or will
be granted under the 2018 Share Incentive Plan after the Listing; and during the
Reporting Period, no RSU or other Award has been granted under the 2018 Share
Incentive Plan.

(4)

誠如本中期報告「最高股份數目」及「授出獎勵」分
節所披露，本公司於上市後概無或不會根據二零
一八年股份激勵計劃授出額外購股權；及於報告
期內，概無根據二零一八年股份激勵計劃授出受
限制股份單位或其他獎勵。

2019 SHARE OPTION PLAN

二零一九年購股權計劃

The Company has adopted the 2019 Share Option Plan by an ordinary

本公司已於二零一九年八月二日（「二零一九年

resolution duly passed by the Shareholders on August 2, 2019 (the “Effective

購股權計劃生效日期」）以股東正式通過的普通

Date of the 2019 Share Option Plan”). During the Reporting Period, no

決議案採納二零一九年購股權計劃。於報告期

option has been granted under the 2019 Share Option Plan.

內，概無根據二零一九年購股權計劃授出購股
權。

50

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Purpose

目的

The purpose of the 2019 Share Option Plan is to provide better rewards to

二零一九年購股權計劃旨在向本集團過往及未

the talents who have contributed to the development and success of the

來發展及成功作出貢獻的人才提供更佳回報，

Group, and for the future development of the Group, to motivate such talents

並通過提供購買股份權益的機會，激勵該等人

to continue to make their best efforts and to attract new talents through

才繼續全力以赴及招攬新人才。

providing them with the opportunities to acquire interests in Shares.

Eligible participants

合資格參與者

The persons eligible to participate in the 2019 Share Option Plan include (i)

符合資格參與二零一九年購股權計劃的人士包

any Director, (ii) any other employee of the Group and (iii) any consultant,

括(i)任何董事、(ii)本集團任何其他僱員，及(iii)

adviser, agent, customer, supplier, service provider, business partner or

董事會不時委任的委員會（「委員會」）或由本公

joint venture partner of the Group whom the committee as appointed

司首席執行官、首席財務官、首席運營官及首

by the Board from time to time (the “Committee”) or the management,

席技術官組成的管理層（「管理層」）
（視情況而

which comprises of the Chief Executive Officer, Chief Financial Officer,

定）全權酌情認為已經或將會為本集團作出貢獻

Chief Operating Officer and Chief Technology Officer of the Company (the

的本集團任何諮詢人、顧問、代理、客戶、供

“Management”), considers in its sole discretion (as the case may be), has

應商、服務供應商、業務合作夥伴或合營企業

contributed or will contribute to the Group.

合作夥伴。

Maximum number of Shares for issue

可發行股份最高數目

The maximum number of the underlying Shares in respect of which share

根據二零一九年購股權計劃可能授出之購股權

options may be granted under the 2019 Share Option Plan shall not exceed

的相關股份最高數目，不得超過於二零一九年

3.5% of the outstanding Shares in issue on the Effective Date of the 2019

購股權計劃生效日期已發行在外股份的3.5%，

Share Option Plan, and, when aggregated with the maximum number of

且根據二零一九年購股權計劃將予授出之任何

Shares in respect of any share options to be granted under the 2019 Share

購股權與根據二零一六年股份激勵計劃、二零

Option Plan and any other share options to be granted under the 2016 Share

一八年股份激勵計劃以及本公司擬設立的任何

Incentive Plan, the 2018 Share Incentive Plan and any other share incentive

其 他 股 份 激 勵 計 劃（「其 他 計 劃 」）之 任 何 其 他

plans to be established by the Company (the “Other Plans”) shall not in

將予授出購股權所涉及之最高股份數目合併計

aggregate exceed 10% of the outstanding Shares in issue on the Effective

算時，總數不得超過二零一九年購股權計劃生

Date of the 2019 Share Option Plan (or of the refreshment of the 10% limit).

效日期已發行在外股份之10%（或10%限額的更
新）。

The maximum number of Shares in respect of which share options may be

根據二零一九年購股權計劃可能授出之購股權

granted under the 2019 Share Option Plan was 73,871,298, representing 3.5%

所涉及的最高股份數目為73,871,298股，佔於二

of the number of Shares in issue as at August 2, 2019.

零一九年八月二日已發行股份數目的3.5%。

二零二六年中期報告 ︱ INTERIM REPORT 2026

51

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

52

The above maximum number is subject to the condition that the total

上述最高數目受以下條件規限，根據二零一九

maximum number of Shares which may be issued upon exercise of all

年購股權計劃所有已授出但尚未行使的購股

outstanding options granted and yet to be exercised under the 2019 Share

權，以及根據其他計劃任何其他已授出但尚未

Option Plan and any other options granted and yet to be exercised under

行使的購股權，獲行使後可能發行股份最高數

the Other Plans shall not exceed 30% of the outstanding Shares in issue from

目不得超過不時已發行在外股份的30%。倘將導

time to time. No options may be granted under the 2019 Share Option Plan

致超出有關限額，則一概不得根據二零一九年

and no options may be granted under the Other Plans if it will result in such

購股權計劃授出購股權及根據其他計劃授出購

limit being exceeded.

股權。

As at June 30, 2026, the aforesaid scheme limit under the 2019 Share Option

於二零二六年六月三十日，上述根據二零一九

Plan had been fully utilized. No option has been granted under the 2019

年購股權計劃的計劃限額已獲悉數動用。於報

Share Option Plan during the Reporting Period and accordingly the total

告期內，概無根據二零一九年購股權計劃授出

number of Shares available for issue and/or transfer upon exercise of all

購股權，因此根據二零一九年購股權計劃的所

options granted under the 2019 Share Option Plan was 27,996,198 Shares,

有授出購股權獲行使後可供發行及 ╱ 或轉讓

representing approximately 1.2% of the total number of all Shares (excluding

的股份總數為 27,996,198 股股份，佔於最後實

treasury shares, if any) in issue as at the Latest Practicable Date. Among the

際可行日期所有已發行股份總數（不包括庫存

27,996,198 options, all the options had been vested as at the date of the

股份，如有）約 1.2%。於最後實際可行日期，

Latest Practicable Date.

27,996,198份購股權中的所有購股權已歸屬。

Maximum entitlement of each eligible participant

各名合資格參與者可獲授予之最高股份數
目

Unless separately approved by the Shareholders in general meeting (with the

除非另行獲股東於股東大會上批准（在相關合資

relevant eligible participant and such eligible participant’s close associates

格參與者及該合資格參與者之緊密聯繫人（其具

(with the meaning ascribed thereto under the Listing Rules) (or such eligible

上市規則賦予之涵義）
（或倘合資格參與者為本

participants’ associates if the eligible participant is a connected person of the

公司之關連人士，則為該合資格參與者之聯繫

Company) abstaining from voting), no eligible participant shall be granted

人）放棄投票之情況下），倘某一合資格參與者

a share option if the total number of Shares issued and to be issued upon

因已獲授予及將獲授予之購股權（包括已行使、

exercise of the share options (including exercised, cancelled and outstanding

已註銷及尚未行使之購股權，但不包括已失效

share options but excluding lapsed share options) granted and to be granted

之購股權）獲行使而導致已發行及將予發行之股

to such eligible participant in any 12-month period up to and including

份總數於截至進一步授予日期（包括該日）前任

such further grant would exceed 1% of the outstanding Shares in issue

何12 個月期間合共超過不時已發行在外股份之

from time to time. A circular with the requisite information must be sent

1%，則不得向該名合資格參與者授出購股權。

to the Shareholders prior to general meeting, disclosing, amongst others,

一份載有所需資料之通函必須於股東大會前寄

the identity of such eligible participant and the number and terms of the

發予股東，披露（其中包括）該名合資格參與者

share options granted and proposed to be granted. The number and terms

之身份和已授出及建議授出之購股權數目及條

(including the exercise price) of the share options to be granted to such

款。將授予該合資格參與者之購股權數目及條

eligible participant must be fixed before the approvals are sought and the

款（包括行使價），須於尋求批准前訂立，而為

date of the Board meeting of the Company for proposing such further grant

提呈進一步授予該等購股權而舉行之本公司董

should be taken as the date of the grant for the purpose of calculating the

事會會議之日期，將被視作授出日期（就計算行

exercise price.

使價而言）。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Administration

管理

The 2019 Share Option Plan is administered by the Board. The Board or

二零一九年購股權計劃由董事會進行管理。董

any other authorized agent would administer in whole or partly the 2019

事會或任何其他授權代理人，代表董事會管理

Share Option Plan on the Board’s behalf. The Board shall have the authority

全部或部分二零一九年購股權計劃。董事會有

to determine which eligible participants of the 2019 Share Option Plan

權釐定將收取購股權之二零一九年購股權計劃

will receive share options, to grant share options and to set all terms and

合資格參與者、授出購股權及制定購股權之所

conditions of share options (including but not limited to, vesting and

有條款及條件（包括但不限於歸屬及沒收條款）。

forfeiture provisions).

Duration of share options

購股權之時限

Each share option shall be exercisable at such times and subject to such

每份購股權須於董事會決定之有關時間及按照

terms and conditions as the Board determines, provided that the term of

有關條款及條件予以行使，惟任何購股權之時

any share option shall not exceed ten years from the date of grant of the

限不得超過授出購股權日期起計十年。董事會

share option. The Board or the Committee has the power to specify the

或委員會有權訂明規定於購股權可予行使前必

requirement as to the minimum period for which a share option must be

須持有購股權之最短期間。

held before the share option can be exercised.
There is no specified period for which an offer for an option must be

相關合資格參與者並無自提出當日起計必須接

accepted by the relevant eligible participant from the date on which it is

納購股權要約的指定期限，惟不得於相關購股

made, provided that no options shall be exercised after ten years from the

權授出日期起計十年後行使購股權。於報告期

date of grant of the relevant share options. During the Reporting Period,

內，根據二零一九年購股權計劃授出的購股權

the options granted under the 2019 Share Option Plan had vesting periods

的歸屬期為自授出日期起計0至23個月之間。有

which ranged from 0 to 23 months from the grant date. For further details

關於報告期內各情況下授予(a)各相關董事及(b)

of the vesting period attached to outstanding options granted to (a) each

其他承授人合計的尚未行使購股權所附歸屬期

relevant Director; and (b) other grantees in aggregate, in each case during

的進一步詳情，請參閱本中期報告第 55 頁至第

the Reporting Period, please refer to the table set forth in pages 55 to 59 of

59頁所載表格。

this interim report.
Save as disclosed in the movement table below, no right to subscribe for

除以下變動表所披露者外，本公司概無根據二

equity or debt securities of the Company has been granted by the Company

零一九年購股權計劃於報告期內向任何其他人

to, nor have any such rights been exercised by, any other person under the

士授出認購本公司股本或債務證券的權利，亦

2019 Share Option Plan during the Reporting Period.

無任何其他人士已行使任何該等權利。

二零二六年中期報告 ︱ INTERIM REPORT 2026

53

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Exercise price

行使價

The Board or the Committee shall establish the exercise price of each share

董事會或委員會應根據適用法律不時於授出時

option at the time of grant and specify the exercise price in the applicable

設定各份購股權之行使價並於適用購股權授予

agreement evidencing the grant of option(s) (the “Award Agreement”), in

證明協議（「獎勵協議」）內訂明行使價。每份購

compliance with the applicable laws from time to time. The exercise price

股權之行使價應至少為（以較高者為準）：(i)股份

of each share option shall be at least the higher of: (i) the nominal value of

面值；(ii)於有關購股權授出日期聯交所每日報

a Share; (ii) the closing price of a Share as stated on the Stock Exchange’s

價表所報之股份收市價；及(iii)股份於緊接有關

daily quotations sheet on the date of grant of such share option; and (iii)

購股權授出日期前五個營業日聯交所每日報價

the average closing price of a Share as stated on the Stock Exchange’s daily

表所報之平均收市價。

quotations sheets for the five Business Days immediately preceding the date
of grant of such share option.
There is no additional amount payable on application or acceptance of the

申請或接納購股權並無應付任何額外款項。

share option.

54

Term of the 2019 Share Option Plan

二零一九年購股權計劃之年期

The 2019 Share Option Plan commenced on the Effective Date of the

二零一九年購股權計劃於二零一九年購股權計

2019 Share Option Plan and has terminated on June 26, 2024. However,

劃生效日期開始，並已於二零二四年六月二十

unless otherwise expressly provided in the 2019 Share Option Plan or in an

六日終止。然而，除非二零一九年購股權計劃

applicable Award Agreement, any share options theretofore granted may

或適用獎勵協議另有明確規定，先前授出之任

extend beyond such date, and the authority of the Board or the Committee

何購股權可延長至有關日期之後，且董事會或

to amend, alter, adjust, suspend, discontinue or terminate any such grant

委員會修訂、修改、調整、暫停、中斷或終止

of share options, to waive any conditions or rights under any such grant of

任何有關購股權授出，豁免任何有關購股權授

share options, or to amend the 2019 Share Option Plan, shall extend beyond

出下任何條件或權利之授權，或修訂二零一九

such date.

年購股權計劃之授權應延長至有關日期之後。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

吳志祥，執行董事

an executive Director

Wu Zhixiang,

或最高行政人員

本公司執行董事及╱

of the Company

or chief executive(s)

Executive Director and/

承授人類別名稱

of grantee

Name of category

Outstanding

Date of grant of Exercise period of

options

700,000

–

–

–

–

–

–

–

–

–

–

700,000

500,000

行使期

購股權的

二零三一年十月二十日

二零二一年十月二十一日 二零二一年十月二十一日至

October 20, 2031

October 21, 2021 October 21, 2021 to

二零三零年十月二十二日

二零二零年十月二十三日 二零二零年十月二十三日至

October 22, 2030

October 23, 2020 October 23, 2020 to

購股權

行使價

500,000

購股權
授出日期

尚未行使的

購股權的

行使價

期內註銷

沒收的購股權

期內獲行使

購股權

期內授出

尚未行使的

share options share options

六月三十日

2026

該等已到期

options
期內到期及 於二零二六年

期內失效╱
沒收及

period

options as
at June 30,

該等失效╱

period

expired

price of such

share

一月一日

period

period and
the exercise

於二零二六年

2026

forfeited

lapsed/

Cancelled

January 1,

during the

Granted

during the

options as at

during the

the exercise
price of such

share

Expired
during the

during the
period and

Outstanding

Exercised

Lapsed/
Forfeited

Exercise price of

Closing price

歸屬期

附註1

每股18.560港元

附註3

HKD18.560 per Share Note 3

每股14.436港元

HKD14.436 per Share Note 1

行使價

購股權的

share options Vesting period

日期前

–

–

–

緊接行使
收市價

–

At exercise

–

–

日期

於購股權行使

exercise date date of options

before the

Immediately

日期前股份的

緊接購股權授出

date of options

before the grant

immediately

of the Shares

of the Shares
股份加權平均收市價

購股權數目

Weighted average closing price

Number of share options

於報告期內，根據二零一九年購股權計劃授出的購股權變動如下：

During the Reporting Period, the movements in the options granted under the 2019 Share Option Plan were as follows:

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

二零二六年中期報告 ︱ INTERIM REPORT 2026

55

56

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

expired
2026

at June 30,

Exercise price of

the Chief Executive Officer

執行董事兼首席執行官

馬和平，聯席董事長、

–

–

1,600,000

1,600,000

–

–

–

–

–

–

–

–

–

–

–

–

–

1,600,000

1,600,000

1,600,000

1,600,000

an executive Director and

二零三一年十月二十日

二零二一年十月二十一日 二零二一年十月二十一日至

October 20, 2031

October 21, 2021 October 21, 2021 to

二零三零年十月二十二日

二零二零年十月二十三日 二零二零年十月二十三日至

October 22, 2030

October 23, 2020 October 23, 2020 to

二零二九年十二月十九日

二零一九年十二月二十日 二零一九年十二月二十日至

December 19, 2029

December 20, 2019 December 20, 2019 to

附註2

附註1

每股18.560港元

附註3

HKD18.560 per Share Note 3

每股14.436港元

HKD14.436 per Share Note 1

每股12.428港元

HKD12.428 per Share Note 2

–

–

–

收市價

Ma Heping, Co-Chairman,

歸屬期

授出日期

購股權

行使價

行使價

購股權

承授人類別名稱

行使價

日期前股份的

行使期

緊接購股權授出

date of options

before the grant

購股權

購股權的

share options Vesting period

尚未行使的

購股權的

share options share options

六月三十日

期內到期及 於二零二六年

options

購股權的

沒收及

期內失效╱

options

forfeited

immediately

of the Shares

該等已到期

期內註銷

period

during the

share
options as

該等失效╱

期內獲行使

period

during the

price of such

沒收的購股權

期內授出

Date of grant of Exercise period of

Closing price

一月一日

於二零二六年

period

during the

January 1,

2026

Outstanding

尚未行使的

of grantee

Name of category

lapsed/

the exercise

price of such
Cancelled

Granted

share

Exercised

during the
period and

period and
the exercise

options as at

Outstanding

Expired

during the

Forfeited

At exercise

–

–

–

日期前

緊接行使

–

–

–

日期

於購股權行使

exercise date date of options

before the

Immediately

股份加權平均收市價

購股權數目
Lapsed/

of the Shares

Weighted average closing price

Number of share options

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

本集團1,007名僱員合計

14,678,848

5,419,100

–

–

–

642,600

123,600

51,400

–

–

–

–

–

–

–

–

–

14,036,248

5,295,500

2,614,050

2,665,450

Group in aggregate

二零三一年十月二十日

二零二一年十月二十一日 二零二一年十月二十一日至

October 20, 2031

October 21, 2021 October 21, 2021 to

二零三零年十月二十二日

二零二零年十月二十三日 二零二零年十月二十三日至

October 22, 2030

October 23, 2020 October 23, 2020 to

二零二九年十二月十九日

二零一九年十二月二十日 二零一九年十二月二十日至

December 19, 2029

December 20, 2019 December 20, 2019 to

附註2

附註1

每股18.560港元

附註3

HKD18.560 per Share Note 3

每股14.436港元

HKD14.436 per Share Note 1

每股12.428港元

HKD12.428 per Share Note 2

–

–

–

收市價

1,007 employees of the

歸屬期

授出日期

購股權

行使價

行使價

購股權

承授人類別名稱

行使價

日期前股份的

行使期

緊接購股權授出

date of options

before the grant

購股權

購股權的

share options Vesting period

Exercise price of

尚未行使的

購股權的

share options share options

Date of grant of Exercise period of

六月三十日

期內到期及 於二零二六年

2026

at June 30,

購股權的

期內註銷

expired
options

該等已到期

沒收及

期內失效╱

options

forfeited

該等失效╱

期內獲行使

period

during the

immediately

of the Shares

沒收的購股權

期內授出

period

during the

share
options as

Closing price

一月一日

於二零二六年

period

during the

2026

January 1,

price of such

Outstanding

尚未行使的

of grantee

Name of category

lapsed/

the exercise

price of such
Cancelled

Granted

share

Exercised

during the
period and

period and
the exercise

options as at

Outstanding

Expired

during the

Forfeited

At exercise

每股24.36港元

per share

HKD24.36

每股23.43港元

per share

HKD23.43

每股24.46港元

per share

HKD24.46

日期前

緊接行使

每股24.66港元

per share

HKD24.66

每股23.49港元

per share

HKD23.49

每股24.72港元

per share

HKD24.72

日期

於購股權行使

exercise date date of options

before the

Immediately

股份加權平均收市價

購股權數目
Lapsed/

of the Shares

Weighted average closing price

Number of share options

CORPORATE GOVERNANCE AND OTHER INFORMATION
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二零二六年中期報告 ︱ INTERIM REPORT 2026

57

58

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

expired
2026

at June 30,

–

–

–

–

–

–

–

–

–

–

50,000

400
December 19, 2029

December 20, 2019 December 20, 2019 to

總計

28,813,798

–

817,600

–

–

–

27,996,198

二零三零年十月二十二日

二零二零年十月二十三日 二零二零年十月二十三日至

October 22, 2030

October 23, 2020 October 23, 2020 to

二零二九年十二月十九日

50,000

400
二零一九年十二月二十日 二零一九年十二月二十日至

Total

歸屬期

附註2

每股14.436港元

附註1

HKD14.436 per Share Note 1

每股12.428港元

HKD12.428 per Share Note 2

–

–

收市價

授出日期

購股權

行使價

行使價

購股權

行使價

日期前股份的

行使期

緊接購股權授出

date of options

before the grant

購股權

購股權的

share options Vesting period

尚未行使的

in aggregate (Note 6)

合計（附註6）

Exercise price of

六月三十日
購股權的

share options share options

購股權的

期內到期及 於二零二六年

options

該等已到期

沒收及

期內失效╱

options

forfeited

immediately

of the Shares

該等失效╱
期內註銷

period

during the

share
options as

沒收的購股權

期內獲行使

period

during the

price of such

一月一日

期內授出

Date of grant of Exercise period of

Closing price

尚未行使的

於二零二六年

period

during the

January 1,

2026

Outstanding

本集團聯營公司10名僱員

Group’s associates

10 employees of the

承授人類別名稱

of grantee

Name of category

lapsed/

the exercise

price of such
Cancelled

Granted

share

Exercised

during the
period and

period and
the exercise

options as at

Outstanding

Expired

during the

Forfeited

At exercise

–

–

日期前

緊接行使

–

–

日期

於購股權行使

exercise date date of options

before the

Immediately

股份加權平均收市價

購股權數目
Lapsed/

of the Shares

Weighted average closing price

Number of share options

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CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Notes:

附註：

(1)

50% of the share options granted vested immediately upon the grant and the
remaining 50% vested in the third quarter of 2021.

(1)

50%的已授出購股權在授予後立即歸屬，其餘
50%在二零二一年第三季歸屬。

(2)

50% of the share options granted vested immediately upon the grant and the
remaining 50% vested in the third quarter of 2020.

(2)

50%的已授出購股權在授予後立即歸屬，其餘
50%在二零二零年第三季歸屬。

(3)

The share options shall vest in the grantees in the following manner:

(3)

購股權須按以下方式歸屬於承授人：

•

25% of the share options granted shall vest immediately upon the grant;

•

25%的已授出購股權應在授予後立即歸屬；

•

25% of the share options granted shall vest in the third quarter of 2022;

•

25%的已授出購股權應在二零二二年第三季
歸屬；

•

25% of the share options granted shall vest in the fourth quarter of 2022;

•

25%的已授出購股權應在二零二二年第四季
歸屬；

•

25% of the share options granted shall vest in the third quarter of 2023.

•

25%的已授出購股權應在二零二三年第三季
歸屬。

(4)

None of the grantees under the 2019 Share Option Plan was (i) a substantial
Shareholder of the Company or its associate(s); (ii) a participant with options and
awards granted and to be granted in excess of the 1% individual limit (as defined
in the Listing Rules); (iii) a related entity participant or a service provider with
options and awards granted and to be granted in any 12-month period exceeding
0.1% of the Shares in issue; or (iv) a service provider of the Group.

(4)

概無二零一九年購股權計劃項下的承授人為(i)本
公司主要股東或其聯繫人；( i i ) 已獲授及將獲授
的購股權及獎勵超過1%個人限額（定義見上市規
則）的參與者；(iii)於任何12個月期間已獲授及將
獲授的購股權及獎勵超過已發行股份0.1%的關聯
實體參與者或服務供應商；或(iv)本集團的服務供
應商。

(5)

As disclosed under the sub-sections headed “Maximum number of Shares for
issue” in this interim report, no options have been granted under the 2019 Share
Option Plan during the Reporting Period.

(5)

誠如本中期報告「可發行股份最高數目」分節所披
露，本公司於報告期內概無根據二零一九年購股
權計劃授出購股權。

(6)

Those employee participants of the Group’s associates are basically sales and
marketing and technical staff. The success and growth of the Group requires
cooperation and contribution from the employees of the Group’s associates
who play a role and make actual or potential contribution to the business,
development and growth of the Group. Sales and marketing staff could help
expand the Group’s sales network by exploring and referring new customers to
the Group which is a very important offline user acquisition channel for the Group
to accelerate the online penetration in lower-tier cities, as such, the Group can
have closer relationship with the supply end, and better utilize our membership
program for a high stickiness and retention. Meanwhile, the Group could offer
superior services for our users. In relation to the technical staff, since the relevant
Group’s associate is at its initial stage of business development which would
highly depend on its capability in research and development, it is important for
the Group’s associate to retain a strong core technical team. It will be beneficial
to the Group in the long run in terms of return from the minority investment if
the Group’s associate grows its business. In selecting the eligible participants, the
Board assessed the eligibility based on various factors including but not limited to
(i) job responsibility and seniority of the employees, (ii) the performance standard
and/or sales targets attained by the relevant employees, and contribution made
by the participants to the Group/the Group’s associates and (iii) the length of
employment and dedication to the Group/the Group’s associates.

(6)

本集團聯營公司的僱員參與者基本上為銷售及營
銷以及技術人員。本集團的成功及增長需要來自
本集團聯營公司僱員的合作及貢獻，彼等為本集
團業務、發展及增長發揮作用並作出實際或潛在
貢獻。銷售及營銷人員可通過發掘及轉介新客戶
予本集團，以協助拓展本集團的銷售網絡，此乃
本集團就加速下沉市場線上滲透的非常重要線下
獲客渠道，因此，本集團可與供應端建立更緊密
的關係，並善用我們的會員計劃以維持高黏性及
留存客戶。與此同時，本集團可為我們的用戶提
供優質的服務。就技術人員而言，由於本集團相
關聯營公司處於其業務發展初期，而這將很大程
度上依賴其研發能力，故保留一支強大的核心技
術團隊對本集團聯營公司而言至關重要。長遠而
言，倘本集團聯營公司的業務增長，在少數股權
投資回報方面將有利於本集團。在選擇合資格參
與者時，董事會根據多項因素評估合資格參與
者，包括但不限於(i)僱員的工作職責及資歷、(ii)
相關僱員達致的表現標準及 ╱ 或銷售目標以及參
與者對本集團 ╱ 本集團聯營公司作出的貢獻及
(iii)於本集團 ╱ 本集團聯營公司的受僱年期及貢
獻。

二零二六年中期報告 ︱ INTERIM REPORT 2026

59

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

2019 RSU PLAN

二零一九年受限制股份單位計劃

The Company has approved and adopted the 2019 RSU Plan by the Board’s

本公司已於二零一九年七月二日（「二零一九年

resolution on July 2, 2019 (the “Effective Date of the 2019 RSU Plan”).

受限制股份單位計劃生效日期」）以董事會決議
案批准及採納二零一九年受限制股份單位計劃。

As at the beginning and the end of the Reporting Period, no RSUs were

於報告期初及期末，概無根據二零一九年受限

granted but yet to be vested under the 2019 RSU Plan. During the Reporting

制股份單位計劃授出但尚未歸屬的受限制股份

Period, no RSUs were granted, vested, cancelled or lapsed under the 2019

單位。於報告期內，概無根據二零一九年受限

RSU Plan.

制股份單位計劃授出、歸屬、註銷或失效的受
限制股份單位。

Purpose

目的

The purpose of the 2019 RSU Plan is to provide better rewards to the talents

二零一九年受限制股份單位計劃旨在向本集團

who have contributed to the development and success of the Group, and for

過往及未來發展及成功作出貢獻的人才提供更

the future development of the Group, to motivate such talents to continue

好的回報，通過提供購買股份權益的機會，激

to make their best efforts and to attract new talents through providing them

勵該等人才繼續竭盡所能及招攬新人才。

with the opportunities to acquire interests in Shares.

Eligible participants

合資格參與者

The eligible participants of the 2019 RSU Plan include (i) any Director, (ii)

二零一九年受限制股份單位計劃的合資格參與

any other employee of the Group and (iii) any consultant, adviser, agent,

者包括(i)任何董事、(ii)本集團任何其他僱員及

customer, supplier, service provider, business partner or joint venture partner

(iii) 委員會或管理層（視情況而定）全權酌情認

of the Group whom the Committee or the management (as the case may

為已經或將會為本集團作出貢獻的本集團任何

be) considers, in its sole discretion, has contributed or will contribute to

諮詢人、顧問、代理、客戶、供應商、服務供

the Group. The Committee (in respect of Directors and senior management

應商、業務合作夥伴或合營企業合作夥伴。委

of the Company) or the management (in respect of persons who are not

員會（就本公司董事及高級管理層而言）或管理

Directors or senior management of the Company) shall have the authority to

層（就非本公司董事或高級管理層之人士而言）

determine which eligible participant will receive RSUs, to grant RSUs and to

有權決定將獲得受限制股份單位的合資格參與

set all terms and conditions of RSUs (including but not limited to vesting and

者、授出受限制股份單位，以及制定受限制股

forfeiture provisions).

份單位的所有條款及條件（包括但不限於歸屬及
沒收條款）。

60

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Maximum number of Shares

股份最高數目

The maximum number of Shares in respect of which RSUs may be granted

根據二零一九年受限制股份單位計劃可能授

under the 2019 RSU Plan was 31,659,128, representing 1.5% of the total

出的受限制股份單位涉及的股份最高數目為

issued share capital of the Company as at August 2, 2019, and, when

31,659,128股，相當於本公司於二零一九年八月

aggregated with the maximum number of Shares in respect of which options

二日已發行總股本的1.5%，及與根據本公司任

or awards may be granted under any other share-based incentive plan of the

何其他以股份為基礎的獎勵計劃（包括二零一九

Company (including the 2019 Share Option Plan and the Other Plans), shall

年購股權計劃及其他計劃）可能授出的購股權或

not exceed 10% of the total issued share capital of the Company as at the

獎勵涉及的股份最高數目合計，不得超過本公

Effective Date of the 2019 RSU Plan (or of the refreshment of the 10% limit)

司於二零一九年受限制股份單位計劃生效日期

(the “RSU Mandate Limit”).

已發行總股本的10%（或10%限額的更新）
（「受限
制股份單位授權限額」）。

The RSU Mandate Limit may be refreshed from time to time subject to the

受限制股份單位授權限額或會不時更新，惟須

prior approval of the Shareholders, but in any event, the total number of

取得股東的事先批准，但無論如何，與於批准

Shares in respect of which RSUs may be granted under the 2019 RSU Plan

更新後限額日期後根據二零一九年受限制股份

following the date of approval of the refreshed limit, when aggregated with

單位計劃可能授出的受限制股份單位有關的股

the maximum number of Shares in respect of which options or awards may

份總數及與根據本公司任何其他以股份為基礎

be granted under any other share-based incentive plan of the Company

的獎勵計劃（包括二零一九年購股權計劃及其他

(including the 2019 Share Option Plan and the Other Plans), must not exceed

計劃）可能授出的購股權或獎勵有關的股份最高

10% of the total issued share capital of the Company as at the date when

數目合計，不得超過本公司於相關更新後限額

such refreshed limit is approved.

獲批准日期已發行總股本的10%。

As at June 30, 2026, all RSUs granted under the 2019 RSU Plan were fully

於二零二六年六月三十日，根據二零一九年受

vested, accordingly no Shares are available for issue and/or transfer under the

限制股份單位計劃授出的所有受限制股份單位

2019 RSU Plan. There were no Shares underlying unvested RSUs under the

已悉數歸屬，因此，根據二零一九年受限制股

2019 RSU Plan as at January 1, 2026 and June 30, 2026.

份單位計劃概無可供發行及 ╱ 或轉讓的股份。
於二零二六年一月一日及二零二六年六月三十
日，概無根據二零一九年受限制股份單位計劃
的未歸屬受限制股份單位涉及的相關股份。

As at June 30, 2026, the aforesaid RSU Mandate Limit under the 2019 RSU

於二零二六年六月三十日，上述二零一九年受

Plan had been fully utilized.

限制股份單位計劃項下的受限制股份單位授權
限額已獲悉數動用。

There is no limit for the maximum entitlement of each participant under the

二零一九年受限制股份單位計劃項下各參與者

2019 RSU Plan.

的最高配額並無限制。

Administration

管理

The 2019 RSU Plan shall be subject to the administration of the Board who

二零一九年受限制股份單位計劃由董事會管

may delegate all or part of such administration to a committee or any other

理，而董事會可將管理工作全部或部分轉交委

authorized agent. The decision of the Board or persons to whom the Board

員會或任何其他授權代理人。董事會或獲董事

has delegated relevant powers shall be final and binding on all parties for any

會轉授相關權力的人士的決定為最終決定，在

matters concerning the interpretation or application of the 2019 RSU Plan.

有關二零一九年受限制股份單位計劃的詮釋或
應用的任何事宜方面對各方均具約束力。

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61

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Grant of RSUs

授出受限制股份單位

The Board (or any committee or other authorized agent delegated by

董事會（或由董事會委派的任何委員會或其他授

the Board) may, from time to time, at their absolute discretion select the

權代理人）可不時全權酌情選定承授人、釐定所

grantee(s), determine the number of RSUs to be awarded and specify such

獎勵的受限制股份單位數目，以及訂明向有關

event, time limit or conditions (if any) as it thinks fit when making such offer

承授人提出要約時認為適當的有關情況、時限

to the grantee(s), including, without limitation, conditions as to performance

或條件（如有），包括但不限於受限制股份單位

criteria to be satisfied by the grantee(s) and/or the Company and/or the

可歸屬前承授人及 ╱ 或本公司及 ╱ 或本集團須

Group which must be satisfied before a RSU can be vested.

符合的業績標準。

Consideration

代價

The consideration to be paid for the granting of a RSU, including the method

就授予受限制股份單位支付的代價（包括付款方

and period of payment, will be determined by the Board. Such consideration

式及時限）將由董事會釐定。該等代價可包括

may consist of (i) cash, (ii) cheque, (iii) such other method of payment as

(i)現金；(ii)支票；(iii)董事會批准的其他付款方

is approved by the Board, or (iv) any combination of the foregoing that is

式；或(iv)經董事會批准的上述任何組合。

approved by the Board.
Save for the consideration to be paid for the granting of a RSU, there is

除就授出受限制股份單位須支付的代價外，購

no additional amount payable on purchase of share(s) underlying the RSU

買已授出的受限制股份單位的相關股份並無應

granted.

付任何額外款項。

Vesting of RSUs

受限制股份單位歸屬

Unless otherwise determined by the Board (or any committee or other

倘相關承授人未能達致由董事會（或由董事會委

authorized agent delegated by the Board) at its discretion, the RSUs held

派的任何委員會或其他授權代理人）單方面全權

by the trustee appointed by the Company in respect of the 2019 RSU Plan

酌情決定適用於各受限制股份單位的特定條款

and which are referable to a relevant grantee shall not vest in the relevant

及條件，或相關承授人違反二零一九年受限制

grantee in the event that the relevant grantee fails to satisfy the specific

股份單位計劃的任何條款，除非董事會（或由董

terms and conditions applicable to each RSU which may be determined at

事會委派的任何委員會或其他授權代理人）酌情

the sole and absolute discretion of the Board (or any committee or other

作出其他決定，否則由本公司就二零一九年受

authorized agent delegated by the Board) or breaches any terms of the 2019

限制股份單位計劃任命的受託人持有且可指明

RSU Plan.

相應承授人的受限制股份單位不得歸屬予相關
承授人。

62

The vesting periods under the 2019 RSU Plan ranged from 0 to 23 months

二零一九年受限制股份單位計劃的歸屬期為自

from the grant date.

授出日期起計0個月至23個月之間。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Term of the 2019 RSU Plan

二零一九年受限制股份單位計劃之年期

The 2019 RSU Plan was terminated on June 26, 2024. The early termination

二零一九年受限制股份單位計劃已於二零二四

of the 2019 RSU Plan shall not affect any subsisting rights of any grantee

年六月二十六日終止。提早終止二零一九年受

hereunder.

限制股份單位計劃並不影響其項下承授人的既
有權利。

2022 SHARE OPTION PLAN

二零二二年購股權計劃

The Company has adopted the 2022 Share Option Plan by an ordinary

本公司已於二零二二年五月三十一日（「二零二

resolution duly passed by the Shareholders on May 31, 2022 (the “Effective

二年購股權計劃生效日期」）以股東正式通過的

Date of the 2022 Share Option Plan”). During the Reporting Period, no

普通決議案採納二零二二年購股權計劃。於報

options were granted under the 2022 Share Option Plan.

告期內，概無根據二零二二年購股權計劃授出
購股權。

Purpose

目的

The purpose of the 2022 Share Option Plan is to provide better rewards to

二零二二年購股權計劃旨在向本集團過往及未

the Eligible Participants (as defined below) who have contributed to the

來發展及成功作出貢獻的合資格參與者（定義見

development and success of the Group and for the future development of

下文）提供更佳回報，通過提供購買股份的機

the Group, to motivate such Eligible Participants to continue to make their

會，激勵該等合資格參與者繼續竭盡所能及招

best efforts, and to attract new Eligible Participants through providing them

攬新合資格參與者。

with the opportunities to acquire Shares.

Eligible participants

合資格參與者

The eligible participants of the 2022 Share Option Plan (the “Eligible

二零二二年購股權計劃的合資格參與者（「合資

Participants”) include (i) any Director and (ii) any other employee of

格參與者」）包括(i)任何董事及(ii)本集團及其聯

the Group and its associates. The committee as authorized by the Board

營公司的任何其他僱員。經董事會不時授權的

from time to time (the “Committee”) (in respect of Directors and senior

委員會（「委員會」）
（就本公司董事及高級管理層

management of the Company) or the management comprising the Chief

而言）或由本公司首席執行官、首席財務官、首

Executive Officer, Chief Financial Officer, Chief Operation Officer and Chief

席運營官及首席技術官組成的管理層（就並非本

Technical Officer of the Company (in respect of persons who are not

公司董事及高級管理層的人士而言）有權釐定可

Directors or senior management of the Company) shall have the authority

收取獎勵之合資格參與者、授出獎勵及制定獎

to determine which Eligible Participants will receive awards, to grant awards

勵之所有條款及條件（包括但不限於歸屬及沒收

and to set all terms and conditions of awards (including, but not limited to,

條款）。

vesting and forfeiture provisions).

二零二六年中期報告 ︱ INTERIM REPORT 2026

63

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Maximum number of Shares for issue

可發行股份最高數目

The maximum number of the underlying Shares in respect of which share

根據二零二二年購股權計劃可能授出之購股權

options may be granted under the 2022 Share Option Plan shall not exceed

的相關股份最高數目，不得超過於二零二二年

2.5% of the outstanding Shares in issue on the Effective Date of the 2022

購股權計劃生效日期已發行在外股份的2.5%，

Share Option Plan, and, when aggregated with the maximum number of

且根據二零二二年購股權計劃將予授出之任何

Shares in respect of any share options to be granted under the 2022 Share

購股權與根據二零一六年股份激勵計劃、二零

Option Plan and any other share options to be granted under the 2016

一八年股份激勵計劃、二零一九年購股權計劃

Share Incentive Plan, the 2018 Share Incentive Plan, 2019 Share Option Plan

及其他計劃之任何其他將予授出購股權所涉及

and the Other Plans shall not in aggregate exceed 10% of the outstanding

之最高股份數目合併計算時，總數不得超過二

Shares in issue on the Effective Date of the 2022 Share Option Plan (or of the

零二二年購股權計劃生效日期已發行在外股份

refreshment of the 10% limit).

之10%（或10%限額的更新）。

The total maximum number of Shares in respect of which share options

根據二零二二年購股權計劃可能授出之購股權

may be granted under the 2022 Share Option Plan would be 55,459,938,

所涉及的最高股份數目將為55,459,938股，相當

representing 2.5% of the number of Shares in issue as at May 31, 2022.

於二零二二年五月三十一日已發行股份數目的
2.5%。

The above maximum number is subject to the condition that the total

上述最高數目受以下條件規限，根據二零二二

maximum number of Shares which may be issued upon exercise of all

年購股權計劃所有已授出但尚未行使的購股

outstanding options granted and yet to be exercised under the 2022 Share

權，以及根據其他計劃任何其他已授出但尚未

Option Plan and any other options granted and yet to be exercised under

行使的購股權，獲行使後可能發行股份最高數

the Other Plans shall not exceed 30% of the outstanding Shares in issue from

目不得超過不時已發行在外股份的30%。倘將導

time to time. No options may be granted under the 2022 Share Option Plan

致超出有關限額，則一概不得根據二零二二年

and no options may be granted under the Other Plans if it will result in such

購股權計劃授出購股權及根據其他計劃授出購

limit being exceeded.

股權。

As at June 30, 2026, the total number of Shares available for issue and/or

於二零二六年六月三十日，根據二零二二年購

transfer upon exercise of all options that may be granted under the 2022

股權計劃可授出的所有購股權獲行使後可供發

Share Option Plan was 39,157,488 representing approximately 1.7% of the

行及 ╱ 或轉讓的股份總數為39,157,488股，佔於

total number of all Shares in issue as at the Latest Practicable Date.

最後實際可行日期所有已發行股份總數約1.7%。

There were no Shares underlying the options available for grant under the

於二零二六年一月一日及二零二六年六月三十

2022 Share Option Plan as at January 1, 2026 and June 30, 2026.

日，概無根據二零二二年購股權計劃可授出的
購股權涉及的股份。

As at June 30, 2026, the number of outstanding Shares available for issue

於二零二六年六月三十日，根據二零二二年購

upon exercise of the options granted under the 2022 Share Option Plan is

股權計劃授出的購股權獲行使後可供發行在外

39,157,488 Shares, which represents approximately 1.7% of the issued Shares

股份數目為 39,157,488 股，相當於最後實際可

(excluding treasury shares, if any) as at the Latest Practicable Date. Among

行日期已發行股份（不包括庫存股份，如有）約

the 39,157,488 options, 26,716,119 had been vested and 12,441,369 remained

1.7%。於最後實際可行日期，於39,157,488份購

unvested as at the date of the Latest Practicable Date.

股權中，26,716,119份已歸屬及12,441,369份尚未
歸屬。

64

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Maximum entitlement of each eligible participant

各名合資格參與者可獲授予之最高股份數
目

Unless separately approved by the Shareholders in general meeting (with the

除非另行獲股東於股東大會上批准（在相關合資

relevant Eligible Participant and such Eligible Participant’s close associates

格參與者及該合資格參與者之緊密聯繫人（其具

(with the meaning ascribed thereto under the Listing Rules) (or such Eligible

上市規則賦予之涵義）
（或倘合資格參與者為本

Participant’ Associates if the Eligible Participant is a connected person (with

公司之關連人士（其具上市規則賦予之涵義），

the meaning ascribed thereto under the Listing Rules) of the Company

則為該合資格參與者之聯繫人）放棄投票之情況

abstaining from voting), no Eligible Participant shall be granted a share

下），倘某一合資格參與者因已獲授予及將獲授

option if the total number of Shares issued and to be issued upon exercise

予之購股權（包括已行使、已註銷及尚未行使之

of the share options (including exercised, cancelled and outstanding share

購股權，但不包括已失效之購股權）獲行使而

options but excluding lapsed share options) granted and to be granted to

導致已發行及將予發行之股份總數於截至進一

such Eligible Participant in any twelve (12)-month period up to and including

步授予日期（包括該日）止任何十二 (12) 個月期

such further grant would exceed 1% of the outstanding Shares in issue

間合共超過不時已發行在外股份之1%，則不得

from time to time. A circular with the requisite information must be sent

向該名合資格參與者授出購股權。一份載有所

to the Shareholders prior to general meeting, disclosing, amongst others,

需資料之通函必須於股東大會前寄發予股東，

the identity of such Eligible Participant and the number and terms of the

披露（其中包括）該名合資格參與者之身份和已

share options granted and proposed to be granted. The number and terms

授出及建議授出之購股權數目及條款。將授予

(including the exercise price) of the share options to be granted to such

該合資格參與者之購股權數目及條款（包括行使

Eligible Participant must be fixed before the approvals are sought and the

價），須於尋求批准前訂立，而為提呈進一步授

date of the Board meeting of the Company for proposing such further grant

予該等購股權而舉行之本公司董事會會議之日

should be taken as the date of the grant for the purpose of calculating the

期，將被視作授出日期（就計算行使價而言）。

exercise price.

Administration

管理

The 2022 Share Option Plan is administered by the Board. The Board may

二零二二年購股權計劃由董事會進行管理。董

appoint the Committee or any other authorized agent, which would

事會可委派委員會或任何其他授權代理人，代

administer in whole or partly the 2022 Share Option Plan on the Board’s

表董事會管理全部或部分二零二二年購股權計

behalf. The Board shall have the authority to determine which Eligible

劃。董事會有權釐定將收取購股權之合資格參

Participant will receive share options, to grant share options and to set all

與者、授出購股權及制定購股權之所有條款及

terms and conditions of share options (including, but not limited to, vesting

條件（包括但不限於歸屬及沒收條款）。

and forfeiture provisions).

二零二六年中期報告 ︱ INTERIM REPORT 2026

65

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Duration of share options

購股權之時限

There is no specified period for which an offer for an option must be

相關合資格參與者並無自提出當日起計必須接

accepted by the relevant Eligible Participant from the date on which it is

納購股權要約的指定期限，惟不得於相關購股

made, provided that no options shall be exercised after ten years from the

權授出日期起計十年後行使購股權。

date of grant of the relevant share options.
Each share option shall be exercisable at such times and subject to such

每份購股權須於董事會決定之有關時間及按照

terms and conditions as the Board determines, provided that the term of

有關條款及條件予以行使，惟任何購股權之時

any share option shall not exceed ten (10) years from the date of grant of

限不得超過授出購股權日期起計十(10)年。董事

the share option. The Board or the Committee has the power to specify the

會或委員會有權訂明規定於購股權可予行使前

requirement as to the minimum period for which a share option must be

必須持有購股權之最短期間。

held before the share option can be exercised.
The options granted under the 2022 Share Option Plan had vesting periods

根據二零二二年購股權計劃授出的購股權的歸

ranged from 12 to 48 months from the grant date. For further details of the

屬期為自授出日期起計12 至48 個月之間。有關

vesting period attached to outstanding options granted under the 2022

於報告期內根據二零二二年購股權計劃授出的

Share Option Plan during the Reporting Period, please refer to the table set

尚未行使購股權所附的歸屬期的進一步詳情，

forth in pages 68 to 71 of this interim report.

請參閱本中期報告第68頁至第71頁所載表格。

Save as disclosed in the movement table below, no right to subscribe for

除以下變動表所披露者外，本公司概無根據二

equity or debt securities of the Company has been granted by the Company

零二二年購股權計劃於報告期內向任何其他人

to, nor have any such rights been exercised and/or vested by, any other

士授出認購本公司股本或債務證券的權利，亦

person under the 2022 Share Option Plan during the Reporting Period.

無任何其他人士已行使及 ╱ 或歸屬任何該等權
利。

66

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Exercise price

行使價

The Board or the Committee shall establish the exercise price of each Share

董事會或委員會應根據適用法律不時於授出時

Option at the time of grant and specify the exercise price in the applicable

設定各份購股權之行使價並於載列根據二零二

document or agreement setting forth the terms and conditions of a specific

二年購股權計劃特定獎勵的條款及條件的適用

award under the 2022 Share Option Plan (the “Award Agreement”), in

文件或協議（「獎勵協議」）內訂明行使價。每份

compliance with the applicable law from time to time. The exercise price

購股權之行使價應至少為（以較高者為準）：(i)股

of each share option shall be at least the higher of: (i) the nominal value of

份面值；(ii)於有關購股權授出日期聯交所每日

a Share; (ii) the closing price of a Share as stated on the Stock Exchange’s

報價表所報之股份收市價；及(iii)股份於緊接有

daily quotations sheet on the date of grant of such share option; and (iii)

關購股權授出日期前五(5)個營業日聯交所每日

the average closing price of a Share as stated on the Stock Exchange’s daily

報價表所報之平均收市價。

quotations sheets for the five (5) Business Days immediately preceding the
date of grant of such share option.
There is no additional amount payable on application or acceptance of the

申請或接納購股權並無應付任何額外款項。

share option.

Term of the 2022 Share Option Plan

二零二二年購股權計劃之年期

The 2022 Share Option Plan commenced on the Effective Date of the

二零二二年購股權計劃於二零二二年購股權計

2022 Share Option Plan and was terminated on June 26, 2024. However,

劃生效日期開始，並於二零二四年六月二十六

unless otherwise expressly provided in the 2022 Share Option Plan or in an

日終止。然而，除非二零二二年購股權計劃或

applicable Award Agreement, any award theretofore granted may extend

適用獎勵協議另有明確規定，先前授出之任何

beyond such date, and the authority of the Board or the Committee to

獎勵可延長至有關日期之後，且董事會或委員

amend, alter, adjust, suspend, discontinue or terminate any such award, to

會修訂、修改、調整、暫停、中斷或終止任何

waive any conditions or rights under any such award, or to amend the 2022

有關獎勵，豁免任何有關獎勵下任何條件或權

Share Option Plan, shall extend beyond such date.

利之授權，或修訂二零二二年購股權計劃之授
權應延長至有關日期之後。

二零二六年中期報告 ︱ INTERIM REPORT 2026

67

68

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

吳志祥，執行董事

an executive Director

Wu Zhixiang,

最高行政人員

本公司執行董事及╱或

of the Company

or chief executive(s)

Executive Director and/

類別名稱

承授人

of grantee

Name of category

Outstanding

Date of grant of Exercise period of

options

500,000

–

–

–

–

–

–

–

–

–

–

500,000

500,000

行使期

購股權的

二零三三年十月十九日

二零二三年十月二十日 二零二三年十月二十日至

October 19, 2033

October 20, 2023 October 20, 2023 to

二零三二年六月二十八日

二零二二年六月二十九日 二零二二年六月二十九日至

June 28, 2032

June 29, 2022 June 29, 2022 to

購股權

行使價

500,000

購股權
授出日期

尚未行使的

購股權的

權行使價

期內註銷

沒收的購股

期內獲行使

購股權

期內授出

尚未行使的

share options share options

六月三十日

2026

該等已到期

options
期內到期及 於二零二六年

期內失效╱
失效╱

period

options as
at June 30,

沒收及該等

period

expired

price of such

share

一月一日

period

period and
the exercise

於二零二六年

2026

forfeited

lapsed/

Cancelled

January 1,

during the

Granted

during the

options as at

during the

the exercise
price of such

share

Expired
during the

during the
period and

Outstanding

Exercised

Lapsed/
Forfeited

Exercise price of

Closing price

歸屬期

附註1

每股15.516港元

附註1

HKD15.516 per Share Note 1

每股17.12港元

HKD17.12 per Share Note 1

行使價

購股權的

share options Vesting period

日期前

–

–

–

緊接行使

授出日期前

–

At exercise

–

–

行使日期

於購股權

exercise date date of options

before the

Immediately

股份的收市價

緊接購股權

date of options

before the grant

immediately

of the Shares

of the Shares
股份加權平均收市價

購股權數目

Weighted average closing price

Number of share options

於報告期內，根據二零二二年購股權計劃授出的購股權變動如下：

During the Reporting Period, the movements in the options granted under the 2022 Share Option Plan were as follows:

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

expired
options

2026

at June 30,

歸屬期

the Chief Executive Officer

本集團858名僱員合計

Group in aggregate

858 employees of the

本集團720名僱員合計

Group in aggregate

720 employees of the

執行董事兼首席執行官

馬和平，聯席董事長、

21,418,188

15,904,075

1,700,000

–

–

–

–

1,596,400

758,700

–

–

–

–

–

–

329,600

106,875

–

–

–

–

–

–

19,492,188

15,038,500

1,700,000

1,700,000

二零三三年十月十九日

二零二三年十月二十日 二零二三年十月二十日至

October 19, 2033

October 20, 2023 October 20, 2023 to

二零三二年六月二十八日

二零二二年六月二十九日 二零二二年六月二十九日至

June 28, 2032

June 29, 2022 June 29, 2022 to

二零三三年十月十九日

二零二三年十月二十日 二零二三年十月二十日至

October 19, 2033

October 20, 2023 October 20, 2023 to

二零三二年六月二十八日

二零二二年六月二十九日 二零二二年六月二十九日至

June 28, 2032

June 29, 2022 June 29, 2022 to

附註1

附註1

附註1

每股15.516港元

附註1

HKD15.516 per Share Note 1

每股17.12港元

HKD17.12 per Share Note 1

每股15.516港元

HKD15.516 per Share Note 1

每股17.12港元

HKD17.12 per Share Note 1

–

–

–

–

股份的收市價

1,700,000

executive Director and

行使價

Ma Heping, Co-Chairman, an

行使期

授出日期

購股權

行使價

權行使價

購股權

類別名稱

期內註銷

授出日期前

尚未行使的

期內獲行使

緊接購股權
購股權

六月三十日

承授人

購股權的

date of options

before the grant

該等已到期
購股權的

share options Vesting period

Exercise price of

失效╱
購股權的

share options share options

Date of grant of Exercise period of

immediately

of the Shares

Closing price

沒收的購股

期內授出

一月一日

期內失效╱

options

forfeited

期內到期及 於二零二六年

period

during the

沒收及該等

period

during the

share
options as

於二零二六年

period

during the

2026

January 1,

price of such

Outstanding

尚未行使的

of grantee

Name of category

lapsed/

the exercise

price of such
Cancelled

Granted

share

Exercised

during the
period and

period and
the exercise

options as at

Outstanding

Expired

during the

Forfeited

At exercise

每股24.06港元

per share

HKD24.06

每股23.92港元

per share

HKD23.92

–

–

日期前

緊接行使

每股24.38港元

per share

HKD24.38

每股24.41港元

per share

HKD24.41

–

–

行使日期

於購股權

exercise date date of options

before the

Immediately

股份加權平均收市價

購股權數目
Lapsed/

of the Shares

Weighted average closing price

Number of share options

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

二零二六年中期報告 ︱ INTERIM REPORT 2026

69

70

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

expired
options

2026

at June 30,

Date of grant of Exercise period of

Exercise price of

Closing price

歸屬期

aggregate (Note 3)

總計

Total

合計（附註3）

本集團聯營公司4名僱員

aggregate (Note 3)

Group’s associates in

4 employees of the

合計（附註3）

本集團聯營公司5名僱員

41,949,063

89,200

–

–

–

2,355,100

–

–

–

–

–

436,475

–

–

–

–

–

39,157,488

89,200

137,600

二零三三年十月十九日

二零二三年十月二十日 二零二三年十月二十日至

October 19, 2033

October 20, 2023 October 20, 2023 to

二零三二年六月二十八日

二零二二年六月二十九日 二零二二年六月二十九日至

June 28, 2032

June 29, 2022 June 29, 2022 to

附註1

每股15.516港元

附註1

HKD15.516 per Share Note 1

每股17.12港元

HKD17.12 per Share Note 1

–

–

股份的收市價

137,600

Group’s associates in

行使價

5 employees of the

行使期

授出日期

購股權

行使價

權行使價

購股權

類別名稱

期內註銷

授出日期前

尚未行使的

期內獲行使

緊接購股權
購股權

六月三十日

承授人

購股權的

date of options

before the grant

該等已到期
購股權的

share options Vesting period

失效╱
購股權的

share options share options

immediately

of the Shares

沒收的購股

期內授出

一月一日

期內失效╱

options

forfeited

期內到期及 於二零二六年

period

during the

share
options as

沒收及該等

period

during the

price of such

於二零二六年

period

during the

January 1,

2026

Outstanding

尚未行使的

of grantee

Name of category

lapsed/

the exercise

price of such
Cancelled

Granted

share

Exercised

during the
period and

period and
the exercise

options as at

Outstanding

Expired

during the

Forfeited

At exercise

–

–

日期前

緊接行使

–

–

行使日期

於購股權

exercise date date of options

before the

Immediately

股份加權平均收市價

購股權數目
Lapsed/

of the Shares

Weighted average closing price

Number of share options

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Notes:

附註：

(1)

The share options granted will vest in four years and every 25% of granted share
options are vested on the first, second, third and fourth anniversary of the grant
date.

(1)

授出的購股權將於四年內歸屬，而已授出的購股
權每25%於授出日期的第一、第二、第三及第四
週年歸屬。

(2)

None of the grantees under the 2022 Share Option Plan was (i) a substantial
Shareholder of the Company or its associate; (ii) a participant with options and
awards granted and to be granted in excess of the 1% individual limit (as defined
in the Listing Rules); (iii) a related entity participant or a service provider with
options and awards granted and to be granted in any 12-month period exceeding
0.1% of the Shares in issue; or (iv) a service provider of the Group.

(2)

概無二零二二年購股權計劃項下的承授人為(i)本
公司的主要股東或其聯繫人；(ii)已獲授及將獲授
的購股權及獎勵超過1%個人限額（定義見上市規
則）的參與者；(iii)於任何12個月期間已獲授及將
獲授的購股權及獎勵超過已發行股份0.1%的關聯
實體參與者或服務供應商；或(iv)本集團的服務供
應商。

(3)

Those employee participants of the Group’s associates are constituted by the
Group’s sales and marketing and technical staff. The success and growth of
the Group requires cooperation and contribution from the employees of the
Group’s associates who play a role and make actual or potential contribution to
the business, development and growth of the Group. Sales and marketing staff
could help expand the Group’s sales network by exploring and referring new
customers to the Group which is a very important offline user acquisition channel
for the Group to accelerate the online penetration in lower-tier cities, as such,
the Group can have closer relationship with the supply end, and better utilize
our membership program for a high stickiness and retention. Meanwhile, the
Group could offer superior services for our users. In relation to the technical staff,
since the relevant Group’s associate is at its initial stage of business development
which would highly depend on its capability in research and development, it is
important for the Group’s associate to retain a strong core technical team. It will
be beneficial to the Group in the long run in terms of return from the minority
investment if the Group’s associate grows its business. In selecting the eligible
participants, the Board assessed the eligibility based on various factors including
but not limited to (i) job responsibility and seniority of the employees, (ii) the
performance standard and/or sales targets attained by the relevant employees,
and contribution made by the participants to the Group/the Group’s associates
and (iii) the length of employment and dedication to the Group/the Group’s
associates.

(3)

本集團聯營公司的僱員參與者由本集團的銷售及
營銷以及技術人員構成。本集團的成功及增長需
要來自本集團聯營公司僱員的合作及貢獻，彼等
為本集團業務、發展及增長發揮作用並作出實際
或潛在貢獻。銷售及營銷人員可通過發掘及轉介
新客戶予本集團，以協助拓展本集團的銷售網
絡，此乃本集團就加速下沉市場線上滲透非常重
要的線下獲客渠道，因此，本集團可與供應端建
立更緊密的關係，並善用我們的會員計劃以維持
高黏性及留存客戶。與此同時，本集團可為我們
的用戶提供優質的服務。就技術人員而言，由於
本集團相關聯營公司處於其業務發展初期，而這
將很大程度上依賴其研發能力，故保留一支強
大的核心技術團隊對本集團聯營公司而言至關重
要。長遠而言，倘本集團聯營公司的業務增長，
在少數股權投資回報方面將有利於本集團。在選
擇合資格參與者時，董事會根據多項因素評估合
資格參與者，包括但不限於(i)僱員的工作職責及
資歷、(ii)相關僱員達致的表現標準及 ╱ 或銷售目
標以及參與者對本集團 ╱ 本集團聯營公司作出的
貢獻及(iii)於本集團 ╱ 本集團聯營公司的受僱年
期及貢獻。

2022 RSU PLAN

二零二二年受限制股份單位計劃

The Company has approved and adopted the 2022 RSU Plan by the Board’s

本公司已以董事會決議案批准及採納二零二二

resolution taking effective from March 22, 2022 (the “Effective Date of the

年受限制股份單位計劃，自二零二二年三月二

2022 RSU Plan”). During the Reporting Period, no RSU has been granted by

十二日起生效（「二零二二年受限制股份單位計

the Company pursuant to the 2022 RSU Plan.

劃生效日期」）。於報告期內，本公司概無根據
二零二二年受限制股份單位計劃授出受限制股
份單位。

Purpose

目的

The purpose of the 2022 RSU Plan is to provide better rewards to the talents

二零二二年受限制股份單位計劃旨在向本集團

who have contributed to the development and success of the Group, and for

過往及未來發展及成功作出貢獻的人才提供更

the future development of the Group, to motivate such talents to continue

好的回報，通過提供獲得股份權益的機會，激

to make their best efforts and to attract new talents through providing them

勵該等人才繼續竭盡所能及招攬新人才。

with the opportunities to acquire interests in Shares.

二零二六年中期報告 ︱ INTERIM REPORT 2026

71

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Eligible participants

合資格參與者

The eligible participants of the 2022 RSU Plan (the “Eligible Participants”)

二零二二年受限制股份單位計劃的合資格參與

include (i) any Director and (ii) any other employee of the Group and its

者（「合資格參與者」）包括(i)任何董事及(ii)本集

associates. The committee as appointed by the Board from time to time

團及其聯營公司的任何其他僱員。由董事會不

(the “Committee”) (in respect of Directors and senior management of

時委任的委員會（「委員會」）
（就本公司董事及

the Company) or the management (in respect of persons who are not

高級管理層而言）或管理層（就非本公司董事或

Directors or senior management of the Company) shall have the authority to

高級管理層之人士而言）有權決定將獲得受限制

determine which Eligible Participant will receive RSUs, to grant RSUs and to

股份單位的合資格參與者、授出受限制股份單

set all terms and conditions of RSUs (including but not limited to vesting and

位，以及制定受限制股份單位的所有條款及條

forfeiture provisions).

件（包括但不限於歸屬及沒收條款）。

Maximum number of Shares

股份最高數目

The maximum number of Shares in respect of which RSUs may be granted

根據二零二二年受限制股份單位計劃可能授出

under the 2022 RSU Plan shall not exceed 2.5% of the total issued share

的受限制股份單位涉及的股份最高數目，不得

capital of the Company as at May 31, 2022, and, when aggregated with the

超過本公司於二零二二年五月三十一日已發行

maximum number of Shares in respect of which options or awards may

總股本的2.5%，及與根據本公司任何其他以股

be granted under any other share-based incentive plan of the Company

份為基礎的獎勵計劃（包括二零二二年購股權計

(including the 2022 Share Option Plan and the Other Plans), shall not exceed

劃及其他計劃）可能授出的購股權或獎勵涉及的

10% of the total issued share capital of the Company as at the Effective

股份最高數目合計，不得超過本公司於二零二

Date of the 2022 RSU Plan (or of the refreshment of the 10% limit) (the “RSU

二年受限制股份單位計劃生效日期已發行總股

Mandate Limit”).

本的10%（或10%限額的更新）
（「受限制股份單位
授權限額」）。

The total maximum number of Shares in respect of which RSUs may be

根據二零二二年受限制股份單位計劃可能授出

granted under the 2022 RSU Plan would be 55,459,938, representing 2.5% of

之受限制股份單位涉及的最高股份數目將為

the number of Shares in issue as at May 31, 2022.

55,459,938股，相當於二零二二年五月三十一日
已發行股份數目的2.5%。

72

The RSU Mandate Limit may be refreshed from time to time subject to the

受限制股份單位授權限額或會不時更新，惟須

prior approval of the Shareholders, but in any event, the total number of

取得股東的事先批准，但無論如何，與於批准

Shares in respect of which RSUs may be granted under the 2022 RSU Plan

更新後限額日期後根據二零二二年受限制股份

following the date of approval of the refreshed limit, when aggregated with

單位計劃可能授出的受限制股份單位有關的股

the maximum number of Shares in respect of which options or awards may

份總數及與根據本公司任何其他以股份為基礎

be granted under any other share-based incentive plan of the Company

的獎勵計劃（包括二零二二年購股權計劃及其他

(including the 2022 Share Option Plan and the Other Plans), must not exceed

計劃）可能授出的購股權或獎勵有關的股份最高

10% of the total issued share capital of the Company as at the date when

數目合計，不得超過本公司於相關更新後限額

such refreshed limit is approved.

獲批准日期已發行總股本的10%。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

As at June 30, 2026, a total number of 13,864,968 Shares are available for

於二零二六年六月三十日，在根據二零二二年

issue upon vesting of all RSUs granted under the 2022 RSU Plan, representing

受限制股份單位計劃授出的所有受限制股份單

approximately 0.6% of the total number of all Shares in issue (excluding

位歸屬後，可供發行的股份總數為 13,864,968

treasury shares, if any) as at the Latest Practicable Date.

股，佔於最後實際可行日期所有已發行股份總
數（不包括庫存股份，如有）約0.6%。

As at January 1, 2026 and June 30, 2026, there were 20,797,468 Shares and

於二零二六年一月一日及二零二六年六月三十

13,864,968 Shares underlying all unvested awards under the 2022 RSU Plan

日，根據二零二二年受限制股份單位計劃的所

respectively. The number of Shares subject to the RSUs granted but unvested

有未歸屬獎勵涉及的股份分別為20,797,468股及

under the 2022 RSU Plan was 13,864,968 Shares, representing approximately

13,864,968股。根據二零二二年受限制股份單位

0.6% of the issued Shares (excluding treasury shares, if any) as at the Latest

計劃授予但未歸屬的受限制股份單位的股份數

Practicable Date.

目為13,864,968股，佔於最後實際可行日期已發
行股份（不包括庫存股份，如有）約0.6%。

There is no limit for the maximum entitlement of each participant under the

二零二二年受限制股份單位計劃項下各參與者

2022 RSU Plan.

的最高配額並無限制。

Administration

管理

The 2022 RSU Plan shall be subject to the administration of the Board who

二零二二年受限制股份單位計劃由董事會管

may delegate all or part of such administration to a committee or any other

理，而董事會可將管理工作全部或部分轉交委

authorized agent. The decision of the Board or persons to whom the Board

員會或任何其他授權代理人。董事會或獲董事

has delegated relevant powers shall be final and binding on all parties for any

會轉授相關權力的人士的決定為最終決定，在

matters concerning the interpretation or application of the 2022 RSU Plan.

有關二零二二年受限制股份單位計劃的詮釋或
應用的任何事宜方面對各方均具約束力。

Grant of RSUs

授出受限制股份單位

The Board (or any committee or other authorized agent delegated by

董事會（或由董事會委派的任何委員會或其他授

the Board) may, from time to time, at their absolute discretion select the

權代理人）可不時全權酌情選定承授人、釐定所

grantee(s), determine the number of RSUs to be awarded and specify such

獎勵的受限制股份單位數目，以及訂明向有關

event, time limit or conditions (if any) as it thinks fit when making such offer

承授人提出要約時認為適當的有關情況、時限

to the grantee(s), including, without limitation, conditions as to performance

或條件（如有），包括但不限於受限制股份單位

criteria to be satisfied by the grantee(s) and/or the Company and/or the

可歸屬前承授人及 ╱ 或本公司及 ╱ 或本集團須

Group which must be satisfied before a RSU can be vested.

符合的業績標準。

二零二六年中期報告 ︱ INTERIM REPORT 2026

73

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Consideration

代價

The consideration to be paid for the granting of a RSU, including the method

就授予受限制股份單位須支付的代價（包括付款

and period of payment, will be determined by the Board. Such consideration

方式及時限）將由董事會釐定。該代價可包括

may consist of (i) cash; (ii) cheque; (iii) such other method of payment as

(i)現金；(ii)支票；(iii)董事會批准的其他付款方

is approved by the Board; or (iv) any combination of the foregoing that is

式；或(iv)經董事會批准的上述任何組合。

approved by the Board.
Save for the consideration to be paid for the granting of a RSU, there is

除就授予受限制股份單位須支付的代價外，購

no additional amount payable on purchase of share(s) underlying the RSU

買所授予受限制股份單位的相關股份概無應付

granted.

額外款項。

Vesting of RSUs

受限制股份單位歸屬

Unless otherwise determined by the Board (or any committee or other

倘相關承授人未能達致由董事會（或由董事會委

authorized agent delegated by the Board) at its discretion, the RSUs held by

派的任何委員會或其他授權代理人）單方面全權

the trustee appointed by the Company in respect of the 2022 RSU Plan which

酌情決定適用於各受限制股份單位的特定條款

are referable to a relevant grantee shall not vest in the relevant grantee in

及條件，或相關承授人違反二零二二年受限制

the event that the relevant grantee fails to satisfy the specific terms and

股份單位計劃的任何條款，除非董事會（或由董

conditions applicable to each RSU which may be determined at the sole and

事會委派的任何委員會或其他授權代理人）酌情

absolute discretion of the Board (or any committee or other authorized agent

作出其他決定，否則由本公司就二零二二年受

delegated by the Board) or breaches any terms of the 2022 RSU Plan.

限制股份單位計劃任命的受託人持有且可指明
相應承授人的受限制股份單位不得歸屬予相關
承授人。

The RSUs granted under the 2022 RSU Plan has vesting conditions that

根據二零二二年受限制股份單位計劃授出的受

ranged from 12 to 48 months from the grant date. For further details of the

限制股份單位具有自授出日期起計12 至48 個月

vesting period attached to the unvested RSUs granted to (a) each relevant

的歸屬條件。有關於報告期內授予(a)各相關董

Director; (b) other grantees in aggregate, in each case during the Reporting

事；(b)其他承授人合計未歸屬受限制股份單位

Period, please refer to the table set forth in pages 75 to 77 of this interim

所附歸屬期的各個情況的進一步詳情，請參閱

report.

本中期報告第75頁至第77頁所載表格。

Save as disclosed in the movement table below, no right to subscribe for

除以下變動表所披露者外，本公司概無根據二

equity or debt securities of the Company has been granted by the Company

零二二年受限制股份單位計劃於報告期內向任

to, nor have any such rights been vested by, any other person under the

何其他人士授出認購本公司股本或債務證券的

2022 RSU Plan during the Reporting Period.

權利，亦無任何其他人士已歸屬該等權利。

Term of the 2022 RSU Plan

二零二二年受限制股份單位計劃之年期

The 2022 RSU Plan was terminated on June 26, 2024 and no further grants

二零二二年受限制股份單位計劃已於二零二四

will be made under the 2022 RSU Plan. The early termination of the 2022 RSU

年六月二十六日終止，且將不會根據二零二二

Plan shall not affect any subsisting rights of any grantee hereunder.

年受限制股份單位計劃作出進一步授出。提早
終止二零二二年受限制股份單位計劃並不影響
其項下承授人的既有權利。

74

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

period

period

2026

本集團279名僱員合計

in aggregate

Consideration

13,744,968

–

–

期內授出

–

6,870,000

期內歸屬

–

–

–

–

–

–

二十日

二零二三年十月

13,744,968 October 20, 2023

二十九日至

二十九日

十月十九日

二零三三年

二十日至

二零二三年十月

October 19, 2033

October 20, 2023 to

六月二十八日

二零三二年

二零二二年六月

June 28, 2032

June 29, 2022 to

單位的行使期

二零二二年六月

0 June 29, 2022

期內註銷 單位的購買價 單位的購買價 限制股份單位 單位的授出日期

附註1

0 Note 1

附註1

0 Note 1

單位的代價 歸屬期

的未歸屬受 受限制股份

受限制股份

–

–

的收市價

日期前股份

股份單位授出

六月三十日

及該等到期

of RSUs

grant date

受限制股份

受限制股份

of RSUs Vesting period

失效╱沒收
受限制股份

of RSUs

一月一日的

6,870,000

279 employees of the Group

Exercise period

未歸屬受限制

2026 of RSUs

緊接受限制

135 employees of the Group

in aggregate

RSUs

RSUs

before the

immediately

期內到期 於二零二六年

於二零二六年

股份單位

本集團135名僱員合計

expired

forfeited
期內失效╱

such
June 30, Date of grant

Unvested
RSUs as at

price of

price of the purchase
such

period and

the purchase

lapsed/

Closing price
of the Shares

Expired
during the

during the
period and

沒收及該等

period

during the

during the

during the

January 1,

承授人類別名稱

Name of category of grantee

Cancelled

Vested

Granted

Unvested

RSUs as at

Lapsed/
Forfeited

per share

HKD12.79

單位行使日

–

–

每股12.27港元 每股12.79港元

per share

HKD12.27

日期前

緊接歸屬 於受限制股份

At exercise
date of RSUs

before the
vesting date

Immediately

of the Shares
股份加權平均收市價

獎勵數目

Weighted average closing price
Number of awards

於報告期內，根據二零二二年受限制股份單位計劃的未歸屬獎勵變動如下：

During the Reporting Period, the movements in the unvested awards under the 2022 RSU Plan were as follows:

CORPORATE GOVERNANCE AND OTHER INFORMATION
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二零二六年中期報告 ︱ INTERIM REPORT 2026

75

76

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

RSUs

RSUs

associates in aggregate (Note 3)

總計

Total

本集團聯營公司9名僱員合計（附註3）

20,797,468

120,000

–

–

6,932,500

–

–

–

–

–

–

–

–

0 June 29, 2022

June 29, 2022 to

13,864,968

六月二十八日
October 19, 2033

October 20, 2023 to

十日

月十九日

日至二零三三年十

二零二三年十月二 二零二三年十月二十

120,000 October 20, 2023

二零三二年

二十九日至

–

二十九日

–
June 28, 2032

62,500
二零二二年六月

–
二零二二年六月

62,500

單位的行使期

附註1

0 Note 1

附註1

0 Note 1

單位的代價 歸屬期

–

–

的收市價

日期前股份

的未歸屬受 受限制股份

受限制股份

期內註銷 單位的購買價 單位的購買價 限制股份單位 單位的授出日期

受限制股份
期內歸屬

未歸屬受限制

期內授出

六月三十日

股份單位

緊接受限制
股份單位授出

期內到期 於二零二六年
及該等到期

of RSUs

沒收及該等
受限制股份

of RSUs Vesting period

失效╱沒收
受限制股份

of RSUs

一月一日的

2026 of RSUs

於二零二六年

期內失效╱

period

period

period

2026

before the
grant date

associates in aggregate (Note 3)

9 employees of the Group’s

Consideration

June 30, Date of grant

本集團聯營公司9名僱員合計（附註3）

9 employees of the Group’s

承授人類別名稱

Name of category of grantee

Exercise period

RSUs as at

such
expired

lapsed/
forfeited

Cancelled
during the

Vested
during the

Granted

during the

January 1,

immediately

of the Shares
Unvested

price of

price of the purchase
such

Closing price

during the
period and

period and

RSUs as at

Unvested

Expired

the purchase

during the

Forfeited

date of RSUs

vesting date

per share

HKD12.79

單位行使日

–

–

每股12.27港元 每股12.79港元

per share

HKD12.27

日期前

緊接歸屬 於受限制股份

At exercise

before the

Immediately

股份加權平均收市價

獎勵數目
Lapsed/

of the Shares

Weighted average closing price
Number of awards

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CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Notes:

附註：

(1)

The RSUs granted will vest in four years and every 25% of granted RSUs are vested
on the first, second, third and fourth anniversary of the grant date.

(1)

已授出的受限制股份單位將於四年內歸屬，而
已授出的受限制股份單位每25%於授出日期的第
一、第二、第三及第四週年歸屬。

(2)

None of the grantees under the 2022 RSU Plan was (i) a Director, a chief executive
or a substantial shareholder of the Company or their respective associate; (ii) a
participant with options and awards granted and to be granted in excess of the
1% individual limit (as defined in the Listing Rules); (iii) a related entity participant
or a service provider with options and awards granted and to be granted in any
12-month period exceeding 0.1% of the Shares in issue; or (iv) a service provider
of the Group.

(2)

概無二零二二年受限制股份單位計劃項下的承授
人為(i)本公司的董事、最高行政人員或主要股東
或其各自的聯繫人；(ii)已獲授及將獲授的購股權
及獎勵超過1%個人限額（定義見上市規則）的參
與者；(iii)於任何12個月期間已獲授及將獲授的購
股權及獎勵超過已發行股份0.1%的關聯實體參與
者或服務供應商；或(iv)本集團的服務供應商。

(3)

Those employee participants of the Group’s associates are basically sales and
marketing and technical staff. The success and growth of the Group requires
cooperation and contribution from the employees of the Group’s associates
who play a role and make actual or potential contribution to the business,
development and growth of the Group. Sales and marketing staff could help
expand the Group’s sales network by exploring and referring new customers to
the Group which is a very important offline user acquisition channel for the Group
to accelerate the online penetration in lower-tier cities, as such, the Group can
have closer relationship with the supply end, and better utilize our membership
program for a high stickiness and retention. Meanwhile, the Group could offer
superior services for our users. In relation to the technical staff, since the relevant
Group’s associate is at its initial stage of business development which would
highly depend on its capability in research and development, it is important for
the Group’s associate to retain a strong core technical team. It will be beneficial
to the Group in the long run in terms of return from the minority investment if
the Group’s associate grows its business. In selecting the eligible participants, the
Board assessed the eligibility based on various factors including but not limited to
(i) job responsibility and seniority of the employees, (ii) the performance standard
and/or sales targets attained by the relevant employees, and contribution made
by the participants to the Group/the Group’s associates and (iii) the length of
employment and dedication to the Group/the Group’s associates.

(3)

本集團聯營公司的僱員參與者基本上為銷售及營
銷以及技術人員。本集團的成功及增長需要來自
本集團聯營公司僱員的合作及貢獻，彼等為本集
團業務、發展及增長發揮作用並作出實際或潛在
貢獻。銷售及營銷人員可通過發掘及轉介新客戶
予本集團，以協助拓展本集團的銷售網絡，此乃
本集團就加速下沉市場線上滲透的非常重要線下
獲客渠道，因此，本集團可與供應端建立更緊密
的關係，並善用我們的會員計劃以維持高黏性及
留存客戶。與此同時，本集團可為我們的用戶提
供優質的服務。就技術人員而言，由於本集團相
關聯營公司處於其業務發展初期，而這將很大程
度上依賴其研發能力，故保留一支強大的核心技
術團隊對本集團聯營公司而言至關重要。長遠而
言，倘本集團聯營公司的業務增長，在少數股權
投資回報方面將有利於本集團。在選擇合資格參
與者時，董事會根據多項因素評估合資格參與
者，包括但不限於(i)僱員的工作職責及資歷、(ii)
相關僱員達致的表現標準及 ╱ 或銷售目標以及參
與者對本集團 ╱ 本集團聯營公司作出的貢獻及
(iii)於本集團 ╱ 本集團聯營公司的受僱年期及貢
獻。

二零二六年中期報告 ︱ INTERIM REPORT 2026

77

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

2024 SHARE SCHEME

二零二四年股份計劃

The Company has adopted the 2024 Share Scheme by an ordinary resolution

本公司已於二零二四年六月二十六日以股東正

duly passed by the Shareholders on June 26, 2024. As at the Latest Practicable

式通過的普通決議案採納二零二四年股份計

Date, save for the grant made on June 27, 2024 to Mr. Ma Heping, no share

劃。於最後實際可行日期，除於二零二四年六

options or awards were granted, vested, exercised, lapsed or cancelled under

月二十七日授予馬和平先生外，概無根據二零

the 2024 Share Scheme.

二四年股份計劃授出、歸屬、行使、失效或註
銷購股權或獎勵。

78

Purpose

目的

The purpose of the 2024 Share Scheme is (a) to provide the Company

二零二四年股份計劃旨在(a)向本公司提供靈活

with flexible means of remunerating, incentivizing, retaining, rewarding,

方式，以向合資格參與者（定義見下文）提供薪

compensating and/or providing benefits to Eligible Participants (as defined

酬、激勵、挽留、獎勵、補償及 ╱ 或利益；(b)

below); (b) to align the interests of Eligible Participants with those of the

通過向合資格參與者提供購買本公司股權的機

Company and Shareholders by providing such Eligible Participants with the

會，使該等合資格參與者的利益與本公司及股

opportunity to acquire shareholding interests in the Company; and (c) to

東的利益保持一致；及(c)鼓勵合資格參與者為

encourage Eligible Participants to contribute to the long-term growth and

本公司的長期增長及盈利能力作出貢獻，並為

profitability of the Company and to enhance the value of the Company and

本公司及股東的整體利益提升本公司及其股份

its Shares for the benefit of the Company and Shareholders as a whole.

的價值。

Eligible Participants

合資格參與者

The eligible participants of the 2024 Share Scheme (the “Eligible

二零二四年股份計劃的合資格參與者（「合資格

Participants”) include (i) employee participants, being any person who is an

參與者」）包括(i)僱員參與者，即本集團任何成

employee (whether full-time or part-time), director or officer of any member

員公司的任何僱員（不論全職或兼職）、董事或

of the Group; and (ii) related entity participants, being any person who is an

高級職員；及(ii)關聯實體參與者，即本公司聯

employee (whether full-time or part-time), director or officer of an associated

營公司的任何僱員（不論全職或兼職）、董事或

company of the Company.

高級職員。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

CORPORATE GOVERNANCE AND OTHER INFORMATION
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Maximum number of Shares for issue

可發行股份最高數目

The total number of award Shares which may be issued under the 2024 Share

根據二零二四年股份計劃可能發行的獎勵股份

Scheme shall not exceed 1% of the Shares in issue (excluding any treasury

總數不得超過於二零二四年股份計劃獲批准當

Shares) on the date of approval of the 2024 Share Scheme, being 23,249,990

日已發行股份（不包括任何庫存股份）的1%（即

Shares (the “Scheme Mandate Limit”). The Company may seek approval

23,249,990 股股份）
（「計劃授權限額」）。本公司

from its Shareholders in a general meeting for “refreshing” the Scheme

可於股東批准最後更新日期起計三年後於股東

Mandate Limit after three years from the date of the Shareholders’ approval

大會上尋求股東批准「更新」計劃授權限額。

for the last refreshment.
The number of options available for grant under the 2024 Share Scheme as at

於二零二六年一月一日及二零二六年六月三十

January 1, 2026 and June 30, 2026 were both 2,249,990. As at June 30, 2026,

日，根據二零二四年股份計劃可授出的購股權

the Company has not adopted any service provider sublimit under the 2024

數目均為2,249,990 份。於二零二六年六月三十

Share Scheme.

日，本公司並無根據二零二四年股份計劃採納
任何服務供應商分項限額。

The total number of Shares available for issue under the 2024 Share Scheme

二零二四年股份計劃項下可予發行的股份總數

was 23,249,990, approximately 1.0% of the total number of all Shares in issue

為23,249,990股，佔於最後實際可行日期所有已

(excluding treasury shares, if any) as at the Latest Practicable Date.

發行股份總數（不包括庫存股份，如有）約1.0%。

As at June 30, 2026, the number of outstanding Shares available for issue

於二零二六年六月三十日，根據二零二四年股

upon exercise of the options granted under the 2024 Share Scheme is

份計劃授出的購股權獲行使後可供發行的發行

21,000,000 Shares, which represents approximately 0.9% of the issued Shares

在外股份數目為21,000,000股，相當於最後實際

(excluding treasury shares, if any) as at the Latest Practicable Date. Among

可行日期已發行股份（不包括庫存股份，如有）

the 21,000,000 options, 7,000,000 had been vested and 14,000,000 remained

約0.9%。於最後實際可行日期，21,000,000份購

unvested as at the date of the Latest Practicable Date.

股權中，7,000,000份已歸屬，14,000,000份尚未
歸屬。

Maximum entitlement of each Eligible Participant

各名合資格參與者可獲授予之最高股份數
目

There is no specific maximum entitlement for each Eligible Participant under

二零二四年股份計劃項下各名合資格參與者並

the 2024 Share Scheme. Grants to individuals that exceed the thresholds set

無特定可獲授予之最高股份數目。向個人授出

out in Chapter 17 of the Listing Rules will be subject to additional approval

超過上市規則第十七章所載限額的股份須遵守

requirements as required under Chapter 17 of the Listing Rules.

上市規則第十七章規定的額外批准規定。

二零二六年中期報告 ︱ INTERIM REPORT 2026

79

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Administration

管理

The 2024 Share Scheme shall be administered by the Board, any committee

二零二四年股份計劃由董事會、董事會的任何

of the Board (the “Committee”), the Management or other person to

委員會（「委員會」）、管理層或獲董事會授權管

whom the Board has delegated its authority to administer this scheme, i.e.

理本計劃的其他人士（即計劃管理人）管理。委

the Scheme Administrator. The Committee (for the directors and senior

員會（就本公司董事及高級管理層而言）或管理

management of the Company) or the management (for persons other than

層（就本公司董事及高級管理層以外的人士而

the directors and senior management of the Company) shall have the right

言）有權釐定可能獲得獎勵的合資格參與者、授

to determine the Eligible Participants who may receive the Awards, grant the

予獎勵並制定獎勵的所有條款及條件（包括但不

Awards and formulate all terms and conditions of the awards (including but

限於歸屬及沒收條款）。

not limited to the vesting and forfeiture terms).

80

Acceptance

接納

The administrator of the 2024 Share Scheme may determine in their absolute

二零二四年股份計劃管理人可全權酌情釐定於

discretion the amount (if any) payable on application or acceptance of an

申請或接納獎勵或購股權時應付的款項（如有）

award or option, and the period within which any such payments must be

及必須支付任何該等付款的期限，而該等款項

made, and such amounts (if any) and periods shall be set out in the award

（如有）及期限應載於獎勵函中。該等款項將為

letter. Such amount will either be RMB1.0 or nil. Unless otherwise specified in

人民幣1.0 元或零。除非獎勵函另有規定，否則

the award letter, the grantee shall have 20 Business Days from the grant date

承授人須自授出日期起20 個營業日內接納獎勵

to accept the award or option, following which, the portion not accepted by

或購股權，其後未獲承授人接納的部分將自動

the grantee shall automatically lapse, unless the administrator of the 2024

失效，除非二零二四年股份計劃的管理人另行

Share Scheme determines otherwise at their absolute discretion.

全權酌情釐定。

Vesting period

歸屬期

The administrator of the 2024 Share Scheme may determine the vesting

二零二四年股份計劃的管理人可釐定歸屬期，

period and specify such period in the award letter. The vesting period may

並於獎勵函中指明有關期間。歸屬期不得少於

not be for a period less than 12 months from the grant date, except in limited

自授出日期起計12 個月，惟二零二四年股份計

circumstances set out in the terms of the 2024 Share Scheme. For further

劃條款所載的有限情況除外。有關於報告期內

details of the vesting period attached to outstanding options granted under

根據二零二四年股份計劃授出的尚未行使購股

the 2024 Share Scheme during the Reporting Period, please refer to the table

權所附歸屬期的進一步詳情，請參閱本中期報

set forth in pages 82 to 83 of this interim report.

告第82頁至第83頁所載表格。

Save as disclosed in the movement table below, no right to subscribe for

除以下變動表所披露者外，本公司概無根據二

equity or debt securities of the Company has been granted by the Company

零二四年股份計劃於報告期內向任何其他人士

to, nor have any such rights been exercised and/or vested by, any other

授出認購本公司股本或債務證券的權利，亦無

person under the 2024 Share Scheme during the Reporting Period.

任何其他人士已行使及 ╱ 或歸屬任何該等權利。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Exercise period

行使期

The administrator of the 2024 Share Scheme may determine in its absolute

二零二四年股份計劃管理人可全權酌情釐定任

discretion the exercise period for any option or award and such period shall

何購股權或獎勵的行使期，而該期間須載於獎

be set out in the award letter. However, the exercise period for any options

勵函。然而，任何購股權的行使期不得超過自

shall not be longer than 10 years from the grant date.

授出日期起計10年。

Exercise price and purchase price

行使價及購買價

The administrator of the 2024 Share Scheme may determine in their absolute

二零二四年股份計劃管理人可全權酌情釐定股

discretion the purchase price for share awards and/or the exercise price for

份獎勵的購買價及 ╱ 或購股權的行使價（視情況

share options (as the case may be) and such prices shall be set out in the

而定），而該價格須載於獎勵函。然而，購股權

award letter. However, the exercise price for share options shall be no less

的行使價不得低於以下兩者中的較高者：(a)股

than the higher of: (a) the closing price of the shares on the grant date;

份於授出日期的收市價；及(b)股份於緊接授出

and (b) the average closing price of the shares for the five Business Days

日期前五個營業日的平均收市價。二零二四年

immediately preceding the grant date. The purchase price for share awards

股份計劃管理人應考慮計劃目的、本公司利益

shall be determined on an individual basis for each of the grantee by the

及各承授人的個別情況，按個別基準為各承授

administrator of the 2024 Share Scheme, taking into account the purpose of

人釐定股份獎勵的購買價。

the scheme, the interests of the Company and the individual circumstances
of each grantee.

Term of the 2024 Share Scheme

二零二四年股份計劃之年期

The 2024 Share Scheme shall terminate on the earlier of: (a) the 10th

二零二四年股份計劃將於以下日期（以較早者為

anniversary of the adoption date; and (b) such date of early termination as

準）終止：(a)採納日期第10週年；及(b)董事會釐

determined by the Board, provided that such termination shall not affect

定的提前終止日期，惟有關終止不得影響已授

any subsisting rights in respect of the awards or options already granted to

予合資格參與者的獎勵或購股權的任何既有權

Eligible Participants. The 2024 Share Scheme has a remaining term of 7 years

利。二零二四年股份計劃於最後實際可行日期

and 9 months as at the Latest Practicable Date.

剩餘七年及九個月期限。

二零二六年中期報告 ︱ INTERIM REPORT 2026

81

82

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

首席執行官

馬和平，聯席董事長、執行董事兼

Executive Officer

Director and the Chief

Ma Heping, Co-Chairman, an executive

類別名稱

承授人

Name of category of grantee

Lapsed/

options

21,000,000

–

–

–

–

–

行使價

購股權的

二十七日

二零二四年六月

21,000,000 June 27, 2024

購股權 授出日期

尚未行使的 購股權

權行使價

期內註銷

沒收的購股
期內獲行使

購股權

該等已到期

尚未行使的

期內授出

Exercise period

六月二十六日

二零三四年

二十七日至

二零二四年六月

June 26, 2034

June 27, 2024 to

行使期

購股權的

2026 of share options of share options

六月三十日

options
期內到期及 於二零二六年

期內失效╱
沒收及

period

expired as at June 30, Date of grant

lapsed/ price of such share options
forfeited

該等失效╱

period

Cancelled
during the

一月一日

period

Exercised
during the

於二零二六年

2026

Granted

during the

as at

January 1,

period and

the exercise
price of such

Outstanding

share options

the exercise Outstanding

Expired
during the

during the
period and

Forfeited

Exercise price

Closing price

每股15.920港元 附註(1)

per Share

HK$15.920 Note (1)

行使價 歸屬期

購股權的

of share options Vesting period

–

日期前

–

緊接行使

授出日期前

exercise date

before the

Immediately

股份的收市價

緊接購股權

options

date of

grant

before the

immediately

of the Shares

–

行使日期

於購股權

options

date of

At exercise

of the Shares
股份加權平均收市價

購股權數目

Weighted average closing price
Number of share options

於報告期內，根據二零二四年股份計劃授出的購股權變動如下：

During the Reporting Period, the movements in the options granted under the 2024 Share Scheme were as follows:

報告期內授出的購股權

Grant made during the Reporting Period
CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Notes:

附註：

(1)

The share options granted will vest in equal installments on the anniversary of the
date of grant over six years.

(1)

授出的購股權將於六年內於授出日期的週年日分
期等額歸屬。

(2)

None of the grantees under the 2024 Share Scheme was (i) a substantial
Shareholder or its associate; (ii) a participant with options and awards granted
and to be granted in excess of the 1% individual limit (as defined in the Listing
Rules); (iii) a related entity participant or service provider with options and awards
granted and to be granted in any 12-month period exceeding 0.1% of the Shares
in issue; or (iv) a service provider of the Group.

(2)

概無二零二四年股份計劃項下的承授人為(i)主要
股東或其聯繫人；(ii)已獲授及將獲授的購股權及
獎勵超過1%個人限額（定義見上市規則）的參與
者；(iii)於任何12個月期間已獲授及將獲授的購股
權及獎勵超過已發行股份0.1%的關聯實體參與者
或服務供應商；或(iv)本集團的服務供應商。

(3)

All of the share options mentioned above were made without any performance
targets. For more details, please refer to the announcement of the Company dated
June 27, 2024.

(3)

上述所有購股權均無任何表現目標。有關更多詳
情，請參閱本公司日期為二零二四年六月二十七
日的公告。

Save as disclosed in the movement tables as set forth in this section above,

除本節上文所列變動表所披露者外，於報告期

no right to subscribe for equity or debt securities of the Company has been

內，本公司並無授予任何其他人士認購本公司

granted by the Company to, nor have any such rights been exercised and/or

股本或債務證券的權利，亦無任何其他人士已

vested by, any other person during the Reporting Period.

行使及 ╱ 或歸屬任何該等權利。

PURCHASE, SALE OR REDEMPTION OF THE
COMPANY’S LISTED SECURITIES

收購、出售或贖回本公司上市證券

Neither the Company nor any of its subsidiaries purchased, redeemed or sold

於報告期內，本公司及其任何附屬公司均無購

any of the Company’s listed securities (including sale of treasury shares (as

買、贖回或出售本公司任何上市證券（包括出售

defined under the Listing Rules)) during the Reporting Period.

庫存股份（定義見上市規則））。

As of June 30, 2026, there were no treasury shares (as defined under the

截至二零二六年六月三十日，本公司並無持有

Listing Rules) held by the Company.

庫存股份（定義見上市規則）。

MODEL CODE FOR SECURITIES TRANSACTIONS

證券交易的標準守則

The Company has adopted the Model Code as set out in Appendix C3 to

本公司已採納上市規則附錄C3 所載的標準守則

the Listing Rules as its own code of conduct regarding Directors’ securities

作為其有關董事進行證券交易的行為守則。已

transactions. Specific enquiries have been made to all the Directors and the

向所有董事作出特定查詢，而董事亦已確認於

Directors have confirmed that they have complied with the Model Code for

報告期內彼等一直遵守標準守則。

the Reporting Period.
The Company’s employees, who are likely to be in possession of inside

可能擁有本公司內幕消息的本公司僱員亦須遵

information of the Company, have also been subject to the Model Code for

守證券交易的標準守則。於報告期內，本公司

securities transactions. No incident of non-compliance of the Model Code

並無注意到本公司僱員不遵守標準守則的事件。

by the Company’s employees was noted by the Company for the Reporting
Period.

二零二六年中期報告 ︱ INTERIM REPORT 2026

83

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

COMPLIANCE WITH THE CORPORATE GOVERNANCE
CODE

遵守企業管治守則

The Company had applied the principles and code provisions as set out in

本公司已應用企業管治守則所載的原則及守則

the Corporate Governance Code and has complied with the code provisions

條文，並於報告期內一直遵守企業管治守則的

in the Corporate Governance Code for the Reporting Period, except for the

守則條文，惟下文所闡釋偏離守則條文第C.2.1

deviation from code provision C.2.1 as explained below.

條的情況除外。

Pursuant to code provision C.2.1 in Part 2 of the Corporate Governance Code,

根據企業管治守則第2部守則條文第C.2.1條，董

the roles of chairman and chief executive officer should be separate and

事長與首席執行官的角色應有區分，且不應由

should not be performed by the same individual.

同一人擔任。

Mr. Ma Heping has been appointed as the Co-Chairman of the Board with

馬和平先生已獲委任為董事會聯席董事長，自

effect from May 21, 2026. In addition, Mr. Ma Heping also serves as the Chief

二零二六年五月二十一日起生效。此外，馬

Executive Officer, and is responsible for the implementation of our business

和平先生亦擔任首席執行官，負責我們業務戰

strategies and the day-to-day business operation. Although Mr. Ma Heping is

略的實施及日常業務營運。儘管馬和平先生同

both a Co-Chairman of the Board and the Chief Executive Officer, the power

時擔任董事會聯席董事長及首席執行官，但董

of chairman has been shared by the other Co-Chairman, Mr. Jiang Hao, who

事長的權力已由另一名聯席董事長江浩先生分

would also exercise his power and authorities as a Co-Chairman in managing

擔，江浩先生亦行使其作為聯席董事長的權力

the affairs of the Board and the Company. Besides, the balance of power

及權責，以管理董事會及本公司的事務。此

and authority is adequately ensured by the operations of the Board, which

外，董事會由具備充足獨立意見的獨立非執行

consists of independent non-executive Directors with sufficient independent

董事組成，其運作可充分確保權力與權責的平

views. Therefore, the Board considers that the balance of power and

衡。因此，董事會認為當前安排下權力及權責

authority for the present arrangement will not be impaired and this structure

的平衡將不會受到損害，且該架構將能使本公

will enable the Company to make and implement decisions promptly and

司迅速並有效地作出及實施決策。

effectively.

84

The Board will continue to review and consider splitting the roles of

董事會將在考慮本集團的整體情況後，繼續檢

Co-Chairman of the Board and the Chief Executive Officer if and when it is

討及於適當時候考慮分開董事會聯席董事長與

appropriate taking into account the circumstances of the Group as a whole.

首席執行官的角色。

CHANGES IN THE INFORMATION OF THE DIRECTORS
AND SENIOR MANAGEMENT SINCE THE DATE OF
THE 2025 ANNUAL REPORT

自二零二五年年報日期以來董事及
高級管理層資料的變動

Since April 28, 2026 (being the date of publication of the 2025 Annual

自二零二六年四月二十八日（即本公司二零二五

Report of the Company), save for the below, there has been no change in

年年報刊發日期）以來，除下文以外，董事及高

the information of the Directors and senior management as required to be

級管理層資料並無根據上市規則第13.51B條規定

disclosed pursuant to Rule 13.51B of the Listing Rules.

須予披露的變動。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Wu Zhixiang (吳志祥), aged 49, served as our Co-Chairman of the Board

吳志祥，49 歲，於二零一八年三月至二零二六

from March 2018 to May 2026, and was appointed as our executive Director

年五月出任董事會聯席董事長，並於二零一八

in June 2018. Mr. Wu’s main responsibility is to provide overall strategic

年六月獲委任為執行董事。吳先生的主要職責

planning and business direction to our Group. Mr. Wu has more than 20

是為本集團提供整體戰略規劃及業務方向。吳

years of experience in e-commerce and OTA business. Among others, Mr.

先生於電子商務及在線旅遊平台業務方面具備

Wu established Tongcheng Network in March 2004. He has served as the

逾20 年經驗。其中包括，吳先生於二零零四年

chairman of Tongcheng Network since April 2008. As the co-founder of

三月創辦同程網絡。彼自二零零八年四月起出

Tongcheng Network, Mr. Wu was responsible for the strategic planning

任同程網絡董事長。作為同程網絡的聯合創始

of Tongcheng Network and has continuously provided leadership and

人，吳先生負責同程網絡的戰略規劃，並持續

inspiration for the Company’s OTA business.

領導本公司的在線旅遊平台業務並促進其發展。

Mr. Wu received a bachelor’s degree in history from Soochow University

吳先生於一九九八年六月獲得中國蘇州大學歷

(蘇州大學) in the PRC in June 1998, and received the doctor’s degree in

史學學士學位，並於二零二五年六月獲得新加

business administration from Singapore Management University (新加坡管理

坡管理大學工商管理博士學位。

大學) in June 2025.
Mr. Wu currently holds the following positions in the subsidiaries of our

吳先生現在本集團附屬公司擔任以下職務：同

Group: the chairman of Tongcheng Network, and the executive director of

程網絡的董事長和蘇州程藝的執行董事。

Suzhou Chengyi.
Ma Heping (馬和平), aged 48, was appointed as our executive Director

馬和平，48 歲，分別於二零一八年六月及二零

in June 2018 and the Co-Chairman of the Board in May 2026. Mr. Ma has

二六年五月獲委任為執行董事及董事會聯席董

served as our Chief Executive Officer (“CEO”) since April 2018, responsible for

事長。馬先生自二零一八年四月起出任首席執

the implementation of our business strategies and the day-to-day business

行 官（「 首 席 執 行 官 」）， 負 責 我 們 業 務 戰 略 的

operation. From March to April 2018, together with Mr. Jiang Hao, Mr. Ma

實施及日常業務營運。於二零一八年三月至四

served as our Co-CEO. Mr. Ma has decades of marketing experience for an

月，馬先生與江浩先生一同出任聯席首席執行

internet company. From January 2006 to March 2018, Mr. Ma has served

官。馬先生有數十年的互聯網公司營銷經驗。

as the chief marketing officer of Tongcheng Network, responsible for the

於二零零六年一月至二零一八年三月，馬先生

internet-based online and offline travel business, as well as the promotion

出任同程網絡首席營銷官，負責基於互聯網的

and development of the air ticket, hotel and other transportation business of

在線及線下旅遊業務以及同程分立前同程網絡

Tongcheng Network, before Tongcheng spin-off.

的機票、酒店和其他交通業務的推廣及開發。

Mr. Ma obtained a diploma in computer application and maintenance from

馬先生於一九九八年六月獲得中國蘇州大學計

Soochow University (蘇州大學) in the PRC in June 1998, and received an

算機應用及維護文憑，並於二零二零年六月獲

EMBA degree from Fudan University (復旦大學) in the PRC in June 2020.

得中國復旦大學EMBA學位。

Mr. Ma currently holds the following positions in the subsidiaries of our

馬先生現在本集團附屬公司擔任以下職務：同

Group: the director and general manager of Tongcheng Network, the

程網絡的董事兼總經理；龍悅天程WFOE的執行

executive director and general manager of Longyue Tiancheng WFOE, the

董事兼總經理；藝龍北京WFOE的董事長兼總經

chairman and general manager of E-dragon Beijing WFOE and the executive

理及北京藝龍執行董事兼經理。

director and manager of Beijing E-dragon.

二零二六年中期報告 ︱ INTERIM REPORT 2026

85

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Liang Jianzhang (梁建章), aged 56, served as our Co-Chairman of the

梁建章，56 歲，於二零一八年三月至二零二五

Board from March 2018 to November 2025, and was appointed as our non-

年十一月期間擔任本公司董事會聯席董事長，

executive Director in June 2018. Mr. Liang has served as one of our Directors

並於二零一八年六月獲委任為非執行董事。梁

since 2016. Mr. Liang is one of the co-founders and the executive chairman

先生自二零一六年起擔任我們其中一名董事。

of Trip.com Group, a company whose shares are listed on NASDAQ (stock

梁先生是攜程（一間股份於納斯達克上市（股份

symbol: TCOM) and the Main Board of the Stock Exchange (stock code: 9961).

代號：TCOM）及於聯交所主板上市（股份代號：

He has served as the chairman of the board of directors of Trip.com Group

9961)的公司）其中一名聯合創始人及執行董事

since August 2003. Mr. Liang served as the chief executive officer of Trip.com

長。彼自二零零三年八月起出任攜程董事會主

Group from 2000 to 2006, and from March 2013 to November 2016.

席。梁先生於二零零零年至二零零六年及二零
一三年三月至二零一六年十一月出任攜程首席
執行官。

Save as disclosed above, Mr. Liang has served as a director of BTG Hotels

除上文所披露者外，梁先生自二零一七年一月

Group (首旅酒店), a company whose shares are listed on Shanghai Stock

起擔任首旅酒店（一間股份於上海證券交易所上

Exchange (stock code: 600258) since January 2017.

市的公司（股份代號：600258））董事。

Mr. Liang formerly served on the boards of Sina Corp. (新浪公司), a company

梁先生之前服務於新浪公司（一間股份之前於納

whose shares were formerly listed on NASDAQ (stock symbol: SINA) and

斯達克上市的公司（股份代號：SINA），於二零

privatized in March 2021, Tuniu Corp (途牛旅遊網), a company whose shares

二一年三月私有化）、途牛旅遊網（一間股份於

are listed on NASDAQ (stock symbol: TOUR), eHi Car Services Ltd. (上海一

納斯達克上市的公司（股份代號：TOUR））、上海

嗨租車服務有限公司), a company whose shares were formerly listed on

一嗨租車服務有限公司（一間股份之前曾於紐約

New York Stock Exchange (stock symbol: EHIC) and privatized in April 2019,

證券交易所上市的公司（股份代號：EHIC），於二

51job, Inc. (前程無憂股份有限公司), a company whose shares were formerly

零一九年四月私有化）、前程無憂股份有限公司

listed on NASDAQ (stock symbol: JOBS) and privatized in May 2022, jiayuan.

（一間股份之前於納斯達克上市的公司（股份代

com International Ltd. (世紀佳緣國際有限公司), a company whose shares

號：JOBS），於二零二二年五月私有化）、世紀

were formerly listed on NASDAQ (stock symbol: DATE) and privatized in May

佳緣國際有限公司（一間股份之前於納斯達克上

2016, Homeinns Hotel Group (如家酒店集團), a company whose shares were

市的公司（股份代號：DATE），於二零一六年五

formerly listed on NASDAQ (stock symbol: HMIN) and privatized in April 2016,

月私有化）、如家酒店集團（一間股份之前於納

and MakeMyTrip Ltd., a company whose shares are listed on NASDAQ (stock

斯達克上市的公司（股份代號：HMIN），於二零

symbol: MMYT).

一六年四月私有化）及MakeMyTrip Ltd.（一間股
份於納斯達克上市的公司（股份代號：MMYT））
的董事會。

Mr. Liang has won many accolades for his contributions to the Chinese travel

梁先生因其對中國旅遊業的貢獻獲得多項殊

industry, including Forbes China “Multinational Business Leader” and “Best

榮，曾獲福布斯中國「跨國經營商業領袖」、機

CEO in the Internet Category” under Institutional Investor’s Best Managed

構投資者亞洲區最佳企業管理團隊「互聯網組

Asia Corporate Team, among other awards. Mr. Liang is one of China’s

別最佳CEO」等獎項。梁先生是知名人口經濟學

leading population economists and an adjunct professor at the National

家，北京大學國家發展研究院兼職教授，曾出

School of Development, Peking University, and has published works including

版《人口戰略》
《創新主義》等著作。

Population Strategy and Innovationism.

86

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Mr. Liang holds a Ph.D. degree from Stanford University, a master’s degree

梁先生持有斯坦福大學博士學位以及佐治亞理

and an undergraduate degree from Georgia Institute of Technology.

工學院碩士和本科學位。

Li Huan Na (李浣娜), aged 44, has been appointed as our non-executive

李浣娜，44 歲，於二零二六年七月獲委任為

Director in July 2026. Ms. Li joined Tencent in May 2011, and currently serves

非執行董事。李女士於二零一一年五月加入騰

as the head of treasury department of Tencent. Prior to that, Ms. Li served as

訊，現任騰訊資金管理部負責人。在此之前，

an assurance manager in PricewaterhouseCoopers from 2004 to 2011. Ms.

李女士於二零零四年至二零一一年在普華永道

Li is currently a Chartered Financial Analyst (CFA), a Certified Accountant of

會計師事務所擔任審計經理。李女士目前為特

China (CICPA), and a Certified Accountant of Australia (CPA Australia).

許金融分析師、中國註冊會計師及澳洲註冊會
計師。

Ms. Li obtained a bachelor’s degree in accounting and a minor bachelor’s

李女士於二零零四年獲得中國中山大學會計學

degree in English from Sun Yat-Sen University (中山大學) in the PRC in 2004.

學士學位及輔修英語學士學位。

Yang Chia Hung (楊嘉宏), aged 63, has been appointed as our independent

楊嘉宏，63 歲，於二零二二年六月獲委任為獨

non-executive Director in June 2022. Mr. Yang has been the chief financial

立非執行董事。楊先生自二零二三年九月起擔

officer of Ehang Holdings Limited (NASDAQ: EH) since September 2023. From

任億航控股有限公司（納斯達克：EH）的首席財

2007 to 2023, Mr. Yang served in several chief financial officer positions,

務官。自二零零七年至二零二三年，楊先生擔

including Tuniu Corporation (NASDAQ: TOUR), E-Commerce China Dangdang

任多個首席財務官職務，包括途牛國際旅行社

Inc., and AirMedia Group Inc. Mr. Yang was the chief executive officer of Rock

有限公司（納斯達克：TOUR）、當當網信息技術

Mobile Corporation from 2004 to 2007, and the chief financial officer of the

有限公司和航美傳媒集團。楊先生於二零零四

CellStar Asia Corporation from 1999 to 2004. Prior to that, Mr. Yang was a

年至二零零七年期間擔任滾石移動集團的首席

senior banker at Goldman Sachs (Asia) L.L.C., Lehman Brothers Asia Limited

執行官，於一九九九年至二零零四年擔任蜂星

and Morgan Stanley Asia Limited from 1992 to 1999. Mr. Yang currently also

電訊亞洲公司首席財務官。在此之前，楊先生

serves as an independent director of NovaBridge (NASDAQ: NBP), iQIYI, Inc.

於一九九二年至一九九九年擔任高盛（亞洲）有

(NASDAQ: IQ) and UP Fintech Holding Ltd (NASDAQ: TIGR).

限責任公司、雷曼兄弟亞洲投資有限公司和摩
根士丹利亞洲的高級銀行家。楊先生目前還擔
任新橋生物（納斯達克：NBP）、愛奇藝（納斯達
克：IQ）和向上融科（納斯達克：TIGR）的獨立董
事。

Mr. Yang received his master’s degree in business administration from the

楊先生於一九九二年獲得美國加利福尼亞大學

University of California, Los Angeles (UCLA) in 1992.

洛杉磯分校工商管理碩士學位。

二零二六年中期報告 ︱ INTERIM REPORT 2026

87

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Han Yuling (韓玉靈), aged 70, has been appointed as our independent

韓玉靈，70 歲，自二零一八年十一月起獲委任

non-executive Director since November 2018. Ms. Han currently holds

為獨立非執行董事。韓女士現為北京第二外國

professorial fellowship and is the executive dean of the China Tourism Talent

語學院教授兼中國旅遊人才發展研究院執行院

Development Research Institute (中國旅遊人才發展研究院) at Beijing

長。韓女士亦擔任北京市旅遊法學研究會、中

International Studies University (北京第二外國語學院). Ms. Han also serves

國旅遊協會婦女旅遊委員會副會長，北京旅遊

as the vice president of Beijing Tourism Law Research Association (北京

學會理事。彼自一九八六年五月起先後擔任北

市旅遊法學研究會) and Women Tourism Committee of China Tourism

京第二外國語學院講師、副教授以及教授，並

Association (中國旅遊協會婦女旅遊委員會), and a council member of

於一九七九年十月至一九八六年四月在華中師

Beijing Tourism Society (北京旅遊學會). She has consecutively served as a

範大學擔任助教、講師。

lecturer, associate professor and professor at Beijing International Studies
University since May 1986, and served as a teaching assistant and lecturer
at Central China Normal University (華中師範大學) from October 1979 until
April 1986.
Ms. Han graduated from the department of politics from Central China

韓女士於一九七九年七月畢業於中國華中師範

Normal University (華中師範大學) in the PRC in July 1979.

大學政治學系。

AUDIT COMMITTEE

審核委員會

After the Reporting Period, Mr. Xie Qing Hua resigned from his positions as

於報告期後，謝晴華先生因其他工作安排辭任

the non-executive Director and the member of the Audit Committee with

其非執行董事及審核委員會成員的職務，自二

effect from July 10, 2026 due to his other work commitment. Following

零二六年七月十日起生效。於謝晴華先生辭任

the resignation of Mr. Xie Qing Hua, Ms. Li Huan Na was appointed as a

後，李浣娜女士獲委任為非執行董事及審核委

non-executive Director and a member of the Audit Committee with effect

員會成員，自同日起生效。

from the same date.
As of the Latest Practicable Date, the Audit Committee has three members

截至最後實際可行日期，審核委員會由三名成

comprising two independent non-executive Directors, being Mr. Yang

員組成，包括兩名獨立非執行董事，即楊嘉宏

Chia Hung (chairman of the Audit Committee), Ms. Han Yuling and one

先生（審核委員會主席）及韓玉靈女士，以及一

non-executive Director, being Ms. Li Huan Na, with terms of reference in

名非執行董事，即李浣娜女士，其職權範圍符

compliance with the Listing Rules.

合上市規則。

The Audit Committee has considered and reviewed the accounting principles

審核委員會已考慮並審閱本集團所採納的會計

and practices adopted by the Group and has discussed matters in relation

原則及慣例，並已與管理層討論有關內部控制

to internal controls and financial reporting with the management, including

及財務匯報事宜，包括審閱本集團截至二零二

the review of the unaudited interim condensed consolidated financial

六年六月三十日止六個月的未經審核中期簡明

information and results of the Group for the six months ended June 30, 2026.

綜合財務資料和業績。審核委員會認為截至二

The Audit Committee considers that the interim condensed consolidated

零二六年六月三十日止六個月的中期簡明綜合

financial information and results for the six months ended June 30, 2026 are

財務資料和業績已遵守相關會計標準、規則及

in compliance with the relevant accounting standards, rules and regulations

規例並已正式作出適當披露。

and appropriate disclosures have been duly made.

88

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

INTERIM DIVIDEND

中期股息

The Board does not recommend the payment of interim dividend for the six

董事會不建議向股東派付截至二零二六年六月

months ended June 30, 2026 to the Shareholders.

三十日止六個月的中期股息。

AMENDMENTS TO THE ARTICLES OF ASSOCIATION

修訂組織章程細則

No change has been made to the Articles of Association during the six

截至二零二六年六月三十日止六個月內，組織

months ended June 30, 2026.

章程細則並無變動。

EVENT AFTER THE END OF THE REPORTING PERIOD

報告期後事項

Reference is made to the announcement of the Company dated June

茲提述本公司日期為二零二六年六月二十九日

29, 2026 in relation to a voluntary conditional general cash offer for all

的公告，內容有關按每股1.3875港元的要約價就

issued shares of Dida Inc. with an offer price of HKD1.3875 per share (the

嘀嗒出行全部已發行股份提出自願有條件全面

“Voluntary General Offer”). On August 5, 2026, the Group has received valid

現金要約（「自願全面要約」）。於二零二六年八

acceptances of approximately 51.74% of the total issued share capital of Dida

月五日，本集團已收到涉及嘀嗒出行已發行股

Inc. and the Voluntary General Offer became unconditional. The Voluntary

本總額約51.74%的有效接納，且自願全面要約

General Offer was closed at 4:00 p.m. on August 21, 2026 and the Group has

成為無條件。自願全面要約已於二零二六年八

received valid acceptances of approximately 88.74% of the total issued share

月二十一日下午四時正截止，且本集團已接獲

capital of Dida Inc..

涉及嘀嗒出行已發行股本總額約88.74%的有效
接納。

Save as disclosed above, there were no other material events after the end

除上文所披露者外，於報告期後及直至最後實

of the Reporting Period and up to the Latest Practicable Date which require

際可行日期，概無其他須於本中期報告披露的

disclosure in this interim report.

重大事項。

NO MATERIAL CHANGES

並無重大變動

Save as disclosed in this interim report, during the Reporting Period, there

除本中期報告所披露者外，於報告期內，並無

were no material changes affecting the Company’s performance that need

根據上市規則附錄D2第32及40(2)段需披露的影

to be disclosed under paragraphs 32 and 40(2) of Appendix D2 to the Listing

響本公司表現的任何重大變動。

Rules.

二零二六年中期報告 ︱ INTERIM REPORT 2026

89

REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION
中期財務資料的審閱報告

TO THE BOARD OF DIRECTORS OF TONGCHENG TRAVEL HOLDINGS LIMITED

致同程旅行控股有限公司董事會

(incorporated in the Cayman Islands with limited liability)

（於開曼群島註冊成立的有限公司）

INTRODUCTION

引言

We have reviewed the interim financial information set out on pages 92 to

本核數師（以下簡稱「我們」）已審閱列載於第92

166, which comprises the interim condensed consolidated statement of

頁至第 166 頁的中期財務資料，此中期財務資

financial position of Tongcheng Travel Holdings Limited (the “Company”)

料包括同程旅行控股有限公司（以下簡稱「貴公

and its subsidiaries (together, the “Group”) as at 30 June 2026 and the

司」）及其附屬公司（以下統稱「貴集團」）於二零

interim condensed consolidated income statement, the interim condensed

二六年六月三十日的中期簡明綜合財務狀況表

consolidated statement of comprehensive income, the interim condensed

與截至該日止六個月期間的中期簡明綜合收益

consolidated statement of changes in equity and the interim condensed

表、中期簡明綜合全面收益表、中期簡明綜合

consolidated statement of cash flows for the six-month period then ended,

權益變動表和中期簡明綜合現金流量表，以及

and selected explanatory notes. The Rules Governing the Listing of Securities

選定的解釋附註。香港聯合交易所有限公司證

on The Stock Exchange of Hong Kong Limited require the preparation

券上市規則規定，就中期財務資料擬備的報告

of a report on interim financial information to be in compliance with the

必須符合以上規則的有關條文以及國際會計準

relevant provisions thereof and International Accounting Standard 34

則第34號「中期財務報告」。 貴公司董事須負責

“Interim Financial Reporting”. The directors of the Company are responsible

根據國際會計準則第34 號「中期財務報告」擬備

for the preparation and presentation of this interim financial information in

及列報該等中期財務資料。我們的責任是根據

accordance with International Accounting Standard 34 “Interim Financial

我們的審閱對該等中期財務資料作出結論，並

Reporting”. Our responsibility is to express a conclusion on this interim

僅按照我們協定的業務約定條款向

financial information based on our review and to report our conclusion solely

整體）報告我們的結論，除此之外本報告別無其

to you, as a body, in accordance with our agreed terms of engagement, and

他目的。我們不會就本報告的內容向任何其他

for no other purpose. We do not assume responsibility towards or accept

人士負上或承擔任何責任。

liability to any other person for the contents of this report.

PricewaterhouseCoopers, 22/F Prince’s Building, Central, Hong Kong SAR, China
T: +852 2289 8888, F: +852 2810 9888, www.pwchk.com

90

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

閣下（作為

REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION
中期財務資料的審閱報告

SCOPE OF REVIEW

審閱範圍

We conducted our review in accordance with International Standard

我們已根據國際審閱準則第2410號「由實體的獨

on Review Engagements 2410 “Review of Interim Financial Information

立核數師執行中期財務資料審閱」進行審閱。審

Performed by the Independent Auditor of the Entity”. A review of interim

閱中期財務資料包括主要向負責財務和會計事

financial information consists of making inquiries, primarily of persons

務的人員作出查詢，及應用分析性和其他審閱

responsible for financial and accounting matters, and applying analytical

程序。審閱的範圍遠較根據《國際審計準則》進

and other review procedures. A review is substantially less in scope than an

行審計的範圍為小，故不能令我們可保證我們

audit conducted in accordance with International Standards on Auditing

將知悉在審計中可能被發現的所有重大事項。

and consequently does not enable us to obtain assurance that we would

因此，我們不會發表審計意見。

become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.

CONCLUSION

結論

Based on our review, nothing has come to our attention that causes us to

按照我們的審閱，我們並無發現任何事項，令

believe that the interim financial information of the Group is not prepared, in

我們相信

all material respects, in accordance with International Accounting Standard

大方面根據國際會計準則第 34 號「中期財務報

34 “Interim Financial Reporting”.

告」擬備。

PricewaterhouseCoopers

羅兵咸永道會計師事務所

Certified Public Accountants

執業會計師

Hong Kong, August 24, 2026

香港，二零二六年八月二十四日

貴集團的中期財務資料未有在各重

二零二六年中期報告 ︱ INTERIM REPORT 2026

91

INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT
中期簡明綜合收益表
For the three months and six months ended June 30, 2026 截至二零二六年六月三十日止三個月及六個月

Three months ended June 30,

Six months ended June 30,

截至六月三十日止三個月

截至六月三十日止六個月

2026

2025

2026

2025
二零二五年

二零二六年

二零二五年

二零二六年

Note

RMB’000

RMB’000

RMB’000

RMB’000

附註

人民幣千元

人民幣千元

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

（未經審核）

（未經審核）

Revenue

收入

6

4,987,027

4,669,431

9,992,819

9,046,863

Cost of revenue

銷售成本

7

(1,660,405)

(1,633,149)

(3,169,931)

(2,998,104)

Gross profit

毛利

3,326,622

3,036,282

6,822,888

6,048,759

Service development expenses

服務開發開支

7

(528,173)

(504,524)

(1,052,504)

(999,644)

Selling and marketing expenses

銷售及營銷開支

7

(1,627,575)

(1,538,292)

(3,318,980)

(2,991,832)

Administrative expenses

行政開支

7

(385,704)

(277,742)

(712,534)

(585,180)

Net (provision for)/reversal of

金融資產減值虧損
(5,233)

8,745

(19,916)

(99)

impairment loss on financial assets

（撥備）╱ 撥回淨額

Fair value changes on investments measured 按公允價值計量且其變動計入損益
at fair value through profit or loss

其他收入

Other (losses)/gains, net

其他（虧損）╱ 收益淨額

Operating profit

經營溢利

16(g)
9

41,526

48,208

66,235

69,041

42,351

17,399

54,895

35,295

(10,416)

19,240

6,356

50,259

853,398

809,316

1,846,440

1,626,599

Finance income

財務收入

10

26,467

43,161

49,730

92,212

Finance costs

財務費用

10

(57,604)

(77,710)

(113,966)

(151,468)

Share of results of investments

應佔採用權益法入賬
的投資業績

(13,524)

10,978

(18,399)

23,464

Profit before income tax

除所得稅前溢利

808,737

785,745

1,763,805

1,590,807

Income tax expense

所得稅開支

(175,013)

(143,640)

(345,852)

(270,201)

Profit for the period

期內溢利

633,724

642,105

1,417,953

1,320,606

Profit attributable to:

以下各項應佔溢利：
631,911

641,813

1,411,245

1,310,735

1,813

292

6,708

9,871

633,724

642,105

1,417,953

1,320,606

accounted for using the equity method

92

的投資公允價值變動

Other income

– Equity holders of the Company

－ 本公司權益持有人

– Non-controlling interests

－ 非控股權益

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

11

INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT
中期簡明綜合收益表
For the three months and six months ended June 30, 2026 截至二零二六年六月三十日止三個月及六個月

Earnings per share (expressed in
RMB per share):

Three months ended June 30,

Six months ended June 30,

截至六月三十日止三個月

截至六月三十日止六個月

2026

2025

2026

2025
二零二五年

二零二六年

二零二五年

二零二六年

Note

RMB’000

RMB’000

RMB’000

RMB’000

附註

人民幣千元

人民幣千元

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

（未經審核）

（未經審核）

每股盈利（以每股人民幣
列示）：

12

– Basic

－ 基本

0.27

0.28

0.60

0.58

– Diluted

－ 攤薄

0.27

0.28

0.60

0.57

The above interim condensed consolidated income statement should be

上述中期簡明綜合收益表應與隨附的附註一併

read in conjunction with the accompanying notes.

閱讀。

二零二六年中期報告 ︱ INTERIM REPORT 2026

93

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
中期簡明綜合全面收益表
For the three months and six months ended June 30, 2026 截至二零二六年六月三十日止三個月及六個月

Profit for the period

期內溢利

Other comprehensive income/(loss)

其他全面收益 ╱（虧損）

Three months ended June 30,

Six months ended June 30,

截至六月三十日止三個月

截至六月三十日止六個月

2026

2025

2026

2025

二零二六年

二零二五年

二零二六年

二零二五年

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

（未經審核）

（未經審核）

633,724

642,105

1,417,953

1,320,606

34,180

(2,298)

59,193

(3,953)

(1,724)

(2,444)

570

(8,085)

32,456

(4,742)

59,763

(12,038)

666,180

637,363

1,477,716

1,308,568

664,525

637,071

1,471,186

1,298,697

1,655

292

6,530

9,871

666,180

637,363

1,477,716

1,308,568

Items that will not be reclassified to profit or loss: 將不會重新分類至損益
的項目：
– Currency translation differences

－ 貨幣換算差額

Items that may be subsequently reclassified to

其後可能重新分類至損益

profit or loss:

－ 貨幣換算差額

Other comprehensive income/(loss) for the

期內其他全面收益 ╱（虧損），

period, net of tax

94

的項目：

– Currency translation differences

扣除稅項

Total comprehensive income for the period

期內全面收益總額

Total comprehensive income attributable to:

以下各項應佔全面收益總額：

– Equity holders of the Company

－ 本公司權益持有人

– Non-controlling interests

－ 非控股權益

The above interim condensed consolidated statement of comprehensive

上述中期簡明綜合全面收益表應與隨附的附註

income should be read in conjunction with the accompanying notes.

一併閱讀。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
中期簡明綜合財務狀況表
As at June 30, 2026 於二零二六年六月三十日

As at

As at

June 30,

December 31,

2026

2025

於二零二六年

於二零二五年

六月三十日

十二月三十一日

Note

RMB’000

RMB’000

附註

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

ASSETS

資產

Non-current assets

非流動資產

Property, plant and equipment

物業、廠房及設備

13

3,420,120

3,380,486

Right-of-use assets

使用權資產

14

1,393,257

1,451,415

Investments accounted for using the

採用權益法入賬的投資
15

1,832,114

1,774,124

equity method
Investments measured at fair value

按公允價值計量且其變動計入損益的
16

691,142

656,377

Investments measured at amortized cost

按攤銷成本計量的投資

16

395,160

925,814

Intangible assets

無形資產

18

12,757,501

12,856,502

Deferred income tax assets

遞延所得稅資產

178,913

275,907

Prepayment and other receivables

預付款項及其他應收款項

296,634

350,971

Other non-current assets

其他非流動資產

8,589

9,553

20,973,430

21,681,149

through profit or loss

投資

19

Current assets

流動資產

Trade receivables

貿易應收款項

20

2,831,101

2,262,971

Prepayment and other receivables

預付款項及其他應收款項

19

5,584,154

5,692,347

Inventories

存貨

12,418

11,628

Derivative financial instruments

衍生金融工具

291

–

Short-term investments measured at

按攤銷成本計量的短期投資
16

2,164,461

1,903,938

16

5,315,455

3,444,988

amortized cost
Short-term investments measured at fair
value through profit or loss

按公允價值計量且其變動計入損益的
短期投資

Restricted cash

受限制現金

Cash and cash equivalents

現金及現金等價物

Total assets

資產總值

446,039

442,389

6,782,318

6,505,907

23,136,237

20,264,168

44,109,667

41,945,317

二零二六年中期報告 ︱ INTERIM REPORT 2026

95

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
中期簡明綜合財務狀況表
As at June 30, 2026 於二零二六年六月三十日

EQUITY

權益

Capital and reserves attributable to

本公司權益持有人應佔資本及儲備

As at

As at

June 30,

December 31,

2026

2025

於二零二六年

於二零二五年

六月三十日

十二月三十一日

Note

RMB’000

RMB’000

附註

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

equity holders of the Company
Share capital

股本

24

8,118

8,105

Share premium

股份溢價

24

21,585,549

21,404,986

Treasury shares

庫存股份

24

(50)

(74)

Other reserves

其他儲備

25

(2,624,054)

(2,596,436)

Retained earnings

保留盈利

4,633,963

3,738,434

23,603,526

22,555,015

Non-controlling interests

非控股權益

1,019,522

1,018,186

Total equity

權益總額

24,623,048

23,573,201

LIABILITIES

負債

Non-current liabilities

非流動負債

Borrowings

借款

21

869,604

828,307

Financial liabilities measured at fair value

按公允價值計量且其變動計入損益的
5(c) (iii)

202,975

200,000

14

913,349

1,007,145

177,038

172,470

through profit or loss

96

金融負債

Lease liabilities

租賃負債

Contract liabilities

合同負債

Other payables

其他應付款項

Deferred income tax liabilities

遞延所得稅負債

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

23

376,971

372,391

1,055,033

1,055,256

3,594,970

3,635,569

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
中期簡明綜合財務狀況表
As at June 30, 2026 於二零二六年六月三十日

As at

As at

June 30,

December 31,

2026

2025

於二零二六年

於二零二五年

六月三十日

十二月三十一日

Note

RMB’000

RMB’000

附註

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

Current liabilities

流動負債

Borrowings

借款

21

3,315,146

3,271,533

Trade payables

貿易應付款項

22

5,095,796

4,521,654

Other payables and accruals

其他應付款項及應計費用

23

5,954,927

6,026,916

Dividend payable

應付股息

508,180

–

Lease liabilities

租賃負債

294,877

300,141

Derivative financial instruments

衍生金融工具

7,695

–

14

Contract liabilities

合同負債

586,470

404,951

Current income tax liabilities

即期所得稅負債

128,558

211,352

15,891,649

14,736,547

Total liabilities

負債總額

19,486,619

18,372,116

Total equity and liabilities

權益及負債總額

44,109,667

41,945,317

The above interim condensed consolidated statement of financial position

上述中期簡明綜合財務狀況表應與隨附的附註

should be read in conjunction with the accompanying notes.

一併閱讀。

The interim condensed consolidated financial information on pages 92 to

第92頁至第166頁的中期簡明綜合財務資料已於

166 were approved by the Board of Directors of the Company on August 24,

二零二六年八月二十四日由本公司董事會批准

2026 and were signed on its behalf by:

並由以下人士代為簽署：

Wu Zhixiang

Ma Heping

吳志祥

馬和平

Director

Director

董事

董事

二零二六年中期報告 ︱ INTERIM REPORT 2026

97

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
中期簡明綜合權益變動表
For the six months ended June 30, 2026 截至二零二六年六月三十日止六個月

(Unaudited)
（未經審核）
Attributable to equity holders of the Company
本公司權益持有人應佔
Non-

As at January 1, 2026

於二零二六年一月一日

Comprehensive income

全面收益

Profit for the period

Share

Share

Treasury

Other

Retained

capital

premium

shares

reserves

earnings

controlling

Total

interests

equity

小計 非控股權益

權益總額

Sub-total

股本

股份溢價

庫存股份

其他儲備

保留盈利

Note

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

附註

人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元

8,105

21,404,986

期內溢利

–

Currency translation differences

貨幣換算差額

Total comprehensive income

全面收益總額

Transactions with owners

與擁有人的交易
24, 25

RMB’000

RMB’000

RMB’000

(74) (2,596,436)

3,738,434

22,555,015

1,018,186

23,573,201

–

–

–

1,411,245

1,411,245

6,708

1,417,953

–

–

–

59,941

–

59,941

(178)

59,763

–

–

–

59,941

1,411,245

1,471,186

6,530

1,477,716

13

79,141

–

(28,510)

–

50,644

–

50,644

Exercise of share options

行使購股權

Restricted shares units vested and settled

已歸屬及已結算的受限制
股份單位

24, 25

–

101,422

24

(101,422)

–

24

–

24

Tax expense from share-based payments

股份支付的稅務開支

25

–

–

–

(36,382)

–

(36,382)

–

(36,382)

25

–

–

–

82,166

–

82,166

4

82,170

–

–

–

–

(515,716)

(515,716)

(5,131)

(520,847)

–

–

–

(3,411)

–

(3,411)

(67)

(3,478)

24

(87,559)

(515,716)

(422,675)

(5,194)

(427,869)

(50) (2,624,054)

4,633,963

23,603,526

1,019,522

24,623,048

Share-based compensation recognized for the 期內已確認以股份為基礎的酬金
period

98

Dividends provided for or paid

已撥備或支付之股息

Others

其他

Total transactions with equity holders

直接於權益確認的與權益持有人

recognized directly in equity

進行的交易總額

13

180,563

As at June 30, 2026

於二零二六年六月三十日

8,118

21,585,549

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

25

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
中期簡明綜合權益變動表
For the six months ended June 30, 2026 截至二零二六年六月三十日止六個月

(Unaudited)
（未經審核）
Attributable to equity holders of the Company
本公司權益持有人應佔
Non-

Note
附註

As at January 1, 2025

於二零二五年一月一日

Comprehensive income/(loss)

全面收益╱（虧損）

Profit for the period

Share

Share

Treasury

Other

Retained

capital

premium

shares

reserves

earnings

股本

股份溢價

庫存股份

其他儲備

保留盈利

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

controlling

Total

interests

equity

小計 非控股權益

權益總額

Sub-total
RMB’000

RMB’000

RMB’000

人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元

8,022

20,761,663

(123)

(2,519,667)

1,751,576

20,001,471

960,836

20,962,307

期內溢利

–

–

–

–

1,310,735

1,310,735

9,871

1,320,606

Currency translation differences

貨幣換算差額

–

–

–

(12,038)

–

(12,038)

–

(12,038)

Total comprehensive income/(loss)

全面收益╱（虧損）總額

–

–

–

(12,038)

1,310,735

1,298,697

9,871

1,308,568

Transactions with owners

與擁有人的交易
48

240,527

–

(94,376)

–

146,199

–

146,199

Exercise of share options

行使購股權

Restricted shares units vested and settled

已歸屬及已結算的受限制股份單

24, 25

位

24, 25

–

101,422

25

(101,422)

–

25

–

25

Tax benefit from share-based payments

股份支付的稅務優惠

25

–

–

–

7,382

–

7,382

–

7,382

25

–

–

–

149,265

–

149,265

7

149,272

–

–

–

–

(384,376)

(384,376)

(215)

(384,591)

–

–

–

1,827

–

1,827

14,001

15,828

Share-based compensation recognized for the 期內已確認以股份為基礎的酬金
period
Dividends provided for or paid

已撥備或支付之股息

Others

其他

Total transactions with equity holders

直接於權益確認的與權益持有人

recognized directly in equity

進行的交易總額

48

341,949

25

(37,324)

(384,376)

(79,678)

13,793

(65,885)

As at June 30, 2025

於二零二五年六月三十日

8,070

21,103,612

(98)

(2,569,029)

2,677,935

21,220,490

984,500

22,204,990

25

The above interim condensed consolidated statement of changes in equity

上述中期簡明綜合權益變動表應與隨附的附註

should be read in conjunction with the accompanying notes.

一併閱讀。

二零二六年中期報告 ︱ INTERIM REPORT 2026

99

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
中期簡明綜合現金流量表
For the six months ended June 30, 2026 截至二零二六年六月三十日止六個月

Six months ended June 30,
截至六月三十日止六個月
2025
二零二五年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

Cash flows from operating activities
Cash generated from operations
Interest received
Income tax paid

經營活動所得現金流量
經營所得現金
已收利息
已付所得稅

3,002,351
30,720
(399,245)

3,260,283
82,614
(307,750)

Net cash inflow from operating activities

經營活動現金流入淨額

2,633,826

3,035,147

Cash flows from investing activities
Payments for investments accounted for using the
equity method
Proceeds from disposal of investments accounted for
using the equity method
Payments for long-term investments measured at fair
value through profit or loss
Proceeds from redemption of long-term investments
measured at fair value through profit or loss
Payments for purchases of long-term investments
measured at amortized cost
Proceeds from redemption of long-term investments
measured at amortized cost
Purchases of property, plant and equipment
Purchases of intangible assets
Proceeds from disposal of property, plant and
equipment
Payments for purchases of short-term investments
Proceeds from redemption of short-term investments
Loans granted to related parties
Loans repayment from related parties
Loan granted to third parties
Loans repayment from third parties
Interest received from third parties
Interest received from related parties
Payments for acquisitions of subsidiaries, net of cash
acquired
Proceeds from disposal of a subsidiary, net of cash
disposed
Prepayment for investments
Net cash settlement for derivative financial instruments
Dividends received

投資活動所得現金流量
採用權益法入賬的投資的付款
(91,559)

(2,350)

11,451

–

(29,100)

(18,005)

234

207,341

(70,132)

(281,918)

336,770
(176,174)
(2,272)

77,140
(224,322)
(31,940)

1,461
(8,367,523)
6,553,310
–
15,970
(165,095)
25,663
5,186
2,036

1,384
(7,082,848)
4,067,805
(167,900)
500
(12,245)
8,225
4,459
–

(361,121)

(30,886)

1,075
–
–
8,761

669
(132,863)
5,849
52,376

(2,301,059)

(3,559,529)

Net cash outflow from investing activities

100

2026
二零二六年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

出售採用權益法入賬的投資的所得
款項
按公允價值計量且其變動計入損益
的長期投資的付款
贖回按公允價值計量且其變動計入
損益的長期投資的所得款項
購買按攤銷成本計量的長期投資的
付款
贖回按攤銷成本計量的長期投資的
所得款項
購買物業、廠房及設備
購買無形資產
出售物業、廠房及設備的所得款項
購買短期投資的付款
贖回短期投資的所得款項
向關聯方授出的貸款
關聯方償還貸款
向第三方授出的貸款
第三方償還貸款
已收第三方利息
已收關聯方利息
收購附屬公司的付款，扣除所收購
現金
出售附屬公司的所得款項，扣除已
出售現金
投資預付款項
衍生金融工具的現金結算淨額
已收股息
投資活動現金流出淨額

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
中期簡明綜合現金流量表
For the six months ended June 30, 2026 截至二零二六年六月三十日止六個月

Six months ended June 30,
截至六月三十日止六個月

Cash flows from financing activities
Repayments of bank borrowings and interests
Proceeds from borrowings
Payment for lease liabilities
(Decrease)/increase in restricted cash
Proceeds from exercise of share options
Contribution from non-controlling shareholders
Partial settlement of long-term payables
Acquisition from minority shareholders
Dividends paid to non-controlling shareholders

融資活動所得現金流量
償還銀行借款及利息
借款所得款項
租賃負債付款
受限制現金（減少）╱ 增加
行使購股權的所得款項
非控股股東注資
長期應付款項的部分結算
收購少數股東權益
向非控股股東支付的股息

Net cash inflow/(outflow) from financing activities

融資活動現金流入 ╱（流出）淨額

Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of the period
Effect of exchange rate changes on cash and cash
equivalents

現金及現金等價物增加 ╱（減少）
淨額
期初現金及現金等價物
匯率變動對現金及現金等價物的
影響

Cash and cash equivalents at end of the period

期末現金及現金等價物

2026
二零二六年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

2025
二零二五年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

(335,532)
468,604
(174,190)
(713)
52,803
–
–
–
(5,131)

(768,470)
598,415
(191,649)
94
146,199
2
(923)
(312)
(215)

5,841

(216,859)

338,608
6,505,907

(741,241)
8,019,963

(62,197)

(6,243)

6,782,318

7,272,479

The above interim condensed consolidated statement of cash flows should

上述中期簡明綜合現金流量表應與隨附的附註

be read in conjunction with the accompanying notes.

一併閱讀。

二零二六年中期報告 ︱ INTERIM REPORT 2026

101

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註
1. GENERAL INFORMATION

1. 一般資料

Tongcheng Travel Holdings Limited (the “Company”) is an exempted

同程旅行控股有限公司（「本公司」）為一間

company with limited liability incorporated under the laws of the

於二零一六年一月十四日根據開曼群島法

Cayman Islands on January 14, 2016. The registered office of the

律註冊成立的獲豁免有限公司。本公司註

Company is Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman

冊辦事處為Cricket Square, Hutchins Drive,

KY1-1111, Cayman Islands.

P.O. Box 2681, Grand Cayman KY1-1111,
Cayman Islands。

The Company’s shares have been listed on the Main Board of The Stock

本公司股份自二零一八年十一月二十六日

Exchange of Hong Kong Limited since November 26, 2018.

起於香港聯合交易所有限公司主板上市。

The Company is an investment holding company. The Company and

本公司為一間投資控股公司。本公司及其

its subsidiaries (together, the “Group”) are principally engaged in the

附屬公司（統稱「本集團」）主要在中華人民

provision of travel related services, including accommodation reservation

共和國（「中國」）從事提供旅遊相關服務，

services, transportation ticketing services, online advertising services,

包括住宿預訂服務、交通票務服務、線上

hotel management services (collectively the “core online travel agency

廣告服務、酒店管理服務（統稱「核心在線

and related businesses”), and tourism related services, mainly comprising

旅遊平台及相關業務」），以及度假相關服

offline travel agency related services and the operations of tourist and

務，主要包括線下旅行社相關服務及運營

scenic spot areas (collectively the “offline travel agency and tourism

旅遊景區（統稱「線下旅行社及度假相關業

related businesses”) in the People’s Republic of China (the “PRC”).

務」）。

The interim condensed consolidated financial information comprises

中期簡明綜合財務資料包括於二零二六年

the interim condensed consolidated statement of financial position

六月三十日的中期簡明綜合財務狀況表、

as at June 30, 2026, the interim condensed consolidated income

截至該日止三個月及六個月期間的中期

statement and the interim condensed consolidated statement of

簡明綜合收益表及中期簡明綜合全面收益

comprehensive income for the three-month and six-month periods

表、截至該日止六個月期間的中期簡明綜

then ended, the interim condensed consolidated statement of changes

合權益變動表及中期簡明綜合現金流量

in equity and the interim condensed consolidated statement of cash

表，以及選定的解釋附註（統稱「中期財務

flows for the six-month period then ended, and selected explanatory

資料」）。本中期財務資料所載截至二零二

notes (collectively the “Interim Financial Information”). All the financial

六年及二零二五年六月三十日止三個月期

information for the three-month period ended June 30, 2026 and 2025

間的所有財務資料（「第二季度財務資料」）

(the “Q2 Financials”) as set out in this Interim Financial Information are

僅供參考，該等第二季度財務資料未經審

for reference only and these Q2 Financials have not been reviewed or

閱或審核。除另有說明外，中期財務資料

audited. The Interim Financial Information is presented in Renminbi

以人民幣（「人民幣」）呈列。

(“RMB”), unless otherwise stated.

102

The Interim Financial Information has been approved for issue by the

中期財務資料已於二零二六年八月二十四

Board of Directors of the Company on August 24, 2026.

日經本公司董事會批准刊發。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

2. BASIS OF PREPARATION AND PRESENTATION

2. 編製及呈列基準

The Interim Financial Information has been prepared in accordance

中期財務資料乃按照國際會計準則理事會

with International Accounting Standard 34 “Interim Financial Reporting”

頒佈的國際會計準則第 34 號「中期財務報

(“IAS 34”) as issued by the International Accounting Standards Board.

告」
（「國際會計準則第34號」）所編製。此中

This Interim Financial Information does not include all the notes of the

期財務資料不包括一般收錄於年度財務報

type normally included in annual financial statements. Accordingly,

表的所有附註。因此，本中期財務資料應

the Interim Financial Information is to be read in conjunction with the

與本公司截至二零二五年十二月三十一日

annual consolidated financial statements of the Company for the year

止年度的年度綜合財務報表（已按照本公司

ended December 31, 2025 (which have been prepared in accordance

日期為二零二六年三月二十四日的二零二

with IFRS Accounting Standards as set out in the Company’s 2025 annual

五年年報所載的國際財務報告會計準則編

report dated March 24, 2026 (the “2025 Annual Financial Statements”).

製）
（「二零二五年度財務報表」）一併閱讀。

3. ACCOUNTING POLICIES

3. 會計政策

The accounting policies adopted are consistent with those of the

所採用的會計政策與先前財政年度及相應

previous financial year and corresponding interim reporting period,

中期報告期間所採用的會計政策一致，惟

except for the adoption of the new or amended standards as set out

下文所載採納新訂或經修訂準則除外。

below.

(a) New or amended standards adopted by the Group

(a) 本集團已採納的新訂或經修訂準
則

The Group has applied the following new or amended standards for

本集團已於二零二六年一月一日開始

the first time for the Group’s financial year beginning on January 1,

的財政年度首次應用以下新訂或經修

2026:

訂準則：

•

•

Amendments to IFRS 9 and IFRS 7 – Amendments to the

國際財務報告準則第9號及國際財
務報告準則第7號的修訂 － 金融工

Classification and Measurement of Financial Instruments

具分類及計量的修訂
•

Amendments to IFRS 9 and IFRS 7 – Amendments to the

•

國際財務報告準則第9號及國際財
務報告準則第7號的修訂 － 涉及依

Contracts Referencing Nature-dependent Electricity

賴自然能源生產電力的合約的修訂
•

Annual improvements –Annual improvements to IFRS
Accounting Standards – Volume 11

•

年度改進 － 國際財務報告會計準
則年度改進 － 第11卷

The amended standards and annual improvements listed above

上文所列的經修訂準則及年度改進與

are not relevant to the Group and did not have any impact on

本集團無關且對過往期間確認的金額

the amounts recognised in prior periods and are not expected to

並無任何影響，且預期不會對本期間

significantly affect the current or future periods.

或未來期間產生重大影響。

二零二六年中期報告 ︱ INTERIM REPORT 2026

103

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

3. 會計政策
（續）

3. ACCOUNTING POLICIES (CONTINUED)
(b) New or amended standards not yet adopted
The following new or amended standards have been published that
are not mandatory for reporting periods commencing on January 1,
2026 and have not been early adopted by the Group.

(b) 並未採納的新訂或經修訂準則
以下新訂或經修訂準則已頒佈但並未
於二零二六年一月一日開始的報告期
間強制生效，且本集團並未提早採納。
Effective date
生效日期

IFRS 18
國際財務報告準則第18號
IFRS 19 and Amendment to
IFRS 19
國際財務報告準則第19號及國際財務報告
準則第19號的修訂

Subsidiaries without Public
Accountability: Disclosures
非公共受託責任的附屬公司：披露

Amendment to IAS 21

Translation to a Hyperinflationary
Presentation Currency
轉換為惡性通貨膨脹經濟下的列報貨幣

國際會計準則第21號的修訂
IFRS 20
國際財務報告準則第20號
Amendments to IAS 28 and IFRS 10
國際會計準則第28號及國際財務報告
準則第10號的修訂

104

Presentation and Disclosure in Financial
Statements
財務報表的呈列及披露

Regulatory Assets and Regulatory
Liabilities
監管資產與監管負債
Sale or Contribution of Assets between
an Investor and its Associate or Joint
Venture
投資者與其聯營公司或合營公司
之間資產出售或注資

January 1, 2027
二零二七年一月一日
January 1, 2027
二零二七年一月一日

January 1, 2027
二零二七年一月一日
January 1, 2029
二零二九年一月一日
To be determined
待定

These new or amended accounting standards are not expected
to have a material impact on the Group in the current or future
reporting periods and on foreseeable future transactions, except
that the adoption of IFRS 18 upon its effective date is expected to
have certain pervasive impact on the presentation and disclosures
of the Group’s consolidated financial statements which were
described in the Group’s annual consolidated financial statements
for the year ended December 31, 2025.

該等新訂或經修訂會計準則預期將不
會於當前或未來報告期間對本集團及
可見將來的交易產生重大影響，惟於
國際財務報告準則第18 號生效日期
採納該準則，預期將對本集團綜合財
務報表之呈列及披露造成若干廣泛影
響，有關影響已於本集團截至二零二
五年十二月三十一日止年度的年度綜
合財務報表中闡述。

As a supplementary update, the Group currently reports adjusted
EBITDA and adjusted net profit measures to the Company’s
investors. The Group expects that these measures will meet
the definition of a management-defined performance measure.
The Group is performing an assessment of other measures that
are currently being reported outside the financial information
and whether or not these may also meet the definition of a
management-defined performance measure.

作為補充更新，本集團目前向本公司
的投資者報告經調整 EBITDA 及經調整
溢利淨額計量指標。本集團預期該等
計量指標將符合管理層定義之表現計
量指標的定義。本集團正評估目前於
財務資料以外報告的其他計量指標，
以及該等計量指標是否亦可能符合管
理層定義之表現計量指標的定義。

At each subsequent reporting period, the Group will provide an
update on the progress towards transition to IFRS 18.

於每個後續報告期間，本集團將提供
有關過渡至國際財務報告準則第 18 號
之進度的更新資料。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

4. ESTIMATES AND JUDGEMENTS

4. 估計及判斷

The preparation of the Interim Financial Information requires

編製中期財務資料要求管理層作出影響會

management to make judgements, estimates and assumptions that

計政策的應用及資產及負債、收入及開支

affect the application of accounting policies and the reported amounts

的呈報金額的判斷、估計及假設。顧名思

of assets and liabilities, income and expenses. The resulting accounting

義，由此產生的會計估計很少與相關的實

estimates will, by definition, seldom equal the related actual results.

際結果相等。

In preparing the Interim Financial Information, the significant

於編製中期財務資料時，管理層在應用本

judgements made by management in applying the Group’s accounting

集團會計政策時作出的重大判斷及估計不

policies and the key sources of estimation uncertainty were the same as

確定性的主要來源與二零二五年度財務報

those applied to the 2025 Annual Financial Statements.

表所採用者相同。

5. FAIR VALUE ESTIMATION

5. 公允價值估計

The table below analyses the Group’s financial instruments carried at fair

下表按用以計量公允價值的估值技術的輸

value as at June 30, 2026 and December 31, 2025, by level of the inputs

入值層級，分析本集團於二零二六年六月

to valuation techniques used to measure fair value. Such inputs are

三十日及二零二五年十二月三十一日按公

categorised into three levels within a fair value hierarchy as follows:

允價值列賬的金融工具。有關輸入值按下
文所述分類歸入公允價值層級內的三個層
級：

•

quoted prices (unadjusted) in active markets for identical assets or

•

liabilities (Level 1);
•

inputs other than quoted prices included within Level 1 that are

相同資產或負債在交投活躍市場的報
價（未經調整）
（第1層）；

•

observable for the asset or liability, either directly (that is, as prices)

除第1層包括的報價外，該資產或負債
的可直接觀察輸入值（即價格本身）或

or indirectly (that is, derived from prices) (Level 2); and

可間接觀察輸入值（即衍生自價格者）
（第2層）；及

•

inputs for the asset or liability that are not based on observable
market data (that is, unobservable inputs) (Level 3).

•

並非基於可觀察市場數據的資產或負
債的輸入值（即不可觀察輸入值）
（第3
層）。

二零二六年中期報告 ︱ INTERIM REPORT 2026

105

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

5. FAIR VALUE ESTIMATION (CONTINUED)

RMB’000

RMB’000
人民幣千元

50,349

–

640,793

691,142

註16）

–

3,779,722

1,535,733

5,315,455

－ 衍生金融工具

–

–

291

291

50,349

3,779,722

2,176,817

6,006,888

–

–

7,695

7,695

–

–

202,975

202,975

–

–

210,670

210,670

56,530

–

599,847

656,377

–

1,697,466

1,747,522

3,444,988

56,530

1,697,466

2,347,369

4,101,365

–

–

200,000

200,000

資產
－ 按公允價值計量且其變動

value through profit or loss (Note 16)

計入損益的長期投資（附
註16）
－ 按公允價值計量且其變動

value through profit or loss (Note 16)

計入損益的短期投資（附

負債

– Derivative financial instruments

－ 衍生金融工具

– Financial liability measured at fair value

－ 按公允價值計量且其變動

through profit or loss

計入損益的金融負債

(Audited)

（經審核）

As at December 31, 2025

於二零二五年十二月三十一日

Assets

資產
－ 按公允價值計量且其變動

value through profit or loss (Note 16)

計入損益的長期投資（附
註16）

– Short-term investments measured at fair

－ 按公允價值計量且其變動

value through profit or loss (Note 16)

計入損益的短期投資（附
註16）

Liability

負債

– Financial liability measured at fair value
through profit or loss

106

總計

人民幣千元

於二零二六年六月三十日

– Long-term investments measured at fair

Total

第3層

RMB’000

Assets

Liabilities

Level 3

第2層
人民幣千元

As at June 30, 2026

– Derivative financial instruments

Level 2

第1層
RMB’000

（未經審核）

– Short-term investments measured at fair

Level 1

人民幣千元

(Unaudited)

– Long-term investments measured at fair

5. 公允價值估計
（續）

－ 按公允價值計量且其變動
計入損益的金融負債

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

5. FAIR VALUE ESTIMATION (CONTINUED)
(a) Financial instruments in Level 1

5. 公允價值估計
（續）
(a) 第1層金融工具

The fair value of financial instruments traded in active markets is

於活躍市場買賣的金融工具的公允價

based on quoted market prices at the balance sheet date. A market

值乃基於結算日市場報價。倘交易

is regarded as active if quoted prices are readily and regularly

所、交易商、經紀、行業組織、定價

available from an exchange, dealer, broker, industry group, pricing

服務機構或監管機構隨時定期提供報

service, or regulatory agency, and those prices represent actual and

價，且該等價格代表實際及定期進行

regularly occurring market transactions on an arm’s length basis.

的公平市場交易，則市場被視為活躍。

(b) Financial instruments in Level 2

(b) 第2層金融工具

The fair value of financial instruments that are not traded in an

並無於活躍市場買賣的金融工具公允

active market is determined by using valuation techniques. These

價值以估值技術釐定。該等估值技術

valuation techniques maximize the use of observable market

盡量利用既有可觀察市場數據，盡量

data where it is available and rely as little as possible on entity

少依賴實體的特定估計。倘計算某工

specific estimates. If all significant inputs required to fair value an

具的公允價值所需的所有重大輸入值

instrument are observable, the instrument is included in Level 2.

為可觀察數據，則該工具將列入第2
層。

(c) Financial instruments in Level 3

(c) 第3層金融工具

If one or more of the significant inputs is not based on observable

倘一項或多項重大輸入值並非基於可

market data, the instrument is included in Level 3.

觀察市場數據，則該工具計入第3層。

Specific valuation techniques used to value financial instruments

用於評估金融工具的專門估值技術包

include:

括：

•

•

Quoted market prices or dealer quotes for similar instruments.

市場報價或交易商對類似工具的報
價。

•

Other techniques, such as discounted cash flow or expected

•

貼現現金流量或預期可收回現金流

recoverable cash flows analysis are used to determine fair value

量分析等其他技術用於釐定金融工

for financial instruments.

具公允價值。

Level 3 instruments of the Group’s financial assets include

本集團金融資產的第3層工具包括按公

long-term or short-term investments measured at fair value through

允價值計量且其變動計入損益的長期

profit or loss and certain derivative financial instruments.

或短期投資及若干衍生金融工具。

二零二六年中期報告 ︱ INTERIM REPORT 2026

107

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

5. FAIR VALUE ESTIMATION (CONTINUED)

5. 公允價值估計
（續）

(c) Financial instruments in Level 3 (Continued)

(c) 第3層金融工具
（續）

The following table presents the changes in Level 3 instruments of

下表呈列截至二零二六年及二零二五

long-term investments measured at fair value through profit or loss

年六月三十日止六個月按公允價值計

during the six months ended June 30, 2026 and 2025.

量且其變動計入損益的長期投資第3層
工具的變動。
Six months ended June 30,
截至六月三十日止六個月
2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

At beginning of the period

期初

599,847

785,357

Additions

添置

29,100

18,005

Decrease in investments (note)

投資減少（附註）

Changes in fair value

公允價值變動

(791)

(185,996)

14,121

18,567

–

782

(1,484)

2,543

Transfer from investments accounted for using 轉撥自採用權益法入賬的投資
the equity method

108

Currency translation differences

貨幣換算差額

At end of the period

期末

640,793

639,258

Net unrealized gains for the period

期內未變現收益淨額

13,593

16,877

Note:

附註：

The decrease in investments represents the redemption of the invested
funds and distribution from the invested funds during the six months ended
June 30, 2026 and 2025. The net realized gain on the aforesaid redemption
has been included as part of the changes in fair value for the period in the
movement table above.

投資減少指截至二零二六年及二零二五年六
月三十日止六個月贖回已投資基金及已投資
基金分配。上述贖回的已變現淨收益已作為
期內公允價值變動的一部分計入上文變動表
中。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

5. FAIR VALUE ESTIMATION (CONTINUED)

5. 公允價值估計
（續）

(c) Financial instruments in Level 3 (Continued)

(c) 第3層金融工具
（續）

The following table presents the changes in Level 3 instruments of

下表呈列截至二零二六年及二零二五

short-term investments measured at fair value through profit or loss

年六月三十日止六個月按公允價值計

during the six months ended June 30, 2026 and 2025.

量且其變動計入損益的短期投資第3層
工具的變動。
Six months ended June 30,
截至六月三十日止六個月
2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

At beginning of the period

期初

1,747,522

991,624

Additions

添置

1,181,435

1,695,663

Disposals (note)

出售（附註）

(1,416,020)

(1,036,634)

Changes in fair value

公允價值變動

28,085

17,595

Currency translation differences

貨幣換算差額

(5,289)

(2,070)

At end of the period

期末

1,535,733

1,666,178

Net unrealized gains for the period

期內未變現收益淨額

16,136

14,898

Note:

附註：

The disposal of short-term investments measured at fair value through profit
or loss represents the redemption of wealth management products during
the six months ended June 30, 2026 and 2025. The net realised gain on the
aforesaid redemption has been included as part of the changes in fair value
for the period in the movement table above.

出售按公允價值計量且其變動計入損益的短
期投資為於截至二零二六年及二零二五年六
月三十日止六個月贖回理財產品。上述贖回
的已變現淨收益已作為期內公允價值變動的
一部分計入上文變動表中。

二零二六年中期報告 ︱ INTERIM REPORT 2026

109

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

5. FAIR VALUE ESTIMATION (CONTINUED)

5. 公允價值估計
（續）

(c) Financial instruments in Level 3 (Continued)

(c) 第3層金融工具
（續）

As these instruments are not traded in an active market, their fair

因該等工具並非於交投活躍市場中交

values have been determined by using various applicable valuation

易，其公允價值已採用貼現現金流量

techniques, including discounted cash flows and market approach.

法及市場法等多種適用估值技術釐定。

The following table summarizes the quantitative information about

下表概述於二零二六年六月三十日及

the significant unobservable inputs used in recurring Level 3 fair

二零二五年十二月三十一日關於對短

value measurements of the short-term and long-term investments

期及長期投資作經常性第3層公允價值

as at June 30, 2026 and December 31, 2025.

計量時採用的重大不可觀察輸入值的
定量資料。

Description
描述

Fair values

Range of inputs

公允價值

輸入值範圍

As at

As at

June 30,

December 31, Valuation

2026

2025

於二零二六年

於二零二五年

techniques

Significant

As at

unobservable

June 30,

inputs

2026

As at

Relationship of

December 31, unobservable
2025

inputs to fair values

重大不可

於二零二六年

於二零二五年

不可觀察輸入值

估值技術

觀察輸入值

六月三十日

十二月三十一日

與公允價值的關係

Market approach

Expected volatility/

43.47%-51.21%/

44.50%-51.19%/ The higher the expected

value through profit or loss - equity

and net assets

Discount for Lack of

14.10%-32.40%

13.90%-35.50%

interests in private entities or funds

value (iii)

Marketability (“DLOM”)

按公允價值計量且其變動計入損益的長

市場法及資產淨值 預期波幅╱缺乏市場流

預期波幅及缺乏市場流通性

期投資－私人實體或基金的股權

(iii)

折讓越高，公允價值越低

六月三十日 十二月三十一日

Long-term investments measured at fair

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

640,793

599,847

volatility and DLOM, the
lower the fair value

通性折讓（「缺乏市場
流通性折讓」）

Short-term investments measured at fair

1,535,733

1,747,522

value through profit or loss – wealth

Discounted cash

Expected rate of return/ 1.07%- 8.00%/0%

flows

expected recoverable

rate of return/expected

cash flows (iv)

recoverable cash flows, the

management products

1.33%-8.00%/0% The higher the expected

higher the fair value
按公允價值計量且其變動計入損益的短

貼現現金流量法

期投資－理財產品

預期回報率╱預期可收

預期回報率╱預期可收回現

回現金流量(iv)

金流量越高，公允價值越
高

Financial liability measured at fair value

202,975

200,000

42.36%/10.00%

Discounted cash

Expected volatility/

through profit or loss (v)

flows

discount rate

42.21%/10.00% The higher the expected
volatility/ discount rate, the

按公允價值計量且其變動計入損益的金

貼現現金流量法

預期波幅╱貼現率

預期波幅╱貼現率越高，公

lower the fair value
融負債(v)

110

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

允價值越低

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

5. FAIR VALUE ESTIMATION (CONTINUED)

5. 公允價值估計
（續）

(c) Financial instruments in Level 3 (Continued)

(c) 第3層金融工具
（續）

Notes:

附註：

(i)

If the fair values of the investments and financial liability measured at
fair value through profit or loss in Level 3 held by the Group had been
10% higher/lower, the profit before income tax for the six months
ended June 30, 2026 would have been approximately RMB197 million
(six months ended June 30, 2025: RMB231 million) higher/lower.

(i)

倘本集團持有的第3 層按公允價值計量
且其變動計入損益的投資及金融負債的
公允價值上升 ╱ 下降 10%，則截至二
零二六年六月三十日止六個月除所得稅
前溢利將增加 ╱ 減少約人民幣197百萬
元（截至二零二五年六月三十日止六個
月：人民幣231百萬元）。

(ii)

There were no transfers between Levels 1, 2 and 3 of fair value
hierarchy classifications during the six months ended June 30, 2026 and
2025.

(ii)

截至二零二六年及二零二五年六月三十
日止六個月，公允價值層級分類第1、2
及3層間並無轉移。

(iii)

The fair value of funds’ investments was determined based on the net
asset value of the investments, whose underlying assets and liabilities
were measured at fair value.

(iii)

基金投資的公允價值乃根據投資的資產
淨值釐定，其相關資產及負債乃按公允
價值計量。

(iv)

As mentioned in Note 18(g) in the 2025 Annual Financial Statements,
the fair value of the Group’s investment to be recovered from a fund
manager is determined by management based on the expected cash
flows to be recovered from the investment. As of the date of this
interim financial information, the fund manager has not yet repaid
any amount to the Group and the Group will continue to dedicate
resources in collecting back any recoverable investment amount in the
best interest of the Group.

(iv)

誠如二零二五年度財務報表附註 18(g)
所述，本集團將自一名基金經理收回之
投資的公允價值，乃由管理層根據預期
將自該投資收回的現金流量釐定。截至
本中期財務資料日期，該基金經理尚未
向本集團償還任何款項，而本集團將繼
續投入資源以收回任何可收回的投資金
額，以符合本集團的最佳利益。

(v)

In December 2025, an associate has advanced a loan with conversion
features and a put option right of RMB200 million to a subsidiary of the
Group for financing its construction project and operations. Based on
the terms of the loan (including the related conversion features and
the put option rights as embedded in the entire loan arrangement) and
also the Group’s possible obligations to repay the loan together with
the related interests under certain pre-determined conditions within a
five-year period, the Group has designated the entirety of the related
financial liabilities as financial liabilities at fair value through profit or
loss, with changes in fair value recognised in profit or loss and any
changes related to its own credit risk are recognised in OCI. The loan
was secured by pledging of 100% equity interest in a subsidiary held
by the Group, as well as a plot of land and the construction in progress
thereon.

(v)

於二零二五年十二月，一家聯營公司向
本集團一家附屬公司墊付一筆附帶轉換
特徵及認沽期權權利的貸款人民幣200
百萬元，以為其建設項目及營運提供資
金。根據該貸款條款（包括整體貸款安
排中所嵌入的相關轉換特徵及認沽期權
權利）以及本集團可能須於五年期內在
若干預定條件下償還該貸款連同相關利
息的義務，本集團已將全部相關金融負
債指定為按公允價值計量且其變動計入
損益的金融負債，公允價值變動於損益
中確認，而與其自身信貸風險相關的任
何變動則於其他全面收益中確認。該貸
款以質押本集團所持一家附屬公司的
100%股權，以及一幅土地及位於其上
的在建工程作為擔保。

二零二六年中期報告 ︱ INTERIM REPORT 2026

111

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

6. REVENUE AND SEGMENT INFORMATION

6. 收入及分部資料

The Group has identified two reportable segments, namely (i) Core OTA

本集團已識別兩個可呈報分部，即(i)核心在

segment, which comprises the core online travel agency and related

線旅遊平台分部，包括核心在線旅遊平台

businesses; and (ii) Tourism segment, which comprises the offline

及相關業務；及(ii)度假分部，包括線下旅

travel agency and tourism related businesses. The chief operating

行社及度假相關業務。主要營運決策者為

decision-makers (i.e. the Chief Executive Officer, Vice Presidents and

本公司首席執行官、副總裁及董事（「主要

the Directors of the Company) (the “CODMs”) review and evaluate the

營運決策者」），負責分開審閱及評估該兩

business performance of these two businesses separately for allocating

項業務的業務表現，以分配資源及作出戰

resources and making strategic decisions.

略決策。

The CODMs assess the performance of the operating segments

主要營運決策者主要根據各營運分部的收

mainly based on revenues and operating profit/loss of each operating

入及經營溢利 ╱ 虧損評估營運分部表現。

segment. Thus, segment results would present revenue, cost of

因此，分部業績將呈列各分部的收入、銷

revenue and operating expenses, and operating profit/loss for each

售成本及經營開支以及經營溢利 ╱ 虧損，

segment, which is in line with CODMs’ performance review. There were

這與主要營運決策者的表現審閱一致。截

no material inter-segment sales during the six months ended June

至二零二六年及二零二五年六月三十日止

30, 2026 and 2025. Certain unallocated items (primarily with respect

六個月，概無重大分部間銷售。若干未

to the share-based compensation expenses, amortisation of those

分 配 項 目（主 要 關 於 以 股 份 為 基 礎 的 酬 金

intangible assets as identified from business combinations, certain

開支、業務合併中識別的該等無形資產攤

corporate administrative expenses and other miscellaneous items) are

銷、若干企業行政開支及其他雜項）並未分

not allocated to each segment as they are not directly relevant to the

配至各分部，此乃由於該等項目與主要營

operating results used in the performance measurement and resource

運決策者的業績計量及資源分配所用的經

allocation by the CODMs.

營業績並無直接關係。

No analysis of segment assets or segment liabilities is presented as they

由於主要營運決策者在作出有關分配資源

are not used by the CODMs when making decisions about allocating

及評估本集團表現的決策時並無使用分部

resources and assessing performance of the Group.

資產或分部負債的分析，故該分析並無呈
列。

112

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

6. 收入及分部資料
（續）

6. REVENUE AND SEGMENT INFORMATION
(CONTINUED)
The segment information of the reportable segments for the relevant

於相關期間內，可呈報分部的分部資料如

periods are as follows:

下：
Three months ended June 30, 2026

Three months ended June 30, 2025

截至二零二六年六月三十日止三個月

截至二零二五年六月三十日止三個月

Unallocated
Core OTA

Unallocated

Tourism

items

Total

度假

未分配項目

總計

核心在線
旅遊平台

Core OTA

Tourism

items

Total

度假

未分配項目

總計

核心在線
旅遊平台

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

（未經審核） （未經審核） （未經審核） （未經審核） （未經審核） （未經審核） （未經審核） （未經審核）

Revenue

收入

– Accommodation reservation services

－住宿預訂服務

1,480,655

–

–

1,480,655

1,371,367

–

–

1,371,367

– Transportation ticketing services

－交通票務服務

1,838,210

–

–

1,838,210

1,881,010

–

–

1,881,010

– Others

－其他

1,025,369

642,793

–

1,668,162

755,398

661,656

–

1,417,054

4,344,234

642,793

–

4,987,027

4,007,775

661,656

–

4,669,431

(1,058,699)

(568,575)

(33,131)

(1,660,405)

(1,004,823)

(586,957)

(41,369)

(1,633,149)

(2,139,207)

(80,372)

(253,645)

(2,473,224)

(1,932,618)

(70,272)

(224,076)

(2,226,966)

(3,197,906)

(648,947)

(286,776)

(4,133,629)

(2,937,441)

(657,229)

(265,445)

(3,860,115)

1,146,328

(6,154)

(286,776)

853,398

1,070,334

4,427

(265,445)

809,316

Cost of revenue, operating expenses and 銷售成本、經營開支及
unallocated items

未分配項目

– Cost of revenue

－銷售成本

– Operating expenses and

－經營開支及未分配項目

unallocated items

Operating profit/(loss)

經營溢利╱（虧損）

二零二六年中期報告 ︱ INTERIM REPORT 2026

113

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

6. 收入及分部資料
（續）

6. REVENUE AND SEGMENT INFORMATION
(CONTINUED)
The segment information of the reportable segments for the relevant

於相關期間內，可呈報分部的分部資料如

periods are as follows (Continued):

下（續）：
Six months ended June 30, 2026

Six months ended June 30, 2025

截至二零二六年六月三十日止六個月

截至二零二五年六月三十日止六個月

Unallocated
Core OTA

Unallocated

Tourism

items

Total

度假

未分配項目

總計

核心在線
旅遊平台

Core OTA

Tourism

items

Total

度假

未分配項目

總計

核心在線
旅遊平台

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

（未經審核） （未經審核） （未經審核） （未經審核） （未經審核） （未經審核） （未經審核） （未經審核）

Revenue

收入

– Accommodation reservation services

－住宿預訂服務

2,845,115

–

–

2,845,115

2,561,009

–

–

2,561,009

– Transportation ticketing services

－交通票務服務

3,962,228

–

–

3,962,228

3,881,221

–

–

3,881,221

– Others

－其他

1,986,790

1,198,686

–

3,185,476

1,357,975

1,246,658

–

2,604,633

8,794,133

1,198,686

–

9,992,819

7,800,205

1,246,658

–

9,046,863

(2,069,010)

(1,025,270)

(75,651)

(3,169,931)

(1,852,584)

(1,073,482)

(72,038)

(2,998,104)

(4,273,489)

(160,646)

(542,313)

(4,976,448)

(3,770,448)

(143,206)

(508,506)

(4,422,160)

(6,342,499)

(1,185,916)

(617,964)

(8,146,379)

(5,623,032)

(1,216,688)

(580,544)

(7,420,264)

2,451,634

12,770

(617,964)

1,846,440

2,177,173

29,970

(580,544)

1,626,599

Cost of revenue, operating expenses and 銷售成本、經營開支及
unallocated items

未分配項目

– Cost of revenue

－銷售成本

– Operating expenses and

－經營開支及未分配項目

unallocated items

Operating profit/(loss)

114

經營溢利╱（虧損）

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

6. 收入及分部資料
（續）

6. REVENUE AND SEGMENT INFORMATION
(CONTINUED)
The major customer which contributed more than 10% of the total

截至二零二六年及二零二五年六月三十日

revenue for the three months and six months ended June 30, 2026 and

止三個月及六個月，貢獻收入總額超過10%

2025 are listed as below:

的主要客戶載列如下：
Three months ended June 30,

Six months ended June 30,

截至六月三十日止三個月

截至六月三十日止六個月

2026

2025

2026

2025

二零二六年

二零二五年

二零二六年

二零二五年

%

%

%

%

Customer group A

客戶群組A

18.48

17.76

17.99

16.96

Customer B

客戶B

7.17

10.30

9.09

11.85

25.65

28.06

27.08

28.81

Customer group A is a group of entities comprising a shareholder of

客戶群組A為包括本公司股東及其聯屬公司

the Company and its affiliated companies (Note 30(b)) and the revenue

的一組實體（附註30(b)），而收入主要來自

is mainly derived from the Group’s provision of accommodation

本集團於各期間向客戶群組A提供住宿預訂

reservation services to Customer group A during the respective periods.

服務。

二零二六年中期報告 ︱ INTERIM REPORT 2026

115

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

7. 按性質劃分的開支

7. EXPENSES BY NATURE

Six months ended June 30,

截至六月三十日止三個月

截至六月三十日止六個月

2026

2025

2026

2025

二零二六年

二零二五年

二零二六年

二零二五年

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

（未經審核）

（未經審核）

Employee benefit expenses

僱員福利開支

1,243,720

1,029,124

2,427,398

2,061,552

Advertising and promotion expenses

廣告及推廣開支

1,015,749

980,841

2,092,180

1,916,057

Cost of travel products

旅遊產品成本

635,134

669,712

1,114,132

1,195,537

Depreciation and amortization expenses

折舊及攤銷開支

347,944

330,865

697,687

616,441

Order payment and settlement costs

訂單支付及結算成本

303,817

335,385

636,949

675,190

Procurement costs

採購成本

265,708

228,829

496,927

403,339

Commission expenses

佣金開支

163,600

166,632

326,165

305,621

Bandwidth and servers custody fees

帶寬及服務器託管費用

54,473

52,335

116,384

95,852

Professional service fees and

專業服務費用及分包費
42,592

33,449

85,947

62,217

Travelling and entertainment expenses

差旅及招待開支

36,454

32,193

71,165

61,841

Short-term rental and utility fees

短期租金及公用設施費用

33,869

33,702

74,706

67,148

Tax and surcharges

稅項及附加費

26,315

25,088

50,625

45,624

Telephone and communication

電話及通信

5,833

4,316

10,611

8,603

Others

其他

26,649

31,236

53,073

59,738

Total of cost of revenue, service

銷售成本、服務開發開支、

4,201,857

3,953,707

8,253,949

7,574,760

subcontractor charges

development expenses, selling and

銷售及營銷開支及行政開

marketing expenses and administrative

支的總額

expenses

116

Three months ended June 30,

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

8. 以股份為基礎的酬金開支

8. SHARE-BASED COMPENSATION EXPENSES
The share-based compensation expense recognized for employee

就截至二零二六年及二零二五年六月三十

services received during the three months and six months ended June

日止三個月及六個月獲得的僱員服務確認

30, 2026 and 2025 are shown in the following table:

的以股份為基礎的酬金開支於下表列示：
Three months ended June 30,

Six months ended June 30,

截至六月三十日止三個月

截至六月三十日止六個月

2026

2025

2026

2025

二零二六年

二零二五年

二零二六年

二零二五年

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

（未經審核）

（未經審核）

43,573

73,878

82,051

149,057

Expense arising from equity-settled share- 權益結算以股份為基礎的付
based payment transactions

款交易產生的開支

二零二六年中期報告 ︱ INTERIM REPORT 2026

117

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

8 以股份為基礎的酬金開支
（續）

8. SHARE-BASED COMPENSATION EXPENSES
(CONTINUED)
Share options

購股權

The following table summarizes information with respect to share

下表概述有關截至二零二六年及二零二五

options outstanding for the six months ended June 30, 2026 and 2025

年六月三十日止六個月尚未行使購股權以

and the weighted average exercise prices (“WAEP”).

及加權平均行使價（「加權平均行使價」）的
資料。
(Unaudited)
（未經審核）
Six months ended June 30,
截至六月三十日止六個月
2026

2026

2025

2025

Number of

WAEP

Number of

WAEP

RMB

share options

share options

二零二六年
二零二六年

加權平均

二零二五年

加權平均

購股權數目

行使價人民幣

購股權數目

行使價人民幣

Outstanding at beginning of the period

於期初尚未行使

119,747,133

12.01

143,646,005

11.94

Exercised during the period

期內行使

(3,890,123)

12.68

(13,168,987)

10.14

Forfeited and expired during the period

期內沒收及失效

(436,475)

14.34

(561,250)

14.40

Outstanding at end of the period

於期末尚未行使

115,420,535

11.98

129,915,768

12.11

Exercisable at end of the period

於期末可行使

88,979,166

11.26

86,736,765

10.96

The weighted average remaining contractual life for the share options

於二零二六年六月三十日，尚未行使的購

outstanding as at June 30, 2026 was 5.33 years (2025: 6.35 years).

股權的加權平均剩餘合約年限為5.33 年（二
零二五年：6.35年）。

118

RMB
二零二五年

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

8. SHARE-BASED COMPENSATION EXPENSES
(CONTINUED)

8 以股份為基礎的酬金開支
（續）

Share options (Continued)

購股權
（續）

Share options outstanding as at June 30, 2026 have the following expiry

於二零二六年六月三十日尚未行使的購股

date and exercise prices:

權到期日及行使價如下：
Number of share

Expiry date

Exercise price

options as at June 30,

per share option

2026

每份購股權的行使價

六月三十日購股權數目

RMB2.6

11,574,407

於二零二六年
到期日

March 9, 2028
二零二八年三月九日
May 18, 2028
二零二八年五月十八日

人民幣2.6元
RMB5.5

13,043,682

人民幣5.5元

September 1, 2028

HKD9.8

二零二八年九月一日

9.8港元

December 19, 2029

HKD12.428

二零二九年十二月十九日

12.428港元

October 22, 2030

HKD14.436

二零三零年十月二十二日

14.436港元

October 20, 2031

HKD 18.56

二零三一年十月二十日

18.56港元

June 28, 2032

HKD 17.12

二零三二年六月二十八日

17.12港元

October 19, 2033

HKD15.516

二零三三年十月十九日

15.516港元

June 26, 2034

HKD15.92

二零三四年六月二十六日

15.92港元

2,648,760
4,214,450
7,445,500
16,336,248
17,376,100
21,781,388
21,000,000

115,420,535

二零二六年中期報告 ︱ INTERIM REPORT 2026

119

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

8 以股份為基礎的酬金開支
（續）

8. SHARE-BASED COMPENSATION EXPENSES
(CONTINUED)
Restricted shares units (“RSUs”)

受限制股份單位（「受限制股份單位」）

The following table summarizes information with respect to RSUs

下表概述有關截至二零二六年及二零二五

arrangements for the six months ended June 30, 2026 and 2025 and the

年六月三十日止六個月的受限制股份單位

weighted average fair value (“WAFV”).

安排以及加權平均公允價值（「加權平均公
允價值」）的資料。
(Unaudited)
（未經審核）
Six months ended June 30,
截至六月三十日止六個月
2026

2026

2025

2025

二零二六年

二零二六年

二零二五年

二零二五年

Number

WAFV

Number

WAFV

of RSUs

RMB

of RSUs

RMB

加權平均

120

加權平均

受限制股份

公允價值

受限制股份

公允價值

單位數目

人民幣

單位數目

人民幣

Outstanding at beginning of the period

於期初尚未行使

20,797,468

13.93

34,662,453

14.00

Vested and settled during the period

期內歸屬及結算

(6,932,500)

14.63

(6,932,500)

14.63

Outstanding at end of the period

於期末尚未行使

13,864,968

13.58

27,729,953

13.85

There was no new RSU granted during the six months ended June 30,

截至二零二六年及二零二五年六月三十日

2026 and 2025.

止六個月，概無授出新受限制股份單位。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

9. 其他（虧損）╱ 收益淨額

9. OTHER (LOSSES)/GAINS, NET

Foreign exchange (losses)/gains,
net (note)
Net gains/(losses) on disposal of
investments accounted for using the

Three months ended June 30,

Six months ended June 30,

截至六月三十日止三個月

截至六月三十日止六個月

2026

2025

2026

2025

二零二六年

二零二五年

二零二六年

二零二五年

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

（未經審核）

（未經審核）

(31,256)

10,452

(39,143)

18,167

3,424

(7,113)

3,424

(7,113)

(1,045)

(4,163)

(77)

(789)

(7,539)

(2,982)

(7,415)

1,984

21,324

19,657

44,091

33,205

匯兌（虧損）╱ 收益淨額（附
註）
出售採用權益法入賬的投資
收益 ╱（虧損）淨額

equity method
Net loss on disposal/write-off of property, 物業、廠房及設備的出售 ╱
plant and equipment
Net (losses)/gains on derivative financial
instruments
Investment income from investments
measured at amortized cost

撇銷虧損淨額
衍生金融工具（虧損）╱ 收益
淨額
按攤銷成本計量的投資所得
投資收入

Donation

捐贈

(95)

(138)

(1,445)

(1,073)

Others

其他

4,771

3,527

6,921

5,878

(10,416)

19,240

6,356

50,259

Note:

附註：

Foreign exchange (losses)/gains, net for the six months ended June 30, 2026 and
2025 primarily comprise of exchange gains/(losses) as arisen from the retranslation
of the US and HK dollar denominated bank borrowings and other payables and
exchange (losses)/gains as arisen from the retranslation of US and HK dollar
denominated bank deposits and wealth management products.

截至二零二六年及二零二五年六月三十日止六個
月的匯兌（虧損）╱ 收益淨額主要包括重新換算以
美元及港元計值的銀行借款及其他應付款項所產
生的匯兌收益 ╱（虧損）以及重新換算以美元及港
元計值的銀行存款及理財產品所產生的匯兌（虧
損）╱ 收益。

二零二六年中期報告 ︱ INTERIM REPORT 2026

121

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

10. FINANCE INCOME AND COSTS

Three months ended June 30,

Six months ended June 30,

截至六月三十日止三個月

截至六月三十日止六個月

2026

2025

2026

2025

二零二六年

二零二五年

二零二六年

二零二五年

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

（未經審核）

（未經審核）

Finance income

財務收入

Interest income on bank deposits

銀行存款利息收入

20,980

39,097

39,640

85,318

Others

其他

5,487

4,064

10,090

6,894

26,467

43,161

49,730

92,212

(33,078)

(45,399)

(64,312)

(89,025)

Finance costs

財務費用

Interest expenses for borrowings

借款利息開支

Amortized amount of long-term other

長期其他應付款項攤銷金額

payables
Interest on lease liabilities (Note 14(b))

Net finance costs

122

10. 財務收入及費用

租賃負債利息（附註14(b)）

財務費用淨額

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

(13,315)

(21,799)

(26,625)

(43,209)

(11,211)

(10,512)

(23,029)

(19,234)

(57,604)

(77,710)

(113,966)

(151,468)

(31,137)

(34,549)

(64,236)

(59,256)

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

11. 所得稅開支

11. INCOME TAX EXPENSE
The income tax expense of the Group for the three months and six

本集團截至二零二六年及二零二五年六月

months ended June 30, 2026 and 2025 are analysed as follows:

三十日止三個月及六個月的所得稅開支分
析如下：
Three months ended June 30,

Six months ended June 30,

截至六月三十日止三個月

截至六月三十日止六個月

2026

2025

2026

2025

二零二六年

二零二五年

二零二六年

二零二五年

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited))

（未經審核）

（未經審核）

（未經審核）

（未經審核）

Current income tax

即期所得稅

136,219

122,580

320,153

278,539

Deferred income tax expense/(credit)

遞延所得稅開支 ╱（抵免）

38,794

21,060

25,699

(8,338)

175,013

143,640

345,852

270,201

Income tax expense is recognized based on management’s best

所得稅開支乃根據管理層對財政年度預期

estimate of the income tax rates expected for the financial year.

所得稅率的最佳估計確認。

(a) Cayman Islands income tax

(a) 開曼群島所得稅

Under the current laws of the Cayman Islands, the Company is

根據開曼群島現行法律，本公司毋須

not subject to tax on the Company’s income or capital gains. In

就本公司的收入或資本收入繳稅。此

addition, no Cayman Islands withholding tax is imposed upon any

外，概不就任何股息付款徵收開曼群

payments of dividends.

島預扣稅。

(b) Hong Kong income tax

(b) 香港所得稅

Entities incorporated in Hong Kong are subject to Hong Kong

於香港註冊成立的實體須於截至二零

profits tax at a rate of 8.25% on assessable profits up to HKD2

二六年及二零二五年六月三十日止期

million and 16.5% on any part of assessable profits over HKD2

間就未超過2百萬港元的應課稅溢利按

million for the periods ended June 30, 2026 and 2025.

8.25% 稅率繳納香港利得稅，超過 2 百
萬港元的應課稅溢利則按16.5%稅率繳
納香港利得稅。

二零二六年中期報告 ︱ INTERIM REPORT 2026

123

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

11. INCOME TAX EXPENSE (CONTINUED)
(c) PRC corporate income tax (“CIT”)

11. 所得稅開支
（續）
(c) 中國企業所得稅（「企業所得稅」）

CIT provision was made on the estimated assessable profits of

截至二零二六年及二零二五年六月三

entities within the Group incorporated in the PRC for the six months

十日止六個月，就於中國註冊成立的

ended June 30, 2026 and 2025, calculated in accordance with the

本集團內實體的估計應課稅溢利作出

relevant regulations of the PRC after considering the available tax

企業所得稅撥備，企業所得稅撥備乃

benefits from refunds and allowances. The general PRC CIT rate is

經考慮來自退稅及補貼的可用稅務優

25% for the periods ended June 30, 2026 and 2025.

惠後根據中國相關法規計算。截至二
零二六年及二零二五年六月三十日止
期間，中國企業所得稅一般稅率為
25%。

Six of the Company’s directly held subsidiaries incorporated in the

本公司於中國註冊成立的六間直接持

PRC are qualified as High and New Technology Enterprises (“HNTE”),

有附屬公司獲認定為高新技術企業

and accordingly, they are subject to a reduced preferential CIT rate

（「高新技術企業」），因此根據適用企

of 15% for the periods ended June 30, 2026 and 2025 according

業所得稅法，該等附屬公司截至二零

to the applicable CIT law. The HNTE’s qualification of these six

二六年及二零二五年六月三十日止期

companies will be subject to renewal during 2026 to 2028.

間已按經削減的企業所得稅優惠稅率
15%繳稅。該六家公司的高新技術企業
資格將於二零二六年至二零二八年重
續。

Certain of the subsidiaries enjoy the preferential CIT tax rate of 20%

部分附屬公司作為小型微利企業享有

as small and low-profit enterprises.

20%的優惠企業所得稅稅率。

Other subsidiaries of the Company incorporated in the PRC are

本公司於中國註冊成立的其他附屬公

subject to the general PRC CIT rate of 25% during the six months

司截至二零二六年及二零二五年六月

ended June 30, 2026 and 2025.

三十日止六個月已按中國一般企業所
得稅稅率25%繳稅。

(d) PRC Withholding Tax (“WHT”)

124

(d) 中國預扣稅（「預扣稅」）

According to the applicable PRC tax regulations, dividends

根據適用中國稅務法規，在中國成立

distributed by a company established in the PRC to a foreign

的公司向外國投資者分派有關於二零

investor with respect to profits derived after January 1, 2008 are

零八年一月一日後產生的溢利的股息

generally subject to a 10% WHT. If a foreign investor incorporated

一般須繳納10%的預扣稅。倘於香港註

in Hong Kong meets the conditions and requirements under the

冊成立的外國投資者符合中國與香港

double taxation treaty arrangement entered into between the PRC

之間訂立的雙重徵稅協定安排的條件

and Hong Kong, the relevant withholding tax rate will be reduced

及規定，則相關預扣稅稅率將由10%減

from 10% to 5%.

少至5%。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

11. INCOME TAX EXPENSE (CONTINUED)
(d) PRC Withholding Tax (“WHT”) (Continued)

11. 所得稅開支
（續）
(d) 中國預扣稅（「預扣稅」
（
）續）

As of June 30, 2026 and December 31, 2025, the Group does not

截至二零二六年六月三十日及二零二

have any plan to require its PRC subsidiaries to distribute their

五年十二月三十一日，本集團並無任

retained earnings and intends to retain them to operate and

何計劃要求其中國附屬公司分派其保

expand its business in the PRC. Accordingly, no deferred income tax

留盈利及有意保留盈利以在中國運營

liability in respect of the WHT on undistributed earnings of the PRC

及擴張其業務。因此，於二零二六年

subsidiaries was recognised as at June 30, 2026 and December 31,

六月三十日及二零二五年十二月三十

2025.

一日，概無就中國附屬公司未分配盈
利的預扣稅確認遞延所得稅負債。

(e) O r g a n i z a t i o n f o r E c o n o m i c C o - o p e r a t i o n a n d
Development (“OECD”) Pillar Two model rules

(e) 經 濟 合 作 與 發 展 組 織（「 經 合 組
織」）支柱二模型規則

The Group is within the scope of the OECD Pillar Two model rules.

本集團屬於經合組織支柱二模型規則

As of June 30, 2026, Pillar Two legislation was enacted in several

的涵蓋範圍。截至二零二六年六月三

tax jurisdictions in which the Group entities are incorporated

十日，支柱二法例已於本集團實體註

or operated. Management has continuously assess the related

冊成立或運營所在的多個稅務司法管

potential impact and concluded that there is no material impact on

轄區實施。管理層已持續評估相關的

the Group’s financial performance and position as of June 30, 2026

潛在影響，並得出結論認為，截至二

in connection with the Pillar Two legislation.

零二六年六月三十日，支柱二法例概
無對本集團的財務表現及狀況造成重
大影響。

二零二六年中期報告 ︱ INTERIM REPORT 2026

125

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

12. 每股盈利

12. EARNINGS PER SHARE

(a) 基本

(a) Basic
Basic earnings per share for the three months and six months

截至二零二六年及二零二五年六月三

ended June 30, 2026 and 2025 are calculated by dividing the profit

十日止三個月及六個月，每股基本盈

attributable to the Company’s equity holders by the weighted

利乃按本公司權益持有人應佔溢利除

average number of ordinary shares in issue (excluding the treasury

以各期內已發行普通股（不包括庫存股

shares (Note 24) during the respective periods.

份（附註24））的加權平均數計算。
Three months ended June 30,

Six months ended June 30,

截至六月三十日止三個月

截至六月三十日止六個月

2026

2025

2026

2025

二零二六年

二零二五年

二零二六年

二零二五年

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

（未經審核）

（未經審核）

631,911

641,813

1,411,245

1,310,735

2,333,501

2,282,569

2,332,784

2,279,472

0.27

0.28

0.60

0.58

Profit attributable to equity holders of 本公司權益持有人應佔溢
the Company (RMB’000)

利（人民幣千元）

Weighted average number of ordinary 已發行普通股加權平均數
shares in issue (excluding the treasury （庫存股份除外）
（千股）
shares) (thousand shares)
Basic earnings per share (RMB)

每股基本盈利（人民幣）

(b) Diluted

(b) 攤薄

Diluted earnings per share is calculated by adjusting the weighted

每股攤薄盈利乃通過調整已發行普通

average number of ordinary shares outstanding (excluding the

股（ 庫 存 股 份 除 外 ）的 加 權 平 均 數 計

treasury shares) to assume conversion of all dilutive potential

算，以假設所有潛在攤薄普通股已獲

ordinary shares.

轉換。

As at June 30, 2026, 115,420,535 share options and 13,864,968 RSUs

於二零二六年六月三十日，合共

were outstanding in total. For the three months and six months

115,420,535份購股權及13,864,968個受

ended June 30, 2026, the share options and RSUs granted by the

限制股份單位仍未行使。截至二零二

Company have potential dilutive effect on the earnings per share.

六年六月三十日止三個月及六個月，

Diluted earnings per share is calculated by adjusting the weighted

本公司授出的購股權及受限制股份單

average number of ordinary shares outstanding (excluding the

位對每股盈利具有潛在攤薄影響。每

treasury shares) by the assumption of the conversion of all potential

股攤薄盈利乃透過調整已發行普通股

dilutive ordinary shares arising from share options and RSUs

的加權平均數（庫存股份除外）計算，

granted by the Company (collectively forming the denominator for

而此乃假設本公司授出的購股權及受

computing the diluted earnings per share). No adjustment is made

限制股份單位所產生的所有潛在攤薄

to earnings (numerator).

普通股均獲轉換（合共組成計算每股攤
薄盈利的分母）。盈利（分子）並無作調
整。

126

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

12. EARNINGS PER SHARE (CONTINUED)

12. 每股盈利
（續）
(b) 攤薄
（續）

(b) Diluted (Continued)

Profit attributable to equity holders

Three months ended June 30,

Six months ended June 30,

截至六月三十日止三個月

截至六月三十日止六個月

2026

2025

2026

2025

二零二六年

二零二五年

二零二六年

二零二五年

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

（未經審核）

（未經審核）

631,911

641,813

1,411,245

1,310,735

2,333,501

2,282,569

2,332,784

2,279,472

10,723

25,638

11,172

23,965

2,749

7,657

4,566

4,634

2,346,973

2,315,864

2,348,522

2,308,071

0.27

0.28

0.60

0.57

計算每股攤薄盈利的本公

of the Company for calculation of

司權益持有人應佔溢利

diluted earnings per share (RMB’000)

（人民幣千元）

Weighted average number of ordinary 已發行普通股加權平均數
shares in issue (excluding the treasury （庫存股份除外）
（千股）
shares) (thousand shares)
Adjustments for RSUs granted to
employees (thousand shares)

授予僱員的受限制股份單
位調整（千個）

Adjustments for share options granted 授予僱員的購股權調整（千
to employees (thousand shares)

份）

Weighted average number of ordinary 計算每股攤薄盈利的普通
shares for calculation of diluted

股加權平均數（千股）

earnings per share (thousand shares)

Diluted earnings per share (RMB)

每股攤薄盈利（人民幣）

二零二六年中期報告 ︱ INTERIM REPORT 2026

127

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

13. 物業、廠房及設備

13. PROPERTY, PLANT AND EQUIPMENT

Furniture,
fixtures and
Buildings

IT equipment motor vehicles

Leasehold

Construction

Software

improvements

in progress

Total

傢具、固定
樓宇

電腦設備

裝置及車輛

軟件

租賃裝修

在建工程

總計

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

At December 31, 2025

於二零二五年十二月三十一日

Cost

成本

2,624,626

1,012,708

94,970

255,688

437,161

366,919

4,792,072

Accumulated depreciation

累計折舊

(311,361)

(669,668)

(49,556)

(229,085)

(151,916)

–

(1,411,586)

Net book amount

賬面淨值

2,313,265

343,040

45,414

26,603

285,245

366,919

3,380,486

(Unaudited)

（未經審核）

Six months ended June 30, 2026

截至二零二六年六月三十日止六

Opening net book amount

期初賬面淨值

2,313,265

343,040

45,414

26,603

285,245

366,919

3,380,486

Currency translation differences

貨幣換算差額

(3,631)

(168)

(94)

(20)

(28)

(330)

(4,271)

Additions

添置

1,729

38,290

4,155

95

7,630

112,569

164,468

個月

–

–

1,884

27,716

804

–

30,404

Transfer

轉讓

9,737

–

–

–

787

(10,524)

–

Depreciation charge

折舊費用

(46,501)

(62,312)

(6,967)

(3,420)

(29,625)

–

(148,825)

Disposal

出售

(69)

(946)

(398)

–

(729)

–

(2,142)

Closing net book amount

期末賬面淨值

2,274,530

317,904

43,994

50,974

264,084

468,634

3,420,120

At June 30, 2026

於二零二六年六月三十日

Addition through business combination 透過業務合併添置

128

Cost

成本

2,632,222

1,042,442

97,541

283,479

445,375

468,634

4,969,693

Accumulated depreciation

累計折舊

(357,692)

(724,538)

(53,547)

(232,505)

(181,291)

–

(1,549,573)

Net book amount

賬面淨值

2,274,530

317,904

43,994

50,974

264,084

468,634

3,420,120

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

13. 物業、廠房及設備
（續）

13. PROPERTY, PLANT AND EQUIPMENT
(CONTINUED)

Furniture,
fixtures and
Buildings

IT equipment

樓宇

電腦設備

motor vehicles

Leasehold

Construction

Software

improvements

in progress

Total

軟件

租賃裝修

在建工程

總計

傢具、固定

At December 31, 2024

裝置及車輛

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

於二零二四年十二月三十一日

Cost

成本

2,532,470

930,252

85,669

246,534

368,952

168,703

4,332,580

Accumulated depreciation

累計折舊

(225,499)

(592,207)

(35,551)

(221,756)

(110,641)

–

(1,185,654)

Net book amount

賬面淨值

2,306,971

338,045

50,118

24,778

258,311

168,703

3,146,926

(Unaudited)

（未經審核）

Six months ended June 30, 2025

截至二零二五年六月三十日止六
個月

Opening net book amount

期初賬面淨值

2,306,971

338,045

50,118

24,778

258,311

168,703

3,146,926

Currency translation differences

貨幣換算差額

4,426

(6,800)

24

23

21

(1)

(2,307)

Additions

添置

14,104

95,933

6,074

885

2,910

65,070

184,976

–

11

2

–

–

–

13

Addition through business combination 透過業務合併添置
Transfer

轉讓

17,720

–

–

–

13,115

(30,835)

–

Depreciation charge

折舊費用

(41,117)

(59,171)

(7,939)

(3,553)

(26,379)

–

(138,159)

Disposal

出售

–

(2,579)

(456)

–

(875)

–

(3,910)

Closing net book amount

期末賬面淨值

2,302,104

365,439

47,823

22,133

247,103

202,937

3,187,539

At June 30, 2025

於二零二五年六月三十日

Cost

成本

2,568,720

980,556

90,396

247,442

383,627

202,937

4,473,678

Accumulated depreciation

累計折舊

(266,616)

(615,117)

(42,573)

(225,309)

(136,524)

–

(1,286,139)

Net book amount

賬面淨值

2,302,104

365,439

47,823

22,133

247,103

202,937

3,187,539

二零二六年中期報告 ︱ INTERIM REPORT 2026

129

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

14. 租賃

14. LEASES
(a) The interim condensed consolidated statement of financial position
shows the following amounts relating to leases where the Group is

(a) 中期簡明綜合財務狀況表呈列以下本
集團作為承租人的租賃相關款項：

a lessee:

130

As at

As at

June 30,

December 31,

2026

2025

於二零二六年

於二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

Right-of-use assets

使用權資產

Leased buildings

租賃樓宇

744,231

698,171

Land use rights

土地使用權

443,309

463,068

Leased vehicles (note)

租賃車輛（附註）

205,717

290,176

1,393,257

1,451,415

Lease liabilities

租賃負債

Current

流動

294,877

300,141

Non-current

非流動

913,349

1,007,145

1,208,226

1,307,286

Note:

附註：

The Group leases a pool of vehicles from third-party vehicle lessors which
were subsequently subleased to an associate of the Group under operating
and financing lease arrangement.

本集團向第三方車輛出租人租賃一批車輛，
該批車輛其後根據經營及融資租賃安排轉租
予本集團的聯營公司。

As of June 30, 2026, the lease liabilities as recognised by the Group

截至二零二六年六月三十日，本集團

in respect of the abovementioned leased vehicles amounted

已確認上述租賃車輛的租賃負債約為

to approximately RMB365.0 million (as at December 31, 2025:

人民幣365.0百萬元（於二零二五年十二

RMB514.0 million).

月三十一日：人民幣514.0百萬元）。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

14. 租賃
（續）

14. LEASES (CONTINUED)

(b) 中期簡明綜合收益表呈列以下有關租

(b) The interim condensed consolidated income statement shows the
following amounts relating to leases:

Depreciation charge of

賃之款項：
Three months ended June 30,

Six months ended June 30,

截至六月三十日止三個月

截至六月三十日止六個月

2026

2025

2026

2025

二零二六年

二零二五年

二零二六年

二零二五年

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

（未經審核）

（未經審核）

使用權資產折舊費用

right-of-use assets
Leased buildings

租賃樓宇

24,307

20,005

49,442

40,608

Land use rights

土地使用權

1,870

1,701

3,726

3,396

Leased vehicles

租賃車輛

30,205

43,613

61,165

43,726

Leased equipment

租賃設備

–

–

–

16

56,382

65,319

114,333

87,746

11,211

10,512

23,029

19,234

Interest expense on lease liabilities

租賃負債利息開支

(included in finance costs)

（計入財務費用）

(Note 10)

（附註10）

二零二六年中期報告 ︱ INTERIM REPORT 2026

131

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

15. INVESTMENTS ACCOUNTED FOR USING THE
EQUITY METHOD

15. 採用權益法入賬的投資
Six months ended June 30,
截至六月三十日止六個月

132

2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

At beginning of the period

期初

1,774,124

1,682,145

Additions

添置

91,559

2,350

Business combination

業務合併

7,419

–

Dividend

股息

(5,944)

(55,121)

Share of (loss)/profit

應佔（虧損）╱ 溢利

(18,399)

23,464

Disposal

出售

(12,866)

(22,744)

Others

其他

(3,779)

2,798

At end of the period

期末

1,832,114

1,632,892

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

16. 投資

16. INVESTMENTS

Current assets

流動資產

Short-term investments measured at

短期投資

– Amortized cost (Note a)

－ 按攤銷成本計量（附註a）

– Fair value through profit or loss (Note b)

－ 按公允價值計量且其變動計入損
益（附註b）

Non-current assets

非流動資產

Long-term investments measured at

長期投資

– Amortized cost (Note c)

－ 按攤銷成本計量（附註c）

– Fair value through profit or loss (Note d)

－ 按公允價值計量且其變動計入損
益（附註d）

As at

As at

June 30,

December 31,

2026

2025

於二零二六年

於二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

2,164,461

1,903,938

5,315,455

3,444,988

7,479,916

5,348,926

395,160

925,814

691,142

656,377

1,086,302

1,582,191

二零二六年中期報告 ︱ INTERIM REPORT 2026

133

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

16. INVESTMENTS (CONTINUED)
Notes:
(a)

Short-term investments measured at amortized cost

16. 投資
（續）
附註：
(a)

按攤銷成本計量的短期投資為一年內的定期
存款，按固定利率計息並以美元、港元、人
民幣或韓元計值。該等投資乃持作收取合約
現金流量，且該等投資的合約現金流量符合
僅為支付本金及利息的條件，因此按攤銷成
本計量。於二零二六年六月三十日及二零二
五年十二月三十一日，該等投資概無逾期。

Short-term investments measured at amortized cost are time deposits within
one year with fixed interest rates, denominated in USD, HKD, RMB or KRW.
The investments are held for collection of contractual cash flows and the
contractual cash flows of these investments qualify for solely payments of
principal and interest; hence they are measured at amortized costs. None of
these investments are past due as at June 30, 2026 and December 31, 2025.

(b)

Short-term investments measured at fair value through profit or loss

(b)

Long-term investments measured at amortized cost
Long-term investments measured at amortized cost are time deposits with
terms from 2 years to 3 years which bear interests at fixed interest rates
ranging from 1.75% to 3.00% per annum for the six months ended June
30, 2026 (six months ended June 30, 2025: 2.50% to 3.35% per annum)
and are all denominated in RMB. The investments are held for collection of
contractual cash flows and the contractual cash flows of these investments
qualify for solely payments of principal and interest, hence they are measured
at amortized costs. None of these investments are past due as at June 30,
2026 and December 31, 2025. The Group reclassifies such investments from
long-term to short-term when the investment becomes maturing within the
next twelve months.

134

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

按公允價值計量且其變動計入損益的短期投
資
按公允價值計量且其變動計入損益的短期投
資包括以人民幣、港元或美元計值的理財產
品，截至二零二六年六月三十日止六個月，
每年預期回報率介乎1.07%至8.00%（截至二
零二五年六月三十日止六個月：每年0.86%
至6.50%）。所有該等理財產品的回報並無擔
保，因此其合約現金流量並不符合僅為支付
本金及利息的條件。因此，其按公允價值計
量且其變動計入損益。於二零二六年六月三
十日及二零二五年十二月三十一日，該等投
資概無逾期。

Short-term investments measured at fair value through profit or loss include
wealth management products, denominated in RMB, HKD or USD, with
expected rates of return ranging from 1.07% to 8.00% per annum for the
six months ended June 30, 2026 (six months ended June 30, 2025: 0.86% to
6.50% per annum). The returns on all these wealth management products
are not guaranteed, hence their contractual cash flows do not qualify for
solely payments of principal and interest. Therefore, they are measured at
fair value through profit or loss. None of these investments are past due as at
June 30, 2026 and December 31, 2025.

(c)

按攤銷成本計量的短期投資

(c)

按攤銷成本計量的長期投資
截至二零二六年六月三十日止六個月，按攤
銷成本計量的長期投資為按固定年利率介乎
1.75%至3.00%（截至二零二五年六月三十日
止六個月：每年2.50%至3.35%）計息、年期
為 2 年至 3 年的定期存款，全部以人民幣計
值。該等投資乃持作收取合約現金流量，且
該等投資的合約現金流量符合僅為支付本金
及利息的條件，因此按攤銷成本計量。於二
零二六年六月三十日及二零二五年十二月三
十一日，該等投資概無逾期。當投資於未來
十二個月內到期時，本集團將該等投資由長
期重新分類為短期。

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

16. INVESTMENTS (CONTINUED)

16. 投資
（續）

Notes: (Continued)

附註：
（續）

(d)

(d)

(e)

Long-term investments measured at fair value through profit or loss

按公允價值計量且其變動計入損益的長期投
資

As at June 30, 2026 and December 31, 2025, long-term investments
measured at fair value through profit or loss are investments held by the
Group in the equity interests in several private or listed companies and
investment funds.

於二零二六年六月三十日及二零二五年十二
月三十一日，按公允價值計量且其變動計入
損益的長期投資為本集團於若干私人或上市
公司及投資基金的股權中持有的投資。

The investments held by the Group in the equity interests in private or
listed companies and investment funds are those which (i) the Group does
not have control or significant influence over each entity or fund, or (ii)
not considered to be substantively the same as ordinary share due to the
investment having a substantive liquidation preference or redemption
rights. Therefore, these investments are classified as long-term investments
measured at fair value through profit or loss. The fair values of the longterm investments are determined by using valuation techniques with
unobservable inputs and hence classified as level 3 of the fair value hierarchy
for equity interests in private companies and investment funds. For equity
interests in listed companies, they are measured based on the quoted
market prices in active markets and hence classified as level 1 of the fair
value hierarchy.

本集團於私人或上市公司及投資基金的股權
中持有的投資為(i)本集團對各實體或基金均
無控制權或重大影響，或(ii)因投資擁有實質
清算優先權或贖回權而不被視為與普通股實
質相同的投資。因此，該等投資分類為按公
允價值計量且其變動計入損益的長期投資。
就私人公司及投資基金的股權而言，長期投
資的公允價值乃採用具有不可觀察輸入數據
的估值方法計量，故分類為公允價值層級的
第三級。就上市公司股權而言，其按活躍市
場的市場報價計量，故分類為公允價值層級
的第一級。

The Group’s investments as mentioned above are not considered as material
on individual basis as none of them individually exceeds 5% of the Group’s
total assets as at June 30, 2026 and December 31, 2025.

(e)

本集團上述投資由於個別計並無超過於二零
二六年六月三十日及二零二五年十二月三十
一日本集團資產總額的 5%，故個別不被視
作重大投資。

二零二六年中期報告 ︱ INTERIM REPORT 2026

135

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

16. 投資
（續）

16. INVESTMENTS (CONTINUED)
Notes: (Continued)

附註：
（續）

(f)

(f)

As at June 30, 2026, details of top 5 principal investments in each category
are set out as below:
(i)

Short-term investments measured at amortized cost

於二零二六年六月三十日，各類型前5 大主
要投資的詳情載列如下：
(i)

Principal
amount

Investments in deposits
Bank A
Bank B
Bank C
Bank D
Bank E

(ii)

存款投資
銀行A
銀行B
銀行C
銀行D
銀行E

Short-term investments measured at fair value through profit or loss

136

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

理財產品投資
金融機構A
銀行F
銀行G
金融機構B
銀行H

Percentage of
size as compared
to the total assets
規模佔資產
總額百分比

本金額
RMB’000
人民幣千元
(Unaudited)
（未經審核）

Carrying amount
at amortized cost
按攤銷成本
計賬面值
RMB’000
人民幣千元
(Unaudited)
（未經審核）

614,639
551,683
300,000
170,273
145,591

649,058
565,636
324,200
171,206
148,282

1.47%
1.28%
0.73%
0.39%
0.34%

1,782,186

1,858,382

4.21%

(ii)

Principal
amount

Investment in wealth management products
Financial institution A
Bank F
Bank G
Financial institution B
Bank H

按攤銷成本計量的短期投資

(Unaudited)
（未經審核）

按公允價值計量且其變動計入損益的短
期投資
Percentage of
size as compared
to the total assets
規模佔資產
總額百分比

本金額
RMB’000
人民幣千元
(Unaudited)
（未經審核）

Carrying amount
at fair value
按公允價值
計賬面值
RMB’000
人民幣千元
(Unaudited)
（未經審核）

670,000
563,950
487,400
475,000
393,000

681,615
570,075
489,309
483,292
398,269

1.55%
1.29%
1.11%
1.10%
0.90%

2,589,350

2,622,560

5.95%

(Unaudited)
（未經審核）

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

16. 投資
（續）

16. INVESTMENTS (CONTINUED)
Notes: (Continued)

附註：（續）

(f)

(f)

As at June 30, 2026, details of top 5 principal investments in each category
are set out as below: (Continued)
(iii)

Long-term investments measured at amortized cost

於二零二六年六月三十日，各類型前5 大主
要投資的詳情載列如下：
（續）
(iii)

Principal
amount
本金額
RMB’000
人民幣千元
(Unaudited)
（未經審核）
Investments in deposits
Bank I
Bank A
Bank J
Bank K
Bank L

存款投資
銀行I
銀行A
銀行J
銀行K
銀行L

按攤銷成本計量的長期投資
Percentage of
size as compared
Carrying amount
at amortized cost to the total assets
按攤銷成本
規模佔資產
計賬面值
總額百分比
RMB’000
人民幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）

190,000
120,000
30,000
20,000
20,000

195,711
127,315
30,281
21,772
20,081

0.44%
0.29%
0.07%
0.05%
0.05%

380,000

395,160

0.90%

二零二六年中期報告 ︱ INTERIM REPORT 2026

137

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

16. 投資
（續）

16. INVESTMENTS (CONTINUED)
Notes: (Continued)

附註：
（續）

(f)

(f)

As at June 30, 2026, details of top 5 principal investments in each category
are set out as below: (Continued)
(iv)

Long-term investments measured at fair value through profit or loss

於二零二六年六月三十日，各類型前5 大主
要投資的詳情載列如下：
（續）
(iv)

Equity
interest held
持有股權

(Unaudited)
（未經審核）
Investments in equity interests
Company A
Company B
Company C
Company D
Company E

(g)

股權投資
公司A
公司B
公司C
公司D
公司E

138

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

Percentage of
size as compared
Carrying amount
at fair value to the total assets
按公允價值
規模佔資產
計賬面值
總額百分比
RMB’000
人民幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）

0.92%
0.75%
3.69%
0.87%
4.12%

(g)

Amounts recognized in profit or loss

Fair value changes on short-term investments 按公允價值計量且其變
measured at fair value through profit or loss
動計入損益的短期投
資公允價值變動
Fair value changes on long-term investments 按公允價值計量且其變
measured at fair value through profit or loss
動計入損益的長期投
資公允價值變動

按公允價值計量且其變動計入損益的長期投資

222,623
60,106
50,909
44,870
41,323

0.50%
0.14%
0.12%
0.10%
0.09%

419,831

0.95%

於損益確認的金額

Three months ended June 30,
截至六月三十日止三個月

Six months ended June 30,
截至六月三十日止六個月

2026
二零二六年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

2025
二零二五年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

2026
二零二六年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

2025
二零二五年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

29,488

22,855

56,401

38,264

12,038

25,353

9,834

30,777

41,526

48,208

66,235

69,041

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

17. FINANCIAL INSTRUMENTS BY CATEGORY

17. 按類別劃分的金融工具
As at

As at

June 30,

December 31,

2026

2025

於二零二六年

於二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

291

–

6,006,597

4,101,365

Assets as per interim condensed consolidated 中期簡明綜合財務狀況表的資產
statement of financial position
Financial assets measured at fair value through

按公允價值計量且其變動計入損益的

profit or loss:

金融資產：

– Derivative financial instruments

－ 衍生金融工具

– Investments measured at fair value through

－ 按公允價值計量且其變動計入損

profit or loss (Note 16)
Financial assets measured at amortized costs:

益的投資（附註16）
按攤銷成本計量的金融資產：

– Trade receivables (Note 20)

－ 貿易應收款項（附註20）

2,831,101

2,262,971

– Other receivables (Note 19)

－ 其他應收款項（附註19）

4,300,327

4,207,880

– Investments measured at amortized costs

－ 按攤銷成本計量的投資（附註16）
2,559,621

2,829,752

(Note 16)
– Restricted cash

－ 受限制現金

– Cash and cash equivalents

－ 現金及現金等價物

Liabilities as per interim condensed

446,039

442,389

6,782,318

6,505,907

22,926,294

20,350,264

7,695

–

中期簡明綜合財務狀況表的負債

consolidated statement of financial position
Financial liabilities measured at fair value through 按公允價值計量且其變動計入損益的
profit or loss:

金融負債：

– Derivative financial instruments

－ 衍生金融工具

Financial liabilities measured at amortized cost:

按攤銷成本計量的金融負債：

– Trade payables (Note 22)

－ 貿易應付款項（附註22）

5,095,796

4,521,654

– Other payables (Note 23)

－ 其他應付款項（附註23）

5,213,016

5,055,147

– Dividend payable

－ 應付股息

508,180

–

– Borrowings (Note 21)

－ 借款（附註21）

4,184,750

4,099,840

– Financial liabilities measured at fair value

－ 按公允價值計量且其變動計入

through profit or loss
– Lease liabilities (Note 14)

損益的金融負債

202,975

200,000

－ 租賃負債（附註14）

1,208,226

1,307,286

16,420,638

15,183,927

二零二六年中期報告 ︱ INTERIM REPORT 2026

139

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

18. 無形資產

18. INTANGIBLE ASSETS

Business
cooperation

Tourist

arrangement

and scenic

Payment

and internet

spot area

license and

domain

operation

others

platform names (Note b) right (Note c)

(Note d)

Business
relationship

Trade

Goodwill and customer

names

lists

(Note a)

(Note e)

Technology

Total

業務合作
安排及

旅遊景區

支付牌照

互聯網域名

經營權

及其他

技術平台

（附註b）

（附註c）

（附註d）

總計

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

4,160,623

304,950

1,550,677

801,537

308,938

15,985,213

(191,498)

(269,877)

(743,908)

(65,721)

(34,391)

(2,628,793)

商譽

業務關係及

商號

（附註e）

客戶名單

（附註a）

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

6,656,103

2,202,385

–

(1,323,398)

At December 31, 2025

於二零二五年十二月三十一日

Cost

成本

Accumulated amortization

累計攤銷

Impairment

減值

(458,961)

–

(40,402)

–

(555)

–

–

(499,918)

Net book amount

賬面淨值

6,197,142

878,987

3,928,723

35,073

806,214

735,816

274,547

12,856,502

(Unaudited)

（未經審核）

Six months ended June 30, 2026

截至二零二六年六月三十日止六

Opening net book amount

期初賬面淨值

6,197,142

878,987

3,928,723

35,073

806,214

735,816

274,547

12,856,502

Currency translation differences

貨幣換算差額

–

–

(1,654)

(133)

(190)

–

(62)

(2,039)

個月

Addition through business combination 透過業務合併添置（附註）
231,646

–

78,356

–

23,844

–

1,500

335,346

Other additions

其他添置

–

–

1,703

–

–

–

695

2,398

Amortization charge

攤銷費用

–

(95,264)

(57,638)

(3,762)

(255,295)

(785)

(21,075)

(433,819)

Disposals

出售

–

–

(2)

–

(875)

–

(10)

(887)

Closing net book amount

期末賬面淨值

6,428,788

783,723

3,949,488

31,178

573,698

735,031

255,595

12,757,501

At June 30, 2026

於二零二六年六月三十日

Cost

成本

6,887,749

2,202,385

4,239,026

304,817

1,573,456

801,537

311,061

16,320,031

Accumulated amortization

累計攤銷

–

(1,418,662)

(249,136)

(273,639)

(999,203)

(66,506)

(55,466)

(3,062,612)

Impairment

減值

(458,961)

–

(40,402)

–

(555)

–

–

(499,918)

Net book amount

賬面淨值

6,428,788

783,723

3,949,488

31,178

573,698

735,031

255,595

12,757,501

(note)

140

Note:

附註：

The addition through business combination is arising from the acquisitions of
TC Flights Germany GmbH (Note 27) and certain immaterial subsidiaries at an
aggregated consideration of approximately RMB8.16 million.

透過業務合併添置產生自收購TC Flights Germany
GmbH（附註27）及若干非重大附屬公司，總代價
約為人民幣8.16百萬元。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

18. 無形資產
（續）

18. INTANGIBLE ASSETS (CONTINUED)

Business
Business
relationship

Trade
Technology

cooperation

Tourist

arrangement

and scenic

and internet

spot area

domain

operation

Goodwill and customer

names

(Note e)

lists

(Note a)

業務合作安排

旅遊景區

商譽

業務關係

商號

及互聯網

經營權

（附註e）

及客戶名單

（附註a）

技術平台 域名（附註b）

（附註c）

其他

總計

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

5,238,674

2,106,384

2,611,375

304,812

1,547,012

801,000

80,997

12,690,254

platform names (Note b) right (Note c)

Others

Total

At December 31, 2024

於二零二四年十二月三十一日

Cost

成本

Accumulated amortization

累計攤銷

–

(1,141,670)

(134,390)

(261,723)

(232,089)

(39,986)

(19,837)

(1,829,695)

Impairment

減值

(5,524)

–

(40,402)

–

(555)

–

–

(46,481)

Net book amount

賬面淨值

5,233,150

964,714

2,436,583

43,089

1,314,368

761,014

61,160

10,814,078

(Unaudited)

（未經審核）

Six months ended June 30, 2025

截至二零二五年六月三十日止六
5,233,150

964,714

2,436,583

43,089

1,314,368

761,014

61,160

10,814,078

15,162

–

–

–

–

–

4,663

19,825

個月
Opening net book amount

期初賬面淨值

Addition through business combination 透過業務合併添置
Other additions

其他添置

–

–

1,092

–

3,665

–

3,609

8,366

Amortization charge

攤銷費用

–

(90,464)

(19,221)

(4,008)

(256,084)

(19,240)

(869)

(389,886)

Closing net book amount

期末賬面淨值

5,248,312

874,250

2,418,454

39,081

1,061,949

741,774

68,563

10,452,383

At June 30, 2025

於二零二五年六月三十日

Cost

成本

5,253,836

2,106,384

2,612,467

304,812

1,550,677

801,000

89,269

12,718,445

Accumulated amortization

累計攤銷

–

(1,232,134)

(153,611)

(265,731)

(488,173)

(59,226)

(20,706)

(2,219,581)

Impairment

減值

(5,524)

–

(40,402)

–

(555)

–

–

(46,481)

Net book amount

賬面淨值

5,248,312

874,250

2,418,454

39,081

1,061,949

741,774

68,563

10,452,383

二零二六年中期報告 ︱ INTERIM REPORT 2026

141

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

18. INTANGIBLE ASSETS (CONTINUED)

142

18. 無形資產
（續）

Notes:

附註：

(a)

(a)

Trade names

商號

The trade names balance as at June 30, 2026 and December 31, 2025
primarily comprised of the trade names acquired by the Group before the
periods presented which are with finite useful lives of 5 years or 20 years
and the trade name of Tongcheng brand arising from the acquisition of
Tongcheng Network’s Online Travel Agency Business (“Tongcheng Online
Business”) (the “2018 Acquisition”) on March 9, 2018 which is with indefinite
useful life.

於二零二六年六月三十日及二零二五年十二
月三十一日的商號結餘主要包括本集團於所
呈列期間前購買的商號（其有限可使用年期
為 5 年或 20 年）及於二零一八年三月九日收
購同程網絡的線上旅遊代理業務（「同程線上
業務」）
（「二零一八年收購事項」）產生的具
無限可使用年期的同程品牌商號。

The trade name attributable to the brand of Tongcheng Online Business is
considered with indefinite useful life based on the considerations that: i) it is
a well recognized brand in the market; ii) the Group have demonstrated its
ability to efficiently manage similar brand and will continue to put significant
resource to maintain and promote the brand; iii) there is no technical
obsolescence nor legal limits on the use of the assets; and iv) stability of the
online travel service industry without any persistent downturn in foreseeable
future.

歸屬於同程線上業務品牌的商號，被認為具
有無限可使用年期，因為考慮到：i)其為市
場上高知名度的品牌；ii)本集團已展現其有
效管理類似品牌的能力，並將繼續投入大量
資源維持及推廣品牌；iii)對該等資產的使用
並無技術過時或法律限制；及iv)在線旅遊服
務行業穩定，在可預見未來並無任何持續衰
退。

(b)

The Company has a contractual business cooperation arrangement with a
shareholder (the “Shareholder”) under which the Shareholder will deploy
certain agreed-upon software and business resources to the Group for a
contractual period of three years. The arrangement is renewable upon the
expiry of each contractual period, subject to the mutual agreement on
the renewal terms. On July 30, 2024, the Group has renewed the business
cooperation arrangement with the Shareholder for another term of three
years, and the consideration is payable in four installments over three years
(with the last installments payable on or before July 2027). The management
of the Company has assessed and concluded that the business cooperation
arrangement was qualified for capitalization as an intangible asset which will
be amortized on a straight-line basis over the contractual beneficial period
of three years.

(b)

本公司與其一名股東（「該股東」）訂立合約業
務合作安排，據此，該股東將按三年合約期
調配若干協定軟件以及業務資源予本集團。
該安排於各合約期屆滿時可予重續，惟雙方
須就重續條款達成共同協議。於二零二四年
七月三十日，本集團已與該股東重續業務合
作安排，續期三年，代價須於三年內分四期
支付（最後一期須於二零二七年七月或之前
支付）。本公司管理層經評估並得出結論，
該業務合作安排符合資本化為無形資產的資
格，該無形資產將於三年的合約受益期內按
直線法攤銷。

(c)

The tourist and scenic spot area operation rights arise from the acquisition of
Shaoxing Lujian Lanting Cultural Tourism Development Co., Ltd. (“Lanting”)
in 2024 and the acquisition of Hainan Yanuoda Yuanrong Tourism Co., Ltd.
(“Yanuoda”) in 2023. These rights represent the Lanting’s exclusive right to
operate a tourist and scenic spot area in the Zhejiang Province, the PRC for
a remaining contractual period of 38.5 years (from date of acquisition) and
the Yanuoda’s exclusive right to operate a tourist and scenic spot area in the
Hainan Province, the PRC for a remaining contractual period of 21.5 years
(from date of acquisition).

(c)

旅遊景區經營權因於二零二四年收購紹興鹿
見蘭亭文旅發展有限公司（「蘭亭」）及於二零
二三年收購海南呀諾達圓融旅業股份有限公
司（「呀諾達」）而產生。該等權利指蘭亭在中
國浙江省經營旅遊景區的獨家權利，剩餘合
約期為38.5年（自收購日期起），及呀諾達在
中國海南省經營旅遊景區的獨家權利，剩餘
合約期為21.5年（自收購日期起）。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

18. INTANGIBLE ASSETS (CONTINUED)

18. 無形資產
（續）

Notes: (Continued)

附註：
（續）

(d)

The payment license as identified from the acquisition of New Pay Co., Ltd.
(“New Pay”) in 2025 is considered with indefinite useful life as there is not
a definite contractual license period and the renewal of the license is only
subject to certain administrative procedures which are under the control of
the Group.

(d)

於二零二五年收購New Pay Co., Ltd.（「New
Pay」）時所識別的支付牌照被視為具有無限
可使用年期，原因為並無確定的合約牌照期
限，且重續該牌照僅取決於若干受本集團控
制的行政程序。

(e)

Impairment tests for goodwill

(e)

商譽減值測試

As at June 30, 2026 and December 31, 2025, the Group’s goodwill is
summarized as follows:

Goodwill recognized from:
– The group of Tongcheng OTA CGUs
– Other CGUs

於二零二六年六月三十日及二零二五年十二
月三十一日，本集團的商譽摘要如下：

從以下各項確認的商譽：
－ 同程在線旅遊平台現金產生單位組別
－ 其他現金產生單位

The Company performs impairment reviews for the goodwill and intangible
assets with indefinite useful life annually or more frequently if events or
changes in circumstances indicate a potential impairment. As of June 30,
2026, the directors of the Company have not identified any indicator of
impairment for the aforesaid goodwill and intangible assets with indefinite
useful life and the annual impairment tests will be conducted in December
2026.

As at
June 30,
2026
於二零二六年
六月三十日
RMB’000
人民幣千元
(Unaudited)
（未經審核）

As at
December 31,
2025
於二零二五年
十二月三十一日
RMB’000
人民幣千元
(Audited)
（經審核）

6,195,446
233,342

5,963,800
233,342

6,428,788

6,197,142

本公司每年對商譽及具無限可使用年期的無
形資產進行減值檢討，或於有事件或情況轉
變顯示可能出現減值時會進行更頻繁的減值
檢討。截至二零二六年六月三十日，本公司
董事尚未發現任何上述商譽及具無限可使用
年期的無形資產的減值跡象，並將於二零二
六年十二月進行年度減值測試。

二零二六年中期報告 ︱ INTERIM REPORT 2026

143

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

19. PREPAYMENT AND OTHER RECEIVABLES

19. 預付款項及其他應收款項
As at
As at
December 31,
June 30,
2025
2026
於二零二六年
於二零二五年
六月三十日 十二月三十一日
RMB’000
RMB’000
人民幣千元
人民幣千元
(Unaudited)
(Audited)
（未經審核）
（經審核）

144

Non-current
Prepayment to suppliers
Prepayment for property, plant and equipment
Prepayment for equity investments
Prepayments to related parties (Note 30(c))

非即期
預付供應商款項
物業、廠房及設備預付款項
股權投資預付款項
預付關聯方款項（附註30(c)）

79,650
19,416
–
–

81,215
21,490
14,935
210

Total non-financial assets

非金融資產總額

99,066

117,850

Finance lease receivables from an associate
(Notes d and 30(c))
Deposits
Others

應收聯營公司融資租賃款項
（附註d及30(c)）
按金
其他

69,744
580
127,244

107,518
7,781
117,822

Total financial assets

金融資產總額

197,568

233,121

Non-current, total

非即期，總額

296,634

350,971

Current
Prepayment to tickets suppliers
Prepaid taxation
Prepayment to accommodation suppliers
Prepayments to related parties (Note 30(c))
Prepayment for advertising
Prepayment for office rentals
Others

即期
預付票務供應商款項
預付稅項
預付住宿供應商款項
預付關聯方款項（附註30(c)）
預付廣告費
預付辦公租金
其他

820,097
212,912
120,585
83,076
53,009
1,870
189,846

936,613
238,928
116,798
82,203
75,014
2,151
265,881

Total non-financial assets

非金融資產總額

1,481,395

1,717,588

Designated deposit account with restrictive
use (Note b)
Receivables from related parties
(Notes c and 30(c))
Deposits
Finance lease receivables from an associate
(Notes d and 30(c))
Others

限制用途的指定存款賬戶（附註b）
2,352,042

2,382,870

736,112
444,218

741,806
418,395

142,789
563,604

119,984
422,890

Less: provision for impairment

減：減值撥備

4,238,765
(136,006)

4,085,945
(111,186)

Total financial assets

金融資產總額

4,102,759

3,974,759

Current, total

即期，總額

5,584,154

5,692,347

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

應收關聯方款項（附註c及30(c)）
按金
應收聯營公司融資租賃款項
（附註d及30(c)）
其他

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

19. PREPAYMENT AND OTHER RECEIVABLES
(CONTINUED)

19. 預付款項及其他應收款項
（續）

Notes:

附註：

(a)

The carrying amounts of prepayment and other receivables approximate
their fair values as at June 30, 2026 and December 31, 2025.

(a)

於二零二六年六月三十日及二零二五年十二
月三十一日，預付款項及其他應收款項的賬
面值與其公允價值相若。

(b)

Designated deposit account with restrictive use represents the monies
collected from platform users for certain businesses, which were deposited
in a designated account (with restrictive use) maintained and operated
independently by a reputable and sizable bank in the PRC. The substantial
part of the balance will only be utilized for the non-cash offset of the Group’s
trade payable balances upon the completion of settlement process with
respective travel service providers.

(b)

限制用途的指定存款賬戶指就若干業務向平
台用戶收取的款項，存入由中國信譽良好及
具規模的銀行獨立維護及運營的指定存款賬
戶（有限制用途）。大部分結餘將僅用於在完
成與各自旅遊服務供應商的結算過程後本集
團貿易應付款項結餘的非現金抵銷。

(c)

Receivables from related parties mainly comprise of a payment platform
deposit paid to a subsidiary of a shareholder and loans to related parties.

(c)

應收關聯方款項主要包括支付予一名股東的
附屬公司的支付平台按金及向關聯方貸款。

(d)

Finance lease receivables from an associate represent the receivables in
connection with the sublease of vehicles to the associate under a finance
lease arrangement as mentioned in Note 14, with lease terms ranging from
24 to 36 months. These lease receivables are unsecured and earn interests at
an weighted average interest rate of 3.41% (2025: 3.45%) during the period
ended June 30, 2026 and 2025.

(d)

應收聯營公司融資租賃款項指根據附註14所
述之融資租賃安排向該聯營公司轉租車輛有
關的應收款項，租賃期介乎 24 至 36 個月。
該等租賃應收款項為無抵押，並於截至二零
二六年及二零二五年六月三十日止期間按
3.41%（二零二五年：3.45%）的加權平均利率
賺取利息。

20. TRADE RECEIVABLES

20. 貿易應收款項

Receivables from third parties

來自第三方的應收款項

Receivables from related parties (Note 30(c))

應收關聯方款項（附註30(c)）

Less: provision for impairment

減：減值撥備

As at

As at

June 30,

December 31,

2026

2025

於二零二六年

於二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

2,594,977

2,086,066

322,811

254,259

2,917,788

2,340,325

(86,687)

(77,354)

2,831,101

2,262,971

二零二六年中期報告 ︱ INTERIM REPORT 2026

145

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

20. TRADE RECEIVABLES (CONTINUED)

20. 貿易應收款項
（續）

The Group normally allows a credit period of 30 days to its customers.

本集團通常給予其客戶 30 天的信貸期。根

An ageing analysis of trade receivables based on invoice date is as

據發票日期對貿易應收款項進行的賬齡分

follows:

析如下：
As at
December 31,

2026

2025

於二零二六年

於二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

Up to 6 months

六個月以內

2,652,885

2,184,070

Over 6 months

六個月以上

264,903

156,255

2,917,788

2,340,325

Trade receivables are classified as financial assets measured at amortized

貿易應收款項乃分類為按攤銷成本計量的

cost and their carrying amounts approximated their fair values.

金融資產，其賬面值與其公允價值相若。

The Group applies the simplified approach to provide for expected

本集團應用國際財務報告準則第 9 號規定

credit losses prescribed by IFRS 9, which permits the use of the lifetime

的簡易方法就預期信貸虧損計提撥備，該

expected loss provision for all trade receivables. To measure the

準則允許為所有貿易應收款項使用整個存

expected credit losses, trade receivables have been grouped based on

續期的預期虧損撥備。為計量預期信貸虧

shared credit risk characteristics and the days past due. The expected

損，貿易應收款項已根據共有信貸風險特

credit losses also incorporate forward looking information.

徵及逾期天數分組。預期信貸虧損亦包含
前瞻性資料。

146

As at
June 30,

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

21. 借款

21. BORROWINGS

As at

As at

June 30,

December 31,

2026

2025

於二零二六年

於二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

Included in non-current liabilities:

計入非流動負債：

Long-term unsecured bank borrowings

無抵押長期銀行借款

383,375

390,958

Long-term secured bank borrowings

有抵押長期銀行借款

486,229

437,349

869,604

828,307

Included in current liabilities:

計入流動負債：

Short-term unsecured bank borrowings

無抵押短期銀行借款

820,112

750,718

Short-term secured bank borrowings

有抵押短期銀行借款

2,417,809

2,437,096

Current portion of long-term unsecured bank

無抵押長期銀行借款的即期部分
16,707

16,703

60,518

67,016

3,315,146

3,271,533

4,184,750

4,099,840

borrowings
Current portion of long-term secured bank
borrowings

有抵押長期銀行借款的即期部分

二零二六年中期報告 ︱ INTERIM REPORT 2026

147

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

21. 借款
（續）

21. BORROWINGS (CONTINUED)
(a) As at June 30, 2026 and December 31, 2025, the Group’s borrowings
were repayable as follows:

(a) 於二零二六年六月三十日及二零二五
年十二月三十一日，本集團借款的待
償還的情況如下：
As at

As at

June 30,

December 31,

2026

2025

於二零二六年

於二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

Within 1 year

1年以內

3,315,146

3,271,533

1-2 years

1至2年

138,937

116,392

2-5 years

2至5年

542,881

574,578

Over 5 years

5年以上

187,786

137,337

4,184,750

4,099,840

The Group is in compliance with all banking covenants as at June

於二零二六年六月三十日及二零二五

30, 2026 and December 31, 2025.

年十二月三十一日，本集團遵守所有
銀行契諾。

148

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

22. 貿易應付款項

22. TRADE PAYABLES

As at

As at

June 30,

December 31,

2026

2025

於二零二六年

於二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

Payables to related parties (Note 30(c))

應付關聯方款項（附註30(c)）

2,774,158

2,458,509

Payables to third parties

應付第三方款項

2,321,638

2,063,145

5,095,796

4,521,654

Trade payables and their aging analysis based on invoice date are as

按發票日期劃分的貿易應付款項及賬齡分

follows:

析如下：
As at

As at

June 30,

December 31,

2026

2025

於二零二六年

於二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

Up to 6 months

六個月以內

4,764,110

4,286,993

Over 6 months

六個月以上

331,686

234,661

5,095,796

4,521,654

二零二六年中期報告 ︱ INTERIM REPORT 2026

149

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

23. OTHER PAYABLES AND ACCRUALS

23. 其他應付款項及應計費用
As at
As at
June 30,
December 31,
2026
2025
於二零二六年
於二零二五年
六月三十日 十二月三十一日
RMB’000
RMB’000
人民幣千元
人民幣千元
(Unaudited)
(Audited)
（未經審核）
（經審核）

Non-current
Payables to related parties (Note 30(c))
Others

非即期
應付關聯方款項（附註30(c)）
其他

351,372
25,599

348,516
23,875

Total financial liabilities

金融負債總額

376,971

372,391

Non-current, total

非即期，總額

376,971

372,391

Current
Advances from users
Payables to related parties (Note 30(c))
Deposits from sales channel
Consideration payable for equity investment
and acquisition
Payables to insurance companies
Payables to travel service suppliers
Accrual for users incentive program
Payable for purchases of property, plant and
equipment
Others

即期
用戶墊款
應付關聯方款項（附註30(c)）
來自銷售渠道的按金
股權投資及收購應付代價

2,361,787
680,288
379,272

2,166,530
720,822
368,335

308,564
194,720
188,377
174,706

327,527
203,865
148,317
155,335

86,600
461,731

109,703
482,322

Total financial liabilities

金融負債總額

4,836,045

4,682,756

Accrued payroll and welfare
Accrued advertisement expenses
Accrued professional fees
Accrued commissions
Business and other taxes payable
Others

應計工資及福利
應計廣告開支
應計專業費用
應計佣金
應付營業稅及其他稅項
其他

522,252
250,372
131,762
107,362
94,055
13,079

680,381
270,293
130,660
77,048
171,104
14,674

Total non-financial liabilities

非金融負債總額

1,118,882

1,344,160

Current, total

即期，總額

5,954,927

6,026,916

應付保險公司款項
應付旅遊服務供應商款項
用戶獎勵計劃應計費用
購買物業、廠房及設備應付款項
其他

The carrying amounts of other payables and accruals approximate their

於二零二六年六月三十日及二零二五年十

fair values as at June 30, 2026 and December 31, 2025.

二月三十一日，其他應付款項及應計費用
的賬面值與其公允價值相若。

150

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

24. 股本及股份溢價

24. SHARE CAPITAL AND SHARE PREMIUM
Number of

Share

Share

Treasury

ordinary shares

capital

premium

shares

普通股數目

(Unaudited)

（未經審核）

At January 1, 2026

於二零二六年一月一日

Exercise of share options

行使購股權

RSUs vested and settled

已歸屬及已結算的受限制股
份單位

At June 30, 2026

於二零二六年六月三十日

(Unaudited)

（未經審核）

At January 1, 2025

於二零二五年一月一日

Exercise of share options

行使購股權

RSUs vested and settled

已歸屬及已結算的受限制股
份單位

At June 30, 2025

於二零二五年六月三十日

Total

股本

股份溢價

庫存股份

總計

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

2,350,419,839

8,105

21,404,986

(74)

21,413,017

3,890,123

13

79,141

–

79,154

–

–

101,422

24

101,446

2,354,309,962

8,118

21,585,549

(50)

21,593,617

2,327,417,967

8,022

20,761,663

(123)

20,769,562

13,168,987

48

240,527

–

240,575

–

–

101,422

25

101,447

2,340,586,954

8,070

21,103,612

(98)

21,111,584

二零二六年中期報告 ︱ INTERIM REPORT 2026

151

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

25. 其他儲備

25. OTHER RESERVES

Currency

Share-based

Capital

Statutory

translation compensations

reserve

reserve

differences

reserve

Others

Total

以股份為基礎

(Unaudited)

（未經審核）

At January 1, 2026

於二零二六年一月一日

Exercise of share options

行使購股權

Restricted shares units vested and

已歸屬及已結算的受限制

settled
Currency translation differences

資本儲備

法定儲備

貨幣換算差額

的酬金儲備

其他

總計

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

(5,389,435)

9,826

(6,053)

2,404,336

384,890

(2,596,436)

–

–

–

(28,510)

–

(28,510)

股份單位

–

–

–

(101,422)

–

(101,422)

貨幣換算差額

–

–

59,941

–

–

59,941

–

–

–

82,166

–

82,166

–

–

–

(36,382)

–

(36,382)

–

–

–

–

(3,411)

(3,411)

(5,389,435)

9,826

53,888

2,320,188

381,479

(2,624,054)

(5,389,435)

9,826

(13,810)

2,490,841

382,911

(2,519,667)

–

–

–

(94,376)

–

(94,376)

股份單位

–

–

–

(101,422)

–

(101,422)

貨幣換算差額

–

–

(12,038)

–

–

(12,038)

–

–

–

149,265

–

149,265

Share-based compensations recognized 期內已確認以股份為基礎
for the period
Tax expense from share-based

的酬金
股份支付的稅務開支

payments
Others

其他

At June 30, 2026

於二零二六年六月三十日

(Unaudited)

（未經審核）

At January 1, 2025

於二零二五年一月一日

Exercise of share options

行使購股權

Restricted shares units vested and

已歸屬及已結算的受限制

settled
Currency translation differences

Share-based compensations recognized 期內已確認以股份為基礎
for the period

152

的酬金

Tax benefit from share-based payments 股份支付的稅務優惠

–

–

–

7,382

–

7,382

Others

其他

–

–

–

–

1,827

1,827

At June 30, 2025

於二零二五年六月三十日

(5,389,435)

9,826

(25,848)

2,451,690

384,738

(2,569,029)

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

26. 股息

26. DIVIDEND
Final dividend of HKD0.25 per share for the year ended December 31,

截至二零二五年十二月三十一日止年度的

2025 was proposed by the Board on March 24, 2026 and approved

末期股息每股 0.25 港元已由董事會於二零

by the Shareholders on June 16, 2026. The final dividend of HKD585.1

二六年三月二十四日建議派發，並於二零

million (approximately RMB507.5 million) was paid on July 15, 2026.

二六年六月十六日獲股東批准。末期股息
585.1百萬港元（約人民幣507.5百萬元）已於
二零二六年七月十五日派付。

No dividends have been declared or paid by the Company for the six

截至二零二六年六月三十日止六個月，本

months ended June 30, 2026.

公司並無宣派或派付任何股息。

27. 業務合併

27. BUSINESS COMBINATION
The major subsidiary as acquired by the Group during the six months

本集團於截至二零二六年六月三十日止六

ended June 30, 2026 are as below:

個月收購的主要附屬公司如下：

On May 29, 2026, the Group has acquired 100% equity interest in TC

於二零二六年五月二十九日，本集團以現

Flights Germany GmbH from third parties at a cash consideration of

金代價約人民幣360.3 百萬元向第三方收購

approximately RMB360.3 million and accounted for such acquisition as a

TC Flights Germany GmbH的100%股權，並

business combination. TC Flights Germany GmbH is principally engaged

將該項收購作為業務合併入賬。TC Flights

in the operation of air ticket agency services in European markets.

Germany GmbH主要於歐洲市場從事經營機
票代理服務。

Details of the purchase consideration, the assets/liabilities acquired and

購買代價、收購資產 ╱ 負債及收購事項的

goodwill on the acquisition are as follows:

商譽詳情如下：
TC Flights
Germany GmbH
TC Flights
Germany GmbH
RMB’000
人民幣千元

Purchase consideration:

購買代價：

Cash consideration

現金代價

360,289

二零二六年中期報告 ︱ INTERIM REPORT 2026

153

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

27. BUSINESS COMBINATION (CONTINUED)

27. 業務合併
（續）

The purchase price allocation (PPA) and the assets/liabilities recognized

收購價格分配及因收購事項而確認的資

as a result of the acquisition are as follows:

產 ╱ 負債如下：
Fair value at the
acquisition date
May 29, 2026
於收購日期的公允價值
二零二六年五月二十九日
RMB’000
人民幣千元

Property, plant and equipment

物業、廠房及設備

28,605

Investments accounted for using the equity method

採用權益法入賬的投資

7,419

Intangible assets

無形資產

– Trade names and others (Note i)

－ 商號及其他（附註i）

Deferred income tax assets

遞延所得稅資產

103,700
3,563

Trade receivables

貿易應收款項

38,545

Prepayment and other receivables

預付款項及其他應收款項

29,715

Cash and cash equivalents

現金及現金等價物

10,597

Deferred income tax liabilities

遞延所得稅負債

(37,797)

Trade payables

貿易應付款項

(42,867)

Other payables and accruals

其他應付款項及應計費用

(7,403)

Total identifiable net assets

可識別淨資產總額

134,077

Goodwill (Note ii)

商譽（附註ii）

226,212

360,289

154

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

27. BUSINESS COMBINATION (CONTINUED)
(i)

The intangible assets as identified from the acquisitions of TC Flights

27. 業務合併
（續）
(i)

收購TC Flights Germany GmbH（「TC

Germany GmbH (“TC Flights”), primarily comprising trade name and

Flights」）的已識別無形資產（主要包括

internet domain names, are initially recognized and measured at

商號及互聯網域名）初步按公允價值確

fair value. The trade name represent the brand owned by TC Flights

認及計量。商號代表TC Flights擁有的

and the Group assessed that the estimated useful life of the trade

品牌，而本集團經參考可資比較市場

name to be 20 years by reference to comparable market deals or

交易或行業內可資比較公司的類似品

similar brands of comparable companies in the industry.

牌評估商號的估計可使用年期為20年。

(ii) Goodwill is primarily attributable to the operating synergies and

(ii) 商譽主要歸屬於預期與本集團業務合

economies of scale expected to be derived from combining with

併產生的經營協同效應及規模經濟效

the Group’s operations. None of the goodwill is expected to be

應。預期概無商譽可抵扣所得稅。

deductible for income tax purpose.
From the acquisition date to June 30, 2026, TC Flights Germany GmbH,

自收購日期至二零二六年六月三十日，TC

contributed post-acquisition revenue of approximately RMB18.9 million

Flights Germany GmbH為本集團貢獻約人民

and net loss of approximately RMB8.2 million to the Group.

幣18.9 百萬元的收購後收入及約人民幣8.2
百萬元的虧損淨額。

If the acquisitions of TC Flights Germany GmbH had occurred on January

倘若收購TC Flights Germany GmbH於二零

1, 2026, the Group’s revenue for the six months ended June 30, 2026

二六年一月一日發生，本集團截至二零二

would have been increased by approximately RMB103.0 million, while

六年六月三十日止六個月的收入將會增加

the Group’s net profit for that period would have been increased by

約人民幣103.0 百萬元，而本集團於該期間

approximately RMB8.5 million.

的溢利淨額將增加約人民幣8.5百萬元。

28. CONTINGENCIES

28. 或然事項

As at June 30, 2026 and December 31, 2025, the Group did not have any

於二零二六年六月三十日及二零二五年十

significant contingent liabilities.

二月三十一日，本集團並無任何重大或然
負債。

二零二六年中期報告 ︱ INTERIM REPORT 2026

155

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

29. 承擔

29. COMMITMENT

(a) 購買承擔

(a) Purchase commitments
The purchase commitments represent the minimum payment that

購買承擔指本集團根據與旅遊服務供

the Group would pay for the pre-purchase of travel related products

應商的現有協議預購旅遊相關產品（承

assuming inventory risk pursuant to the existing agreements with

擔存貨風險）的最低付款。

travel service suppliers.

Purchase commitments

As at
December 31,

2026

2025

於二零二六年

於二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

919,475

1,417,223

購買承擔

(b) 資本承擔

(b) Capital commitments
Except for the acquisition disclosed in the subsequent events, the

除結算日後事件所披露的收購事項

other capital commitments are as follows:

外，其他資本承擔如下：

Investment in a subsidiary

於附屬公司的投資

Property, plant and equipment and

物業、廠房及設備和無形資產

intangible assets

156

As at
June 30,

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

As at

As at

June 30,

December 31,

2026

2025

於二零二六年

於二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

–

351,781

522,929

552,811

522,929

904,592

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

29. COMMITMENT (CONTINUED)

29. 承擔
（續）

(c) Voluntary General Offer for acquiring issued shares of
Dida Inc.

(c) 收購嘀嗒出行已發行股份的自願
全面要約

On June 29, 2026, the Company and Dida Inc. jointly announced

於二零二六年六月二十九日，本公司

that Nomura International (Hong Kong) Limited would, on behalf of

與 嘀 嗒 出 行 聯 合 宣 佈 ， 野 村 國 際（ 香

the Company’s subsidiary, eLong, Inc. as offeror, make a voluntary

港 ）有 限 公 司 代 表 本 公 司 的 附 屬 公 司

conditional general cash offer (the “Voluntary General Offer”) to

eLong, Inc.（作為要約人）作出自願有條

acquire all the issued shares (the “Offer Shares”, being 1,026,282,344

件全面現金要約（「自願全面要約」），

shares of Dida Inc.) at HKD1.3875 per share. The composite

以每股 1.3875 港元的價格收購全部已

document in relation to Voluntary General Offer was expected to be

發 行 股 份（「要 約 股 份 」， 即 嘀 嗒 出 行

despatched on or before July 20, 2026.

1,026,282,344 股股份）。預期有關自願
全面要約的綜合文件將於二零二六年
七月二十日或之前寄發。

30. RELATED PARTY TRANSACTIONS

30. 關聯方交易

Parties are considered to be related if one party has the ability, directly

倘一方有能力直接或間接控制另一方，或

or indirectly, control the other party or exercise significant influence

能對另一方的財務及經營決策行使重大影

over the other party in making financial and operation decisions. Parties

響力，則雙方被視為關聯方。倘雙方受共

are also considered to be related if they are subject to common control.

同控制，亦被視為關聯方。本集團主要管

Members of key management and their close family member of the

理層成員及彼等的近親亦被視為關聯方。

Group are also considered as related parties.
Save as disclosed elsewhere in this Interim Financial Information, the

除本中期財務資料其他部分所披露者外，

following significant transactions were carried out between the Group

以下重大交易乃由本集團及其關聯方於截

and its related parties during the six months ended June 30, 2026 and

至二零二六年及二零二五年六月三十日止

2025. In the opinion of the Directors of the Company, the related party

六個月期間進行。本公司董事認為，該等

transactions were carried out in the normal course of business and at

關聯方交易乃於日常業務過程中按本集團

terms negotiated between the Group and the respective related parties.

與各自關聯方磋商的條款進行。

二零二六年中期報告 ︱ INTERIM REPORT 2026

157

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

30. RELATED PARTY TRANSACTIONS (CONTINUED)
(a) Names and relationships with related parties

30. 關聯方交易
（續）
(a) 名稱及與關聯方的關係

The following companies are major related parties of the Group

以下公司均為本集團的主要關聯方，

that had transactions with the Group during the six months ended

並於截至二零二六年及二零二五年六

June 30, 2026 and 2025 and/or balances as at June 30, 2026 and

月三十日止六個月與本集團有交易

December 31, 2025.

及 ╱ 或於二零二六年六月三十日及二
零二五年十二月三十一日有結餘。

Company

Relationship with the Group

公司

與本集團的關係

Trip.com Group Limited (“Trip”) and its affiliated companies

Shareholder with significant influence over the Group

Trip.com Group Limited（「攜程」）及其聯屬公司

對本集團具有重大影響力的股東

Tencent Holdings Limited (“Tencent”) and its affiliated companies

Shareholder with significant influence over the Group

騰訊控股有限公司（「騰訊」）及其聯屬公司

對本集團具有重大影響力的股東

Tongcheng Holdings Group Co., Ltd. (“Tongcheng Holdings”)

Controlled by shareholders with significant influence

and its affiliated companies

over the Group

同程控股集團股份有限公司（「同程控股」）及其聯屬公司

由對本集團具有重大影響力的股東控制

Suzhou Tongcheng Lvjin Technology Co., Ltd. (“Tongcheng Lvjin”)

Controlled by shareholders with significant influence

and its affiliated companies

over the Group

蘇州同程旅金科技有限公司（「同程旅金」）及其聯屬公司

由對本集團具有重大影響力的股東控制

Suzhou Tongcheng Hanglv Technology Co., Ltd. (“Tongcheng

Controlled by shareholders with significant influence

Hanglv”) and its affiliated companies

over the Group

蘇州同程航旅科技有限公司（「同程航旅」）及其聯屬公司

由對本集團具有重大影響力的股東控制

Suzhou Honghu Huixing Network Technology Co., Ltd. and its

Associate of the Group

subsidiaries
蘇州鴻鵠慧行網絡科技有限公司及其附屬公司

本集團聯營公司

Zhejiang Fuxiangshuzhi Technology Co., Ltd.

Associate of the Group

浙江富享數智科技有限公司

本集團聯營公司

Suzhou Industrial Park Qinchen Investment Management Co., Ltd.

Associate of the Group

蘇州工業園區欽辰投資管理有限公司

本集團聯營公司

AERUNI GmbH

Associate of the Group

AERUNI GmbH

本集團聯營公司

Xiamen Jianfa International Travel Agency Group Co., Ltd. and its

Associate of the Group

subsidiaries

158

廈門建發國際旅行社集團有限公司及其附屬公司

本集團聯營公司

Liangcheng Hotel Management (Guangzhou) Co., Ltd.

Associate of the Group

良程酒店管理（廣州）有限公司

本集團聯營公司

Shanghai Ailu Hotel Management Co., Ltd.

Associate of the Group

上海艾廬酒店管理有限公司

本集團聯營公司

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

30. RELATED PARTY TRANSACTIONS (CONTINUED)
(a) N a m e s a n d r e l a t i o n s h i p s w i t h r e l a t e d p a r t i e s
(Continued)

30. 關聯方交易
（續）
(a) 名稱及與關聯方的關係
（續）

Company

Relationship with the Group

公司

與本集團的關係

Beijing Aijing Hotel Management Co., Ltd. and its subsidiaries

Associate of the Group

北京愛競酒店管理有限公司及其附屬公司

本集團聯營公司

Shenzhen Qicheng Feiteng Hotel Management Co., Ltd.

Associate of the Group

深圳市啟程飛騰酒店管理有限公司

本集團聯營公司

Hainan Ancheng Hotel Management Co., Ltd. and its subsidiaries

Associate of the Group

海南安程酒店管理有限公司及其附屬公司

本集團聯營公司

Yicheng Information Technology (Guangzhou) Co., Ltd. and its

Associate of the Group

subsidiaries
藝程信息技術（廣州）有限公司及其附屬公司

本集團聯營公司

Liangtu Hotel Management (Guangzhou) Co., Ltd.

Associate of the Group

良途酒店管理（廣州）有限公司

本集團聯營公司

Hubei Jicheng Hotel Management Co., Ltd.

Associate of the Group

湖北吉程酒店管理有限公司

本集團聯營公司

Suzhou Yitong Meicheng Hotel Management Co., Ltd. and its

Associate of the Group

subsidiaries
蘇州藝同美程酒店管理有限公司及其附屬公司

本集團聯營公司

Yitong Quwan Cultural Tourism Management (Suzhou) Co., Ltd.

Associate of the Group

and its subsidiaries
藝同趣玩文化旅遊管理（蘇州）有限公司及其附屬公司

本集團聯營公司

Shenzhen Yitongfanxiang Design Project Co., Ltd.

Associate of the Group

深圳市藝同凡享設計工程有限公司

本集團聯營公司

二零二六年中期報告 ︱ INTERIM REPORT 2026

159

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

30. RELATED PARTY TRANSACTIONS (CONTINUED)

30. 關聯方交易
（續）

(b) Significant transactions with related parties

(b) 與關聯方的重大交易
Six months ended June 30,
截至六月三十日止六個月

Commission and other service income received
or receivable from related parties:
– Trip and its affiliated companies

2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

1,798,165

1,534,092

已收或應收關聯方的佣金及其他
服務收入：
－ 攜程及其聯屬公司

– Tongcheng Hanglv and its affiliated companies － 同程航旅及其聯屬公司

63,620

4,399

– Tencent and its affiliated companies

－ 騰訊及其聯屬公司

33,760

23,612

– Tongcheng Lvjin and its affiliated companies

－ 同程旅金及其聯屬公司

2,323

13,527

– Tongcheng Holdings and its affiliated

－ 同程控股及其聯屬公司
109

313

144,596

46,262

2,042,573

1,622,205

950,692

990,212

– Tongcheng Hanglv and its affiliated companies － 同程航旅及其聯屬公司

80,910

66,669

– Trip and its affiliated companies

－ 攜程及其聯屬公司

9,164

11,201

– Tongcheng Lvjin and its affiliated companies

－ 同程旅金及其聯屬公司

3,376

4,020

– Tongcheng Holdings and its affiliated

－ 同程控股及其聯屬公司

companies
– Associates of the Group

－ 本集團聯營公司

Commission, order processing and other service 已付或應付關聯方的佣金、訂單
fees paid or payable to related parties:
– Tencent and its affiliated companies

處理及其他服務費：
－ 騰訊及其聯屬公司

companies
– Associates of the Group

160

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

－ 本集團聯營公司

1,754

1,681

39,712

22,960

1,085,608

1,096,743

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

30. RELATED PARTY TRANSACTIONS (CONTINUED)

30. 關聯方交易
（續）
(c) 與關聯方結餘

(c) Balance with related parties

Trade receivables, prepayment and other

來自關聯方的貿易應收款項、預

receivables from related parties, gross

付款項及其他應收款項，總額

(Notes 19 and 20):

（附註19及20）：

As at

As at

June 30,

December 31,

2026

2025

於二零二六年

於二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

– Suzhou Honghu Huixing Network Technology － 蘇州鴻鵠慧行網絡科技有限
617,432

630,596

– Tencent and its affiliated companies

－ 騰訊及其聯屬公司

371,216

343,668

– Trip and its affiliated companies

－ 攜程及其聯屬公司

78,887

79,016

– Tongcheng Hanglv and its affiliated

－ 同程航旅及其聯屬公司
17,247

7,228

1,035

3,643

733

907

Co., Ltd. and its subsidiaries

公司及其附屬公司

companies
– Tongcheng Lvjin and its affiliated companies

－ 同程旅金及其聯屬公司

– Tongcheng Holdings and its affiliated

－ 同程控股及其聯屬公司

companies
– Others

－ 其他

267,982

240,922

Total

總計

1,354,532

1,305,980

Cash held in other financial institutions:

於其他金融機構持有的現金：

– Tencent and its affiliated companies

－ 騰訊及其聯屬公司

611,318

493,478

二零二六年中期報告 ︱ INTERIM REPORT 2026

161

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

30. RELATED PARTY TRANSACTIONS (CONTINUED)

30. 關聯方交易
（續）
(c) 與關聯方結餘
（續）

(c) Balance with related parties (Continued)
The receivables from related parties arise mainly from ordinary

應收關聯方款項主要於一般業務過程

course of business. As at June 30, 2026, except for the finance lease

中產生。於二零二六年六月三十日，

receivables and loan to associate companies, the receivables from

除應收聯營公司融資租賃款項及向聯

related parties are unsecured, interest-free and have no fixed terms

營公司提供貸款外，應收關聯方款項

of repayment.

為無抵押、免息且無固定還款期限。
As at

As at

June 30,

December 31,

2026

2025

於二零二六年

於二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

Trade payables and other payables to related 支付予關聯方的貿易應付款項及其他
parties (Notes 22 and 23):

應付款項（附註22及23）：

– Trip and its affiliated companies

－ 攜程及其聯屬公司

2,694,636

2,468,465

– Tencent and its affiliated companies

－ 騰訊及其聯屬公司

932,859

935,717

– Suzhou Honghu Huixing Network

－ 蘇州鴻鵠慧行網絡科技有限公司
22,136

10,170

12,153

3,009

1,321

11,704

994

1,118

Technology Co., Ltd. and its subsidiaries
– Tongcheng Hanglv and its affiliated

及其附屬公司
－ 同程航旅及其聯屬公司

companies
– Tongcheng Lvjin and its affiliated

－ 同程旅金及其聯屬公司

companies
– Tongcheng Holdings and its affiliated

－ 同程控股及其聯屬公司

companies

162

– Others

－ 其他

141,719

97,664

Total

總計

3,805,818

3,527,847

The payables to related parties are unsecured, interest-free and

應付關聯方款項為無抵押、免息及無

have no fixed terms of repayment.

固定還款期限。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

30. RELATED PARTY TRANSACTIONS (CONTINUED)

30. 關聯方交易
（續）

(d) Key management personnel compensations

(d) 主要管理人員薪酬

The compensations paid or payable to key management personnel

就僱員服務已付或應付主要管理人員

(including chief executive officer and other senior executives) for

（包括行政總裁及其他高級行政人員）

employee services are show below:

的薪酬列示如下：
Six months ended June 30,
截至六月三十日止六個月

Wages and salaries

工資及薪金

2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

11,674

11,714

236

223

Other social security costs, housing benefits 其他社保費用、住房福利及
and other employee benefits

其他僱員福利

Pension costs – defined contribution plans

退休金成本 － 界定供款計劃

225

222

Share-based compensation expenses

以股份為基礎的酬金開支

22,380

38,758

34,515

50,917

二零二六年中期報告 ︱ INTERIM REPORT 2026

163

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

30. RELATED PARTY TRANSACTIONS (CONTINUED)

30. 關聯方交易
（續）
(e) 向關聯方貸款

(e) Loans to related parties

Six months ended June 30,
截至六月三十日止六個月

Beginning of the period

164

期初

Loans advanced

已發放貸款

Loans repaid

償還貸款

2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

295,723

126,401

–

167,900

(15,970)

(500)

Interest charged

已計利息

2,924

3,353

Interest received

已收取利息

(2,036)

–

Write off

撇銷

(2,102)

–

End of the period

期末

278,539

297,154

Loans to related parties represent the loans advanced to

向關聯方貸款指期內已向對本集團具

shareholders with significant influence over the Group, companies

有重大影響力的股東、對本集團具有

controlled by shareholders with significant influence over the

重大影響力的股東控制的公司、本集

Group, associates of the Group or directors of the Company, where

團聯營公司或本公司董事（如適用）發

applicable, during the period. These loan balances were included

放的貸款。該等貸款結餘計入及呈列

and presented as “Receivables from related parties” as of the end of

為截至報告期間 ╱ 年度末的「應收關聯

the reporting period/year (Note 19).

方款項」
（附註19）。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

30. RELATED PARTY TRANSACTIONS (CONTINUED)

30. 關聯方交易
（續）
(f) 從關聯方租賃

(f) Leases from related parties

Six months ended June 30,
截至六月三十日止六個月

Addition of right-of-use assets

Lease liabilities

總計

24,714

2,229

1,906

22

40

2,251

1,946

As at

As at

June 30,

December 31,

2026

2025

於二零二六年

於二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

89,999

89,290

951

1,449

90,950

90,739

－ 同程控股及其聯屬公司

companies

Total

–

租賃負債

– Shanghai Ailu Hotel Management Co., Ltd. － 上海艾廬酒店管理有限公司
– Tongcheng Holdings and its affiliated

RMB’000
人民幣千元

－ 同程控股及其聯屬公司

companies

Total

RMB’000
人民幣千元

租賃負債利息開支

– Shanghai Ailu Hotel Management Co., Ltd. － 上海艾廬酒店管理有限公司
– Tongcheng Holdings and its affiliated

2025
二零二五年

添置使用權資產

– Shanghai Ailu Hotel Management Co., Ltd. － 上海艾廬酒店管理有限公司

Interest expense on lease liabilities

2026
二零二六年

總計

二零二六年中期報告 ︱ INTERIM REPORT 2026

165

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

31. SUBSEQUENT EVENTS

31. 結算日後事件

As mentioned in note 29(c), reference is made to the announcement of

誠如附註29(c)所述，茲提述本公司日期

the Company dated June 29, 2026 in relation to the Voluntary General

為二零二六年六月二十九日有關自願全面

Offer. On July 31, 2026, the composite document was despatched and

要約的公告。於二零二六年七月三十一

the share offer was commenced. On August 5, 2026, the Group has

日，綜合文件已寄發及股份要約已開始。

received valid acceptances of approximately 51.74% of the total issued

於二零二六年八月五日，本集團已接獲涉

share capital of Dida Inc. and the Voluntary General Offer became

及嘀嗒出行已發行股本總額約 51.74% 的有

unconditional. The Voluntary General Offer was closed at 4:00 p.m. on

效接納，且自願全面要約已成為無條件。

August 21, 2026 and the Group has received valid acceptance of an

自願全面要約已於二零二六年八月二十一

aggregate of 910,755,954 shares, representing approximately 88.74% of

日下午四時正截止，而本集團已接獲合共

the total issued share capital of Dida Inc.

910,755,954股股份的有效接納，相當於嘀嗒
出行全部已發行股本約88.74%。

166

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

DEFINITION
釋義

In this interim report, unless the context otherwise required, the following

於本中期報告，除文義另有所指外，以下詞彙

expressions shall have the following meaning:

具有如下涵義：

“2018 Share Incentive Plan”
「二零一八年股份激勵計劃」

the share incentive plan adopted and approved by the Company on March 9, 2018
指

“2019 RSU Plan”

本公司於二零一八年三月九日採納及批准的股份激勵計劃
the 2019 restricted share unit plan adopted and approved by the Company on July 2,
2019

「二零一九年受限制股份單位計劃」

指

“2019 Share Option Plan”

本公司於二零一九年七月二日採納及批准的二零一九年受限制股份單位計劃
the 2019 share option plan approved by an ordinary resolution passed by shareholders
of the Company at the extraordinary general meeting of the Company on August 2,
2019

「二零一九年購股權計劃」

指

本公司股東於二零一九年八月二日召開的股東特別大會上通過普通決議案批准的
二零一九年購股權計劃

“2022 RSU Plan”

the 2022 restricted share unit plan adopted and approved by the Company on March
22, 2022

「二零二二年受限制股份單位計劃」

指

“2022 Share Option Plan”

本公司於二零二二年三月二十二日採納及批准的二零二二年受限制股份單位計劃
the 2022 share option plan approved by an ordinary resolution passed by shareholders
of the Company at the annual general meeting of the Company on May 31, 2022

「二零二二年購股權計劃」

指

本公司股東於二零二二年五月三十一日召開的股東週年大會上通過普通決議案批
准的二零二二年購股權計劃

“2024 Share Scheme”

the 2024 share scheme approved and adopted by the Company at the annual general
meeting held on June 26, 2024

「二零二四年股份計劃」

指

本公司於二零二四年六月二十六日召開的股東週年大會上批准及採納的二零二四
年股份計劃

“Accumulated Number of

total number of users who used our products and services in the twelve-month period

Travelers Served”
「累計服務人次」

ended June 30, 2026
指

截至二零二六年六月三十日止十二個月期間使用我們產品及服務的用戶總數

指

平均每日房價

“ADR”
「ADR」

average daily rate

“AI”
「AI」

artificial intelligence
指

人工智能

指

應用程序，安裝在移動終端的軟件程序

“APP”
「APP」

application program, the software program installed on mobile terminals

二零二六年中期報告 ︱ INTERIM REPORT 2026

167

DEFINITION
釋義

“APUs”
「年付費用戶」

annual paying users
指

“Audit Committee”
「審核委員會」

年付費用戶
the audit committee of the Board

指

“Beijing E-dragon”

董事會審核委員會
Beijing eLong Information Technology Co., Ltd. (北京藝龍信息技術有限公司), a
limited liability company established under the laws of the PRC on November 28, 2000,
which is one of the Consolidated Affiliated Entities

「北京藝龍」

指

北京藝龍信息技術有限公司，於二零零零年十一月二十八日根據中國法律成立的
有限責任公司，為併表聯屬實體之一

“Board”
「董事會」

the board of directors of the Company
指

“Business Day(s)”

本公司董事會
any day(s) on which the stock exchange on which Shares are traded is open for the
transactions of business

「營業日」

指

“China” or “PRC”
「中國」

股份進行買賣之證券交易所進行業務交易之任何日子
People’s Republic of China

指

“Company”

中華人民共和國
Tongcheng Travel Holdings Limited (同程旅行控股有限公司), an exempted company
with limited liability incorporated under the laws of the Cayman Islands on January 14,
2016

「本公司」

指

同程旅行控股有限公司，於二零一六年一月十四日根據開曼群島法律註冊成立的
獲豁免有限公司

“Consolidated Affiliated Entities”
「併表聯屬實體」

the entities we control through Contractual Arrangements
指

“Contractual Arrangement(s)”

我們通過合約安排控制的實體
the series of contractual arrangements entered into by, among others, E-dragon
Beijing WFOE, Longyue Tiancheng WFOE and the contractual arrangement entities,
details of which are described in the section headed “Contractual Arrangements” in
the Prospectus

「合約安排」

指

由（其中包括）藝龍北京WFOE、龍悅天程WFOE及合約安排實體所訂立的一系列合
約安排，詳情載述於招股章程「合約安排」一節

168

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

DEFINITION
釋義

“Corporate Governance Code”
「企業管治守則」

the Corporate Governance Code set out in Appendix C1 to the Listing Rules
指

“C-Travel”

上市規則附錄C1所載的《企業管治守則》
C-Travel International Limited, a limited liability company incorporated under the laws
of the Cayman Islands on March 3, 2006 and a wholly-owned subsidiary of Trip.com
Group

「C-Travel」

指

C-Travel International Limited，一間根據開曼群島法律於二零零六年三月三日註冊
成立的有限責任公司，並為攜程的全資附屬公司

“DAUs”
「日活躍用戶」

daily active users
指

“Director(s)”
「董事」

日活躍用戶
the director(s) of the Company

指

“Dida Inc.”

本公司董事
Dida Inc., a company incorporated in the Cayman Islands with limited liability, the
issued shares of which are listed on the Main Board of the Stock Exchange (stock code:
02559)

「嘀嗒出行」

指

嘀嗒出行，一間於開曼群島註冊成立的有限公司，其發行股份於聯交所主板上市
（股份代號：02559）

“E-dragon Beijing WFOE”

eLong Net Information Technology (Beijing) Co., Ltd (藝龍網信息技術(北京)有限公
司), a wholly foreign-owned enterprise established under the law of PRC on August 17,
1999 and a wholly-owned subsidiary of our Company

「藝龍北京WFOE」

指

藝龍網信息技術（北京）有限公司，於一九九九年八月十七日根據中國法律成立的
外商獨資企業，為本公司的全資附屬公司

“eLong”

eLong, Inc., a company incorporated in Cayman Islands with limited liability and a
wholly-owned subsidiary of the Company

「藝龍」

指

eLong, Inc.，一家於開曼群島註冊成立的有限公司，並為本公司的全資附屬公司

指

環境、社會及管治

“ESG”
「ESG」

environmental, social, and governance

“EUR”

Euro, the lawful currency in circulation of the Eurozone member states of the European
Union

「歐元」

指

“Group”, “we”, “us”, or “our”
「本集團」或「我們」

歐元，歐盟歐元區成員國的法定流通貨幣
the Company, its subsidiaries and Consolidated Affiliated Entities from time to time

指

“HKD”

本公司、其不時的附屬公司及併表聯屬實體
Hong Kong Dollar, the lawful currency in circulation of the Hong Kong Special
Administrative Region of China

「港元」

指

港元，中國香港特別行政區的法定流通貨幣
二零二六年中期報告 ︱ INTERIM REPORT 2026

169

DEFINITION
釋義

“Hong Kong”
「香港」

the Hong Kong Special Administrative Region of the People’s Republic of China
指

“IFRS”

中華人民共和國香港特別行政區
IFRS Accounting Standards (comprising IFRS Accounting Standards and IAS Standards,
as well as their amendments and interpretations) as issued from time to time by the
International Accounting Standards Board

「國際財務報告準則」

指

國際會計準則理事會不時頒佈的國際財務報告準則的會計準則（包括國際財務報告
準則的會計準則和國際會計準則以及其修訂本及詮釋）

“KRW”
「韓元」

South Korean Won, the lawful currency in circulation of the Republic of Korea
指

“Latest Practicable Date”

韓元，大韓民國的法定流通貨幣
September 9, 2026, being the latest practicable date prior to the printing of this
interim report for the purpose of ascertaining the information contained herein

「最後實際可行日期」

指

二零二六年九月九日，即本中期報告付印前確定其中所載資料的最後實際可行日
期

“Listing”

the listing of the Shares on the Main Board of the Stock Exchange, which occurred on
the Listing Date

「上市」

指

“Listing Date”

股份於上市日期在聯交所主板上市
November 26, 2018, the date on which the Shares are listed on the Main Board of the
Stock Exchange

「上市日期」

指

“Listing Rules”

二零一八年十一月二十六日，為股份於聯交所主板上市的日期
the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong
Limited, as amended, supplemented or otherwise modified from time to time

「上市規則」

指

“Longyue Tiancheng WFOE”

香港聯合交易所有限公司證券上市規則，經不時修訂、補充或以其他方式修改
Suzhou Longyue Tiancheng Venture Capital Group Co., Ltd（蘇州龍悅天程創業投資
集團有限公司）, a wholly foreign-owned enterprise established under the laws of the
PRC on September 7, 2017 and a wholly-owned subsidiary of our Company

「龍悅天程WFOE」

指

蘇州龍悅天程創業投資集團有限公司，於二零一七年九月七日根據中國法律成立
的外商獨資企業，為本公司的全資附屬公司

“Main Board”

the stock exchange (excluding the option market) operated by the Stock Exchange
which is independent from and operates in parallel with the Growth Enterprise Market
of the Stock Exchange

「主板」

指

由聯交所營運的證券交易所（不包括期權市場），獨立於聯交所創業板，並與其並
行運作

170

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

DEFINITION
釋義

“Model Code”

the Model Code for Securities Transactions by Directors of Listed Issuers set out in
Appendix C3 to the Listing Rules

「標準守則」

指

“MPUs”

上市規則附錄C3所載上市發行人董事進行證券交易的標準守則
monthly paying users who make purchases on our platforms at least once during a
calendar month

「月付費用戶」

指

“OTA”
「在線旅遊平台」

online travel agency
指

“Prospectus”
「招股章程」

指

截至二零二六年六月三十日止六個月
Renminbi, the lawful currency of China

指

“RSU(s)”
「受限制股份單位」

本公司於二零一八年十一月十四日刊發的招股章程
the six months ended June 30, 2026

“RMB”
「人民幣」

在線旅遊平台
the prospectus dated November 14, 2018 issued by the Company

指

“Reporting Period”
「報告期」

一個曆月至少在我們平台上消費一次的月付費用戶

人民幣，中國法定貨幣
restricted share unit(s)

指

“SFO”

受限制股份單位
Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as
amended, supplemented or otherwise modified from time to time

「證券及期貨條例」

指

“Share(s)”

香港法例第571章《證券及期貨條例》，經不時修訂、補充或以其他方式修改
ordinary share(s) in the share capital of the Company, currently of nominal value
USD0.0005 each

「股份」

指

“Shareholder(s)”
「股東」

holder(s) of the Share(s)
指

“Stock Exchange”
「聯交所」

股份持有人
The Stock Exchange of Hong Kong Limited

指

“substantial Shareholder(s)”
「主要股東」

本公司股本中現時每股面值0.0005美元的普通股

香港聯合交易所有限公司
has the meaning ascribed to it in the Listing Rules

指

具有上市規則所賦予之涵義

二零二六年中期報告 ︱ INTERIM REPORT 2026

171

DEFINITION
釋義

“Suzhou Chengyi”

Suzhou Chengyi Internet Technology Limited (蘇州程藝網絡科技有限公司), a limited
liability company established under the laws of the PRC on March 21, 2018, which is
one of the Consolidated Affiliated Entities

「蘇州程藝」

指

蘇州程藝網絡科技有限公司，於二零一八年三月二十一日根據中國法律成立的有
限責任公司，為併表聯屬實體之一

“Tencent”

Tencent Holdings Limited, a company redomiciled to the Cayman Islands on February
27, 2004 as an exempted company under the laws of the Cayman Islands, whose
shares are listed on the Main Board of the Stock Exchange (stock code: 700)

「騰訊」

指

騰訊控股有限公司，一間於二零零四年二月二十七日根據開曼群島法律作為獲豁
免公司遷冊至開曼群島的公司，其股份在聯交所主板上市（股份代號：700）

“Tongcheng Network”

Tongcheng Network Technology Limited (同程網絡科技股份有限公司), a joint stock
limited company established under the laws of the PRC on March 10, 2004, which is
one of the Consolidated Affiliated Entities

「同程網絡」

指

同程網絡科技股份有限公司，於二零零四年三月十日根據中國法律成立的股份有
限公司，為併表聯屬實體之一

“Trip.com Group”

Trip.com Group Limited, previously known as Ctrip.com International, Ltd., a limited
liability company incorporated under the laws of the Cayman Islands on March 3, 2000
whose shares are listed on NASDAQ (stock symbol: TCOM) and the Main Board of the
Stock Exchange (stock code: 9961)

「攜程」

指

Trip.com Group Limited（前稱Ctrip.com International, Ltd.），一間於二零零零年三月
三日根據開曼群島法律註冊成立的有限公司，其股份在納斯達克上市（股份代號：
TCOM）及在聯交所主板上市（股份代號：9961）

“TSP(s)”
「旅遊服務供應商」

travel service provider(s)
指

“USD”
「美元」

旅遊服務供應商
United States dollars, the lawful currency of the United States of America

指

“Wanda Hotels and Resorts”

美元，美國法定貨幣
Wanda Hotel Management (Hong Kong) Co., Limited（萬達酒店管理（香港）有限公
司）, a company incorporated in Hong Kong with limited liability

「萬達酒店及度假村」

172

指

萬達酒店管理（香港）有限公司，一間於香港註冊成立的有限公司

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

Tongcheng Travel Holdings Limited
同程旅行控股有限公司

Tongcheng Travel Holdings Limited
同程旅行控股有限公司
(Incorporated in the Cayman Islands with limited liability)
( 於開曼群島註冊成立的有限公司 )
Stock Code 股份代號：0780

INTERIM REPORT

中期報告

CONTENTS
目錄

2

CORPORATE INFORMATION
公司資料

95

INTERIM CONDENSED CONSOLIDATED
STATEMENT OF FINANCIAL POSITION
中期簡明綜合財務狀況表

6

KEY HIGHLIGHTS
摘要重點

98

INTERIM CONDENSED CONSOLIDATED
STATEMENT OF CHANGES IN EQUITY
中期簡明綜合權益變動表

13

BUSINESS REVIEW AND OUTLOOK
業務回顧與展望

100

17

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

INTERIM CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS
中期簡明綜合現金流量表

102
35

CORPORATE GOVERNANCE AND OTHER
INFORMATION
企業管治及其他資料

NOTES TO THE INTERIM CONDENSED
CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註

167
90

REPORT ON REVIEW OF INTERIM FINANCIAL
INFORMATION
中期財務資料的審閱報告

DEFINITION
釋義

92

INTERIM CONDENSED CONSOLIDATED
INCOME STATEMENT
中期簡明綜合收益表

94

INTERIM CONDENSED CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME
中期簡明綜合全面收益表

CORPORATE INFORMATION
公司資料
THE BOARD OF DIRECTORS

董事會

Executive Directors

執行董事

Mr. Wu Zhixiang (resigned as Co-Chairman on

吳志祥先生（於二零二六年五月二十一日

May 21, 2026)
Mr. Ma Heping (Chief Executive Officer and

appointed as Co-Chairman on

於二零二六年五月二十一日

May 21, 2026)

獲委任為聯席董事長）

Non-Executive Directors

非執行董事

Mr. Liang Jianzhang

梁建章先生

Mr. Jiang Hao (Co-Chairman)

江浩先生（聯席董事長）

Mr. Xie Qing Hua (resigned on July 10, 2026)

謝晴華先生（於二零二六年七月十日辭任）

Ms. Li Huan Na (appointed on July 10, 2026)

李浣娜女士（於二零二六年七月十日獲委任）

Mr. Brent Richard Irvin

Brent Richard Irvin先生

Independent Non-Executive Directors

獨立非執行董事

Mr. Yang Chia Hung

楊嘉宏先生

Mr. Dai Xiaojing

戴小京先生

Ms. Han Yuling

韓玉靈女士

AUDIT COMMITTEE

審核委員會

Mr. Yang Chia Hung (Chairman)

楊嘉宏先生（主席）

Mr. Xie Qing Hua (resigned on July 10, 2026)

謝晴華先生（於二零二六年七月十日辭任）

Ms. Li Huan Na (appointed on July 10, 2026)

李浣娜女士（於二零二六年七月十日獲委任）

Ms. Han Yuling

韓玉靈女士

REMUNERATION COMMITTEE

薪酬委員會

Ms. Han Yuling (Chairman)

韓玉靈女士（主席）

Mr. Brent Richard Irvin

Brent Richard Irvin先生

Mr. Dai Xiaojing

戴小京先生

NOMINATION COMMITTEE

提名委員會

Mr. Wu Zhixiang (resigned as a member and the Chairman on

吳志祥先生（於二零二六年五月二十一日

May 21, 2026)
Mr. Ma Heping (appointed as a member and the Chairman on

May 21, 2026)

2

辭任聯席董事長）
馬和平先生（首席執行官，

辭任成員及主席）
馬和平先生（於二零二六年五月二十一日

獲委任為成員及主席）

Mr. Dai Xiaojing

戴小京先生

Ms. Han Yuling

韓玉靈女士

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

CORPORATE INFORMATION
公司資料

ENVIRONMENTAL, SOCIAL AND GOVERNANCE
COMMITTEE

環境、社會及管治委員會

Mr. Yang Chia Hung (Chairman)

楊嘉宏先生（主席）

Mr. Dai Xiaojing

戴小京先生

Ms. Han Yuling

韓玉靈女士

COMPANY SECRETARY

公司秘書

Ms. Ma Li

馬莉女士

AUTHORIZED REPRESENTATIVES

授權代表

Mr. Ma Heping

馬和平先生

Ms. Ma Li

馬莉女士

REGISTERED OFFICE IN THE CAYMAN ISLANDS

開曼群島註冊辦事處

Conyers Trust Company (Cayman) Limited

Conyers Trust Company (Cayman) Limited

Cricket Square

Cricket Square

Hutchins Drive

Hutchins Drive

P.O. Box 2681

P.O. Box 2681

Grand Cayman

Grand Cayman

KY1-1111

KY1-1111

Cayman Islands

Cayman Islands

HEADQUARTERS

總部

Tongcheng Travel Mansion

中國江蘇省

No. 66 Yunhui Road

蘇州工業園區

Suzhou Industrial Park

醞慧路66號

Jiangsu, China

同程旅行大廈

PRINCIPAL PLACE OF BUSINESS IN HONG KONG

香港主要營業地點

31/F, Tower Two

香港

Times Square

銅鑼灣

1 Matheson Street

勿地臣街1號

Causeway Bay

時代廣場

Hong Kong

二座31樓

二零二六年中期報告 ︱ INTERIM REPORT 2026

3

CORPORATE INFORMATION
公司資料

4

PRINCIPAL SHARE REGISTRAR AND TRANSFER
OFFICE

股份過戶登記總處

Conyers Trust Company (Cayman) Limited

Conyers Trust Company (Cayman) Limited

Cricket Square

Cricket Square

Hutchins Drive

Hutchins Drive

P.O. Box 2681

P.O. Box 2681

Grand Cayman

Grand Cayman

KY1-1111

KY1-1111

Cayman Islands

Cayman Islands

HONG KONG SHARE REGISTRAR

香港證券登記處

Computershare Hong Kong Investor Services Limited

香港中央證券登記有限公司

Shops 1712-1716, 17/F

香港

Hopewell Centre

灣仔

183 Queen’s Road East

皇后大道東183號

Wanchai

合和中心

Hong Kong

17樓1712-1716號舖

LEGAL ADVISERS

法律顧問

As to Hong Kong and U.S. laws:

有關香港及美國法律：

Davis Polk & Wardwell

達維律師事務所

10th Floor, The Hong Kong Club Building

香港

3A Chater Road

遮打道3A號

Hong Kong

香港會所大廈10樓

As to PRC law:

有關中國法律：

Zhong Lun Law Firm

中倫律師事務所

10/11/16/17/F, Two IFC

中國上海市

No. 8 Century Avenue

浦東新區

Pudong New Area

世紀大道8號

Shanghai, China

國金中心二期10、11、16及17層

As to Cayman Islands law:

有關開曼群島法律：

Conyers Dill & Pearman

Conyers Dill & Pearman

Cricket Square, Hutchins Drive

Cricket Square, Hutchins Drive

P.O. Box 2681

P.O. Box 2681

Grand Cayman

Grand Cayman

KY1-1111

KY1-1111

Cayman Islands

Cayman Islands

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

CORPORATE INFORMATION
公司資料

AUDITOR

核數師

PricewaterhouseCoopers

羅兵咸永道會計師事務所

Certified Public Accountants and Registered Public Interest Entity Auditor

執業會計師及註冊公眾利益實體核數師

22/F, Prince’s Building

香港

Central

中環

Hong Kong

太子大廈22樓

PRINCIPAL BANKS

主要往來銀行

China Merchants Bank Beijing DongSanHuan Sub-Branch

招商銀行北京東三環支行

1F, Huijia Building

中國

6 East 3rd Ring North Road

北京市朝陽區

Chaoyang District, Beijing

東三環北路6號

China

匯佳大廈一層西門

Bank of China Suzhou Industrial Park Branch

中國銀行蘇州工業園區分行

Zhongyin Huilong Building

中國江蘇省

No. 8 Suzhou Avenue West

蘇州工業園區

Suzhou Industrial Park

蘇州大道西8號

Jiangsu, China

中銀惠龍大廈

STOCK CODE

股份代號

0780

0780

COMPANY WEBSITE

公司網址

www.tongchengir.com

www.tongchengir.com

二零二六年中期報告 ︱ INTERIM REPORT 2026

5

KEY HIGHLIGHTS
摘要重點
FOR THE THREE MONTHS ENDED JUNE 30, 2026

截至二零二六年六月三十日止三個月

•

•

•

Revenue increased by 6.8% year-to-year to RMB4,987.0 million in the

收入由二零二五年第二季度的人民幣4,669.4

second quarter of 2026 from RMB4,669.4 million in the same period of

百萬元同比增加 6.8% 至二零二六年同期的

2025.

人民幣4,987.0百萬元。

Adjusted EBITDA increased by 7.3% from RMB1,185.2 million in the

•

second quarter of 2025 to RMB1,271.6 million in the second quarter of

經調整EBITDA由二零二五年第二季度的人
民幣1,185.2百萬元增加7.3%至二零二六年第

2026. Adjusted EBITDA margin increased to 25.5% in the second quarter

二季度的人民幣 1,271.6 百萬元。與二零二

of 2026 compared to 25.4% in the same quarter of 2025.

五年第二季度的25.4%相比，二零二六年同
期的經調整EBITDA利潤率增加至25.5%。

•

Adjusted net profit increased by 9.8% from RMB775.1 million in the

•

經調整溢利淨額由二零二五年第二季度的

second quarter of 2025 to RMB850.9 million in the same quarter of 2026.

人民幣775.1 百萬元增加9.8%至二零二六年

Adjusted net margin increased from 16.6% in the second quarter of 2025

同季度的人民幣850.9 百萬元。經調整淨利

to 17.1% in the same quarter of 2026.

潤率由二零二五年第二季度的16.6%上升至
二零二六年同季度的17.1%。

•

Average MPUs decreased by 5.8% year-to-year from 46.4 million in the
second quarter of 2025 to 43.7 million in the same quarter of 2026.

•

平均月付費用戶由二零二五年第二季度的
46.4百萬人同比減少5.8%至二零二六年同季
度的43.7百萬人。

6

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

KEY HIGHLIGHTS
摘要重點

1. KEY FINANCIAL METRICS FOR THE THREE
MONTHS ENDED JUNE 30, 2026

1. 截至二零二六年六月三十日止
三個月的關鍵財務指標
Unaudited
Three months ended
June 30,
未經審核

Year-to-year

截至六月三十日止三個月

change

2026

2025

同比

二零二六年

二零二五年

變動

(in RMB’000)
（人民幣千元）

4,987,027

4,669,431

除所得稅前溢利

808,737

785,745

2.9%

期內溢利

633,724

642,105

(1.3)%

期內經調整EBITDA

1,271,643

1,185,177

7.3%

期內經調整溢利淨額

850,902

775,103

9.8%

Revenue

收入

Profit before income tax
Profit for the period
Adjusted EBITDA for the period
Adjusted net profit for the period
Revenue growth (year-to-year)

收入增長（同比）

6.8%

10.0%

Adjusted EBITDA margin

經調整EBITDA利潤率

25.5%

25.4%

Adjusted net margin

經調整淨利潤率

17.1%

16.6%

6.8%

Note:

附註：

Please refer to “Other Financial Information” below for the meaning of “adjusted
EBITDA” and “adjusted net profit for the period”.

有關「經調整EBITDA」及「期內經調整溢利淨額」的
涵義，請參閱下文「其他財務資料」。

二零二六年中期報告 ︱ INTERIM REPORT 2026

7

KEY HIGHLIGHTS
摘要重點

2. 分部財務資料

2. FINANCIAL INFORMATION BY SEGMENT

Unaudited
Three months ended June 30,
未經審核
截至六月三十日止三個月
2026
二零二六年

2025
二零二五年
(in RMB’000)
（人民幣千元）

8

Core OTA
核心在線
旅遊平台

Tourism
度假

Unallocated
items
未分配項目

Total
總計

Core
OTA
核心在線
旅遊平台

Tourism
度假

Unallocated
items
未分配項目

Total
總計

Accommodation reservation
Transportation ticketing
Others

住宿預訂
交通票務
其他

1,480,655
1,838,210
1,025,369

–
–
642,793

–
–
–

1,480,655
1,838,210
1,668,162

1,371,367
1,881,010
755,398

–
–
661,656

–
–
–

1,371,367
1,881,010
1,417,054

Total revenue

總收入

4,344,234

642,793

–

4,987,027

4,007,775

661,656

–

4,669,431

Cost of revenue, operating expenses
and unallocated items

銷售成本、經營開支及未分配項目

(3,197,906)

(648,947)

(286,776)

(4,133,629)

(2,937,441)

(657,229)

(265,445)

(3,860,115)

Operating profit/(loss)

經營溢利╱（虧損）

1,146,328

(6,154)

(286,776)

853,398

1,070,334

4,427

(265,445)

809,316

Note:

附註：

Unallocated items mainly include (i) share-based compensation expenses; (ii)
depreciation of property, plant and equipment and right-of-use assets from
acquisition; (iii) amortization of intangible assets from acquisition; (iv) fair value
changes of financial investments at fair value through profit or loss; (v) other
income; (vi) other (losses)/gains – net; and (vii) certain corporate administrative
expenses and other miscellaneous items. They are not allocated to individual
segment.

未分配項目主要包括 ( i ) 以股份為基礎的薪酬開
支；(ii)收購產生的物業、廠房及設備以及使用權
資產折舊；(iii)收購產生的無形資產攤銷；(iv)按公
允價值計量且其變動計入損益的金融投資公允價
值變動；(v)其他收入；(vi)其他（虧損）╱ 收益淨
額；及(vii)若干企業行政開支以及其他雜項。未
分配項目不分配至個別分部。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

KEY HIGHLIGHTS
摘要重點

3. OPERATING METRICS FOR THE THREE MONTHS
ENDED JUNE 30, 2026

截至二零二六年六月三十日止
三個月的營運指標

3.

Three months ended June 30,
截至六月三十日止三個月
2026
2025
二零二六年
二零二五年
Number of average MPUs (in million)

平均月付費用戶數目
（按百萬計）

FOR THE SIX MONTHS ENDED JUNE 30, 2026
•

Revenue increased by 10.5% year-to-year to RMB9,992.8 million in

43.7

•

(5.8)%

收入由截至二零二五年六月三十日止
六個月的人民幣 9,046.9 百萬元同比增
加10.5%至二零二六年同期的人民幣

same period of 2025.

Adjusted EBITDA increased by 13.5% year-to-year from RMB2,344.6

46.4

截至二零二六年六月三十日止六個
月

the six months ended June 30, 2026 from RMB9,046.9 million in the

•

Year-to-year
change
同比變動

9,992.8百萬元。
•

經調整 EBITDA 由截至二零二五年六月

million for the six months ended June 30, 2025 to RMB2,660.7

三十日止六個月的人民幣2,344.6百萬元

million for the six months ended June 30, 2026. Adjusted EBITDA

同比增加13.5%至截至二零二六年六月

margin increased from 25.9% in the same period of 2025 to 26.6%.

三十日止六個月的人民幣 2,660.7 百萬
元。經調整 EBITDA 利潤率由二零二五
年同期的25.9%上升至26.6%。

•

Adjusted net profit increased by 14.6% from RMB1,563.3 million for

•

經調整溢利淨額由截至二零二五年六

the six months ended June 30, 2025 to RMB1,792.0 million for the

月三十日止六個月的人民幣1,563.3百萬

six months ended June 30, 2026. Adjusted net margin increased

元增加14.6%至截至二零二六年六月三

from 17.3% in the same period of 2025 to 17.9% for the six months

十日止六個月的人民幣1,792.0百萬元。

ended June 30, 2026.

經調整淨利潤率由截至二零二五年六
月三十日止六個月的17.3%上升至二零
二六年同期的17.9%。

•

Average MPUs decreased by 3.0% year-to-year from 46.5 million

•

平均月付費用戶由截至二零二五年六

for the six months ended June 30, 2025 to 45.1 million for the six

月三十日止六個月的46.5百萬人同比減

months ended June 30, 2026.

少3.0%至截至二零二六年六月三十日止
六個月的45.1百萬人。

•

APUs for the twelve-month period ended June 30, 2026 increased

•

截至二零二六年六月三十日止十二個

by 0.9% year-to-year from 251.7 million in the same period of 2025

月期間的年付費用戶由二零二五年同

to 253.9 million.

期的251.7百萬人同比增加0.9%至253.9
百萬人。

•

Twelve-month Accumulated Number of Travelers Served ended

•

截至二零二六年六月三十日止的十二

June 30, 2026 increased by 2.7% from 1,990.6 million in the same

個月累計服務人次由二零二五年同期

period of 2025 to 2,044.3 million.

的1,990.6百萬增加2.7%至2,044.3百萬。

二零二六年中期報告 ︱ INTERIM REPORT 2026

9

KEY HIGHLIGHTS
摘要重點

4. KEY FINANCIAL METRICS FOR THE SIX MONTHS
ENDED JUNE 30, 2026

4. 截至二零二六年六月三十日止
六個月的關鍵財務指標
Unaudited
Six months ended June 30,
未經審核
截至六月三十日止六個月

Year-to-year

2026

2025

change

二零二六年

二零二五年

同比變動

(in RMB’000)
（人民幣千元）

10

Revenue

收入

9,992,819

9,046,863

10.5%

Profit before income tax

除所得稅前溢利

1,763,805

1,590,807

10.9%

Profit for the period

期內溢利

1,417,953

1,320,606

7.4%

Adjusted EBITDA for the period

期內經調整EBITDA

2,660,686

2,344,561

13.5%

Adjusted net profit for the period

期內經調整溢利淨額

1,792,002

1,563,271

14.6%

Revenue growth (year-to-year)

收入增長（同比）

10.5%

11.5%

Adjusted EBITDA margin

經調整EBITDA利潤率

26.6%

25.9%

Adjusted net margin

經調整淨利潤率

17.9%

17.3%

Note:

附註：

Please refer to “Other Financial Information” below for the meaning of “adjusted
EBITDA” and “adjusted net profit for the period”.

有關「經調整EBITDA」及「期內經調整溢利淨額」的
涵義，請參閱下文「其他財務資料」。

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

KEY HIGHLIGHTS
摘要重點

5. FINANCIAL INFORMATION BY SEGMENT

5.

分部財務資料
Unaudited
Six months ended June 30,
未經審核
截至六月三十日止六個月

2026

2025

二零二六年

二零二五年
(in RMB’000)
（人民幣千元）

Core

Unallocated

Core

Unallocated

OTA

items

OTA

items

核心在線

Tourism

未分配

Total

核心在線

Tourism

未分配

Total

旅遊平台

度假

項目

總計

旅遊平台

度假

項目

總計

–

–

2,845,115

2,561,009

–

–

2,561,009

Accommodation reservation

住宿預訂

2,845,115

Transportation ticketing

交通票務

3,962,228

–

–

3,962,228

3,881,221

–

–

3,881,221

Others

其他

1,986,790

1,198,686

–

3,185,476

1,357,975

1,246,658

–

2,604,633

Total revenue

總收入

8,794,133

1,198,686

–

9,992,819

7,800,205

1,246,658

–

9,046,863

Cost of revenue, operating expenses

銷售成本、經營開支及

and unallocated items

未分配項目

(6,342,499)

(1,185,916)

(617,964)

(8,146,379)

(5,623,032)

(1,216,688)

(580,544)

(7,420,264)

Operating profit/(loss)

經營溢利╱（虧損）

2,451,634

12,770

(617,964)

1,846,440

2,177,173

29,970

(580,544)

1,626,599

Note:

附註：

Unallocated items mainly include (i) share-based compensation expenses; (ii)
depreciation of property, plant and equipment and right-of-use assets from
acquisition; (iii) amortization of intangible assets from acquisition; (iv) fair value
changes of financial investments at fair value through profit or loss; (v) other
income; (vi) other (losses)/gains, net; and (vii) certain corporate administrative
expenses and other miscellaneous items. They are not allocated to individual
segment.

未分配項目主要包括 ( i ) 以股份為基礎的薪酬開
支；(ii)收購產生的物業、廠房及設備以及使用權
資產折舊；(iii)收購產生的無形資產攤銷；(iv)按公
允價值計量且其變動計入損益的金融投資公允價
值變動；(v)其他收入；(vi)其他（虧損）╱ 收益淨
額；及(vii)若干企業行政開支以及其他雜項。未
分配項目不分配至個別分部。

二零二六年中期報告 ︱ INTERIM REPORT 2026

11

KEY HIGHLIGHTS
摘要重點

6. OPERATING METRICS FOR THE SIX MONTHS
ENDED JUNE 30, 2026

6. 截至二零二六年六月三十日止
六個月的營運指標
Six months ended June 30,
截至六月三十日止六個月
2025

change

二零二六年

二零二五年

同比變動

Number of average MPUs (in million)

平均月付費用戶數目（按百萬計）

45.1

46.5

(3.0)%

APUs (in million)

年付費用戶（按百萬計）

253.9

251.7

0.9%

Twelve-month Accumulated Number of

十二個月累計服務人次
2,044.3

1,990.6

2.7%

Travelers Served (in million)

12

Year-to-year

2026

（按百萬計）

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

BUSINESS REVIEW AND OUTLOOK
業務回顧與展望
RESULTS HIGHLIGHTS

業績摘要

In the second quarter of 2026, China’s travel market was marked by a

二零二六年第二季度，中國旅遊市場的外部環

challenging external environment. While travel demand remained resilient in

境充滿挑戰。儘管旅遊需求在四月初保持韌

early April, elevated airfares, driven by a significant increase in fuel surcharges,

性，但燃油附加費大幅增加導致機票價格高

have weighed on long-haul travel demand since May. Against this backdrop,

企，自五月起對長途旅遊需求造成壓力。在此

we remained disciplined in execution and delivered another quarter of solid

背景下，我們始終保持穩扎穩打的執行力，再

results.

次交出了穩健的季度業績。

Our total revenue increased by 6.8% year-to-year to RMB4,987.0 million and

截至二零二六年六月三十日止三個月及六個

10.5% year-to-year to RMB9,992.8 million, for the three and six months ended

月，我們的總收入分別同比增加6.8%及10.5%至

June 30, 2026 respectively. Underpinned by enhanced operational leverage,

人民幣4,987.0 百萬元及人民幣9,992.8 百萬元。

our adjusted net profit was RMB850.9 million and RMB1,792.0 million for

得益於經營效率的提升，截至二零二六年六月

the three and six months ended June 30, 2026 respectively, representing

三十日止三個月及六個月，我們的經調整淨利

year-to-year increases of 9.8% and 14.6%, respectively.

潤分別為人民幣850.9百萬元及人民幣1,792.0百
萬元，分別同比增長9.8%及14.6%。

BUSINESS REVIEW

業務回顧

Through effective user engagement initiatives and a full spectrum of

通過高效的用戶互動措施及全面的產品供給，

product offerings, we have built an extensive user base. Our annual

我們建立了龐大的用戶基數。截至二零二六年

paying users for the twelve months ended June 30, 2026 reached 253.9

六月三十日止十二個月，我們的年付費用戶達

million, representing approximately 0.9% year-to-year growth, while our

253.9 百萬人，同比增長約0.9%，十二個月累計

twelve-month Accumulated Number of Travelers Served exceeded 2.0 billion.

服務人次超過20.0億。憑藉卓越的運營能力，我

Our exceptional operational capabilities have enabled us to further solidify

們進一步鞏固了在中國大眾市場的地位。截至

our position in China’s mass market. As of June 30, 2026, our registered users

二零二六年六月三十日，超過87%的註冊用戶來

residing in non-first tier cities in China accounted for over 87% of the total

自中國非一線城市。

registered users.
During the second quarter, the Weixin ecosystem remained an important

第二季度，微信生態系統依舊是我們重要的流

traffic source for us, and we continued to optimize our operational efficiency

量來源，我們持續優化在該生態內的運營效

within the ecosystem. Meanwhile, our standalone APP, the key instrument

率。同時，作為獲取新用戶的核心渠道，我們

for new user acquisition, maintained solid growth momentum, with its

的自有APP保持強勁的增長勢頭，其日活躍用戶

DAUs reaching an all-time high ahead of the May Day holiday. Notably, we

在五一假期前達到歷史新高。值得注意的是，

launched weekend marketing campaigns to tap into evolving consumer

為順應消費者追求儀式感與鬆弛感的新趨勢，

preferences for a sense of ritual and relaxation, deepening interaction with

我們推出了週末主題營銷活動，以加強與年輕

the younger user cohort.

用戶群體的互動。

二零二六年中期報告 ︱ INTERIM REPORT 2026

13

BUSINESS REVIEW AND OUTLOOK
業務回顧與展望

Prioritizing user value, we have been actively investing in our loyalty

我們重視用戶價值，積極投入會員計劃並優化

program and optimizing user benefits. During the quarter, we continued

用戶權益。本季度內，我們通過提供更多專屬

to enhance our engagement programs for high-value members by offering

權益與提升服務質量，以加強與高價值會員的

more exclusive benefits and elevating service quality. These efforts further

互動。這些舉措進一步提高了用戶複購率，並

increased repeat purchases and strengthened user loyalty.

增強了用戶忠誠度。

As a one-stop-shop travel platform, we provide users with an extensive array

作為一站式旅遊平台，我們為用戶提供豐富的

of travel products and services to address evolving user needs throughout

旅遊產品及服務，以滿足用戶在旅程中不斷變

journeys. As of June 30, 2026, our online platforms offered approximately

化的需求。截至二零二六年六月三十日，我們

440,000 routes operated by 783 airlines and agencies, more than 4.0 million

的在線平台提供由783家航空公司及代理運營的

hotel selections and alternative accommodation options, over 150,000 bus

約440,000條航線、超過4.0百萬家酒店及非標住

routes, around 1,000 ferry routes, and more than 13,000 tourist attraction

宿選擇、逾150,000條巴士路線、約1,000條渡輪

ticketing services.

線路，及超過13,000個旅遊景點的門票服務。

For the three months ended June 30, 2026, our revenue from the

截至二零二六年六月三十日止三個月，我們

accommodation business increased by 8.0% year-to-year from RMB1,371.4

住宿業務的收入由人民幣1,371.4 百萬元同比增

million to RMB1,480.7 million, supported by stable growth in both ADR

加8.0%至人民幣1,480.7 百萬元，主要受ADR與

and hotel room nights sold. Driven by the structural shift in consumer

酒店間夜量穩健增長所推動。受益於消費者偏

preferences toward higher-quality hotels, the proportion of higher-star

好向高品質酒店轉移的結構性變化，季度內我

hotel room nights sold on our platform increased further during the quarter.

們平台上高品質酒店間夜量佔比進一步提升。

Additionally, we curated destinations with strong experiential attraction, and

此外，圍繞用戶日益青睞體驗式旅行的趨勢，

launched differentiated interactive marketing campaigns to seize the growth

我們精選了具備強體驗屬性的目的地，並推出

opportunities arising from growing preference toward experience-driven

差異化的營銷活動，以把握增長機會。國際住

travel. As for our international accommodation business, we continued to

宿業務方面，我們持續深化與全球供應商的合

deepen partnership with global suppliers, and further enhanced our product

作，並進一步優化我們的產品及服務供給，以

and service offerings to better address users’ needs. Besides, the successful

更好地滿足用戶需求。此外，交叉銷售的有效

execution of our cross-selling strategy, combined with precise marketing

實施，疊加精準的營銷活動，共同助推了二季

campaigns, added to the exceptional growth in international room nights

度國際酒店間夜量的強勁增長。

sold in the second quarter.

14

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

BUSINESS REVIEW AND OUTLOOK
業務回顧與展望

Our transportation business faced headwinds in the second quarter, with

第二季度，受機票價格高企抑制出行需求的影

elevated airfares dampening travel demand. For the three months ended

響，我們的交通業務承壓。截至二零二六年六

June 30, 2026, our revenue from transportation ticketing services slightly

月三十日止三個月，我們的交通票務服務收入

decreased by 2.3% year-to-year from RMB1,881.0 million to RMB1,838.2

由人民幣1,881.0 百萬元同比小幅下降2.3%至人

million. During the quarter, we remained committed to enhancing user

民幣1,838.2 百萬元。期內，我們致力於提升用

experience. Our algorithm-powered Huixing system continued to deliver

戶體驗。我們由算法驅動的慧行系統持續為用

diverse, reliable end-to-end travel solutions. Meanwhile, we further integrated

戶提供多元、可靠的端到端出行解決方案。同

short-distance transportation options into users’ travel journeys, such as

時，我們進一步將短途交通服務（例如順風車及

carpooling and airport transfers, delivering a more seamless and convenient

機場接送）融入用戶的出行旅程中，為用戶提供

experience for our users. In the international air ticketing business, we

更加順暢及便捷的出行體驗。在國際機票業務

maintained a competitive pricing strategy while further enhancing our

方面，我們維持具有競爭力的定價策略，同時

service quality to strengthen our user awareness. In the second quarter

進一步提升服務質量，以強化用戶心智。二零

of 2026, our international air ticketing revenue maintained strong growth

二六年第二季度，我們的國際機票收入保持了

momentum.

強勁的增長勢頭。

Our other businesses demonstrated notable growth. For the three months

我們的其他業務顯著增長。截至二零二六年六

ended June 30, 2026, our revenue from other businesses achieved

月三十日止三個月，其他業務的收入達人民幣

RMB1,025.4 million with a 35.7% year-to-year growth, driven by the

1,025.4百萬元，同比增長35.7%，主要受酒店管

exceptional performance of the hotel management business. During the

理業務的出色表現所推動。季度內，我們的藝

quarter, our Elong Hotel Technology platform sustained its rapid expansion

龍酒店科技平台戰略聚焦受市場認可的品牌，

trajectory with a strategic focus on well-recognized brands, while leveraging

延續了快速擴張的態勢，同時憑藉技術能力提

technological capabilities to enhance operational efficiency. As for Wanda

升運營效率。萬達酒店及度假村則採取了精細

Hotels and Resorts, it pursued a refined geographic expansion, concentrating

化的擴張策略，聚焦核心城市與熱門旅遊目的

on new hotel openings in core cities and popular tourist destinations to

地，以提升其在中國高端酒店的市場份額。此

increase its market share within China’s high-end hotel segment. In addition,

外，其亦加快了在海外市場的擴張步伐，從而

it also accelerated its pace of international expansion, strengthening its

強化在國際市場的影響力。截至六月底，我們

market presence on the global stage. As of the end of June, the total number

在營運的酒店總數超過3,500家，另有超過2,000

of hotels in operation exceeded 3,500, with over 2,000 in the pipeline,

家酒店在籌備中，彰顯了我們酒店管理業務的

underscoring the strong growth momentum of our hotel management

強勁增長勢頭，以及我們致力於成為中國酒店

business and our steadfast dedication to becoming the industry leader in

管理行業領導者的決心。

China’s hotel management sector.
In the second quarter of 2026, our revenue from tourism business achieved

二零二六年第二季度，我們的度假業務收入達

RMB642.8 million with a 2.9% year-to-year decrease, mainly attributable to

人民幣642.8百萬元，同比下降2.9%，主要是因

subdued demand for outbound package tours amid persistent geopolitical

為地緣政治不確定性持續存在，疊加機票價格

uncertainties and heightened airfares.

高企，導致出境跟團遊需求疲軟。

二零二六年中期報告 ︱ INTERIM REPORT 2026

15

BUSINESS REVIEW AND OUTLOOK
業務回顧與展望

We are committed to harnessing AI to seize new growth opportunities in

我們致力於運用 AI 技術以把握 AI 時代的增長機

the AI era, while enhancing the Company’s overall operational efficiency.

遇，同時提升公司整體的運營效率。我們積極

We proactively pursue strategic collaborations with leading third-party AI

與領先的第三方AI平台開展戰略合作。作為首批

platforms. As one of the first OTAs to integrate with the Weixin AI Assistant,

接入微信AI助手的在線旅遊平台之一，我們正積

we are actively contributing to the development of the Weixin AI ecosystem,

極參與微信 AI 生態系統的共建，聚焦於在該生

focusing on building and validating our capabilities within this ecosystem.

態系統內打磨並驗證我們的業務能力。同時，

Meanwhile, we continuously iterated our proprietary AI-powered itinerary

我們持續迭代自有AI行程規劃智能體DeepTrip。

planner DeepTrip. Over the past quarter, we strengthened DeepTrip’s

於過去一個季度，我們增強了DeepTrip的記憶能

memory capabilities, enabling it to incorporate users’ historical preferences

力，使其能夠結合用戶的歷史偏好，生成更為

and deliver more precise, customized travel itineraries.

精準化、定製化的旅遊行程。

In customer service, we further advanced automation functions powered by

在客戶服務方面，我們進一步深化了AI驅動的自

AI. Beyond the high degree of automation already achieved in routine user

動化能力。在常規用戶諮詢場景已實現高度自

inquiry scenarios, we extended AI applications to more customer service

動化的基礎上，我們將AI應用擴展至理賠追蹤等

scenarios such as compensation claim tracking, which has significantly

更多客服場景，顯著提升了客戶服務效率及用

boosted both customer service efficiency and user experience. Moreover, we

戶體驗。此外，我們將AI深度嵌入到所有人工服

deepened AI integration into every manual process, equipping our customer

務環節中，為我們的客戶服務團隊配置 AI 工具

service team with a set of AI tools to help them better understand user

箱，幫助其更好地理解用戶訴求，從而實現響

inquiries with enhanced accuracy and faster response.

應速度與準確率的提升。

BUSINESS OUTLOOK AND STRATEGIES

業務前景及策略

With the onset of summer season, we have observed subdued travel

進入暑期，我們觀察到出行需求呈現疲軟態

demand, weighed down by the frequent occurrence of extreme weather and

勢，主要受極端天氣頻發以及燃油成本波動帶

the uncertainties caused by fluctuating fuel costs. In spite of the short-term

來的不確定性拖累。儘管面臨短期不利影響，

headwinds, we maintain a positive outlook for both our Company and the

我們對本公司業務及整體中國旅遊業的發展前

broader China travel industry. The Chinese government has reinforced the

景依然保持信心。中國政府進一步強化旅遊業

role of the tourism industry as a strategic pillar of the national economy,

作為國民經濟戰略性支柱產業的地位，為行業

laying a solid foundation for the industry’s long-term growth. Meanwhile,

的長期增長奠定堅實基礎。同時，消費者偏好

the structural shift in consumer preference toward immersive, experiential

向沉浸式與體驗式消費的結構性轉變，正為本

consumption is creating new travel scenarios and growth opportunities for

公司乃至整個旅遊行業創造新的旅遊場景及增

our Company as well as the broader travel industry.

長機遇。

With a clear strategy and strong execution capabilities, we are well-positioned

憑藉清晰的戰略佈局及卓越的執行能力，我們

to navigate the short-term market uncertainties and capture long-term

完全有能力應對短期的市場不確定性，並把握

growth opportunities. We will remain focused on our core OTA business,

長期增長機遇。我們將繼續專注於核心在線旅

strengthening our market position in China’s mass market, while proactively

遊平台業務，鞏固本公司在中國大眾市場的地

expanding our international business. With respect to the hotel management

位，同時積極拓展國際業務。酒店管理業務方

business, we will accelerate its geographical network expansion, while

面，我們將加快酒店網絡擴張，同時提升運營

enhancing operational efficiency. Furthermore, we will step up efforts in

效率。此外，我們將加大力度應用AI技術，以把

leveraging AI technology to capture potential growth opportunities as

握潛在增長機遇並提升運營效率。最後，我們

well as improving operational efficiency. Finally, we remain committed to

將繼續致力於提升本公司的ESG表現，為所有利

enhancing our ESG performance and delivering sustainable, long-term value

益相關者創造可持續的長期價值。

to all stakeholders.

16

Tongcheng Travel Holdings Limited ︱ 同程旅行控股有限公司

MANAGEMENT DISCUSSION AND ANALYSIS
管