机构：招银国际 Core OTA business revenue growth slightly ahead of consensus. In 1Q25, TC's core OTA business revenue reached RMB3.8bn (86.6% of total revenue), up 18.4% YoY (4Q24: 20.2% YoY), and was 1% ahead of consensus driven by better-than-expected revenue growth in transportation ticketing business and Others. In 1Q25, transportation ticketing services/ accommodation reservation services/others revenue achieved YoY growth of 15%/23%/20% (4Q24: 17/29/15%). The number of twelve-month accumulated number of trave ...