Tongcheng Travel Holdings Ltd (TEM) - Net Assets
Based on the latest financial reports, Tongcheng Travel Holdings Ltd (TEM) has net assets worth €22.20 Billion EUR (≈ $25.96 Billion USD) as of June 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (€41.24 Billion ≈ $48.21 Billion USD) and total liabilities (€19.03 Billion ≈ $22.25 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check TEM cash and liquid asset ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | €22.20 Billion |
| % of Total Assets | 53.85% |
| Annual Growth Rate | N/A |
| 5-Year Change | 54.49% |
| 10-Year Change | N/A |
| Growth Volatility | 3.84 |
Tongcheng Travel Holdings Ltd - Net Assets Trend (2016–2025)
This chart illustrates how Tongcheng Travel Holdings Ltd's net assets have evolved over time, based on quarterly financial data. Also explore TEM asset base for the complete picture of this company's asset base.
Annual Net Assets for Tongcheng Travel Holdings Ltd (2016–2025)
The table below shows the annual net assets of Tongcheng Travel Holdings Ltd from 2016 to 2025. For live valuation and market cap data, see Tongcheng Travel Holdings Ltd market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | €23.57 Billion ≈ $27.56 Billion |
+12.46% |
| 2024-12-31 | €20.96 Billion ≈ $24.51 Billion |
+13.03% |
| 2023-12-31 | €18.55 Billion ≈ $21.68 Billion |
+15.98% |
| 2022-12-31 | €15.99 Billion ≈ $18.69 Billion |
+4.79% |
| 2021-12-31 | €15.26 Billion ≈ $17.84 Billion |
+8.86% |
| 2020-12-31 | €14.02 Billion ≈ $16.39 Billion |
+6.58% |
| 2019-12-31 | €13.15 Billion ≈ $15.38 Billion |
+14.09% |
| 2018-12-31 | €11.53 Billion ≈ $13.48 Billion |
+316.20% |
| 2017-12-31 | €-5.33 Billion ≈ $-6.23 Billion |
+3.62% |
| 2016-12-31 | €-5.53 Billion ≈ $-6.47 Billion |
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Equity Component Analysis
This analysis shows how different components contribute to Tongcheng Travel Holdings Ltd's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 750533500000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | €3.74 Billion | 16.57% |
| Other Components | €18.82 Billion | 83.43% |
| Total Equity | €22.56 Billion | 100.00% |
Tongcheng Travel Holdings Ltd Competitors by Market Cap
The table below lists competitors of Tongcheng Travel Holdings Ltd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Shanghai Sinyang Semiconductor
SHE:300236
|
$4.57 Billion |
|
Yonghui Superstores Co Ltd
SHG:601933
|
$4.57 Billion |
|
Cathay Biotech Inc
SHG:688065
|
$4.57 Billion |
|
Shandong Intco Medical Products Co Ltd
SHE:300677
|
$4.57 Billion |
|
MDU Resources Group Inc
NYSE:MDU
|
$4.56 Billion |
|
Iridium Communications Inc
NASDAQ:IRDM
|
$4.56 Billion |
|
Indofood Cbp Sukses Makmur Tbk
JK:ICBP
|
$4.56 Billion |
|
Indian Railway Catering And Tourism Corporation Limited
NSE:IRCTC
|
$4.56 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Tongcheng Travel Holdings Ltd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 20,001,471,000 to 22,555,015,000, a change of 2,553,544,000 (12.8%).
- Net income of 2,371,234,000 contributed positively to equity growth.
- Dividend payments of 379,141,000 reduced retained earnings.
- New share issuances of 281,758,000 increased equity.
- Other factors increased equity by 279,693,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | €2.37 Billion | +10.51% |
| Dividends Paid | €379.14 Million | -1.68% |
| Share Issuances | €281.76 Million | +1.25% |
| Other Changes | €279.69 Million | +1.24% |
| Total Change | €- | 12.77% |
Book Value vs Market Value Analysis
This analysis compares Tongcheng Travel Holdings Ltd's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.18x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2017-12-31 | €-2.60 | €1.68 | x |
| 2018-12-31 | €5.56 | €1.68 | x |
| 2019-12-31 | €6.19 | €1.68 | x |
| 2020-12-31 | €6.43 | €1.68 | x |
| 2021-12-31 | €6.86 | €1.68 | x |
| 2022-12-31 | €7.02 | €1.68 | x |
| 2023-12-31 | €7.85 | €1.68 | x |
| 2024-12-31 | €8.57 | €1.68 | x |
| 2025-12-31 | €9.58 | €1.68 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Tongcheng Travel Holdings Ltd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 10.51%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 12.23%
- • Asset Turnover: 0.46x
- • Equity Multiplier: 1.86x
- Recent ROE (10.51%) is above the historical average (4.52%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2016 | 0.00% | -97.04% | 0.96x | 0.00x | €-1.59 Billion |
| 2017 | 0.00% | 7.77% | 0.91x | 0.00x | €729.26 Million |
| 2018 | 4.59% | 10.08% | 0.31x | 1.46x | €-623.59 Million |
| 2019 | 5.23% | 9.31% | 0.38x | 1.48x | €-627.54 Million |
| 2020 | 2.34% | 5.52% | 0.31x | 1.36x | €-1.07 Billion |
| 2021 | 4.75% | 9.60% | 0.35x | 1.41x | €-798.51 Million |
| 2022 | -0.93% | -2.22% | 0.26x | 1.59x | €-1.72 Billion |
| 2023 | 8.78% | 13.06% | 0.38x | 1.79x | €-216.14 Million |
| 2024 | 9.87% | 11.39% | 0.46x | 1.89x | €-25.79 Million |
| 2025 | 10.51% | 12.23% | 0.46x | 1.86x | €115.73 Million |
Industry Comparison
This section compares Tongcheng Travel Holdings Ltd's net assets metrics with peer companies in the Travel Services industry.
Industry Context
- Industry: Travel Services
- Average net assets among peers: $29,726,190,957
- Average return on equity (ROE) among peers: -25.15%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Tongcheng Travel Holdings Ltd (TEM) | €22.20 Billion | 0.00% | 0.86x | $4.56 Billion |
| Lastminute.com NV (09B) | $11.97 Million | -126.71% | 39.75x | $143.20 Million |
| Tuniu Corporation (0TUA) | $1.35 Billion | -96.88% | 1.37x | $6.32 Million |
| aovo Touristik AG (A8N) | $2.86 Million | 55.71% | 1.37x | $2.97 Million |
| Trip.com Group Limited (CLV) | $105.70 Billion | 6.63% | 0.89x | $28.08 Billion |
| TRIP.COM GROUP DL-00125 (CLVB) | $143.48 Billion | 11.89% | 0.69x | $28.46 Billion |
| EDREAMS ODIGEO UNS.ADR/10 (K0I) | $236.30 Million | -18.34% | 3.54x | $348.18 Million |
| MakeMyTrip Limited (MY1) | $1.36 Billion | -12.36% | 0.16x | $3.84 Billion |
| Carnival Corporation & plc (POH1) | $12.14 Billion | -78.24% | 3.39x | $3.90 Billion |
| TUI AG (TUI1) | $3.25 Billion | 31.94% | 3.45x | $3.91 Billion |
About Tongcheng Travel Holdings Ltd
Tongcheng Travel Holdings Limited, an investment holding company, provides travel related services in the People's Republic of China. The company operates through Core Online Travel Agency (Core OTA) and Tourism segments. The company offers accommodation reservation services, transportation ticketing services, online advertising services, and hotel management services. It also provides tourism re… Read more