Sub-Sector Monthly Data Trends - Performance in June ‘26: China (PRC) | Internet

研报英文原文证据摘录

Sub-Sector Monthly Data Trends - Performance in June ‘26: China (PRC) | Internet

China (PRC) | Internet EquityJulyResearch2, 2026

Sub-Sector Monthly Data Trends -

Performance in June '26

Highlights (a) For hotels (till week of 21 June), hotel ADR grew by about 2.3%

YoY (vs 5% YoY in May); (b) For iOS grossing (based on RMB), these include:

(1) TME iOS grossing accelerated in June but decelerated YoY in 2Q; (2)

online recruitment BZ's iOS grossing accelerated in 2Q and in the month

of June; (3) Tencent Video maintained positive YoY growth vs decline for

peers; (c) existing home transactions in key cities performed better than

new homes in June.

Online Travel: Overall hotel ADR Maintains Positive YoY growth so far in June

In June, our analysis from STR (till the week of 21 Jun) reveals hotel ADR grew by about 2.3%

YoY (vs 5% YoY in May). By segment, ADR for luxury & upper upscale increased by about 2.5%

YoY (vs 5.2% YoY in May and 4.8% YoY in Apr), while upscale & upper midscale is declined

2.6% YoY (vs 1.3% YoY decline in May and 1.6% YoY decline in Apr). For midscale & economy,

ADR decreased by about 0.7% YoY. (vs 2.7% YoY in May and 1.7% YoY in Apr). Please refer

to Exhibits 1-15 for details.

Our outbound flights analysis of dast.133.cn shows the number of outbound flights reached

about 80% of Jun (vs 81% in May). We think this is related to the increase in fuel price leading

to flight cancellation and higher air ticket price. Please see Exhibits 16-17 for details.

Online music: TME iOS grossing accelerates YoY in June but decelerates in 2Q

The aggregate iOS grossing for TME's three music apps (QQ Music/Kugou/Kuwo)

increased by about 14% YoY in Jun (vs largely stable in May). In 2Q, iOS grossing

increased by about 8% YoY (vs 15% YoY in 1Q26).