Financial Performance - Revenue increased by 51.3% year-on-year to RMB 4,991.5 million for the three months ended September 30, 2024, compared to RMB 3,299.3 million in the same period of 2023[2] - Adjusted EBITDA rose by 51.6% year-on-year to RMB 1,318.8 million, maintaining an adjusted EBITDA margin of 26.4%[2] - Adjusted net profit increased by 46.6% year-on-year to RMB 910.0 million, with an adjusted net profit margin of 18.2%, down from 18.8% in the previous year[2] - Total revenue increased by 51.3% from RMB 3,299.3 million in Q3 2023 to RMB 4,991.5 million in Q3 2024[27] - Revenue from the core online travel platform rose by 21.6% to RMB 4,012.8 million, driven by accommodation booking services and transportation ticketing services[29] - Operating profit for Q3 2024 was RMB 977.1 million, compared to RMB 598.9 million in Q3 2023[25] - Adjusted net profit for Q3 2024 was RMB 910.0 million, up from RMB 620.6 million in Q3 2023[25] - Net profit for the period was RMB 803,234 thousand, a 55.7% increase from RMB 515,488 thousand in the prior year[63] - Total comprehensive income for the period was RMB 788,482 thousand, compared to RMB 508,254 thousand in the same quarter of 2023, reflecting a 55.1% growth[66] User Growth and Engagement - Average monthly paying users grew by 5.0% year-on-year to 46.4 million, while annual paying users increased by 3.4% to 232.4 million[2] - Cumulative service users for the twelve months ended September 30, 2024, reached 1,882.5 million, a 19.9% increase from 1,570.6 million in the previous year[2] - The user base is predominantly from non-first-tier cities in China, accounting for over 87% of registered users[12] - Approximately 71% of new paying users on the WeChat platform during the quarter came from non-first-tier cities[12] - The company has expanded its Black Whale membership program, significantly increasing the cumulative number of members in Q3 2024, enhancing user engagement and loyalty[15] Revenue Breakdown - Revenue from transportation ticketing services increased by 20.6% year-over-year to RMB 2,026.8 million, driven by increased ticket volume and enhanced value-added products and services[16] - The accommodation business achieved a revenue growth of 22.2% year-over-year, reaching RMB 1,377.5 million, with international night stays increasing by over 130%[17] - The company's other income from the core online travel platform reached RMB 608.5 million, reflecting a year-over-year growth of 23.7%[17] - The vacation business recorded revenue of RMB 978.7 million in Q3 2024, indicating strong growth amid the industry's recovery[19] - Accommodation booking service revenue increased by 22.2% to RMB 1,377.5 million, attributed to a wider range of accommodation products and enhanced cross-selling strategies[29] - Transportation ticketing service revenue grew by 20.6% to RMB 2,026.8 million, due to increased demand for ticketing services and value-added products[29] Operational Efficiency and Costs - The company continues to enhance operational efficiency to achieve better profit margins[11] - Total cost of sales increased from RMB 839.7 million in Q3 2023 to RMB 1,826.8 million in Q3 2024, with the cost-to-revenue ratio rising from 25.4% to 36.5%[34] - Selling and marketing expenses increased by 15.4% to RMB 1,467.6 million, with the expense-to-revenue ratio decreasing from 38.3% to 29.2%[37] - Administrative expenses rose to RMB 327.7 million from RMB 196.5 million, with the expense-to-revenue ratio increasing from 4.6% to 5.1%[38] Market Outlook and Strategy - The company is optimistic about the growth potential of the Chinese tourism market, driven by improved infrastructure and supportive government policies[21] - The company plans to continue expanding its outbound business and strengthen its market position in the travel industry while seeking investment opportunities aligned with its strategic goals[22] - The company aims to enhance user experience through AI-driven customer service systems and algorithm-driven travel solutions, focusing on providing more convenient travel options[19] Financial Position - Non-current assets increased to RMB 19,229,430 thousand as of September 30, 2024, from RMB 16,816,963 thousand at the end of 2023, marking a 8.3% rise[70] - Current assets rose to RMB 17,467,841 thousand, up from RMB 14,899,646 thousand, indicating an increase of 17.0%[71] - Total liabilities increased to RMB 16,227,845 thousand from RMB 13,170,320 thousand, a growth of 23.4%[74] - Cash and cash equivalents at the end of the period were RMB 5,737,276 thousand, compared to RMB 5,281,623 thousand in the previous year[76] - The company reported a net cash outflow from operating activities of RMB 647,655 thousand for the quarter, compared to a net inflow of RMB 706,376 thousand in the same period last year[76] Governance and Management - The company expressed gratitude to shareholders, management team, employees, business partners, and customers for their support and contributions[85] - The board of directors includes independent non-executive directors Yang Jia Hong and Dai Xiao Jing[85] - The executive directors consist of Wu Zhi Xiang (co-chairman), Ma Ping (CEO), and Han Yu Ling[86]
同程旅行(00780) - 2024 Q3 - 季度业绩