Financial Performance - Revenue increased by 27.1% year-to-year to RMB7,537.6 million from RMB5,932.6 million in 2020[7] - Adjusted EBITDA increased by 38.7% year-to-year from RMB1,366.5 million in 2020 to RMB1,895.5 million in 2021[7] - Adjusted EBITDA margin increased from 23.0% in 2020 to 25.1% in 2021[7] - Adjusted net profit increased by 35.9% from RMB954.0 million in 2020 to RMB1,296.4 million in 2021, with an adjusted net margin rising from 16.1% to 17.2%[9] - Profit before income tax surged by 120.1% from RMB397.6 million in 2020 to RMB874.9 million in 2021[12] - Operating profit for the year ended December 31, 2021, was RMB 895.3 million, compared to RMB 381.9 million for the previous year[36] - Profit for the year was RMB 713.5 million, a significant increase from RMB 325.5 million in 2020, representing a growth of 119%[64] - Adjusted net profit for the year reached RMB 1,296.4 million, up 36% from RMB 954.0 million in 2020[64] User Growth - Average monthly active users (MAUs) increased by 34.2% year-on-year from 191.4 million in 2020 to 256.9 million in 2021[15] - Average monthly paying users (MPUs) rose by 36.1% year-on-year from 23.0 million in 2020 to 31.3 million in 2021[15] - Annual paying users (APUs) increased by 28.2% year-on-year from 155.2 million in 2020 to 198.9 million in 2021[15] - The company maintained a paying ratio increase from 12.0% in 2020 to 12.2% in 2021[24] - In 2021, approximately 80.7% of the average monthly active users (MAUs) were contributed from the Weixin mini-program[25] Revenue Breakdown - Revenue for the year ended December 31, 2021, was RMB 7,537.6 million, representing a 27.1% increase from RMB 5,932.6 million for the year ended December 31, 2020[40] - Accommodation reservation services generated RMB 2,408.7 million, accounting for 32.0% of total revenue, while transportation ticketing services contributed RMB 4,457.7 million, or 59.1% of total revenue[40] - Revenue from accommodation reservation services increased by 23.8% from RMB1,945.2 million in 2020 to RMB2,408.7 million in 2021[42] - Revenue from transportation ticketing services increased by 28.4% from RMB3,471.1 million in 2020 to RMB4,457.7 million in 2021[42] - Revenue from other services increased by 30.0% from RMB516.3 million in 2020 to RMB671.1 million in 2021[42] Cost and Expenses - Cost of revenue increased by 11.4% from RMB1,696.6 million in 2020 to RMB1,889.7 million in 2021[47] - Selling and marketing expenses surged by 42.5% from RMB2,131.3 million in 2020 to RMB3,036.5 million in 2021[49] - Employee benefit expenses increased from RMB209.4 million in 2020 to RMB265.5 million in 2021, representing 14.0% of total cost of revenue[46] - Excluding share-based compensation, selling and marketing expenses accounted for 39.8% of revenue in 2021, up from 35.2% in 2020[49] Strategic Initiatives - The company completed an organizational restructuring in September 2021 to enhance efficiency and capture opportunities in short-haul travel and local consumption[20] - The company established new business groups to enhance user offerings and improve operational efficiency[20] - The company launched a "Campus Card" program to strengthen interactions with students and attract the younger generation[27] - The company is optimistic about the recovery of the travel industry in China in 2022, supported by government guidelines and increasing vaccination rates[31] - The company plans to integrate economic growth, environmental protection, corporate governance, and social responsibility into its business strategies to create sustainable value[33] Investments and Acquisitions - The company acquired an 85.2% equity interest in Guangzhou Haoning Intelligent Equipment Co., Ltd. on March 22, 2021, and a 100% equity interest in Hunan Xindi Technology Development Co., Ltd. on November 30, 2021[87] - The company plans to fund long-term investments using cash flows generated from operations and net proceeds from the Global Offering[82] - 30% of net proceeds will be used for potential acquisitions, investments, joint ventures, and partnerships[117] Market Position and Competition - The Group is a market leader in China's online travel industry, offering a comprehensive range of travel-related products and services[110] - The online travel industry is highly competitive, with potential increased competition from new domestic and international players[142] - The Group plans to increase market sales by diversifying travel service provider sources and actively seeking mergers and acquisitions[142] Regulatory Environment - The regulatory environment for foreign investment in telecommunications is evolving, with potential future changes to contractual arrangements[198] - The Ministry of Industry and Information Technology (MIIT) has discretion in granting approvals for foreign investments in telecommunications[195] - The amended Foreign Investment Telecommunications Enterprises Regulations, effective May 1, 2022, removed Qualification Requirements for foreign investors in value-added telecommunications businesses[197] Shareholder Information - Tencent Holdings Limited has a significant interest in the company, holding 476,215,740 shares, which is approximately 21.47% of the total issued share capital[160] - As of December 31, 2021, Mr. Wu Zhixiang holds 16,774,600 shares, representing approximately 0.76% of the total issued share capital[151] - The shareholding percentages for Suzhou Chengyi and Beijing E-dragon are based on the subscribed registered capital of each shareholder, with Mr. Jiang Hao holding a 50.00% interest in Beijing E-dragon[155]
同程旅行(00780) - 2021 - 年度财报