Revenue and Profitability - Revenue increased by 6.5% year-on-year to RMB 1,718.0 million for the three months ended March 31, 2022, compared to RMB 1,613.8 million in the same period last year[1] - Adjusted EBITDA rose by 4.4% year-on-year to RMB 438.4 million, with an adjusted EBITDA margin of 25.5%, down from 26.0% in the previous year[2] - Adjusted net profit decreased by 18.0% year-on-year to RMB 245.0 million, resulting in an adjusted net profit margin of 14.3%, down from 18.5% in the prior year[2] - Net profit attributable to equity holders decreased from RMB 169.5 million to RMB 101.1 million for the three months ended March 31, 2022[26] - Net profit for the three months ended March 31, 2022, was RMB 97,237 thousand, a decrease of 42.5% from RMB 169,128 thousand in the same period of 2021[36] - The total comprehensive income for the three months ended March 31, 2022, was RMB 89,637 thousand, compared to RMB 182,713 thousand in the same period of 2021, a decrease of 51.0%[36] User Metrics - Average monthly active users grew by 4.5% year-on-year to 244.8 million, up from 234.2 million in the same period last year[3] - Average monthly paying users increased by 16.1% year-on-year to 31.7 million, compared to 27.3 million in the previous year[3] - Annual paying users reached a record high of 205.6 million, reflecting a year-on-year growth of 21.4% from 169.3 million[3] - Registered users in non-first-tier cities in China accounted for approximately 87.0% of total registered users as of March 31, 2022[7] - About 59.8% of new paying users on the WeChat platform came from third-tier cities or below during the three months ended March 31, 2022[7] Revenue Breakdown - Accommodation booking services generated RMB 543,082 thousand, accounting for 31.6% of total revenue, while transportation ticketing services contributed RMB 1,017,219 thousand, making up 59.2% of total revenue[12] - Accommodation booking service revenue increased by 18.4% from RMB 458.5 million to RMB 543.1 million for the three months ended March 31, 2022[13] - Transportation ticketing service revenue remained stable at RMB 1,017.2 million compared to RMB 1,023.4 million in the same period last year[14] - Other income rose by 19.6% from RMB 131.8 million to RMB 157.7 million, driven by increased value-added user services and advertising revenue[15] Expenses and Costs - Total sales cost increased by 15.3% from RMB 409.1 million to RMB 471.6 million, with the cost of purchased travel-related products rising due to inventory risk[18] - Service development expenses increased by 14.6% from RMB 307.0 million to RMB 351.8 million, attributed to a rise in IT staff and related employee benefits[19] - Sales and marketing expenses rose to RMB 637.0 million from RMB 618.1 million, with the ratio of these expenses to revenue decreasing from 37.9% to 36.5%[20] - Administrative expenses surged by 73.7% from RMB 108.3 million to RMB 188.2 million, primarily due to increased share-based compensation and professional fees[21] Cash Flow and Assets - The company reported a net cash outflow from operating activities of RMB (406,539) thousand for the three months ended March 31, 2022, compared to a net inflow of RMB 644,695 thousand in the same period last year[39] - Financing activities generated a net cash inflow of RMB 1,875,049 thousand, a substantial increase from RMB 58,598 thousand year-over-year[39] - Total assets increased to RMB 22,889,346 thousand as of March 31, 2022, compared to RMB 21,506,398 thousand as of December 31, 2021, reflecting a growth of approximately 6.4%[37] - Cash and cash equivalents rose significantly to RMB 3,126,054 thousand from RMB 2,045,604 thousand, marking an increase of approximately 52.7%[39] - Total liabilities increased to RMB 7,444,490 thousand from RMB 6,247,792 thousand, representing a rise of approximately 19.2%[38] Strategic Initiatives - The company aims to transform from an online travel platform to a smart travel assistant, leveraging advanced technology to improve operational efficiency[8] - The company has established strategic partnerships with more airports to enhance operational efficiency and support digital transformation[8] - The company is enhancing its brand strategy by increasing marketing investments in both online and offline channels, particularly targeting lower-tier cities[7] - The company has strengthened long-term relationships with travel service providers, offering a one-stop product and service platform with over 10,000 domestic flight routes and more than 2 million hotel options[7] - The company plans to explore new traffic sources and expand its user base while enhancing its product and service offerings[10] Corporate Governance and Compliance - The company is committed to corporate governance, environmental protection, and social responsibility to create sustainable value for stakeholders[10] - The company has maintained compliance with corporate governance codes as of March 31, 2022, ensuring transparency and accountability in its operations[40] - The company did not engage in any purchase, redemption, or sale of its listed securities during the reporting period[40]
同程旅行(00780) - 2022 Q1 - 季度财报