Revenue Performance - Revenue increased by 5.6% year-on-year to RMB 2,048.0 million for the three months ended September 30, 2022, compared to RMB 1,939.4 million in the same period last year[2]. - Revenue for the three months ended September 30, 2022, increased by 5.6% to RMB 2,047.95 million from RMB 1,939.43 million in the same period of 2021[11]. - Accommodation booking service revenue rose by 26.9% to RMB 818.71 million, accounting for 40.0% of total revenue, compared to RMB 644.94 million or 33.3% in the previous year[12]. - Transportation ticketing service revenue decreased by 12.3% to RMB 986.65 million, representing 48.2% of total revenue, down from RMB 1,124.72 million or 58.0% in the prior year[13]. - Other income increased from RMB 169.77 million to RMB 242.60 million, driven by growth in advertising, membership, and business travel services[14]. Profitability Metrics - Adjusted EBITDA decreased by 10.7% to RMB 462.2 million, with an adjusted EBITDA margin of 22.6%, down from 26.7% in the previous year[2]. - Adjusted net profit decreased by 26.6% to RMB 251.7 million, resulting in an adjusted net profit margin of 12.3%, down from 17.7% year-on-year[2]. - The adjusted net profit for the period was RMB 251.72 million, down from RMB 342.94 million in the previous year[10]. - The net loss for the period was RMB 93,940 thousand, a significant decline from a profit of RMB 226,316 thousand in the prior year[34]. User Engagement - Average monthly active users increased by 1.7% year-on-year to 281.5 million, reaching a historical high[4]. - Average monthly paying users rose by 9.5% year-on-year to 36.8 million, also a historical high, with a paying ratio of 13.1%[4]. - Approximately 80% of average monthly active users in Q3 2022 came from WeChat Mini Programs, highlighting the effectiveness of the traffic channel[6]. - Approximately 60.0% of new paying users on the WeChat platform in Q3 2022 came from third-tier cities and below, demonstrating the potential in these markets[7]. - Monthly paying users also saw an increase, totaling 3 million, indicating a 30% rise compared to the previous year[39]. Cost Management - Total cost of sales remained stable at RMB 502.87 million, with the cost as a percentage of revenue decreasing from 26.0% to 24.3%[17]. - Service development expenses increased to RMB 370.93 million, representing 16.6% of revenue, up from 15.7% in the previous year[18]. - Sales and marketing expenses rose by 19.1% to RMB 937.28 million, accounting for 45.1% of revenue, compared to 40.2% in the same period last year[19]. - Administrative expenses increased to RMB 182.79 million, with the ratio to revenue rising from 4.2% to 4.8%[20]. Strategic Initiatives - The company adjusted its marketing strategy to seize opportunities during market rebounds while focusing on internal cost control to optimize cost structure[5]. - The company plans to expand traffic channels and focus on underdeveloped travel markets, particularly lower-tier markets, to drive future growth[9]. - The company is exploring strategic partnerships with local governments to promote local products and support the local economy[8]. - The company aims to transform from an online travel platform to a smart travel assistant by optimizing its technology and integrating various transportation services[7]. - The company is investing 50 million RMB in technology development to enhance its online travel platform capabilities[39]. Financial Position - Total assets as of September 30, 2022, amounted to RMB 24,649,988 thousand, an increase from RMB 21,506,398 thousand at the end of 2021[36]. - The company reported a total equity of RMB 15,808,945 thousand as of September 30, 2022, compared to RMB 15,258,606 thousand at the end of 2021[36]. - Non-current liabilities increased to RMB 3,695,918 thousand from RMB 1,536,378 thousand at the end of 2021, primarily due to increased borrowings[36]. - Cash and cash equivalents at the end of the period were RMB 2,657,103 thousand, down from RMB 2,741,124 thousand at the end of the previous year[37]. Corporate Governance and Sustainability - The company's MSCI ESG rating improved from "A" to "AA" in September 2022, reflecting significant advancements in corporate governance and labor management[8]. - The company is committed to enhancing its corporate governance, environmental protection, and social responsibility to create long-term sustainable value for stakeholders[9]. - The company is adhering to international financial reporting standards to ensure transparency and accuracy in its financial disclosures[40].
同程旅行(00780) - 2022 Q3 - 季度财报