Financial Performance - Revenue for the fourth quarter of 2023 increased by 109.6% year-on-year to RMB 3,144.5 million, compared to RMB 1,500.1 million in the fourth quarter of 2022[4]. - Adjusted EBITDA for the fourth quarter of 2023 rose by 193.0% year-on-year to RMB 715.9 million, with an adjusted EBITDA margin increasing from 16.3% to 22.8%[4]. - Adjusted net profit for the fourth quarter of 2023 surged by 1,188.3% year-on-year to RMB 482.5 million, with an adjusted net profit margin increasing from 2.5% to 15.3%[4]. - Annual revenue for 2023 was RMB 11,896.2 million, reflecting an 80.7% increase from RMB 6,584.7 million in 2022[9]. - Adjusted net profit for the year 2023 increased by 240.3% year-on-year to RMB 2,199.1 million, with an adjusted net profit margin rising from 9.8% to 18.5%[9]. - The company recorded a net profit attributable to equity holders of RMB 1,554.1 million for the year ended December 31, 2023, compared to a loss of RMB 146.0 million for the year ended December 31, 2022[40]. - The company recorded a net profit attributable to equity holders of RMB 310.1 million for the three months ended December 31, 2023, compared to a loss of RMB 24.6 million for the same period in 2022[57]. - The company reported a significant increase in annual paying users, with a notable growth in monthly active users[149]. User Growth and Engagement - Average monthly paying users increased by 54.3% year-on-year to 37.5 million in the fourth quarter of 2023, up from 24.3 million in the same quarter of 2022[4]. - Average monthly paying users for the year 2023 grew by 39.1% year-on-year to 41.3 million, compared to 29.7 million in 2022[10]. - Approximately 80% of the average monthly active users in 2023 came from the WeChat mini-program, highlighting the effectiveness of the strategic partnership with Tencent[14]. Revenue Breakdown - Total transaction value for the year 2023 reached RMB 241.5 billion, a 96.8% increase from RMB 122.7 billion in 2022[10]. - The company’s transportation ticketing revenue in Q4 2023 increased by 94.9% year-on-year to RMB 1,472.8 million, driven by a surge in ticket volume and optimized value-added products[17]. - The accommodation business also showed strong growth, with revenue increasing by 73.2% year-on-year to RMB 882.5 million in Q4 2023[18]. - Accommodation booking service revenue increased by 61.5% to RMB 3,899.5 million, driven by rising demand in the recovering tourism market[27]. - Transportation ticketing service revenue rose by 78.5% to RMB 6,030.0 million, reflecting strong rebound in travel demand[28]. - Other revenue, including travel services and advertising, surged by 148.6% to RMB 1,966.7 million, indicating growth in various service offerings[29]. Strategic Initiatives and Acquisitions - The company completed the acquisition of Beijing Tongcheng Travel Investment Group in Q4 2023, aiming to strengthen its market position in the travel industry[19]. - The company also acquired 57.1656% equity of Hainan Yanuoda Yuanrong Tourism Co., Ltd. on November 30, 2023, further expanding its travel industry supply chain[79]. - The company is enhancing its digital capabilities and user experience through AI-generated content and strategic partnerships, including a collaboration with Chengdu Shuangliu Airport to develop it as a regional transit hub[20]. - The company plans to enhance user loyalty and expand its user base while transitioning from an online travel platform to a smart travel assistant[23]. - The company aims to enhance its market presence through strategic partnerships and potential acquisitions[149]. Cost and Expenses - Sales cost increased by 74.8% from RMB 1,806.6 million for the year ended December 31, 2022, to RMB 3,158.0 million for the year ended December 31, 2023, primarily due to increased transaction volume[31]. - Service development expenses rose by 28.7% from RMB 1,414.1 million for the year ended December 31, 2022, to RMB 1,820.6 million for the year ended December 31, 2023, mainly due to an increase in IT staff and related employee benefits[32]. - Sales and marketing expenses increased by 59.7% from RMB 2,801.2 million for the year ended December 31, 2022, to RMB 4,472.8 million for the year ended December 31, 2023, driven by higher advertising, promotion, and employee welfare costs[33]. - Administrative expenses remained flat at RMB 711.2 million for the year ended December 31, 2023, compared to RMB 701.1 million for the year ended December 31, 2022, with a decrease in the ratio to revenue from 6.6% to 4.1%[34]. Cash Flow and Financial Position - Cash and cash equivalents at the end of fiscal year 2023 were RMB 5.2 billion, compared to RMB 3.5 billion at the end of fiscal year 2022, indicating a 46% increase[67]. - Net cash generated from operating activities for fiscal year 2023 was RMB 4.0 billion, a significant rise from RMB 302.3 million in fiscal year 2022[68]. - The company experienced a net cash outflow from investing activities of RMB 1.8 billion in fiscal year 2023, compared to RMB 397.0 million in fiscal year 2022[68]. - The company’s financing activities resulted in a net cash outflow of RMB 592.2 million in fiscal year 2023, contrasting with a net inflow of RMB 1.5 billion in fiscal year 2022[68]. - The capital adequacy ratio as of December 31, 2023, was approximately 17.0%[72]. - Total capital expenditures for the year ended December 31, 2023, amounted to RMB 3,224.8 million, an increase from RMB 1,891.6 million in 2022[74]. Corporate Governance and Compliance - The company has adopted and complied with the corporate governance code throughout the fiscal year ending December 31, 2023[134]. - The audit committee has reviewed the financial performance for the year ending December 31, 2023, ensuring compliance with relevant accounting standards[135]. - The board consists of both executive and independent non-executive directors, ensuring diverse governance[150]. - The company is committed to adhering to the corporate governance code as outlined in the listing rules[145]. Future Outlook - The recovery of international flight capacity and relaxed visa policies are expected to significantly boost outbound travel business in 2024[22]. - The company plans to hold its 2023 Annual General Meeting on June 26, 2024, to discuss future strategies and performance[144].
同程旅行(00780) - 2023 - 年度业绩