携程Q2营收148亿元同比增16%，净利49亿元

Core Insights - Ctrip Group reported strong financial results for the first half and second quarter of 2025, with significant revenue and profit growth compared to the previous year [1] Financial Performance - For the first half of 2025, Ctrip's revenue reached RMB 28.7 billion, operating profit was RMB 7.665 billion, and net profit was RMB 9.194 billion [1] - In Q2 2025, revenue was RMB 14.864 billion, a 16% increase from RMB 12.788 billion in the same period last year, with net profit of RMB 4.88 billion [1] Business Segment Performance - Accommodation booking revenue was RMB 6.2 billion, up 21% year-on-year and 12% quarter-on-quarter [2] - Transportation ticketing revenue reached RMB 5.4 billion, reflecting an 11% year-on-year growth [2] - Travel vacation business revenue was RMB 1.1 billion, increasing by 5% year-on-year and 14% quarter-on-quarter [2] - Business travel management revenue was RMB 0.692 billion, a 9% year-on-year increase and a 21% quarter-on-quarter increase [3] Profitability - Q2 2025 net profit was RMB 4.9 billion, compared to RMB 3.9 billion in the same quarter last year and RMB 4.3 billion in the previous quarter [4] - Adjusted EBITDA for Q2 2025 was RMB 4.9 billion, up from RMB 4.4 billion year-on-year [4] - Net profit attributable to Ctrip shareholders was RMB 4.8 billion, compared to RMB 3.8 billion in the same quarter last year [4] Cost Structure - Q2 2025 operating costs were RMB 2.8 billion, a 22% year-on-year increase [5] - Product development expenses were RMB 3.5 billion, up 17% year-on-year [5] - Sales and marketing expenses reached RMB 3.3 billion, reflecting a 17% year-on-year increase [5] - General and administrative expenses were RMB 1.1 billion, a 2% year-on-year increase [5] Earnings Per Share - Diluted earnings per share were RMB 6.97 [6] - Non-GAAP diluted earnings per share were RMB 7.20 [7] Cash Flow and Financial Position - As of June 30, 2025, the company had cash and cash equivalents totaling RMB 94.1 billion [8] Shareholder Returns - As of August 27, 2025, Ctrip had repurchased approximately 7 million ADS for a total consideration of about USD 400 million [9] - The board approved a new share repurchase plan, authorizing up to USD 5 billion for common stock and/or ADS [9]