Zhong Guo Jing Ying Bao·2025-09-05 07:14Group 1: Company Performance - Ctrip Group reported a revenue of 14.8 billion yuan for Q2 FY2025, representing a 16% year-over-year increase, slightly above market expectations [1] - Adjusted operating profit, excluding stock-based compensation, was 4.67 billion yuan, up 10.4% year-over-year, also exceeding market expectations [1] - The company saw over 100% growth in inbound travel bookings and more than 120% growth in outbound travel hotel bookings compared to the same period in 2019 [1][3] Group 2: Market Competition - Major internet platforms like JD.com, Meituan, and Taobao are intensifying competition in the hotel and travel market, which may impact Ctrip's market position [2][3] - The competition is expected to be structurally differentiated, with short-term pressure on mid-range hotels while Ctrip maintains a stronghold in high-star hotels and international business [2][3] - Ctrip controls over 1.2 million hotel resources, with hotel booking revenue accounting for 41.04% of total revenue, where high-star hotels contribute over 60% [3] Group 3: User Experience and Market Opportunities - Ctrip's user base primarily focuses on medium to long-distance travel, with international bookings growing over 60% year-over-year and inbound travel bookings increasing by 100% [4][6] - The company aims to enhance the inbound travel experience by addressing pain points such as internet access, payment barriers, and language services [5][6] - Ctrip's CEO emphasized the potential for growth in inbound travel and international business, with plans to leverage AI innovations to improve user experience [6][7] Group 4: Future Strategies - Ctrip is focusing on differentiating its services to meet various market demands, including offering "tourism eSIM" for limited international network access and simplifying payment processes for foreign users [6] - The company is investing in AI and increasing user subsidies to counteract competitive pressures, with sales expense ratio rising to 22% in Q2 [4][7] - Ctrip's inbound travel consulting centers and AI translation systems are part of its strategy to capture the growing inbound travel market, which saw a 30% increase in visitors in the first half of 2025 [6][7]