Ge Long Hui·2025-11-18 05:25Group 1 - The core viewpoint of the report indicates that Ctrip Group's Q3 performance is robust, with revenue increasing by 16% year-on-year to 18.3 billion yuan, aligning with expectations from both Citigroup and the market [1] - The gross margin for the quarter was reported at 81.7%, slightly higher than the 81% in Q2 and above Citigroup's expectations [1] - The non-GAAP operating profit margin reached 33.4%, exceeding Citigroup's forecast of 32% [1] Group 2 - The hotel business showed steady performance, primarily driven by the recovery in Average Daily Rate (ADR) [1] - Strong growth in other income is attributed to the rapid expansion of the advertising business [1] - The solid operating profit margin benefited from better-than-expected gross margins and a reduction in administrative expenses [1] Group 3 - Citigroup has set a target price of $85 for Ctrip's U.S. stock and maintains a "Buy" rating [1]