携程三季度营收183亿元，因处置部分投资净利润大增

Core Insights - Ctrip Group reported a net revenue of 18.338 billion yuan for Q3 2025, representing a year-on-year increase of 15.53% driven by strong travel demand [1] - The company experienced growth across all major business segments, with accommodation booking revenue increasing by 18.3%, transportation ticketing revenue by 11.61%, vacation revenue by 3.08%, and business travel management revenue by 15.24% [1] - Ctrip's international OTA platform bookings grew approximately 60% year-on-year, with inbound tourism bookings more than doubling [1] Financial Performance - Ctrip achieved a net profit of 19.919 billion yuan in Q3, significantly up from 6.823 billion yuan in the same quarter of 2024 and 4.88 billion yuan in the previous quarter [1] - Adjusted EBITDA for the quarter was 6.346 billion yuan, an increase from 5.68 billion yuan year-on-year and 4.88 billion yuan quarter-on-quarter [1] - The substantial increase in net profit was primarily due to the disposal of certain investments, with "other income" reported at 17.032 billion yuan compared to 1.781 billion yuan in the previous year [2] Cost and Investment - Operating costs for Q3 were 3.359 billion yuan, up 19.96% year-on-year, aligning with the revenue growth trend [2] - Research and development expenses rose by 12.17% to 4.083 billion yuan, while sales and marketing expenses increased by 23.63% to 4.181 billion yuan [2] - As of September 30, 2025, Ctrip held cash and cash equivalents, restricted cash, short-term investments, and term deposits totaling 107.7 billion yuan [2]