Sou Hu Cai Jing·2025-11-18 13:21Core Insights - Ctrip Group reported significant revenue and profit growth for Q3 2025, driven by strong global travel demand and robust international business performance [1][2] Financial Performance - Net operating revenue reached 18.3 billion RMB (approximately 2.6 billion USD), a 16% increase year-over-year and a 24% increase quarter-over-quarter [1] - Net profit surged to 19.9 billion RMB (approximately 2.8 billion USD), a staggering 193% increase compared to 6.8 billion RMB in Q3 2024, and a significant rise from 4.9 billion RMB in the previous quarter [1] - Adjusted EBITDA was 6.3 billion RMB (approximately 892 million USD), showing growth both year-over-year and quarter-over-quarter [1] Business Segments - Accommodation bookings, the main revenue driver, generated 8 billion RMB (approximately 1.1 billion USD), up 18% year-over-year [2] - Transportation ticketing revenue was 6.3 billion RMB (approximately 886 million USD), reflecting a 12% year-over-year increase [2] - Travel vacation business revenue reached 1.6 billion RMB (approximately 226 million USD), a slight 3% year-over-year increase but a substantial 49% increase quarter-over-quarter [2] - Business travel management revenue was 756 million RMB (approximately 106 million USD), up 15% year-over-year [2] International Business Highlights - International OTA platform total bookings increased by approximately 60% year-over-year [1] - Inbound travel bookings more than doubled, with a year-over-year growth exceeding 100% [1] - Outbound hotel and flight bookings reached 140% of the levels seen in the same period of 2019 [1] Cost and Expenses - Operating costs rose by 20% year-over-year to 3.4 billion RMB [2] - Product development expenses increased by 12% year-over-year to 4.1 billion RMB [2] - Sales and marketing expenses grew by 24% year-over-year to 4.2 billion RMB, aligning with the trend of net operating revenue growth [2] Cash Position - As of September 30, 2025, the company had cash and cash equivalents, restricted cash, short-term investments, and held-to-maturity deposits totaling 107.7 billion RMB (approximately 15.1 billion USD) [3]