Guo Ji Jin Rong Bao·2026-02-26 08:08Core Viewpoint - Ctrip Group reported its financial performance for Q4 and the full year of 2025, showing significant revenue growth year-on-year but seasonal declines in Q4 revenue [1][3]. Revenue Performance - In Q4 2025, Ctrip's net operating revenue was 15.4 billion RMB, a year-on-year increase of 21% but a quarter-on-quarter decrease of 16% due to seasonal factors [1]. - For the full year 2025, net operating revenue reached 62.4 billion RMB, reflecting a year-on-year growth of 17% [1]. Revenue Structure - Revenue sources include accommodation bookings, transportation ticketing, vacation services, business travel management, and others [3]. - In Q4 2025: - Accommodation bookings generated 6.3 billion RMB, up 21% year-on-year [3]. - Transportation ticketing revenue was 5.4 billion RMB, up 12% year-on-year [3]. - Vacation services revenue was 1.1 billion RMB, up 21% year-on-year [3]. - Business travel management revenue was 808 million RMB, up 15% year-on-year and up 7% quarter-on-quarter [3]. - For the full year 2025: - Accommodation bookings accounted for 42% of total revenue at 26.1 billion RMB, up 21% year-on-year [3]. - Transportation ticketing represented 36% of total revenue at 22.5 billion RMB, up 11% year-on-year [3]. - Vacation services made up 7% of total revenue at 4.7 billion RMB, up 8% year-on-year [3]. - Business travel management contributed 5% of total revenue at 2.8 billion RMB, up 13% year-on-year [3]. Cost and Profitability - In Q4 2025, Ctrip's operating costs were 3.2 billion RMB, a year-on-year increase of 23% but a quarter-on-quarter decrease of 4% [3]. - For the full year, operating costs totaled 12.1 billion RMB, a year-on-year increase of 21%, representing 19% of net operating revenue [3]. - Q4 2025 sales and marketing expenses were 4.4 billion RMB, up 30% year-on-year and 5% quarter-on-quarter, accounting for 29% of net revenue [4]. - For the full year, sales and marketing expenses reached 14.9 billion RMB, up 25% year-on-year, representing 24% of net operating revenue [4]. - Net profit attributable to Ctrip's shareholders for Q4 2025 was 4.3 billion RMB, while the full year net profit was 33.3 billion RMB, nearly a 95% increase compared to 17.1 billion RMB in 2024, primarily due to investment gains of 19.9 billion RMB [4]. Leadership Changes - Ctrip announced significant board changes, with Fan Min resigning as director and president, and Ji Qi resigning as a director, effective February 25, 2026 [5]. - New independent directors Wu Yihong and Xiao Yang were appointed [5][6].