总裁、董事，双双辞职！携程：反垄断调查仍在进行

Core Viewpoint - Ctrip Group reported strong financial performance for 2025, with a significant increase in net profit and revenue, while also announcing the resignation of two co-founders [1][8]. Financial Performance - In 2025, Ctrip's net operating revenue reached 62.409 billion RMB, a year-on-year increase of 17.10% [1]. - The net profit attributable to shareholders was 33.294 billion RMB, showing a remarkable growth of 95.08% compared to the previous year [1]. - Other income surged to 21.321 billion RMB, accounting for over 60% of total revenue, compared to only 2.220 billion RMB in the previous year, marking an increase of nearly 10 times [3][6]. Investment Gains - The substantial increase in net profit was primarily driven by investment gains of 19.9 billion RMB included in other income, which was only 1.1 billion RMB in 2024 [3][6]. - Ctrip's investment gains were largely attributed to the sale of shares in MakeMyTrip Limited, generating approximately 25 to 30 billion RMB, with 17 billion RMB recognized in the third quarter alone [5][6]. Business Segments - Ctrip's revenue from accommodation bookings was 26.100 billion RMB, from transportation tickets was 22.489 billion RMB, from vacation travel was 4.688 billion RMB, and from business travel management was 2.829 billion RMB, with year-on-year growth rates of 20.77%, 10.78%, 8.12%, and 13.07% respectively [7]. Leadership Changes - On the same day as the financial report, Ctrip announced the resignation of co-founders Fan Min and Ji Qi from their board and management positions, effective February 25, 2026 [8][10]. - New independent directors Wu Yihong and Xiao Yang were appointed, and Li Jipei was named a member of the board's compensation committee [11]. Regulatory Compliance - Ctrip is currently cooperating with an ongoing investigation by the State Administration for Market Regulation, emphasizing that business operations remain normal and the company is committed to compliance [11].