Nan Fang Du Shi Bao·2026-02-26 14:36Core Insights - Ctrip Group reported its unaudited financial results for Q4 and the full year of 2025, highlighting significant changes in its board of directors, including the resignation of co-founders Fan Min and Ji Qi [1] Financial Performance - For the full year 2025, Ctrip's net operating revenue reached 62.4 billion yuan, a 17% increase year-on-year. Net profit was 33.4 billion yuan, up from 17.2 billion yuan in 2024, primarily due to investment gains of 19.9 billion yuan (approximately 2.8 billion USD) included in other income, compared to 1.1 billion yuan in 2024 [3] - In Q4 2025, Ctrip's net operating revenue was 15.4 billion yuan, a 21% year-on-year increase, driven by resilient travel demand, while net profit was 4.3 billion yuan. However, net operating revenue decreased by 16% quarter-on-quarter [3] - The substantial increase in net profit (approximately 95% year-on-year) was largely attributed to one-time investment income, indicating a decline of about 15.6% in core business net profit when excluding these gains, highlighting issues with core business growth [3] Business Segments - The growth rate of core business segments showed divergence, with accommodation booking growing by 21%, while transportation ticketing only increased by 11%, and packaged travel growth was as low as 8%, indicating insufficient growth momentum and weak counter-cyclical capacity [5] - International business bookings surged by 60% year-on-year, but over 75% of these bookings came from outbound Chinese travelers, with local overseas users' engagement and repurchase rates significantly lower than competitors like Booking.com [5] - The inbound tourism segment, while strategically important, generated only about 4.5 to 5 billion yuan, accounting for merely 7.5% to 8% of total revenue, and even with a 50% growth rate, it is unlikely to support 20% of revenue in the next 2-3 years [5] Governance and Regulatory Issues - The resignations of co-founders Fan Min and Ji Qi raise concerns about corporate governance and potential regulatory risks. Fan Min has been with the company since its inception in 1999, while Ji Qi has held various leadership roles since 2000 [6] - Ctrip announced that it received a notification from the State Administration for Market Regulation regarding an investigation under the Anti-Monopoly Law of the People's Republic of China, which is ongoing. The company is cooperating fully with the investigation and will maintain communication with regulatory authorities [6]