携程（纪要）：酒旅需求稳定，会继续加大营销投入

Financial Performance Overview - Total net revenue for Q1 FY25 was RMB 138.3 million, reflecting a year-over-year growth of 16.2% [1] - Gross profit for the same period was RMB 111.3 million, with a gross profit margin (GPM) of 80.4% [1] - Operating profit reached RMB 35.6 million, with an operating profit margin (OPM) of 25.8% [1] Market Dynamics and Strategic Focus - Inbound tourism bookings increased by approximately 100%, with hotel bookings from APAC countries like South Korea, Thailand, Malaysia, and Indonesia surging over 240% [2] - Outbound tourism saw cross-border flight capacity recover to 83% of pre-pandemic levels, with hotel and flight bookings exceeding 120% of 2019 levels, outperforming the market by 30%-40% [2] Technological and Operational Initiatives - The AI assistant, Trip Genie, has improved user session duration by about 50%, and AI customer service now handles over 80% of after-sales inquiries, providing 24/7 support [3] - The international OTA platform's total bookings grew by over 60% year-over-year, with APAC being the main growth driver, and 70% of international bookings made via mobile [4] Shareholder Returns and Cash Reserves - As of March 31, 2025, cash and cash equivalents, along with short-term investments, totaled RMB 92.9 billion (approximately USD 12.8 billion) [1] - As of May 16, 2025, the company executed a share repurchase of USD 84 million, with further repurchase opportunities to be evaluated in 2025 [1]