Core Viewpoint - Ctrip's 2024 financial performance shows strong revenue and profit growth, but its stock price fell significantly after the earnings report, indicating potential market concerns about future growth strategies and competition [3][12]. Revenue and Profit Summary - Ctrip's total revenue for 2024 reached 53.294 billion yuan, a year-on-year increase of 19.73%, while net profit attributable to shareholders was 17.067 billion yuan, up 72.08% [3]. - In Q4 2024, Ctrip's revenue was 12.744 billion yuan, reflecting a 23.43% year-on-year growth, with net profit at 2.157 billion yuan, a 66.31% increase [3]. Business Segment Performance - Ctrip's revenue is divided into five segments: accommodation booking (21.612 billion yuan, +25.24%), transportation ticketing (20.301 billion yuan, +10.07%), travel vacation (4.336 billion yuan, +38.09%), business travel management (2.502 billion yuan, +11%), and other services (4.626 billion yuan, +33.39%) [4]. - Compared to 2023, the growth rates of Ctrip's business segments have returned to a more rational level in 2024 [5]. Marketing Strategy and Expenses - Ctrip increased its sales and marketing expenses to 3.373 billion yuan in Q4 2024, a 44.58% year-on-year rise, marking the highest percentage of revenue spent on marketing since the end of the pandemic [8]. - The proportion of sales expenses to revenue has decreased over the years, but in 2024, the growth rate of marketing expenses has once again surpassed that of revenue growth [10][11]. Competitive Landscape - Ctrip leads the market in ticket booking, with a 17.8% market share in train ticket bookings and 26.8% in flight bookings, significantly ahead of competitors [13]. - The main competition for Ctrip now lies in the accommodation booking sector, facing traditional rivals like Fliggy and new entrants like Douyin and Kuaishou [15]. International Business Performance - Ctrip's international revenue for 2024 was approximately 5.33 billion yuan, accounting for 10% of total revenue, with Q4 international revenue at about 1.78 billion yuan [19]. - Despite strong growth in some international segments, overall international revenue declined by 9.6% year-on-year in 2024 [20]. Future Outlook - The increase in marketing efforts may lead to a situation where revenue grows without a corresponding increase in profit, raising concerns for 2025 [17]. - Ctrip's current competitive environment resembles past challenges, suggesting that the company may need to adopt aggressive strategies to maintain its market position [22].