Core Viewpoint - Ctrip Group's stock price has increased over 5%, reaching a new high of 584.5 HKD, following the release of its Q2 2025 earnings report, which showed strong growth across various business segments [1] Financial Performance - Ctrip Group reported a net revenue of 14.843 billion RMB for Q2 2025, representing a year-on-year increase of 16.22% [1] - The net profit attributable to Ctrip Group Limited was 4.846 billion RMB, reflecting a year-on-year growth of 26.43% [1] Business Segments Growth - The international OTA platform's total bookings increased by over 60% year-on-year [1] - Inbound tourism bookings saw a remarkable growth of over 100% year-on-year [1] - Outbound hotel and flight bookings have surpassed 120% of the levels seen in the same period before the pandemic in 2019 [1] Market Position and Valuation - According to CMB International, the Q2 performance exceeded expectations, with hotel business growth surpassing forecasts and market share continuing to rise [1] - The target price for Ctrip has been raised from 591 HKD/76 USD to 653 HKD/84 USD, based on a 20x P/E ratio for 2026, while maintaining a "buy" rating [1] - The firm anticipates a 15% year-on-year revenue growth and an 18% increase in hotel revenue for Q3, driven primarily by an increase in room nights [1]

Core Insights - Ctrip Group-S (09961) opened over 5% higher and is currently up 5.66%, trading at HKD 541.5 with a transaction volume of HKD 133 million [1] Financial Performance - For Q2 2025, Ctrip Group reported a net revenue of RMB 14.843 billion, representing a year-on-year increase of 16.22% [1] - The net profit attributable to Ctrip Group Limited was RMB 4.846 billion, showing a year-on-year growth of 26.43% [1] Business Growth - The company highlighted strong growth across its international business segments, with total bookings on the international OTA platform increasing by over 60% year-on-year [1] - Inbound travel bookings surged by over 100% year-on-year [1] - Outbound hotel and flight bookings have fully surpassed 120% of the levels seen in the same period in 2019, prior to the pandemic [1]

Core Insights - Ctrip Group reported strong financial results for the first half and second quarter of 2025, with significant revenue and profit growth compared to the previous year [1] Financial Performance - For the first half of 2025, Ctrip's revenue reached RMB 28.7 billion, operating profit was RMB 7.665 billion, and net profit was RMB 9.194 billion [1] - In Q2 2025, revenue was RMB 14.864 billion, a 16% increase from RMB 12.788 billion in the same period last year, with net profit of RMB 4.88 billion [1] Business Segment Performance - Accommodation booking revenue was RMB 6.2 billion, up 21% year-on-year and 12% quarter-on-quarter [2] - Transportation ticketing revenue reached RMB 5.4 billion, reflecting an 11% year-on-year growth [2] - Travel vacation business revenue was RMB 1.1 billion, increasing by 5% year-on-year and 14% quarter-on-quarter [2] - Business travel management revenue was RMB 0.692 billion, a 9% year-on-year increase and a 21% quarter-on-quarter increase [3] Profitability - Q2 2025 net profit was RMB 4.9 billion, compared to RMB 3.9 billion in the same quarter last year and RMB 4.3 billion in the previous quarter [4] - Adjusted EBITDA for Q2 2025 was RMB 4.9 billion, up from RMB 4.4 billion year-on-year [4] - Net profit attributable to Ctrip shareholders was RMB 4.8 billion, compared to RMB 3.8 billion in the same quarter last year [4] Cost Structure - Q2 2025 operating costs were RMB 2.8 billion, a 22% year-on-year increase [5] - Product development expenses were RMB 3.5 billion, up 17% year-on-year [5] - Sales and marketing expenses reached RMB 3.3 billion, reflecting a 17% year-on-year increase [5] - General and administrative expenses were RMB 1.1 billion, a 2% year-on-year increase [5] Earnings Per Share - Diluted earnings per share were RMB 6.97 [6] - Non-GAAP diluted earnings per share were RMB 7.20 [7] Cash Flow and Financial Position - As of June 30, 2025, the company had cash and cash equivalents totaling RMB 94.1 billion [8] Shareholder Returns - As of August 27, 2025, Ctrip had repurchased approximately 7 million ADS for a total consideration of about USD 400 million [9] - The board approved a new share repurchase plan, authorizing up to USD 5 billion for common stock and/or ADS [9]

Core Insights - Expedia's stock surged over 18% in after-hours trading, reaching $221.49 [1] - The company reported a 6% year-over-year revenue increase to $3.79 billion, exceeding analyst expectations of $3.71 billion [1] - Adjusted earnings per share were $4.24, also surpassing the forecast of $4.09 [1] Revenue and Booking Performance - Total bookings grew by 5%, amounting to $30.41 billion, which was above the anticipated $29.81 billion [1] - The company raised its full-year revenue guidance, now expecting a growth of 3% to 5%, up from the previous forecast of 2% to 4% [1] - Market expectations for revenue growth were at 3.6% [1] Future Outlook - Total bookings are projected to increase by 3% to 5% for the year [1]