Core Viewpoint - Ctrip reported strong financial performance for Q2 2025, with significant growth in net revenue and profit, driven by a surge in inbound tourism bookings and a focus on quality service over price competition [2][3][4]. Financial Performance - In Q2, Ctrip's net operating revenue reached 14.8 billion RMB, a year-on-year increase of 16% and a quarter-on-quarter increase of 7% [2]. - The net profit attributable to Ctrip's shareholders was 4.8 billion RMB, reflecting a year-on-year growth of 26.3% [2]. Business Segments - Accommodation booking revenue was 6.2 billion RMB, up 21% year-on-year; transportation ticketing revenue was 5.4 billion RMB, up 11% year-on-year; and vacation business revenue was 1.1 billion RMB, with business travel management revenue at 690 million RMB, showing year-on-year growth of 5% and 9% respectively [4]. - The international segment saw OTA platform bookings increase by over 60% year-on-year, with the Asia-Pacific region contributing significantly to international revenue [4]. Inbound Tourism Growth - Inbound tourism bookings doubled, primarily driven by demand from South Korea and Southeast Asia [5]. - Ctrip's outbound hotel and flight bookings surpassed 120% of pre-pandemic levels, leading the market by 30-40 percentage points [4][5]. Market Trends - The inbound tourism sector currently contributes less than 0.5% to China's GDP, indicating substantial growth potential compared to developed countries where it typically ranges from 1% to 2% [5]. - Ctrip's "Smart Travel Future" hotel empowerment plan aims to enhance service capabilities and efficiency for various hotel types, targeting a 100% annual growth in inbound tourism orders over the next three years [5]. Target Demographics - Ctrip is focusing on the "silver-haired" market and younger travelers, with the "Ctrip Old Friends Club" seeing membership and transaction volume growth exceeding 100% year-on-year [6]. - The silver-haired demographic is projected to exceed 100 million by 2025, with significant potential for tourism revenue growth [6]. Product Innovation - The "Tourism + Entertainment" product segment saw revenue growth exceeding 100%, driven by the popularity of concerts and live events [8]. - Ctrip is investing in AI-driven travel planning tools to enhance user experience and optimize travel itineraries based on individual preferences [8].

跨境游亦增长显著。第四季度，携程出境酒店、机票预订较2019年同期增长超20%；携程国际OTA 平台酒店、机票预订同比增长超过70%。四季度及全年，携程入境游预订量均同比增长超100%， 其中，来自免签国家的全年预订量同比增长超150%。 "随着消费者对探索世界和文化体验的日益渴望，2024年旅游市场展现了显著的韧性。"携程集团联 合创始人、董事局主席梁建章表示，"我们致力于投资人工智能并促进入境游发展，以创新助力整体 旅游体验提升。" 以创新助力整体旅游体验提升。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，携程集团（纳斯达克：TCOM；香港联交所：9961）于2月25日公布了其2024 年第四季度及全年未经审计的财务业绩。 第四季度，携程集团净营业收入为127亿元，全年净营业收入为533亿。第四季度净利润为22亿，全 年净利润为172亿。 其中，住宿预订、交通票务、旅游度假、商旅管理等四大业务，四季度营收分别为52亿、48亿、 8.7亿、7.02亿，全年营收分别为216亿、203亿、43亿、25亿。 持续服务入境游和银发人群 为旅游市场带来增 ...