Core Insights - Ctrip (TCOM) experienced a 2.14% increase in stock price, reaching $63.07 per share, with a total market capitalization of $41.223 billion as of May 29 [1] - For the fiscal year ending March 31, 2025, Ctrip reported total revenue of 13.83 billion RMB, reflecting a year-on-year growth of 16.17%, while net profit attributable to shareholders decreased by 0.81% to 4.277 billion RMB [1] Group 1: Company Overview - Ctrip Group Limited is a leading one-stop travel platform globally, offering a comprehensive range of travel products, services, and differentiated travel content [1] - The company assists users in exploring travel options, providing inspiration and information for cost-effective travel bookings, along with in-trip services and encouraging users to share their travel experiences [1] - Established in 1999, Ctrip went public on NASDAQ in 2003 and was listed on the Hong Kong Stock Exchange in 2021, operating brands including Ctrip, Qunar, Trip.com, and Skyscanner [1] Group 2: Business Operations - Ctrip's accommodation services offer over 1.7 million lodging options worldwide, including hotels, motels, resorts, residences, apartments, homestays, inns, and other properties [1] - The company's flight services provide ticketing from over 600 airlines, covering more than 3,400 airports across over 220 countries and regions [2] - Trip.com and Skyscanner primarily serve non-Mainland China users, with Trip.com offering products and services in 24 languages and 35 local currencies [2] Group 3: Employee and Service Reach - As of December 31, 2023, the company employed 36,249 staff members [3] - Skyscanner's services and products are available in over 50 countries and regions, supporting more than 35 languages [3] - The company provides a mobile application, various mobile channels, multilingual websites, offline stores, and customer service centers to enhance user experience [3]

Core Viewpoint - Ctrip (TCOM) shows strong financial performance with significant revenue and profit growth, indicating a robust recovery in the travel sector post-pandemic [1] Financial Performance - As of December 31, 2024, Ctrip's total revenue is projected to be 53.294 billion RMB, representing a year-on-year growth of 19.73% [1] - The net profit attributable to the parent company is expected to reach 17.067 billion RMB, reflecting a substantial year-on-year increase of 72.08% [1] Business Overview - Ctrip is a leading one-stop travel platform globally, offering a comprehensive range of travel products and services, catering to both Asian tourists and an increasing number of international travelers [1] - The company operates under several brands, including Ctrip, Qunar, Trip.com, and Skyscanner, and aims to provide high-quality travel booking experiences [1] Service Offerings - Ctrip's accommodation services include over 1.7 million options, covering hotels, motels, resorts, apartments, and other properties globally [2] - The flight booking service offers tickets from over 600 airlines, covering more than 3,400 airports across 220+ countries and regions [2] User Engagement and Accessibility - Ctrip provides travel product bookings through Trip.com and Skyscanner for non-mainland Chinese users, with services available in 24 languages and 35 local currencies [3] - The company offers a mobile app, various online channels, multilingual websites, physical stores, and customer service centers to enhance user experience [3] - As of December 31, 2023, Ctrip employs 36,249 staff members [3]

Core Viewpoint - Tongcheng Travel (00780.HK) reported a revenue of RMB 4.377 billion for the three months ending March 31, 2025, representing a year-on-year growth of 13.2% [1] - The company achieved a profit of RMB 679 million, a significant increase of 69.5% year-on-year, driven by continuous revenue growth, optimized marketing strategies, and improved operational efficiency [1] Financial Performance - Adjusted EBITDA for the period was RMB 1.159 billion, reflecting a year-on-year increase of 41.3% [1] - Adjusted net profit rose by 41.1% to RMB 788 million, with an adjusted net profit margin improving significantly to 18.0% [1] User Metrics - The number of annual paying users reached a record high of 247.3 million, up 7.8% year-on-year [1] - Cumulative service users for the twelve months increased by 7.3% to 1,959.5 million [1] - Average monthly paying users in the first quarter grew by 9.2% to 46.5 million, also a new high [1] Market Reach - Over 87% of registered users reside in non-first-tier cities in China as of March 31, 2025 [1] - More than 68% of new paying users on the WeChat platform came from non-first-tier cities during the three months ending March 31, 2025 [1] Service Offerings - The online platform offers approximately 450,000 flight routes operated by over 760 airlines and agents, around 4 million hotel options, 170,000+ car routes, 800+ ferry routes, and tickets for over 10,000 tourist attractions [2]

Group 1 - The "May Day" holiday saw a significant increase in domestic travel, with 314 million trips taken, representing a 6.4% year-on-year growth, and total spending reaching 180.27 billion yuan, up 8.0% from last year [1] - Inbound tourism is recovering, with major source countries including Myanmar, South Korea, Malaysia, Australia, the UK, Thailand, the Philippines, Russia, Vietnam, Japan, accounting for 57.4% of foreign visitors [1] - The optimization of visa-free and tax refund policies has led to a doubling of spending and transaction numbers by inbound tourists using their home wallets during the holiday [1] Group 2 - The trend of "Hong Kong residents going north" and "cross-border consumption" has led to an increase in demand for daily services such as self-paid medical care and fuel purchases in the Greater Bay Area [2] - Popular outbound travel destinations during the "May Day" holiday included Japan, South Korea, Singapore, Vietnam, Malaysia, Thailand, Indonesia, Australia, Cambodia, and Russia [2] - Hotel prices in popular nearby travel destinations decreased during the holiday, enhancing the cost-effectiveness of short-haul outbound travel [2]