Shulou(Shulou.com)11/24 Report--

On November 21, 2023, Beijing time, Ctrip Group (NASDAQ: TCOM and SEHK: 9961) announced unaudited financial results for the third quarter ended September 30, 2023. According to the financial report, the net operating income of Ctrip Group was 13.7 billion yuan in the third quarter of 2023, an increase of 99 percent over the same period last year. At the same time, Ctrip Group is also contributing to the high-quality recovery of the tourism industry in terms of globalization strategy, AI empowerment, ESG sustainable development and so on.

The arrival of the summer tourist season has led to an increasing number of travel bookings. Thanks to this, the main business of Ctrip Group has grown substantially. In the third quarter, Ctrip's accommodation booking revenue was 5.6 billion yuan, up 92% from the same period last year; transportation and ticketing revenue was 5.4 billion yuan, up 105% from the same period last year; tourism and vacation revenue was 1.3 billion yuan, up 243% from the same period last year; and business and travel management revenue was 500 million yuan, an increase of 60% over the same period last year.

The domestic market has entered a stage of steady growth. In the third quarter, the number of domestic hotel bookings in Ctrip increased by more than 90% compared with the same period last year, and more than 70% over the same period in 2019. Outbound travel has recovered significantly, although cross-border air passenger traffic only returned to about 50% of the same period in 2019 in the third quarter, but Ctrip outbound hotel and air ticket bookings have returned to about 80% of the level of the same period in 2019, continuing to lead the recovery level of the industry. The prospect of the global tourism market is good, and Ctrip's international business continues to maintain a strong momentum. The total bookings of Ctrip International OTA platform in the third quarter increased by more than 100% compared with the same period last year and 2019.

In the process of strong recovery of performance at home and abroad, Ctrip has further strengthened its globalization strategy through the continuous development of inbound and outbound travel business. In terms of inbound tourism, Ctrip signed a strategic framework agreement with the China Association for Foreign Cultural Exchange to promote "Hello!" the national tourism image of China; set up an inbound tourism service platform; and jointly launched an inbound tourism cooperation alliance initiative with CITS Travel, Ant Group and other enterprises. Inbound travel orders for Ctrip in the third quarter of this year increased by 34% compared with the second quarter.

Globalization is an important business pillar of Ctrip, while AI innovation is the group's long-term strategic core. Ctrip launched its first vertical travel model, "Ctrip asked", in July this year, and built a "reliable answer database" for travelers to obtain accurate travel data and opinions.

At present, ESG is becoming a hot issue in China's development, and Ctrip also regards the sustainable development of ESG as a part of its long-term strategy. In terms of environmental friendliness, more than 16 million users have booked sustainable travel products. At the same time, Ctrip launched the "low-carbon Hotel Standard", which is committed to driving the hotel industry to achieve the temperature control goal of the Paris Agreement. In terms of community friendliness, Ctrip Holiday Farm has launched 26 Ctrip Holiday Farm in 13 provinces and autonomous regions. It not only drives the local villagers to get rich and increase their income, but also provides young people with the opportunity to "return" to the countryside.

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