Ctrip Group released its 2023Q1 financial report: Net revenue of 9.2 billion yuan, a year-on-year increase of 124%

On June 8th, Ctrip Group (Nasdaq: TCOM and Hong Kong Stock Exchange: 9961) announced its unaudited financial results for the first quarter ended March 31, 2023. According to the financial report, in the first quarter of 2023, Ctrip Group's net operating revenue was 9

On June 8th, Ctrip Group (Nasdaq: TCOM and Hong Kong Stock Exchange: 9961) announced its unaudited financial results for the first quarter ended March 31, 2023. According to the financial report, in the first quarter of 2023, Ctrip Group's net operating revenue was 9.2 billion yuan, a year-on-year increase of 124%. The net profit was 3.4 billion yuan, with an adjusted EBITDA profit margin of 31%, and the performance exceeded market expectations.

According to the financial report, in the first quarter of this year, Ctrip's accommodation booking revenue was 3.5 billion yuan, a year-on-year increase of 140%; The revenue from transportation ticketing was 4.2 billion yuan, a year-on-year increase of 150%.

From a macro market perspective, domestic hotel bookings have increased by over 100% year-on-year, while outbound hotel and air ticket bookings have recovered to over 40% of the same period in 2019. The booking volume of air tickets on the international OTA platform has increased by over 200% year-on-year, a 100% increase compared to the same period in 2019.

Focusing on the domestic market, Ctrip Group's domestic local hotel bookings increased by 150% in the first quarter compared to the same period in 2019. The transaction volume of Ctrip hotel package booking has increased by more than double year-on-year. Based on Ctrip's intelligent ticket comprehensive solution, there are 38 airports in China where the number of transfer passengers has increased by over 40% compared to the same period in 2019.

According to Ctrip data, in the first quarter of this year, the order volume of Ctrip's "air ticket+hotel" co booking products increased by more than three times year-on-year, saving users over 30 million yuan in travel expenses. At the same time, the combined product has brought more than 1.5 times more new users to hotels compared to the same period last year.

In the first quarter, Ctrip Group's tourism and vacation business revenue was 386 million yuan, a year-on-year increase of 211%. In the first quarter of this year, the number of new signed stores for the three major brands under Ctrip Group increased by over 130% compared to 2019. The domestic product booking transaction volume of the three major brand stores under Ctrip Group has increased by more than 11 times compared to the same period in 2022, and is basically unchanged from the same period in 2019. On April 18th this year, nearly 200 offline stores of Ctrip opened simultaneously.

In the first quarter of this year, Ctrip's business travel management revenue was 445 million yuan, a year-on-year increase of 100%. In the first quarter of this year, Ctrip Business Travel provided digital empowerment to 820000 small and medium-sized enterprises and 14000 large enterprises, helping enterprises reduce travel management expenses by up to 30%, and saving a total of 720 million yuan in travel costs. More than 38 million employees can enjoy high-quality travel services without the need for advance payment.

In the first quarter of this year, the number of new cooperative hotels under Ctrip's "Joint Membership Plan" increased by nearly 60% year-on-year. The cumulative number of hotel delivery service users with matching membership has exceeded 20 million, and has saved nearly 40 million yuan in marketing costs for the hotel. Through cross marketing recommendations for air tickets and hotels, Ctrip has brought over a doubling of new user growth, a doubling of order growth, and a tripling of transaction volume growth to hotel partners compared to the same period last year.

In addition, in the first quarter of this year, Ctrip's cooperation projects with domestic and overseas destination governments doubled year-on-year.

In the first quarter of 2023, the cumulative number of complex incidents handled by Ctrip's domestic and overseas call centers increased by nearly 70% compared to 2019, and the one-time resolution rate of problems increased by over 50% compared to the same period in 2019. While hotel order volume increased significantly in the first quarter, overall customer reviews increased by 20%, and NPS (net recommendation value) continued to maintain double-digit growth.

In the first quarter of this year, four new Ctrip vacation farms were added nationwide, covering multiple regions such as northwest, southeast, and north China. Currently, 23 Ctrip vacation farms have been established in 12 provinces (autonomous regions, municipalities) in China.

In addition, in terms of ground transportation. As of May, Ctrip's new energy orders for car rental have increased nearly threefold year-on-year. (One Orange)