On November 21st, Ctrip Group announced its unaudited financial performance for the third quarter of 2023. According to the financial report, Ctrip Group's net operating revenue in the third quarter was 13.7 billion yuan, a year-on-year increase of 99%.
In the third quarter, Ctrip's net profit was 4.6 billion yuan, compared to only 245 million yuan in the same period of 2022; Adjusted EBITDA (before interest, tax, depreciation and amortization) was 4.6 billion yuan, compared to 3.7 billion yuan in the previous quarter and 1.4 billion yuan in the same period of 2022; The adjusted EBITDA profit margin is 34%.
Since the beginning of this year, driven by the recovery of the tourism market, Ctrip's financial performance has been showing a significant growth trend. In the first quarter of 2023, its net operating income was 9.2 billion yuan, a year-on-year increase of 124%; In the second quarter, its net operating income was 11.2 billion yuan, a year-on-year increase of 180%.
In the third quarter, as the summer tourism peak season approaches, the booking volume of tourism products continues to rise significantly. Ctrip Group achieved accommodation booking revenue of 5.6 billion yuan in the third quarter, a year-on-year increase of 92%; The revenue from transportation ticketing was 5.4 billion yuan, a year-on-year increase of 105%. In the third quarter, Ctrip's domestic hotel booking volume increased by over 90% year-on-year, with a growth of over 70% compared to the same period in 2019. Among domestic hotels, long-distance hotel bookings have grown the fastest, with a year-on-year growth rate of 133%.
The booking volume of inbound tourism on Ctrip International platform in the third quarter increased by three digits year-on-year. With the gradual resumption of international flights, Ctrip has stated that the number of inbound tourists it will strive to serve in 2024 has increased by over 150% compared to 2019.
In September of this year, the General Office of the State Council issued the "Several Measures on Releasing the Potential of Tourism Consumption to Promote the High Quality Development of the Tourism Industry", which mentioned the need to strengthen inbound tourism work, including optimizing inbound tourism products and routes, optimizing visa and customs clearance policies, restoring and increasing international flights, improving inbound tourism services such as ticket purchase and transportation.
In the past year, driven by multiple positive factors such as consumer stimulus policies, the domestic tourism market has rapidly recovered, with the number of important node tourists and tourism consumption exceeding that of 2019. Ctrip stated that the domestic tourism market is facing new changes such as rational consumption, fragmented demand, and high-quality experience. The tourism supply chain is still recovering in an orderly manner, and the repair of the supply chain for inbound and outbound tourism will take a long time.