On May 21st, Ctrip Group (hereinafter referred to as "Ctrip") announced its unaudited financial performance for the first quarter of 2024. In the first quarter, Ctrip achieved a net operating revenue of 11.9 billion yuan, a year-on-year increase of 29% and a month on month increase of 15%; The net profit was 4.3 billion yuan, a year-on-year increase of 26%.
In terms of specific business performance, in the first quarter, Ctrip's accommodation booking revenue was 4.5 billion yuan, a year-on-year increase of 29% and a month on month increase of 15%; The operating revenue of transportation ticketing was 5 billion yuan, a year-on-year increase of 20% and a month on month increase of 22%; The operating revenue of tourism and vacation business was 883 million yuan, a year-on-year increase of 129% and a month on month increase of 25%; The operating revenue of business travel management business was 511 million yuan, a year-on-year increase of 15% and a month on month decrease of 19%. Ctrip stated that the main reason for this is seasonal effects. Due to the impact of the Spring Festival holiday, the travel activities of corporate customers in the first quarter were generally relatively mild.
Liang Jianzhang, Executive Chairman of Ctrip's Board of Directors, stated that driven by more stable supply and further relaxation of visa requirements, the demand for domestic and outbound tourism in China has significantly increased, thanks to Ctrip's continuous improvement of products and strong global business growth. Among them, in the first quarter, Ctrip's domestic hotel and flight booking both increased by over 20% year-on-year, while outbound hotel and flight booking both increased by over 100% year-on-year. In addition, during the reporting period, Ctrip's inbound travel bookings increased by more than four times year-on-year, and Trip.com's total revenue increased by about 80% year-on-year.
In addition, in the first quarter, with the growth of net revenue, Ctrip's operating costs also increased by 37% year-on-year to 2.2 billion yuan, product research and development expenses increased by 16% year-on-year to 3.1 billion yuan, sales and marketing expenses increased by 32% year-on-year to 2.3 billion yuan, and general and administrative expenses increased by 4% year-on-year to 931 million yuan. As of March 31, 2024, the balance of Ctrip cash and cash equivalents, restricted cash, short-term investments, and held to maturity fixed deposits and wealth management products was 81.9 billion yuan.