TRIP.COM(09961)2025-02-25 00:15Financial Performance - In Q4 2024, Trip.com Group achieved net operating revenue of RMB 12.7 billion (USD 1.7 billion), a year-on-year increase of 23%[9] - For the full year 2024, net operating revenue reached RMB 53.3 billion (USD 7.3 billion), reflecting a 20% year-on-year growth[10] - Q4 2024 net profit was RMB 2.2 billion (USD 300 million), compared to RMB 1.3 billion in the same period of 2023[16] - In 2024, the net profit attributable to Trip.com Group was RMB 17.2 billion (USD 2.4 billion), compared to RMB 10 billion in 2023, representing a 72% increase[17] - For Q4 2024, the net profit attributable to Trip.com Group shareholders was RMB 2.2 billion (USD 295 million), up from RMB 1.3 billion in Q4 2023, and down from RMB 6.8 billion in the previous quarter[17] - The adjusted net profit for 2024, excluding stock-based compensation and certain fair value changes, was RMB 18 billion (USD 2.5 billion), compared to RMB 13.1 billion in 2023[17] - The diluted earnings per share for Q4 2024 were RMB 3.09 (USD 0.42), while the non-GAAP diluted earnings per share were RMB 4.35 (USD 0.60)[18] - The diluted earnings per share for the full year 2024 were RMB 24.78 (USD 3.39), while the non-GAAP diluted earnings per share were RMB 26.20 (USD 3.59)[18] Revenue Breakdown - In Q4 2024, accommodation booking revenue was RMB 5.2 billion (USD 709 million), up 33% year-on-year[10] - Q4 2024 transportation ticketing revenue was RMB 4.8 billion (USD 655 million), a 16% year-on-year increase[10] - The company's international OTA platform saw hotel and flight bookings increase by over 70% year-on-year[8] - Trip.com Group's inbound travel bookings grew by over 100% year-on-year in Q4 2024[8] Expenses and Investments - R&D expenses for Q4 2024 were RMB 3.4 billion (USD 465 million), a 16% increase year-on-year[13] - Sales and marketing expenses in Q4 2024 were RMB 3.4 billion (USD 462 million), up 45% year-on-year[13] Future Projections and Plans - The company anticipates continued growth in the travel market driven by strong consumer demand and investment in AI[8] - The company has authorized a new capital return plan for 2025, including a share repurchase program of up to USD 400 million and a cash dividend of approximately USD 200 million for FY 2024[20] - The cash dividend will be USD 0.30 per share for common stock or ADS, payable to shareholders registered by the close of business on March 17, 2025[20] - The company plans to expand its market presence and enhance its product offerings, focusing on technology development and strategic acquisitions[33] Asset and Liability Projections - The total cash, cash equivalents, restricted cash, short-term investments, and held-to-maturity deposits and financial products amounted to RMB 90 billion (USD 12.3 billion) as of December 31, 2024[18] - Cash and cash equivalents, including restricted cash, are forecasted to increase from RMB 43,983 million in 2023 to RMB 51,093 million in 2024, a growth of 16.0%[29] - The total assets of Ctrip Group are projected to rise from RMB 219,137 million in 2023 to RMB 242,581 million in 2024, indicating a growth of 10.7%[31] - The total liabilities of Ctrip Group are projected to increase from RMB 96,131 million in 2023 to RMB 99,099 million in 2024, a rise of 3.1%[31] Operational Challenges - The company continues to face risks related to economic growth, competition, and operational challenges in the travel industry[23] - The company experienced a decrease in other income/expenses, from RMB 667 million in 2023 to a projected loss of RMB 2,220 million in 2024, indicating potential challenges in this area[36] - The company’s effective tax rate for the year ending December 31, 2023, was RMB 1,750 million, with an expected increase to RMB 2,604 million in 2024, reflecting higher profitability[36]