Financial Performance - Revenue increased by 45.8% year-to-year to RMB 17,340.7 million in 2024 from RMB 11,896.2 million in 2023[17] - Adjusted EBITDA increased by 29.7% year-to-year from RMB 3,123.9 million in 2023 to RMB 4,050.2 million in 2024, with an adjusted EBITDA margin decreasing from 26.3% in 2023 to 23.4% in 2024[17] - Adjusted net profit increased by 26.7% from RMB 2,199.1 million in 2023 to RMB 2,785.4 million in 2024, with an adjusted net margin decreasing from 18.5% in 2023 to 16.1% in 2024[17] - Profit before income tax increased by 29.4% from RMB 1,853.7 million in 2023 to RMB 2,397.8 million in 2024[19] - Profit for the year increased by 27.0% from RMB 1,565.6 million in 2023 to RMB 1,988.3 million in 2024[19] - Revenue growth year-to-year was 45.8%, compared to 80.7% in the previous year[19] - Total revenue for the year ended December 31, 2024, reached RMB 17,340,686, an increase of 46.5% from RMB 11,896,244 in 2023[32] - Gross profit for 2024 was RMB 11,113,487, up 27.1% from RMB 8,738,211 in 2023[32] - The operating profit for 2024 was RMB 2,423,498, compared to RMB 1,869,365 in 2023, reflecting a year-over-year increase of 29.5%[26] User Metrics - Average monthly paying users (MPUs) increased by 4.4% year-to-year from 41.3 million in 2023 to 43.1 million in 2024[17] - Annual paying users (APUs) increased by 1.5% year-to-year from 234.7 million in 2023 to 238.3 million in 2024[17] - Twelve-month accumulated number of travelers served increased by 9.3% from 1,764.3 million in 2023 to 1,928.1 million in 2024[17] - Monthly paying users (MPUs) increased by 4.4% year-over-year to 43.1 million, while annual paying users (APUs) rose by 1.5% to a record high of 238.3 million[42] - The twelve-month accumulated number of travelers served grew by 9.3% to 1.93 billion, driven by improved user purchase frequency[42] Revenue Breakdown - Revenue from transportation ticketing services increased by 19.9% year-over-year to RMB7,229.0 million, driven by increased ticketing volume and enhanced value-added services[52] - Revenue from accommodation reservation services increased by 19.7% to RMB 4,668.2 million, driven by higher demand and enhanced cross-selling strategies[81] - Revenue from tourism surged by 1075% to RMB 3,141.2 million, reflecting the impact of acquisitions completed in late 2023[78] - Core OTA revenue rose by 22.1% from RMB 11,628.9 million in 2023 to RMB 14,199.4 million in 2024[80] - Revenue from the other business segment increased by 35.5% year-over-year, reaching RMB2,302.2 million for the year ended December 31, 2024[55] Cost and Expenses - Cost of revenue increased by 97.2% from RMB 3,158.0 million in 2023 to RMB 6,227.2 million in 2024[90] - Cost of revenue as a percentage of revenue rose to 35.8% in 2024 from 26.5% in 2023, excluding share-based compensation[90] - Selling and marketing expenses increased by 25.7% from RMB4,472.8 million in 2023 to RMB5,620.7 million in 2024, with the percentage of revenue decreasing from 37.3% to 32.2%[94] - Administrative expenses surged by 69.6% from RMB711.2 million in 2023 to RMB1,206.2 million in 2024, with the percentage of revenue increasing from 4.1% to 5.4%[95] - Service development expenses rose by 9.9% from RMB1,820.6 million in 2023 to RMB2,000.9 million in 2024, accounting for 11.0% of revenue, down from 14.7%[93] Assets and Investments - Non-current assets increased to RMB 19,536,635 in 2024, up from RMB 16,816,963 in 2023, indicating a growth of 10.2%[34] - Total assets reached RMB 37,777,196 in 2024, an increase of 19.0% from RMB 31,716,609 in 2023[34] - Long-term investments as of December 31, 2024, totaled RMB3,968.7 million, an increase from RMB3,153.0 million in 2023[141] - Total short-term investments were RMB 2,893.7 million as of December 31, 2024, down from RMB 3,948.5 million in 2023, a decrease of approximately 27%[144] - Short-term investments measured at fair value through profit or loss increased to RMB 2,733.0 million in 2024 from RMB 1,631.7 million in 2023, representing a growth of approximately 67%[144] Cash Flow and Financing - Cash and cash equivalents as of December 31, 2024, were RMB 8,020.0 million, compared to RMB 5,192.4 million as of December 31, 2023, reflecting a 54.5% increase[122] - For the year ended December 31, 2024, net cash generated from operating activities was RMB2,969.9 million, a decrease from RMB4,003.4 million in 2023[126] - Net cash used in investing activities for 2024 was RMB834.3 million, primarily due to equity investment payments of RMB1,078.3 million[128] - Net cash generated from financing activities was RMB678.8 million, mainly from net proceeds of RMB1,415.3 million from borrowings[129] - As of December 31, 2024, the gearing ratio was approximately 25.0%[130] Strategic Initiatives - The company observed a sustained growth trajectory in travel demand throughout 2024, with peak demand in the third quarter despite a traditionally slow fourth quarter[38] - The company plans to strengthen its core OTA business and expand its outbound business to seize emerging opportunities[66] - The company aims to enhance its hotel management and packaged tour businesses to strengthen its competitive edge within the industry[66] - The company is committed to enhancing user experiences through technology, implementing an AI-driven customer service system and developing a proprietary generative AI system for personalized travel itineraries[60] - The company has a strategic focus on enhancing its online travel platform and expanding its market presence[159] Leadership and Governance - Wu Zhixiang, aged 48, has over 19 years of experience in e-commerce and OTA business, co-founding Tongcheng Network in March 2004[163] - Ma Heping, aged 47, has over 15 years of marketing experience in internet companies and has served as CEO since April 2018[165] - Liang Jianzhang, aged 55, is a co-founder and executive chairman of Trip.com Group, with extensive experience in the travel industry[171] - The company has a diverse board with members holding advanced degrees from prestigious institutions, enhancing its governance and strategic capabilities[178][182][188] - The board includes independent directors with extensive backgrounds in finance and technology, ensuring a well-rounded perspective on business decisions[189][193]
同程旅行(00780) - 2024 - 年度财报