On March 19, Tongcheng Travel (0780.HK) released the fourth quarter and annual performance report in 2023.The financial report shows that the company achieved revenue of 11.896 billion yuan in 2023, an increase of 80.7%year -on -year.After adjustment, net profit was 2.199 billion yuan, an increase of 240.3%year -on -year.
Prior to this, Ctrip Group and Tuniu Tourism have also disclosed the 2023 financial report. Ctrip’s net operating income of last year was 44.5 billion yuan, an increase of 122%year -on -year, and the net profit attributable to the mother reached 9.918 billion yuan, an increase of 606.91%year -on -year.Even Tuniu, which has continued to lose money in recent years, also achieved a net profit of 50.8 million yuan in non -US accounting standards last year, a new high since listing.
I have to admit that the wave of OTA (online travel platform) is made because it is standing on the outlet of the tourism recovery.In the past year, with the continuous release of the demand for popular travel, tourism consumption has shown explosive growth.According to the data released by the Ministry of Culture and Tourism, in 2023, the number of domestic travelers was 4.891 billion, a year -on -year increase of 93.3%; the total cost of domestic tourists spent 4.91 trillion yuan, an increase of 140.3%year -on -year.
On the basis of such a huge passenger flow, as long as tourism companies do well and control costs, they can basically make a lot of money, and their business volume is greatly exceeded in 2019.
According to the financial report, in 2023, Tongcheng Travel achieved revenue of 11.896 billion yuan, an increase of 80.7%year -on -year, an increase of 60.7%over 2019, a record high.From the perspective of the business sector, the accommodation business revenue was 3.9 billion yuan, an increase of 61.5%year -on -year, an increase of 65.4%compared with the same period of 2019; the transportation business revenue was 6.03 billion yuan, an increase of 78.5%year -on -year, an increase of 33.5%compared to the same period in 2019.
Ctrip’s net operating income in 2023 was 44.5 billion yuan, an increase of 122.12%year -on -year, an increase of 24.7%over 2019.Among them, the operating income of accommodation reservations is 17.3 billion yuan, the operating income of transportation tickets is 18.4 billion yuan, the operating income of tourism and vacation business is 3.1 billion yuan, and the operating income of business travel management business is 2.3 billion yuan, respectively, an increase of 133%, 123%, and 294 year -on -year, respectively.%, 109%.
The reporter noticed that the performance of the OTA company in the four quarters of last year was getting better and better. Even in the fourth quarter of the traditional off -season, the data was particularly eye -catching.
According to the financial report, in the fourth quarter of Tongcheng Travel, the number of nights between domestic hotels increased by more than 70%compared with the same period in 2019. The number of nights between international hotels has also fully restored to the same period of 2019. The ticket volume increased by more than 16%compared with the same period in 2019.The performance is better than the overall level of the industry.
In the fourth quarter of last year, Ctrip’s accommodation revenue of 3.9 billion yuan, an increase of 131%year -on -year; traffic ticket business revenue was 4.1 billion yuan, an increase of 86%year -on -year; the operating income of tourism and vacation business was 704 million yuan, an increase of 329%year -on -year; business travel management; business travel management;Business income of 634 million yuan, an increase of 129%year -on -year.In the fourth quarter, Ctrip’s net operating income increased by 105%year -on -year to 10.3 billion yuan.
In particular, it is worth mentioning that the outbound tourism was active last year, and at the end of last year, my country launched a measure to facilitate the exchanges between Chinese and foreign personnel. Attracted a large number of foreign tourists to visit China, and the entry and exit tourism market showed a sign of overall recovery.
The recovery of this wave of entry tour also allows Ctrip business with international layout and service capabilities to grow rapidly.In the fourth quarter, Ctrip’s outbound hotel and air ticket reservation resumed more than 80%of the same period in the same period in 2019. The total reservation of Ctrip Group’s international OTA platform increased by more than 70%year -on -year.
The performance is completely due to the outlet, and it is not true. After all, the 2023 travel agency tycoon Caesar travel industry announced bankruptcy and reorganization. Xinhua Lian also dragged the creditors to apply for bankruptcy and reorganization to the court because of the real estate business.Mowing
The three years of the epidemic is actually the three years of the “internal skills” of various tourism companies. The performance in 2023 is also the collective presentation of the internal practice of public enterprises.
For example, while traveling to strengthen the in -depth cooperation with Tencent’s ecology, it also provides a service tentacle to cover consumer scenarios such as interest e -commerce, offline services, private domain ecology, manufacturer ecology, and tool ecology.
For example, travel, in addition to the mainstream travel products such as air tickets and train tickets, tourists will continue to use the needs of subway and the city’s bus when they reach a city.Multiple cities and districts and counties.
In addition, through travel+e -sports, travel+music, travel+market, travel+movie tickets and other “travel+x” 2.0 model innovation, Tongcheng travel has created a series of marketing activities that are more well -preserved.Create new demand for more destinations.
The rich service scenario ecology and diversified tourism products have increased the size of Tongcheng travel users.According to the financial report data, in 2023, the average monthly payment of Tongcheng travel annual fees reached 41.3 million, a year -on -year increase of 39.1%, an increase of 53.5%compared with 2019; the annual payment fee households reached 235 million, a year -on -year increase of 25.2%. Compared with 2019, compared with 2019, compared with 2019Growing 54%, reaching a record high again.
Ctrip is investing in technical level.In July last year, Ctrip launched a large -scale vertical model of the tourism industry Ctrip asked (internal test) and AI travel assistant Tripgenie to provide users with personalized itinerary arrangements and instant reservations.As of the end of 2023, with the help of smart customer service, Ctrip tickets and user problems with hotel business have reached more than 70 %.
At the same time, combined with intelligent algorithms and artificial verification, Ctrip has upgraded the word -of -mouth list to provide users with more reliable content reference.It is reported that the average daily number of visits in the word -of -mouth list increased by more than 150%year -on -year, and contributed 23%of the traffic and nearly 10%of GMV to the merchant throughout the year.The average daily visits of overseas users on the TRIP.BEST list increased by more than 5 times year -on -year.
Ctrip’s financial report revealed that in 2023, Ctrip’s product research and development costs reached 12.1 billion yuan, an increase of 45%year -on -year, accounting for about 27%of net operating income.Ctrip executives said nearly 30 % of net revenue invested in research and development, providing underlying support for business innovation to ensure the improvement of the service quality of C -side users and B -end partners.
The Tuniu was raised on the live track and became the most important starting point for profit.According to reports, in terms of sales, in 2023, Tuniu’s live broadcast transaction exceeded 1 billion, and the single -day transaction volume of the two items exceeded 10 million. Tuniu’s small player MCN ranked the Douyin platform liquor live broadcast head status.
Entering 2024, can the performance of the OTAs continue to improve?Judging from the feedback of the Spring Festival tourism market this year, it seems quite optimistic.According to the statistics of the Ministry of Culture and Tourism, during the Spring Festival holiday in 2024, many indicators such as Chinese travelers and the total cost of travel have reached a record high.Among them, about 6.83 million people in and out of the country showed a good recovery momentum.
In March of this year, the Ministry of Foreign Affairs announced that China will continue to launch measures to facilitate Chinese and foreign personnel. From March 14, China will further trial visa exemption policies for Switzerland, Ireland, Hungary, Austria, Belgium, and Luxembourg.China’s foreign visa -free circle of friends expands.
Out of its optimistic about the future overseas tourism market, the OTA giants have increased their investment in overseas markets.The Ctrip International OTA platform has been operated in 39 countries and regions in Asia, Europe and America.Tongcheng began to go out of China to land overseas.
On March 15th, the first overseas physical store in Tongcheng was officially opened in Los Angeles. This is the first offline service site that it is put into operation in overseas markets. It will provide North American users in a “online+offline” way.One -stop travel services such as ticket booking, hotel reservation, tourism vacation reservation, and visa processing of global destinations.
Tongcheng Travel CEO Ma Heping revealed that Tongcheng Travel has now established overseas headquarters Singapore Office, and its science and technology -related business of Yilong Hotel covers Japan, Cambodia, and Indonesia.In the future, Tongcheng Travel will also accelerate the deployment of markets such as Britain, Thailand, Indonesia, the Philippines, Canada, etc., and actively expand international air tickets, international hotels, outbound vacations and other businesses.
But to grab food at the BOOKING and EXEDIA giants such as Booking and Expedia, the domestic OTA may have to increase marketing investment in order to achieve the corresponding overseas market expansion results.And this will undoubtedly be unfavorable to the performance growth prospects of these OTAs.