Ctrip 4000-word in-depth research report

$Trip.com(TCOM.US)$Trip.com(TCOM.US) $TC Medical(600763.SH) A research report on Ctrip was dug out, with the core logic being the leading barriers and dual-engine growth momentum in a highly concentrated industry.

🎯 Core Logic: As the absolute leader in online travel booking (OTA), the industry CR5 has long exceeded 70%, dominating the mid-to-high-end market. The business model relies on a two-sided network effect: connecting 400M+ annual active users with 1.4M hotels and 200+ airline resources globally, forming a positive cycle between users and suppliers to reduce transaction costs. Growth is driven by dual engines: globalization (Trip.com brand, international revenue accounting for 35%, outbound travel exceeding 120% of pre-pandemic levels in 2025Q2) and the lower-tier market (6,000+ new partner hotels in 2025), supported by a light-asset model for expansion efficiency.

📈 Financial Highlights: Revenue grew 19.7% in 2024, net profit grew 72%, 2025Q2 revenue was 14.8B, up 16% YoY, inbound travel bookings doubled. Gross margin 80%+ (81.25% in 2024), net margin 32.02%, with outstanding profitability efficiency. Free cash flow 19B (2024), cash reserves 58.3B (2025Q2), strong profit conversion capability. Debt-to-asset ratio 40.85%, current ratio 1.51, manageable debt risk.