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Ctrip- and Tencent-backed OTA reports 28.5% GMV rise in 2018

03/20/2019| 9:24:23 AM| 中文

Revenue from accommodation reservation services decreased by 22.5% to RMB1,830.4 million, revenue from transportation ticketing services increased from RMB61.3 million to RMB3,232.5 million.

Tongcheng-Elong Holdings announced the audited consolidated results of the Group for the year ended December 31, 2018, together with comparative figures for the year ended December 31, 2017.

Highlights

* Revenue increased by 16.5% year-to-year to RMB6,090.8 million from RMB5,226.1 million in 2017.

* Adjusted EBITDA increased by 55.6% year-to-year to RMB1,481.7 million from RMB952.1 million in 2017. Adjusted EBITDA margin increased from 18.2% in 2017 to 24.3% in 2018.

* Adjusted profit for the year increased by 66.8% year-to-year to RMB1,140.7 million from RMB684.0 million in 2017. Adjusted net margin increased from 13.1% in 2017 to 18.7% in 2018.

* Average MAUs increased by 44.6% year-to-year from 121.2 million in 2017 to 175.2 million in 2018.

* Average MPUs increased by 28.2% year-to-year from 15.6 million in 2017 to 20.0 million in 2018.

* GMV achieved a year-to-year increase of 28.5% and reached RMB131.5 billion in 2018.

Revenue increased by 108.7% from RMB2,518.6 million for the year ended December 31, 2017 to RMB5,255.6 million for the year ended December 31, 2018.

Revenue from accommodation reservation services decreased by 22.5% from RMB2,361.6 million for the year ended December 31, 2017 to RMB1,830.4 million for the year ended December 31, 2018. The decrease was mainly because we strategically decreased sales of room nights through sales channels with relatively low margins.

Revenue from transportation ticketing services increased significantly from RMB61.3 million for the year ended December 31, 2017 to RMB3,232.5 million for year ended December 31, 2018, which was mainly due to the consolidation of the financial results of Tongcheng Online Business since March 2018.

Revenue from others increased by 101.4% from RMB95.7 million for the year ended December 31, 2017 to RMB192.7 million for year ended December 31, 2018.

In 2018 and 2017, inventory-risk-taking room nights accounted for approximately 0.6% and 2.8%, respectively, of the total numbers of room nights booked through the online platforms.

Cost of revenue increased by 97.2% from RMB811.8 million for the year ended December 31, 2017 to RMB1,600.5 million for the year ended December 31, 2018.

Gross profit increased by 114.1% from RMB1,706.8 million for the year ended December 31, 2017 to RMB3,655.1 million for the year ended December 31, 2018 on a year-to-year basis. the gross margin increased from 67.8% in 2017 to 69.5% in 2018.

As of December 31, 2018, the online platforms offered over 6,400 domestic routes and over 1.1 million international routes operated by 438 domestic and international airlines, over 1.4 million hotels and alternative accommodation options, approximately 310,000 bus routes and over 417 ferry routes.

As of December 31, 2018, approximately 85.4% of the registered users resided in non-first-tier cities in China with increased spending on, and demands, for quality travel products. The percentage of users from non-first-tier cities in China in the newly acquired paying users from WeChat increased from 54.9% in January 2018 to 64.3% in December 2018, with a full-year average of 61.1% in 2018.

Currently, WeChat users can access the WeChat-based mini program within the WeChat ecosystem through: 

(1) WeChat Payment (Wallet) portal and a drop-down list of users’ favorite or most frequently used mini programs, which generated an average MAUs of 74.2 million in 2018, accounting for 52.8% of the total average MAUs of the Tencent-based platforms; 

(2) interactive advertisements placed on the Tencent-based platforms, which generated an average MAUs of 49.1 million in 2018, accounting for 34.9% of the total average MAUs of the Tencent-based platforms; 

(3) the sharing and search functions in WeChat, which generated an average MAUs of 17.3 million in 2018, accounting for 12.3% of the total average MAUs of the Tencent-based platforms.

Mr. Jiang Hao has resigned from his positions as the Deputy Chairman and President of the Company and been re-designated as a non-executive Director with effect from March 19, 2019 due to other work commitment. Mr. Jiang will rejoin Ctrip, one of the Company’s substantial shareholders.

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TAGS: Tongcheng-eLong | financial statement
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