Executive Summary

• Ctrip, China’s leading online travel agent, reported strong 3Q16 revenues of ¥5.6 billion, up 75.1% year over year. Non-GAAP net profit of ¥0.58 billion beat the consensus estimate of ¥0.34 billion, but was down 77.2% year over year.
• Management guided for net revenue growth of approximately 70-75% year over year for 4Q16.
• The company plans to expand further overseas and develop a comprehensive global travel ecosystem to better serve existing and potential customers.