Three OTA Half-Year Reports: Growth Logic Shifts as Ctrip Bets on International, Tongcheng Acquires…

In the first half of this year, listed Chinese OTAs continued to grow overall, but the growth logic is changing. Ctrip's net revenue was RMB 31.871 billion, up 11.15% year on year, while net profit attributable to shareholders fell to RMB 4.1 million due to an antitrust penalty. Tongcheng Travel's revenue was RMB 9.993 billion, up 10.5%, with net profit of RMB 1.411 billion, up 7.67%. Tuniu's net revenue was about RMB 272 million, up 7.58%, but profitability came under pressure. Ctrip is betting on international business, with inbound tourism orders up 95% year on year in H1 and international platform revenue growth exceeding 50% in Q2. Tongcheng Travel expanded into hotel management and hi…