According to a report published by Citigroup, Ctrip is expected to announce its third quarter results from mid-November to the end of the month. The estimated revenue and adjusted operating profit are generally in line with market expectations. The performance during the Mid-Autumn Festival and National Day Golden Week was good, which is expected to support revenue for the third quarter. The bank believes that the market's focus on performance will be management's comments on domestic hotel yield rates and profit margin prospects for the fourth quarter. The bank expects total revenue for the third quarter to rise 3% year-on-year to 18.9 billion yuan, in line with market expectations; gross margin is expected to be 81.3%, adjusted operating margin is expected to be 31.4%, and adjusted profit is expected to be about 5.3 billion yuan, in line with market expectations. The bank maintains a profit forecast for 2026 to 2028, maintains a target price of $61, maintains a “buy” rating, and believes that the worst period may have passed.

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