On November 25, Tongyi Yilong released the financial report for the third quarter of 2019. According to the financial report, Yicheng’s third-quarter revenue was RMB 2.062 billion, a year-on-year increase of 22.3%, and adjusted net profit was RMB 419 million, a year-on-year increase of 33.2%. Based on this calculation, Tongcheng Yilong’s total revenue in the first three quarters of 2019 was 5.44 billion yuan, adjusted EBITDA was 1.603 billion yuan, and adjusted net profit was 1.213 billion yuan, exceeding the 1.14 billion yuan of 2018.
According to the financial report data, Booking ’s total revenue in the third quarter was US $ 5 billion, a year-on-year increase of 4%, and net profit was US $ 2 billion, a year-on-year increase of 10%. Expedia’s third quarter revenue was $ 3.6 billion, a 9% year-on-year increase. Ctrip’s total revenue in the third quarter was 10.5 billion yuan, a year-on-year increase of 11.74%. In contrast, Tongyi Yilong maintained a faster growth rate than the broader market, which is largely due to its in-depth mining of WeChat and mini-program ecology, and efficient harvesting of “dividends” for sinking market growth.
The MPU has increased by 31.9%, and the conversion rate and payment ratio have reached record highs.
The improvement of Tongcheng Yilong’s operating efficiency is first reflected in the continuous improvement of conversion rate. The financial report data shows that the MAU (average monthly active user) of Tongyi Yilong for the three months ended September 30 was 234 million, a year-on-year increase of 13.4%. Among them, the MAU in August exceeded 250 million, which broke the highest monthly MAU record. . It is worth noting that in the third quarter of the same period, Yilong’s MPU (average monthly paying user) reached 29.8 million, an increase of 31.9% year-on-year, and the growth rate continued to be significantly higher than MAU. The average payment ratio reached 12.74%, and the overall operating efficiency was relatively large. The increase, especially the conversion rate is steadily increasing. According to the financial report data, the same year-on-year growth rates of MAU and MPU in the first quarter of 2019 were 22% and 36.7% respectively. In the second quarter, the year-on-year growth rates of these two indicators reached 15.4% and 53.9%. Benefiting from the improvement of operational efficiency, Tongcheng Yilong’s MPU reached 135 million in the past 12 months as of September 30, 2019.
The slowdown in the growth of the online travel industry is the curtain-up of the era of “demographic dividend” for China’s Internet industry. According to the 44th Statistical Report on Internet Development in China issued by CNNIC, as of June 2019,