Interpretation of the financial statements of the four online tourism giants in China: the half year loss amounts to 2.5 billion yuan

Interpretation of the financial statements of the four online tourism giants in China: the half year loss reached 2.5 billion yuan

Behind Ctrip and Qunar's "bite" Online travel The vigorous development of the industry and the large-scale burning of money have strengthened the desire for industry integration. According to statistics, four enterprises including Ctrip, eLong, Qunar and Tuniu have loss 2.5 billion yuan.

The online tourism industry suffered serious losses

Financial statements It shows that Ctrip's net loss in the first quarter of 2015 was 126 million yuan (about $20 million), which is the second consecutive quarterly loss of Ctrip. In the same period, eLong's net loss was 180.7 million yuan, an increase compared with the net loss of 35.4 million yuan in the same period last year.

Tuniu's net loss in the first quarter was 233.1 million yuan (US $37.6 million), compared with 62.7 million yuan (US $10.1 million) in the same period of 2014. Among these companies, Qunar suffered the most serious losses, with a net loss of 701.2 million yuan in the first quarter.

From the data of the past few quarters, Qunar's losses have continued to expand, and the entire online tourism industry has also been involved in a money burning war.

Ctrip, eLong, Qunar and Tuniu "burned" 1.273 billion yuan in the first quarter of 2015, and 1.238 billion yuan in the last quarter, that is, more than 2.5 billion yuan in the past six months.

Holding "thighs" separately does not exclude the possibility of integration

Under the background of money burning, as of March 31, 2015, cash and equivalents of Ctrip, eLong, Qunar, Tuniu were:

The balance of cash, cash equivalents, restricted cash and short-term investment of Ctrip is 12 billion yuan (about 1.9 billion dollars);

The total amount of cash and cash equivalents, short-term investments and restricted cash held by eLong was 1.7 billion yuan (about 279 million dollars);

Cash and cash equivalents, restricted cash and short-term investments held by Tuniu were 1.9 billion yuan (307.2 million dollars);

The total value of Qunar's cash and cash equivalents, restricted cash and accounts receivable was 1.400 billion yuan ($232.3 million).

The continuous money burning war has made most online tourism enterprises unable to support it alone, and they have begun to embrace "thighs".

In May this year, Yilong was the first to withdraw from the war. Ctrip acquired its 37.6% stake in Yilong with US $400 million, the largest single shareholder of Yilong. Expedia, the original major shareholder of eLong, withdrew from the board of eLong.

Also in May, Tuniu invested in Jingdong and won a total investment of 500 million dollars. JD became the largest shareholder of Tuniu. Tuniu received $250 million in cash from JD and provided $100 million in resources to Tuniu operate support.

Qunar, against the background of Baidu, obtained a strategic investment of $500 million led by Silver Lake Investment Group (a preferred unsecured convertible note with an interest rate of 2% and an initial conversion price of $55 per ADS).

Also in May this year, Ctrip announced that it would receive another 250 million dollars of investment from Priceline, an online travel group and a major shareholder of Ctrip. According to Ctrip, Priceline will hold about 10.5% of the total outstanding shares of Ctrip after counting two convertible bonds and convertible shares in total.

This means that the threshold for BAT to dominate the fate of Ctrip has become higher. However, analysts believe that in the long run, the online tourism industry will be further integrated in order to end the current situation of burning money and ultimately promote the sustainable and healthy development of the industry.

From Tencent Technology