3SOF

http://stockcharts.com/h-sc/ui?s=CTRP&p=D&b=5&g=0&id=p59191861522


Ctrip.com International Ltd.
3F Building 63
No 421 Hong Cao Road
Shanghai,  200233
China - Map
Phone: 86 21 3406 4880
Fax: 86 21 5426 1600
Web Site: http://www.ctrip.com

DETAILS  
Index Membership: N/A
Sector: Services
Industry: Consumer Services
Full Time Employees: 5,500


BUSINESS SUMMARY  
Ctrip.com International, Ltd. and its subsidiaries provide travel related services including hotel reservation, air-ticketing, packaged-tour services, as well as Internet advertising and other related services. It sells air tickets for Chinese airlines, including Air China, China Eastern Airlines, China Southern Airlines, and Shanghai Airlines, as well as international airlines operating flights originating from cities in China, such as United Airlines, Northwest Airlines, Air Canada, DragonAir, and Lufthansa. The company also offers independent leisure travelers bundled packaged-tour products, which include air-ticketing and hotel reservations; sells travel guidebooks, which provide information for independent travelers; VIP membership cards that allow cardholders to receive discounts from restaurants, clubs, and bars. The company markets its products and services through on-site promotions, cross-marketing, online marketing, and advertising. The company was founded in 1999 and is based in Shanghai, the People's Republic of China.
---------------------------------------------------------------------------------

Ctrip Reports Third Quarter 2007 Financial Results
Wednesday November 7, 6:00 pm ET


SHANGHAI, China, Nov. 7 /Xinhua-PRNewswire-FirstCall/ -- Ctrip.com International, Ltd. (Nasdaq: CTRP - News), a leading travel service provider for hotel accommodations, airline tickets and packaged tours in China, today announced its unaudited financial results for the quarter ended September 30, 2007.

   Highlights for the third quarter of 2007

   -- Net revenues were RMB323 million (US$43 million) in the third quarter
      of 2007, up 55% year-on-year.
   -- Gross margin was 80% in the third quarter of 2007, compared to 79% in
      the same period in 2006.
   -- Income from operations was RMB111 million (US$15 million) in the third
      quarter of 2007.  Excluding share-based compensation charges
      (non-GAAP), income from operations was RMB134 million (US$18 million),
      up 71% year-on-year.
   -- Operating margin was 34% in the third quarter of 2007.  Excluding
      share-based compensation charges (non-GAAP), operating margin was 41%,
      compared to 38% during the same period in 2006.
   -- Net income was RMB110 million (US$15 million) in the third quarter of
      2007.  Excluding share-based compensation charges (non-GAAP), net
      income was RMB133 million (US$18 million), up 68% year-on-year.
   -- Diluted earnings per ADS were RMB1.60 (US$0.21).  Excluding share-based
      compensation charges (non-GAAP), diluted earnings per ADS were RMB1.94
      (US$0.26).
   -- Share-based compensation charges were RMB23 million (US$3 million),
      accounting for 7% of the net revenues, or RMB0.33 (US$0.04) per ADS for
      the third quarter of 2007.

Mr. Min Fan, Chief Executive Office of Ctrip, said: "We are very pleased with the strong results for the third quarter of 2007. Our team has executed our strategies effectively to expand into new geographic areas, to enhance customer service level and to strengthen our product lines. We are committed to bringing the best travel experience to our customers and increasing return to our shareholders."

Financial results for the third quarter of 2007

For the third quarter of 2007, Ctrip reported total revenues of RMB346 million (US$46 million), representing a 55% increase from the same period in 2006 and a 12% increase from the previous quarter.

Hotel reservation revenues totaled RMB176 million (US$23 million) for the third quarter of 2007, representing a 40% increase from the same period in 2006 and a 2% increase from the previous quarter primarily due to increased volume in hotel bookings.

The total number of hotel room nights booked was approximately 2.52 million in the third quarter of 2007, compared to approximately 1.82 million for the same period in 2006 and approximately 2.41 million room nights in the previous quarter.

Air ticket booking revenues for the third quarter of 2007 were RMB138 million (US$18 million), representing a 76% increase from the same period in 2006, and an 18% increase from the previous quarter, primarily due to strong growth of air tickets sales volume.

The total number of air tickets sold in the third quarter of 2007 was approximately 2.91 million, compared to approximately 1.72 million for the same period in 2006 and approximately 2.55 million in the previous quarter.

Packaged-tour revenues for the third quarter of 2007 were RMB21 million (US$3 million), up 61% from the both the same period in 2006 and the previous quarter, primarily due to the increased leisure travel volume in the third quarter.

For the third quarter of 2007, net revenues were RMB323 million (US$43 million), a 55% increase from the same period in 2006. Net revenues increased by 12% from the previous quarter.

The gross margin was 80% in the third quarter of 2007, compared to 79% for the same period in 2006 and 80% in the previous quarter.

Product development expenses for the third quarter of 2007 increased by 75% to RMB48 million (US$6 million) from the same period in 2006 and increased by 15% compared to the previous quarter, primarily due to the increase of product development personnel resources. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 13% of the net revenues, compared to 11% in the same period last year and 12% in the previous quarter.

Sales and marketing expenses for the third quarter of 2007 increased by 33% to RMB63 million (US$8 million) from the same period in 2006 and increased by 8% compared to the previous quarter, primarily due to the increase of sales and marketing personnel resources and advertisement expenses. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 19% of the net revenues, lower than the 22% in the same period last year and remained relatively consistent with the previous quarter.

General and administrative expenses for the third quarter of 2007 increased by 44% to RMB36 million (US$5 million) from the same period in 2006, primarily due to the recognition of RMB13 million (US$2 million) share-based compensation charges. General and administrative expenses for the third quarter of 2007 remained relatively consistent with the previous quarter, with an increase of 3%. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 7% of the net revenues, remained relatively consistent with 8% for the same period last year and 7% in the previous quarter.

Income from operations for the third quarter of 2007 was RMB111 million (US$15 million). Excluding share-based compensation charges (non-GAAP), income from operations was RMB134 million (US$18 million), increased by 71% from the same period in 2006, and 13% from the previous quarter.

Operating margin was 34% in the third quarter of 2007. Excluding share- based compensation charges (non-GAAP), operating margin was 41% compared to 38% in the same period in 2006 and 41% in the previous quarter.

Net income for the third quarter of 2007 was RMB110 million (US$15 million). Excluding share-based compensation charges (non-GAAP), net income was RMB133 million (US$18 million), representing a 68% increase from the same period in 2006 and a 19% increase from the previous quarter, mainly due to higher income from operations.

The diluted earnings per ADS were RMB1.60 (US$0.21) and the diluted earnings per ordinary share were RMB3.21 (US$0.43). Excluding share-based compensation charges (non-GAAP), the diluted earnings per ADS were RMB1.94 (US$0.26) for the third quarter of 2007.

As of September 30, 2007, Ctrip's cash balance increased to RMB1.2 billion (US$160 million), compared to RMB978 million as of June 30, 2007.

Business Outlook

For the fourth quarter of 2007, Ctrip expects to continue strong year-on- year net revenue growth of approximately 35%.

Note to Financial Information

Certain prior year amounts have been reclassified with no effect on net income or retained earnings to conform to the 2007 financial information presentation.

Conference Call

Ctrip's management team will host a conference call at 8:00PM Eastern Time on November 7, 2007 (or 9:00AM on November 8, 2007 in the Shanghai/HK time zone) following the announcement.

The conference call will be available on Webcast live and replay at: http://ir.ctrip.com . The call will be archived for 12 months at this website.

The dial-in details for the live conference call: U.S. Toll Free Number +1-888-679-8035, International dial-in number +1-617-213-4848; Passcode 94859248.

A telephone replay of the call will be available after the conclusion of the conference call through November 14, 2007. The dial-in details for the replay: U.S. Toll Free Number +1-888-286-8010, International dial-in number +1-617-801-6888; Passcode 51114998.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expect," "anticipate," "future," "intend," "plan," "believe" "estimate," and "confident" and similar statements. Among other things, quotations from management and Business Outlook section in this press release, as well as Ctrip's strategic and operational plans, contain forward-looking statements. Ctrip may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 20-F and 6-K, etc., in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Ctrip's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, a slow-down of economic growth, declines or disruptions in the travel industry, volatility in the trading price of Ctrip's ADSs, Ctrip's reliance on the relationships with travel suppliers and strategic alliances, failure to further increase brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, damage to infrastructure and technology, PRC laws and regulations governing internet content providers in China and other risks outlined in Ctrip's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F and other filings. All information provided in this press release and in the attachments is as of November 7, 2007, and Ctrip does not undertake any obligation to update any forward- looking statement, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement Ctrip's unaudited consolidated financial statements presented in accordance with the United States Generally Accepted Accounting Principles ("GAAP"), Ctrip uses non-GAAP financial information related to product development expenses, sales and marketing expenses, general and administrative expenses, income from operations, operating margin, net income, and diluted earnings per ADS and per share, each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges recorded under Statement of Financial Accounting Standard 123R, "Share-Based Payment", for 2007 and 2006. Ctrip's management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provides the management better capability to plan and forecast future periods.

The non-GAAP information is not in accordance with GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for the GAAP results. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude share- based compensation charges that have been and will continue to be significant recurring expenses in our business for the foreseeable future.

Reconciliations of Ctrip's non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release.

About Ctrip.com International, Ltd.

Ctrip.com International, Ltd. is a leading travel service provider of hotel accommodations, airline tickets and packaged-tours in China. Ctrip aggregates information on hotels and flights and enables customers to make informed and cost-effective hotel and flight bookings. Ctrip also sell packaged-tours that include transportation and accommodations, as well as guided tours in some instances. Ctrip targets primarily business and leisure travelers in China who do not travel in groups. These travelers form a traditionally under-served yet fast-growing segment of the travel industry in China. Since its inception in 1999, Ctrip has experienced substantial growth and become one of the best-known travel brands in China.


                            -- Table to Follow -





                       Ctrip.com International, Ltd.
                   Consolidated Balance Sheet Information


                                     December       September     September
                                     31, 2006       30, 2007      30, 2007
                                        RMB            RMB           USD
                                    (unaudited)    (unaudited)   (unaudited)

        ASSETS
        Current assets:
        Cash                         844,392,604  1,188,937,011  158,677,265
        Restricted cash                6,600,000      6,600,000      880,846
        Short-term investment                 --     13,000,000    1,734,999
        Accounts receivable          136,688,354    219,513,282   29,296,562
        Prepayments and other
         current assets               62,870,154    106,808,185   14,254,776
        Deferred tax assets            2,916,151      4,527,454      604,241

        Total current assets       1,053,467,263  1,539,385,932  205,448,689

        Long-term deposits            80,174,984    126,028,553   16,819,954
        Land use rights               66,449,208     65,425,162    8,731,737
        Property, equipment and
         software                    153,690,484    262,142,514   34,985,922
        Investment                    80,416,250     80,416,250   10,732,470
        Goodwill                      14,595,849     14,595,849    1,947,983
        Other long-term assets         3,058,465      2,953,723      394,208

        Total assets               1,451,852,503  2,090,947,983  279,060,963

        LIABILITIES
        Current liabilities:
        Accounts payable             151,408,198    349,935,209   46,702,863
        Salary and welfare payable    32,778,110     45,630,835    6,089,958
        Taxes payable                 34,913,392     40,827,771    5,448,934
        Advances from customers       38,178,866     95,165,912   12,700,981
        Accrued liability for
         customer reward program      29,566,712     40,404,980    5,392,507
        Dividend payable              72,169,155             --           --
        Other payables and
         accruals                     62,030,840     99,001,489   13,212,883

        Total current liabilities    421,045,273    670,966,196   89,548,126

        Other long-term payables       2,437,500      1,625,000      216,875

        Total liabilities            423,482,773    672,591,196   89,765,001

        Minority interests               672,780      1,189,725      158,782

        SHAREHOLDERS' EQUITY
        Share capital                  2,700,889      2,738,668      365,507
        Additional paid-in capital   627,461,168    762,719,178  101,793,612
        Statutory reserves            53,787,911     53,787,911    7,178,613
        Cumulative translation
         adjustments                 (16,099,263)   (24,753,481)  (3,303,636)
        Retained Earnings            359,846,245    622,674,786   83,103,084

        Total shareholders'
         equity                    1,027,696,950  1,417,167,062  189,137,180

        Total liabilities and
         shareholders' equity      1,451,852,503  2,090,947,983  279,060,963




                       Ctrip.com International, Ltd.
              Consolidated Statement of Operations Information


                      Quarter Ended Quarter Ended Quarter Ended Quarter Ended
                      September 30, June 30,      September 30, September 30,
                           2006          2007          2007         2007
                           RMB           RMB           RMB           USD
                       (unaudited)   (unaudited)   (unaudited)   (unaudited)

       Revenues:
       Hotel
        reservation     125,143,244   171,428,902   175,578,714   23,432,991
       Air-ticketing     78,312,011   116,940,167   137,659,009   18,372,172
       Packaged tour     12,863,465    12,858,353    20,683,731    2,760,481
       Others             6,253,938     7,950,457    11,909,481    1,589,456

       Total revenues   222,572,658   309,177,879   345,830,935   46,155,100

       Less: business
        tax and
        related
        surcharges      (14,417,209)  (21,159,382)  (23,160,551)  (3,091,041)

       Net revenues     208,155,449   288,018,497   322,670,384   43,064,059

       Cost of
        revenues        (43,640,055)  (57,223,269)  (64,011,659)  (8,543,089)

       Gross profit     164,515,394   230,795,228   258,658,725   34,520,970

       Operating
        expenses:
       Product
        development*    (27,349,052)  (41,554,054)  (47,941,336)  (6,398,321)
       Sales and
        marketing*      (47,701,000)  (58,973,708)  (63,466,452)  (8,470,325)
       General and
        administrative* (25,271,889)  (35,065,802)  (36,269,362)  (4,840,562)

       Total operating
        expenses       (100,321,941) (135,593,564) (147,677,150) (19,709,208)

       Income from
        operations       64,193,453    95,201,664   110,981,575   14,811,762

       Interest income    3,704,148     3,079,558     4,670,322      623,308
       Other income       8,116,653     5,671,677    13,577,722    1,812,103

       Income before
        income tax
        expense and
        minority
        interest         76,014,254   103,952,899   129,229,619   17,247,173

       Income tax
        expense         (11,304,888)  (15,737,675)  (19,518,480)  (2,604,965)
       Minority
        interests           (12,890)       12,530       (32,723)      (4,367)

       Net income        64,696,476    88,227,754   109,678,416   14,637,841

       Earnings per
        ordinary share
         - Basic               1.99          2.69          3.32         0.44
         - Diluted             1.94          2.60          3.21         0.43

       Earnings per
        ADS
         - Basic               1.00          1.35          1.66         0.22
         - Diluted             0.97          1.30          1.60         0.21

       Weighted
        average
        ordinary
        shares
        outstanding
         - Basic         32,478,507    32,796,200    33,070,087   33,070,087
         - Diluted       33,366,826    33,887,925    34,197,196   34,197,196

       * Share-based
         compensation
         charges included
         are as follows:

         Product
          development     3,657,057     5,909,391     5,918,151      789,845
         Sales and
          marketing       2,283,444     3,562,392     3,540,669      472,543
         General and
          administrative  8,265,930    13,626,650    13,396,356    1,787,897




                       Ctrip.com International, Ltd.
                Reconciliation of GAAP and Non-GAAP Results
                (In RMB, except % and per share information)


                              Quarter Ended September 30, 2007

                  GAAP Result   % of  Share-based  % of     Non-GAAP   % of
                                 Net  Compensation  Net      Result     Net
                               Revenue             Revenue            Revenue

   Product
    development    (47,941,336)   15%   5,918,151    2%    (42,023,185)  13%
   Sales and
    marketing      (63,466,452)   20%   3,540,669    1%    (59,925,783)  19%
   General and
    administrative (36,269,362)   11%  13,396,356    4%    (22,873,006)   7%
   Total
    operating
    expenses      (147,677,150)   46%  22,855,176    7%   (124,821,974)  39%

   Income from
    operations     110,981,575    34%  22,855,176    7%    133,836,751   41%

   Net income      109,678,416    34%  22,855,176    7%    132,533,592   41%

   Diluted
    earnings per
    ordinary share
    (RMB)                 3.21    --         0.67    --           3.88   --

   Diluted
    earnings per
    ADS (RMB)             1.60    --         0.33    --           1.94   --

   Diluted
    earnings per
    ADS (USD)             0.21    --         0.04    --           0.26   --


                                 Quarter Ended June 30, 2007

                  GAAP Result   % of   Share-based  % of     Non-GAAP   % of
                                 Net   Compensation  Net      Result     Net
                                Revenue             Revenue           Revenue

   Product
    development    (41,554,054)   14%   5,909,391     2%   (35,644,663)  12%
   Sales and
    marketing      (58,973,708)   20%   3,562,392     1%   (55,411,316)  19%
   General and
    administrative (35,065,802)   12%  13,626,650     5%   (21,439,152)   7%
   Total
    operating
    expenses      (135,593,564)   47%  23,098,433     8%  (112,495,131)  39%

   Income from
    operations      95,201,664    33%  23,098,433     8%   118,300,097   41%

   Net income       88,227,754    31%  23,098,433     8%   111,326,187   39%

   Diluted
    earnings per
    ordinary share
    (RMB)                 2.60    --         0.68     --          3.29   --

   Diluted
    earnings per
    ADS (RMB)             1.30    --         0.34     --          1.64   --

   Diluted
    earnings per
    ADS (USD)             0.17    --         0.04     --          0.22   --


                              Quarter Ended September 30, 2006

                   GAAP Result   % of   Share-based  % of     Non-GAAP   % of
                                  Net   Compensation  Net      Result     Net
                                 Revenue             Revenue          Revenue

   Product
    development    (27,349,052)   13%   3,657,057      2%  (23,691,995)  11%
   Sales and
    marketing      (47,701,000)   23%   2,283,444      1%  (45,417,556)  22%
   General and
    administrative (25,271,889)   12%   8,265,930      4%  (17,005,959)   8%
   Total
    operating
    expenses      (100,321,941)   48%  14,206,431      7%  (86,115,510)  41%

   Income from
    operations      64,193,453    31%  14,206,431      7%   78,399,884   38%

   Net income       64,696,476    31%  14,206,431      7%   78,902,907   38%

   Diluted
    earnings per
    ordinary share
    (RMB)                 1.94    --         0.43      --         2.36   --

   Diluted
    earnings per
    ADS (RMB)             0.97    --         0.21      --         1.18   --

   Diluted
    earnings per
    ADS (USD)             0.12    --         0.03      --         0.15   --



   Notes for all the financial schedules presented:

Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the noon buying rate of USD1.00=RMB7.4928 on Septebmer 30, 2007 in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York.

Note 2: Certain prior year amounts have been reclassified with no effect on net income or retained earnings to conform to the 2007 financial information presentation.

Note 3: Effective on July 31, 2007, Company changed ratio of the American Depositary Shares ("ADSs") to ordinary shares from one (1) ADS representing one (1) ordinary shares to two (2) ADS representing one (1) ordinary share. The change is reflected retroactively in the numbers for all the periods presented above.




   For further information
   Tracy Cui
   Ctrip.com International, Ltd.
   Tel:   +86-21-3406-4880 X 12216
   Email: [email protected]

trying to breakout, probably doesn't have enough volume today.

The company that's taking China by storm... and how you can too!
Founded in Shanghai in 1999, Ctrip (Nasdaq: CTRP) is China's No.1 online travel site and has become one of the best known travel brands in China. It's also the country's top consolidator of hotel reservations and airline tickets, having acquired the largest hotel reservation center in China in October 2000.

Since its IPO in December 2003, the stock has gained an astonishing 55% per year -- for a total market capitalization of $2.5 billion. In the first quarter of 2007, Ctrip reported total revenues of $30 million, a 49% increase from the same period in 2006.

Ctrip currently serves more than 2.9 million customers and accounts for around 5% of all airline bookings in China -- including roughly half the online travel market. That's twice the market share of its closest competitor, eLong (Nasdaq: LONG)

But as impressive as that sounds, when you stack those 2.9 million customers against a rapidly expanding middle class in a nation of more than 1.3 billion, you really see why the prospects for growth are mouthwatering.

Today, the leading U.S.-based travel and hotels service, Expedia, is valued at $8.9 billion. China's population is more than four times the size of the U.S., and Ctrip is valued at less than one-third the valuation of Expedia. More proof that the sky is the limit with Ctrip.

And while foreign competition will no doubt heat up, Ctrip's competitive advantages in a vast growth market gives it a huge head start.

You can see how Ctrip is reminiscent of the great growth stories of the past 20 years in America. Especially when you consider that China's stock market, at today's valuations, looks a lot like the U.S. market did back in 1982... prior to an 18-year mega bull market.

So now you can see why I'm are excited about recommending this stock to serious investors like you. And that's just the beginning...


This stock looks like a winner. I've been watching it for a long time but never took the plunge. China travel is hot, especially with Olympics coming up in 2008.
I expect it to run. What is the target? Who knows?
Not showing it but I "believe" that it's oversold,
moving along sideways, should resume upward and onward.


52wk Range: 27.53 - 63.24
Volume: 234,667
Avg Vol (3m): 809,466
Market Cap: 3.55B
P/E (ttm): 80.19
EPS (ttm): 0.67
Div & Yield: 0.13 (0.20%)

Technicals
Last Price Quote is:
-4.05%below 13-day MA
-4.49%below 50-day MA
RS Rating: 87 

Fundamentals
Key Data:
Market Cap (M): $3,714.86 
P/E Ratio: 85.01 
PEG Ratio: 2.44 
Next Earnings: 02/07/2008
Last Analyst Rating: Outperform

Ctrip Reports Fourth Quarter and Full Year 2007 Financial Results
Wednesday February 27, 6:00 pm ET


SHANGHAI, China, Feb. 27 /Xinhua-PRNewswire-FirstCall/ -- Ctrip.com International, Ltd. (Nasdaq: CTRP - News), a leading travel service provider for hotel accommodations, airline tickets and packaged tours in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2007.

    Highlights for the fourth quarter of 2007

    -- Net revenues were RMB356 million (US$49 million) for the fourth quarter
       of 2007, up 58% year-on-year.
    -- Gross margin was 81% for the fourth quarter of 2007, compared to 80% in
       the same period in 2006.
    -- Income from operations was RMB127 million (US$17 million) for the
       fourth quarter of 2007, up 69% year-on-year.  Excluding share-based
       compensation charges (non-GAAP), income from operations was RMB149
       million (US$20 million), up 68% year-on-year.
    -- Operating margin was 36% in the fourth quarter of 2007, compared to 33%
       year-on-year.  Excluding share-based compensation charges (non-GAAP),
       operating margin was 42%, compared to 39% during the same period in
       2006.
    -- Net income was RMB135 million (US$19 million) in the fourth quarter of
       2007, up 102% year-on-year.  Excluding share-based compensation charges
       (non-GAAP), net income was RMB158 million (US$22 million), up 95% year-
       on-year.
    -- Diluted earnings per ADS were RMB1.96 (US$0.27).  Excluding share-based
       compensation charges (non-GAAP), diluted earnings per ADS were RMB2.28
       (US$0.31).
    -- Share-based compensation charges were RMB22 million (US$3 million),
       accounting for 6% of the net revenues, or RMB0.32 (US$0.04) per ADS for
       the fourth quarter of 2007.

    Highlights for the full year 2007

    -- Net revenues were RMB1.2 billion (US$164 million) in 2007, up 54% from
       2006.
    -- Gross margin was 80% in 2007, remained consistent with 80% in 2006.
    -- Income from operations was RMB404 million (US$55 million) in 2007, up
       58% from 2006.  Excluding share-based compensation charges (non-GAAP),
       income from operations was RMB491 million (US$67 million) in 2007, up
       59% from 2006.
    -- Operating margin was 34% in 2007, compared to 33% in 2006.  Excluding
       share-based compensation charges (non-GAAP), operating margin was 41%,
       compared to 40% in 2006.
    -- Net income was RMB398 million (US$55 million) in 2007, up 66% from
       2006.  Excluding share-based compensation charges (non-GAAP), net
       income was RMB485 million (US$67 million), up 64% from 2006.
    -- Diluted earnings per ADS were RMB5.84 (US$0.80) in 2007.  Excluding
       share-based compensation charges (non-GAAP), diluted earnings per ADS
       were RMB7.11 (US$0.97), compared to RMB4.44 (US$0.57) in 2006.
    -- Share-based compensation charges were RMB87 million (US$12 million),
       accounting for 7% of the net revenues, or RMB1.27 (US$0.17) per ADS in
       2007.

"In 2007, we further strengthened our market position, enhanced our customer service level, and achieved excellent financial results," said Min Fan, Chief Executive Officer of Ctrip. "We wanted to thank all of our employees for their hard work and dedication, and our customers for their continuing loyalty to Ctrip. In the new year, we will continue to strengthen our core competencies in technology, service, scale and branding, and increase our shareholders' value going forward."

Fourth Quarter and Full Year 2007 Financial Results

For the fourth quarter of 2007, Ctrip reported total revenues of RMB383 million (US$53 million), representing a 59% increase from the same period in 2006 and an 11% increase from the previous quarter in 2007.

For the full year ended December 31, 2007, total revenues were RMB1.3 billion (US$176 million), representing a 54% increase from 2006.

Hotel reservation revenues amounted to RMB196 million (US$27 million) for the fourth quarter of 2007, representing a 42% increase from the same period in 2006 and a 12% increase from the previous quarter, primarily due to increased hotel booking volume.

For the full year ended December 31, 2007, hotel reservation revenues were RMB677 million (US$93 million), a 42% increase from 2006. The hotel reservation revenues accounted for 53% of the total revenues in 2007, compared to 57% in 2006.

Air ticket booking revenues for the fourth quarter of 2007 were RMB154 million (US$21 million), representing a 78% increase from the same period in 2006 and a 12% increase from the previous quarter, primarily due to increased air ticketing volume and commission.

For the full year ended December 31, 2007, air ticket booking revenues were RMB503 million (US$69 million), a 72% increase from 2006. The air ticket booking revenues accounted for 39% of the total revenues in 2007, compared to 35% in 2006.

Packaged-tour revenues for the fourth quarter of 2007 were RMB22 million (US$3 million), up 100% from the same period in 2006 and 6% from the previous quarter, primarily due to increased travel demand in the fourth quarter of 2007.

For the full year ended December 31, 2007, packaged tour revenues were RMB71 million (US$10 million), a 71% increase from 2006. The packaged tour revenues accounted for 6% of the total revenues in 2007, compared to 5% in 2006.

For the fourth quarter of 2007, net revenues were RMB356 million (US$49 million), a 58% increase from the same period in 2006. Net revenues increased by 10% from the previous quarter in 2007.

For the full year ended December 31, 2007, net revenues were RMB1.2 billion (US$164 million), a 54% increase from 2006.

Gross margin was 81% in the fourth quarter of 2007, compared to 80% for the same period in 2006 and in the previous quarter.

For the full year ended December 31, 2007, gross margin was 80%, remained consistent with 2006.

Product development expenses for the fourth quarter of 2007 increased by 73% to RMB54 million (US$7 million) from the same period in 2006 and increased by 12% compared to the previous quarter, primarily due to the increase of product development personnel resources. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 13% of the net revenues, increased slightly from 12% in the same period last year and remained consistent with the previous quarter.

For the full year ended December 31, 2007, product development expenses were RMB177 million (US$24 million), increased by 67% from 2006. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 13% of the net revenues, increased slightly from 12% in 2006.

Sales and marketing expenses for the fourth quarter of 2007 increased by 49% to RMB72 million (US$10 million) from the same period in 2006 and 14% from the previous quarter, primarily due to the increase of sales and marketing personnel resources. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 19% of the net revenues, decreased from 21% in the same period last year and remained consistent with previous quarter.

For the full year ended December 31, 2007, sales and marketing expenses were RMB243 million (US$33 million), increased by 41% from 2006. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 19% of the net revenues, decreased from 21% in 2006.

General and administrative expenses for the fourth quarter of 2007 increased by 45% to RMB36 million (US$5 million) from the same period in 2006, primarily due to the increase of personnel resources and share-based compensation charges. General and administrative expenses remained relatively consistent with the previous quarter. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 7% of the net revenues, decreased from 8% in the same period last year and remained consistent with the previous quarter.

For the full year ended December 31, 2007, general and administrative expenses were RMB138 million (US$19 million), increased by 48% from 2006, primarily due to the increase of personnel resources and share-based compensation charges. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 7% of the net revenues, decreased slightly from 8% in 2006.

Income from operations for the fourth quarter of 2007 was RMB127 million (US$17 million), increased 69% from the same period in 2006 and 14% from the previous quarter. Excluding share-based compensation charges (non-GAAP), income from operations was RMB149 million (US$20 million), increased 68% from the same period in 2006 and 12% from the pervious quarter.

For the full year ended December 31, 2007, income from operations was RMB404 million (US$55 million), increased 58% from 2006. Excluding share- based compensation charges (non-GAAP), income from operations was RMB491 million (US$67 million), increased 59% from 2006.

Operating margin was 36% in the fourth quarter of 2007, compared to 33% in the fourth quarter of 2006 and 34% in the previous quarter. Excluding share- based compensation charges (non-GAAP), operating margin was 42% compared to 39% in the fourth quarter of 2006 and 41% in the previous quarter.

For the full year ended December 31, 2007, operating margin was 34%, compared to 33% in 2006. Excluding share-based compensation charges (non- GAAP), operating margin was 41% compared to 40% in 2006.

Net income for the fourth quarter of 2007 was RMB135 million (US$19 million), representing a 102% increase from the same period in 2006, and a 24% increase from the previous quarter. Excluding share-based compensation charges (non-GAAP), net income was RMB158 million (US$22 million), representing a 95% increase from the same period in 2006, and a 19% increase from the previous quarter.

For the full year ended December 31, 2007, net income was RMB398 million (US$55 million), representing a 66% increase from 2006. Excluding share-based compensation charges (non-GAAP), net income was RMB485 million (US$67 million), representing a 64% increase from 2006.

Effective tax rate for the fourth quarter of 2007 was 7%, decreased from 14% in the same period of 2006 and 15% in the previous quarter, primarily due to a preferential tax rate granted in the fourth quarter of 2007 and an increase in deferred tax benefit resulting from the application of the tax rate of 25% under the new PRC enterprise income tax law (the "new EIT law") as of December 31, 2007, as required by applicable accounting guidelines.

Effective tax rate for the full year ended December 31, 2007 was 13%, compared to 15% in 2006, primarily due to an increase in deferred tax benefit resulting from the application of the tax rate of 25% under the new EIT law as of December 31, 2007, as required by applicable accounting guidelines.

The diluted earnings per ADS were RMB1.96 (US$0.27) for the fourth quarter of 2007. Excluding share-based compensation charges (non-GAAP), the diluted earnings per ADS were RMB2.28 (US$0.31).

For the full year ended December 31, 2007, the diluted earnings per ADS were RMB5.84 (US$0.80). Excluding share-based compensation charges (non- GAAP), the diluted earnings per ADS were RMB7.11 (US$0.97), compared to RMB4.44 (US$0.57) in 2006.

As of December 31, 2007, the cash balance was RMB1.1 billion (US$147 million), compared to RMB851 million as of December 31, 2006.

Business Outlook

For the full year 2008, the Company expects to continue the year-on-year net revenue growth at a rate of approximately 35%. .

To support the future business expansion, the Company acquired the land use right to a piece of land in Nantong, in January 2008, Nantong is a city in Jiangsu Province and is approximately 110 kilometers north of Shanghai. The Company plans to build its second call center on this piece of land.

The new EIT law became effective on January 1, 2008. The tax rate under the new EIT law is generally 25%, except for certain entities that are subject to preferential tax treatments, such as high and new technology enterprises. However, no guideline has been published on requirements to be satisfied in order to enjoy the preferential tax treatments or on application procedures for such treatments. The Company would apply the general tax rate of 25% before the guidelines on preferential tax treatments are finalized and application for such treatments is approved. The effective tax rate that will eventually apply to the Company for 2008 will depend on many factors, including, but not limited to, whether certain Ctrip's entities can qualify as high and new technology enterprises as such enterprises are defined under the new EIT law.
----------------------------------------------------------------------------------

update

Ctrip jumps after 2Q report beats analyst views
Thursday August 14, 1:20 pm ET 
Ctrip climbs after 2nd-qtr report beats expectations, company announces share buyback plan


NEW YORK (AP) -- Shares of Ctrip.com International Ltd. jumped Thursday after the Shanghai-based online travel company reported second-quarter earnings and revenue ahead of analysts' expectations.
American Depositary Shares of Ctrip, which also announced a share buyback plan, rose $7.84, or 18.2 percent, to $51.04. The stock has traded between $35.91 and $70.89 in the past year.


Late Wednesday, Ctrip said that for the quarter that ended June 30 it earned 119.3 million RMB ($17.4 million), or 25 cents per U.S.-traded share, compared with 88.2 million RMB in the year-ago quarter.

Excluding share-based compensation charges, Ctrip earned 32 cents per share.

The company's revenue, after subtracting business tax and related surcharges, rose to 375 million RMB ($54.7 million) from 288 million RMB, helped mainly by increases in hotel reservation and air ticketing revenue.

Analysts polled by Thomson Reuters expected, on average, a profit of 20 cents per U.S.-traded share on revenue, minus business tax and related surcharges, of $53.8 million.

Ctrip expects third-quarter revenue to grow 15 percent to 20 percent over the year-ago quarter. The company's revenue totaled 322.7 million RMB ($43 million) in the third quarter of 2007.

The company added that its board approved a plan to repurchase up to $15 million of its ADS. Ctrip will seek shareholder approval for the plan at its annual meeting in September.

In a client note, Citi Investment Research analyst Catherine Leung kept her "Buy" rating for the stock but lowered her price target to $53 from $78.

The analyst said she still thinks Ctrip "is caught in a perfect storm scenario near-term: negative impact from one-time events (Olympics) plus a slower domestic travel market/ economy," but she thinks its fundamentals may come out stronger in the long run.

In the near term she expects shares to be range-bound "as investors try to look beyond 3Q to gain greater clarity post-Olympics on the magnitude of 4Q rebound and '09 run rate."