Group revenue nearly triples in Q2, outbound bookings recover 60%+ Group said its net revenue of RMB 11.2 billion (USD 1.6 billion) increased by 180% year over year in the second quarter this year and exceeded the pre-COVID level for the same period in 2019 by 29%. 

Net income for the second quarter was RMB648 million (US$91 million), which improved from RMB43 million for the same period in 2022.

Domestic hotel bookings grew by 170% year over year and by over 60% compared to the pre-COVID level for the same period in 2019.

Outbound hotel and air reservations recovered to over 60% of the pre-COVID level for the same period in 2019, surpassing the industry-wide recovery rate of 37% in terms of international air passenger volume for the same period.

Air ticket bookings on the Company's global OTA platform grew by over 120% year over year and nearly doubled compared to the pre-COVID level for the same period in 2019.

Sales and marketing expenses for the second quarter of 2023 increased by 185% to RMB 2.4 billion (USD 325 million) from the same period in 2022. 

As of June 30, 2023, the balance of cash and cash equivalents, restricted cash, short-term investment, held to maturity time deposit and financial products was RMB 75.0 billion (USD 10.3 billion).

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