On June 21st, Glonhui | Huaxing Capital released a research report, giving Ctrip a 'buy' rating with a target price of $67. Ctrip management shared its performance during the recent Dragon Boat Festival: domestic hotel volume grew by 20% year-on-year, slightly higher than the Labor Day holiday week, and quarterly hotel volume has grown by about 15% year-on-year. Average daily rate (ADR) is under pressure, with a high single-digit year-on-year decline. As for other business sectors, domestic air ticket bookings are flat with last year, and outbound hotel/air ticket bookings have recovered to 110%-120% of 2019 levels. Regarding the outlook for the summer vacation, the management pointed out that so far, the booking volume has been healthy and higher than 2023, but ADR may still face pressure. In addition, the management believes that the current competitive landscape is better than before the COVID-19 pandemic. As for pure international business, the management emphasized that the department contributed 19% of total revenue in the first quarter. Among them, the Trip.com platform accounted for 10% and is likely to maintain double-digit growth in the future. The company's goal is to become a top player in the Asia-Pacific region in three to five years (in terms of total GMV) and allocate a higher sales and marketing (S&M) budget for growth spending.