UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of February, 2009

Commission File Number: 001-33853

CTRIP.COM INTERNATIONAL, LTD.

99 Fu Quan Road
Shanghai 200335, People’s Republic of China
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ		Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):                    

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):                    

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 9 , 2009

EXHIBIT INDEX

Exhibit No.		Description
99.1		Press release regarding Ctrip’s fourth quarter and full year 2008 financial results

Exhibit 99.1

Ctrip Reports Fourth Quarter and Full Year 2008 Financial Results

Shanghai, China, February 8, 2009 — Ctrip.com International, Ltd. (Nasdaq: CTRP), 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, 2008.

Highlights for the fourth quarter of 2008

	•		Net revenues were RMB396 million (US$58 million) for the fourth quarter of 2008, up 11% year-on-year.
	•		Gross margin was 77% for the fourth quarter of 2008, compared to 81% in the same period in 2007.
	•		Income from operations was RMB117 million (US$17 million) for the fourth quarter of 2008, down 8% year-on-year. Excluding share-based compensation charges (non-GAAP), income from operations was RMB149 million (US$22 million), which remained relatively the same as the same period in 2007.
	•		Operating margin was 30% in the fourth quarter of 2008, compared to 36% during the same period in 2007. Excluding share-based compensation charges (non-GAAP), operating margin was 38%, compared to 42% during the same period in 2007.
	•		Net income was RMB121 million (US$18 million) in the fourth quarter of 2008, down 10% year-on-year. Excluding share-based compensation charges (non-GAAP), net income was RMB154 million (US$23 million), down 2% year-on-year.
	•		Diluted earnings per ADS were RMB1.78 (US$0.26). Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB2.26 (US$0.33).
	•		Share-based compensation charges were RMB32 million (US$5 million), accounting for 8% of the net revenues, or RMB0.48 (US$0.07) per ADS for the fourth quarter of 2008.

Highlights for the full year 2008

	•		Net revenues were RMB1.5 billion (US$217 million) in 2008, up 24% from 2007.
	•		Gross margin was 78% in 2008, compared to 80% in 2007.
	•		Income from operations was RMB461 million (US$68 million) in 2008, up 14% from 2007. Excluding share-based compensation charges (non-GAAP), income from operations was RMB590 million (US$86 million) in 2008, up 20% from 2007.
	•		Operating margin was 31% in 2008, compared to 34% in 2007. Excluding share-based compensation charges (non-GAAP), operating margin was 40%, compared to 41% in 2007.
	•		Net income was RMB444 million (US$65 million) in 2008, up 11% from 2007. Excluding share-based compensation charges (non-GAAP), net income was RMB573 million (US$84 million), up 18% from 2007.
	•		Diluted earnings per ADS were RMB6.45 (US$0.95) in 2008. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB8.32 (US$1.22), compared to RMB7.11 (US$0.97) in 2007.
	•		Share-based compensation charges were RMB129 million (US$19 million), accounting for 9% of the net revenues, or RMB1.87 (US$0.27) per ADS in 2008

“Despite the challenges in the travel industry in China, our team delivered a solid result in 2008. We strengthened our market leadership, enhanced our vendor relationship, elevated our customer service level, improved our operation efficiency, and achieved a steady revenue and earnings growth,” said Min Fan, Chief Executive Officer of Ctrip. “In the near term, we remain cautious about the global economy. We will prudently manage our business and capitalize the opportunities ahead of us.”

Fourth Quarter and Full Year 2008 Financial Results

For the fourth quarter of 2008, Ctrip reported total revenues of RMB423 million (US$62 million), representing a 10% increase from the same period in 2007 and a 6% increase from the previous quarter in 2008.

For the full year ended December 31, 2008, total revenues were RMB1.6 billion (US$233 million), representing a 23% increase from 2007.

Hotel reservation revenues amounted to RMB211 million (US$31 million) for the fourth quarter of 2008, representing a 7% increase from the same period in 2007, driven by a 11% increase in hotel room reservation volume, which was partially offset by a decrease in commission per room. Hotel reservation revenues represented a 13% increase from the previous quarter, primarily due to increased hotel booking volume.

For the full year ended December 31, 2008, hotel reservation revenues were RMB764 million (US$112 million), a 13% increase from 2007. The hotel reservation revenues accounted for 48% of the total revenues in 2008, compared to 53% in 2007.

Air ticket booking revenues for the fourth quarter of 2008 were RMB166 million (US$24 million), representing a 7% increase from the same period in 2007, driven by a 41% increase in air-ticketing sales volume, which was partially offset by a decrease in commission per ticket. Air-ticketing revenue for the fourth quarter of 2008 remained relatively the same as the previous quarter.

For the full year ended December 31, 2008, air ticket booking revenues were RMB659 million (US$97 million), a 31% increase from 2007. The air ticket booking revenues accounted for 42% of the total revenues in 2008, compared to 39% in 2007.

Packaged-tour revenues for the fourth quarter of 2008 were RMB30 million (US$4 million), up 38% from the same period in 2007 and 7% from the previous quarter, primarily due to increased travel demand in the fourth quarter of 2008.

For the full year ended December 31, 2008, packaged tour revenues were RMB109 million (US$16 million), a 53% increase from 2007. The packaged tour revenues accounted for 7% of the total revenues in 2008, compared to 6% in 2007.

For the fourth quarter of 2008, net revenues were RMB396 million (US$58 million), an 11% increase from the same period in 2007. Net revenues increased by 7% from the previous quarter in 2008.

For the full year ended December 31, 2008, net revenues were RMB1.5 billion (US$217 million), a 24% increase from 2007.

Gross margin was 77% in the fourth quarter of 2008, compared to 81% for the same period in 2007 and 77% for the previous quarter.

For the full year ended December 31, 2008, gross margin was 78%, compared to 80% in 2007.

Product development expenses for the fourth quarter of 2008 increased by 19% to RMB64 million (US$9 million) from the same period in 2007 and increased by 5% compared to the previous quarter, primarily due to the increase of product development personnel resources and share-based compensation charges. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 14% of the net revenues, increased slightly from 13% in the same period last year and remained consistent with the previous quarter.

For the full year ended December 31, 2008, product development expenses were RMB236 million (US$35 million), increased by 33% from 2007. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 14% of the net revenues, and increased slightly from 13% in 2007.

Sales and marketing expenses for the fourth quarter of 2008 increased by 12% to RMB81 million (US$12 million) from the same period in 2007 and 15% from the previous quarter, primarily due to the increase of marketing related activities. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 19% of the net revenues, remained relatively consistent with the same period last year and increased slightly from 18% in the previous quarter.

For the full year ended December 31, 2008, sales and marketing expenses were RMB287 million (US$42 million), increased by 18% from 2007. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 18% of the net revenues, and decreased from 19% in 2007.

General and administrative expenses for the fourth quarter of 2008 increased by 13% to RMB41 million (US$6 million) from the same period in 2007, primarily due to the increase of personnel resources and share-based compensation charges. General and administrative expenses decreased by 8% from the previous quarter. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 6% of the net revenues, and decreased from 7% in the same period last year and the previous quarter.

For the full year ended December 31, 2008, general and administrative expenses were RMB172 million (US$25 million), a 24% increase from 2007, 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 6% of the net revenues, and decreased from 7% in 2007.

Income from operations for the fourth quarter of 2008 was RMB117 million (US$17 million), decreased by 8% from the same period in 2007 and increased by 10% from the previous quarter. Excluding share-based compensation charges (non-GAAP), income from operations was RMB149 million (US$22 million), remained relatively consistent with the same period in 2007 and increased by 8% from the pervious quarter.

For the full year ended December 31, 2008, income from operations was RMB461 million (US$68 million), increased by 14% from 2007. Excluding share-based compensation charges (non-GAAP), income from operations was RMB590 million (US$86 million), increased by 20% from 2007.

Operating margin was 30% in the fourth quarter of 2008, compared to 36% in the fourth quarter of 2007 and 29% in the previous quarter. Excluding share-based compensation charges (non-GAAP), operating margin was 38% compared to 42% in the fourth quarter of 2007 and 37% in the previous quarter.

For the full year ended December 31, 2008, operating margin was 31%, compared to 34% in 2007. Excluding share-based compensation charges (non-GAAP), operating margin was 40% compared to 41% in 2007.

Net income for the fourth quarter of 2008 was RMB121 million (US$18 million), representing a 10% decrease from the same period in 2007, and a 16% increase from the previous quarter. Excluding share-based compensation charges (non-GAAP), net income was RMB154 million (US$23 million), representing a 2% decrease from the same period in 2007, and a 13% increase from the previous quarter.

For the full year ended December 31, 2008, net income was RMB444 million (US$65 million), representing a 11% increase from 2007. Excluding share-based compensation charges (non-GAAP), net income was RMB573 million (US$84 million), representing an 18% increase from 2007.

The effective tax rate for the fourth quarter of 2008 was 2%, decreased from 7% in the same period of 2007 and 17% in the previous quarter, primarily because certain qualified PRC subsidiaries of Ctrip obtained approval for the High and New Technology Enterprise (“HNTE”) status in the fourth quarter. The applicable tax rate for an HNTE is 15%, as compared to the general statutory tax rate of 25%. This preferential status is effective retroactively as of January 1, 2008. Before the HNTE status was obtained, the PRC subsidiaries of Ctrip applied the general statutory tax rate for previous quarters in 2008.

Effective tax rate for the full year ended December 31, 2008 was 19%, compared to 13% in 2007, primarily due to changes of preferential tax treatment under the new PRC Enterprises Income Tax Law effective on January 1, 2008.

The diluted earnings per ADS were RMB1.78 (US$0.26) for the fourth quarter of 2008. Excluding share-based compensation charges (non-GAAP), the diluted earnings per ADS were RMB2.26 (US$0.33).

For the full year ended December 31, 2008, the diluted earnings per ADS were RMB6.45 (US$0.95). Excluding share-based compensation charges (non-GAAP), the diluted earnings per ADS were RMB8.32 (US$1.22), compared to RMB7.11 (US$0.97) in 2007.

As of December 31, 2008, the balance of cash and short-term investment was RMB1.3 billion (US$184 million).

Business Outlook

For the first quarter of 2009, the Company expects to continue the year-on-year net revenue growth at a rate of approximately 5-10%.

Conference Call

Ctrip’s management team will host a conference call at 8:00PM US Eastern Time on February 8, 2009 (or 9:00AM on February 9, 2009 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 1 month at this website.

The dial-in details for the live conference call: U.S. Toll Free Number +1.888.679.8034, International dial-in number +1.617.213.4847; Passcode 91828685. For pre-registration, please click https://www.theconferencingservice.com/prereg/key.process?key=PX4QJUFMC.

A telephone replay of the call will be available after the conclusion of the conference call through February 16, 2009. 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 86855218.

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 the 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 or an economic downturn in China, disruptions in the financial markets and other macro-economic challenges currently affecting the economy of the United States and other parts of the world, 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 Ctrip’s brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, damage to or failure of Ctrip’s infrastructure and technology, loss of services of Ctrip’s key executives, risks associated with any strategic investments or acquisitions, risks and uncertainties associated with PRC laws and regulations governing internet content providers and affecting Ctrip’s business 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 February 8, 2009, 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 ordinary share and per ADS, 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 2008 and 2007. 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 sells 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.

For further information:

Jade Wei
Ctrip.com International, Ltd.
Tel: (+86) 21 3406 4880 ext. 11543
Email: yuwei@ctrip.com

Ctrip.com International, Ltd.
Consolidated Balance Sheet Information

		December 31, 2007				December 31, 2008				December 31, 2008
		RMB				RMB				USD
		(unaudited)				(unaudited)				(unaudited)
ASSETS
Current assets:
Cash			1,064,418,278				1,069,827,364				156,808,701
Restricted cash			6,600,000				6,600,000				967,387
Short-term investment			141,174,094				176,585,908				25,882,874
Accounts receivable, net			260,683,770				274,302,454				40,205,563
Prepayments and other current assets			63,489,599				95,150,506				13,946,575
Deferred tax assets			11,275,767				8,840,772				1,295,826
Total current assets			1,547,641,508				1,631,307,004				239,106,926
Long-term deposits			147,092,990				145,500,002				21,326,494
Land use rights			65,083,814				111,510,231				16,344,482
Property, equipment and software			267,194,788				346,117,083				50,731,709
Investment			80,416,250				237,943,497				34,876,291
Goodwill			14,595,849				63,689,736				9,335,249
Other long-term assets			2,918,809				24,498,763				3,590,878
Total assets			2,124,944,008				2,560,566,316				375,312,029
LIABILITIES
Current liabilities:
Accounts payable			230,904,562				138,657,593				20,323,576
Salary and welfare payable			65,497,142				65,590,151				9,613,800
Taxes payable			49,079,149				54,745,686				8,024,285
Advances from customers			96,672,341				187,576,416				27,493,795
Accrued liability for customer reward program			44,659,657				58,046,062				8,508,034
Dividend payable			119,497,083				—				—
Other payables and accruals			65,731,210				121,421,617				17,797,232
Total current liabilities			672,041,144				626,037,525				91,760,722
Other long-term payables			1,625,000				812,500				119,091
Total liabilities			673,666,144				626,850,025				91,879,813
Minority interests			1,158,767				2,628,093				385,210
SHAREHOLDERS’ EQUITY
Share capital			2,742,210				2,761,259				404,728
Additional paid-in capital			791,336,910				967,687,772				141,837,709
Statutory reserves			60,869,845				75,948,298				11,132,033
Accumulated other comprehensive loss			(36,420,706	)			(175,929,389	)			(25,786,645	)
Retained Earnings			631,590,838				1,060,620,258				155,459,181
Total shareholders’ equity			1,450,119,097				1,931,088,198				283,047,006
Total liabilities and shareholders’ equity			2,124,944,008				2,560,566,316				375,312,029

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

		Quarter Ended				Quarter Ended				Quarter Ended				Quarter Ended
		December 31, 2007				September 30, 2008				December 31, 2008				December 31, 2008
		RMB				RMB				RMB				USD
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Revenues:
Hotel reservation			196,035,352				186,005,621				210,656,475				30,876,728
Air-ticketing			154,237,437				166,420,800				165,617,198				24,275,148
Packaged tour			21,957,224				28,371,045				30,249,085				4,433,724
Others			10,858,044				16,248,986				16,222,294				2,377,764
Total revenues			383,088,057				397,046,452				422,745,052				61,963,364
Less: business tax and related surcharges			(26,881,936	)			(26,909,297	)			(26,410,272	)			(3,871,055	)
Net revenues			356,206,121				370,137,155				396,334,780				58,092,309
Cost of revenues			(66,431,356	)			(86,404,046	)			(92,537,662	)			(13,563,600	)
Gross profit			289,774,765				283,733,109				303,797,118				44,528,709
Operating expenses:
Product development *			(53,789,064	)			(61,254,023	)			(64,126,567	)			(9,399,277	)
Sales and marketing *			(72,479,914	)			(71,028,049	)			(81,462,069	)			(11,940,208	)
General and administrative *			(36,441,878	)			(44,819,506	)			(41,248,253	)			(6,045,915	)
Total operating expenses			(162,710,856	)			(177,101,578	)			(186,836,889	)			(27,385,400	)
Income from operations			127,063,909				106,631,531				116,960,229				17,143,309
Interest income			5,687,116				8,012,955				6,355,910				931,610
Other income			13,213,622				11,442,154				51,802				7,593
Income before income tax expense and minority interests			145,964,647				126,086,640				123,367,941				18,082,512
Income tax expense			(10,500,536	)			(21,604,489	)			(1,957,339	)			(286,894	)
Minority interests			30,958				13,291				36,850				5,401
Net income			135,495,069				104,495,442				121,447,452				17,801,019
Earnings per ordinary share
- Basic			4.09				3.13				3.63				0.53
- Diluted			3.92				3.03				3.57				0.52
Earnings per ADS
- Basic			2.04				1.56				1.82				0.27
- Diluted			1.96				1.52				1.78				0.26
Weighted average ordinary shares outstanding
- Basic			33,168,650				33,400,258				33,448,570				33,448,570
- Diluted			34,572,760				34,447,448				34,032,673				34,032,673
* Share-based compensation charges included are as follows:
Product development			6,035,924				8,131,437				8,588,988				1,258,921
Sales and marketing			3,573,726				4,496,630				4,769,181				699,037
General and administrative			12,762,148				18,657,104				19,134,797				2,804,661

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

		Year Ended				Year Ended				Year Ended
		December 31, 2007				December 31, 2008				December 31, 2008
		RMB				RMB				USD
		(unaudited)				(unaudited)				(unaudited)
Revenues:
Hotel reservation			676,511,238				763,726,817				111,942,369
Air-ticketing			503,453,383				659,398,301				96,650,539
Packaged tour			71,495,585				109,244,749				16,012,422
Others			35,818,022				55,968,929				8,203,581
Total revenues			1,287,278,228				1,588,338,796				232,808,911
Less: business tax and related surcharges			(88,167,081	)			(106,334,164	)			(15,585,806	)
Net revenues			1,199,111,147				1,482,004,632				217,223,105
Cost of revenues			(236,226,063	)			(326,610,463	)			(47,872,549	)
Gross profit			962,885,084				1,155,394,169				169,350,556
Operating expenses:
Product development *			(177,301,995	)			(235,800,504	)			(34,562,185	)
Sales and marketing *			(243,314,529	)			(286,693,188	)			(42,021,720	)
General and administrative *			(137,943,756	)			(171,693,601	)			(25,165,790	)
Total operating expenses			(558,560,280	)			(694,187,293	)			(101,749,695	)
Income from operations			404,324,804				461,206,876				67,600,861
Interest income			16,703,553				31,100,097				4,558,461
Other income			35,297,223				54,944,595				8,053,440
Income before income tax expense and minority interest			456,325,580				547,251,568				80,212,762
Income tax expense			(58,005,983	)			(102,913,404	)			(15,084,412	)
Minority interests			4,013				(230,291	)			(33,755	)
Net income			398,323,610				444,107,873				65,094,595
Earnings per ordinary share
- Basic			12.10				13.32				1.95
- Diluted			11.67				12.90				1.89
Earnings per ADS
- Basic			6.05				6.66				0.98
- Diluted			5.84				6.45				0.95
Weighted average ordinary shares outstanding
- Basic			32,927,454				33,352,845				33,352,845
- Diluted			34,121,390				34,424,549				34,424,549
* Share-based compensation charges included are as follows:
Product development			22,707,705				32,666,099				4,787,995
Sales and marketing			13,648,562				18,815,878				2,757,915
General and administrative			50,557,618				77,035,498				11,291,388

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

		Quarter Ended December 31, 2008
		GAAP				% of Net				Share-based				% of Net				Non-GAAP				% of Net
		Result				Revenue				Compensation				Revenue				Result				Revenue
Product development			(64,126,567	)			16	%			8,588,988				2	%			(55,537,579	)			14	%
Sales and marketing			(81,462,069	)			21	%			4,769,181				1	%			(76,692,888	)			19	%
General and administrative			(41,248,253	)			10	%			19,134,797				5	%			(22,113,456	)			6	%
Total operating expenses			(186,836,889	)			47	%			32,492,966				8	%			(154,343,923	)			39	%
Income from operations			116,960,229				30	%			32,492,966				8	%			149,453,195				38	%
Net income			121,447,452				31	%			32,492,966				8	%			153,940,418				39	%
Diluted earnings per ordinary share (RMB)			3.57								0.95								4.52
Diluted earnings per ADS (RMB)			1.78								0.48								2.26
Diluted earnings per ADS (USD)			0.26								0.07								0.33

		Quarter Ended September 30, 2008
		GAAP				% of Net				Share-based				% of Net				Non-GAAP				% of Net
		Result				Revenue				Compensation				Revenue				Result				Revenue
Product development			(61,254,023	)			17	%			8,131,437				2	%			(53,122,586	)			14	%
Sales and marketing			(71,028,049	)			19	%			4,496,630				1	%			(66,531,419	)			18	%
General and administrative			(44,819,506	)			12	%			18,657,104				5	%			(26,162,402	)			7	%
Total operating expenses			(177,101,578	)			48	%			31,285,171				8	%			(145,816,407	)			39	%
Income from operations			106,631,531				29	%			31,285,171				8	%			137,916,702				37	%
Net income			104,495,442				28	%			31,285,171				8	%			135,780,613				37	%
Diluted earnings per ordinary share (RMB)			3.03								0.91								3.94
Diluted earnings per ADS (RMB)			1.52								0.45								1.97
Diluted earnings per ADS (USD)			0.22								0.07								0.29

		Quarter Ended December 31, 2007
		GAAP				% of Net				Share-based				% of Net				Non-GAAP				% of Net
		Result				Revenue				Compensation				Revenue				Result				Revenue
Product development			(53,789,064	)			15	%			6,035,924				2	%			(47,753,140	)			13	%
Sales and marketing			(72,479,914	)			20	%			3,573,726				1	%			(68,906,188	)			19	%
General and administrative			(36,441,878	)			10	%			12,762,148				4	%			(23,679,730	)			7	%
Total operating expenses			(162,710,856	)			46	%			22,371,798				6	%			(140,339,058	)			39	%
Income from operations			127,063,909				36	%			22,371,798				6	%			149,435,707				42	%
Net income			135,495,069				38	%			22,371,798				6	%			157,866,867				44	%
Diluted earnings per ordinary share (RMB)			3.92								0.65								4.57
Diluted earnings per ADS (RMB)			1.96								0.32								2.28
Diluted earnings per ADS (USD)			0.27								0.04								0.31

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

		Year Ended December 31, 2008
		GAAP				% of Net				Share-based				% of Net				Non-GAAP				% of Net
		Result				Revenue				Compensation				Revenue				Result				Revenue
Product development			(235,800,504	)			16	%			32,666,099				2	%			(203,134,405	)			14	%
Sales and marketing			(286,693,188	)			19	%			18,815,878				1	%			(267,877,310	)			18	%
General and administrative			(171,693,601	)			12	%			77,035,498				5	%			(94,658,103	)			6	%
Total operating expenses			(694,187,293	)			47	%			128,517,475				9	%			(565,669,818	)			38	%
Income from operations			461,206,876				31	%			128,517,475				9	%			589,724,351				40	%
Net income			444,107,873				30	%			128,517,475				9	%			572,625,348				39	%
Diluted earnings per ordinary share (RMB)			12.90								3.73								16.63
Diluted earnings per ADS (RMB)			6.45								1.87								8.32
Diluted earnings per ADS (USD)			0.95								0.27								1.22

		Year Ended December 31, 2007
		GAAP				% of Net				Share-based				% of Net				Non-GAAP				% of Net
		Result				Revenue				Compensation				Revenue				Result				Revenue
Product development			(177,301,995	)			15	%			22,707,705				2	%			(154,594,290	)			13	%
Sales and marketing			(243,314,529	)			20	%			13,648,562				1	%			(229,665,967	)			19	%
General and administrative			(137,943,756	)			12	%			50,557,618				4	%			(87,386,138	)			7	%
Total operating expenses			(558,560,280	)			47	%			86,913,885				7	%			(471,646,395	)			39	%
Income from operations			404,324,804				34	%			86,913,885				7	%			491,238,689				41	%
Net income			398,323,610				33	%			86,913,885				7	%			485,237,495				40	%
Diluted earnings per ordinary share (RMB)			11.67								2.55								14.22
Diluted earnings per ADS (RMB)			5.84								1.27								7.11
Diluted earnings per ADS (USD)			0.80								0.17								0.97

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=RMB6.8225 on December 31, 2008 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: 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.