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 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2010

Commission File Number: 001-33853

CTRIP.COM INTERNATIONAL, LTD.

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): 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)(7): o

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No þ

 

 

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 3, 2010

EXHIBIT INDEX

Exhibit No.				Description
	99.1			Press release regarding Ctrip’s fourth quarter and full year 2009 financial results

Exhibit 99.1

Ctrip Reports Fourth Quarter and Full Year 2009 Financial Results

Shanghai, China, February 3, 2010 — 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 the full year ended December 31, 2009.

Highlights for the Fourth Quarter of 2009

	•		Net revenues were RMB566 million (US$83 million) for the fourth quarter of 2009, up 43% year-on-year. Excluding net revenues attributable to ezTravel, Ctrip’s net revenues were RMB546 million (US$80 million) for the fourth quarter of 2009, up 38% year-on-year.
	•		Gross margin was 77% for the fourth quarter of 2009, remaining consistent with that in the same period in 2008.
	•		Income from operations was RMB189 million (US$28 million) for the fourth quarter of 2009, up 62% year-on-year. Excluding share-based compensation charges (non-GAAP), income from operations was RMB239 million (US$35 million), up 60% year-on-year.
	•		Operating margin was 33% in the fourth quarter of 2009, compared to 30% during the same period in 2008. Excluding share-based compensation charges (non-GAAP), operating margin was 42%, compared to 38% during the same period in 2008.
	•		Net income attributable to Ctrip’s shareholders was RMB190 million (US$28 million) in the fourth quarter of 2009, up 57% year-on-year. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip’s shareholders was RMB240 million (US$35 million), up 56% year-on-year.
	•		Diluted earnings per ADS were RMB1.32 (US$0.19). Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB1.66 (US$0.24).
	•		Share-based compensation charges were RMB50 million (US$7 million), accounting for 9% of the net revenues, or RMB0.34 (US$0.05) per ADS for the fourth quarter of 2009.

Highlights for the full year 2009

	•		Net revenues were RMB2.0 billion (US$291 million) in 2009, up 34% from 2008. Excluding net revenues attributable to ezTravel, net revenues were RMB1.9 billion (US$281 million) for the full year 2009, representing an increase of 29% from 2008.
	•		Gross margin was 77% in 2009, compared to 78% in 2008.
	•		Income from operations was RMB687 million (US$101 million) in 2009, up 49% from 2008. Excluding share-based compensation charges (non-GAAP), income from operations was RMB818 million (US$120 million) in 2009, up 39% from 2008.
	•		Operating margin was 35% in 2009, compared to 31% in 2008. Excluding share-based compensation charges (non-GAAP), operating margin was 41%, compared to 40% in 2008.
	•		Net income attributable to Ctrip’s shareholders was RMB659 million (US$97 million) in 2009, up 48% from 2008. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip’s shareholders was RMB790 million (US$116 million), up 38% from 2008.
	•		Diluted earnings per ADS were RMB4.67 (US$0.68) in 2009, compared to RMB3.23 (US$0.47) in 2008. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB5.60 (US$0.82), compared to RMB4.16 (US$0.61) in 2008.
	•		Share-based compensation charges were RMB131 million (US$19 million), accounting for 7% of the net revenues, or RMB0.93 (US$0.14) per ADS in 2009.

“Year 2009 was a year of challenges and opportunities. We continued to increase our market share, strengthen our vendor relationships, and enhance our customer service,” said Min Fan, President and Chief Executive Officer of Ctrip. “With the increasing travel demand in China, Ctrip is committed to working diligently to capture the opportunities ahead of us.”

Recent Developments

Change of Ratio of ADS to Ordinary Shares

Effective on January 21, 2010, Ctrip changed the ratio of its ADSs to ordinary shares from two ADSs representing one ordinary share to four ADSs representing one ordinary share. For Ctrip’s ADS holders, this ratio change had the same effect as a two-for-one ADS split.

Investment in the Travel Service Segment of Wing On Travel

In early February, 2010, Ctrip’s wholly owned subsidiary, C-Travel International Limited, entered into an agreement with Wing On Travel (Holdings) Limited, whereby C-Travel agrees to invest in and Wing On Travel agrees to sell to C-Travel, 90% of the issued share capital of Wing On Travel’s travel service segment (operated through Wing On Travel’s subsidiary, HKWOT (BVI) Limited), for a total consideration of approximately US$88 million (or HK$684 million) in cash. The closing of the transaction is subject to certain conditions, including approval by shareholders of Wing On Travel. 

Headquartered in Hong Kong, Wing On Travel primarily operates in Hong Kong and engages in tour packages, airline ticketing, hotel reservation and inbound and outbound travel operations. Wing On Travel operates approximately 20 branches, along with a call center and the website http://www.wingontravel.com to service travelers. Wing On Travel is one of the most recognized travel brands in Hong Kong and was awarded as the “Best Travel Agency in Hong Kong” for four consecutive years since 2006. With more than 45 years in business, Wing On Travel has successfully built up a large base of loyal customers and a seasoned management team in the leisure travel market.

Through this investment, Ctrip will significantly increase its presence in Hong Kong, in addition to Mainland China and Taiwan. With Hong Kong becoming one of the most popular destinations and international travel hubs for Chinese travelers, Ctrip is able to establish a strategic position in Asia. This investment will enable Ctrip to offer more comprehensive products and elevated services to domestic, outbound and inbound travelers. Ctrip’s leading market position in the travel services industry in Mainland China combined with Wing On Travel’s solid track record in the leisure travel market will bring an innovative platform to service the increasing numbers of business and leisure travelers in the Greater China area.

James Liang, Chairman of the board of Ctrip, said, “We are pleased to enter into this transaction with Wing On Travel. Together, we will leverage Ctrip’s cutting-edge technology and Wing On Travel’s extensive expertise in leisure travel to bring our product offerings and services to a new level. Through this alliance, Ctrip is well positioned in the Greater China area to meet travelers’ onshore and offshore travel needs. This transaction will become an important milestone in Ctrip’s history. ”

Fourth Quarter and Full Year 2009 Financial Results

For the fourth quarter of 2009, Ctrip reported total revenues of RMB603 million (US$88 million), representing a 43% increase from the same period in 2008 and a 3% increase from the previous quarter in 2009.

For the full year ended December 31, 2009, total revenues were RMB2.1 billion (US$311 million), representing a 34% increase from 2008.

Hotel reservation revenues amounted to RMB279 million (US$41 million) for the fourth quarter of 2009, representing a 33% increase year-on-year, and a 7% increase quarter-on-quarter. Excluding revenues attributable to ezTravel, Ctrip’s hotel reservation revenues were RMB275 million (US$40 million), representing a 31% increase year-on-year, primarily driven by the increase in hotel reservation volume. Excluding revenues attributable to ezTravel, Ctrip’s hotel reservation revenues increased by 7% quarter-on-quarter, primarily driven by the increase in the commission per hotel room.

For the full year ended December 31, 2009, hotel reservation revenues were RMB956 million (US$140 million), representing a 25% increase from 2008. Excluding revenues attributable to ezTravel, Ctrip’s hotel reservation revenues were RMB942 million (US$138 million) for the full year 2009, representing a 23% increase from 2008. The hotel reservation revenues accounted for 45% of the total revenues in 2009, compared to 48% in 2008.

Air ticket booking revenues for the fourth quarter of 2009 were RMB240 million (US$35 million), representing a 45% increase year-on-year, and remaining consistent with those in the previous quarter. Excluding revenues attributable to ezTravel, Ctrip’s air-ticketing revenues were RMB233 million (US$34 million) for the fourth quarter of 2009, representing a 41% increase year-on-year, primarily driven by a 33% increase in air ticketing sales volume, and a 6% increase in commission per ticket year-on-year. Excluding revenues attributable to ezTravel, Ctrip’s air-ticketing revenues remained consistent with those in the previous quarter.

For the full year ended December 31, 2009, air ticket booking revenues were RMB888 million (US$130 million), representing a 35% increase from 2008. Excluding revenues attributable to ezTravel, Ctrip’s air ticket booking revenues were RMB866 million (US$127 million), representing a 31% increase from 2008. The air ticket booking revenues accounted for 42% of the total revenues in 2009, remaining consistent with those in 2008.

Packaged-tour revenues for the fourth quarter of 2009 were RMB49 million (US$7 million), representing a 62% increase year-on-year, and an 11% decrease quarter-on-quarter. Excluding revenues attributable to ezTravel, Ctrip’s packaged-tour revenues were RMB 41 million (US$6 million), representing a 36% increase year-on-year due to the increase of leisure travel volume, and a 5% decrease quarter-on-quarter due to the decreased volume caused by seasonality.

For the full year ended December 31, 2009, packaged tour revenues were RMB177 million (US$26 million), representing a 62% increase from 2008. Excluding revenues attributable to ezTravel, Ctrip’s packaged-tour revenues were RMB 149 million (US$22 million), representing an increase of 37% year-on-year. The packaged tour revenues accounted for 8% of the total revenues in 2009, compared to 7% in 2008.

For the fourth quarter of 2009, net revenues were RMB566 million (US$83 million), representing a 43% increase from the same period in 2008 and a 4% increase from the previous quarter. Excluding net revenues attributable to ezTravel, net revenues were RMB546 million (US$80 million), representing an increase of 38% from the same period in 2008 and a 5% increase from the previous quarter.

For the full year ended December 31, 2009, net revenues were RMB2.0 billion (US$291 million), representing a 34% increase from 2008. Excluding net revenues attributable to ezTravel, net revenues were RMB1.9 billion (US$281 million) for the full year 2009, representing an increase of 29% from 2008.

Gross margin was 77% in the fourth quarter of 2009, remaining consistent with that in the same period in 2008 and that in the previous quarter.

For the full year ended December 31, 2009, gross margin was 77%, compared to 78% in 2008.

Product development expenses for the fourth quarter of 2009 increased by 37% to RMB88 million (US$13 million) from the same period in 2008 and increased by 9% compared to the previous quarter, primarily due to an increase of product development personnel and share-based compensation charges. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 13% of the net revenues, compared to 14% in the same period last year and in the previous quarter.

For the full year ended December 31, 2009, product development expenses were RMB308 million (US$45 million), representing an increase of 31% from 2008. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 14% of the net revenues, remaining consistent with those in 2008.

Sales and marketing expenses for the fourth quarter of 2009 increased by 20% to RMB98 million (US$14 million) from the same period in 2008 and 4% 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 16% of the net revenues, decreasing from 19% in the same period last year and 17% in the previous quarter.

For the full year ended December 31, 2009, sales and marketing expenses were RMB345 million (US$51 million), representing an increase of 20% from 2008. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 16% of the net revenues, decreasing from 18% in 2008.

General and administrative expenses for the fourth quarter of 2009 increased by 51% to RMB62 million (US$9 million) from the same period in 2008 and 32% from the previous quarter, primarily due to an increase of administrative personnel and share-based compensation charges. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 6% of the net revenues, remaining consistent with those in the same period in 2008 and in the previous quarter.

For the full year ended December 31, 2009, general and administrative expenses were RMB196 million (US$29 million), representing a 14% increase from 2008. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 6% of the net revenues, remaining consistent with those in 2008.

Income from operations for the fourth quarter of 2009 was RMB189 million (US$28 million), representing an increase of 62% from the same period in 2008 and a decrease of 5% from the previous quarter. Excluding share-based compensation charges (non-GAAP), income from operations was RMB239 million (US$35 million), increasing by 60% from the same period in 2008 and by 6% from the previous quarter.

For the full year ended December 31, 2009, income from operations was RMB687 million (US$101 million), representing an increase of 49% from 2008. Excluding share-based compensation charges (non-GAAP), income from operations was RMB818 million (US$120 million), increasing by 39% from 2008.

Operating margin was 33% in the fourth quarter of 2009, compared to 30% in the fourth quarter of 2008 and 37% in the previous quarter. Excluding share-based compensation charges (non-GAAP), operating margin was 42%, compared to 38% in the fourth quarter of 2008 and 41% in the previous quarter.

For the full year ended December 31, 2009, operating margin was 35%, compared to 31% in 2008. Excluding share-based compensation charges (non-GAAP), operating margin was 41%, compared to 40% in 2008.

Net income attributable to Ctrip’s shareholders for the fourth quarter of 2009 was RMB190 million (US$28 million), representing a 57% increase from the same period in 2008, and a 1% increase from the previous quarter. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip’s shareholders was RMB240 million (US$35 million), representing an increase of 56% from the same period in 2008, and an increase of 11% from the previous quarter.

For the full year ended December 31, 2009, net income attributable to Ctrip’s shareholders was RMB659 million (US$97 million), representing an increase of 48% from 2008. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip’s shareholders was RMB790 million (US$116 million), representing an increase of 38% from 2008.

The effective tax rate for the fourth quarter of 2009 was 20%, increased from 2% in the same period of 2008, primarily because in the fourth quarter of 2008, the preferential tax rate of 15% was retroactively applied to certain PRC subsidiaries of Ctrip, which obtained approval for the High and New Technology Enterprise (“HNTE”) status, from January 1, 2008. The effective tax rate for the fourth quarter of 2009 increased from 13% in the previous quarter, primarily due to the increase in the amount of non tax-deductible share-based compensation as a percentage to our income as a whole. 

The effective tax rate for the full year ended December 31, 2009 was 17%, compared to 19% in 2008, primarily due to the decrease in the amount of non tax-deductible share-based compensation as a percentage to our income as a whole.

Diluted earnings per ADS were RMB1.32 (US$0.19) for the fourth quarter of 2009. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB1.66 (US$0.24).

For the full year ended December 31, 2009, diluted earnings per ADS were RMB4.67 (US$0.68), compared to RMB3.23 (US$0.47) in 2008. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB5.60 (US$0.82), compared to RMB4.16 (US$0.61) in 2008.

As of December 31, 2009, the balance of cash, restricted cash and short-term investment was RMB1.7 billion (US$253 million).

Business Outlook

For the first quarter of 2010, the Company expects to continue the year-on-year net revenue growth at a rate of approximately 30%. This forecast reflects Ctrip’s current and preliminary view, which is subject to change.

Conference Call

Ctrip’s management team will host a conference call at 8:00PM U.S. Eastern Time on February 2, 2010 (or 9:00AM on February 3, 2010 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 72400835. For pre-registration, please click

https://www.theconferencingservice.com/prereg/key.process?key=PYCKN6G9G.

A telephone replay of the call will be available after the conclusion of the conference call through February 10, 2010. 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 36344086.

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 “may,” “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “is/are likely to,” “confident” or other 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, the slow-down of economic growth in China and the global economic downturn, general declines or disruptions in the travel industry, volatility in the trading price of Ctrip’s ADSs, Ctrip’s reliance on its 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, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in China, Hong Kong, Macau or Taiwan, damage to or failure of Ctrip’s infrastructure and technology, loss of services of Ctrip’s key executives, inflation in China and in other countries, risks and uncertainties associated with PRC laws and regulations with respect to the ownership structure of Ctrip’s affiliated Chinese entities and the contractual arrangements among Ctrip, its affiliated Chinese entities and their shareholders, 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 3, 2010, 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 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 ASC718, “Stock Compensation” for 2009 and 2008. Ctrip’s management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods.

Non-GAAP information is not prepared 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 GAAP results. A limitation of using non-GAAP financial measures is that 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 accommodation, as well as guided tours in some instances. Ctrip targets primarily business and leisure travelers 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, please contact:

June Zhu
Ctrip.com International, Ltd.
Tel: (+86) 21 3406 4880 X 12258
Email: jun_zhu@ctrip.com

Lin Zhang
Ctrip.com International, Ltd.
Tel: (+86) 21 3406 4880 X 12920
Email: z_lin@ctrip.com

Ctrip.com International, Ltd.
Consolidated Balance Sheet Information

		December 31, 2008				December 31, 2009				December 31, 2009
		RMB				RMB				USD
		(unaudited)				(unaudited)				(unaudited)
ASSETS
Current assets:
Cash			1,069,827,364				1,434,618,382				210,172,781
Restricted cash			6,600,000				113,150,289				16,576,611
Short-term investment			176,585,908				180,183,917				26,397,093
Accounts receivable, net			274,302,454				420,579,005				61,615,172
Prepayments and other current assets			95,150,506				134,318,164				19,677,722
Deferred tax assets			8,840,772				23,446,059				3,434,867
Total current assets			1,631,307,004				2,306,295,816				337,874,246
Long-term deposits			145,500,002				143,195,191				20,978,214
Land use rights			111,510,231				108,922,018				15,957,166
Property, equipment and software			346,117,083				550,506,595				80,649,672
Investment			318,826,459				658,051,285				96,405,058
Goodwill			63,689,736				322,936,838				47,310,514
Intangible assets			24,498,763				66,851,954				9,793,866
Total assets			2,641,449,278				4,156,759,697				608,968,736
LIABILITIES
Current liabilities:
Accounts payable			138,657,593				291,045,743				42,638,442
Salary and welfare payable			65,590,151				130,539,660				19,124,168
Taxes payable			54,745,686				142,256,695				20,840,724
Advances from customers			187,576,416				276,792,049				40,550,264
Accrued liability for customer reward program			58,046,062				88,254,996				12,929,430
Other payables and accruals			121,421,617				229,652,319				33,644,255
Total current liabilities			626,037,525				1,158,541,462				169,727,283
Deferred tax liabilities, non-current			—				11,509,937				1,686,215
Other long-term payables			812,500				—				—
Total liabilities			626,850,025				1,170,051,399				171,413,498
SHAREHOLDERS’ EQUITY
Share capital			2,761,259				2,801,334				410,398
Additional paid-in capital			967,687,772				1,219,815,250				178,703,944
Statutory reserves			75,948,298				72,489,182				10,619,725
Accumulated other comprehensive loss			(95,046,427	)			(77,742,443	)			(11,389,333	)
Retained Earnings			1,060,620,258				1,707,684,596				250,177,207
Total Ctrip’s shareholders’ equity			2,011,971,160				2,925,047,919				428,521,941
Noncontrolling interests *			2,628,093				61,660,379				9,033,297
Total shareholders’ equity			2,014,599,253				2,986,708,298				437,555,238
Total liabilities and shareholders’ equity			2,641,449,278				4,156,759,697				608,968,736

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

		Quarter Ended				Quarter Ended				Quarter Ended				Quarter Ended
		December 31, 2008				September 30, 2009				December 31, 2009				December 31, 2009
		RMB				RMB				RMB				USD
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Revenues:
Hotel reservation			210,656,475				262,280,259				279,396,387				40,931,802
Air-ticketing			165,617,198				241,144,278				240,088,420				35,173,152
Packaged tour			30,249,085				54,733,097				48,974,158				7,174,755
Others			16,222,294				25,242,271				34,443,405				5,045,987
Total revenues			422,745,052				583,399,905				602,902,370				88,325,696
Less: business tax and related surcharges			(26,410,272	)			(37,970,770	)			(37,188,892	)			(5,448,203	)
Net revenues			396,334,780				545,429,135				565,713,478				82,877,493
Cost of revenues			(92,537,662	)			(124,352,706	)			(128,218,158	)			(18,784,066	)
Gross profit			303,797,118				421,076,429				437,495,320				64,093,427
Operating expenses:
Product development *			(64,126,567	)			(80,758,571	)			(88,084,277	)			(12,904,419	)
Sales and marketing *			(81,462,069	)			(93,931,484	)			(97,816,552	)			(14,330,206	)
General and administrative *			(41,248,253	)			(47,188,825	)			(62,342,757	)			(9,133,266	)
Total operating expenses			(186,836,889	)			(221,878,880	)			(248,243,586	)			(36,367,891	)
Income from operations			116,960,229				199,197,549				189,251,734				27,725,536
Interest income			6,355,910				4,340,502				4,687,828				686,771
Other income			51,802				2,625,101				30,225,954				4,428,127
Income before income tax expense and equity in income			123,367,941				206,163,152				224,165,516				32,840,434
Income tax expense			(1,957,339	)			(26,809,547	)			(44,662,623	)			(6,543,111	)
Equity in income of affiliates			—				11,573,606				14,714,676				2,155,712
Net income			121,410,602				190,927,211				194,217,569				28,453,035
Less: Net income attributable to noncontrolling interests**			36,850				(2,410,490	)			(4,011,756	)			(587,726	)
Net income attributable to Ctrip’s shareholders			121,447,452				188,516,721				190,205,813				27,865,309
Earnings per ordinary share
- Basic			3.63				5.59				5.60				0.82
- Diluted			3.57				5.30				5.28				0.77
Earnings per ADS
- Basic			0.91				1.40				1.40				0.21
- Diluted			0.89				1.32				1.32				0.19
Weighted average ordinary shares outstanding
- Basic			33,448,570				33,703,516				33,967,802				33,967,802
- Diluted			34,032,673				35,602,373				36,025,042				36,025,042
*     Share-based compensation charges included are as follows:
Product development			8,588,988				7,021,263				12,319,485				1,804,815
Sales and marketing			4,769,181				3,902,164				6,896,401				1,010,328
General and administrative			19,134,797				16,043,286				30,390,027				4,452,164

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

		Year Ended				Year Ended				Year Ended
		December 31, 2008				December 31, 2009				December 31, 2009
		RMB				RMB				USD
		(unaudited)				(unaudited)				(unaudited)
Revenues:
Hotel reservation			763,726,817				955,824,020				140,029,010
Air-ticketing			659,398,301				888,010,580				130,094,285
Packaged tour			109,244,749				177,298,953				25,974,443
Others			55,968,929				101,428,423				14,859,348
Total revenues			1,588,338,796				2,122,561,976				310,957,086
Less: business tax and related surcharges			(106,334,164	)			(134,555,018	)			(19,712,421	)
Net revenues			1,482,004,632				1,988,006,958				291,244,665
Cost of revenues			(326,610,463	)			(450,602,773	)			(66,013,679	)
Gross profit			1,155,394,169				1,537,404,185				225,230,986
Operating expenses:
Product development *			(235,800,504	)			(308,451,348	)			(45,188,378	)
Sales and marketing *			(286,693,188	)			(345,289,299	)			(50,585,168	)
General and administrative *			(171,693,601	)			(196,297,316	)			(28,757,719	)
Total operating expenses			(694,187,293	)			(850,037,963	)			(124,531,265	)
Income from operations			461,206,876				687,366,222				100,699,721
Interest income			31,100,097				17,392,472				2,548,011
Other income			54,944,595				60,801,280				8,907,438
Income before income tax expense and equity in income			547,251,568				765,559,974				112,155,170
Income tax expense			(102,913,404	)			(131,658,085	)			(19,288,018	)
Equity in income of affiliates			—				32,869,419				4,815,397
Net income			444,338,164				666,771,308				97,682,549
Less: Net income attributable to noncontrolling interests**			(230,291	)			(7,797,686	)			(1,142,368	)
Net income attributable to Ctrip’s shareholders			444,107,873				658,973,622				96,540,181
Earnings per ordinary share
- Basic			13.32				19.62				2.87
- Diluted			12.90				18.69				2.74
Earnings per ADS
- Basic			3.33				4.90				0.72
- Diluted			3.23				4.67				0.68
Weighted average ordinary shares outstanding
- Basic			33,352,845				33,592,334				33,592,334
- Diluted			34,424,549				35,250,335				35,250,335
*     Share-based compensation charges included are as follows:
Product development			32,666,099				33,862,928				4,960,947
Sales and marketing			18,815,878				18,864,102				2,763,607
General and administrative			77,035,498				77,801,797				11,398,028

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

		Quarter Ended December 31, 2009
		GAAP				% of Net				Share-based				% of Net				Non-GAAP				% of Net
		Result				Revenue				Compensation				Revenue				Result				Revenue
Product development			(88,084,277	)			16	%			12,319,485				2	%			(75,764,792	)			13	%
Sales and marketing			(97,816,552	)			17	%			6,896,401				1	%			(90,920,151	)			16	%
General and administrative			(62,342,757	)			11	%			30,390,027				5	%			(31,952,730	)			6	%
Total operating expenses			(248,243,586	)			44	%			49,605,913				9	%			(198,637,673	)			35	%
Income from operations			189,251,734				33	%			49,605,913				9	%			238,857,647				42	%
Net income attributable to Ctrip’s shareholders			190,205,813				34	%			49,605,913				9	%			239,811,726				42	%
Diluted earnings per ordinary share (RMB)			5.28								1.38								6.66
Diluted earnings per ADS (RMB)			1.32								0.34								1.66
Diluted earnings per ADS (USD)			0.19								0.05								0.24

		Quarter Ended September 30, 2009
		GAAP				% of Net				Share-based				% of Net				Non-GAAP				% of Net
		Result				Revenue				Compensation				Revenue				Result				Revenue
Product development			(80,758,571	)			15	%			7,021,263				1	%			(73,737,308	)			14	%
Sales and marketing			(93,931,484	)			17	%			3,902,164				1	%			(90,029,320	)			17	%
General and administrative			(47,188,825	)			9	%			16,043,286				3	%			(31,145,539	)			6	%
Total operating expenses			(221,878,880	)			41	%			26,966,713				5	%			(194,912,167	)			36	%
Income from operations			199,197,549				37	%			26,966,713				5	%			226,164,262				41	%
Net income attributable to Ctrip’s shareholders			188,516,721				35	%			26,966,713				5	%			215,483,434				40	%
Diluted earnings per ordinary share (RMB)			5.30								0.76								6.05
Diluted earnings per ADS (RMB)			1.32								0.19								1.51
Diluted earnings per ADS (USD)			0.19								0.03								0.22

		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 attributable to Ctrip’s shareholders			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)			0.89								0.24								1.13
Diluted earnings per ADS (USD)			0.13								0.03								0.17

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

		Year Ended December 31, 2009
		GAAP				% of Net				Share-based				% of Net				Non-GAAP				% of Net
		Result				Revenue				Compensation				Revenue				Result				Revenue
Product development			(308,451,348	)			16	%			33,862,928				2	%			(274,588,420	)			14	%
Sales and marketing			(345,289,299	)			17	%			18,864,102				1	%			(326,425,197	)			16	%
General and administrative			(196,297,316	)			10	%			77,801,797				4	%			(118,495,519	)			6	%
Total operating expenses			(850,037,963	)			43	%			130,528,827				7	%			(719,509,136	)			36	%
Income from operations			687,366,222				35	%			130,528,827				7	%			817,895,049				41	%
Net income attributable to Ctrip’s shareholders			658,973,622				33	%			130,528,827				7	%			789,502,449				40	%
Diluted earnings per ordinary share (RMB)			18.69								3.70								22.40
Diluted earnings per ADS (RMB)			4.67								0.93								5.60
Diluted earnings per ADS (USD)			0.68								0.14								0.82

		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 attributable to Ctrip’s shareholders			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)			3.23								0.93								4.16
Diluted earnings per ADS (USD)			0.47								0.14								0.61

Notes for all the financial schedules presented: