返回首頁
大台灣旅遊網2018年5月27日 星期日
China's infant milk powder won the gold medal for the fourth time at a world food quality evaluation conference
China's infant milk powder won the gold medal for the fourth time at a world food quality evaluation conference

VALENCIA, Spain, May 25, 2018 /PRNewswire/ -- According to a report by People's Daily's Chen Xiaodong in Spain on May 24, the annual "Monde Selection" ceremony - known as the Nobel Prize of the food industry - was held in Valencia, Spain's third biggest city, on May 24 (local time). This year, the high-end infant milk powder product of Feihe, AstroBaby, won the Gold Quality Award.

According to the report, it was Feihe's fourth time winning this prize. The brand is also the first Chinese infant formula brand which was able to win this prize four times in a row.

In an interview with People's Daily, Feihe's President Leng Youbin, was quoted as saying the following:

"The physiques of Chinese and foreign babies are different. Based on unique physical characteristics of Chinese babies, we designed a formula to simulate the milk of Chinese mothers. Through scientific techniques, we aimed to realize a fat structure close to that of the milk of Chinese mothers to help improve the intestinal digestive functions of Chinese babies and thus prevent constipation," President Leng said after AstroBaby milk powder received the top award.

Chairman of Monde Selection, Patrick Derleth, was deeply impressed that Feihe was awarded the prize for four consecutive years. He pointed out, "That Feihe won the gold medal for four consecutive years showed us their team's pursuit of high quality and high standard. At present, Chinese brands are in the leading position in the world in terms of quality, and they can even be said to be at the forefront of the world in some fields. As an independent international organization, we have also confirmed their qualities. I think this is also the reason for more and more Chinese consumers to choose at ease."

Joseph Besseman, the chairman of the jury of the general assembly, also spoke highly of the high quality of Feihe, saying, "Feihe have always left a deep impression on me. We are based on the Codex Alimentarius and the European regulations, and the products of Feihe meet and surpass the international standards. "

Zhu Danpeng, an analyst in the food industry, congratulated Feihe on its fourth win

"Feihe 's wining of the prize for four consecutive years with its excellent quality shows off the strength of China's diary industry. This is not only reason to for other countries, especially advanced ones, to respect China's diary industry, but also reflects the leap taken by China's diary industry to pursue quality and develop name brands," said Baseman.

Cision View original content:http://www.prnewswire.com/news-releases/chinas-infant-milk-powder-won-the-gold-medal-for-the-fourth-time-at-a-world-food-quality-evaluation-conference-300654880.html

Fri, 25 May 2018 12:18:00 +0800
Hilton Redefines Sustainable Travel

Global hospitality company to eliminate plastic straws across managed hotels in Asia Pacific by end 2018

SINGAPORE and MCLEAN, Va., May 25, 2018 /PRNewswire/ -- Hilton today announced it will eliminate plastic straws across its managed hotels in Asia Pacific by end 2018, and transition away from plastic bottles from its conference and event spaces. This follows the company's global commitment to cut its environmental footprint in half and double its social impact investment by 2030.

 Hilton redefines sustainable travel with Travel with Purpose 2030 Goals
Hilton redefines sustainable travel with Travel with Purpose 2030 Goals

The company will also double the amount it spends with local and minority-owned suppliers, and double its investment in programs to help women and youth around the world. These goals are part of Hilton's Travel with Purpose corporate responsibility strategy to further the United Nation's 2030 Sustainable Development Agenda.

"As a global hospitality company operating more than 5,300 hotels in over 100 countries and territories, we are committed to have a positive impact on the communities we operate our hotels in," said Alan Watts, Executive President and President, Asia Pacific, Hilton. "We believe waste is a solvable problem. By focusing first on plastic straws and plastic bottled water, we take another step forward in our journey to ensure that the destinations where travelers work, relax, learn and explore are vibrant and resilient for future generations to come."

Hilton's new 2030 goals include the following social and environmental targets:

Cut Environmental Impact in Half to Help Protect the Planet 

  • Reduce carbon intensity emissions by 61%, in line with the Paris Climate Agreement and approved by the Science Based Targets Initiative (SBTi)
    • Presently, more than 50 hotels in Asia Pacific offer the Clean Air Program, which offsets carbon emissions generated from meetings & events, at no extra cost to the customer. Since 2015, its hotels have offset 14,118 tonnes of carbon in support of nine climate-friendly projects across the region.
  • Reduce water consumption and produced waste by 50%
    • Since 2008, Hilton's managed hotels in Asia Pacific have recorded reductions of 15.1% in water use intensity and 6% reduction in waste output. The company continues to seek ways to operate more efficiently, guided by its award-winning performance measurement system, LightStay.
    • The company's hotels have begun to intensify efforts to reduce single-use plastics in its operations. Across Greater China & Mongolia, its managed hotels removed plastic water bottles from meetings and events, health clubs and spas since September 2017 -- a move that eliminates the use of 13 million plastic bottles annually. In Australia, New Zealand and Fiji, its managed hotels transitioned away from plastic straws and now offer biodegradable paper straws on demand -- eliminating the use of 2.5 million plastic straws annually.
  • Sustainably source meat, poultry, produce, seafood and cotton
    • In support of its industry-leading sustainable seafood goals, the company completed a global roll-out of responsible sourcing and sustainable seafood eLearning modules, and partnered Marine Stewardship Council to deliver sustainable seafood workshops for local suppliers and Hilton team members in China and Thailand.
  • Expand existing soap recycling program to all hotels and send zero soap to landfill
    • Its managed hotels in China, Japan, Australia, New Zealand, Fiji, Vietnam and Singapore collaborate with soap recycling partners such as Soap Cycling, Soap Aid, Diversey, Sundara and Clean the World to recover, recycle and distribute soap to communities in need.

Double Social Investment and Drive Positive Change in Communities

  • Double the amount spent with local, small and minority-owned suppliers
    • Through Hilton's partnership with WEConnect, the company opens opportunities for women-owned enterprises to work with its hotels. For instance, Conrad Bali procures its coffee beans from Java Mountain Coffee -- an indigenous social enterprise majority-owned by women. In China, Hilton encouraged one of its suppliers to get certified with WEConnect, and further supported this women-owned business with a contract to provide uniforms for its Hilton Garden Inn properties in China.
  • Double investment in opportunity programs for women and youth, including partnering with local organizations and schools
    • Hilton partnered Room to Read to improve child literacy and support girl's education in India and Sri Lanka, and jointly impacted more than 70,000 young people since 2012. This included the introduction of a Job Shadowing Program to provide hundreds of girls with exposure to various career opportunities within the hospitality industry.
  • Contribute 10 million volunteer hours through Team Member initiatives
    • In 2017, Hilton Team Members in Asia Pacific contributed 53,443 volunteer hours during Hilton's Global Week of Service.
  • Double monetary support for natural disaster relief efforts
    • In response to the Sichuan Earthquake in October 2018, Hilton raised more than US$55,000 through the Hilton Responds Fund to support Team Members affected by the disaster.
  • Advance Human Rights capabilities in Hilton's value chain to eradicate forced labor and trafficking

Hilton is already an environmental leader in the industry. Since 2008, the company has reduced carbon emissions and waste by 30%, energy and water consumption by 20% saving more than $1 billion in operating efficiencies. LightStay, an award-winning performance measurement system calculates, analyzes and reports the environmental impact at each of Hilton's more than 5,300 hotels. Hilton will use LightStay to track its goal of reducing carbon emissions by 61% across its portfolio by 2030.

"The World Tourism Organization commends Hilton's focus on sustainability, which is in line with our overall commitment as the UN's agency that is dedicated to promoting sustainable tourism for development worldwide," said Zurab Pololikashvili, Secretary-General of the World Tourism Organization (UNWTO). "Hilton has been our partner in this endeavor, raising awareness among customers with examples of best practices for the hospitality industry."

"Companies play an integral role in solving our climate crisis," said Sheila Bonini, Senior Vice President, Private Sector Engagement, World Wildlife Fund. "By committing to significant intensity emissions reductions based on science, Hilton is setting in motion a plan that will have ripple effects across the hospitality industry while providing more sustainable options for travelers."

Click here to learn more about Travel with Purpose and the 2030 Goals.

About Hilton
Hilton (NYSE: HLT) is a leading global hospitality company, with a portfolio of 14 world-class brands comprising more than 5,300 properties with more than 863,000 rooms, in 106 countries and territories. Hilton is dedicated to fulfilling its mission to be the world's most hospitable company by delivering exceptional experiences -- every hotel, every guest, every time. The company's portfolio includes Hilton Hotels & Resorts, Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Canopy by Hilton, Curio Collection by Hilton, DoubleTree by Hilton, Tapestry Collection by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, Tru by Hilton, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations. The company also manages an award-winning customer loyalty program, Hilton Honors. Hilton Honors members who book directly through preferred Hilton channels have access to instant benefits, including a flexible payment slider that allows members to choose exactly how many Points to combine with money, an exclusive member discount that can't be found anywhere else, and free standard Wi-Fi. Visit newsroom.hilton.com for more information, and connect with Hilton on Facebook, TwitterLinkedInInstagram and YouTube.

About Travel with Purpose
Travel with Purpose is Hilton's corporate responsibility strategy to redefine and advance sustainable travel globally. By 2030, we plan to double our social impact and reduce our environmental footprint in half. We track, analyze and report our environmental and social impact at each of Hilton's 5,300 hotels through LightStay, our award-winning performance measurement system. Travel with Purpose capitalizes on Hilton's global scale to catalyze local economic growth; promote human rights; invest in people and local communities and preserve our planet by reducing our impact on natural resources. Our strategy aligns with the United Nations Sustainable Development goals. Visit cr.hilton.com to learn more.

Photo - https://photos.prnasia.com/prnh/20180524/2142514-1

Fri, 25 May 2018 10:43:00 +0800
Asia Miles Introduces Changes To Make Air Travel More Rewarding, members will find it easier to earn more miles and access more flight awards

HONG KONG, May 24, 2018 /PRNewswire/ -- Asia Miles, Asia's leading travel and lifestyle rewards programme, is changing the way that members earn and redeem miles when flying. From June, members will earn more miles when they fly Cathay Pacific and Cathay Dragon, and there will be more redemption seats available on those airlines.

More miles, more access, better experiences
More miles, more access, better experiences

"We've been listening to our members who want to be able to redeem more flight awards, so we're making it easier for them to earn more miles and redeem seats on Cathay Pacific and Cathay Dragon," said Stephen SY Wong, Chief Executive Officer of Asia Miles. "Whilst we are a diverse travel and lifestyle rewards programme, air travel is still a very popular way to earn and redeem Asia Miles. We want to make it more rewarding so that our members continue to see value in being part of the programme."

The following programme enhancements will come into effect from 22 June 2018:

More miles earned when flying

When members fly Cathay Pacific and Cathay Dragon, they will earn more Asia Miles on 80% of the airlines' tickets, including those to popular destinations such as Shanghai, Osaka and London. Members will earn miles based on a combination of the cabin class, fare class and distance zone.

When members fly other airline partners, the miles earning mechanism will remain unchanged -- based on a percentage of actual miles flown, determined by the cabin and fare classes.

Improved redemption seat access and changes to flight awards

Asia Miles is increasing the number of available redemption seats on Cathay Pacific and Cathay Dragon by 20% or more. Members will be able to redeem all Economy Class tickets with fewer or the same miles. Some flight awards on premium cabin classes, especially on longer routes, will require more miles to redeem. All flight awards will be set as one-way so that members can fly to and from a destination in different cabin classes.

Asia Miles is also introducing three enhanced flight award types to choose from -- Standard, Choice, and Tailored. Whether members are looking to get the most value for their miles or select the exact travel dates they want, the three award types will make it easier for members to redeem their preferred tickets.

Better redemption experiences

Asia Miles is also launching a new online flight award booking system to provide members with a more seamless experience across desktop and mobile. At a glance, members will be able to check availability of all flights for chosen dates, cabin class, and award type, making it quicker and easier to redeem.

"We are making a significant commitment to give our members more of the travel and lifestyle experiences they value," said Stephen SY Wong, Chief Executive Officer of Asia Miles.

The changes will come into effect on 22 June 2018. Further information is available on Asia Miles' dedicated website: asiamiles.com/change

Asia Miles announces programme changes to increase the numbers of available redemption seats by 20% or more from 22 June 2018. Asia Miles CEO, Stephen S.Y. Wong (centre), Alan Lui, COO (left) and Jason Adessky, Head of Strategy & Coalition Development (right).
Asia Miles announces programme changes to increase the numbers of available redemption seats by 20% or more from 22 June 2018. Asia Miles CEO, Stephen S.Y. Wong (centre), Alan Lui, COO (left) and Jason Adessky, Head of Strategy & Coalition Development (right).

For press release and photo download: asiamiles.com/en/media-centre

About Asia Miles

Asia Miles, Asia's leading travel and lifestyle rewards programme, was launched in February 1999 and has more than 10 million members and over 700 programme partners worldwide.

Asia Miles aims to deliver Life Rewarded and offers members extensive opportunities to earn miles by spending daily from flights, hotels, dining, financial services, retail, and many others. With 27 airline partners, Asia Miles members can earn miles when flying to more than 1,000 destinations worldwide. With 400 dining outlets to choose from, Asia Miles offers one of the largest ranges of lifestyle food & beverage options in Asia to earn miles.

In addition to flight awards, Asia Miles members can also redeem miles and enjoy fabulous awards such as hotel stays at 60,000 hotels, car rental services in 20 countries, over 35,000 lifestyle and experience awards.

Asia Miles is open to anyone aged 2 or above and is free to join.

More about Asia Miles: asiamiles.com

Photo - https://photos.prnasia.com/prnh/20180524/2142452-1-b
Photo - https://photos.prnasia.com/prnh/20180524/2142452-1-c
Logo - https://photos.prnasia.com/prnh/20180524/2142452-1LOGO-d

Thu, 24 May 2018 19:51:00 +0800
Tuniu Announces Unaudited First Quarter 2018 Financial Results

Non-GAAP[1] Net Loss in Q1 2018 Decreased by 89.5% Year-Over-Year

Added 51 Offline Retail Stores and 7 Local Tour Operators[2]

NANJING, China, May 24, 2018 /PRNewswire/ -- Tuniu Corporation (NASDAQ:TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced its unaudited financial results for the first quarter ended March 31, 2018.

Highlights for the First Quarter of 2018

  • Revenues from package tours in the first quarter of 2018 increased by 13.1% year-over-year to RMB402.7 million (US$64.2 million[3]).
  • Operating expenses in the first quarter of 2018 decreased by 31.4% year-over-year to RMB383.8 million (US$61.2 million).
  • Non-GAAP net loss was RMB23.8 million (US$3.8 million) in the first quarter of 2018, compared to a Non-GAAP net loss of RMB226.2 million in the first quarter of 2017.
  • As of April 30, 2018, Tuniu added 51 new offline retail stores during the year.
  • As of April 30, 2018, Tuniu had 21 local tour operators in total, including 7 newly launched local tour operators in China[4] during April.

Mr. Donald Dunde Yu, Tuniu's co-founder, Chairman and Chief Executive Officer, said, "As the leading online leisure travel company in China, we have developed a comprehensive sales network that allows us to efficiently acquire customers through various channels at different departure cities. With a solid foundation established through our sales network, our next step is to replicate the expansion model to our service network at destinations. As China's consumption power continues its upward trend, Chinese travelers are demanding better services and experiences. We believe that many of these demands are still unmet and there continues to be an opportunity for Tuniu to provide products and services consistent with current demands through its service network."

Ms. Maria Yi Xin, Tuniu's Chief Financial Officer, said, "During the first quarter, we were able to continue reducing our net loss. The development of our sales network served a vital role in the reduction of our sales and marketing expenses. Tuniu's new retail model continues to gain traction as customers acquired through our offline retail stores contributed more than 10% of our packaged tour GMV for the first time during this quarter. With our blended user acquisition cost declining from the expansion of our sales network, and bargaining power increasing from the development of our service network, Tuniu's operational efficiency will continue to scale in the future."

 

1. The section below entitled "About Non-GAAP Financial Measures" provides information about the use of
Non-GAAP financial measures in this press release, and the table captioned "Reconciliations of GAAP and
Non-GAAP Results" set forth at the end of this press release reconciles Non-GAAP financial information with the
Company's financial results under GAAP.


2. The section below entitled "Highlights for the First Quarter of 2018" provides additional information about
some key financial figures and operating data.


3. The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of
US$1.00=RMB6.2726 on March 30, 2018 as set forth in H.10 statistical release of the U.S. Federal Reserve Board
and available at https://www.federalreserve.gov/releases/h10/default.htm.


4. The 7 newly opened local tour operators are located in Huhehot, Taiyuan, Chengde, Hulunbuir, Harbin, Dalian
and Urumqi in China.

 

First Quarter 2018 Results

Net revenues were RMB480.5 million (US$76.6 million) in the first quarter of 2018, representing a year-over-year increase of 5.4% from the corresponding period in 2017.

  • Revenues from packaged tours, which are mainly recognized on a net basis, were RMB402.7 million (US$64.2 million) in the first quarter of 2018, representing a year-over-year increase of 13.1% from the corresponding period in 2017. The increase was primarily due to the growth of organized tours and self-guided tours.
  • Other revenues were RMB77.9 million (US$12.4 million) in the first quarter of 2018, representing a year-over-year decrease of 22.2% from the corresponding period in 2017. The decrease was primarily due to the decline in revenues generated from financial services, commission fees received from air ticketing and service fees received from insurance companies.

Cost of revenues was RMB217.9 million (US$34.7 million) in the first quarter of 2018, representing a year-over-year increase of 6.4% from the corresponding period in 2017. As a percentage of net revenues, cost of revenues was 45.3% in the first quarter of 2018 compared to 44.9% in the corresponding period in 2017.

Gross profit was RMB262.6 million (US$41.9 million) in the first quarter of 2018, representing a year-over-year increase of 4.5% from the corresponding period in 2017. The increase was primarily due to the increase in efficiency resulting from economies of scale.

Operating expenses were RMB383.8 million (US$61.2 million) in the first quarter of 2018, representing a year-over-year decrease of 31.4% from the corresponding period in 2017. Share-based compensation expenses and amortization of acquired intangible assets, which were allocated to operating expenses, were RMB47.5 million (US$7.6 million) in the first quarter of 2018. Non-GAAP operating expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets, were RMB336.3 million (US$53.6 million) in the first quarter of 2018, representing a year-over-year decrease of 32.5%.

  • Research and product development expenses were RMB84.1 million (US$13.4 million) in the first quarter of 2018, representing a year-over-year decrease of 47.3%. Non-GAAP research and product development expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB1.7 million (US$0.3 million), were RMB82.4 million (US$13.1 million) in the first quarter of 2018, representing a year-over-year decrease of 47.6% from the corresponding period in 2017. Research and product development expenses as a percentage of net revenues were 17.5% in the first quarter of 2018, decreasing from 35.0% in the corresponding period in 2017. The decrease was primarily due to the increase in efficiency resulting from economies of scale and refined management, and optimization of research and product development personnel.
  • Sales and marketing expenses were RMB185.8 million (US$29.6 million) in the first quarter of 2018, representing a year-over-year decrease of 26.8%. Non-GAAP sales and marketing expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB34.3 million (US$5.5 million), were RMB151.5 million (US$24.1 million) in the first quarter of 2018, representing a year-over-year decrease of 30.9% from the corresponding period in 2017. Sales and marketing expenses as a percentage of net revenues were 38.7% in the first quarter of 2018, decreasing from 55.6% in the corresponding period in 2017. The decrease was primarily due to the optimization of promotional expense structure and preference for marketing channels with higher ROI.
  • General and administrative expenses were RMB114.6 million (US$18.3 million) in the first quarter of 2018, representing a year-over-year decrease of 24.3%. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB11.5 million (US$1.8 million), were RMB103.1 million (US$16.4 million) in the first quarter of 2018, representing a year-over-year decrease of 19.0% from the corresponding period in 2017. General and administrative expenses as a percentage of net revenues were 23.9% in the first quarter of 2018, decreasing from 33.2% in the corresponding period in 2017. The decrease was primarily due to the increase in efficiency resulting from economies of scale and decline in personnel related fees.

Loss from operations was RMB121.1 million (US$19.3 million) in the first quarter of 2018, compared to a loss from operations of RMB308.0 million in the first quarter of 2017. Non-GAAP loss from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB73.4 million (US$11.7 million) in the first quarter of 2018.

Net loss was RMB71.6 million (US$11.4 million) in the first quarter of 2018, compared to a net loss of RMB287.4 million in the first quarter of 2017. Non-GAAP net loss, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB23.8 million (US$3.8 million) in the first quarter of 2018.

Net loss attributable to ordinary shareholders was RMB74.7 million (US$11.9 million) in the first quarter of 2018, compared to a net loss attributable to ordinary shareholders of RMB288.2 million in the first quarter of 2017. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB26.9 million (US$4.3 million) in the first quarter of 2018.

As of March 31, 2018, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB3.1 billion (US$500.3 million).

Business Outlook

For the second quarter of 2018, Tuniu expects to generate RMB519.9 million to RMB538.3 million of net revenues, which represents 13% to 17% growth year-over-year. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.  

Conference Call Information

Tuniu's management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on May 24, 2018, (8:00 pm, Beijing/Hong Kong Time, on May 24, 2018) to discuss the first quarter 2018 financial results.

To participate in the conference call, please dial the following numbers:

 

US:

+1-888-346-8982

Hong Kong:

800-905945

China:

4001-201203

International:

+1-412-902-4272

 

Conference ID: Tuniu 1Q 2018 Earnings Call

A telephone replay will be available one hour after the end of the conference through May 31, 2018. The dial-in details are as follows:

 

US:

+1-877-344-7529

International:

+1-412-317-0088

 

Replay Access Code: 10120454

Additionally, a live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.tuniu.com.

About Tuniu

Tuniu (Nasdaq:TOUR) is a leading online leisure travel company in China that offers a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu has over 2,000,000 stock keeping units (SKUs) of packaged tours, covering over 420 departing cities throughout China and all popular destinations worldwide. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network. For more information, please visit http://ir.tuniu.com.

Safe Harbor Statement

This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Tuniu may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, 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. Any statements that are not historical facts, including statements about Tuniu's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but are not limited to the following: Tuniu's goals and strategies; the growth of the online leisure travel market in China; the demand for Tuniu's products and services; its relationships with customers and travel suppliers; the Company's ability to offer competitive travel products and services; Tuniu's future business development, results of operations and financial condition; competition in the online travel industry in China; relevant government policies and regulations relating to the Company's structure, business and industry; and the general economic and business condition in China and elsewhere. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tuniu does not undertake any obligation to update such information, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement the Company's unaudited consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), the Company has provided non-GAAP information related to cost of revenues, research and product development expenses, sales and marketing expenses, general and administrative expenses, operating expenses, loss from operations, net loss, net loss attributable to ordinary shareholders, net loss per ordinary share attributable to ordinary shareholders-basic and diluted and net loss per ADS, which excludes share-based compensation expenses and amortization of acquired intangible assets. We believe that the non-GAAP financial measures used in this press release are useful for understanding and assessing underlying business performance and operating trends, and management and investors benefit from referring to these non-GAAP financial measures in assessing our financial performance and when planning and forecasting future periods. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP Results" set forth at the end of this press release.

A limitation of using non-GAAP financial measures excluding share-based compensation expenses and amortization of acquired intangible assets is that share-based compensation expenses and amortization of acquired intangible assets have been – and will continue to be – significant recurring expenses in the Company's business. You should not view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies.

For investor and media inquiries, please contact:
China
Mary Chen
Investor Relations Director
Tuniu Corporation
Phone: +86-25-6960-9988
E-mail: ir@tuniu.com

 

 

Tuniu Corporation

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands, except per share information)


 December 31, 2017 


 March 31, 2018 


 March 31, 2018 


 RMB 


 RMB 


 US$ 







ASSETS






Current assets






Cash and cash equivalents

484,101


612,269


97,610

Restricted cash 

91,810


145,904


23,261

Short-term investments

3,084,634


2,379,946


379,419

Accounts receivable, net

286,627


327,759


52,252

Amounts due from related parties

171,331


114,310


18,224

Prepayments and other current assets  

939,463


990,806


157,958

Yield enhancement products and accrued interest

31,337


6,708


1,069

Total current assets

5,089,303


4,577,702


729,793







Non-current assets






Long term investments

484,991


993,319


158,358

Property and equipment, net

148,278


148,919


23,741

Intangible assets, net

460,634


426,076


67,927

Goodwill

147,639


147,639


23,537

Yield enhancement products over one year and
accrued interest

170,505


106,569


16,990

Other non-current assets

156,455


166,558


26,553

Total non-current assets

1,568,502


1,989,080


317,106

Total assets

6,657,805


6,566,782


1,046,899







LIABILITIES AND SHAREHOLDERS' EQUITY






Current liabilities






Accounts payable 

852,500


1,161,487


185,168

Amounts due to related parties

86,923


83,541


13,318

Salary and welfare payable

187,561


99,822


15,914

Taxes payable

32,036


18,101


2,886

Advances from customers

1,210,615


1,033,293


164,731

Accrued expenses and other current liabilities

373,690


399,541


63,695

Amounts due to the individual investors of yield
enhancement products

177,971


141,012


22,481

Total current liabilities

2,921,296


2,936,797


468,193







Non-current liabilities

42,481


40,842


6,511

Total liabilities

2,963,777


2,977,639


474,704







Mezzanine equity






Redeemable noncontrolling interests

96,719


98,528


15,708







Shareholders' equity






Ordinary shares

248


248


40

Less: Treasury stock

(185,419)


(203,717)


(32,477)

Additional paid-in capital

9,013,793


9,025,354


1,438,854

Accumulated other comprehensive income

272,386


243,934


38,889

Accumulated deficit

(5,505,897)


(5,579,701)


(889,536)

Total Tuniu's shareholders' equity

3,595,111


3,486,118


555,770

Noncontrolling interests

2,198


4,497


717

Total Shareholders' equity

3,597,309


3,490,615


556,487

Total liabilities and shareholders' equity

6,657,805


6,566,782


1,046,899

 

 

Tuniu Corporation

Unaudited Condensed Consolidated Statements of Comprehensive Loss

(All amounts in thousands, except per share information)


 Quarter Ended 


 Quarter Ended 


 Quarter Ended 


 Quarter Ended 


 March 31, 2017 


December 31, 2017 

 March 31, 2018 


 March 31, 2018 


 RMB 


 RMB 


 RMB 


 US$ 









Revenues








  Packaged tours

355,948


290,054


402,679


64,197

  Others

100,093


179,832


77,854


12,412

Net revenues

456,041


469,886


480,533


76,609

Cost of revenues

(204,737)


(234,733)


(217,907)


(34,740)

Gross profit

251,304


235,153


262,626


41,869









Operating expenses








Research and product development

(159,403)


(111,151)


(84,054)


(13,400)

Sales and marketing

(253,756)


(193,696)


(185,831)


(29,626)

General and administrative

(151,333)


(154,490)


(114,609)


(18,271)

Other operating income

5,223


3,348


735


117

Total operating expenses

(559,269)


(455,989)


(383,759)


(61,180)

Loss from operations

(307,965)


(220,836)


(121,133)


(19,311)

Other income/(expenses)








  Interest income

22,954


44,426


39,474


6,293

  Foreign exchange gains/(losses), net

(1,370)


(2,009)


5,977


953

  Other income/(loss), net

429


(147)


7,945


1,267

Loss before income tax expense

(285,952)


(178,566)


(67,737)


(10,798)

Income tax expense

(1,406)


(7,569)


(3,828)


(610)

Net loss

(287,358)


(186,135)


(71,565)


(11,408)

Net income/(loss) attributable to
noncontrolling interests

(751)


(2,939)


1,299


207

Net income/(loss) attributable to redeemable
noncontrolling interests

275


(93)


940


150

Net loss attributable to Tuniu Corporation

(286,882)


(183,103)


(73,804)


(11,765)

Accretion on redeemable noncontrolling
interest

(1,356)


(1,757)


(869)


(139)

Net loss attributable to ordinary
shareholders

(288,238)


(184,860)


(74,673)


(11,904)









Net loss

(287,358)


(186,135)


(71,565)


(11,408)

Other comprehensive income loss:








  Foreign currency translation adjustment, net
  of nil tax

(19,190)


(24,770)


(28,452)


(4,536)

Comprehensive loss

(306,548)


(210,905)


(100,017)


(15,944)









Loss per share








Net loss per ordinary share attributable to
ordinary shareholders - basic and diluted

(0.76)


(0.48)


(0.19)


(0.03)

Net loss per ADS - basic and diluted*

(2.28)


(1.44)


(0.57)


(0.09)

Weighted average number of ordinary shares
used in computing basic and diluted loss per
share

378,164,347


387,993,534


388,843,912


388,843,912









Share-based compensation expenses included are as follows







Cost of revenues

321


230


227


36

Research and product development

1,784


1,324


1,260


201

Sales and marketing

477


201


185


29

General and administrative

23,139


17,089


10,709


1,707

Total

25,721


18,844


12,381


1,973









*Each ADS represents three of the Company's ordinary shares.







 

Reconciliations  of GAAP and Non-GAAP Results

(All amounts in thousands, except per share information)










 Quarter Ended March 31, 2018


GAAP Result 


 Share-based 


Amortization of acquired 


 Non-GAAP 



 Compensation 


  intangible assets 


 Result 









Cost of revenues

(217,907)


227


-


(217,680)









Research and product development

(84,054)


1,260


399


(82,395)

Sales and marketing

(185,831)


185


34,163


(151,483)

General and administrative

(114,609)


10,709


781


(103,119)

Other operating income

735


-


-


735

Total operating expenses

(383,759)


12,154


35,343


(336,262)









Loss from operations

(121,133)


12,381


35,343


(73,409)









Net loss

(71,565)


12,381


35,343


(23,841)









Net loss attributable to ordinary shareholders

(74,673)


12,381


35,343


(26,949)









Net loss per ordinary share attributable to
ordinary shareholders - basic and diluted (RMB)

(0.19)






(0.07)

Net loss per ADS - basic and diluted (RMB)

(0.57)






(0.21)

Weighted average number of ordinary shares
used in computing basic and diluted loss per
share

 

388,843,912






388,843,912










 Quarter Ended December 31, 2017


GAAP Result 


 Share-based 


Amortization of acquired 


 Non-GAAP 



 Compensation 


  intangible assets 


 Result 









Cost of revenues

(234,733)


230


-


(234,503)









Research and product development

(111,151)


1,324


399


(109,428)

Sales and marketing

(193,696)


201


34,163


(159,332)

General and administrative

(154,490)


17,089


777


(136,624)

Other operating income

3,348


-


-


3,348

Total operating expenses

(455,989)


18,614


35,339


(402,036)









Loss from operations

(220,836)


18,844


35,339


(166,653)









Net loss

(186,135)


18,844


35,339


(131,952)









Net loss attributable to ordinary shareholders

(184,860)


18,844


35,339


(130,677)









Net loss per ordinary share attributable to
ordinary shareholders - basic and diluted (RMB)

(0.48)






(0.34)

Net loss per ADS - basic and diluted (RMB)

(1.44)






(1.02)

Weighted average number of ordinary shares
used in computing basic and diluted loss per
share

387,993,534






387,993,534










 Quarter Ended March 31, 2017


 GAAP Result 


 Share-based 


Amortization of acquired 


 Non-GAAP 



 Compensation 


  intangible assets 


 Result 









Cost of revenues

(204,737)


321


-


(204,416)









Research and product development

(159,403)


1,783


399


(157,221)

Sales and marketing

(253,756)


477


34,163


(219,116)

General and administrative

(151,333)


23,139


827


(127,367)

Other operating income

5,223


-


-


5,223

Total operating expenses

(559,269)


25,399


35,389


(498,481)









Loss from operations

(307,965)


25,720


35,389


(246,856)









Net loss 

(287,358)


25,720


35,389


(226,249)









Net loss attributable to ordinary shareholders

(288,238)


25,720


35,389


(227,129)









Net loss per ordinary share attributable to
ordinary shareholders - basic and diluted (RMB)

(0.76)






(0.60)

Net loss per ADS - basic and diluted (RMB)

(2.28)






(1.80)

Weighted average number of ordinary shares
used in computing basic and diluted loss per
share

 

378,164,347






378,164,347

 

Cision View original content:http://www.prnewswire.com/news-releases/tuniu-announces-unaudited-first-quarter-2018-financial-results-300654257.html

Thu, 24 May 2018 18:50:00 +0800
Changchun City video presented at Times Square

NEW YORK, May 24, 2018 /PRNewswire/ -- The promo video of the city Changchun is shown on the massive video screen "China screen" tenanted by Xinhua Screen Media Co., Ltd. at Times Square, New York, the United States, on May 22nd, 2018. This video of Changchun, the capital city of Jilin Province in China, fully demonstrates its beautiful scenery, industrial development, cultural environment, and people's livelihood through "the Northeast Asia central city", "the most vibrant sports city of China" and "one of China's most well-being cities" sectors.

The promo video of the city Changchun is shown at NYC Times Square
The promo video of the city Changchun is shown at NYC Times Square

Changchun, located in Northeast China, is the central city of Northeastern Asia economic circle and an important spot of the Belt and Road Initiative. Changchun has the earliest auto industrial and film production base in China, also it becomes a cradle of railway vehicles, photovoltaic technology, applied chemistry, biological products and other industries. Nowadays, Changchun is constructing a regional central city of Northeast Asia, as well as accelerating its pace of Northeast China's development. The city has been recognized as one of China's most well-being cities for 10 years. In addition, it is one of the most human cities and a popular tourist city in China. As the most vibrant sports city of China, Changchun provides considerable ice and snow resources and a livable environment; it is one of the two cities which own both summer and winter Olympic Championships.

In recent years, Changchun has been taking efforts to build a sports and livelihood mode of "healthy Changchun, sports first", continuously exploring competitive sports to drive the mass sports. By government legislation and increased investment, the city's sports population has surpassed 51%. Citizens merely need to walk around 8 minutes to find fitness facilities in the surrounding areas, each community has specialized sports management personnel. The government has reserved large areas of land for public facilities planning and citizens can use the Internet to book sports venues and find fitness partners. This "Healthy City" mode in Changchun has been preferred by the World Health Organization as the "Changchun Mode", providing useful practices and references for China's transition from a "large sports country" to a "powerful sports country".

The Vasaloppet, the annual long distance cross-country skiing race, also known as "ski marathons" has been held in Changchun for 16 years. 2018 Changchun International Marathons will be held on May 27th, and more than 30,000 runner tickets has being sold out within 5 days.

Image Attachments Links:
http://asianetnews.net/view-attachment?attach-id=312879

 

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/changchun-city-video-presented-at-times-square-300654084.html

Thu, 24 May 2018 09:27:00 +0800
Deoleo olive oils continue adding to medal haul with wins in China

SHANGHAI, May 24, 2018 /PRNewswire/ -- DEOLEO, the world's leading olive oil producer which currently represents 10.4%[1] of the total global olive oil marketonce again demonstrated its leadership in the world's olive oil industry this month, claiming eight medals at the prestigious China International Oil and Edible Oil Competition. The trophy haul included:

  • GOLD - Carbonell Magna Oliva
  • GOLD - Hojiblanca DOP Poniente de Granada
  • SILVER - Bertolli Black Label
  • SILVER - Carapelli Founders Edition
  • SILVER - Carapelli 125 Years Celebration
  • SILVER - Carbonell Prestigio
  • SILVER - Hojiblanca DOP Baena
  • BRONZE - Bertolli Premium Edition
Deoleo - Chief Commercial Officer - Miguel de Jaime Guijarro
Deoleo - Chief Commercial Officer - Miguel de Jaime Guijarro

The competition was part of the Oil China Expo continuing through May 18 at the Shanghai New International Expo Center.

With this triumph, Deoleo and its most iconic brands have received 64 awards and special mentions around the world thus far in 2018. 

At the Japan Olive Oil Prize competition in April, Deoleo and its products swept the board, winning five gold medals, a silver and Best in Class honors with Hojiblanca DOP Poniente de Granada. In Los Angeles, Carapelli Founders Edition scored silver and its packaging won a gold medal, alongside three silvers and two bronzes awarded to other Deoleo oils.

These latest wins in Shanghai further highlight Deoleo's ongoing commitment to delivering the highest-quality olive oils to consumers around the world.  

Complying with the strictest global standards, Deoleo's Carapelli, Bertolli and Carbonell Extra Virgin products are masterfully blended using only oils that are labelled as Extra Virgin, even for markets where this is not a regulated requirement.

"We are delighted to see our brands being recognized around the world," said Deoleo Chief Commercial Officer Miguel de Jaime Guijarro. "We have a clear strategy and commitment when it comes to quality, sourcing and innovation. This is demonstrated through these latest wins.

"Our foremost commitment is to delivering quality while continuing to meet the ever-growing needs of our consumers, who value health and social well-being." 

About Deoleo

Deoleo is a Spanish multinational food company and the world's top selling olive oil bottler, present in over 80 countries on the five continents. It has factories in Spain and Italy and sales offices in 15 countries. Deoleo has leading global brands, such as Bertolli, the best-selling brand in the United States, Carapelli and Sasso; and the Spanish brands Carbonell, Hojiblanca and Koipe.

[1]

Euromonitor

Photo - https://photos.prnasia.com/prnh/20180521/2138312-1

Thu, 24 May 2018 09:00:00 +0800
Suning and MGM to Officially Unveil 5* Bellagio Hotel in Shanghai on 8 June

- NEW BELLAGIO IS THE FIRST OVERSEAS TO FOLLOW LAS VEGAS ORIGINAL -

- OFFICIAL LAUNCH REFLECTS SUNING'S EXPERTISE IN HIGH-END LUXURY -

- SUNING TO CO-MANAGE ART-DECO DESTINATION -

SHANGHAI, May 23, 2018 /PRNewswire/ -- Suning Real Estate - a subsidiary of China's commercial giant Suning Holdings Group - and MGM will officially launch a new Bellagio Shanghai on 8 June 2018, marking the first international hotel to follow the famous Bellagio Towers of Las Vegas.

Exterior of Bellagio Shanghai
Exterior of Bellagio Shanghai

Ideally located on the banks of the Suzhou River, the art-deco inspired Bellagio Shanghai boasts panoramic views of the futuristic Pudong skyline, the Bund's famed waterfront promenade and the Lujiazui financial district. With nearby locations including Nanjing Road, one of the world's busiest shopping streets, and China's tallest building, the 632 metre tall Shanghai Tower, the hotel is perfectly placed for an elite clientele in China's biggest city. 

Decadent Lobby and Impressive Grand Staircase of Bellagio Shanghai
Decadent Lobby and Impressive Grand Staircase of Bellagio Shanghai

Among the design features of the Bellagio Shanghai is a four-storey atrium fitted with LED screens, creating a mirage of the world-famous fountain in front of its Las Vegas sibling.

As the business owner of the Bellagio Shanghai, Suning Real Estate will oversee and co-manage the hotel's operations alongside the Chinese arm of MGM Resorts International: Diaoyutai MGM Hospitality. The deal reflects the importance that Suning, one of the largest non-state owned enterprises in China, is embarking on a new chapter of diversified consumption scenarios and luxury experience spaces.

Mr Zhang Jindong, Chairman of Suning Holdings Group, says: "Bringing the Bellagio to China demonstrates Suning's expertise and ambition not only in general retail commerce but also to create the unique experience for consumers by providing more trendy and high-end products and services through partnership with the world's most distinguished brands."

Suning has big ambitions for the high-end consumption development in China. For the hotel scene the real estate group of Suning is aiming to open 100 more luxury hotels and become the country's future flagship operator in the hospitality industry. Along with the Bellagio, the company has already opened dozens of high-end hotels in partnership with prestigious brands covering several 1st tier and 2nd tier cities of the country.

Reflecting the hotel's location, interiors are sleek and sophisticated, with art-deco accents. The spacious and beautifully crafted guest rooms are the works of WATG and Wimberly Interiors, one of the world's leading hospitality industry design consultancies. Some feature expansive private terraces, while suites are tended by personal butlers.

Spacious and Beautifully Crafted Guest Rooms
Spacious and Beautifully Crafted Guest Rooms

Mr. William M. Scott IV, President of MGM Asia Pacific, and Executive Director and General Manager of Diaoyutai MGM Hospitality, adds: "We bring in Bellagio with the soul and spirit from the legend's beginning in Las Vegas. Now in Shanghai the guests could also experience the most unique and critical feel and flavour of Bellagio. It is achieved by the cooperation of MGM and Suning who are sharing the same commitment to highest quality and best services."

Award-winning chef Julian Serrano, regarded as one of the finest culinary talents in America, has brought his Italian restaurant LAGO from Las Vegas to Bellagio Shanghai, promising guests modern flavours of Italy. For those wanting a more local flavour, the Mansion on One restaurant is devoted to Shanghai and Cantonese cuisine. The arrival of these world-class establishments is also expected to set a new standard for the local restaurant scene.

Award-winning Chef Julian Serrano Brought His Italian Restaurant LAGO to Bellagio Shanghai
Award-winning Chef Julian Serrano Brought His Italian Restaurant LAGO to Bellagio Shanghai

Further highlights include a naturally-lit, pillar-free Grand Ballroom featuring a seven-metre high ceiling. There is also extensive function, entertaining and meeting space, plus a luxuriously-appointed spa and fitness centre to offer guests relaxation and rejuvenation

For more details and images of Bellagio Shanghai visit: http://www.bellagioshanghai.com

About Suning

Founded in 1990, Suning is one of the leading commercial enterprises in China with two public companies in China and Japan respectively. In 2017, Suning Holding ranked second among the top 500 private-owned enterprises in China with annual revenue of 65.7 billion USD (412.95 billion RMB). With the mission of "Leading the Ecosystem across Industries by Creating Elite Quality of Life for All", Suning has strengthened and expanded its core business through eight vertical industries: Suning.com, Logistics, Financial Services, Technology, Real Estate, Media & Entertainment, Sports, and Investment, among which Suning.com was listed on the 2017 list of Fortune Global 500.

For more information see www.suningholdings.com

Photo - https://photos.prnasia.com/prnh/20180523/2141221-1-a
Photo - https://photos.prnasia.com/prnh/20180523/2141221-1-b
Photo - https://photos.prnasia.com/prnh/20180523/2141221-1-c
Photo - https://photos.prnasia.com/prnh/20180523/2141221-1-d

Wed, 23 May 2018 20:01:00 +0800
Xiamen Airlines takes delivery of its first Boeing 737 MAX, expanding the fleet to 200 airplanes

SEATTLE and XIAMEN, China, May 23, 2018 /PRNewswire/ -- On May 22 local time, Xiamen Airlines took delivery of its first Boeing 737 MAX aircraft in Seattle, expanding the fleet to 200 aircraft, and, by doing so, formally entering the pantheon of the world's largest airlines.

Xiamen Airlines takes delivery of its first Boeing 737 MAX, expanding the fleet to 200 airplanes
Xiamen Airlines takes delivery of its first Boeing 737 MAX, expanding the fleet to 200 airplanes

The 737 MAX is the best-selling civil aircraft in the history of Boeing, featuring excellent performance, flexibility and efficiency. The 737 MAX can offer passengers a more capacious and comfortable flying experience. Equipped with several of the latest technologies, including the winglet and a brand new engine, the aircraft outperforms the previous-generation model in flying performance, environmental protection and reliability.

With the addition of the aircraft, Xiamen Airlines passes a key milestone, with the size of the fleet now at 200 airplanes. The airline passed the first milestone of 100 planes in 2013, and continued to grow by adding roughly 20 aircraft per year and doubling the size of the fleet within five years. During the period, the airline's operating profits also increased year by year, booking gross profits exceeding 10 billion yuan (approx. US$1.5 billion). The airline has been profitable for 31 consecutive years, reflecting the rapid growth in China's civil aviation industry.

Che Shanglun, chairman of Xiamen Airlines, revealed that the airline's rapid growth was mainly attributable to the economic stimulus that resulted from China's reform and opening up and the constant improvement in the living standard across China, which, in turn, led to the massive boost in the demand for air travel. Over the past five years, the US, Europe and China recorded an average annual growth rate of roughly 4 percent, 6 percent and 10 percent in civil aviation passenger volume, respectively, while Xiamen Airlines experienced an average growth rate of 15 percent.

After expanding the fleet to 100 airplanes in 2013, Xiamen Airlines accelerated the move into international markets. The airline bought the first Boeing 787 Dreamliner in August 2014 and launched the first intercontinental flight, between Xiamen and Amsterdam, in July 2015. Over the following two years, the airline launched 10 intercontinental flights to cities across Europe, North America and Oceania, including Los Angeles, Melbourne, New York, Seattle, Sydney and Vancouver. All the intercontinental flights are now serviced by Boeing 787 aircraft.

Photo - https://photos.prnasia.com/prnh/20180521/2138615-1

Wed, 23 May 2018 12:00:00 +0800
Ctrip Reports Unaudited First Quarter of 2018 Financial Results

SHANGHAI, May 23, 2018 /PRNewswire/ -- Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China ("Ctrip" or the "Company"), today announced its unaudited financial results for the first quarter ended March 31, 2018.

Key Highlights for the First Quarter of 2018

  • Ctrip reported strong financial results in the first quarter of 2018.
    • Net revenue increased 11% year-on-year to RMB6.7 billion (US$1.1 billion) in the first quarter of 2018.
    • Net income attributed to Ctrip's shareholders increased by more than 19 times year-on-year to RMB1.1 billion (US$ 170 million) in the first quarter of 2018, compared to RMB52 million in the same period in 2017.
  • Ctrip's international businesses sustained robust growth momentum.
    • Excluding Skyscanner, international air ticketing accounted for over 40% of the group's air ticketing revenue, as we continue to ride the wave of Chinese outbound customers and expand our customer base in overseas markets.
    • Skyscanner's direct booking program continues to gain momentum, delivering revenue growth of over 600% year-on-year in the first quarter.
  • The Company increased its presence in lower-tier cities.
    • Total gross merchandise volume of the offline stores grew around 50% year-on-year in the first quarter of 2018.

"I'm glad that Ctrip achieved solid results in the first quarter of 2018," said Jane Sun, Chief Executive Officer. "We are hugely grateful for the trust of our customers. Together with our partners, we strive to make their travel easier and more enjoyable. There are still many improvements for us to make, and also many areas where we can further unleash our potential. We are in a good position to capture growth in the travel industry, both domestically and globally, and we are very excited about the bright future ahead of us."

"In the past 19 years since the launch of Ctrip, we have claimed many firsts in the travel service area," said James Liang, Executive Chairman. "We must be mindful that Ctrip's success to date has come from the value we created for customers, and this will not change in the future. Despite the challenges and setbacks along the way, we believe that as long as we stick to customer centric principles and continually make investments and innovations, we will become the best travel service provider in the world and the pride of the travel industry."

First Quarter of 2018 Financial Results and Business Updates

For the first quarter of 2018, Ctrip reported net revenue of RMB6.7 billion (US$1.1 billion), representing an 11% increase from the same period in 2017. Net revenue for the first quarter of 2018 increased 9% from the previous quarter.

Accommodation reservation revenue for the first quarter of 2018 was RMB2.5 billion (US$397 million), representing a 23% increase from the same period in 2017, primarily driven by an increase in accommodation reservation volume. Accommodation reservation revenue for the first quarter of 2018 increased 14% from the previous quarter, primarily due to seasonality.

Transportation ticketing revenue for the first quarter of 2018 was RMB2.9 billion (US$460 million), which remained consistent with the same period of 2017. Transportation ticketing revenue decreased 1% from the previous quarter.

Packaged tour revenue for the first quarter of 2018 was RMB834 million (US$133 million), representing an 18% increase from the same period in 2017, primarily driven by an increase in volume growth of organized tours and self-guided tours. Packaged-tour revenue for the first quarter of 2018 increased 52% from the previous quarter, primarily due to seasonality.

Corporate travel revenue for the first quarter of 2018 was RMB180 million (US$29 million), representing a 25% increase from the same period in 2017, primarily driven by expansion in travel product coverage. Corporate travel revenue for the first quarter of 2018 decreased 13% from the previous quarter, primarily due to seasonality.

Gross margin was 82% for the first quarter of 2018, compared to 80% in the same period in 2017, and 83% for the previous quarter.

Product development expenses for the first quarter of 2018 increased by 10% to RMB2.2 billion (US$344 million) from the same period in 2017, primarily due to the increase in product development personnel related expenses. Product development expenses for the first quarter of 2018 increased 4% from the previous quarter. Product development expenses for the first quarter of 2018 accounted for 32% of the net revenue. Excluding share-based compensation charges, Non-GAAP product development expenses for the first quarter of 2018 accounted for 29% of the net revenue, which increased from 28% for the same period in 2017 and decreased from 30% for the previous quarter.

Sales and marketing expenses for the first quarter of 2018 increased by 11% to RMB2.1 billion (US$333 million) from the same period in 2017, primarily due to an increase in sales and marketing activities to strengthen our market position and personnel related expenses. Sales and marketing expenses for the first quarter of 2018 increased 3% from the previous quarter. Sales and marketing expenses for the first quarter of 2018 accounted for 31% of the net revenue. Excluding share-based compensation charges, Non-GAAP sales and marketing expenses for the first quarter of 2018 accounted for 31% of the net revenue, which increased from 30% for the same period in 2017 and decreased from 32% for the previous quarter.

General and administrative expenses for the first quarter of 2018 increased by 1% to RMB646 million (US$103 million) from the same period in 2017. General and administrative expenses for the first quarter of 2018 decreased 8% from the previous quarter, primarily on the back of more provision of trade and other receivables was made in previous quarter. General and administrative expenses for the first quarter of 2018 accounted for 10% of the net revenue. Excluding share-based compensation charges, Non-GAAP general and administrative expenses accounted for 8% of the net revenue, which increased from 7% for the same period in 2017 and decreased from 9% for the previous quarter.

Income from operations for the first quarter of 2018 was RMB590 million (US$95 million), compared to RMB374 million in the same period in 2017 and RMB303 million in the previous quarter. Excluding share-based compensation charges, Non-GAAP income from operations was RMB966 million (US$156 million), compared to RMB896 million in the same period in 2017 and RMB703 million in the previous quarter.

Operating margin was 9% for the first quarter of 2018, compared to 6% in the same period in 2017, and 5% in the previous quarter. Excluding share-based compensation charges, Non-GAAP operating margin was 14%, compared to 15% in the same period in 2017 and 11% in the previous quarter. 

Income tax expense for the first quarter of 2018 was RMB179 million (US$29 million), compared to RMB139 million in the same period of 2017 and RMB238 million in the previous quarter. The change in the Group's effective tax rate primarily reflects profitability changes in our subsidiaries with different tax rates, certain non-tax deductible losses including the share based compensation and fair value change in equity securities investments.

Net income attributable to Ctrip's shareholders for the first quarter of 2018 was RMB1.1 billion (US$170 million), compared to RMB52 million in the same period in 2017 and RMB350 million in the previous quarter. Excluding share-based compensation charges and fair value changes of equity securities investments, Non-GAAP net income attributable to Ctrip's shareholders was RMB2.1 billion (US$341 million), compared to RMB574 million in the same period in 2017 and RMB750 million in the previous quarter, primarily due to the net gain recognized from a number of investing activities.

Diluted earnings per ADS were RMB1.81 (US$0.29) for the first quarter of 2018. Excluding share-based compensation charges and fair value changes of equity securities investments, Non-GAAP diluted earnings per ADS were RMB3.48 (US$0.55) for the first quarter of 2018.

As of March 31, 2018, the balance of cash and cash equivalents, restricted cash and short-term investment was RMB52.5 billion (US$8.4 billion).

New Accounting Standards

From January 1, 2018, the Company adopted the following new accounting standards.

1>    The "New Revenue Accounting Standard"

The new revenue standard (ASC 606) was effective from January 1, 2018 and the revenue of the first quarter of 2018 was reported under the new standard. We adopt the full retrospective transition approach which requires the financial statements for 2016 and 2017 to be retrospectively adjusted.

The new standard does not change the presentation of substantially all of the Company' revenues, which continues to be reported on a net basis. However, the timing of revenue recognition for certain revenue streams is changed under the new standard. In particular, revenue for accommodation reservation services, which used to be recognized after end-users completed their stays, is changed to be recognized when the reservation becomes non-cancellable. Revenue for packaged-tour services, which used to be recognized when packaged-tours were completed, is changed to be recognized on the departure date of the tours.

Although the change in timing of revenue recognition does not have a significant impact to the Company's 2017 annual revenue and net income, the effects on quarterly revenue and net income are more significant due to the seasonality of the Company's business. The key line items of our quarterly operation results of 2017 that were previously released have been adjusted as follows:


Quarter Ended


March 31,

 2017     

June 30,
2017 

September 30, 
2017

December 31, 
2017     


RMB (million)

Revenues:





Accommodation reservation

2,023

2,326

2,998

2,184

Transportation ticketing

2,875

2,993

3,428

2,925

Packaged-tour

709

640

1,075

549

Corporate travel

144

199

203

207

Others

342

347

472

354

Total revenues

6,093

6,505

8,176

6,219

Net revenues

6,045

6,459

8,119

6,173

Gross profit

4,856

5,334

6,816

5,112

Income from operations

374

687

1,579

303

Net income attributable to
Ctrip.com International, Ltd.

52

359

1,394

350

Income from operations 
(Non-GAAP)

896

1,215

1,963

703

Net income attributable to
Ctrip.com International, Ltd. 
(Non-GAAP)

574

887

1,778

750

2>    The "New Financial Instruments Accounting Standard"

The Company adopted the new financial instruments accounting standard from January 1, 2018 and approximately RMB6.3 billion of accumulated other comprehensive income, reflective of the net unrealized gain for the available-for-sale equity securities that existed as of December 31, 2017 was reclassified into retained earnings upon the initial adoption. After the adoption of this new accounting standard, the Company measures its available-for-sale equity securities at fair value with gains or losses recorded through the income statements, which could vary significantly from quarter to quarter. The impact of applying this new standard for the first quarter of 2018 resulted in a decrease of approximately RMB0.7 billion in net income, net of tax of RMB0.1 billion.

Business Outlook

For the second quarter of 2018, the Company expects the net revenue growth to continue at a year-on-year rate of approximately 12%-17%, which is calculated on the estimated net revenue of the second quarter of 2018 under the new revenue recognition standard and the net revenue of the second quarter of 2017 retrospectively adjusted. 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 May 22, 2018 (or 8:00AM on May 23, 2018 in the Shanghai/Hong Kong Time) following the announcement.

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

Listeners may access the call by dialing the following numbers:

US:

+1-855-8219-305 or +1-240-254-3156

Hong Kong:

+852- 3077-3569

China:

800-820-8527 or 400-612-6501

International:

+65-6653-5870

Passcode:

47931460#

For pre-registration, please click http://event.onlineseminarsolutions.com/wcc/r/1674230-1/207A165A8E0CEB83CA17F9EEB0EDB823

A telephone replay of the call will be available after the conclusion of the conference call until May 30, 2018. The dial-in details for the replay:

International dial-in number:

+65-6653-5846

Passcode:

515080321#

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. 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, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, volatility in the trading price of Ctrip's ADSs, Ctrip's reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, 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 the relevant jurisdictions where Ctrip operates, failure to successfully develop Ctrip's existing or future business lines, damage to or failure of Ctrip's infrastructure and technology, loss of services of Ctrip's key executives, adverse changes in economic and political policies of the PRC government, inflation in China, 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. All information provided in this press release and in the attachments is as of the date of the issuance, 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 condensed 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, other income, income tax expenses, net income attributable to Ctrip's shareholders, and diluted earnings per ordinary share and per ADS, each of which (except for net commission earned) is adjusted from the most comparable GAAP result to exclude the share-based compensation charges recorded under ASC 718, "Compensation-Stock Compensation" and its share-based compensation charges are not tax deductible, and fair value changes of equity securities investments, net of tax, recorded under ASU 2016-1. 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 and fair value changes of equity securities investments that have been and will continue to be significant recurring expenses in Ctrip's 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 accommodation reservation, transportation ticketing, packaged tours, and corporate travel management in China. It is the largest online consolidator of accommodations and transportation tickets in China in terms of transaction volume. Ctrip enables business and leisure travelers to make informed and cost-effective bookings by aggregating comprehensive travel related information and offering its services through an advanced transaction and service platform consisting of its mobile apps, Internet websites and centralized, toll-free, 24-hour customer service center. Ctrip also helps customers book vacation packages and guided tours. In addition, through its corporate travel management services, Ctrip helps corporate clients effectively manage their travel requirements. 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:

Investor Relations

Ctrip.com International, Ltd.
Tel: (+86) 21 3406 4880 X 196455
Email: iremail@ctrip.com

Ctrip.com International, Ltd.

Unaudited Consolidated Balance Sheets










December 31, 2017


March 31, 2018


March 31, 2018

RMB (million)

RMB (million)

USD (million)









(unaudited)


(unaudited)


(unaudited)

ASSETS







Current assets:







Cash and cash equivalents


18,243


17,253


2,751

Restricted cash


1,749


1,119


178

Short-term investments


28,130


34,123


5,440

Accounts receivable, net *


4,749


5,178


825

Prepayments and other current assets 


6,547


8,642


1,378








Total current assets


59,418


66,315


10,572








Long-term deposits and prepayments     


840


686


109

Land use rights


97


96


15

Property, equipment and software


5,616


5,785


922

Investments


25,574


25,224


4,021

Goodwill


56,246


56,488


9,006

Intangible assets


13,750


13,715


2,186

Other long-term receivable


237


230


37

Deferred tax assets


462


642


102








Total assets


162,240


169,181


26,970








LIABILITIES







Current liabilities:







Short-term debt and current portion of long-term debt


16,316


20,576


3,280

Accounts payable


7,459


9,416


1,501

Salary and welfare payable


3,465


3,345


533

Taxes payable


927


1,048


167

Advances from customers


7,868


6,254


997

Accrued liability for customer reward program


610


588


94

Other payables and accruals


5,517


6,042


963








Total current liabilities


42,162


47,269


7,535








Deferred tax liabilities *


3,895


3,786


604

Long-term debt


29,220


29,072


4,635

Other long-term liabilities


348


340


54








Total liabilities


75,625


80,467


12,828








SHAREHOLDERS' EQUITY







Share capital


5


5


1

Additional paid-in capital


71,341


71,885


11,460

Statutory reserves


384


384


61

Accumulated other comprehensive income **


80


479


76

Retained Earnings * / **


15,137


16,197


2,582

Treasury stock 


(2,111)


(2,111)


(337)








Total Ctrip.com International, Ltd. shareholders' equity


84,836


86,839


13,843








Noncontrolling interests


1,779


1,875


299








Total shareholders' equity


86,615


88,714


14,142








Total liabilities and shareholders' equity


162,240


169,181


26,970






















* The new revenue standard (ASC 606) was effective from January 1, 2018 and the revenue of the first quarter of 2018 was reported under new standard. We
adopt the full retrospective approach under which, the revenue and other major line items of consolidated statements of comprehensive income and related items of
balance sheet of the comparable periods were restated accordingly. The impact of applying this new standard for the first quarter and fourth quarter of 2017
resulted in a decrease of approximately RMB40 million and RMB0.2 billion in net revenue, respectively. Meanwhile, as of December 31, 2017, accounts receivable
and retained earnings increased with approximately RMB190 million. Deferred tax liabilities as of December 31, 2017 and income tax expenses of the first and
fourth quarter of 2017 were restated accordingly.








** The Company adopted the new financial instruments accounting standard from January 1, 2018 and approximately RMB6.3 billion of accumulated other
comprehensive income for the available-for-sale equity securities that existed as of December 31, 2017 was reclassified into retained earnings upon the initial
adoption. After the adoption of this new accounting standard, the Company measured its available-for-sale equity securities at fair value with gains or losses
recorded through the income statements, which could vary significantly from quarter to quarter. The impact of applying this new standard for the first quarter of
2018 resulted in a decrease of approximately RMB0.7 billion in net income, net of tax of RMB0.1 billion.

 

Ctrip.com International, Ltd.

Unaudited Consolidated Statements of Comprehensive Income















Quarter Ended



Quarter Ended



Quarter Ended



Quarter Ended

March 31, 2017

December 31, 2017

March 31, 2018

March 31, 2018

RMB (million)

RMB (million)

RMB (million)

USD (million)











(unaudited)



(unaudited)



(unaudited)



(unaudited)

Revenue*:












Accommodation reservation 


2,023



2,184



2,487



397

Transportation ticketing 


2,875



2,925



2,888



460

Packaged-tour 


709



549



834



133

Corporate travel


144



207



180



29

Others


342



354



377



60













Total revenue


6,093



6,219



6,766



1,079













Less: Sales tax and surcharges


(48)



(46)



(35)



(6)













Net revenue


6,045



6,173



6,731



1,073













Cost of revenue


(1,189)



(1,061)



(1,244)



(198)













Gross profit


4,856



5,112



5,487



875













Operating expenses:












Product development ***


(1,963)



(2,074)



(2,160)



(344)

Sales and marketing ***


(1,881)



(2,034)



(2,091)



(333)

General and administrative ***


(638)



(701)



(646)



(103)













Total operating expenses


(4,482)



(4,809)



(4,897)



(780)













Income from operations


374



303



590



95













Interest income 


130



336



480



77

Interest expense


(260)



(324)



(322)



(51)

Other (expense)/income **


(88)



337



397



63













Income before income tax expense, equity in
income of affiliates and non-controlling interests


156



652



1,145



184













Income tax expense  * / **


(139)



(238)



(179)



(29)

Equity in income/(loss) of affiliates


27



(98)



78



12













Net income 


44



316



1,044



167













Net loss attributable to non-controlling interests


8



34



16



3













Net income attributable to Ctrip.com International,
Ltd.


52



350



1,060



170













Comprehensive income attributable to Ctrip.com
International, Ltd. **


1,203



2,374



1,459



233













Earnings per ordinary share












- Basic


0.81



5.18



15.47



2.47

- Diluted


0.77



4.99



14.49



2.31













Earnings per ADS 












- Basic


0.10



0.65



1.93



0.31

- Diluted


0.10



0.62



1.81



0.29













Weighted average ordinary shares outstanding












- Basic


64,940,107



67,498,755



68,506,090



68,506,090

- Diluted


68,483,538



73,845,325



75,855,705



75,855,705













*** Share-based compensation included in Operating expense above is as follows:










  Product development 


283



214



210



34

  Sales and marketing 


49



40



35



6

  General and administrative 


190



146



131



21













** Fair value changes of equity securities investments included in Net income is as follow:







Fair value loss of equity securities investments, net of tax

-



-



688



110













 

Ctrip.com International, Ltd.

Reconciliation of  GAAP and Non-GAAP Results

(In RMB (million), except % and per share information)











Quarter Ended March 31, 2018


GAAP  Result

% of Net
Revenue


Non-GAAP
Adjustment

% of Net
Revenue


Non-GAAP Result

% of Net
Revenue










Share-based compensation included in Operating expense is as follows:









Product development 

(2,160)

32%


210

3%


(1,950)

29%

Sales and marketing 

(2,091)

31%


35

1%


(2,056)

31%

General and administrative 

(646)

10%


131

2%


(515)

8%

Total operating expenses

(4,897)

73%


376

6%


(4,521)

67%










Income from operations

590

9%


376

6%


966

14%










Fair value changes of equity securities investments, net of tax

(688)

10%


688

10%


-

0%










Net income attributable to Ctrip's shareholders

1,060

16%


1,064

16%


2,124

32%










Diluted earnings per ordinary share (RMB)

14.49



13.34



27.83











Diluted earnings per ADS (RMB)

1.81



1.67



3.48











Diluted earnings per ADS (USD)

0.29



0.26



0.55





















Quarter Ended December 31, 2017


GAAP  Result

% of Net
Revenue


Non-GAAP
Adjustment

% of Net
Revenue


Non-GAAP Result

% of Net
Revenue










Share-based compensation included in Operating expense is as follows:









Product development 

(2,074)

34%


214

3%


(1,860)

30%

Sales and marketing 

(2,034)

33%


40

1%


(1,994)

32%

General and administrative 

(701)

11%


146

2%


(555)

9%

Total operating expenses

(4,809)

78%


400

6%


(4,409)

71%










Income from operations

303

5%


400

6%


703

11%










Net income attributable to Ctrip's shareholders

350

6%


400

6%


750

12%










Diluted earnings per ordinary share (RMB)

4.99



5.42



10.41











Diluted earnings per ADS (RMB)

0.62



0.68



1.30











Diluted earnings per ADS (USD)

0.10



0.10



0.20





















Quarter Ended March 31, 2017


GAAP  Result

% of Net
Revenue


Non-GAAP
Adjustment

% of Net
Revenue


Non-GAAP Result

% of Net
Revenue










Share-based compensation included in Operating expense is as follows:









Product development 

(1,963)

32%


283

5%


(1,680)

28%

Sales and marketing 

(1,881)

31%


49

1%


(1,832)

30%

General and administrative 

(638)

11%


190

3%


(448)

7%

Total operating expenses

(4,482)

74%


522

9%


(3,960)

66%










Income from operations

374

6%


522

9%


896

15%










Net income attributable to Ctrip's shareholders

52

1%


522

9%


574

10%










Diluted earnings per ordinary share (RMB)

0.77



7.55



8.32











Diluted earnings per ADS (RMB)

0.10



0.94



1.04











Diluted earnings per ADS (USD)

0.01



0.14



0.15




















Notes for all the condensed consolidated financial schedules presented:










Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB6.2726 on March 30, 2018 published by the Federal Reserve Board.

Cision View original content:http://www.prnewswire.com/news-releases/ctrip-reports-unaudited-first-quarter-of-2018-financial-results-300652563.html

Wed, 23 May 2018 06:00:00 +0800
China's Epet.com Launches Canadian Pavilion for Imported Pet Food

CHONGQING, China, May 21, 2018 /PRNewswire/ -- Canada's Ambassador to China, John McCallum, visited the headquarters of Epet.com, China's leading e-commerce platform for pet products, to meet its CEO, Yu Xiao, and celebrate the launch of the "Canadian Pavilion" - Epet.com's first pavilion. During the ceremony, Epet.com also sign strategic cooperation agreements with a number of Canadian pet food brands such as Orijen, NOW Fresch, Nutram, Legacy, and Lotus as well as renowned bakery brand Darford. The deeper cooperation enables Epet.com and Canadian brands to work together to develop and introduce more products to better serve Chinese pets.

Canada’s Ambassador to China, John McCallum, visited the headquarters of Epet.com during the opening ceremony of Canadian Pavilion.
Canada’s Ambassador to China, John McCallum, visited the headquarters of Epet.com during the opening ceremony of Canadian Pavilion.

The opening of the Canadian Pavilion on Epet.com heralds a new era for China's pet industry, when consumers are increasingly embracing global brands. It is also the start of Epet.com's new business model, as more national "pavilions" will be launched for the United States, Australia, New Zealand and countries in Europe.

"We are privileged to welcome Ambassador McCallum to the launching ceremony of Epet.com's first international pavilion. This marks the beginning of a new era for the company and our industry," CEO Yu Xiao said. "Epet.com is a leading company in China's pet food industry, and the pavilion model will help meet demand from China's increasingly brand-conscious pet-owners by providing an official channel for quality, imported products. Through this strategy, Epet.com is creating a platform that benefits consumers, foreign brands, as well as the company itself."

China's rapidly-growing pet food market has caught the attention of McCallum, a veteran politician, economist and diplomat, who has been seeking to boost Canadian export business to China since January, when he was appointed as Ambassador to China. This wish brought McCallum to Epet.com, the second stop of his trip to Chongqing, where Epet.com is headquartered.

Through Epet.com, Canadian and other global brands will have direct access to China's booming pet food market, which is enjoying annual double-digit growth. China is ranked third in the world for dog owners, with more than 27 million dogs as pets. Almost 7% of Chinese households have owned dogs, while around 2% have owned cats.

About Epet.com

Launched in 2009, Epet.com is an independent e-commerce platform launched by Chongqing Epet Technology Co., Ltd. It now sells more than 30,000 pet products consisting of 748 brands with 5 million registered users and 100,000 daily active users.

For more information, visit: http://www.epet.com/aboutus.html

Photo - https://photos.prnasia.com/prnh/20180521/2138503-1

Mon, 21 May 2018 17:35:00 +0800

 12345678910 ..... 

全球新聞股份有限公司 大台灣線上訂房中心 Tra好康 TraNews手機新聞
版權所有 大台灣旅遊網 翻用必究 歡迎全頁連結,但禁止擅自轉貼節錄