Trip.com Group Ltd (TCOM) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Trip.com Group 2023 Fourth Quarter Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加攜程集團2023年第四季業績電話會議。 （操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Michelle Qi, Senior IR Director. Please go ahead.

現在，我想將會議交給今天的第一位發言者，高級投資者關係總監 Michelle Qi。請繼續。

Thank you. Good morning, and welcome to Trip.com Group's Fourth Quarter and Full Year of 2023 Earnings Conference Call. Joining me today on the call are Mr. James Liang, Executive Chairman of the Board; Ms. Jane Sun, Chief Executive Officer; and Ms. Cindy Wang, Chief Financial Officer.

謝謝。早安，歡迎參加攜程集團2023年第四季及全年業績電話會議。今天與我一起參加電話會議的還有董事會執行主席梁建章先生；孫潔女士，執行長；以及財務長 Cindy Wang 女士。

During this call, we will discuss our future outlook and performance, which are forward-looking statements made under the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties, as such, our results may be materially different from the views expressed today. A number of potential risks and uncertainties are outlined in Trip.com Group's public filings with the Securities and Exchange Commission. Trip.com Group does not undertake any obligation to update any forward-looking statements except as required under applicable law.

在本次電話會議中，我們將討論我們未來的前景和業績，這些都是根據美國 1995 年私人證券訴訟改革法的安全港條款做出的前瞻性陳述。攜程集團向美國證券交易委員會提交的公開文件中列出了許多潛在的風險和不確定性。除適用法律要求外，攜程集團不承擔更新任何前瞻性聲明的義務。

James, Jane and Cindy will share our strategy and business updates, operating highlights and financial performance for the fourth quarter of 2023 and the full year of 2023, as well as the outlook for the first quarter of 2024. And we will have a Q&A session after the prepared remarks.

James、Jane 和 Cindy 將分享我們的策略和業務更新、2023 年第四季度和 2023 年全年的營運亮點和財務業績以及 2024 年第一季度的展望。

With that, I will turn the call over to James. James, please.

說完這些，我將把電話轉給詹姆斯。請叫我詹姆斯。

Thank you, Michelle, and thanks, everyone, for joining us on the call today. China's border reopening in 2003 (sic) [2023] has ignited a global travel surge. Our enhanced leadership in product and service has empowered us to significantly outperform the market. In 2023, our core OTA business reached a record high, achieving a GMV of approximately RMB 1.1 trillion, or [USD 160 billion]. This marked a year-over-year increase of nearly 130% and a growth of about 30% compared to 2019. Concurrently, our total net revenue also grew by 122% year-over-year and 25% compared 2019. We significantly improved our adjusted EBITDA margin to 31% in 2023, which is the highest level over the past decade.

謝謝你，米歇爾，也謝謝大家今天參加我們的電話會議。中國於 2003 年 [原文如此]（2023 年）重新開放邊境，引發了全球旅遊熱潮。我們在產品和服務方面的領導地位不斷增強，這使我們能夠顯著超越市場。 2023年，我們的核心OTA業務創下歷史新高，實現GMV約1.1兆元人民幣，約1,600億美元。較去年同期成長近130%，較2019年成長約30%。

In September 2023, we began buying back our own stock using the existing quota. Additionally, the Board has approved the 2024 capital return program, further increasing our overall quota to a total of USD 581 million. This decision demonstrates our strong confidence in the long-term value potential of the company.

2023 年 9 月，我們開始使用現有配額回購自己的股票。此外，董事會批准了2024年資本回報計劃，進一步將我們的整體配額提高至總計5.81億美元。這項決定顯示我們對該公司的長期價值潛力充滿信心。

The China travel market has been growing significantly, with outbound travel playing an increasingly large role due to easier visa access and gradual resumption of international flights. Our global business is also thriving, particularly in the APAC region, reflecting our strengthened market presence and improved product competitiveness. Expanding our international operations with diversified products worldwide remains a key priority for us. As travel demand arises, we also recognize the increasing importance of enhancing our services through exceptional customer service, AI technology and reliable content, we continue to invest in improving user experience. Our commitment to globalization and great quality, collectively known as our G2 strategy, drives us to continuously innovate and improve.

中國旅遊市場持續大幅成長，隨著簽證政策更加寬鬆和國際航班逐步恢復，出境遊在旅遊市場中佔據越來越重要的地位。我們的全球業務也蓬勃發展，尤其是在亞太地區，這反映了我們市場影響力的增強和產品競爭力的提高。透過在全球範圍內提供多元化產品來擴大我們的國際業務仍然是我們的首要任務。隨著旅遊需求的不斷增長，我們也認識到透過卓越的客戶服務、人工智慧技術和可靠的內容來提升我們的服務的重要性日益增加，我們將繼續投資於改善用戶體驗。我們對全球化和卓越的承諾（統稱為 G2 策略）推動我們不斷創新和進步。

The year 2023 marked China's reopening to the world and 2024 will be a year of consolidating and expanding global tourism. Upholding our G2 strategy, we aim to become a leading player in the Asian market and a global market in 3 to 5 years.

2023年是中國重新向世界開放的一年，2024年將是全球旅遊業鞏固和拓展的一年。我們秉承G2策略，力爭用3至5年時間，成為亞洲市場和全球市場的領導企業。

With that, I will turn the call over to Jane for operational highlights.

說完這些，我會把電話轉給 Jane，講述營運亮點。

Thank you, James. Good morning, everyone. As a quick overview, our net revenue in Q4 grew by 104% year-over-year and increased by 24% compared to 2019. During this period, the travel industry witnessed a strong momentum as rising travel sentiment drove growth and supply side constraints continued to ease. Both our hotel and air reservations grew by approximately 130% year-over-year. For the full year of 2023, our total net revenue achieved year-over-year growth of 122% and 25% compared to 2019. This outstanding result was due to the robust release of travel demand and the exceptional performance across all of our business segments. Additionally, our adjusted EBITDA margin in 2023 significantly improved to 31%, reflecting the successful optimization of our cost structure and overall productivity enhancement.

謝謝你，詹姆斯。大家早安。簡單概括一下，我們第四季的淨收入年增 104%，比 2019 年成長 24%。我們的飯店和機票預訂量年增約 130%。 2023年全年，我們的總淨收入年增122%，較2019年成長25%。此外，我們 2023 年的調整後 EBITDA 利潤率大幅提高至 31%，這反映了我們成本結構的成功優化和整體生產力的提高。

Now, let me walk you through different market performance. First, China domestic. In Q4, the China domestic market continued to exhibit robust growth. Our domestic hotel bookings witnessed a year-over-year growth of over 130% or more than 60% compared to 2019. Demand for travel showed no signs of slowing down during the winter season. Popular destinations, such as Harbin in the northern part of the country experienced a surge in visitors. Notably, individuals have been prioritizing travel expenditures over other daily expenses, indicating a shift towards experiential spending.

現在，讓我帶您了解不同的市場表現。第一，中國國內。第四季度，中國國內市場持續呈現強勁成長。我們的國內飯店預訂量年增超過130％，與2019年相比增長了60％以上。北部地區的哈爾濱等熱門旅遊目的地遊客數量激增。值得注意的是，個人越來越優先考慮旅行支出而非其他日常支出，這表明消費正在轉變為體驗式消費。

This change in consumer behavior has significantly favored travel industry as more people allocate their resources towards exploring new places and creating memorable experiences. We have continued to expand our user base among the elderly demographics through the deep integration of product integration, content generation and marketing efforts. In Q4, the number of the users over 50 years old increased by more than 90% compared to 2019. And this is just a beginning to capitalize on the market opportunity for retired community, which has spending power and ample time.

隨著越來越多的人將資源用於探索新地方和創造難忘的體驗，消費者行為的這種變化極大地有利於旅遊業。我們透過產品整合、內容生成和行銷工作的深度融合，不斷擴大老年族群的用戶群。第四季度，50歲以上的用戶數量相比2019年增長了90%以上，而這只是抓住擁有消費能力和充裕時間的退休群體的市場機會的一個開始。

Second, outbound market. Despite the winter seasonality in Q4, outbound travel from China maintained the same level of the recovery as the peak season in Q3. The gradual easing of supply side constraints, such as increased international flight capacity and certain clearance of visa blocks played a significant role in facilitating this positive trend. Chinese travelers continue to exhibit high demand for travel to overseas destinations. Moreover, many countries implemented visa-free policies, specifically targeting at Chinese travelers, further enhancing the appeal of these destinations and fueling their popularities. In Q4, Trip.com Group's outbound air ticket and hotel bookings recovered to more than 80% of pre-pandemic level, surpassing the market overall recovery rate of 60%. Thailand, Singapore, Japan, Korea, Malaysia remain as the top outbound travel destination on our platform.

二是出境市場。儘管第四季進入冬季旺季，但中國出境旅遊仍保持著與第三季旺季相同的復甦水準。國際航班運力增加、簽證限制一定程度放寬等供給面限制的逐步緩解，對推動這一正面趨勢發揮了重要作用。中國遊客對海外旅遊的需求持續強勁。此外，許多國家也針對中國遊客實施了免簽政策，進一步提升了這些目的地的吸引力，提高了其受歡迎程度。第四季度，攜程集團出境機票及飯店預訂量恢復至疫情前80%以上，超過市場整體60%的恢復率。泰國、新加坡、日本、韓國、馬來西亞仍然是我們平台上最熱門的出境旅遊目的地。

Third, global markets. On the international front, we actively enhance our global market presence through the strong synergy of improved products, enhanced services and targeted marketing efforts. We have witnessed a steady growth in APAC region. In Q4, total GMV of our overseas OTA brand grew by more than 70% year-over-year and increased by more than 100% compared to 2019.

第三，全球市場。在國際方面，我們透過改進產品、增強服務和有針對性的行銷努力的強大協同作用，積極提升我們在全球市場的地位。我們見證了亞太地區的穩定成長。第四季度，我們海外OTA品牌的總GMV年成長超過70%，較2019年成長超過100%。

Now, let me walk you through a few strategic highlights. First, globalization. If 2023 was about a return to travel, then 2024 will be the year when people go further than ever before. The travelers become more comfortable and confident, venturing around the world. They are taking to the skies, rails, roads and the seas to experience unforgettable adventures. From music festivals to exotic adventures, travelers are increasingly seeking more than just a typical gateway. They are craving for immersive cultural experiences, thrilling adventures and music euphoria, all valuing meaningful connections and quality times with their families and friends. In light of this evolving travel preference, Trip.com Group is providing comprehensive travel information and insights, as well as expanding our global offering in products and services. Recognizing that the total addressable market in the major Asia regions is larger than that of China. Our goal is to further expand our business scale by establishing ourselves as the leading player in Asia market and the global market with the next 3 to 5 years.

現在，讓我向大家介紹幾個策略亮點。第一，全球化。如果說 2023 年是旅行回歸的一年，那麼 2024 年將是人們旅行比以往走得更遠的一年。旅行者變得更加舒適和自信，可以環遊世界。他們在天空、鐵路、公路和海洋上經歷難忘的冒險。從音樂節到異國探險，旅行者越來越不再只是尋求一個典型的門戶。他們渴望身臨其境的文化體驗、驚心動魄的冒險和音樂帶來的快感，也珍惜與家人和朋友之間的有意義的聯繫和美好的時光。鑑於這種不斷變化的旅遊偏好，攜程集團正在提供全面的旅遊資訊和見解，並擴大我們全球的產品和服務範圍。認識到亞洲主要地區總目標市場比中國更大。我們的目標是在未來3到5年進一步擴大業務規模，成為亞洲市場和全球市場的領導者。

Our global OTA platform currently operates in 39 countries and regions across Asia, Europe and the rest of the world. We offer users a wide range of travel options through our one-stop model with our exceptional 24/7 multilingual in-house customer service and global SOS support, our global users can receive immediate assistance through our AI chatbot or connect with live representatives within an average time of 30 seconds only. Over 60% of our global bookings are made directly through Trip.com. We have been successfully gaining mind share and market share in the key Asia regions, including Hong Kong, Singapore, Korea, Japan, Thailand and Malaysia.

我們的全球OTA平台目前涵蓋亞洲、歐洲及世界其他地區39個國家和地區。我們透過一站式模式為用戶提供廣泛的旅行選擇，並提供卓越的全天候多語言內部客戶服務和全球 SOS 支持，我們的全球用戶可以透過我們的 AI 聊天機器人獲得即時幫助，或在平均 30 秒內與現場代表聯繫。我們全球超過 60% 的預訂都是直接透過 Trip.com 完成的。我們已成功贏得香港、新加坡、韓國、日本、泰國和馬來西亞等亞洲主要地區的心智份額和市場份額。

Second, inbound market. China inbound travel is an untapped opportunity. Inbound tourism plays a vital role in country's economy. For tourism-dependent countries, such as Thailand, inbound travel can contribute to more than 10% of its GDP. For developed nation, inbound travel can contribute to around 1% to 3% of its GDP. China's current level is less than 0.5%. If China can reach a global average between 1% to 2%, it would unlock a great market potential of another RMB 1.5 trillion to RMB 2 trillion market.

第二，入境市場。中國入境旅遊是一個尚未開發的機會。入境旅遊在國家經濟中發揮著至關重要的作用。對於泰國等依賴旅遊業的國家來說，入境旅遊可貢獻其GDP的10%以上。對已開發國家來說，入境旅遊可貢獻其GDP的1%至3%左右。中國目前水準還不到0.5%。如果中國能夠達到全球1%至2%的平均水平，那麼將釋放出另外1.5兆至2兆人民幣的龐大市場潛力。

Recognizing the importance of inbound travel, China has included in its integral part of its 14th 5-year plan, the government has taken steps to facilitate inbound tourism by granting visa-free access, making travel more convenient for international visitors. China has extended its visa-free policies to citizens from 10 countries so far, including France, Germany, Italy, the Netherlands, Spain, Ireland, Switzerland, Singapore and Malaysia and Thailand. Since the implementation of this visa-free policy, there has been a remarkable increase in inbound travel to China from these countries with a rising of nearly 30% in December when compared to November as reported by Chinese National Immigration Administration.

中國政府認識到入境旅遊的重要性，將其納入「十四五」計畫的重要組成部分，並採取措施，透過免簽證入境等方式促進入境旅遊，為國際遊客的旅行提供更多便利。目前，中國已將免簽政策擴大至10個國家的公民，包括法國、德國、義大利、荷蘭、西班牙、愛爾蘭、瑞士、新加坡、馬來西亞和泰國。自這項免簽政策實施以來，上述國家的入境遊人數大幅增加，中國國家移民管理局數據顯示，12月份來自上述國家的入境遊人數較11月份增加近30％。

In 2023, Trip.com has already observed a significant surge in visitor numbers with a 4-digit increase compared to 2022. Moreover, government is making progress in many areas, such as simplifying visa application process, facilitating foreign credit card payments and enabling online travel reservation with foreign passports. We anticipate that the forthcoming inbound tourism policy will bring about favorable changes, creating new opportunities for the industry. With Trip.com Group's extensive customer reach and a robust supply chain, we are well prepared to capitalize on the future growth of inbound travel.

2023年，Trip.com已觀察到遊客數量大幅增長，與2022年相比增長了4位數。我們預期即將推出的入境旅遊政策將帶來利多變化，為產業創造新的機會。憑藉攜程集團廣泛的客戶覆蓋範圍和強大的供應鏈，我們已做好充分準備利用未來入境遊的成長機會。

Third, AI. The integration of artificial intelligence has emerged as a transformational force, revolutionizing the way we experience and navigate the world. Since the emergence of the large language models in early 2023, we have been actively exploring the potential of these new technologies to make travel more convenient, personalized and memorable for everyone. Our AI assistant, TripGenie is revolutionizing trip planning with personalized itineraries, instant bookings and a rapid response to queries, utilizing natural language processing to -- and our extensive travel data, we aim to simplify the travel planning and reservation process.

第三，人工智慧。人工智慧的融合已經成為一股變革力量，徹底改變了我們體驗和探索世界的方式。自 2023 年初大型語言模型出現以來，我們一直在積極探索這些新技術的潛力，讓每個人的旅行更加便利、個人化和難忘。我們的人工智慧助理 TripGenie 正在透過個人化行程、即時預訂和快速回應查詢徹底改變旅行計劃，利用自然語言處理以及我們廣泛的旅行數據，我們的目標是簡化旅行計劃和預訂流程。

Our focus is on the constant enhancement of our model to align with users' behavior and data, providing seamless and hassle-free travel experience. Additionally, Trip.com offers AI-driven travel recommendations to improve booking experiences. These dynamic lists aim to meet diverse needs of users, utilizing the latest travel trends, real-time pricing information and top-rated options. This not only enable our partners to showcase their offering, but also provides users with reliable insights for informed decision-making. We remain dedicated to enhancing our capability alongside the advancements in the AI technology as we firmly believe in its potential to drive exponential growth.

我們專注於不斷改進我們的模型，以適應用戶的行為和數據，提供無縫、無憂的旅行體驗。此外，Trip.com 還提供人工智慧驅動的旅遊建議，以改善預訂體驗。這些動態清單旨在利用最新的旅行趨勢、即時價格資訊和最受好評的選項來滿足用戶的多樣化需求。這不僅使我們的合作夥伴能夠展示他們的產品，而且還為用戶提供可靠的見解以便做出明智的決策。我們始終致力於隨著人工智慧技術的進步而提升我們的能力，因為我們堅信它具有推動指數級成長的潛力。

Fourth, corporate responsibility. Our travel industry has shown remarkable resilience in the face of pandemic. As we navigate this recovery, our commitment to deliver high end, high-quality customer experiences remain crucial. Equally important is our dedication to contributing to the growth of our partners in the industry as a whole. We recognize the significance of our role in not only providing exceptional services, but also in fostering economic growth and achieving common prosperity. By creating more job opportunities and actively contributing to economic development, we strive to make a positive impact on the communities we serve. Therefore, we are firmly committed to embracing sustainability as a fundamental component of our long-term growth strategy.

第四，企業責任。面對疫情，我們的旅遊業展現了非凡的韌性。在我們推動復甦的過程中，我們致力於提供高端、高品質的客戶體驗仍然至關重要。同樣重要的是，我們致力於為整個產業合作夥伴的發展做出貢獻。我們認識到我們的角色不僅在提供卓越服務方面具有重要意義，而且在促進經濟成長和實現共同繁榮方面也具有重要意義。透過創造更多的就業機會並積極促進經濟發展，我們努力對我們服務的社區產生積極影響。因此，我們堅定地致力於將永續性作為我們長期成長策略的基本組成部分。

At Trip.com Group, we developed a sustainability strategy that prioritize customer service quality, aiming to promote the sustainable development of our industry through community-friendly, environmental-friendly, family-friendly and stakeholder-friendly guidelines. First, on community-friendly. We firmly recognize the sustainable tourism is a driving force of economic growth and job creation. According to World Travel & Tourism Council's forecast, the sector will contribute to USD 15.5 trillion to GDP by 2033, representing 11% -- 11.6% of the global economy. Moreover, it will employ approximately 430 million people around the world with nearly 12% of the global workforce. Trip.com Group takes a comprehensive approach to foster sustainable development within the travel industry.

在攜程集團，我們制定了以客戶服務品質為優先的永續發展策略，旨在透過社區友善、環境友善、家庭友善和利害關係人友善的準則來促進產業的永續發展。第一，對社區友善。我們堅定地認識到永續旅遊業是經濟成長和創造就業的驅動力。根據世界旅遊業理事會預測，到2033年，旅遊業對GDP的貢獻將達到15.5兆美元，佔全球經濟的11%-11.6%。此外，它將在全球僱用約4.3億人，佔全球勞動力的近12%。攜程集團採取全方位措施促進旅遊業的永續發展。

As part of our commitment to support the driving growth in the local communities, we have made sustainable investments in our rural revitalization strategy. This strategy focuses to bolstering tourism by constructing high-end accommodation and providing training for tourism professionals, thereby stimulating economic growth and development in remote areas. Notably, the number of Trip.com Group country retreats has increased from 8 to 27 over the past year. The annual per capita income of the local residents involved in the country retreats have risen by over RMB 40,000. This economic growth contributes to achievement of the common prosperity, enable more individuals to start their own business and secure employment opportunity within their community, ultimately contributing to an improved quality of life.

作為我們支持當地社區快速發展的承諾的一部分，我們對鄉村振興策略進行了永續投資。該策略致力於透過建立高端住宿和培訓旅遊專業人員來促進旅遊業的發展，從而刺激偏遠地區的經濟成長和發展。值得注意的是，過去一年來，攜程集團的鄉村度假目的地數量從8個增加到27個。參加鄉村旅遊的當地居民人均年收入增加4萬元以上。這種經濟成長有助於實現共同繁榮，使更多的人能夠創業並在其社區內獲得就業機會，最終有助於改善生活品質。

Second, environmental-friendly. To show our commitment to environmental preservation, we have introduced to our carbon hotel standard in 2023. This industry framework collaborates with our hotel partners to enhance accommodation sustainability and promote environmental protection. The initiative has yield promising results with over 1,500 partners being recognized as low carbon hotels. Furthermore, we have made significant strides towards providing sustainable travel choices across all of our business lines.

第二，環境友善。為了表明我們對環境保護的承諾，我們於 2023 年引入了碳酒店標準。該計劃已取得可喜成果，目前已有超過 1,500 家合作夥伴被認定為低碳酒店。此外，我們在為所有業務線提供可持續的旅行選擇方面取得了重大進展。

In addition to green hotel initiatives, we have also introduced green flight program, which enable travelers to qualify and offset carbon footprint of their air travels and provide eco-friendly travel option to help reduce environment impact. Through green vehicle initiatives, we advocate for the use of electric vehicles, or EVs, to reduce carbon emission in ground transportation. We also launched an innovative green corporate travel initiative, which includes low carbon labels for flights, cars, trains and hotel supported by robust system for precise carbon emission calculation. In the previous year alone, over 16 million customers of Trip.com Group chose to use green products.

除了綠色酒店計劃外，我們還推出了綠色航班計劃，使旅客能夠符合和抵消其航空旅行的碳足跡，並提供環保的旅行選擇，以幫助減少對環境的影響。透過綠色汽車計劃，我們提倡使用電動車來減少地面交通的碳排放。我們還推出了創新的綠色企業旅行計劃，其中包括航班、汽車、火車和酒店的低碳標籤，並由強大的系統支援精確的碳排放計算。光是去年，攜程集團就有超過1,600萬名客戶選擇使用綠色產品。

Third, family-friendly. Trip.com Group placed great importance on family-friendly initiatives to strive to create agenda inclusive and diverse workforce. Currently, senior employees make up more than 50% of our workforce, reflecting our commitment to fostering a balanced environment. We have implemented policies to support pregnant employees. Starting from 2023, employees who have been with our company for 3 years plus can receive a child care subsidy of RMB 50,000 for each child. Furthermore, Trip.com Group is proud to be the first company in China to adopt hybrid work model. We believe this approach, not only enhance employee satisfaction, but also promote productivity and creativity within our organization.

第三，家庭友善。攜程集團高度重視家庭友善舉措，致力於打造包容、多元化的員工隊伍。目前，高階員工占我們員工總數的 50% 以上，這反映了我們致力於營造平衡的環境的承諾。我們實施了支持懷孕員工的政策。自2023年起，在公司工作3年以上的員工，每養育一個孩子，可享有5萬元的育兒補貼。此外，攜程集團很自豪能夠成為中國第一家採用混合工作模式的公司。我們相信這種方法不僅可以提高員工滿意度，還能提高組織內的生產力和創造力。

Fourth, stakeholder-friendly. We strive to put our customers first, providing exceptional services and value, meeting their needs and ensuring their satisfaction. Second, we are committed to delivering great value to our partners, contributing to the growth of our industry and collectively creating more job opportunities for the society. And thirdly, we work hard to create value for our employees and shareholders, fostering a positive and rewarding environment to allowing them to strive and benefit from our success.

第四，利害關係人友善。我們努力將客戶放在第一位，提供卓越的服務和價值，滿足他們的需求並確保他們的滿意度。第二，我們致力於為合作夥伴創造巨大價值，為產業發展做出貢獻，並共同為社會創造更多的就業機會。第三，我們努力為員工和股東創造價值，創造積極向上、回報豐厚的環境，讓他們能夠為我們的成功而奮鬥、並從中受益。

In conclusion, the travel industry has been thriving since the start of 2023 driven by strong demand. We expect the industry to continue flourishing, foster economic growth and cross-cultural connections. In light of this positive outlook, we are committed to innovating and strengthening our global offering to capitalize on these trends. We are confident in our ability to contribute to the growth and the success of the travel industry in many years to come.

總而言之，在強勁需求的推動下，旅遊業自 2023 年初以來一直蓬勃發展。我們期望該行業繼續蓬勃發展，促進經濟成長和跨文化聯繫。鑑於這種積極的前景，我們致力於創新和加強我們的全球產品，以利用這些趨勢。我們有信心在未來的許多年裡為旅遊業的成長和成功做出貢獻。

With that, I will now turn the call to Cindy.

說完這些，我現在將電話轉給 Cindy。

Thanks, Jane. Good morning, everyone. For the fourth quarter of 2023, Trip.com Group reported a net revenue of RMB 10.3 billion, representing a 105% increase year-over-year and a 25% decrease quarter-over-quarter. Despite the sequential decrease, which was mainly due to normal seasonality, the revenue was still 24% higher than the 2019 level. For the full year of 2023, net revenue reached RMB 44.5 billion, representing a 122% increase year-over-year and a 25% increase from 2019. This growth was mainly driven by the strong release of travel demand following China's reopening at the beginning of the year.

謝謝，簡。大家早安。 2023年第四季，攜程集團淨營收為人民幣103億元，年增105%，季減25%。儘管由於正常的季節性原因，收入環比下降，但仍比 2019 年的水平高出 24%。 2023年全年淨營收達人民幣445億元，年增122%，較2019年成長25%。

Accommodation reservation revenue for the fourth quarter reached RMB 3.9 billion, representing a 131% increase year-over-year and a 32% growth compared to the 2019 level. In the fourth quarter, China market continued to demonstrate robust growth. Domestic hotel bookings grew over 60% above the pre-pandemic level, and outbound hotel booking remained at more than 80% of the pre-pandemic level. In addition, hotel bookings on overseas platform continued to show triple-digit growth. For the full year of 2023, accommodation reservation revenue totaled to RMB 17.3 billion, marking a 133% increase from 2022 and 28% increase from 2019.

第四季住宿預訂收入達39億元，年增131%，較2019年成長32%。第四季度，中國市場持續呈現強勁成長。國內飯店預訂量較疫情前成長60%以上，出境飯店預訂量仍維持在疫情前的80%以上。此外，海外平台飯店預訂量持續呈現三位數的成長。 2023年全年住宿預訂收入達173億元，較2022年成長133%，較2019年成長28%。

Transportation ticketing revenue for the fourth quarter was RMB 4.1 billion, representing an 86% increase year-over-year and an 18% growth compared to 2019. For the full year of 2023, transportation ticketing revenue was RMB 18.4 billion, representing a 123% increase from 2022 and a 32% increase from 2019. The growth was mainly due to the strong growth in our domestic and global air ticketing business and robust recovery in outbound -- of outbound air ticketing bookings.

第四季交通票務收入為人民幣 41 億元，同比增長 86%，比 2019 年增長 18%。 2023 年全年交通票務收入為人民幣 184 億元，較 2022 年增長 123%，較 2019 年增長 32%。

Packaged tour revenue for the fourth quarter was RMB 704 million, representing a 329% increase year-over-year and recovering to 88% of the 2019 level. In the fourth quarter, domestic packaged tour continued to outgrow the 2019 level. On the other hand, the recovery in outbound packaged tour is still lagging behind, but the gap has been significantly narrowing. For the full year of 2023, packaged tour revenue was RMB 3.1 billion, representing a 294% increase from 2022 and recovering to 69% of the 2019 level.

第四季旅遊度假收入為人民幣7.04億元，年增329％，恢復至2019年水準的88％。第四季度，國內度假遊持續超過2019年的成長水準。另一方面，出境復甦步伐雖仍相對滯後，但差距已明顯縮小。 2023年全年，旅遊度假收入為人民幣31億元，較2022年成長294%，恢復至2019年水準的69%。

Corporate travel revenue for the fourth quarter was RMB 634 million, representing a 129% increase year-over-year, which is 70% higher than the 2019 level. Air ticket bookings has increased by double digits compared to the 2019 level, while hotel bookings have more than tripled the 2019 level. For the full year of 2023, corporate travel revenue was RMB 2.3 billion, representing a 109% increase from 2022 and an 80% increase from 2019.

第四季商旅管理收入為人民幣6.34億元，年增129%，較2019年水準高出70%。機票預訂量較2019年增加了兩位數，飯店預訂量較2019年增加了三倍多。 2023年全年商旅營收為人民幣23億元，較2022年成長109%，較2019年成長80%。

Excluding share-based compensation charges, our total adjusted operating expenses were 17% lower than the previous quarter and 1.6% higher than the same period in 2019. For the full year of 2023, total adjusted operating expenses were 8% higher than the 2019 level.

不包括股權激勵費用，我們的調整後總營運費用比上一季下降 17%，比 2019 年同期成長 1.6%。

Adjusted product development expenses for the fourth quarter decreased by 19% from the previous quarter and increased by 10% compared with the same period in 2019. Adjusted G&A expenses for the fourth quarter decreased by 16% from the previous quarter and decreased by 1% from the same period in 2019. For the full year of 2023, the combined total of adjusted product development expenses and adjusted G&A expenses were 15% higher than the 2019 level. The total head count of our product development and G&A teams remained significantly lower than during the same period in 2019.

第四季調整後產品開發費用季減 19%，較上季 2019 年同期成長 10%。我們的產品開發和一般及行政管理團隊的總人數仍明顯低於 2019 年同期。

Adjusted sales and marketing expenses for the fourth quarter decreased by 15% from the previous quarter and decreased by 6% compared with the same period of 2019. For the full year of 2023, adjusted sales and marketing expenses as a percentage of net revenue was 20% compared to 26% during the same period in 2019. This was mainly due to improved marketing efficiencies and a strong release of [standard] demand at the beginning -- from beginning of the year.

第四季調整後的銷售和行銷費用較上季下降 15%，較上季下降 6%。

Adjusted EBITDA for the fourth quarter was RMB 2.9 billion, representing a growth of 899% year-over-year and 117% compared to 2019. Adjusted EBITDA margin for the fourth quarter was 28% in comparison to 6% in the same period of 2022 and 16% during the same period of 2019. For the full year of 2023, adjusted EBITDA was RMB 14 billion, representing a growth of 550% year-over-year and an increase of 78% compared to 2019. Adjusted EBITDA margin for the full year of 2023 was 31% compared to 11% in 2022 and 22% in 2019.

第四季調整後EBITDA為人民幣29億元，年增899%，較2019年成長117%。第四季調整後EBITDA利潤率為28%，2022年同期為6%，2019年同期為16%。 ITDA利潤率為31%，2022年為11%，2019年為22%。

Diluted earnings per ordinary share and per ADR -- per ADS were RMB 1.94 or USD 0.27 for the fourth quarter of 2023. Excluding share-based compensation charges and fair value changes of equity security investments and exchangeable senior notes, non-GAAP diluted earnings per ordinary share and per ADS were RMB 4 or USD 0.56 for the fourth quarter. For the full year of 2023, diluted earnings per ordinary share and per ADS were RMB 14.78 or USD 2.08. Excluding share-based compensation charges and fair value changes of equity security investments and exchangeable senior notes, non-GAAP diluted earnings per ordinary share and per ADS were RMB 19.48 or USD 2.74.

2023 年第四季每股普通股和每股 ADS 攤薄收益為 1.94 元人民幣或 0.27 美元。 2023年全年每股普通股及每股美國存託憑證攤薄收益為人民幣14.78元或2.08美元。剔除股權激勵費用、股權投資及可交換優先票據的公允價值變動，非美國通用會計準則下每股普通股及每股美國存託憑證攤薄收益為 19.48 元人民幣或 2.74 美元。

As of December 31, 2023, the balance of cash and cash equivalents, restricted cash, short-term investment, held-to-maturity time deposit and financial products was RMB 77 billion or USD 10.9 billion.

截至2023年12月31日，現金及現金等價物、受限現金、短期投資、持有至到期定期存款及理財產品餘額為人民幣770億元或109億美元。

Given that the rapid business growth this year has significantly strengthened the Group's cash flow, as we strongly believe that the company share price is undervalued. As of February 22, 2024, we repurchased USD 224 million of our shares and reduced our share count by approximately 1% versus 2022. According to the regular capital return policy, the Board of Directors has recently granted authorization for the company to implement strategic capital return initiatives. These initiatives may encompass discretional annual share repurchase, discretional annual cash dividends or a combination of both. This reflects our dedication to our shareholders' investment and our belief in the strong long-term prospects of our business and the travel industry.

由於今年業務的快速成長顯著增強了集團的現金流，我們堅信公司股價被低估。截至 2024 年 2 月 22 日，我們回購了 2.24 億美元的股票，並將股票數量與 2022 年相比減少了約 1%。這些舉措可能包括酌情年度股票回購、酌情年度現金股利或兩者結合。這體現了我們對股東投資的奉獻精神以及我們對我們的業務和旅遊業長期強勁前景的信心。

To conclude, we are delighted that the travel market has been recovering significantly. Our performance has effectively reflect the rising consumer confidence and demand for travel. We are committed to drive strong growth in 2024, along with the continued upward trajectory in the travel market and most importantly, to create value for our long-term shareholders.

總而言之，我們很高興看到旅遊市場正在顯著復甦。我們的業績有效反映了消費者信心和旅遊需求的不斷提升。我們致力於在 2024 年實現強勁成長，同時保持旅遊市場的持續上升趨勢，最重要的是為我們的長期股東創造價值。

With that, operator, please open the line for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions) Our first question will come from the line of Joyce Ju from Bank of America.

(操作員指示) 我們的第一個問題來自美國銀行的 Joyce Ju。

Congrats on the strong results. This quarter, the company's international platform, Trip.com actually saw another robust quarter. And the management also mentioned a lot in your opening remark that the globalization is actually our importance, like in a long-term goal. Could you kindly elaborate a little bit more on this front? What's the Trip.com's current achievement, more details? Any color will be fine. And the near-term, midterm, even longer-term goals and also the consequence strategies to achieve that. How would you -- how would your G2 strategy help to reach this goal?

恭喜您取得如此優異的成績。本季度，該公司的國際平台Trip.com實際上又迎來了強勁成長。管理階層在開場白中也多次提到全球化其實是我們的重要目標，就像一個長期目標。能否就這一點進一步詳細說明？ Trip.com 目前取得了什麼成績，可以透露更多細節嗎？任何顏色都可以。以及近期、中期甚至長期目標以及實現這些目標的最終策略。您的 G2 策略將如何幫助實現這一目標？

Our G2 strategy focuses on globalization and great quality. We believe our long-term growth relies on the progression of our globalization strategy, which aims to build global products, supply chains, services and technology for worldwide users. Asia is a top travel destination for travelers from China and other parts of the region. By leveraging our strong supply chain, diverse product offering and industry-leading service and technology, we strive to provide exceptional service for users in Asia and subsequently around the world.

我們的G2策略著重全球化和卓越品質。我們相信，我們的長期成長依賴於我們的全球化策略的進展，該策略旨在為全球用戶打造全球產品、供應鏈、服務和技術。亞洲是中國和其他地區遊客的首選旅遊目的地。透過利用我們強大的供應鏈、多樣化的產品供應和業界領先的服務和技術，我們致力於為亞洲乃至全世界的用戶提供卓越的服務。

With respect to great quality, our mission is to provide the best travel experience with the best technology. For example, we have introduced TripGenie, an AI-based travel assistant to enhance the travel planning experience. We're also using AI to improve the efficiency of our customer service, content generation and IT operations.

對於卓越品質，我們的使命是透過最好的技術提供最好的旅行體驗。例如，我們推出了基於人工智慧的旅行助理TripGenie，以增強旅行計畫體驗。我們也正在使用人工智慧來提高客戶服務、內容生成和 IT 營運的效率。

(Operator Instructions) And our next question will come from the line of Alex Poon from Morgan Stanley.

(操作員指示)我們的下一個問題來自摩根士丹利的 Alex Poon。

Congratulations management for a very strong quarter. My question is regarding our recent business performance, particularly around Chinese New Year and after for different segments, including domestic, outbound and Trip.com. And how should we elaborate or extrapolate from this strong CNY performance into Q1 and the rest of the year?

恭喜管理層本季取得非常強勁的業績。我的問題是有關我們最近的業務表現，特別是在農曆新年期間及之後不同部門的表現，包括國內、出境和Trip.com。那麼，我們該如何闡述或推斷人民幣在第一季及今年剩餘時間內的強勁表現呢？

Alex, as of 2023, our business has fully rebounded to pre-COVID levels. From this year forward, we will stop using 2019 as a benchmark for comparison except for our outbound travel segment. With regard to the recent performance, let me start with the market performance. The China travel market has shown strong momentum quarter-to-date, especially during the Chinese New Year. A number of domestic tourists grew by 34% year-over-year or 19% above the 2019 level, and outbound travel continues to recover with slight capacity during the Chinese New Year holiday reaching around 70% of the 2019's level.

亞歷克斯，截至 2023 年，我們的業務已完全恢復到疫情之前的水平。從今年開始，除了出境旅遊領域，我們將不再使用2019年作為比較基準。對於近期的表現，我先從市場的表現說起。本季迄今為止，中國旅遊市場表現出強勁勢頭，尤其是在農曆新年期間。國內旅客數量年增34％，比2019年增長19％，出境遊繼續復甦，春節假期期間的運力略有回升，達到2019年水準的70％左右。

And we are very happy to see that the several -- see that several countries have now offering visa-free entry for Chinese travelers. With regard to our own performance, our company continues to outpace the market growth, solidifying our position and gaining a significant market share. During the recent Chinese New Year holiday, our domestic hotel and air reservations have increased by more than 60% and 50% year-over-year, respectively. And our outbound hotel and air reservations have both surpassed the 2019's level.

我們非常高興地看到，現在有幾個國家已經提供中國遊客免簽證入境優惠。就我們自身的業績而言，我們公司繼續領先於市場成長，鞏固了我們的地位並獲得了顯著的市場份額。剛過去的春節假期，我們國內飯店和機票預訂量較去年同期分別成長了60%以上和50%。我們的出境飯店和機票預訂量都超過了2019年的水準。

The January of 2023, including the Chinese New Year holiday with a low base for travel activities and the travel momentum only started to pick up after the Chinese New Year. Therefore, we anticipate a stronger year-over-year growth in the first half of Q1 this year and followed by a comparatively softer second half just because of the high base. And with regard to the international markets, our Trip.com business has maintained a mid- to high double-digit year-over-year growth. Therefore, we continuously to see a very strong growth in the travel market.

2023年1月，包括農曆新年假期，出行基數較低，春節後出行動能才開始回升。因此，我們預計今年第一季的年成長將更加強勁，而下半年由於基數較高，成長將相對疲軟。在國際市場方面，我們的Trip.com業務維持了中高兩位數的年成長。因此，我們持續看到旅遊市場強勁成長。

And our next question will come from the line of Alex Yao from JPMorgan.

我們的下一個問題來自摩根大通的 Alex Yao。

So the Civil Aviation Administration of China, i.e., CAAC has projected that the outbound flight capacity will reach 80% of pre-COVID levels by the end of 2024. This seems relatively slow considering that the capacity has already reached 70% during the Chinese New Year holiday. From your perspective, what factors might contribute to this slow recovery? When does management anticipate a full recovery in the outbound travel sector?

因此，中國民航局（CAAC）預測，到 2024 年底，出境航班運力將達到疫情前水準的 80%。從您的角度來看，哪些因素可能導致復甦緩慢？管理階層預計出境旅遊業何時能全面復甦？

Alex, we hold a very strong confidence in the full recovery of outbound travel. Firstly, our platform has observed a significant search interest in the outbound travel, which indicates a robust demand from our users. Furthermore, China is becoming increasingly open to attract inbound tourism, which forms a part of the demand for China-related international travel. Secondly, the market supplier situation is improving. We have noticed a steady recovery in the number of inbound and outbound flights. Additionally, visa policy has become increasingly favorable. For instance, we observed that the market offering visa-free policies to Chinese travelers showed much better recovery during the Chinese New Year period compared to other destinations.

Alex，我們對出境旅遊的全面復甦抱持著非常強烈的信心。首先，我們的平台發現出境遊的搜尋興趣顯著，這顯示我們的用戶需求強勁。此外，中國正日益開放吸引入境旅遊，這是與中國相關的國際旅遊需求的一部分。其次，市場供應情勢不斷改善。我們注意到，進出港航班數量正在穩定恢復。此外，簽證政策也越來越優惠。例如，我們觀察到，在農曆新年期間，為中國遊客提供免簽證政策的市場與其他目的地相比復甦得更好。

And lastly, it's important to note that the most markets outside of China are project to require 2 to 3 years to fully recover their international travel. Even the 70% to 80% recovery of outbound passenger volume in 2024 will indicate a year-over-year growth of approximately 65% to 90%. This clearly illustrates the potential for the strong growth in outbound travel in the coming year. And with our own data, during the recent Chinese New Year holiday, our Group already saw outbound air and hotel reservations fully bounced back and beyond the 2019 level.

最後，值得注意的是，中國以外的大多數市場預計需要 2 到 3 年的時間才能完全恢復其國際旅行。即使2024年出境客運量恢復70%至80%，也將帶來約65%至90%的年成長。這清楚地表明了未來一年出境旅遊強勁增長的潛力。根據我們自己的數據，在最近的農曆新年假期期間，我們集團已看到出境機票和酒店預訂量全面反彈，並超過了2019年的水平。

(Operator Instructions) And our next question is from the line of Jiong Shao from Barclays.

(操作員指示)我們的下一個問題來自巴克萊銀行的邵炯 (Jiong Shao)。

And firstly, Happy New Year to you all. Yes. So there are a lot of cross-currents in the Chinese economy today, as you know. I mean, the property market, the stock market are doing terribly, people's confidence is very low. Economy is kind of soft. You have put up very, very strong results and congrats on that. I was just wondering, in Q4 and so far in Q1, what have you seen in terms of travelers spending behavior, leisure travel or business travel. Are they spending less, spending the same or in terms of changes in destination? Anything you can share would be great.

首先祝大家新年快樂。是的。如你所知，當今中國經濟中存在著許多逆流。我的意思是，房地產市場、股市表現很糟糕，人們的信心非常低落。經濟有點疲軟。您已經取得了非常非常好的成績，對此我表示祝賀。我只是想知道，在第四季度以及到目前為止的第一季度，您在旅行者消費行為、休閒旅行或商務旅行方面看到了什麼。他們的支出是減少了、維持不變還是目的地改變了？如果您能分享任何內容那就太好了。

China is a very big country. There are a lot of different segments. We have seen that certain segments, such as entertainment, music festivals, wellness and travel, these segments are doing very well. We have seen customers have increased their travel demand based on our search volume on our platform. Many customers are going to different places, both domestically and to the rest of the world. The interest for our customers to explore different regions in the world have been enhanced compared to pre-COVID level. With the easiness of travel restrictions and also gradual recovery for the visa applications and flight capacity, we are hoping 2024 will be the year that we can take more customers to travel within China and to the rest of the world. So the travel demand is very strong, and we are very committed to provide the best service and products to our customers.

中國是一個非常大的國家。有很多不同的部分。我們看到某些領域，例如娛樂、音樂節、健康和旅遊，這些領域表現非常好。我們發現客戶根據我們平台上的搜尋量增加了旅行需求。許多顧客要去不同的地方，既有國內的，也有世界其他地方的。與疫情之前相比，我們的客戶探索世界不同地區的興趣有所增強。隨著旅行限制的放寬以及簽證申請和航班運力的逐步恢復，我們希望 2024 年能夠帶領更多客戶在中國境內和世界其他地區旅行。因此旅遊需求非常強勁，我們致力於為客戶提供最好的服務和產品。

(Operator Instructions) And our next question comes from the line of Simon Cheung from Goldman Sachs.

(操作員指示)我們的下一個問題來自高盛的 Simon Cheung。

Happy New Year, everyone. I just have one quick question in relation to the margins. I think if you look in the prior several years on a sequential basis, obviously, fourth quarter seasonally weaker, we should see some sort of margin contraction. And we have seen that as well in your fourth quarter results. However, I think the magnitude of correction like when I look at quarter-on-quarter, the EBIT margins are falling by roughly about 6%, 7% compared to historically, maybe almost like mid-teens. It's seemingly tracking a bit better than anticipated. So, I guess, the question I have is, we have seen quite a few quarters of sales and marketing expenses tracking well below the 2019 level. And I just wanted to question how you're thinking about the trend, especially given incrementally there might be more spending to be incurred maybe in the overseas market now that you have a more aggressive globalization strategy?

大家新年快樂。我只想問一個與利潤有關的簡單問題。我認為，如果以連續方式回顧前幾年，顯然第四季度受季節性因素影響較弱，我們應該會看到某種程度的利潤率收縮。我們在你們第四季的業績中也看到了這一點。然而，我認為調整的幅度就像我看季度環比時一樣，與歷史水準相比，息稅前利潤率大約下降了 6% 到 7%，可能幾乎達到了十五六個百分點。它的追蹤效果似乎比預期要好一些。所以，我想，我的問題是，我們已經看到相當多季度的銷售和行銷費用遠低於 2019 年的水平。我只是想問一下，您是如何看待這種趨勢的，尤其是考慮到現在您有了更積極的全球化策略，在海外市場上可能會逐步產生更多的支出？

Simon, with regards to the sales and marketing expenses, in the fourth quarter last year, we have seen a significant improvement in our marketing efficiencies, primarily due to our enhanced conversion, as well as the internal cross-selling initiatives. And on top of that, we also make a lot of investment in, for example, the content generation, which also significantly helped us to improve the marketing efficiencies. And our long-term goal is to further enhance the marketing efficiencies in both China, as well as our international markets by focusing on increasing our direct traffic, as well as to improving our cross-selling within our platform. But, of course, for the international Trip.com business, we are also looking at the opportunity to further enhance our brand awareness outside of the China market.

西蒙，關於銷售和行銷費用，去年第四季度，我們的行銷效率有了顯著提高，這主要歸功於我們轉換率的提高，以及內部交叉銷售措施。除此之外，我們還在內容生成等方面投入了大量資金，這也大大幫助我們提高了行銷效率。我們的長期目標是透過專注於增加直接流量以及改善平台內的交叉銷售來進一步提高中國和國際市場的行銷效率。但當然，對於Trip.com的國際業務，我們也在尋找機會進一步提高我們在中國市場以外的品牌知名度。

(Operator Instructions) And our next question will come from the line of Brian Gong from Citi.

(操作員指示)我們的下一個問題來自花旗銀行的 Brian Gong。

James, Jane, Cindy and Michelle, Happy New Year. My question is also regarding our international platform, Trip.com, which has recorded strong growth. Could you provide a bit more details on Trip.com's like global footprint, GMV and the revenue contribution, as well as profitability? Also, what are primary markets that Trip.com focus on? And what are Trip.com's key competitive advantages in those markets versus its competitors?

詹姆斯、珍、辛蒂和米歇爾，新年快樂。我的問題還涉及我們的國際平台Trip.com，該平台實現了強勁增長。您能否提供一些有關Trip.com的全球足跡、GMV和收入貢獻以及盈利能力的更多細節？另外，Trip.com 關注的主要市場是什麼？與競爭對手相比，Trip.com 在這些市場的主要競爭優勢是什麼？

We anticipate that the Trip.com will contribute 15% to 20% of the Group's total revenue over the next 3 to 5 years with a mid- to high double-digit CAGR growth. And we believe that the Trip.com growth is built upon our robust product logistics, supply chains, service standard, as well as technologies that we applied across various geographical regions. Our Trip.com primarily focusing on the Asian market, which is the top outbound destinations for travelers from both China and other parts within the region. It's worth noting that the combined size of the top Asian market, excluding China surpasses that of the Mainland China in terms of the growth bookings.

我們預計未來3至5年Trip.com將為集團貢獻15％至20％的總收入，並實現中至高兩位數的複合年增長率。我們相信，Trip.com 的成長建立在我們強大的產品物流、供應鏈、服務標準以及我們在不同地理區域應用的技術之上。我們的Trip.com主要關注亞洲市場，這是中國和該地區其他地區遊客的首選出境目的地。值得注意的是，從成長預訂量來看，除中國以外的亞洲主要市場的總規模超過了中國大陸。

Our growth strategy with Trip.com starts with leveraging the strong air traffic from Skyscanner, then progresses from metasearch to the mobile app, broadening our offering from air travel to the hotel bookings and extends our reach from Asia and hopefully, to the rest of the global travel. Meanwhile, we anticipate that the Trip.com were to be profitable within the same time frame. This will be driven by the scalability, increased marketing efficiencies through a strong mobile presence and brand name, as well as a shift in the revenue mix favoring hotel bookings.

Trip.com 的成長策略始於利用天巡強大的航空流量，然後從元搜尋發展到行動應用程序，將我們的服務範圍從航空旅行拓展到酒店預訂，並將我們的覆蓋範圍從亞洲擴展到全球其他旅遊業。同時，我們預計Trip.com將在同一時間內獲利。這將由可擴展性、透過強大的行動業務和品牌名稱提高的行銷效率以及有利於飯店預訂的收入組合轉變所推動。

With regard to the competitive advantage of our Trip.com platform, I think, firstly, Trip.com's mobile app offers a smooth and user-friendly search and booking experience. We also utilize our AI tools to provide personalized recommendations and special offers, which enhancing our user engagement. Secondly, our comprehensive one-stop mobile model covers nearly all travel needs, making it especially attractive to mobile app users. Our extensive experience in China has further solidified our expertise in this area. Thirdly, we offer 24-hour 7 days customer services through our mobile calls, online chat or e-mails, ensuring users have a dependable content point for any issues that encountered. Lastly, Trip.com provides highly competitive product offering, thanks to our Group's strong market presence and well-established supplier relationships.

關於我們Trip.com平台的競爭優勢，我認為，首先，Trip.com的行動應用程式提供了流暢且用戶友好的搜尋和預訂體驗。我們也利用人工智慧工具提供個人化推薦和特別優惠，從而增強用戶參與度。其次，我們全面的一站式行動模式涵蓋了幾乎所有的旅行需求，這對行動應用用戶尤其有吸引力。我們在中國豐富的經驗進一步鞏固了我們在該領域的專業知識。第三，我們透過手機、線上聊天或電子郵件提供每週 7 天、每天 24 小時的客戶服務，確保用戶在遇到任何問題時都能找到可靠的內容點。最後，由於我們集團強大的市場影響力和良好的供應商關係，Trip.com 提供了極具競爭力的產品。

(Operator Instructions) Actually, this is all the time we have for Q&A today. I will now turn it back to Michelle Qi for any closing remarks.

(操作員指示)實際上，這就是我們今天問答的全部時間。現在我將把發言權交還給 Michelle Qi，請她做最後發言。

Thank you. Thank you, everyone, for joining us today. You can find the transcript and webcast of today's call on the investors.trip.com. We look forward to speaking with you on our first quarter 2024 earnings call. Thank you, and have a good day.

謝謝。感謝大家今天的參與。您可以在investors.trip.com上找到今天電話會議的記錄和網路直播。我們期待在 2024 年第一季財報電話會議上與您交談。謝謝您，祝您有美好的一天。

Thank you very much.

非常感謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝您參加今天的會議。該計劃確實結束了。您現在可以斷開連線。祝大家有個愉快的一天。