Trip.com Group Limited (TCOM) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Trip.com Group 2024 Q1 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to Michelle Qi, Head of Investor Relations. Please go ahead.

各位好，感謝您稍候。歡迎參加 Trip.com Group 2024 年第一季（Q1）財報電話會議。（接線員指示）請注意，今天的會議將被錄音。現在我想將會議交給投資人關係主管 Michelle Qi。請開始。

Thank you. Thank you, everyone. Good morning. Welcome to Trip.com's First Quarter of 2024 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。謝謝各位。各位早安。歡迎參加 Trip.com 2024 年第一季財報電話會議。今天與我一同出席電話會議的有：董事會執行主席 James Liang 先生、執行長 Jane Sun 女士，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 provisions 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，我們將討論未來展望與表現，其中包含依據 1995 年《美國私人證券訴訟改革法》安全港條款所作之「前瞻性陳述」。前瞻性陳述具有內在風險與不確定性，因此我們的實際結果可能與今日所表達之觀點存在重大差異。Trip.com Group 向美國證券交易委員會（SEC）提交的公開文件中載明了若干潛在風險與不確定性。除非適用法律另有要求，Trip.com Group 不承擔更新任何前瞻性陳述之義務。

James, Jane and Cindy will share our strategy and business updates, operating highlights and financial performance for the first quarter of 2024, as well as the color for the second quarter of 2024. After the prepared remarks, we will have a Q&A session.

James、Jane 與 Cindy 將分享我們在 2024 年第一季的策略與業務更新、營運亮點與財務表現，以及對 2024 年第二季的補充說明。準備發言結束後，我們將進行問答環節。

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

接下來，我把電話交給 James。James，請。

Thank you, Michelle, and thanks, everyone, for joining us on the call today. The Chinese travel market has experienced remarkable growth over the last year, and 2024 continues to be a strong year for travel. Positioned at the front of this striving sector, Trip.com Group has achieved significant advancements across all business lines in this quarter. In 2024, outbound travel continues to be a pivotal force propelling the Chinese travel market forward. With international flight capacity roughly doubling compared to last year and the visa-free policies further facilitating trips in the APAC region.

謝謝你，Michelle，也謝謝各位今天參加電話會議。過去一年中國旅遊市場經歷了顯著成長，而 2024 年仍是旅遊強勁的一年。作為這個蓬勃產業的領先者，Trip.com Group 本季在各條業務線均取得重大進展。2024 年，出境旅遊仍是推動中國旅遊市場向前的重要力量。隨著國際航班運力較去年約翻倍，以及免簽政策進一步促進亞太（APAC）地區出行。

Outbound travel is becoming increasingly appealing and accessible. Ultimately, outbound hotel and air ticket bookings on our platform fully recovered to 2019 levels during the major holiday periods, indicating a strong rebound in demand. In addition to outbound travel, the China domestic travel market continued to exhibit strong performance in the first quarter, in response to growing interest of Chinese travelers in exploring their homeland. We are also catering to the increasing travel demands of silver generation. This demographic were known for their level of leisure travel and cultural experiences, as well as their tendency to travel during off-peak seasons, represents a substantial growth opportunity within the domestic landscape.

出境旅遊正變得愈發具吸引力且更易達成。最終，在主要假期期間，我們平台上的出境酒店與機票預訂量已完全恢復至 2019 年水準，顯示需求強勁反彈。除出境旅遊外，中國國內旅遊市場在第一季亦持續展現強勁表現，反映中國旅客探索本土的興趣日益提升。我們也在滿足銀髮族日益增加的旅遊需求。該族群以休閒旅遊與文化體驗著稱，且傾向於在淡季出行，這在國內市場中代表一個可觀的成長機會。

To address the unique travel preference, we have already introduced the Old Friends Club initiative, which is designed to empower this cohort to fulfill their travel aspirations. This initiative also has the potential to bridge the gap between peak and off-peak seasons in China travel market.

為回應其獨特的旅遊偏好，我們已推出「老友會（Old Friends Club）」計畫，旨在協助該族群實現其旅遊願望。此計畫亦有潛力縮小中國旅遊市場旺季與淡季之間的落差。

On the international front, our global business is experiencing rapid expansion. Particularly in the APAC region, with revenue growing at an impressive rate of around 80% year-over-year. Additionally, we have witnessed significant growth in inbound travel to China, with a remarkable increase of 400% compared to last year, driven by the benefits of visa-free policies. In response to this flourishing trend, we initiated a program in April, aimed at providing free city tours to international travelers with layovers exceeding 8 hours at Shanghai Pudong International Airport. This initiative aims to transform the brief stopovers into many vacations, thereby offering new avenues for international travelers to explore China.

在國際方面，我們的全球業務正快速擴張。尤其在亞太地區，營收年增約 80%，成長速度令人矚目。此外，在免簽政策帶動下，我們也看到入境中國旅遊顯著成長，較去年大幅增加 400%。因應此蓬勃趨勢，我們於 4 月啟動一項計畫，為在上海浦東國際機場轉機停留超過 8 小時的國際旅客提供免費城市導覽。此舉旨在將短暫停留轉化為迷你假期，為國際旅客探索中國提供新的途徑。

We can conclude travel remains a resilient and promising business with great opportunities and the possibilities in 2024. As we journey forward, we remain committed to creating value for both customers and shareholders, and we are poised to navigate this evolving landscape and achieve new heights of success.

我們可以得出結論：旅遊仍是一個具韌性且前景可期的業務，並在 2024 年擁有龐大機會與可能性。展望未來，我們將持續致力於為客戶與股東創造價值，並已準備好在不斷演變的環境中前行，邁向新的成功高峰。

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

接下來，我把電話交給 Jane，請她分享營運亮點。

Thank you, James. Good morning, everyone. As a quick overview, our net revenue in Q1 grew by 29% year-over-year. Our adjusted EBITDA margin for this quarter was 33%. We're delighted to observe the sustainable growth in travel momentum in this quarter as it occurs, amidst a transition from a pent-up demand to a more normalized demand environment. This shift indicates a maturing market condition further contributing to our confidence with sustainability of strong performance for the rest of 2024.

謝謝你，James。各位早安。簡要概述一下，我們第一季淨營收年增 29%。本季調整後 EBITDA 利潤率為 33%。我們很高興看到本季旅遊動能持續成長，且此成長發生在需求從「報復性／積壓需求」轉向更常態化需求環境的過程中。這一轉變顯示市場條件更趨成熟，也進一步增強我們對 2024 年其餘時間維持強勁表現可持續性的信心。

Trip.com Group continues to identify opportunities across different market segments. First, for China domestic market. In Q1, the China domestic market continue to demonstrate robust growth. Our domestic hotel and air ticket bookings increased by 20% to 30% year-over-year. Notably, Chinese consumers are changing their spending habits, placing great emphasis on quality, experience and emotional fulfillment. This evolving mindset is prompting travelers to pursue personalized and high-quality travel experience tailored to their unique preferences, presenting a considerable advantage for travel industry. Moreover, it is noteworthy for both government attention and social interest in the travel industry have reached unprecedented levels this year, intensifying marketing efforts in many provinces effectively encourage travelers to explore diverse destinations, largely contributing to the enduring popularity of the domestic travel.

Trip.com Group 持續在不同市場區隔中尋找機會。第一，中國國內市場。第一季中國國內市場持續展現強勁成長，我們的國內酒店與機票預訂量年增 20% 至 30%。值得注意的是，中國消費者正在改變其支出習慣，更加重視品質、體驗與情感滿足。這種心態的演變促使旅客追求符合個人偏好的客製化高品質旅遊體驗，為旅遊產業帶來可觀優勢。此外，今年政府關注與社會對旅遊產業的興趣均達到前所未有的水準，多個省份加大行銷力度，有效鼓勵旅客探索多元目的地，並在很大程度上促成國內旅遊的長期熱度。

Second, outbound travel. The outbound travel market emerged as a driving force behind the travel market recovery last year and its significance persists into 2024. In Q1, the international flight capacity across the industry rebounded to about 70% of the pre-pandemic level compared to 2019. Our platform witnessed outbound travel bookings consistently outpacing the market by 20% to 30%. During the Chinese New Year period, our outbound bookings fully recovered to the pre-pandemic 2019 level. On a year-over-year basis, our outbound hotel and air ticket bookings surged by more than 100%. Alongside a notable increase in the market sentiment and a notable -- stabilized supply, relaxed visa requirement in Southeast Asia has further capitalized the attention of Chinese outbound travelers. According to CAAC estimate, China outbound travel is anticipated to rebound to 80% of pre-pandemic levels by the end of this year.

第二，出境旅遊。出境旅遊市場是去年旅遊市場復甦的主要驅動力，其重要性在 2024 年仍然延續。第一季，全行業國際航班運力回升至約為 2019 年疫情前水準的 70%。我們平台的出境旅遊預訂量持續領先市場 20% 至 30%。在春節期間，我們的出境預訂量已完全恢復至疫情前 2019 年水準。以年增率來看，我們的出境酒店與機票預訂量增幅超過 100%。伴隨市場情緒明顯回升以及供給趨於穩定，東南亞放寬簽證要求進一步吸引中國出境旅客的關注。根據中國民航局（CAAC）估計，中國出境旅遊預計在今年年底回升至疫情前水準的 80%。

Third, global market. Expanded beyond China borders, we have diligently strengthened our product and services offerings in global market, particularly witnessing steady growth in Asia Pacific region. Our core competence lies in delivering a superior user experience through our one-stop shopping platform, customer service and offering a value -- strong value for our travelers, providing top-notch service via our mobile app and customer support, and furnishing comprehensive information to inspire and aid travelers in making informed decision. We made enhanced collaboration with our global partners to provide hassle-free travel experience for travelers around the world. In Q1, the total revenue of our overseas OTA platform, Trip.com surged by about 80% year-over-year. We remain committed to becoming a go-to platform in Asia within the coming 3 to 5 years.

第三，全球市場。走出中國，我們持續強化全球市場的產品與服務供給，尤其在亞太地區見到穩健成長。我們的核心競爭力在於透過一站式平台、客戶服務，並為旅客提供高性價比，帶來更優質的使用者體驗；同時透過行動 App 與客服支援提供一流服務，並提供全面資訊以啟發並協助旅客做出明智決策。我們也加強與全球合作夥伴的協作，為全球旅客提供無憂的旅行體驗。第一季，我們海外 OTA 平台 Trip.com 的總營收年增約 80%。我們仍致力於在未來 3 至 5 年內成為亞洲的首選平台。

Now I would like to give some strategic highlights in a couple of areas. First, inbound market. While our other segments continue to thrive, the growing potential for inbound travel to China is becoming increasingly evident. China has taken proactive steps to bolster its inbound travel sector by implementing visa-free entry for citizens for more than 15 countries, such as France, Germany, Italy, Netherlands, Spain, Switzerland, et cetera. This strategic move has already yield promising results.

接下來我想在幾個領域分享一些策略亮點。第一，入境市場。在其他業務區隔持續蓬勃發展的同時，入境中國旅遊的成長潛力也日益明顯。中國已採取積極措施強化入境旅遊產業，包括對超過 15 個國家的公民實施免簽入境，例如法國、德國、義大利、荷蘭、西班牙、瑞士等。這項策略性舉措已經帶來令人鼓舞的成果。

Our platform has witnessed a significant 400% year-over-year increase in inbound travel booking with notable search in arrivals from key markets such as Singapore, which has searched handful followed by Malaysia with 9 folds increased and France, Spain and Thailand each increased by 4 fold. The future of inbound travel to China holds immerse promise. With visa-free policies and innovative payment solutions positioned further to enhance appeal of our visiting to China. As we addressed the pinpoints and implement solution, traveling to China will become increasingly enticing, offering exciting opportunities for growth and development for the inbound market.

我們平台的入境旅遊預訂量年增顯著達 400%，其中來自新加坡等主要市場的到訪搜尋量大幅提升；其次是馬來西亞增加至 9 倍，而法國、西班牙與泰國則各增加 4 倍。入境中國旅遊的未來蘊含巨大潛力。免簽政策與創新的支付解決方案將進一步提升來華旅遊的吸引力。隨著我們針對痛點加以解決並落實方案，赴中國旅遊將愈發誘人，為入境市場帶來令人振奮的成長與發展機會。

Second, the silver generation, which is the senior population. As we explore new market opportunity within China, another integrating aspect rises the growing travel demand from the senior citizens, known as the silver generation. While the young generation remains a key demographic for travel, a rapid growing in senior population is emerging as a significant market segment. With longer and healthier life spans as well as financial sustainability, many seniors, particularly those in urban areas are willing to invest more leisure activities such as travel. Moreover, today's seniors are more active and adventurous than the preceding generations, demonstrating a key interest in exploring new destinations and immersing themselves in diverse cultures.

第二，銀髮族，也就是高齡人口。當我們在中國境內探索新的市場機會時，另一個日益重要的面向是銀髮族旅遊需求的成長。雖然年輕族群仍是旅遊的關鍵客群，但快速成長的高齡人口正成為一個重要的市場區隔。隨著壽命更長、更健康，以及財務狀況更穩健，許多長者，特別是城市地區的長者，願意在旅遊等休閒活動上投入更多。此外，當代長者比前幾代更積極且更具冒險精神，展現出探索新目的地並沉浸於多元文化的高度興趣。

Our [inclination force] off-peak travel seasons also has a potential to bridge the gap between peak and off-peak travel periods in China. According to the estimate from China Tourism Research Institute, by 2025, a number of healthy senior citizens with frequent travel habits and higher spending is projected to exceed $100 million with an estimated market size of over RMB 1 trillion. It's noteworthy that in 2023, our silver generation cohort accounted for 10% of our total user base. In response to the unique needs and the preference of the senior travelers, we introduced Old Friends Club initiative this year. This program aims to provide senior travelers with high-quality, one-stop travel offerings complemented by our exceptional customer service and personalized assistance with an initial launch of over 700 exclusive products covering more than 40% as -- popular the destinations national-wide. Our goal is to collaborate with more partners to develop travel products, tailored specifically to preferences of silver generation, thereby infusing new energy into the domestic travel market.

我們的【傾向力】離峰出遊季節亦有潛力縮小中國旅遊旺季與淡季之間的差距。根據中國旅遊研究院的估算，到 2025 年，具備頻繁旅遊習慣且消費能力較高的健康銀髮族人數，預計將超過 1 億，市場規模估計超過人民幣 1 兆元。值得注意的是，於 2023 年，我們的銀髮族群體佔我們總用戶基礎的 10%。為回應銀髮旅客的獨特需求與偏好，我們今年推出「老友會」計畫。該計畫旨在為銀髮旅客提供高品質的一站式旅遊產品，並結合我們卓越的客戶服務與個人化協助；首批上線超過 700 款專屬產品，覆蓋全國熱門目的地，覆蓋率超過 40%（如——全國範圍內的熱門目的地）。我們的目標是與更多合作夥伴攜手開發專為銀髮族偏好量身打造的旅遊產品，為國內旅遊市場注入新動能。

Third, young generation capturing the attention of the young demographic is also important for success in travel market. In China, entertainment events such as concerts, music festivals, sports stations and cultural events, holds significant appeal for the youth. This interest have evolved from traditional site seeing to immersive experiences, lending, recreational activities with broader travel adventures. This trend is not only found by seasons and the young travelers are eager to embark on journeys at any time. Currently, more than 80% of our customers who were born after 1980, and more than 50% of our users were born after 1990. We are committed to capturing trips that -- we are committed to curating trips to seamless integrating entertainment and cultural exploration are staying attuned to the evolving preference of our young travelers. Our goal is not only to attract them for individual trips, but also to forge lasting connection. This strategic approach, ensuring our continued relevance and growth within the dynamic travel market.

第三，吸引年輕世代、抓住年輕族群的關注，對於在旅遊市場取得成功同樣重要。在中國，演唱會、音樂節、體育賽事與文化活動等娛樂事件，對年輕人具有顯著吸引力。這種興趣已從傳統觀光演變為沉浸式體驗，延伸至休閒活動與更廣泛的旅行冒險。此趨勢不僅不受季節限制，年輕旅客也渴望隨時啟程。目前，我們超過 80% 的客戶為 1980 年後出生，且超過 50% 的用戶為 1990 年後出生。我們致力於捕捉那些——我們致力於策劃能無縫整合娛樂與文化探索的行程，並持續貼近年輕旅客不斷演變的偏好。我們的目標不僅是吸引他們進行單次出行，更要建立長期連結。此一策略性做法，將確保我們在充滿活力的旅遊市場中持續保持相關性並實現成長。

Fourth, social responsibility. Our company continues to thrive and we firmly believe in the importance of giving back to society. Alongside our growth, we actively support and collaborate with various stakeholders in our travel ecosystem, including hotels, airlines, destinations, airports, small agencies, chauffeur drivers, et cetera. By assisting them in seizing the market opportunities and expanding their businesses, we aim to foster a vibrant and interconnect travel community.

第四，社會責任。我們公司持續蓬勃發展，我們堅信回饋社會的重要性。伴隨成長，我們積極支持並與旅遊生態系中的各類利害關係人合作，包括飯店、航空公司、目的地、機場、小型旅行社、司機等。透過協助他們把握市場機會並擴展業務，我們希望促成一個充滿活力且互聯互通的旅遊社群。

Furthermore, we are committed to creating more job opportunities and filling rural development through strategic investments. For instance, our Trip.com country [receive] initiatives have started a significant increase in number of local lodging facilities, with reservation increasing by 80%. This initiative has not only created 20,000 new jobs but also contributed to an incremental income of RMB 40,000 per person in these specific regions. Through these efforts, we are dedicating to making a positive and long lasting impact on both of the travel industry and the community we serve.

此外，我們亦致力於透過策略性投資創造更多就業機會，並推動鄉村發展。例如，我們的 Trip.com 鄉村【接收】計畫已帶動當地住宿設施數量顯著增加，訂房量提升 80%。該計畫不僅創造了 20,000 個新工作機會，也使這些特定地區的人均增量收入達到人民幣 40,000 元。透過這些努力，我們致力於對旅遊產業以及我們所服務的社區，產生正面且長期的影響。

In summary, 2024 is shaping up to be a good year for travel, benefiting from a notable shift in consumption pattern across all of our business segments, we observed resilience in travel demand and anticipated exciting development opportunities on the horizon. Looking forward, we remain optimistic about the market performance in the upcoming quarter and are dedicated to working closely with partners to capitalize on the opportunities and continue the growth for the travel industry.

總結而言，2024 年正逐步成為旅遊業的良好一年，受惠於我們各業務板塊消費模式的顯著轉變，我們觀察到旅遊需求具備韌性，並預期未來將迎來令人振奮的發展機會。展望未來，我們對下一季度的市場表現仍保持樂觀，並將致力於與合作夥伴緊密協作，把握機遇，推動旅遊產業持續成長。

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

接下來，我將把電話會議交給 Cindy。

Thanks, Jane. Good morning, everyone. For the first quarter of 2024, Trip.com Group reported a net revenue of RMB 11.9 billion, representing a 29% increase from the same period last year, and a 15% increase from the previous quarter, primarily due to strong recovery in the travel market.

謝謝你，Jane。各位早安。2024 年第一季度，Trip.com 集團淨營收為人民幣 119 億元，較去年同期成長 29%，較上一季度成長 15%，主要受惠於旅遊市場的強勁復甦。

Accommodation reservation revenue for the first quarter was RMB 4.5 billion, representing a 29% increase year-over-year and a 15% increase quarter-over-quarter. Domestic and outbound hotels have seen robust growth and outpaced the industry.

第一季度住宿預訂收入為人民幣 45 億元，年增 29%，季增 15%。國內與出境飯店業務均呈現強勁成長，且增速超越行業。

Transportation ticketing revenue for the first quarter was RMB 5 billion, representing a 20% increase year-over-year and a 22% increase quarter-over-quarter. This is mainly due to robust recovery of outbound air and strong growth in domestic and global air business.

第一季度交通票務收入為人民幣 50 億元，年增 20%，季增 22%。這主要得益於出境航空的強勁復甦，以及國內與全球航空業務的強勁成長。

Packaged-tour revenue for the first quarter was RMB 883 million, representing a 129% increase year-over-year, and a 25% increase quarter-over-quarter. Domestic package tour has already surpassed the 2019 level. The year-over-year growth was mainly driven by outbound revenue, which increased by multifold.

第一季度跟團遊收入為人民幣 8.83 億元，年增 129%，季增 25%。國內跟團遊已超越 2019 年水準。年增主要由出境收入帶動，出境收入實現了數倍成長。

Corporate travel revenue for the first quarter was RMB 511 million, representing a 15% increase year-over-year and a 19% decrease quarter-over-quarter. The sequential decrease was in line with normal seasonality. Excluding share-based compensation charges, our total adjusted operating expenses was 6% higher than the previous quarter and was 24% higher than the same period last year.

第一季度企業差旅收入為人民幣 5.11 億元，年增 15%，季減 19%。環比下降符合正常季節性。剔除股份支付費用後，我們調整後的總營運費用較上一季度高 6%，較去年同期高 24%。

Adjusted product development expenses for the first quarter increased by 7% from the previous quarter. Adjusted G&A expenses for the first quarter increased by 9% from the previous quarter. This is mainly due to increase in personnel-related expenses.

第一季度調整後產品研發費用較上一季度增加 7%。第一季度調整後一般及行政（G&A）費用較上一季度增加 9%。這主要由人員相關費用增加所致。

Adjusted sales and marketing expenses for the first quarter decreased by 1% from the previous quarter and increased by 32% from the same period last year. The year-over-year increase was mainly -- was primarily due to increased marketing promotion activities in line with business growth.

第一季度調整後銷售及行銷費用較上一季度下降 1%，較去年同期增加 32%。年增主要——主要是由於配合業務成長而增加的行銷推廣活動所致。

Adjusted EBITDA was RMB 4 billion for the first quarter compared with RMB 2.8 billion in the same period last year and RMB 2.9 billion in the previous quarter. Adjusted EBITDA margin was 33% for the first quarter compared with 31% in the same period last year and 28% in the previous quarter.

第一季度調整後 EBITDA 為人民幣 40 億元，去年同期為人民幣 28 億元，上一季度為人民幣 29 億元。第一季度調整後 EBITDA 利潤率為 33%，去年同期為 31%，上一季度為 28%。

Diluted earnings per ordinary share and per ADS were RMB 6.38 or USD 0.88 for the first quarter of 2024. 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 6 or USD 0.83 for the first quarter.

2024 年第一季度，每股普通股及每股 ADS 的稀釋收益為人民幣 6.38 元或 0.88 美元。剔除股份支付費用以及權益證券投資與可交換高級票據的公允價值變動後，第一季度非 GAAP 每股普通股及每股 ADS 的稀釋收益為人民幣 6 元或 0.83 美元。

As of March 31, 2024, the balance of cash and cash equivalents, restricted cash, short-term investment, held to maturity time deposits and financial products was RMB 81.9 billion, or USD 11.3 billion.

截至 2024 年 3 月 31 日，現金及現金等價物、受限制現金、短期投資、持有至到期的定期存款及理財產品餘額為人民幣 819 億元，或 113 億美元。

The strong recovery in the first quarter of 2024 across market segment is encouraging. As we venture into the second quarter, we are delighted to see persistent strong demand on our platform. This demand continues to drive substantial growth across travel segments. Even in the face of challenging comparisons, we have noticed a decline in hotel and air prices, which could potentially affect our revenue growth. Nevertheless, we anticipate this will have a limited impact on our net earnings due to our strong management on operational efficiency.

2024 年第一季度各細分市場的強勁復甦令人鼓舞。進入第二季度，我們很高興看到平台上的強勁需求持續存在。這一需求持續推動各旅遊板塊的顯著成長。即便面臨較具挑戰性的比較基期，我們也注意到飯店與機票價格有所下降，這可能會影響我們的營收成長。然而，憑藉我們在營運效率方面的強力管理，我們預期其對淨利的影響將相對有限。

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

接下來，接線員，請開放提問。

(Operator Instructions) Our first question is going to come from the line of Brian Gong with Citi.

（接線員指示）我們的第一個問題來自花旗（Citi）的 Brian Gong。

James, Jane, Cindy and Michelle, and congratulations on solid results. So my question is regarding our group has -- our group has successfully captured as a pent-up demand and continue to demonstrate strong growth in the first quarter for domestic, outbound and international platform or business line. So looking ahead, what growth drivers on new initiatives for the investors pay attention to in management's view?

James、Jane、Cindy 和 Michelle，恭喜取得穩健的業績。我的問題是，關於我們集團——我們集團已成功承接被壓抑的需求，並在第一季度於國內、出境以及國際平台或業務線持續展現強勁成長。展望未來，從管理層角度來看，投資人應關注哪些新舉措所帶來的成長驅動因素？

Thank you very much for the question. In China, we will focus on steadily expanding our user base in the second- and third-tier cities, improving user acquisition and cross-selling ratios. Additionally, we expect to benefit from the growth of outbound travel in the upcoming years. On the international front, Trip.com will maintain its focus in Asia and strive to become a regional and global leading player. As for new initiatives, we are actively really pursuing opportunities in China's inbound travel market, which has a great market size at this multitrillion RMB level.

非常感謝你的提問。在中國，我們將重點放在穩步擴大二、三線城市的用戶基礎，提升獲客效率與交叉銷售比例。此外，我們預期在未來幾年將受惠於出境旅遊的成長。在國際市場方面，Trip.com 將持續聚焦亞洲，並力爭成為區域及全球領先的玩家。至於新舉措，我們正積極把握中國入境旅遊市場的機會，該市場規模龐大，達到數兆人民幣的量級。

Domestically, we are introducing tailor-made products for the silver generation, which represents another RMB 1 trillion market opportunity. Furthermore, we are introducing new product combinations such as entertainment activities plus travel, proceeded to the evolving market demands of the younger generation. We remain dedicated to investing in our content strategy and AI development, which are integral to our one-stop business model. These investments aim to enhance users business engagement and operating efficiency.

在國內方面，我們正為銀髮族推出量身打造的產品，這代表另一個人民幣1兆元的市場機會。此外，我們也推出如「娛樂活動＋旅遊」等新的產品組合，以因應年輕族群不斷演變的市場需求。我們仍致力於投資內容策略與AI研發，這些都是我們一站式商業模式的核心。這些投資旨在提升使用者的業務參與度與營運效率。

Our next question is going to come from the line of Thomas Chong with Jefferies.

下一個問題來自Jefferies的Thomas Chong。

Our recent new [taglines] and industry data suggest a notable decrease in hotel ADR and slowdown of hotel RevPAR. Have you also observed this trend? Does this indicate a weakening or downgrade in consumer spending? Additionally, what are the price trends for outbound hotel and flights?

我們近期新的[taglines]以及產業數據顯示，飯店ADR明顯下降、飯店RevPAR成長放緩。你們是否也觀察到這個趨勢？這是否代表消費支出走弱或消費降級？另外，出境飯店與機票的價格趨勢如何？

Thank you, Thomas. Yes, we also observed a decline in domestic ADR in recent months, which was largely influenced by the shift in travel preference towards outbound destinations and as well as the lower-tier cities -- and the increased availability -- at the same time, the increased availability of the hotels and flights. Firstly, as we think that outbound travel has notably increased this year, attracting a lot of submit to high-end travelers away from our domestic options. Secondly, the lower-tier cities now offer excellent value as transportations and accommodation infrastructure have significantly improved over the past few years. Additionally, the increase in hotel and air supply has put pressure on short-term prices across the board, particularly when compared to the high benchmark established during last year's peak season. Overall, we believe the expansion and diversity of travel supplier capacity will greatly contribute to the overall growth and stability of OTAs as a distributor as well as the travel industry as a whole.

謝謝你，Thomas。是的，我們也觀察到近幾個月國內ADR下滑，主要受到旅遊偏好轉向出境目的地以及低線城市的影響——同時飯店與航班供給增加、可得性提升。首先，我們認為今年出境旅遊顯著增加，吸引了許多原本會選擇國內方案的高端旅客。其次，低線城市目前具備很高的性價比，因為過去幾年交通與住宿基礎設施已大幅改善。此外，飯店與航空供給的增加也對整體短期價格造成壓力，特別是相較於去年旺季所建立的高基期。整體而言，我們相信旅遊供應商產能的擴張與多元化，將大幅促進OTA作為分銷商以及整體旅遊產業的成長與穩定。

With regard to the outbound, the outbound air ticket price has been normalizing as flight capacity continues to recover. And the current level stays around about 115% of the 2019 level compared to over 130% of the 2019 level during the same period last year. Average outbound hotel price has been quite stable compared with last year.

就出境而言，隨著航班運力持續恢復，出境機票價格正在回歸常態。目前水準約為2019年的115%，而去年同期曾高於2019年的130%。出境飯店平均價格相較去年則相當穩定。

Our next question is going to come from the line of Joyce Ju with Bank of America.

下一個問題來自美國銀行的Joyce Ju。

James, Jane, Cindy and Michelle. Congrats on another set of -- strong set of results. I would like to ask if management could elaborate more on the company's recent business performance, especially colors during and following the Labor Day holiday. As we are now moving into summer, could management also share your expectations on business momentum for the third quarter and beyond?

James、Jane、Cindy以及Michelle，恭喜你們再次交出一組——非常強勁的業績。我想請管理層更詳細說明公司近期的業務表現，特別是勞動節假期期間及之後的表現。隨著我們進入暑期，管理層也能否分享對第三季及之後業務動能的展望？

Sure. Our domestic and outbound travel bookings reached a new high records during the recent Labor Day holiday, specifically outbound air and hotel bookings surpassed 120% of the 2019 level. This achievement is particularly significant, considering the tough comparison to the same period last year, which was the first major holiday with strong pent-up demand for the leisure travels.

好的。我們在最近的勞動節假期期間，國內與出境旅遊預訂量都創下新高紀錄，尤其是出境機票與飯店預訂量超過2019年水準的120%。考量到去年同期是疫情後首個需求強勁釋放的主要假期、比較基期很高，這項成果尤其具有意義。

With regard to the quarter-to-date, the domestic travel bookings achieved double-digit growth with hotels leading the search. Outbound hotel and air bookings have fully rebounded to the pre-pandemic level. Such robust growth has significantly outperformed the market in terms of booking volumes. For instance, the market level domestic hotel occupancy rate and flight passenger volumes were roughly on par with 2023. Outbound flight capacity was slightly over 70% of the 2019 level.

就本季迄今而言，國內旅遊預訂量實現雙位數成長，其中飯店帶動搜尋。出境飯店與機票預訂已完全回到疫情前水準。如此強勁的成長在預訂量方面顯著優於市場。例如，市場層面的國內飯店入住率與航班旅客量大致與2023年持平；出境航班運力則略高於2019年水準的70%。

In terms of average pricing, our numbers were generally in line with the market. As I explained before, recently, we noticed the hotel ADR and average air ticket price have both seen a year-over-year decrease. Trip.com has maintained robust growth in the mid- to high double-digit percentage range. And the inbound travel to China has also experienced a multi-fold increase.

在平均價格方面，我們的數據整體與市場大致一致。如我先前所說，近期我們注意到飯店ADR與平均機票價格皆出現年減。Trip.com仍維持中到高雙位數百分比的強勁成長。同時，入境中國旅遊也出現數倍成長。

Now moving to the summer part. It's still quite early to observe the early booking towards the summer given the short booking windows in China. However, we remain confident about the travel momentum in the summer holiday and beyond. In particular, we anticipate significant growth in the outbound travel sector, driven by ongoing recovery of flight capacity as well as the revolution of the Visa backlog.

接著談暑期。由於中國的預訂窗口較短，目前要觀察暑期的提前預訂仍為時尚早。不過，我們對暑期及之後的旅遊動能仍有信心。尤其是出境旅遊板塊，我們預期將有顯著成長，主要受惠於航班運力持續恢復，以及簽證積壓逐步消化。

With regard to the global markets, we anticipate Trip.com to continue its robust growth while Skyscanner and other overseas brands are also expected to maintain a very healthy growth trajectory.

就全球市場而言，我們預期Trip.com將延續強勁成長，而Skyscanner及其他海外品牌也可望維持非常健康的成長軌跡。

And our next question is going to come from the line of James Lee with Mizuho.

下一個問題來自瑞穗的James Lee。

Also, let me add to my congratulations to you on the quarter as well. And let me follow up maybe a little bit on outbound question. I think, Jane, you spoke about outbound getting back to 80% of FY '19 by year-end. I was wondering what factors that we should think about that will either speed up or slowdown that process? And also in terms of destination, I guess, where do you see most recovery, especially I think a lot of investors are interested in finding out recovery in the western -- especially in the western part of the world, especially European market.

我也要再次恭喜你們本季的表現。我想就出境再追問一下。我記得Jane提到出境業務到年底可回到2019財年的80%。我想了解有哪些因素可能會加速或放慢這個進程？另外就目的地而言，你們認為復甦主要會出現在哪些地區？我想很多投資人特別關心西方——尤其是歐洲市場的復甦情況。

Sure. Thank you very much for your question, James. We see a strong rebound in outbound business by the estimate is by the end of the year, the industry should recover 80% compared to pre-dynamic level. Our company can outpace the market by about 20% to 30%. There are a couple of major factors impacting the outbound business. The first one is the visa application. Many countries have offered free-Visa to Chinese travelers, such as Singapore, Malaysia, Thailand and the GCC countries such as UAE, a par and also Saudi. So we have seen a very strong pickup for the countries which offer free visas.

好的。非常感謝你的問題，James。我們看到出境業務強勁反彈；按估計，到年底整個行業應可恢復到疫情前水準的80%。我們公司可望較市場快約20%到30%。影響出境業務的主要因素有幾項。第一是簽證申請。許多國家已對中國旅客提供免簽，例如新加坡、馬來西亞、泰國，以及海灣合作委員會（GCC）國家如阿聯、卡達，還有沙烏地阿拉伯。因此，對於提供免簽的國家，我們看到需求大幅回升。

The second factors are the flight capacity. So we have seen a very strong rebound in the flight capacity into Singapore, Malaysia, Thailand and the GCC countries. So we sent a lot of people to these countries.

第二個因素是航班運力。我們看到飛往新加坡、馬來西亞、泰國以及GCC國家的航班運力強勁回升，因此我們也輸送了大量旅客前往這些國家。

And during the Chinese New Year, a long haul travel destinations, the top 3 are Australia, New Zealand and South Africa. So we have seen a very strong demand and interest when customers have free-Visa when we see a recovery in the flight capacity, and also when customers have time and availability.

在春節期間，長程目的地前三名是澳洲、紐西蘭與南非。因此，當旅客享有免簽、航班運力恢復，且旅客有時間與行程彈性時，我們就看到非常強的需求與興趣。

In the summer, during the summer break, we are excited that our customers will have a longer period to take their children to travel around the world, in countries which have exhibited their hospitality, will be able to capitalize on this upcoming trends for the outbound recovery. However, certain countries still are lagging behind -- the flight capacity is yet to recover. So we are eager to work with these regions to make sure that these applications are being processed timely, and also the flight capacity is being added before the summer holiday comes.

到了夏季、暑假期間，我們很期待客戶能有更長的時間帶孩子到世界各地旅行；那些展現友善與好客的國家，將能把握這波出境復甦趨勢。不過，仍有部分國家落後——航班運力尚未恢復。因此，我們也希望與這些地區合作，確保簽證申請能及時處理，並在暑假來臨前增加航班運力。

And our next question comes from the line of Alex Poon with Morgan Stanley.

下一個問題來自摩根士丹利的Alex Poon。

And congratulations management on very strong results. My question is regarding the opportunity of China inbound travel market and how Trip.com plans to capture this market and additionally, can you talk about the contribution of inbound travel to Trip.com business?

恭喜管理層交出非常強勁的業績。我的問題是關於中國入境旅遊市場的機會，以及Trip.com計畫如何把握這個市場；另外，你們能否談談入境旅遊對Trip.com業務的貢獻？

Sure. Inbound business is new opportunity for China travel industry. China can offer so much to the world. It has very rich history. It also have beautiful infrastructure, high-speed railway station connects the country. And every province is very unique. So we are very excited to invite our friends over the world to come and visit China. There are a lot of good offering being extended. First of all, free-Visa has been extended to many countries such as France, Germany, Netherlands, Italy, Spain, Switzerland, Ireland, Singapore, Malaysia, Thailand, et cetera. And going forward, as we move forward, we hope there will be more opportunities to invite people around the world to come to China.

好的。入境業務是中國旅遊產業的新機會。中國能向世界提供非常多的體驗：擁有豐富的歷史，也有完善的基礎設施，高速鐵路網連結全國，而且每個省份都各具特色。因此，我們非常期待邀請世界各地的朋友來中國旅遊。目前也推出了許多利多措施。首先，免簽已擴大至多個國家，例如法國、德國、荷蘭、義大利、西班牙、瑞士、愛爾蘭、新加坡、馬來西亞、泰國等等。展望未來，隨著政策持續推進，我們希望能有更多機會邀請全球旅客來中國。

Secondly, for Trip.com, we also offer a one-stop shopping platform. Our inventory within China is excellent. We can offer tickets, flight ticket, high-speed railway tickets, we offer very nice tool packages. We also offer free 1-day tour for customers who transit in Shanghai. So hopefully, through the concerted efforts between Trip.com and local community, will be able to show the hospitality to our global travelers.

第二，對Trip.com而言，我們也提供一站式購物平台。我們在中國境內的供給非常充足：可提供景點門票、機票、高鐵票，也提供非常好的套裝行程。我們也為在上海轉機的旅客提供免費的一日遊。希望透過Trip.com與在地社群的共同努力，能向全球旅客展現我們的好客之道。

And thirdly, for Trip.com, we also offer more than 30 languages on our APP, more than 30 languages in our call center around the world, offering 24/7 services. If a customer needs to reach our customer service within 30 seconds, we'll be able to pick up the phone, address in the language that is familiar to our customers. So we are very excited for this opportunity to exhibit the beautiful history, the hospitality, variety of the food to our global friends. So hopefully, inbound travel will become a significant contribution to our business going forward.

第三，Trip.com的APP支援超過30種語言，我們全球客服中心也提供超過30種語言的24/7服務。若客戶需要在30秒內聯繫到客服，我們能接起電話，並以客戶熟悉的語言提供協助。我們非常期待把美麗的歷史、熱情好客以及多樣的美食呈現給全球朋友。希望入境旅遊未來能成為我們業務的重要貢獻來源。

Yes. And the contribution of the inbound travel to the Trip.com business has improved from the teens level to over 20% of the overall revenues in the first quarter of 2024. Thank you.

是的。而入境旅遊對 Trip.com 業務的貢獻已從十幾%的水準提升至 2024 年第一季整體營收的 20% 以上。謝謝。

And our next question comes from the line of Jiong Shao with Barclays.

下一個問題來自 Barclays 的 Jiong Shao。

I think you just mentioned that Trip.com contribution is now over 20% of the revenue. I just want to follow up on that. I was hoping you can elaborate a bit on your Trip.com business. Could you talk about, for example, the regional breakdown or product line breakdown for that business? And in terms of the take rate and average room rate for that pure international Trip.com business. And as you compete in Southeast Asia and in other parts of the world, clearly, they are already existing players. Could you talk about sort of what you're bringing as a differentiation to obviously grow your market share? What are you doing differently or better than some of the existing players?

我想您剛才提到 Trip.com 的貢獻現在已超過 20% 的營收。我想就此追問一下。我希望您能進一步說明一下 Trip.com 的業務。例如，您能談談該業務的區域拆分或產品線拆分嗎？以及就純國際的 Trip.com 業務而言，其抽成率（take rate）與平均房價（average room rate）如何？另外，當您在東南亞及世界其他地區競爭時，顯然當地已經有既有玩家。您能談談您帶來了哪些差異化，以明顯提升市占率嗎？您做了哪些不同或比既有玩家更好的地方？

Thank you. Firstly, a clarification on the contribution. Actually, contribution -- a 20% contribution actually is the inbound contribution to the overall Trip.com business rather than the Trip.com's revenue contribution to the total group. With regard to the Trip.com revenue, contribution to the total group, which is around 10% in the first quarter of 2024 -- in which over 70% or around 70% actually coming from the Asia markets. And with an increased cross-selling ratios, our mobile hotel bookings, now -- hotel bookings now contribute to more than 35% of the total revenues of the Trip.com business. And the take rate for the hotel and the air reservations on the Trip.com are similar to those of our outbound business. While we have recently turned profitable on the contribution margins for the Trip.com business, and we expect the Trip.com to achieve a healthy margin as it scale further increase in the longer-term period.

謝謝。首先澄清一下關於貢獻的說法。其實，20% 的貢獻指的是入境業務對整體 Trip.com 業務的貢獻，而不是 Trip.com 對集團總營收的貢獻。就 Trip.com 營收對集團總體的貢獻而言，2024 年第一季約為 10%——其中超過 70% 或約 70% 來自亞洲市場。隨著交叉銷售比例提升，我們的行動端飯店預訂——目前飯店預訂已貢獻 Trip.com 業務總營收的 35% 以上。Trip.com 上的飯店與機票預訂抽成率與我們的出境業務相近。近期 Trip.com 業務在貢獻毛利（contribution margin）層面已轉為獲利，我們也預期隨著規模進一步擴大，Trip.com 在較長期將達到健康的利潤率。

With regard to the core competence of our Trip.com business, yes, there's a lot of players in the international market as well as in the Asia market. However, Trip.com has a lot of unique selling point for our users. Firstly, Trip.com's mobile app offers a smooth and user-friendly search and booking experience and complemented by the AI tools for the personalized recommendations and special offers, which further enhancing our user engagement. For example, the Trip.com's global mobile app order share has increased to around 65% in the first quarter. With several key markets, the number has reached over 75%.

就 Trip.com 業務的核心競爭力而言，是的，國際市場以及亞洲市場都有許多玩家。然而，Trip.com 對用戶而言有許多獨特賣點。首先，Trip.com 的行動 App 提供順暢且友善的搜尋與預訂體驗，並搭配 AI 工具提供個人化推薦與特別優惠，進一步提升用戶黏著度。例如，Trip.com 全球行動 App 訂單占比在第一季已提升至約 65%。在若干重點市場，該數字已超過 75%。

Secondly, we have a comprehensive one-stop model caters to nearly -- of nearly all travel needs, which is particularly appealing to mobile app users and our extensive experience in China further enhance our expertise in these areas.

第二，我們提供全面的一站式模式，幾乎涵蓋所有旅遊需求，這對行動 App 用戶特別有吸引力；而我們在中國的豐富經驗也進一步強化了我們在這些領域的專業能力。

Third, we provide 24 hours and 7 days customer service via the phone call, online chat or the e-mails, ensuring our users have reliable support for any issues that they encounter.

第三，我們透過電話、線上聊天或電子郵件提供 24 小時、每週 7 天的客服，確保用戶在遇到任何問題時都能獲得可靠支援。

Fourth, the Trip.com offers highly competitive offerings, leveraging the group's strong market presence and well-established supplier relationship. Last but not least, with particularly strong product and service in China, a surge in inbound travel presents an excellent opportunity for our Trip.com business to capitalize on its unique advantages. Thank you.

第四，Trip.com 提供極具競爭力的產品與方案，得益於集團強大的市場地位與成熟的供應商關係。最後但同樣重要的是，憑藉在中國特別強的產品與服務，入境旅遊的激增為我們的 Trip.com 業務提供了絕佳機會，得以發揮其獨特優勢。謝謝。

And our next question is going to come from the line of Alex Yao with JPMorgan.

下一個問題將來自 JPMorgan 的 Alex Yao。

Congratulations on a solid quarter. So Trip.com has been growing very rapidly in the past few years. Can you talk about Trip.com's addressable market size and the competitive landscape in Asia?

恭喜本季表現穩健。Trip.com 在過去幾年成長非常快速。您能談談 Trip.com 的可服務市場規模（addressable market size）以及亞洲的競爭格局嗎？

Sure. When we look at the market size, outside of China, the total Asia is equivalent to 1.5x China's market. So it's quite significant. Secondly, we feel we have a couple of advantages. First of all, we offer one-stop shopping platform, which is really convenient for our consumers. Secondly, our users' experience on mobile is excellent. In China, more than 90% of our customers use mobile. So we'll be able to amplify our experience into the global places. Thirdly is our excellent customer services. And we want to make sure that we serve our customers outside of China as well as the customers within China. And lastly, we also have very strong outbound business, which enable our team to negotiate a very good deal for our global customers. So these are the strengths we have. We will make sure that we provide excellent products and excellent services to our global customers.

當然。就市場規模而言，中國以外的整體亞洲市場相當於中國市場的 1.5 倍，因此規模相當可觀。第二，我們認為我們有幾項優勢。首先，我們提供一站式購物平台，對消費者非常便利。第二，我們在行動端的用戶體驗非常出色。在中國，超過 90% 的客戶使用行動端，因此我們能把這些經驗放大並複製到全球各地。第三是我們優秀的客戶服務。我們希望確保能服務中國以外的客戶，也同樣服務中國境內的客戶。最後，我們也有非常強的出境業務，使我們的團隊能為全球客戶談到非常好的條件。以上就是我們的優勢。我們會確保為全球客戶提供優秀的產品與優秀的服務。

Our next question comes from the line of Simon Cheung with Goldman Sachs.

下一個問題來自 Goldman Sachs 的 Simon Cheung。

I just have 1 small question. Again, in relation to the margins, which has consistently, I guess, bidden market expectations. I've been receiving a lot of inbound inquiry asking the different margin profile for your Trip.com business, your outbound business, and your domestic business. Perhaps maybe you can share with us if you have any data you can share by the respective business, the relative margin profile, maybe the take rates? And secondly, how should we think about the margin trend? We have seen your sales and marketing as a percentage of revenue consistently trending lower. In this particular quarter, we also see product development were actually trending lower on a year-on-year basis. Any color would be appreciated.

我只有一個小問題。同樣是關於利潤率，這一直以來我想都超出市場預期。我收到很多來自海外的詢問，想了解 Trip.com 業務、出境業務與國內業務各自不同的利潤率結構。或許您可以分享一些按各業務劃分的數據，例如相對的利潤率結構、可能還有抽成率？第二，我們應該如何看待利潤率趨勢？我們看到銷售與行銷費用占營收比重持續下降。本季我們也看到產品研發費用在年對年基礎上其實也在下降。若能提供一些補充說明將不勝感激。

Yes, we have achieved a healthy margin level for our domestic business, thanks to the large scale and scalability that we achieved. And the outbound business normally have a slightly higher margin, thanks to the average higher selling price. And at the same time, related to the cost, including the service cost, the product development cost, as well as sales and marketing costs are quite similar to the -- compared with the domestic business. So therefore, outbound travel normally is the higher-margin business for us.

是的，受益於我們已達到的大規模與可擴展性，我們的國內業務已實現健康的利潤率水準。出境業務通常利潤率略高，主要因為平均售價較高。同時，在成本端，包括服務成本、產品研發成本以及銷售與行銷成本，與國內業務相比其實相當接近。因此，出境旅遊通常是我們利潤率更高的業務。

With regard to the Trip.com business, as I said before, we closely -- although the Trip.com business has (inaudible) in the investment period, however, we closely monitor the contribution margin of the Trip.com business. And recently, our Trip.com business as a whole has achieved at least a breakeven level in terms of the contribution margin. And in the longer-term period, we strongly believe that the Trip.com business will also become a profitable, healthy growth business in the future.

至於 Trip.com 業務，如我先前所說，雖然 Trip.com 業務仍處於（聽不清）投資期，但我們會密切監控 Trip.com 業務的貢獻毛利。近期，我們的 Trip.com 業務整體在貢獻毛利層面至少已達到損益兩平。從較長期來看，我們堅信 Trip.com 業務未來也將成為一個可獲利、健康成長的業務。

So in summary, we expect our margins to align with -- will be aligned with the typical seasonal patterns, reflecting the strong business growth and disciplined cost management. And looking ahead, our margin expansion will primarily stem from operational scalability and approve the sales and marketing efficiencies. However, this may be partly offset by additional expenses associated with expanding our international operations. Thank you.

總結而言，我們預期利潤率將符合典型的季節性規律，反映強勁的業務成長與嚴謹的成本管理。展望未來，我們的利潤率擴張將主要來自營運規模效益以及提升銷售與行銷效率。不過，這可能會部分被拓展國際營運所帶來的額外費用所抵銷。謝謝。

I would now like to hand the conference back over to Michelle Qi for any closing remarks.

我現在想把電話會議交回給 Michelle Qi，請她做結語。

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

謝謝。感謝各位今天參與。我們今天電話會議的逐字稿與網路直播回放可在 investors.trip.com 查閱。我們期待在 2024 年第二季財報電話會議上再與各位交流。謝謝，祝各位有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以掛線。