Trip.com Group Ltd (TCOM) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Trip.com Group first-quarter 2025 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2025年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I'd 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人，高級投資者關係總監 Michelle Qi。請繼續。

Thank you. Thank you all. Good morning. Welcome to Trip.com Group's first quarter of 2025 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。謝謝大家。早安.歡迎參加攜程集團2025年第一季財報電話會議。今天參加電話會議的還有董事會執行主席梁建章先生、執行長孫潔女士和財務長王心怡女士。

During this call, we will discuss our future outlook and performance, which are forward-looking statements made under the safe harbor provisions of the US 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.

在本次電話會議中，我們將討論我們的未來展望和業績，這些都是根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。前瞻性陳述涉及固有風險和不確定性。因此，我們的結果可能與今天表達的觀點有重大不同。

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.

攜程集團向美國證券交易委員會提交的公開文件中概述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 first quarter of 2025 and the outlook for the second quarter of 2025. After the prepared remarks, we will have a Q&A session.

James、Jane 和 Cindy 將分享我們的策略和業務更新、2025 年第一季的營運亮點和財務業績以及 2025 年第二季的展望。準備好的發言之後，我們將進行問答環節。

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。詹姆斯，可以嗎？

Thank you, Michelle, and thanks, everyone, for joining us on this call today. The travel industry continues to show strong growth in 2025 driven by high consumer confidence, resilient demand and favorable policies. Trip.com continues to deliver outstanding performance, benefiting from our diversified market presence. With operations spanning both mature and the emerging markets, we've built a balanced portfolio that mitigates risks associated with regional economic fluctuations and reduces dependency on any single market.

謝謝你，米歇爾，也謝謝大家今天參加我們的電話會議。在消費者信心高漲、需求強勁和政策利好推動下，2025年旅遊業將持續呈現強勁成長。由於多元化的市場佈局，Trip.com 繼續取得優異的業績。我們的業務遍及成熟市場和新興市場，建立了均衡的投資組合，以減輕與區域經濟波動相關的風險並減少對任何單一市場的依賴。

Following China's strategic push to attract international visitors, inbound travel has become our fastest-growing segment. A combination of visa-free policies and increased visibility through global social media has made China a more accessible and attractive destination. In Q1, our inbound travel bookings surged by approximately 100% year-over-year with South Korea, Thailand, Malaysia and Indonesia emerged at some of the fastest-growing source markets. Trip.com Group offers the most comprehensive China travel inventory covering accommodation, transportation, attractions and local experiences. We have actively enriched our content and services to better engage international travelers.

隨著中國採取策略性措施吸引國際遊客，入境遊已成為我們成長最快的領域。免簽證政策和全球社群媒體知名度的提高使得中國成為一個更容易前往、更具吸引力的旅遊目的地。第一季度，我們的入境旅遊預訂量年增約 100%，其中韓國、泰國、馬來西亞和印尼成為成長最快的客源市場。Trip.com 集團提供最全面的中國旅遊資源，涵蓋住宿、交通、景點和當地體驗。我們積極豐富我們的內容和服務，以更好地吸引國際旅行者。

Backed by our robust service capabilities such as multilingual support and personalized itinerary, we are confident to become the go-to platform for those visiting China. As global interest continues to rise, we will continue to enhance our offerings and user experience to fully capture this growing opportunity.

憑藉我們強大的服務能力，如多語言支援和個人化行程，我們有信心成為訪問中國的遊客的首選平台。隨著全球興趣的不斷增長，我們將繼續增強我們的產品和用戶體驗，以充分抓住這個日益增長的機會。

AI remains a cornerstone of our long-term strategy. As we deepen our investments in AI, we view it as a critical tool for enhancing user experience and streamlining the travel booking process. Our AI capabilities span the entire customer journey from trip planning to post-sale support. By leveraging advanced language models, we deliver personalized recommendations, generate tailored itineraries with actionable links and respond to user queries with greater precision. This AI-driven approach seamlessly integrate historical booking data with real-time travel trends, allowing for dynamic update that better align with evolving user need.

人工智慧仍然是我們長期策略的基石。隨著我們對人工智慧的投資不斷深入，我們將其視為增強用戶體驗和簡化旅行預訂流程的重要工具。我們的人工智慧功能涵蓋從行程規劃到售後支援的整個客戶旅程。透過利用先進的語言模型，我們提供個人化的建議，產生具有可操作連結的客製化行程，並更精確地回​​應使用者查詢。這種由人工智慧驅動的方法將歷史預訂資料與即時旅行趨勢無縫集成，從而實現動態更新，更好地滿足不斷變化的用戶需求。

In the planning phase, our AI agent, TripGenie, has seen around a 50% increase in average user session duration, reflecting the growing interest in AI-driven traveler systems. In the post-sale phase, our AI chatbots and self-service tools handle over 80% of inquiries, offering 24/7 support, improving response times and boosting customer satisfaction. Our strong Q1 results underscore the resilience of our business model and the effectiveness of our strategic initiatives. With a continued focus on innovation, customer experience and operational excellence, we are well positioned to navigate dynamic economic environments and capture future growth opportunities.

在規劃階段，我們的 AI 代理 TripGenie 的平均用戶會話時間增加了約 50%，這反映出人們對 AI 驅動的旅行者係統的興趣日益濃厚。在售後階段，我們的AI聊天機器人和自助服務工具處理超過80％的諮詢，提供全天候支持，縮短回應時間並提高客戶滿意度。我們強勁的第一季業績凸顯了我們商業模式的彈性和策略舉措的有效性。透過持續專注於創新、客戶體驗和卓越運營，我們能夠更好地應對動態的經濟環境並抓住未來的成長機會。

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

接下來，我將電話轉給 Jane，介紹營運亮點。

Thank you, James. Good morning, everyone. We are pleased to report a strong start to 2025. In the first quarter, our net revenue increased by 16% year-over-year, reflecting solid momentum across our business. Adjusted EBITDA grew by 7% year-over-year, demonstrating continued operational efficiency improvement.

謝謝你，詹姆斯。大家早安。我們很高興地報告 2025 年的良好開端。第一季度，我們的淨收入年增16%，反映出我們整個業務的強勁成長動能。調整後EBITDA年增7%，顯示營運效率持續提升。

We are encouraged to see that travel has become an increasingly essential part of people's daily lives, driving sustained interest across markets. On the global front, overall travel bookings on our international OTA platform grew by over 60% year-over-year. APAC remains a major growth center. We drove this momentum by capturing rising demand from both leisure and business travelers and by strengthening our brand and local presence. Our mobile platform now contributes 70% of international bookings, reflecting growing user preference for app-based travel planning and increasing brand recognition.

我們很高興地看到，旅行已成為人們日常生活中越來越重要的一部分，並引發了各個市場的持續興趣。在全球範圍內，我們國際 OTA 平台的整體旅遊預訂量年增超過 60%。亞太地區仍然是主要的成長中心。我們透過抓住休閒和商務旅客日益增長的需求以及加強我們的品牌和本地影響力來推動這一發展勢頭。我們的行動平台目前貢獻了 70% 的國際預訂量，反映出用戶對基於應用程式的旅遊計畫的偏好日益增長，品牌知名度也不斷提高。

These achievements reflect the success of our localized operations and strategic partnerships. Our joint venture with JTB in Japan, for example, has strengthened and expanded our product offering, helping us better serve local travelers. By broadening our international reach, we continue to respond quickly to changing market dynamics and build long-term growth momentum.

這些成就體現了我們在地化營運和策略合作夥伴關係的成功。例如，我們與日本 JTB 的合資企業加強並擴大了我們的產品供應，幫助我們更好地服務當地旅客。透過擴大我們的國際影響力，我們能夠繼續快速回應不斷變化的市場動態並建立長期成長勢頭。

China is also emerging as an increasingly popular destination among global travelers with inbound travel gaining strong momentum. In Q1, inbound arrivals at the national level grew by 40% year-over-year, with 75% coming from these three regions. On our platform, inbound bookings increased by around 100% year-over-year with hotel bookings from key visa-free countries in APAC surged by over 240%. These trends reflect the strength and competitiveness of our inbound offerings, which outperformed other segments in both conversion rates and the cross-selling ratios. This momentum has been supported by favorable policy changes.

中國也逐漸成為全球遊客越來越青睞的旅遊目的地，入境旅遊勢頭強勁。一季度，全國入境旅遊人數較去年同期成長40%，其中75%來自這三個地區。在我們的平台上，入境預訂量年增約 100%，來自亞太地區主要免簽證國家的飯店預訂量激增 240% 以上。這些趨勢反映了我們的入站產品的優勢和競爭力，其轉換率和交叉銷售率均優於其他部分。這一勢頭得到了有利政策變化的支持。

The 240-hour visa-free transit policy introduced in December allows travelers from 54 countries to stay in China for up to 10 days and expands eligible entry and exit ports to 60 across 24 provinces, significantly enhancing accessibility. Meanwhile, the new refund upon purchase policy enables travelers to instantly claim VAT rebates at designated stores and reuse the funds, making China increasingly attractive to global visitors.

去年12月推出的240小時過境免簽政策允許54個國家的旅客在華停留不超過10天，並將符合條件的出入境口岸擴展至24個省份的60個，大大提高了通行能力。同時，新的購物退稅政策使遊客能夠在指定商店立即申請增值稅退稅並重複使用資金，這使得中國對全球遊客的吸引力日益增強。

To further enhance visitor experience, Trip.com Group has launched free city tours for transit travelers in Shanghai and Beijing. We are also upgrading our offline stores into multilingual service centers, offering international visitors customized travel consultations, payment support and a wide range of localized services. Outbound travel from China also sustained steady growth during the quarter. In Q1, cross-border flight capacity recovered to 83% of pre-pandemic level. Our outbound hotel and air bookings have returned more than 120% of 2019 levels, outperforming the market by 30% to 40%.

為進一步提升遊客體驗，攜程集團在上海、北京等地推出了針對過境旅客的免費城市觀光計畫。我們也將線下門市升級為多語言服務中心，為國際遊客提供客製化的旅遊諮詢、支付支援和廣泛的在地化服務。本季中國出境旅遊也維持穩定成長。一季度跨境航班運力恢復至疫情前83%。我們的出境飯店和機票預訂量已恢復到 2019 年水準的 120% 以上，比市場表現高出 30% 至 40%。

Despite short-term disruptions in Thailand, the expanding travel radius of Chinese travelers continues to support recovery with long-haul destinations, such as Europe, seeing particularly strong growth. Domestically, travel demand remained robust with hotel bookings in China continuing to see double-digit growth year-over-year. This underscores consumers' strong appetite for local exploration and travel experiences. The silver generation is rapidly becoming a vibrant force in the travel market with strong demand and growing enthusiasm for exploration. In Q1, both the number of Old Friends Club users and their GMV grew by 100% year-over-year.

儘管泰國出現短期中斷，但中國遊客的出行範圍不斷擴大，並持續支持經濟復甦，其中歐洲等長途目的地的成長尤為強勁。國內旅遊需求依然強勁，中國飯店預訂量較去年同期持續維持兩位數成長。這凸顯了消費者對當地探索和旅遊體驗的強烈興趣。銀髮世代正迅速成為旅遊市場的一股活躍力量，他們的需求強勁，探索熱情也日益高漲。第一季度，老友記用戶數和GMV年成長均達100%。

With both time and spending power on their side, this group is emerging as a key driver of long-term growth. To better serve these growing segments, we carefully select and adapt travel products to meet the needs of senior travelers, ensuring suitability, quality and competitive pricing. Our offerings now include over 7,000 travel products, 2,000 partner hotels and 4,000 hotel packages tailored specifically for the silver generation.

憑藉時間和消費能力，這群人正成為長期成長的關鍵驅動力。為了更好地服務這些不斷增長的群體，我們精心選擇和調整旅遊產品以滿足老年旅行者的需求，確保適用性、品質和有競爭力的價格。我們目前提供的服務包括 7,000 多種旅遊產品、2,000 家合作酒店和 4,000 個專為銀髮一代量身定制的酒店套餐。

We also provide one-on-one customer support throughout the entire journey to ensure a seamless and reassuring experience. To connect with this audience in new ways, we are producing short-form drama series that resonate with them to promote travel offerings. Favorable policies are encouraging more suppliers to develop senior-friendly products. As the supply of tailored offerings grows, we are increasingly well positioned to meet evolving demands and capture long-term growth in this market.

我們還在整個旅程中提供一對一的客戶支持，以確保無縫和安心的體驗。為了以新的方式與觀眾建立聯繫，我們正在製作能引起他們共鳴的短篇電視劇來推廣旅遊產品。優惠政策正在鼓勵更多供應商開發適合老年人的產品。隨著客製化產品供應的成長，我們越來越有能力滿足不斷變化的需求並抓住這個市場的長期成長機會。

Among younger travelers, we are seeing strong demand for entertainment plus travel experiences such as music festivals, themed tours and destination events. In Q1, revenue for these products rose by more than 400% year-over-year, reflecting a clear shift to an immersive experience-led travel. This generation is increasingly prioritizing unique, interest-driven itineraries that blend leisure with lifestyle and self-expression.

在年輕的旅行者中，我們看到對娛樂和旅行體驗（例如音樂節、主題旅遊和目的地活動）的強烈需求。第一季度，這些產品的營收年增超過400%，反映出向沉浸式體驗主導型旅行的明顯轉變。這一代人越來越重視獨特的、興趣驅動的行程，將休閒與生活方式和自我表達融為一體。

To capture this trend, we are curating more niche offerings across popular themes such as concerts, anime and sports events, delivering greater personalization and cultural relevance. As younger users continue to drive the growth of experiential travel, we see strong potential to further engage this segment through innovative product design and digital storytelling.

為了抓住這一趨勢，我們正在策劃更多涵蓋音樂會、動漫和體育賽事等熱門主題的小眾產品，以提供更高的個人化和文化相關性。隨著年輕用戶繼續推動體驗式旅行的成長，我們看到透過創新產品設計和數位化故事敘述進一步吸引這一細分市場的巨大潛力。

Beyond business performance, we remain committed to creating long-term value for society. As part of our efforts to support rural revitalization, we have built 34 country retreats to promote sustainable travel and stimulate local economies. In times of crisis, we act swiftly. Following the March earthquake in Myanmar, we launched a global SOS initiative to assist affected travelers with cancellations and offer timely support and reassurance.

除了業務表現之外，我們也致力於為社會創造長期價值。作為支持鄉村振興的努力的一部分，我們建造了 34 個鄉村度假勝地，以促進永續旅遊並刺激當地經濟。危機時刻，我們迅速採取行動。緬甸三月地震發生後，我們發起了一項全球 SOS 倡議，幫助受影響的旅客取消行程，並提供及時的支持和安慰。

Internally, we continue to care for our people, offering employees with children under 18 an additional 3 days of paid leave. This policy not only supports work-life balance, but also encourages family travel, contributing further to the travel economy.

在內部，我們繼續關懷員工，為有 18 歲以下子女的員工提供額外 3 天的帶薪假期。該政策不僅支持工作與生活的平衡，也鼓勵家庭旅行，進一步促進旅遊經濟。

In conclusion, our first quarter performance reflects the strength of our platform, the resilience of travel demand and our ability to capture growth opportunities across diverse markets. We remain focused on delivering innovative, localized and customer-centric travel solutions to meet evolving traveler needs. Looking ahead, we are confident in our ability to drive sustainable growth and create long-term value for our customers, partners and shareholders.

總之，我們的第一季業績反映了我們平台的實力、旅遊需求的彈性以及我們抓住不同市場成長機會的能力。我們始終致力於提供創新、在地化和以客戶為中心的旅行解決方案，以滿足不斷變化的旅客需求。展望未來，我們有信心推動永續成長，為客戶、合作夥伴和股東創造長期價值。

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

說完這些，我現在將電話轉給辛蒂。

Thanks, Jane. Good morning, everyone. For the first quarter of 2025, Trip.com Group reported a net revenue of RMB13.8 billion, representing a 16% increase from the same period last year and a 9% increase from the previous quarter, primarily due to strong travel consumption and resilient travel demand across segments, Accommodation reservation revenue for the first quarter was RMB5.5 billion, representing a 23% increase year-over-year and a 7% increase quarter-over-quarter. Outbound and international hotel bookings continued to deliver strong growth. Domestic hotel bookings also remained resilient and outperformed the overall market.

謝謝，簡。大家早安。2025年第一季，攜程集團淨營收為人民幣138億元，年增16%，季增9%，主要得益於強勁的旅遊消費及各細分領域旅遊需求的回升。第一季住宿預訂收入為人民幣55億元，較去年同期成長23%，較上季成長7%。出境和國際飯店預訂量持續強勁成長。國內飯店預訂量也保持強勁，表現優於整體市場。

Transportation ticketing revenue for the first quarter was RMB5.4 billion, representing an 8% increase year-over-year and a 13% increase quarter-over-quarter. Outbound air bookings continue to grow strongly and outpacing the broader market. Our international air business has also witnessed rapid expansion.

第一季交通票務收入為人民幣54億元，較去年成長8%，較上季成長13%。出境機票預訂量持續強勁成長，成長速度超過整體市場。我們的國際航空業務也得到了快速發展。

Packaged tour revenue for the first quarter was RMB947 million, representing a 7% increase year-over-year and a 9% increase quarter-over-quarter. The year-over-year growth was mainly driven by our international businesses.

第一季旅遊度假收入為人民幣9.47億元，年增7%，季增9%。年成長主要得益於我們的國際業務。

Corporate travel revenue for the first quarter was RMB573 million, representing a 12% increase year-over-year and an 18% decrease quarter-over-quarter. The sequential decrease was in line with normal seasonality.

第一季商旅管理收入為5.73億元人民幣，較去年同期成長12%，季減18%。環比下降符合正常的季節性。

Excluding share-based compensation charges, adjusted product development expenses for the first quarter increased by 14% year-over-year. Adjusted G&A expenses for the first quarter increased by 12% year-over-year. These are mainly due to increase in personnel-related expenses.

不計股權報酬費用，第一季調整後產品開發費用年增14%。第一季調整後的一般及行政費用年增 12%。主要是由於人員相關費用增加所致。

Adjusted sales and marketing expenses for the first quarter decreased by 11% from the previous quarter and increased by 30% from the same period last year. The sequential decrease was in line with seasonality, while year-over-year increase was mainly driven by heightened marketing efforts aligned with our business expansion.

第一季調整後的銷售和行銷費用較上季下降11%，較去年同期成長30%。環比下降與季節性因素相符，而年成長主要由於我們為配合業務擴張而增加的營銷力度。

Adjusted EBITDA was RMB4.2 billion for the first quarter compared with RMB4 billion in the same period last year and RMB3 billion in the previous quarter. Diluted earnings per ordinary share and per ADS were RMB6.09 or USD0.84 for the first quarter of 2025. Excluding share-based compensation charges and fair value changes of equity securities investments and exchangeable senior notes, non-GAAP diluted earnings per ordinary share and per ADS were RMB5.96 or USD0.82 for the first quarter.

第一季調整後EBITDA為42億元人民幣，去年同期為40億元人民幣，上一季為30億元。2025 年第一季每股普通股及每股美國存託憑證攤薄收益為 6.09 元人民幣或 0.84 美元。不計入股權激勵費用、權益性證券投資及可交換優先票據的公允價值變動，第一季非美國通用會計準則每股普通股及每股美國存託憑證攤薄收益分別為 5.96 元人民幣及 0.82 美元。

As of March 31, 2025, the balance of cash and cash equivalents, restricted cash, short-term investment, held-to-maturity time deposits and financial products was RMB92.9 billion or USD12.8 billion. As of the earnings announcement date, the company has repurchased approximately USD84 million of its shares. This action underscores our commitment to delivering value to our shareholders. We remain dedicated to this strategy, and we'll continue to evaluate opportunities for additional buybacks throughout the remainder of the year.

截至2025年3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929億元、美元128億元。截至財報發布日，本公司已回購約8,400萬美元的股票。這項措施凸顯了我們致力於為股東創造價值的承諾。我們將繼續致力於這項策略，並將在今年剩餘時間內繼續評估額外回購的機會。

In conclusion, travel demand remains resilient across markets, supported by strong consumer confidence and continued recovery momentum. With our solid foundation and focused strategy, we remain confident in our business outlook and long-term growth potential.

總而言之，在強勁的消費者信心和持續的復甦勢頭的支持下，各市場的旅遊需求依然保持彈性。憑藉著堅實的基礎和專注的策略，我們對我們的業務前景和長期成長潛力充滿信心。

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

接線員，請打開熱線來回答問題。

(Operator Instructions) Thomas Chong, Jefferies.

（操作員指示）Thomas Chong，Jefferies。

My question is about AI. Could you share your perspective on how vertical AI agents compare to general AI agents within the travel industry? Additionally, as Trip.com has been operating the AI-powered functions for a few years now, how do you ambition the future development of these technologies?

我的問題是關於人工智慧的。您能否分享一下您對垂直 AI 代理與旅遊業內一般 AI 代理有何不同的看法？此外，Trip.com 已經經營人工智慧功能幾年了，您如何看待這些技術未來的發展？

Thank you for your question. Vertical AI agents and general AI agents each bring unique strengths to the travel industry. Vertical agents excel at providing real-time proprietary travel data and seamlessly integrating products and services that enhance the travel experience. General agents, on the other hand, offer a broader range of information beyond specific verticals. However, they still rely on vertical OTAs to complete the booking phase.

感謝您的提問。垂直AI代理和通用AI代理各自為旅遊業帶來獨特的優勢。垂直代理商擅長提供即時專有旅行數據並無縫整合可增強旅行體驗的產品和服務。另一方面，總代理商提供超出特定垂直領域的更廣泛的資訊。不過，他們仍然依賴垂直OTA來完成預訂階段。

AI plays a crucial role in Trip.com's development road map. We have introduced a suite of AI tools to deliver efficient and reliable travel services. Our travel assistant, TripGenie, leverage advanced models to address user inquiries. The Trip.Best recommendations inspire users and help them make informed travel choices based on authentic booking data and user reviews. We are pleased with the increasing user engagement with our AI tools, and we'll continue to enhance them based on user feedback and technological advancements. As our platform evolves, our goal remains to be the most efficient and reliable one-stop travel service platform

人工智慧在Trip.com的發展路線圖中扮演著至關重要的角色。我們引入了一套人工智慧工具來提供高效可靠的旅行服務。我們的旅行助理 TripGenie 利用先進的模型來解決用戶的疑問。Trip.Best 的推薦可以啟發用戶並幫助他們根據真實的預訂數據和用戶評論做出明智的旅行選擇。我們很高興看到用戶對我們的人工智慧工具的參與度不斷提高，我們將根據用戶回饋和技術進步繼續改進這些工具。隨著平台的發展，我們的目標仍然是成為最高效、最可靠的一站式旅遊服務平台

Yang Liu, Morgan Stanley.

摩根士丹利的劉洋。

Could management provide some color about your performance during the Labor Day holiday and the quarter-to-date?

管理層能否透露一下您在勞動節假期期間以及本季迄今的表現？

Thank you, Yang. We are very pleased with our very strong performance during the Labor Day holiday. Our domestic hotel bookings increased by over 20% compared to last year. And cross-border bookings saw a growth of around 30%, in which inbound bookings surged by approximately 150% year-over-year. The domestic air prices have increased year-over-year and domestic hotel prices on nearly last year's level, both demonstrating significant improvement since the first quarter. This strong performance suggests a very resilient demand for the leisure travel.

謝謝你，楊。我們對勞動節假期期間的出色表現感到非常滿意。我們的國內酒店預訂量比去年增長了20％以上。跨境預訂量成長約 30%，其中入境預訂量較去年同期成長約 150%。國內機票價格年增，國內飯店價格與去年同期基本持平，第一季以來均有明顯改善。如此強勁的表現顯示休閒旅遊的需求非常強勁。

Simon Cheung, Goldman Sachs.

高盛的 Simon Cheung。

Just a bit more on the outbound travel trend. Can you perhaps just share with us the industry trend and also your company's performance? And what is your expectation for the full year? And given, obviously, the current uncertain environment with all the tariff news and also a lot of volatility on the forex, how are you thinking all these factors going to be affecting your overall trend?

再多說一點關於出境遊趨勢的事情。您能否與我們分享一下產業趨勢以及貴公司的業績？您對全年的期望是什麼？顯然，鑑於當前各種關稅新聞和外匯波動等不確定的環境，您認為所有這些因素將如何影響您的整體趨勢？

Thank you, Simon. In the first quarter, cross-border flights from Mainland China steadily recovered to 83% to 84% of the 2019 level. And the CAAC forecasts that the number will exceed 90% at the end of 2025, up from around 80% at the end of 2024, indicating double-digit annual growth. Our platform has seen outbound bookings consistently outperform the industry with particularly strong growth in the long-haul destinations such as Europe. At a group level, our inbound and outbound operations create a natural hedge where major forex exchanges could positively affect one segment.

謝謝你，西蒙。一季度，中國內地跨境航班穩定恢復至2019年同期的83%至84%。中國民航局預測，到2025年底，這一數字將超過90%，高於2024年底的80%左右，這意味著每年將實現兩位數的成長。我們的平台出發旅遊預訂量一直優於業界水平，尤其是歐洲等長途目的地的成長尤為強勁。在集團層面，我們的進出業務形成了一種自然對沖，主要的外匯交易可能會對某個部門產生正面的影響。

Brian Gong, Citi.

花旗銀行的 Brian Gong。

Congratulation on results. My question is on hotel which hotel industry -- hotel ADR industrial performance was noted in the first four months. How are hotel prices trending recently? And how is the outlook for the full year in your view?

祝賀取得成果。我的問題是關於酒店的，哪個酒店業——前四個月的酒店 ADR 行業表現最為突出。最近飯店價格走勢如何？您認為全年前景如何？

In the first quarter, hotel ADR, in general decreased by high single digits compared with last year. As we move into the second quarter, we saw the decline narrowed and prices stabilized. Hotel prices only dropped by low single digits during the recent Labor Day holiday.

第一季度，飯店平均房價與去年同期相比普遍下降了高個位數。進入第二季度，我們看到跌幅縮小，價格趨於穩定。最近勞動節假期期間，飯店價格僅下降了個位數。

In terms of supplier, overall hotel availability increased by high single digits year-over-year. Mid- to upper range hotels showed significant growth, where we also saw the furthest growth -- the farthest increase on the demand side. Looking ahead, we expect that increasing travel demand and normalizing supplier growth was able -- will help to stabilize hotel price.

從供應商來看，整體飯店供應量年增了高個位數。中高檔飯店表現出顯著的成長，我們也看到了最大的成長——需求方面最大的成長。展望未來，我們預計不斷增長的旅遊需求和正常化的供應商成長將有助於穩定飯店價格。

Alex Yao, JPMorgan.

摩根大通的 Alex Yao。

Congrats on strong quarter. My question is about consumer sentiment. Can you share with us insights with regard to consumer sentiment in the context of dynamic macro environment and also the geopolitical tension at the current stage?

恭喜本季業績強勁。我的問題是關於消費者情緒的。您能否與我們分享在當前動態宏觀環境和地緣政治緊張局勢下對消費者情緒的見解？

We are seeing quite resilient travel demand across the different markets where we operate in. Although travelers' preference for destinations are consistently changing, the most important factor for us is the ongoing growth in the overall demand. Leisure travel demand remains strong with per capita spending comparable to last year's level for the first quarter and the recent Labor Day holiday on our platform. Business travel trends are more closely tied to the macro environment, and we currently see a stable demand.

我們發現，我們營運的不同市場的旅遊需求都相當強勁。儘管旅客對目的地的偏好不斷變化，但對我們來說最重要的因素是整體需求的持續成長。休閒旅遊需求依然強勁，我們平台上第一季和最近的勞動節假期的人均支出與去年水準相當。商務旅行趨勢與宏觀環境更加緊密地聯繫在一起，我們目前看到穩定的需求。

In the first quarter, corporate users' average spending on business travel was steady year-over-year, and the recent survey indicates that over 90% of corporate users, they expect their domestic and international travel budget to grow or remain unchanged by 2025.

第一季度，企業用戶商務旅行平均支出較去年同期持平，最新調查顯示，超過90%的企業用戶預計到2025年其國內、國際旅遊預算將成長或維持不變。

Ellie Jiang, Macquarie.

麥格理銀行的 Ellie Jiang。

Congrats on the strong results. I just have a question on the domestic competitive landscape. Could you help understand what is the current landscape like? Have you noticed there are changes in competition, especially with competitors' aggressive membership programs? And what will be their impact on the businesses?

恭喜您取得如此優異的成績。我只是對國內競爭格局有疑問。您能幫助了解當前的情況嗎？您是否注意到競爭發生了變化，尤其是競爭對手激進的會員計劃？它們會對企業產生什麼影響？

Thank you for your question. Regarding the domestic market, the competition tends to be rationalized. We are very glad to see that we are focusing on our really strengths. Our membership has been always very strong. On the consumer side, we provide a strong loyalty program, which enable our customers to get the best coverage with the most competitive pricing.

感謝您的提問。國內市場競爭趨於合理化。我們很高興看到我們專注於我們真正的優勢。我們的會員人數一直都非常強大。在消費者方面，我們提供強大的忠誠度計劃，使我們的客戶能夠以最具競爭力的價格獲得最佳的服務。

On the partner side, because of our strong membership scheme, our partner able to differentiate different customers and offer customized service at different levels. So as a result, 80% of our revenue are provided and derived by our existing customers, and we will continuously to extend our leadership in this field.

在合作夥伴方面，由於我們強大的會員計劃，我們的合作夥伴能夠區分不同的客戶並提供不同級別的客製化服務。因此，我們 80% 的收入來自現有客戶提供和獲得，並且我們將不斷擴大在該領域的領導地位。

Joyce Ju, Bank of America.

美國銀行的 Joyce Ju。

Congrats on the strong quarter. My question is could you provide some insights and more detailed colors into the first quarter performance, both operationally and also financially?

恭喜本季業績強勁。我的問題是，您能否對第一季的營運和財務表現提供一些見解和更詳細的說明？

In the first quarter, Trip.com achieved a very strong growth despite a challenging comparison base with overall bookings increased by more than 60% year-over-year. APAC remains our top priority for the operations, marketing and growth driver. We are also expanding and growing rapidly in new markets such as the Middle East, which helped to diversify our market portfolio and strengthen our global presence.

第一季度，儘管基數較大，但攜程仍實現了非常強勁的成長，整體預訂量較去年同期成長超過 60%。亞太地區仍然是我們營運、行銷和成長動力的首要重點。我們也在中東等新興市場迅速擴張和發展，這有助於實現市場組合多元化並加強我們的全球影響力。

As Trip.com continues to scale our service and personnel-related cost efficiency is also improving. Our marketing ROI remain aligned with our requirements despite a slightly higher marketing ratio due to the intensified efforts.

隨著Trip.com規模的不斷擴大，與我們的服務和人員相關的成本效率也不斷提高。由於我們加強了力度，儘管行銷比例略有提高，但我們的行銷投資報酬率仍然符合我們的要求。

Wei Xiong, UBS.

熊偉，瑞銀。

Congrats on the solid results. I want to follow up on the international business. So as you mentioned, Trip.com overseas has stepped up the marketing efforts. Could you please share in which areas are we allocating more resources? And what kind of strategies have proven to be more successful or less effective that needs improvement? And also, what's the plan ahead for this year?

祝賀您取得如此豐碩的成果。我想跟進國際業務。正如您所說，Trip.com 海外已經加大了行銷力度。您能否分享我們在哪些領域分配了更多資源？哪些策略已被證明較為成功或較不有效，需要改進？另外，今年的計畫是什麼？

Thank you, Shane. Our product offerings and customer services are highly competitive, especially in Asia, helping us to intensify our marketing efforts in this region. We leverage all the marketing channels that meet our ROI requirements with direct app user acquisition proving most effective for the longer-term growth.

謝謝你，肖恩。我們的產品和客戶服務極具競爭力，尤其是在亞洲，這有助於我們加強在該地區的營銷力度。我們利用所有滿足投資報酬率 (ROI) 要求的行銷管道，其中直接應用用戶獲取已被證明對長期成長最為有效。

In the first quarter, our native mobile app accounted for approximately 70% of our orders with even stronger performance in the APAC region. Additionally, we have launched multiple campaigns to boost our brand awareness, both online and offline in the key Asian markets. Overall, we prioritize marketing ROI and maintain flexibility in our strategies. Our campaigns are currently delivering the desired outcomes with a rapid increase in direct-to-user and cross-selling opportunities, which is expected to further enhance our long-term marketing efficiency.

第一季度，我們的原生行動應用程式約佔訂單的 70%，亞太地區的表現更為強勁。此外，我們也在亞洲主要市場開展了多項線上和線下活動來提升我們的品牌知名度。總體而言，我們優先考慮行銷投資報酬率，並保持策略的靈活性。我們的活動目前正在取得預期成果，直接面向用戶和交叉銷售的機會迅速增加，預計這將進一步提高我們的長期行銷效率。

Parash Jain, HSBC.

Parash Jain，匯豐銀行。

I have two questions. The first one is following your -- on your earlier comment. If you can elaborate on like the core competencies in some of the Asian and the other key markets as your pursuit of international expansion. How shall we see like which markets will lead in terms of bringing the underlying profit to your existing portfolio? And my second question is do the travel business in any shape or form has been disrupted because of all the trade tensions between US and China in particular and globally in general?

我有兩個問題。第一個是按照您之前的評論。如果您可以詳細說明您在追求國際擴張的過程中在亞洲和其他一些關鍵市場中的核心競爭力。我們如何知道哪些市場將為您現有的投資組合帶來潛在利潤？我的第二個問題是，由於中美之間以及全球範圍內的貿易緊張局勢，旅遊業是否受到了某種形式的干擾？

When we established our strategy, we focus on a couple of areas. First of all, we offer one-stop shopping platform, which gives consumers a comprehensive product offering. Therefore, if a customer is making their hotel reservation or flight reservation, we immediately will use AI to recommend -- attach the services, which they need during their trip. And so far, that works very conveniently for our travelers.

當我們制定策略時，我們專注於幾個領域。首先，我們提供一站式購物平台，為消費者提供全面的產品。因此，如果客戶正在預訂飯店或航班，我們會立即使用人工智慧來推薦——附加他們在旅途中需要的服務。到目前為止，這對我們的旅客來說非常方便。

The second thing is our excellent customer services. We are very proud of our service team. The service level, very high, at global level. At any time, if you want to call our call center, our team is always there for our customers timely to address any questions they might have.

第二件事是我們優質的客戶服務。我們為我們的服務團隊感到非常自豪。服務水準非常高，處於全球水準。任何時候，如果您想致電我們的呼叫中心，我們的團隊都會及時為客戶提供協助，解答他們可能遇到的任何問題。

The thirdly is the app usage is excellent. Because Asia is a very active community, so we developed the design that is very well established for app users. And we will continuously to put these efforts in. And as we increase our volume, our competitiveness in pricing and coverage also is enhanced. So these are the strengths we have seen when we extend our services from China to Asia and to the rest of the world. Thank you.

第三是應用程式的使用性非常好。由於亞洲是一個非常活躍的社區，所以我們開發了非常適合應用程式使用者的設計。我們將繼續為此做出努力。隨著我們銷售的增加，我們在定價和覆蓋範圍方面的競爭力也得到了增強。這些就是我們在將服務從中國擴展到亞洲乃至世界其他地區時所看到的優勢。謝謝。

(Operator Instructions) Wei Fang, Mizuho Securities.

(操作員指示) 瑞穗證券魏芳。

Congrats on the solid print. I was wondering if you can elaborate on some of the -- hello? Can you hear me?

恭喜您獲得堅實的印刷效果。我想知道您是否可以詳細說明一些——你好？你聽得到我嗎？

Yes. Sure, clearly.

是的。當然，很清楚。

Sorry, yes. I was hoping you guys can help maybe elaborate a little bit on the latest developments in the inbound business, right? I remember it was like low single-digit group revenue and glad to see that continues to grow over 100% year-over-year. So maybe you guys can help update us on the current revenue contribution.

抱歉，是的。希望你們能幫忙詳細說明一下入境業務的最新發展，對嗎？我記得當時集團收入只有個位數，很高興看到其年增率超過 100%。所以也許你們可以幫助我們了解目前的收入貢獻。

Sure. I will highlight it on the policy level as well as what we have been so far as our team to strengthen the attractiveness of our products. At the policy level, more than 40 countries are given free visa. That makes the inbound travel much, much easier. On top of it, the policy also extended to in-transit visa from three days in-transit period to 10 days for in-transit travelers. That also makes business travelers much easier to travel inbound. So we are very encouraged to see the change in policy.

當然。我將從政策層面重點介紹這一點，以及我們團隊迄今為止為增強產品吸引力所做的努力。政策層面，給予40多個國家免簽證待遇。這使得入境旅行變得更加容易。此外，該政策也延長過境簽證有效期，從過境旅客的3天延長至10天。這也使得商務旅客入境旅行變得更加容易。因此，我們很高興看到政策的改變。

The second thing is as the leading player in domestic market; we have the best coverage of all inventories with the most competitive pricing. And we also can cross-sell different products when consumers come to visit inbound. So we are seeing a strong momentum for inbound travel. And we're very glad we delivered three-digits growth, again, in Q1. We'll keep up with the strong momentum going forward. Thank you.

第二件事是，作為國內市場的領導者，我們擁有最全面的庫存覆蓋和最具競爭力的價格。當消費者來訪時，我們也可以交叉銷售不同的產品。因此，我們看到入境旅遊的強勁勢頭。我們非常高興在第一季再次實現了三位數的成長。我們將繼續保持強勁的發展勢頭。謝謝。

John Choi, Daiwa.

大和的約翰崔 (John Choi)。

Just quickly on your sales and marketing expense. I noticed that this quarter compared to the prior expectations, the sales and marketing expenses slightly lower than expected. How should we think about the full year outlook on this side?

快速了解您的銷售和行銷費用。我注意到，本季與先前的預期相比，銷售和行銷費用略低於預期。我們該如何看待這方面的全年前景？

Sure. The sequential decrease in the marketing cost ratio was primarily due to seasonal shifts in China. As previously mentioned, our marketing investments are highly focused on tailored to individual markets and different type of channels. We adjust our marketing investment in real time based on changing marketing conditions. Although our investment here to ROI criteria, variations in market and channel mixes can cause fluctuations in overall marketing expenses ratio.

當然。行銷成本率環比下降主要是由於中國市場的季節性變化。如前所述，我們的行銷投資高度注重針對個別市場和不同類型的管道。我們根據不斷變化的市場條件即時調整行銷投入。雖然我們這裡的投資符合投資報酬率標準，但市場和通路組合的變化可能會導致整體行銷費用率的波動。

In the short term, we will continue to enhance our overall marketing investment as planned. Each quarter, the marketing ratio may fluctuate due to seasonality and the varying mix of different markets. In the longer-term period, we aim to improve marketing efficiencies by increasing direct mobile traffic, enhancing cross-selling opportunities as well as strengthening our customer loyalty on our platform. Thank you.

短期內，我們仍將按計畫加強整體行銷投入。每個季度，行銷比例可能會因季節性和不同市場組合的變化而波動。從長遠來看，我們的目標是透過增加直接行動流量、增強交叉銷售機會以及加強我們平台上的客戶忠誠度來提高行銷效率。謝謝。

Jiong Shao, Barclays.

邵炯，巴克萊銀行。

I think in the prepared remarks, you talked about you repurchased about $88 million of shares in Q1. I was hoping you can provide a bit of update on your capital return program. And should we expect you would step up to buy more shares per quarter in the coming quarters?

我認為在準備好的評論中，您談到了您在第一季回購了約 8800 萬美元的股票。我希望您能提供一些有關您的資本回報計劃的最新資訊。我們是否應該預期您會在未來幾季加大購買量？

Yes. We will step up with our efforts. For 2025, we have already give $200 million cash dividends to our shareholders. And so far, we have bought back about USD85 million shares, and we'll continue with our efforts to buy back more shares when the market gives us more opportunities.

是的。我們將加大努力。到了2025年，我們已經向股東發放2億美元的現金股利。到目前為止，我們已經回購了約8,500萬美元的股票，當市場給予我們更多機會時，我們將繼續努力回購更多股票。

Our Board of Directors has approved the total amount to be about $600 million. So there is still room for us to purchase back our shares. In addition to that, we also proposed to our shareholders to buy back shares in Hong Kong market. Upon approval, that will also increase our quota for buying back shares. Our commitment for capital return is firm. We will give our shareholders the opportunity on both cash dividends as well as stock buyback. Thank you.

我們的董事會已批准總金額約 6 億美元。因此我們仍有回購股票的空間。此外，我們也向股東提議在香港市場回購股票。一旦獲得批准，這也將增加我們回購股票的額度。我們對資本回報的承諾是堅定的。我們將為股東提供現金分紅和股票回購的機會。謝謝。

We have now reached the end of the question-and-answer session. Thank you all very much for your questions. I'll now turn the call back to Michelle for closing comments.

問答環節現已結束。非常感謝大家的提問。現在我將把電話轉回給米歇爾，請她發表最後評論。

Thank you. Thanks, everyone, for joining us today. You can find the transcript and webcast of today's call on investors.trip.com. We look forward to speaking with you on our second quarter 2025 earnings call. Thank you and have a good day.

謝謝。感謝大家今天加入我們。您可以在 investors.trip.com 上找到今天電話會議的文字記錄和網路直播。我們期待在 2025 年第二季財報電話會議上與您交流。謝謝您，祝您有美好的一天。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect your lines.

感謝大家參加今天的會議。該計劃確實就此結束。現在您可以斷開線路了。