Trip.com Group Ltd (TCOM) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Trip.com Group 2025 Q2 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年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I 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. Thank you, all. Good morning, and welcome to Trip.com Group's second 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年第二季財報電話會議。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. 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。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 the financial performance for the second quarter of 2025 as well as some outlook for the third 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、營運亮點和 2025 年第二季的財務業績以及對 2025 年第三季的一些展望。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。請叫我詹姆斯。

(interpreted) Thank you, Michelle, and thanks, everyone, for joining us on this call today. The travel market continues to demonstrate strong resilience in the second quarter of 2025 with demand holding steady across regions and categories. In particular, China's inbound travel segment has shown outstanding momentum, reflecting growing international interest and confidence in the country as a world-class destination.

（翻譯）謝謝你，米歇爾，也謝謝大家今天參加我們的電話會議。2025 年第二季度，旅遊市場持續表現出強勁的韌性，各地區和各類別的需求保持穩定。尤其是中國入境旅遊市場表現出色，反映出國際社會對中國作為世界級旅遊目的地的興趣和信心日益增長。

During the quarter, Trip.com Group's inbound travel bookings increased by over 100% year over year, driven primarily by demand from Korea and Southeast Asia, two of our most active source markets. This growth underscores the broader potential of China's inbound travel sector, which remains an underdeveloped yet highly promising contributor to the national economy.

本季度，攜程集團的入境遊預訂量年增超過100%，主要由我們最活躍的兩個客源市場韓國和東南亞的需求所推動。這一成長凸顯了中國入境旅遊業的廣闊潛力，該產業雖然還不發達，但對國家經濟的貢獻潛力巨大。

Today, inbound travel accounts for less than 0.5% of China's GDP, well below the 1% to 2% levels typically seen in developed markets, highlighting substantial room for growth. As a destination, China offers travelers exceptional value with its rich, natural, and cultural heritage, modern infrastructure, affordable prices, and increasingly open visa policies. Together these elements make the country an increasingly attractive and accessible choice for global visitors.

目前，入境旅遊佔中國GDP的比重不到0.5%，遠低於已開發市場通常的1%至2%的水平，顯示出巨大的成長空間。作為旅遊目的地，中國以其豐富的自然和文化遺產、現代化的基礎設施、實惠的價格以及日益開放的簽證政策為遊客提供了非凡的價值。這些因素共同使得這個國家對全球遊客來說越來越具有吸引力，並且越來越容易到達。

We believe this positive trajectory will continue with strong potential to attract more visitors from not only Asia but also from Europe and other Western markets. As global awareness of China's offerings grows, we expect inbound momentum to build steadily alongside improving travel sentiment. Importantly, the growth of inbound travel creates opportunities beyond tourism itself, especially for small- and medium-sized enterprises spanning local hotels, restaurants, tour operators, and experienced providers. SMEs play a vital role in shaping the travel experience.

我們相信，這種積極的趨勢將持續下去，並具有吸引更多來自亞洲、歐洲和其他西方市場的遊客的巨大潛力。隨著全球對中國旅遊產品的認知度不斷提高，我們預期入境旅遊動能將穩定增強，同時旅遊情緒也將改善。重要的是，入境旅遊的成長創造了旅遊業以外的機遇，特別是對於包括當地旅館、餐廳、旅行社和經驗豐富的供應商在內的中小型企業而言。中小企業在塑造旅遊體驗方面發揮著至關重要的作用。

We are committed to empowering these businesses with digital tools, marketing support, and platform access to help them grow and capture the benefits of rising global demand. More broadly, technology plays a critical role across all segments of travel, and AI remains central to our business strategy. We believe OTAs are uniquely positioned to lead the development of travel-focused AI with access to proprietary user insights, real-time product feeds, and verified inventories, OTAs can deliver more accurate, context-aware, and trustworthy recommendations than general purpose AI agents. Combined with our strong service capabilities, we are well equipped to provide end-to-end solutions that support travelers from discovery to booking and beyond.

我們致力於為這些企業提供數位工具、行銷支援和平台訪問，幫助他們發展並從不斷增長的全球需求中獲益。更廣泛地說，科技在旅遊的各個領域都發揮關鍵作用，而人工智慧仍然是我們業務策略的核心。我們相信，OTA 具有獨特的優勢，可以引領以旅遊為中心的 AI 的發展，透過獲取專有用戶洞察、即時產品資訊和經過驗證的庫存，OTA 可以提供比通用 AI 代理更準確、更具情境意識和更值得信賴的建議。結合我們強大的服務能力，我們有能力提供端到端的解決方案，為旅客從發現到預訂甚至其他各個方面提供支援。

In line with the strategy, we recently upgraded our trip planner, delivering a highly personalized and intelligent planning experience. The journey begins with just three simple questions: destination, trip duration, and travel style. From there, the AI generates a customized itinerary tailored to the user's preferences. Real-time transportation, accommodation, dining, and attraction options are seamlessly integrated into the plan, complete with pricing, availability, and detailed descriptions.

按照這項策略，我們最近升級了我們的旅行規劃器，提供高度個人化和智慧化的規劃體驗。旅程始於三個簡單的問題：目的地、旅行時間和旅行方式。從那裡，人工智慧會根據用戶的喜好產生客製化的行程。即時交通、住宿、餐飲和景點選項無縫整合到計劃中，包括價格、可用性和詳細描述。

The trip planner ensures that every recommendation is practical and locally relevant. Suggestions are powered by millions of data points from Trip.Best topics, trip pulse and trip events feeds, surfacing top-rated and timely experiences trusted by our global user base. Attractions are checked for verified seasonal suitability and ease of access, while itineraries proactively avoid common issues such as long transfers.

旅行規劃師確保每個建議都切實可行且與當地情況相關。建議由來自 Trip.Best 主題、旅行脈動和旅行事件提要的數百萬個數據點提供支持，從而呈現全球用戶群信賴的頂級和及時的體驗。我們會檢查景點是否適合季節且交通便利，同時主動規劃行程，避免長途轉機等常見問題。

After the AI does the groundwork, users can also work directly with real travel consultants on app to fine-tune their plans, providing an extra layer of expert assistance where needed. Users can preview their full journey on an interactive map where they can freely adjust routes, swap attractions or modify their schedule, either on their own or with AI's assistance.

在人工智慧完成基礎工作後，用戶還可以直接與應用程式上的真正旅遊顧問合作，微調他們的計劃，並在需要時提供額外的專家協助。用戶可以在互動式地圖上預覽他們的完整旅程，他們可以自由調整路線、更換景點或修改他們的日程安排，無論是自行調整還是藉助人工智慧的幫助。

This combination of verified insights and flexible planning ensures each itinerary is both reliable and fun to explore. Whether planning for a family vacation, cultural adventure or first-time visit, the AI adapts to each traveler's style and needs, delivering a seamless, enjoyable, and efficient planning experience.

經過驗證的見解和靈活的規劃相結合，確保每個行程既可靠又有趣。無論是規劃家庭度假、文化探險或首次旅行，人工智慧都會適應每位旅客的風格和需求，提供無縫、愉快和高效的規劃體驗。

Looking ahead, we remain highly optimistic about the long-term prospects of the travel industry. Travel not only drives economic development but also promotes cultural exchange, global understanding, and social vitality. We will continue to invest in innovation, support our partners and champion the strategic value of travel as a pillar of national growth and global engagement.

展望未來，我們對旅遊業的長期前景仍然非常樂觀。旅遊不僅推動經濟發展，也促進文化交流、全球理解和社會活力。我們將繼續投資創新，支持我們的合作夥伴，並倡導旅遊業作為國家發展和全球參與支柱的戰略價值。

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。

(interpreted) Thank you, James. Good morning, everyone. As a quick overview, our net revenue in Q2 increased by 16% year over year, reflecting healthy demand across our key markets and business segments. Adjusted EBITDA was also up 10% year over year, supported by continued top line growth and operational efficiency. Leisure travel continues to gain momentum as more travelers seek meaningful, flexible, and personalized experiences.

（翻譯）謝謝你，詹姆斯。大家早安。簡單概括一下，我們第二季的淨收入年增了 16%，反映了我們主要市場和業務部門的旺盛需求。調整後的 EBITDA 也比去年同期成長了 10%，這得益於持續的營收成長和營運效率的提升。隨著越來越多的旅行者尋求有意義、靈活和個性化的體驗，休閒旅遊繼續獲得發展勢頭。

Inbound travel continues to gain strong momentum. At the national level, inbound arrivals in the first half of 2025 grew by 30% year over year with 71% coming from visa-free regions. On our platform, inbound bookings in the same period increased by over 100%. China remains a highly attractive destination for international travelers, and we are well positioned to meet this growing demand. With our scale, strong local partnerships and extensive product coverage, we offer a seamless, one-stop travel experience in China, delivering compelling value that is hard to find elsewhere.

入境旅遊持續呈現強勁勢頭。從全國來看，2025年上半年入境旅客數量年增30%，其中71%來自免簽地區。在我們的平台上，同期入境預訂量增加了 100% 以上。中國對國際遊客來說仍然是一個極具吸引力的目的地，我們已準備好滿足這一日益增長的需求。憑藉我們的規模、強大的本地合作夥伴關係和廣泛的產品覆蓋範圍，我們在中國提供無縫的一站式旅行體驗，帶來其他地方難以找到的卓越價值。

We also simplified key services to eliminate common pain points and make travel easier for international visitors. For example, travelers can easily book China's high-speed rail directly through our mobile app, skipping the lines at the station. They can also purchase attraction tickets in app and access them on-site simply by scanning their passport with no physical vouchers required.

我們也簡化了關鍵服務，以消除常見的痛點，讓國際遊客的旅程更輕鬆。例如，旅客可以透過我們的行動應用程式直接輕鬆預訂中國高鐵，無需在車站排隊。他們還可以透過應用程式購買景點門票，只需掃描護照即可在現場參觀，無需實體憑證。

In August, we launched the country's first inbound travel service center at Terminal 3 of Beijing Capital International Airport. Designed as a proactive service hub, the center offers multilingual one-on-one assistance, instant bookings with exclusive benefits, and integrated services such as tours, transport, currency exchange and global shopping. By simply scanning a QR code, visitors can instantly receive a personalized itinerary based on their length of stay.

8月，我們在北京首都國際機場3號航站樓啟用了全國首個入境旅遊服務中心。該中心旨在成為一個主動服務中心，提供多語言一對一協助、獨家優惠的即時預訂以及旅遊、交通、貨幣兌換和全球購物等綜合服務。只需掃描二維碼，遊客即可立即收到根據其停留時間制定的個人化行程。

This initiative builds on our complementary half-day Beijing Tour, which launched in December 2024 and has served around 5,000 visitors from over 80 countries. Our goal is to turn half-day visits into repeat, in-depth journey and replicate the model at more entry points. Building on these capabilities, aim to welcome a broader base of inbound travelers. As visa policies continue to ease and China's global appeal rises, we expect inbound travel to become a key growth engine for our business.

該計劃以我們免費的半日北京遊為基礎，該遊於 2024 年 12 月推出，已為來自 80 多個國家的約 5,000 名遊客提供服務。我們的目標是將半日遊變成重複的深度旅程，並在更多入口處複製該模式。基於這些能力，我們的目標是迎接更廣泛的入境遊客。隨著簽證政策不斷放寬以及中國全球吸引力的提升，我們預計入境旅遊將成為我們業務的主要成長動力。

Following the momentum in inbound travel, our global business continues to deliver strong and sustained growth. International bookings on our platform increased by over 60% year over year with strong contributions from the APAC region, where we maintain both strategic focus and operational depth. Mobile remains a key growth driver, now accounting for 70% of total bookings. As travelers increasingly plan and manage their trips on the go, our app has become a vital channel for engagement, conversion, and repeat use.

隨著入境旅遊的蓬勃發展，我們的全球業務持續保持強勁、持續的成長。我們平台上的國際預訂量年增了 60% 以上，其中亞太地區做出了巨大貢獻，我們在該地區保持了戰略重點和營運深度。行動裝置仍然是主要的成長動力，目前佔總預訂量的 70%。隨著旅行者越來越多地在旅途中規劃和管理他們的旅行，我們的應用程式已成為參與、轉換和重複使用的重要管道。

In addition to offering a wide range of travel products, we differentiate ourselves through reliable and high-quality services, especially during critical moments. Our global SOS service has become a cornerstone of trust and loyalty. Alongside 24/7 multilingual customer support, we activate a dedicated emergency response mechanism during major crises, proactively contacting travelers in affected areas to ensure their safety and assist with booking adjustments, all of which are fully covered by our disaster relief fund.

除了提供廣泛的旅遊產品外，我們還透過可靠和高品質的服務（尤其是在關鍵時刻）來脫穎而出。我們的全球 SOS 服務已成為信任與忠誠的基石。除了提供全天候多語言客戶支援外，我們還在重大危機期間啟動專門的應急響應機制，主動聯繫受災地區的旅客，以確保他們的安全並協助調整預訂，所有這些都由我們的救災基金全額承擔。

Since launching in 2017, the service has successfully resolved over 22,400 cases with a 98% success rate. We also work closely with airports, airlines, hotels, and local partners to provide timely updates and coordinated support. This includes assisting with flight rebooking in the event of cancellations and working with hotels to waive charges when prices are delayed. Additional support includes coordinating medical transfers, replacing lost travel documents, helping with delayed baggage, and escorting minors home when needed. By being present, when it matters most, we offer travelers not just service, but real peace of mind.

自 2017 年推出以來，該服務已成功解決超過 22,400 起案件，成功率高達 98%。我們也與機場、航空公司、飯店和當地合作夥伴密切合作，提供及時更新和協調支援。這包括在航班取消時協助重新預訂航班，以及在價格延遲時與飯店合作免除費用。其他支援包括協調醫療轉移、更換遺失的旅行證件、幫助處理延誤的行李以及在需要時護送未成年人回家。透過在最重要的時刻出現，我們為旅客提供的不僅是服務，還有真正的安心。

Outbound travel from China also sustained steady growth during the quarter. In Q2, cross-border flight capacity recovered to 84% of pre-pandemic levels. Our outbound hotel and air bookings have surpassed 120% of 2019 volumes, outpacing the broader market by 30 to 40 percentage points.

本季中國出境旅遊也維持穩定成長。第二季度，跨國航班運能恢復至疫情前水準的84%。我們的出境飯店和機票預訂量已超過 2019 年的 120%，比大盤高出 30 至 40 個百分點。

Japan remains the top destination for Chinese outbound travelers. Southeast Asia continues to see healthy demand despite short-term shifts in travel patterns. Interest in long-haul destinations is also on the rise with Western markets attracting increasing attention. To capture growing interest in global travel, we have strengthened partnerships across key regions.

日本依然是中國出境旅客的首選目的地。儘管旅遊模式在短期內有所轉變，但東南亞的需求仍然強勁。隨著西方市場越來越受到關注，人們對長途目的地的興趣也增加。為了滿足日益增長的全球旅行興趣，我們加強了與主要地區的合作關係。

In Oceania, we signed strategic cooperation MOUs with Tourism Australia and Tourism New Zealand, aiming to promote the regions as a top destination for travelers from China and across Asia. In the Middle East, we established a global partnership with the Saudi Tourism Authority and signed an MOU with Qatar tourism. We also opened a new regional office in Dubai to enhance our local presence and better serve travelers in the region.

在大洋洲，我們與澳洲旅遊局、紐西蘭旅遊局簽署了策略合作諒解備忘錄，旨在將大洋洲地區打造為中國及亞洲遊客的首選旅遊目的地。在中東，我們與沙烏地阿拉伯旅遊局建立了全球合作夥伴關係，並與卡達旅遊局簽署了諒解備忘錄。我們還在杜拜開設了新的地區辦事處，以增強我們的本地影響力並更好地為該地區的旅客提供服務。

In the domestic market, our goal is to create value for the travel ecosystem and help our partners capture new demand and drive sustainable growth across the industry. To support this, we recently launched IntelliTrip, an integrated initiative that brings together a suite of AI-powered tools to help hotels capture inbound demand, differentiate their offerings, and improve efficiency. Through IntelliTrip, our multilingual AI system enables hotels to offer translation and customer service in 26 languages.

在國內市場，我們的目標是為旅遊生態系統創造價值，幫助我們的合作夥伴抓住新的需求，並推動整個產業的永續成長。為了支持這一點，我們最近推出了 IntelliTrip，這是一項綜合計劃，它匯集了一套人工智慧工具，幫助酒店捕捉入境需求、區分其產品並提高效率。透過 IntelliTrip，我們的多語言 AI ​​系統使飯店能夠提供 26 種語言的翻譯和客戶服務。

And tools like the Hi, China tag help them stand out and attract more inbound traveling. We also help hotels generate bookings through product innovation and targeted marketing. For example, our Hotel + X product showcases each property's unique features and can lift average revenue by more than 30%. By tailoring experiences for different user groups, we help hotels broaden their reach and unlock new opportunities. On the technology front, the IntelliTrip suite includes an AI business adviser that delivers real-time operational insights and an AI content generator that enables hotels to create and distribute video content at minimal cost.

「你好，中國」標籤等工具可以幫助他們脫穎而出，吸引更多入境遊客。我們也透過產品創新和有針對性的行銷幫助飯店增加預訂量。例如，我們的 Hotel + X 產品展示了每家酒店的獨特特色，可以將平均收入提高 30% 以上。透過為不同的使用者群體量身定制體驗，我們幫助飯店擴大影響力並發掘新的機會。在科技方面，IntelliTrip 套件包括一個提供即時營運見解的 AI 業務顧問和一個 AI 內容產生器，使飯店能夠以最低成本創建和分發視訊內容。

Looking ahead, we plan to partner with 200,000 hotels over the next three years, targeting 100% growth in inbound bookings, new users, and efficiency as we drive stronger industry growth. As we expand our reach globally, we are also seeing strong growth in the silver generation. This demographic is not only expanding but also becoming more active and influential in shaping travel trends.

展望未來，我們計劃在未來三年內與 20 萬家酒店合作，目標是入境預訂、新用戶和效率增長 100%，從而推動行業更強勁的增長。隨著我們在全球擴大影響力，我們也看到銀髮世代的強勁成長。這一群體不僅不斷擴大，而且在塑造旅遊趨勢方面也變得更加活躍和有影響力。

In Q2, both the number of users in our Old Friends Club and their total GMV grew by over 100% since year-end 2024, reflecting rising engagement and purchasing power among senior travelers. To meet their evolving preferences, beyond just sightseeing, we have developed a range of themed travel products tailored to their interests, including photography tours, live music and folk arts, heritage and cultural immersion, wellness retreat, and discovery-oriented itinerary.

在第二季度，我們的老友俱樂部的用戶數量及其總 GMV 自 2024 年底以來均增長了 100% 以上，反映出老年旅行者的參與度和購買力不斷提高。為了滿足他們不斷變化的喜好，除了觀光之外，我們還開發了一系列根據他們的興趣量身定制的主題旅遊產品，包括攝影之旅、現場音樂和民間藝術、遺產和文化沉浸、健康療養和以探索為導向的行程。

All trips are designed as small group tours, allowing us to maintain service quality and provide a more comfortable, social, and personalized experience. Our packages are also transparent and inclusive. Attraction tickets and transportation are fully covered with no hidden fees and no forced shopping during the journey, ensuring peace of mind and trust.

所有行程均設計為小團體旅遊，這使我們能夠保持服務品質並提供更舒適、更社交、更個人化的體驗。我們的套餐也是透明且包容的。景點門票、交通全覆蓋，無任何隱藏費用，旅途中無強制購物，讓您安心放心。

We recently launched our first Old Friends Club flagship offline store in Shanghai, aiming to meet seniors' strong preference for face-to-face interaction when making travel decisions. We plan to open more of these offline touch points in the future, particularly in major travel hubs to further expand accessibility and engagement.

我們最近在上海開設了第一家老友俱樂部旗艦線下店，旨在滿足老年人在做出旅行決定時對面對面互動的強烈偏好。我們計劃在未來開設更多這樣的線下接觸點，特別是在主要旅遊樞紐，以進一步擴大可及性和參與度。

At the same time, we are capturing strong momentum among younger travelers through our travel-plus-entertainment products. In Q2, revenue from this segment grew by over 100% year over year, fueled by the rising popularity of concerts and live events. By bundling event tickets with accommodation and transportation, we provide travelers with a seamless, one-stop booking experience. These offerings not only enhance convenience for users but also encourage overnight stay and boost spending, thereby contributing to the growth of local tourism and the broader economy.

同時，我們透過旅遊加娛樂產品在年輕旅客中獲得了強勁的發展勢頭。在第二季度，由於音樂會和現場活動的日益普及，該部門的收入同比增長了 100％ 以上。透過將活動門票與住宿和交通捆綁在一起，我們為旅客提供無縫的一站式預訂體驗。這些服務不僅為用戶提供了便利，還鼓勵過夜並增加消費，從而促進當地旅遊業和整體經濟的成長。

We remain equally focused on our responsibility to build a more innovative, sustainable, and inclusive future. As part of this commitment, we announced the launch of a USD100 million tourism innovation fund at our Envision 2025 Global Partner Conference. The fund aims to support commercial innovation and spark the next wave of breakthroughs in travel.

我們同樣專注於建立更具創新性、永續性和包容性的未來的責任。作為這項承諾的一部分，我們在「2025願景」全球合作夥伴大會上宣布啟動1億美元的旅遊創新基金。該基金旨在支持商業創新並引發下一波旅遊業的突破。

We also established the Tourism Innovation Award to recognize and inspire outstanding ideas across areas such as sustainability, technology, and cultural heritage. On the sustainability front, we encouraged more than 100 million travelers to choose eco-conscious travel options over the past year, a 39% year-over-year increase. Since the launch of our low-carbon hotel standard initiative in 2023, participation has doubled to 3,000 partner hotels.

我們也設立了旅遊創新獎，以表彰和激發永續性、技術和文化遺產等領域的傑出創意。在永續發展方面，過去一年我們鼓勵超過 1 億旅客選擇環保的旅行方式，年增 39%。自 2023 年啟動低碳酒店標準倡議以來，參與酒店數量已翻倍，達到 3,000 家合作酒店。

In transportation, 92% of flights on our platform now display carbon emission data to support more eco-friendly choices. Rental car users can also select from over 1,000 electric vehicle models with clear carbon footprint disclosure to encourage lower emission travel. Our rural revitalization strategy has led to the opening of 34 country retreats across 14 provinces creating 40,000 jobs with 80% filled by local hires.

在交通運輸方面，我們平台上 92% 的航班現在顯示碳排放數據，以支持更多環保的選擇。租車用戶還可以從 1,000 多種電動車車型中進行選擇，這些車型均具有清晰的碳足跡揭露，以鼓勵低排放出行。我們的鄉村振興策略已在14個省份開設了34個鄉村度假村，創造了4萬個就業崗位，其中80%由當地人擔任。

These efforts contribute to regional economic development and local talent cultivation and have been recognized by the UN Global Compact as a case study in inclusive growth. Internally, we continue to promote a family-friendly workplace through childcare subsidies, hybrid work arrangements and fertility-related benefits, supporting work-life balance and reinforcing team cohesion and innovation. Looking ahead, we are integrating sustainability into every aspect of our strategy and operations to build an eco-friendly, inclusive, and resilient future.

這些努力促進了區域經濟發展和本土人才培養，並被聯合國全球契約認定為包容性成長的案例。在內部，我們繼續透過兒童照護補貼、混合工作安排和生育相關福利來促進家庭友善工作場所，支持工作與生活的平衡，並加強團隊凝聚力和創新。展望未來，我們將把永續性融入我們策略和營運的各個方面，以建立一個生態友好、包容和有韌性的未來。

In conclusion, we are seeing strong momentum across multiple segments. With a diversified user base, strong operational capabilities and a commitment to sustainability, we are well positioned to seize future opportunities and help shape a more connected travel ecosystem.

總而言之，我們看到多個領域都呈現強勁勢頭。憑藉多元化的用戶群、強大的營運能力和對永續發展的承諾，我們有能力抓住未來機遇，幫助塑造更互聯的旅遊生態系統。

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。

(interpreted) Thanks, Jane. Good morning, everyone. For the second quarter of 2025, Trip.com Group reported a net revenue of RMB14.8 billion, representing a 16% increase from the same period last year and a 7% increase from the previous quarter, primarily due to strong travel demand across segments. Accommodation reservation revenue for the second quarter was RMB6.2 billion, representing a 21% increase year over year and a 12% increase quarter over quarter.

（翻譯）謝謝，簡。大家早安。2025年第二季度，攜程集團淨營收為人民幣148億元，較去年同期成長16%，較上一季成長7%，主要得益於各細分領域強勁的旅遊需求。第二季住宿預訂收入為人民幣62億元，較去年同期成長21%，較上季成長12%。

Outbound and international hotel bookings remained robust, and domestic bookings continued to demonstrate resilience and outpacing market growth. Transportation ticketing revenue for the second quarter was RMB5.4 billion, representing an 11% increase year over year and remained flattish quarter over quarter. Outbound air bookings maintained strong momentum, consistently outpacing overall market growth.

出境和國際飯店預訂依然強勁，國內預訂持續表現出韌性並超過市場成長。第二季交通票務收入為54億元人民幣，較去年成長11%，較上季持平。出境機票預訂量維持強勁勢頭，持續超過整體市場成長。

Our international air bookings also continued to scale rapidly. Packaged tour revenue for the second quarter was RMB1.1 billion, representing a 5% increase year over year and a 14% increase quarter over quarter, primarily driven by the expansion of our international tour offerings. Corporate travel revenue for the second quarter was RMB692 million, representing a 9% increase year over year and a 21% increase quarter over quarter. The sequential increase was consistent with seasonal trends and supported by a growing number of companies adopting managed travel solutions.

我們的國際機票預訂量也持續快速成長。第二季度假旅遊收入為 11 億元，年增 5%，季增 14%，主要得益於我們國際旅遊產品的擴張。第二季商旅管理收入為6.92億元人民幣，較去年同期成長9%，較上季成長21%。這一連續成長與季節性趨勢一致，並受到越來越多採用管理旅行解決方案的公司的支持。

Excluding share-based compensation charges, adjusted product development expenses for the second quarter increased by 21% year over year. Adjusted G&A expenses for the second quarter increased by 8% year over year. These were mainly due to increase in personnel-related expenses. Adjusted sales and marketing expenses for the second quarter increased by 11% from the previous quarter and increased by 18% from the same period last year.

不計股權報酬費用，第二季調整後產品開發費用年增21%。第二季調整後的一般及行政費用較去年同期成長 8%。主要是由於人員相關費用增加所致。第二季調整後的銷售和行銷費用較上一季成長11%，較去年同期成長18%。

The sequential increase was primarily due to elevated marketing and promotional investments, particularly in support of our international business expansion initiatives. Adjusted EBITDA was RMB4.9 billion for the second quarter compared with RMB4.4 billion in the same period last year and RMB4.2 billion in the previous quarter. Diluted earnings per ordinary share and per ADS were RMB6.97 or USD0.97 for the second quarter of 2025.

環比成長主要歸因於行銷和促銷投資的增加，特別是為了支持我們的國際業務擴張計劃。第二季調整後EBITDA為49億元人民幣，去年同期為44億元人民幣，上季為42億元。2025 年第二季每股普通股和每股美國存託憑證攤薄收益為 6.97 元人民幣或 0.97 美元。

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 RMB7.20 or USD1.01 for the second quarter. As of June 30, 2025, the balance of cash and cash equivalents, restricted cash, short-term investment, held-to-maturity time deposits and financial products was RMB94.1 billion or USD13.1 billion.

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，第二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人民幣 7.20 元或 1.01 美元。截至2025年6月30日，現金及現金等價物、受限現金、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941億元、或131億美元。

As of the earnings announcement date, the company has completed share repurchases totaling approximately USD400 million, fully utilizing the authorized quota for the year. In August 2025, the Board approved a new share repurchase program, authorizing the company to repurchase up to an aggregate of USD5 billion of its outstanding shares. This reflects our continued commitment to enhancing shareholder returns and confidence in the company's long-term value. We remain disciplined in evaluating future capital allocation opportunities in line with our strategic priorities.

截至業績公告日，本公司已完成股份回購總額約4億美元，已全部使用年度授權額度。2025年8月，董事會批准了一項新的股票回購計劃，授權公司回購總計最多50億美元的流通股。這反映了我們持續致力於提高股東回報和對公司長期價值的信心。我們始終嚴格按照我們的策略重點評估未來的資本配置機會。

In conclusion, we are encouraged by the continued strength in travel demand across both domestic and international markets. As we enter the second half of the year, we remain focused on cost discipline and operational efficiency, positioning the company to deliver sustainable growth and long-term value.

總之，國內和國際市場旅遊需求持續強勁令我們感到鼓舞。進入下半年，我們將繼續專注於成本控制和營運效率，使公司實現永續成長和長期價值。

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

接線員，請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Alex Yao, JPMorgan.

摩根大通的 Alex Yao。

So AI and content has been highlighted as one of Trip.com's key strategies. Can you elaborate how the strategy will work in the next couple of years? Additionally, can you share more about the recent upgrade to Trip Planner?

因此，人工智慧和內容已被列為Trip.com的重點策略之一。您能詳細說明一下該戰略在未來幾年將如何發揮作用嗎？此外，您能否分享更多有關旅行計劃器最近升級的資訊？

Thank you for your question. The integration of AI and content creates powerful synergies across our platform. On the user side, AI enhances content by delivering personalized intelligent recommendations for travel planning. In turn, a rich content ecosystem strengthens our AI models. For example, users can now generate content more easily, not only through text input, but even from a single image, allowing us to provide highly practical and reliable suggestions based on browsing behavior, bookings and reviews.

感謝您的提問。人工智慧與內容的融合在我們的平台上創造了強大的協同效應。在用戶方面，人工智慧透過為旅行計劃提供個人化的智慧建議來增強內容。反過來，豐富的內容生態系統也強化了我們的人工智慧模型。例如，用戶現在可以更輕鬆地生成內容，不僅可以透過文字輸入，甚至可以從單一圖像生成內容，這使我們能夠根據瀏覽行為、預訂和評論提供高度實用和可靠的建議。

On the back end, we continue to build robust content infrastructure. AI significantly improves data processing efficiency and enhances the quality of automated content generation, which ultimately drives higher customer satisfaction and loyalty. From a strategic perspective, we are deeply committed to exploring the full potential of AI. Every innovation in this space is valuable and we continuously iterate to optimize how AI can serve travelers. As technologies evolve, our goal remains clear, to be the most efficient and reliable one-stop travel service platform.

在後端，我們繼續建立強大的內容基礎設施。人工智慧顯著提高了數據處理效率，增強了自動內容生成的質量，最終提高了客戶滿意度和忠誠度。從戰略角度來看，我們致力於探索人工智慧的全部潛力。這個領域的每項創新都是有價值的，我們不斷迭代以優化人工智慧如何為旅行者服務。隨著科技的發展，我們的目標始終明確，成為最高效、最可靠的一站式旅遊服務平台。

As for Trip Planner, our latest major upgrade allows users to initiate trip planning from any idea or inspiration. The tool now includes selectable options to help users better expressing their travel preferences. Powered by large language models and informed by millions of data points from Trip.Best, Trip Pulse and Trip Events, Trip Planner delivers highly personalized, data-driven suggestions that are easily editable. We remain committed to refining its capabilities and delivering even more enhanced experiences in future iterations.

至於旅行計劃器，我們最新的重大升級允許用戶根據任何想法或靈感啟動旅行計劃。該工具現在包括可選選項，以幫助用戶更好地表達他們的旅行偏好。在大型語言模式的支援下，並結合來自 Trip.Best、Trip Pulse 和 Trip Events 的數百萬個數據點，Trip Planner 可提供高度個人化、數據驅動且易於編輯的建議。我們將繼續致力於完善其功能並在未來的迭代中提供更增強的體驗。

Joyce Ju, Bank of America -- BofA Securities.

Joyce Ju，美國銀行－美國銀行證券。

Congrats on another very solid quarter. My question is related to summer vacation momentum just passed. Could management kindly share with us your observations on summer booking trends this year? Any colors and insights into cross-border travel trends recently?

恭喜您又度過了一個非常穩健的季度。我的問題與剛剛過去的暑假勢頭有關。管理層能否與我們分享您對今年夏季預訂趨勢的觀察？最近對跨國旅行趨勢有什麼看法和見解嗎？

Sure. Thanks, Joyce. We have seen resilient demand from the market we are serving. For domestic travel, volume growth is very strong, which partially is offset by the decline of the ADR. But overall, we saw the domestic travel remain very resilient in terms of volume growth.

當然。謝謝，喬伊斯。我們看到我們所服務的市場的需求強勁。國內旅遊客流量成長非常強勁，但平均房價的下降部分抵消了這一成長。但總體而言，我們看到國內旅遊在客流量成長方面仍然非常有彈性。

The second piece is outbound travel. On a national level, flight has recovered to about 80% to 90% of pre-COVID level. Our platform, we have already recovered to more than 120% compared to pre-COVID level, which is very resilient as well.

第二塊是出境遊。全國範圍內，航班量已恢復至疫情前水準的約80%至90%。我們的平台已經恢復到疫情之前的水平的 120% 以上，這也非常有彈性。

The third piece is foreign to foreign. We have delivered more than 60% year-over-year growth for the areas outside of Mainland China, and we'll keep up with a strong momentum.

第三塊是外國對外國。我們在中國大陸以外地區實現了超過 60% 的同比增長，我們將繼續保持強勁勢頭。

And the last piece is from the rest of the world into Mainland China. That number on the national level is about 30% year-over-year growth. Our platform is more than 100% year-over-year growth. So our focus is to take our service and products at a high quality level to ensure all of our customers are provided with excellent services with high quality. And meanwhile, we will also steadfast in globalizing our business. Thank you.

最後一塊是從世界其他地區進入中國大陸。全國範圍內的這一數字同比增長了約 30%。我們的平台年增超過100％。因此，我們的重點是提供高品質水準的服務和產品，以確保為所有客戶提供高品質的優質服務。同時，我們也將堅定不移地推動業務全球化。謝謝。

Thomas Chong, Jefferies.

湯瑪斯‧張 (Thomas Chong)，傑富瑞 (Jefferies)。

My question is about how have hotel and air ticket prices trend recently? And what projection do we have for the rest of the year?

我的問題是最近飯店和機票價格走勢如何？我們對今年剩餘時間的預測是什麼？

Sure. In the second quarter, both the domestic hotel and air ticket prices continued to face pricing pressure despite healthy volume growth supported by resilient demand. On the supplier side, overall, the hotel availability increased by mid- to high-single digits year over year. And the recent data indicate that the domestic hotel price has been stabilizing with summer holiday declines narrowing to the mid- to low-single-digit range.

當然。第二季度，儘管需求強勁，客流量成長穩健，但國內飯店和機票價格仍持續面臨定價壓力。從供應商方面來看，整體而言，飯店供應量年增了中高個位數。而近期數據顯示，國內飯店價格趨於穩定，暑假期間降幅縮小至中低個位數區間。

With regard to the outbound travel, air ticket prices continued to be softening year over year due to increasing flight capacity recovery but still higher than pre-pandemic levels, while the hotel prices remain quite stable. Thank you.

出境旅遊方面，受航班運力恢復提速影響，機票價格較去年同期持續走軟，但仍高於疫情前水準；飯店價格維持相對穩定。謝謝。

Brian Gong, Citi.

花旗銀行的 Brian Gong。

Congratulations on solid results. My question is about consumer sentiment. Given ongoing macroeconomic uncertainties in the second quarter, could the management share your insights on recent consumer sentiment trends?

恭喜您取得堅實的成果。我的問題是關於消費者情緒的。鑑於第二季宏觀經濟持續存在不確定性，管理階層能否分享您對近期消費者情緒趨勢的見解？

Yes, we have seen the market has shown resilience in terms of the volume growth, particularly after COVID, people are focusing on more experiential products. We -- the young people are very interested in events such as concerts, music festivals, sports, and retired people also very active in the travel market. So we saw a strong volume growth across all over the markets. However, it's partially offset by a slight decrease in ADR, but we have seen that sustainable growth in terms of the volume increases in domestic, outbound, and inbound travel. Thank you.

是的，我們已經看到市場在銷售成長方面表現出了韌性，特別是在 COVID 之後，人們開始關注更具體驗性的產品。我們－年輕人對音樂會、音樂節、運動等活動非常感興趣，退休人士在旅遊市場上也非常活躍。因此，我們看到整個市場的銷售強勁成長。然而，這一增長被平均房價的輕微下降部分抵消，但我們已經看到國內、出境和入境旅遊量持續增長。謝謝。

Yang Liu, Morgan Stanley.

摩根士丹利的劉洋。

First, congratulations on the solid results. I have one question regarding the airline. Sorry, can you hear me?

首先，恭喜您所取得的堅實成果。我有一個關於該航空公司的問題。抱歉，你聽見我說話嗎？

Yes.

是的。

Okay. We saw that UMETRIP or in Chinese, (spoken in foreign language), recently launched a new feature supporting the direct airline sales. What impact could this have on your business?

好的。我們看到UMETRIP（中文名：UMETRIP）最近推出了支援航空直銷的新功能。這會對您的業務產生什麼影響？

Yes. I think travel is a very promising and lasting industry. Over the past 25 to 26 years we have been in business, every year, we have seen newcomers coming in. From our experience, the market is very big. As long as we focus on providing the best product and excellent services to the customers, consumers will be willing to travel with us.

是的。我認為旅遊業是一個非常有前景和持久的行業。在我們經營的過去 25 到 26 年裡，每年都有新人加入。根據我們的經驗，這個市場非常大。只要我們專注於提供顧客最好的產品和優質的服務，消費者就會願意與我們同行。

So we have talked about we established the SOS program around the world. We also make sure our service level globally provides 24x7. 30 seconds, we'll be able to answer any calls from anywhere in the world. All these services give confidence to our consumers when they travel with us. So we are confident to stick with our G2 strategy, which is great services and globalization. I think as long as we focus on these two items, we'll be able to provide the best service and excellent products to our consumers. Thank you.

我們已經討論過在世界各地建立 SOS 計劃。我們也確保我們在全球範圍內提供全天候服務。 30 秒內，我們將能夠接聽來自世界任何地方的任何電話。所有這些服務都為我們的消費者與我們一起旅行提供了信心。因此，我們有信心堅持我們的 G2 策略，即優質服務和全球化。我想只要我們專注於這兩點，我們就能夠為消費者提供最好的服務和優質的產品。謝謝。

Wei Xiong, UBS.

熊偉，瑞銀。

I want to get your latest thoughts on the competition side. So now with JD trying to enter the market and other OTAs making strategic moves as well, how would you assess the current competition landscape? And what impact do you anticipate for the business?

我想了解一下您對競爭方面的最新想法。那麼現在京東試圖進入市場，其他OTA也採取策略行動，您如何評價當前的競爭格局？您預計這會對業務產生什麼影響？

Yes. I think we, again, focus our strength in what our consumers are looking for. Travel is an industry that really need service provider to provide excellent services on a timely basis. We are not supportive of pure price competition because without high quality, pure price competition doesn't serve our customers when they travel around the world.

是的。我認為，我們再次將重點放在消費者所尋求的東西上。旅遊業是一個非常需要服務提供者及時提供優質服務的行業。我們不支持單純的價格競爭，因為如果沒有高品質，單純的價格競爭就無法為我們的客戶在世界各地旅行時提供服務。

So our strategy has always been focusing on excellent services, focusing on comprehensive product offerings and win customer heart and give them peace of mind when they travel around the world. That strategy has served us well ever since we established our business for the past 25 years. And we will put all our resources to further expand our leadership in providing high quality of the service and excellent products to our global consumers. Thank you.

因此，我們的策略始終是專注於優質的服務，專注於全面的產品供應，贏得客戶的青睞，讓他們在環遊世界時感到安心。自從我們過去 25 年建立業務以來，這項策略一直發揮著良好的作用。我們將投入所有資源，進一步擴大我們的領導地位，為全球消費者提供高品質的服務和優質的產品。謝謝。

Parash Jain. HSBC.

帕拉什·賈恩。匯豐銀行。

My question is more around some of the themes, whether it's Old Friends Club or travel-plus-entertainment. We have heard from you over the past several calls around exciting opportunities in these areas. Is it possible to quantify how big that market is, let's say, over the next few years? And what kind of share are you expecting from that? And any recent trend in terms of growth as well as the absolute contribution to your top line?

我的問題更圍繞著一些主題，無論是老朋友俱樂部還是旅行加娛樂。在過去的幾次電話中，我們聽到了您關於這些領域令人興奮的機會的反饋。是否有可能量化未來幾年該市場的規模？您期望獲得什麼樣的份額？就成長以及對營業收入的絕對貢獻而言，近期有何趨勢？

Sure. I think these are the two initiatives established by our teams identifying the different segments. First of all, for Old Friends Club, in China, the retirement age is quite young. Between 50 to 55, people can start to get retired. And this group is the first group which makes money after the open door policy in China. So they have saved enough money. And at that age, they're very healthy, very energetic, and very curious to explore the world. So our forecast is in the next three to five years, that market can grow into RMB1 trillion-plus markets, which is very significant.

當然。我認為這是我們團隊為確定不同細分市場而製定的兩項措施。首先，對於老友俱樂部來說，在中國，退休年齡相當年輕。50至55歲之間，人們可以開始退休。而這個族群是中國改革開放後第一個賺錢的族群。所以他們已經存夠錢了。在那個年齡，他們非常健康，精力充沛，並且對探索世界充滿好奇。因此，我們預測在未來三到五年內，這個市場可以發展成為一兆元以上的市場，這是非常有意義的。

In addition, this group is not time-sensitive. They do not have to travel during the school break or national holiday or summer break when families are trying to take the children to travel. So when we work with our destination partners, they really like this group to fill in the gaps during the slow season. And in return, our customers are also going to get very good value for their money. So we forecast that segment is going to grow very significantly.

此外，這個群體對時間較不敏感。他們不必在學校假期、國慶日或暑假等家庭帶孩子旅行的時候出遊。因此，當我們與目的地合作夥伴合作時，他們非常喜歡這個團體來填補淡季的空白。作為回報，我們的客戶也將獲得非常高的性價比。因此我們預測該部分將會大幅成長。

The second piece is for young people. As you can see, Taylor Swift shows, Olympic games, F1 car races, those tickets are very well demanded and sold instantly on our platform. The demand is very strong. So we feel the demand is exceeding the supply as of now, which is a strong indication it's a robust business. So we will continuously put our investment behind it to put engine in the travel market. Thank you.

第二件作品是寫給年輕人的。如您所見，泰勒絲的演唱會、奧運會、F1 賽車比賽的門票在我們的平台上非常受歡迎，並且很快就售罄。需求非常強勁。因此，我們認為目前的需求超過了供應，這有力地表明這是一項強勁的業務。因此，我們將持續投入，為旅遊市場注入動力。謝謝。

Jiong Shao, Barclays.

邵炯，巴克萊銀行。

I think James started the call talking about -- highlighting the potential for inbound travel. I think Jane also touched on that as well in her prepared remarks. I was just hoping -- given it seems to be a pretty significant and relatively newer opportunity for you. So could you perhaps share with us a little bit more insights to help us better understand the potential here?

我認為詹姆斯在電話會議開始時談到了——強調入境旅遊的潛力。我認為簡在她準備好的發言中也談到了這一點。我只是希望——因為這對你來說似乎是一個相當重要且相對較新的機會。那麼您能否與我們分享更多見解，幫助我們更了解這裡的潛力？

Sure. Thank you, Jiong Shao. When we look at the global markets, developing country as well as developed country can get somewhere between 1% to 5% of the GDP from inbound business. Pre-COVID, the inbound business only accounted for 0.3% for China inbound business. So there is a great potential if we do a very good job to promote that business.

當然。謝謝你，邵炯。當我們放眼全球市場時，發展中國家和已開發國家都可以從入境業務中獲得 1% 到 5% 的 GDP。疫情前，入境業務僅佔中國入境業務的0.3%。因此，如果我們很好地推廣該業務，那麼它將具有巨大的潛力。

And we invited more than 3,000 global partners in May, and the feedback we got from our partners are China has a very good infrastructure, a very rich history, friendly people, very delicious food. And on top of it, you can stay in a five-star hotel for only USD100 to USD200, which offers affordable luxury.

我們在五月邀請了超過 3,000 名全球合作夥伴，從​​合作夥伴那裡得到的回饋是，中國擁有非常好的基礎設施、非常豐富的歷史、友善的人民和非常美味的食物。最重要的是，你只需花費 100 至 200 美元就可以入住五星級飯店，享受經濟實惠的奢華體驗。

So I think if we put the right efforts in promoting the inbound travel, more and more people will be able to see the real China. And it's very good for international exchange and cultural understanding. So we believe this is a huge opportunity if we put the right emphasis on it. Thank you.

所以我認為，如果我們在推廣入境旅遊方面做出正確的努力，越來越多的人將能夠看到真實的中國。這對於國際交流和文化理解非常有益。因此，我們相信，如果我們正確重視這一點，這將是一個巨大的機會。謝謝。

Simon Cheung, GS.

Simon Cheung，GS。

I think you touched on a lot about your foreign to foreign the so-called Trip.com international performance, which saw some acceleration this quarter versus last quarter. Wondering whether you can also provide a bit more detail on the operational as well as the financial performance, and perhaps how you envision this would contribute to group over the longer run.

我認為您談了很多關於海外業務，即所謂的 Trip.com 國際化表現，與上一季相比，本季的國際化表現有所加速。想知道您是否可以提供一些有關營運和財務表現的更多細節，以及您設想這將如何為集團帶來長期貢獻。

Sure. In the second quarter, the bookings on the Trip.com increased by over 60% year over year, highlighting strong growth despite macroeconomic headwinds in certain markets. The APAC region remain to be our operational focus and continue to contribute the majority of our international revenue. We are also seeing encouraging momentum in the newer market such as the Middle East, even at an early stage of development.

當然。第二季度，攜程預訂量年增超過60%，儘管部分市場面臨宏觀經濟逆風，但仍維持強勁成長。亞太地區仍然是我們的營運重點，並繼續貢獻我們大部分的國際收入。我們也看到中東等新興市場儘管仍處於發展的早期階段，但也呈現出令人鼓舞的發展動能。

The triple-digit growth in the inbound booking highlights in the vast potential of the inbound travel segment. This business also creates very strong synergies as there is significant overlap between Trip.com's targeted APAC user bases and inbound travelers into China, many of whom also come from the APAC countries. Our ongoing enhancement to the Trip.com Rewards loyalty program have effectively strengthened user retention and created a flywheel effect that reinforces customer loyalty. With exclusive membership benefits, users are incentivized to upgrade their tier and unlock the potential perks. Thank you.

入境預訂量的三位數成長凸顯了入境旅遊領域的巨大潛力。這項業務也創造了非常強大的協同效應，因為Trip.com的目標亞太地區用戶群與中國入境遊客之間存在很大的重疊，其中許多遊客也來自亞太地區國家。我們不斷增強Trip.com Rewards忠誠度計劃，有效增強了用戶保留率，並產生了增強客戶忠誠度的飛輪效應。透過專屬會員福利，用戶可以提升自己的會員等級並解鎖潛在的福利。謝謝。

Wei Fang, Mizuho.

魏芳，瑞穗。

Congrats on a solid quarter. My question is a follow-up on the international expansion. More specifically, could you provide an update on your marketing progress for Trip.com in 2Q? And hopefully, if you can also help us with your marketing strategy and plans for the rest of 2025.

恭喜本季業績穩健。我的問題是關於國際擴張的後續問題。更具體地說，您能否介紹一下Trip.com第二季的行銷進度？希望您能幫助我們制定 2025 年剩餘時間的行銷策略和計畫。

Sure. In the second quarter, our rapid growth reflected the effectiveness of our marketing strategy. By maintaining disciplined ROI-driven marketing investment, we continue to focus on acquiring app users who represent our most valuable channel for the long-term growth. In the second quarter, our native mobile app accounted for approximately 70% of our global orders. In several key markets, we are already seeing that the increased scale is improving the efficiency of daily operations with further gains expected as we continue to expand.

當然。第二季度，我們的快速成長反映了我們行銷策略的有效性。透過保持嚴格的投資報酬率驅動的行銷投資，我們繼續專注於獲取代表我們長期成長最有價值的管道的應用用戶。第二季度，我們的原生行動應用程式約佔全球訂單的 70%。在幾個關鍵市場，我們已經看到規模的擴大正在提高日常營運的效率，隨著我們繼續擴張，預計會有進一步的成長。

Through ongoing experimentation and dynamic budget allocation, we concentrate resources on the high-performing strategies. For less efficient channels, close monitoring enabled us to pivot earlier while also gaining insights into user behavior to inform future campaigns.

透過持續的實驗和動態的預算分配，我們將資源集中在高效率的策略上。對於效率較低的管道，密切監控使我們能夠更早調整，同時也能深入了解使用者行為，為未來的活動提供資訊。

Looking ahead, with the summer travel season underway and more global holidays approaching, we will continue to run signature campaigns and invest in proven marketing opportunities. At the same time, we will maintain disciplined spending to ensure alignment with our long-term strategic goals. Thank you.

展望未來，隨著夏季旅遊旺季的到來和更多全球假期的臨近，我們將繼續進行標誌性活動並投資於成熟的行銷機會。同時，我們將保持有紀律的支出，以確保與我們的長期策略目標保持一致。謝謝。

John Choi, Daiwa.

大和的約翰崔 (John Choi)。

Just a quick follow-up here, I think on your international markets, we've noticed that some global players have launched pretty aggressive marketing in certain markets. How would this impact your business, particularly for Trip.com and your marketing spending towards the second half of this year and next year?

這裡只是簡單地跟進一下，我認為在你們的國際市場上，我們注意到一些全球參與者已經在某些市場開展了相當積極的營銷。這會對您的業務，特別是Trip.com以及今年下半年和明年的行銷支出產生什麼影響？

Sure. The APAC market offers vast potential due to its very fragmented, huge travel resources, low online penetration and resilient user demand. This will certainly attract many of the players. As said, the market's substantial size enables all online players, including Trip.com, to continue growth and capture opportunities even in highly competitive areas. Trip.com leverage our one-stop travel offerings, comprehensive inventory offerings and competitive pricing, mobile-first strategy as well as the excellent customer services to maintain the strong growth across key markets in this region.

當然。亞太市場高度分散，旅遊資源龐大，線上滲透率較低，使用者需求具有彈性，因此潛力巨大。這肯定會吸引很多玩家。如前文所述，龐大的市場規模使得包括Trip.com在內的所有線上旅遊企業都能夠繼續成長，即使在競爭激烈的領域也能抓住機會。Trip.com 利用我們的一站式旅遊服務、全面的庫存產品和有競爭力的價格、行動優先策略以及卓越的客戶服務來維持該地區主要市場的強勁成長。

We are also focused on scaling our business through targeted and localized marketing investment. By implementing demand-driven strategy tailored to each market, we aim to expand our presence in the APAC region and accelerate our growth. Thank you.

我們也致力於透過有針對性的在地化行銷投資來擴大我們的業務。透過實施針對每個市場的需求驅動策略，我們旨在擴大我們在亞太地區的影響力並加速我們的成長。謝謝。

Qiuting Wang, CICC.

王秋婷，中金公司。

Congratulations on the strong results. I have one question on your shareholder returns. Could you please update on your buyback process on a previous annual capital return program? And could you share more color on your newly announced USD5 billion capital return program?

恭喜您取得如此優異的成績。我對您的股東回報有一個問題。您能否更新一下先前年度資本回報計畫的回購流程？您能否詳細介紹您剛剛宣布的 50 億美元資本返還計劃？

Sure. Over the past quarter, we have repurchased around 7 million ADRs from the market, fully utilized the authorized quarter for this year. As of now, our capital yield for this year is around 1.5%. With regard to the new program, this quarter, we announced a new share repurchase program of USD5 billion, funded by proceeds from the recent deal and our cash position. This will be a multiyear program without a set expiration date where we will strategically purchase shares from the Nasdaq and Hong Kong Exchange from time to time.

當然。在過去的一個季度，我們從市場上回購了約 700 萬股 A​​DR，充分利用了今年的授權季度。截至目前，我們今年的資本收益率約為1.5%。關於新計劃，本季我們宣布了一項新的 50 億美元股票回購計劃，資金來自最近的交易收益和我們的現金狀況。這將是一個多年的計劃，沒有設定截止日期，我們將不時從納斯達克和香港交易所策略性地購買股票。

Our objective is to at least mitigate the potential dilution from our ESOP program and potentially reduce our overall share count. Looking ahead, we remain committed to driving our long-term shareholder value through sustainable business growth and disciplined capital return initiatives. Thank you.

我們的目標是至少減輕員工持股計畫 (ESOP) 可能造成的稀釋，並可能減少我們的總股數。展望未來，我們將繼續致力於透過可持續的業務成長和嚴格的資本回報計劃來推動我們的長期股東價值。謝謝。

This concludes the Q&A session. I will now hand the call back to Michelle.

問答環節到此結束。我現在將把電話交還給米歇爾。

Thank you. Thank you, 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 third quarter of 2025 earnings call. Thank you. Have a good day. Thank you.

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 年第三季財報電話會議上與您交流。謝謝。祝你有美好的一天。謝謝。

Thank you.

謝謝。

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。您現在可以斷開連線。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。