Trip.com Group Ltd (TCOM) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to Trip.com Group third-quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加攜程集團2025年第三季財報電話會議。（操作人員指示）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，我謹將會議交給今天的第一位發言人，資深投資者關係總監 Michelle Qi。請繼續。

Thank you. Thank you, all. Good morning, and welcome to Trip.com Group's third quarter of 2025 earnings conference call. Joining me today on the call are Mr. James Liang, Executive Chairman of the Board; Ms.

謝謝。謝謝大家。早安，歡迎參加攜程集團2025年第三季財報電話會議。今天與我一起參加電話會議的有：董事會執行主席梁先生；女士。

Jane Sun, Chief Executive Officer; and Ms. Cindy Wang, Chief Financial Officer.

Jane Sun，執行長；Cindy Wang女士，財務長。

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 product filings with the Securities and Exchange Commission.

在本次電話會議中，我們將討論我們的未來展望和業績，這些是1995年美國私人證券訴訟改革法案安全港條款下的前瞻性陳述。前瞻性陳述涉及固有的風險和不確定性。因此，我們的結果可能與今天表達的觀點有重大差異。Trip.com集團向美國證券交易委員會提交的產品文件中列出了許多潛在的風險和不確定性。

Trip.com Group does not undertake any obligation to update any forward-looking statements, except as required under applicable law.

Trip.com集團不承擔更新任何前瞻性聲明的義務，除非適用法律另有規定。

James, Jane and Cindy will share our strategy and business updates, operating highlights and financial performance for the third quarter of 2020, as well as outlook for the rest of the year. After the prepared remarks, we will have a Q&A session.

James、Jane 和 Cindy 將分享我們 2020 年第三季的策略和業務更新、營運亮點和財務業績，以及今年剩餘時間的展望。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，我將把電話交給詹姆斯。詹姆斯，拜託了。

Thank you, Michelle, and thanks, everyone, for joining us on this call today. Travel is thriving and the travel spirit shows no signs of slowing down. In the third quarter, travel demand surged across markets, led by vibrant domestic travel in China and a steady rise in outbound journey. Travelers are exploring with confidence seeking authentic experiences in new horizons, a reflection of their enduring passion for discovery. This growing enthusiasm is mirrored in the performance of our AI-powered tools such as Trip Planner, whose recent upgrade has fueled a 180% year over year surge in unique visits.

謝謝米歇爾，也謝謝各位今天參加我們的電話會議。旅遊業蓬勃發展，而且這種旅行熱情絲毫沒有減弱的跡象。第三季度，受中國國內旅遊蓬勃發展和出境旅遊穩定成長的帶動，各市場的旅遊需求激增。旅行者們充滿信心地探索新領域，尋求真實的體驗，這反映了他們對探索的持久熱情。這種日益高漲的熱情也體現在我們人工智慧驅動的工具（例如行程規劃器）的性能上，該工具最近的升級推動了獨立訪客數量同比增長 180%。

Inbound travel continues to play a vital role in fostering international exchange, trade and innovation, generating meaningful economic and cultural benefits. Expanded visa-free entry policies and broader coverage of the 240-hour transit visa exemption have made it easier than ever to visit, bringing the goal of raising inbound travel revenue to 1% to 2% of GDP increasingly within reach.

入境旅遊在促進國際交流、貿易和創新方面繼續發揮至關重要的作用，並產生了重要的經濟和文化效益。擴大免簽入境政策和擴大 240 小時過境簽證豁免範圍，使得訪問比以往任何時候都更加容易，使將入境旅遊收入提高到 GDP 的 1% 至 2% 的目標越來越接近實現。

As part of our inbound initiative, Trip.com Group launched Taste of China, an immersive dining experience that allows international visitors to explore Chinese culture through its rich culinary traditions. We remain optimistic about the future of travel by leveraging AI innovation and delivering world-class service. We continue to make travel easier, more personalized and more enjoyable for every traveler.

作為入境旅遊策略的一部分，攜程集團推出了「中國風味」沉浸式餐飲體驗，讓國際遊客透過中國豐富的烹飪傳統探索中國文化。我們依然對旅遊業的未來充滿信心，我們將利用人工智慧創新並提供世界一流的服務。我們將繼續努力，讓每位旅客的旅程更加輕鬆、個人化和愉快。

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

接下來，我將把電話交給簡，請她介紹營運方面的重要情況。

Thank you, James. Good morning, everyone. As a quick overview, our net revenue in Q3 increased by 16% year over year, reflecting strong demand across segments during peak travel season. travel consumption remained robust throughout the summer and the National Day holiday with both domestic and international travel markets showing healthy momentum. This performance underscores travelers' growing desire for diverse, immersive and high-quality experiences.

謝謝你，詹姆斯。各位早安。簡而言之，我們第三季的淨收入年增16%，反映出旅遊旺季期間各細分市場的強勁需求。在整個夏季和國慶假期期間，旅遊消費保持強勁勢頭，國內和國際旅遊市場均呈現健康成長態勢。這一表現凸顯了旅行者對多樣化、沉浸式和高品質體驗日益增長的需求。

Outbound travel continued to post solid growth in Q3 with our outbound hotel and air bookings growing by close to 20% from last year and reaching about 140% of 2019 volumes. Japan, South Korea, Southeast Asian destinations remains the most popular choices, supported by their proximity and visa convenience. At the same time, travelers radius of exploration continues to expand as more people to new adventures and richer cultural experience. This trend was particularly evident during the Golden Week, which was one day longer than last year stronger demand for long-haul trades.

第三季出境旅遊持續保持穩健成長，出境飯店和機票預訂量較去年同期成長近 20%，達到 2019 年總量的約 140%。由於地理位置接近且簽證便利，日本、韓國和東南亞目的地仍然是最受歡迎的選擇。同時，隨著越來越多的人尋求新的冒險和更豐富的文化體驗，旅行者的探索範圍也不斷擴大。這一趨勢在黃金週期間尤其明顯，黃金週比去年多一天，對長途貿易的需求更加強勁。

During the holiday, outbound hotel and air bookings surged by around 30% and year over year, reflecting sustained travel enthusiasts. Europe stood out as a key growth region driven by increased flight capacity and travelers' appetite for in-depth experience. Bookings to Iceland and Norway more than doubled year over year, Spain, Italy and Germany also grew by approximately 70%. These trends show that travelers are increasingly willing to invest in high-quality travel experiences, highlighting strong consumption power and continued confidence in outbound travel.

假期期間，出境飯店和機票預訂量年增約 30%，反映出人們對旅行的熱情依然高昂。歐洲作為主要成長區域脫穎而出，這主要得益於航班運力的增加以及旅客對深度體驗的需求。前往冰島和挪威的預訂量年增超過一倍，前往西班牙、義大利和德國的預訂量也增加了約 70%。這些趨勢表明，旅行者越來越願意投資於高品質的旅行體驗，凸顯了強大的消費能力和對出境旅遊的持續信心。

Domestic travel also remained vibrant, fueled by travelers' passion for new and immersive experiences. From cultural discovery to outdoor exploration, the growing diversity of travel demand continues to drive solid market growth. Major cities such as Beijing, Shanghai, Chengdu, and Xi’an remain the top choices for their accessibility and offerings.

國內旅遊也依然保持活力，這得益於旅客對新穎、沉浸式體驗的熱情。從文化探索到戶外探險，日益多元化的旅遊需求持續推動市場穩健成長。北京、上海、成都、西安等主要城市因其便利的交通和豐富的服務仍然是首選。

Remote regions, including or Urumqi, Hohhot, and Lhasa also grew by nearly 30% as more travelers ventured West to discover unveiled landscapes and rich heritage. At the same time, smaller cities are emerging as new favorites for urban residents seeking peace and renewal. Their local charms and slower pace offer refreshing escape from everyday life.

隨著越來越多的旅客前往西部探索未開發的風景和豐富的文化遺產，包括烏魯木齊、呼和浩特和拉薩在內的偏遠地區的旅遊業也成長了近 30%。同時，一些較小的城市正成為尋求寧靜和煥然一新的城市居民的新寵。它們的地方特色和慢節奏的生活，能讓人從日常生活中得到令人耳目一新的放鬆。

Inbound travel continues to connect the world, bringing travelers from across the globe to experience oriental culture, spark innovation and drive trade. The Asia Pacific region remains the largest source of inbound travelers, with Europe and the US also seeing strong growth.

入境旅遊持續連結世界，將來自世界各地的旅客帶到東方體驗文化，激發創新，推動貿易。亞太地區仍是入境遊客的最大來源地，歐洲和美國也呈現強勁成長。

In Q3, inbound travel bookings on our platform grew by over 100%, reflecting robust international demand. Building on the success of Free Layover tours in Beijing and Shanghai. We recently launched a free layover experience for travelers at Hong Kong International Airport. Transit travelers with seven hours or more can book in advance on the Trip.com app or website or on-site at the airport to explore Hong Kong's highlights.

第三季度，我們平台上的入境旅遊預訂量成長超過 100%，反映出強勁的國際需求。以北京和上海的免費中途停留之旅的成功為基礎。我們最近為在香港國際機場轉機的旅客推出了免費轉機體驗。轉機時間超過七小時的旅客可以提前透過 Trip.com 應用程式或網站預訂，也可以在機場現場預訂，以便探索香港的著名景點。

For those seeking a deeper adventure, premium tours provide access to landmarks, such as Lantau Island and Victoria Peak. We are making it easier than ever for international visitors to plan, book, and enjoy these experiences, aiming to become the go-to platform and trusted hub for travelers from around the world.

對於那些尋求更深入探險的人來說，高級旅遊路線可以帶他們前往大嶼山和太平山頂等地標景點。我們致力於讓國際遊客比以往任何時候都更容易規劃、預訂和享受這些體驗，目標是成為全球旅客的首選平台和值得信賴的中心。

On the international front, Trip.com Group continued to deliver strong performance. International bookings on our platform grew by around 60% year over year. The Asia Pacific region remains the largest contributor, rising over 50% in Q3. Across all regions, Mobile continues to be a key growth driver, now accounting for over 70% of total bookings. Travelers increasingly rely on our app for one-stop, on-the-go experience managing flights, hotels, and tours seamlessly combined with high service standards and hassle-free bookings. We offer users great convenience and excellent value, fueling continued growth across markets.

在國際市場方面，攜程集團持續保持強勁的業績表現。我們平台上的國際預訂量年增約 60%。亞太地區仍然是最大的貢獻者，第三季成長超過 50%。在所有地區，行動端仍然是關鍵的成長驅動力，目前佔總預訂量的 70% 以上。旅客越來越依賴我們的應用程序，以獲得一站式、隨時隨地的體驗，無縫管理航班、酒店和旅遊，同時享受高標準的服務和便利的預訂。我們為用戶提供極大的便利性和卓越的價值，從而推動各個市場的持續成長。

As travel demand expands across borders, it is also diversified across generation. With spending power 3x that of younger travelers affluent and active seniors are eager to explore and spend on quality travel, reshaping the market from price competition towards a true value creation. In Q3, the number of our old friend club members and their total GMV rising over 70%. Trip.com Group is tailoring more products and services for this growing segment.

隨著跨國旅遊需求的成長，旅遊群體也呈現跨世代的多元化趨勢。富裕且活躍的老年人擁有比年輕旅行者高 3 倍的消費能力，他們渴望探索和消費高品質的旅行，從而將市場從價格競爭轉向真正的價值創造。第三季度，老朋友俱樂部會員數及其總GMV成長超過70%。Trip.com集團正在為這個不斷成長的細分市場量身打造更多產品和服務。

We launched our first Old Friends Club flagship store in Shanghai to connect with senior travelers face-to-face and introduced themed trips designed around their interest. We also formed a dedicated service team of officers, friendly travel buddies who travel alongside the seniors, offering support and thoughtful care for their needs.

我們在上海開設了第一家老友俱樂部旗艦店，與老年旅行者面對面交流，並推出了根據他們的興趣設計的特色旅行。我們還組建了一支專門的服務團隊，由友好的工作人員組成旅行夥伴，陪伴老年人旅行，為他們提供支援和周到的照顧。

Younger travelers are also shaping new trends in travel, seeking experiences that go beyond the ordinary. In Q3, Revenue from this segment grew by triple digits, propelled by the rising craze for concerts and live experiences. To meet the growing demand, Trip.com Group announced multi-year strategic partnerships with the world's leading live entertainment companies. The collaboration allows fans to plan entertainment trips seamlessly combining exclusive presale access to shows with flights, hotels, and curated local experiences to our platform. As entertainment becomes an increasingly powerful driver of travel, these partnerships help and follow the artist they love, while supporting regional tourism and enhancing destination appeal across Asia.

年輕旅行者也在塑造新的旅行趨勢，他們追求超越尋常的旅行體驗。第三季度，受演唱會和現場體驗熱潮的推動，該業務板塊的收入實現了三位數的成長。為滿足日益增長的需求，攜程集團宣布與世界領先的現場娛樂公司建立多年戰略合作夥伴關係。此次合作讓粉絲們能夠無縫規劃娛樂之旅，將獨家預售門票與機票、酒店和精心策劃的當地體驗相結合，並透過我們的平台實現這一目標。隨著娛樂成為越來越強大的旅遊動力，這些合作關係既能幫助和追隨他們喜愛的藝術家，又能支持區域旅遊業，並提升亞洲各地的旅遊目的地吸引力。

We are also strengthening event booking capabilities our partnership with Cityline Group, covering Hong Kong and Macau users can now effortlessly collect tickets via Cityline’s extensive self-service kiosk network by connecting online bookings with offline ticketing, the partnership delivers a smooth, hassle-free experience for travelers enjoying large-scale events Trip.com Group remains deeply committed to nurturing the broader travel ecosystem and supporting local economic development by promoting travel products around concerts, festivals, and major sports events.

我們正透過與Cityline集團的合作，加強活動預訂能力。覆蓋香港和澳門的用戶現在可以透過Cityline廣泛的自助服務終端網路輕鬆取票。透過將線上預訂與線下售票相結合，此次合作將為參加大型活動的旅客提供流暢、便利的體驗。 Trip.com集團始終致力於培育更廣泛的旅遊生態系統，並透過推廣圍繞音樂會、節慶活動和重大體育賽事的旅遊產品，支持當地經濟發展。

We inspire more travelers to explore these destinations, driving overnight stays and spending and turning seasonal excitement into lasting economic impact for local communities. At the same time, we continue to tailor products and services to meet diverse traveler needs. For example, offering mostly friendly options, highlighting smart toilets for Japanese users and providing foreign currency exchange for inbound visitors.

我們鼓勵更多旅客探索這些目的地，從而帶動過夜住宿和消費，並將季節性的興奮轉化為對當地社區的持久經濟影響。同時，我們不斷調整產品和服務，以滿足不同旅客的需求。例如，提供大多友善的選擇，重點介紹面向日本用戶的智慧廁所，並為入境遊客提供外幣兌換服務。

To further empower partners and elevate service standards across the industry, Trip.com Group is harnessing technology and AI to help the entire travel ecosystem move forward. Hotels can now overcome language barriers with our AI communication tools that respond to guest inquiries in real time. Our AI content generator and training tools also empower hoteliers to produce engaging content and sharpen their digital skills, helping them connect with international guests and with our updated hotel scoring and page ranking algorithms, we encourage hotels to focus on what truly matters, genuine service and lasting guest satisfaction instead of chasing ratings or ranking.

為了進一步賦能合作夥伴，提升整個產業的服務標準，攜程集團正利用科技和人工智慧，幫助整個旅遊生態系統向前發展。飯店現在可以透過我們的人工智慧通訊工具克服語言障礙，即時回覆客人的諮詢。我們的 AI 內容產生器和培訓工具還能幫助旅館經營者製作引人入勝的內容，提升他們的數位技能，幫助他們與國際客人建立聯繫。此外，我們更新了飯店評分和頁面排名演算法，鼓勵飯店專注於真正重要的事情——真誠的服務和持久的客人滿意度，而不是追求評分或排名。

Together, these efforts help partners stay competitive in a fast-changing landscape and create richer, smoother and more seamless travel experiences for travelers around the world. Travel is a fundamental part of the human experience, and we remain confident in the industry's long-term growth. We will continue to enhance our services and empower the broader ecosystem, driving sustainable growth across the travel industry and the wider economy.

這些努力共同幫助合作夥伴在快速變化的環境中保持競爭力，並為世界各地的旅客創造更豐富、更順暢、更無縫的旅行體驗。旅遊是人類經驗的重要組成部分，我們對旅遊業的長期發展充滿信心。我們將繼續提升服務水平，增強整個生態系統的能力，從而推動旅遊業和更廣泛經濟的可持續成長。

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

接下來，我將把電話交給辛蒂。

Thanks, Jane. Good morning, everyone. For the third quarter of 2025, Trip.com Group reported a net revenue of RMB18.3 billion, representing a 16% increase from the same period last year and a 24% increase from the previous quarter, reflecting robust travel demand throughout the summer and the Golden Week holiday.

謝謝你，簡。各位早安。2025年第三季度，攜程集團實現淨收入183億元人民幣，較去年同期增長16%，較上一季增長24%，反映出整個夏季和黃金周假期期間強勁的旅遊需求。

Accommodation reservation revenue for the third quarter was RMB8.0 billion representing an 18% increase year over year and a 29% increase quarter over quarter. This was mainly driven by strong momentum in outbound and international hotel bookings, along with sustained in domestic demand.

第三季住宿預訂收入為人民幣80億元，較去年成長18%，較上季成長29%。這主要得益於出境和國際酒店預訂的強勁勢頭，以及國內需求的持續增長。

Transportation ticketing revenue for the third quarter was RMB6.3 billion, representing a 12% increase year over year and a 17% increase quarter over quarter. International air bookings showed robust growth with outbound air bookings continuing to outpace the market.

第三季交通票務收入為人民幣63億元，較去年成長12%，較上季成長17%。國際航空預訂量呈現強勁成長，其中出境航空預訂量持續超過市場平均。

Packaged tour revenue for the third quarter was RMB1.6 billion, representing a 3% increase year over year and a 49% increase quarter over quarter primarily driven by the expansion of our international offerings, our destination services delivered strong growth, with international markets continuing to drive overall expansion.

第三季打包旅遊收入為人民幣16億元，較去年同期成長3%，較上季成長49%，主要得益於國際產品的擴張，目的地服務實現了強勁成長，國際市場持續推動整體擴張。

Corporate travel revenue for the third quarter was RMB756 representing a 15% increase year over year and a 9% increase quarter over quarter. This was driven by more companies adopting our managed corporate travel services. Excluding share-based compensation charges, adjusted product development expenses for the third quarter increased by 12% year over year.

第三季企業差旅營收為人民幣756元，較去年成長15%，較上季成長9%。這是由於越來越多的公司採用我們的企業差旅管理服務所致。剔除股權激勵費用後，第三季調整後的產品開發費用較去年同期成長 12%。

Adjusted G&A expenses for the third quarter increased by 6% year over year. These were mainly due to increase in personnel-related expenses. Adjusted sales and marketing expenses for the third quarter increased by 26% from the previous quarter and increased by 23% from the same period last year. The sequential increase was primarily driven by broader marketing investments with incremental spend allocated to our international expansion.

第三季經調整後的一般及行政費用年增 6%。這主要是由於人員相關費用增加所致。第三季經調整的銷售和行銷費用比上一季成長了 26%，比去年同期成長了 23%。這一環比成長主要得益於更廣泛的行銷投資，其中新增支出用於我們的國際擴張。

Adjusted EBITDA was RMB6.3 billion for the third quarter compared with RMB5.7 billion in period last year and RMB4.9 billion in the previous quarter. Diluted earnings per ordinary share and per ADS were RMB28.61 or USD4.02 for the third 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 RMB27.56 or USD3.87 for the third quarter. Diluted earnings per ordinary share and per ADS for the quarter were elevated primarily due to a one-time gain from the divestment of one of our overseas investments.

第三季調整後 EBITDA 為人民幣 63 億元，去年同期為 57 億元，上一季為 49 億元。2025年第三季度，每股普通股及每股美國存託憑證的稀釋收益為人民幣28.61元或4.02美元。剔除股份支付費用、權益證券投資和可交換優先票據的公允價值變動，第三季非GAAP稀釋後每股普通股和每股ADS收益為人民幣27.56元或3.87美元。本季每股普通股和每股美國存託股份的稀釋收益有所增加，主要是由於出售我們的一項海外投資獲得了一次性收益。

As of September 30, 2025, the balance of cash and cash equivalents, restricted cash, short-term investment, held-to-maturity time deposits and financial products was and RMB107.7 billion or USD15.1 billion.

截至2025年9月30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金融產品餘額為人民幣1,077億元，即151億美元。

Looking ahead, we are confident in the continued strength of our business and future opportunities. Our disciplined approach to investment and execution will remain central as we focus on sustainable growth and long-term value creation.

展望未來，我們對公司業務的持續強勁發展和未來的機會充滿信心。我們將繼續秉持嚴謹的投資和執行方式，專注於永續成長和長期價值創造。

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

接線員，請開啟提問頻道。

(Operator Instructions) Joyce Ju, Bank of America.

（操作員指示）Joyce Ju，美國銀行。

James, Jane, Cindy and Michelle, congratulations on another strong quarter. AI is clearly top of the mind for the market and a key pillar of Trip.com's strategy. Can management please elaborate on where you see AI heading on your platforms, specifically, how do you view the trajectory for AI agents? Do you see them going mainstream? Thank you very much.

James、Jane、Cindy 和 Michelle，恭喜你們又一個季度取得了優異的成績。人工智慧顯然是市場關注的焦點，也是攜程策略的關鍵支柱。管理階層能否詳細說明你們平台上人工智慧的發展方向，特別是你們如何看待人工智慧代理的發展軌跡？你認為它們會成為主流嗎？非常感謝。

Thank you for the question. AI is a central pillar of Trip.com's strategy, and we are committed to unlocking its full potential for the travel industry. We believe we are at the forefront of this transformation.

謝謝你的提問。人工智慧是攜程策略的核心支柱，我們致力於充分發揮其在旅遊業的潛力。我們相信我們正處於這場變革的前沿。

On the user side, we are shifting more touch points to AI-driven tools continuously iterating our AI content ecosystem. Our AI agent, TripGenie, is now used in over 200 countries and regions, with users growing over 200% year over year in the first half of 2025. We are also refining the balance between advanced AI search and conventional search to better serve user intent.

在使用者方面，我們正在將更多接觸點轉移到人工智慧驅動的工具上，不斷迭代我們的人工智慧內容生態系統。我們的人工智慧代理商 TripGenie 目前已在 200 多個國家和地區使用，2025 年上半年用戶數量較去年同期成長超過 200%。我們也在不斷調整進階人工智慧搜尋和傳統搜尋之間的平衡，以更好地滿足用戶意圖。

For hotels, search results now evolve from standardized information to real-time recommendations tailored to individual preferences. On the operational side AI helps detect issues and provide intelligent solutions for complex cases. This enhances employee productivity, improves customer service efficiency, increases satisfaction and conversion rates, and can help reduce cancellations through smarter, more responsive service.

對於酒店而言，搜尋結果如今已從標準化資訊演變為根據個人偏好量身定制的即時推薦。在營運方面，人工智慧有助於檢測問題並為複雜案例提供智慧解決方案。這可以提高員工生產力，提升客戶服務效率，提高客戶滿意度和轉換率，並透過更聰明、更快速回應的服務來幫助減少訂單取消。

Looking ahead, we see AI as a tremendous opportunity to make travel more accessible, reliable and enjoyable. Trip.com is committed to investing in AI to enhance every step of the traveler's journey. By combining cutting-edge technology with 26 years of travel expertise, we ensure seamless experiences that go beyond AI alone. We will continue to explore how AI can make every step of the traveler's journey better and enrich the travel experience. Ultimately, travel is of exploration and experience, and we are focused on delivering the best for our customers today and in the future.

展望未來，我們認為人工智慧為使旅行更加便捷、可靠和愉快提供了巨大的機會。Trip.com致力於投資人工智慧，以提升旅行者旅程的每一步體驗。透過將尖端技術與 26 年的旅遊專業知識相結合，我們確保提供超越人工智慧本身的無縫體驗。我們將繼續探索人工智慧如何讓旅行者旅程的每一步都變得更好，並豐富旅行體驗。歸根結底，旅行是一種探索和體驗，我們致力於為現在和未來的客戶提供最好的服務。

Thanks.

謝謝。

Alex Yao, JPMorgan.

Alex Yao，摩根大通。

I would like to ask some of the near-term consumer behavior and also travel trends during national holiday and also mid-autumn festival. In addition, I think with the current geopolitical tension between Japan and China, can you talk about Japan's revenue contribution to our company and also the financial impact that you could expect over the next, let's say, couple of quarters?

我想了解近期消費者的行為以及國慶日和中秋節期間的旅遊趨勢。此外，鑑於目前日本和中國之間的地緣政治緊張局勢，您能否談談日本對我們公司的收入貢獻，以及您預計在接下來的幾個季度內可能產生的財務影響？

Sure. I'd be happy to take this question, Alex. So first of all, for the national holiday, combined with mid-autumn holiday, we have seen very strong trend. The trend we call is 3Ls, which is long stay, long distance and long tail. Because it's a longer holiday, most people go long haul, which is the strength for Trip.com. And also because people are going so far away, we are able to promote many long-tail travel destinations for sophisticated travelers, and the stay is longer.

當然。我很樂意回答這個問題，亞歷克斯。首先，就國慶日和中秋節假期而言，我們看到了非常強勁的趨勢。我們稱之為 3Ls 的趨勢，即長期停留、長期旅行和長尾效應。由於假期延長，大多數人選擇長途旅行，這正是攜程的優勢。也因為人們的旅行目的地非常遠，我們才能向成熟的旅客推廣眾多長尾旅遊目的地，而且他們的停留時間也更長。

So if you look at the industry, the domestic market posted a very healthy single-digit growth. Cross-border, it was even stronger. The international capacity recovered even further compared to previous quarter. at around 88% pre-COVID level. If you look at our platform, our long stay drives strong growth, both domestically and internationally.

因此，從行業整體來看，國內市場實現了非常健康的個位數成長。跨境傳播，這種趨勢甚至更強烈。國際運力較上一季進一步恢復，已恢復至新冠疫情前水準的約88%。如果你看看我們的平台，你會發現我們的長期用戶群推動了國內和國際市場的強勁成長。

For outbound hotel and air bookings, it jumped to more than 30% year over year growth. And also for inbound travel, we surged by more than 100% year over year for Golden Week holidays. So we are very positive for these holiday seasons.

出境飯店和機票預訂量較去年同期成長超過 30%。此外，黃金周假期期間入境旅遊人數也較去年同期成長超過 100%。所以我們對即將到來的假期非常樂觀。

Regarding Japan, I think as long as consumers have the buying power, they will travel to different travel destinations. We have seen a couple of factors impacting traveler's behavior.

至於日本，我認為只要消費者有購買力，他們就會去不同的旅遊目的地。我們發現有幾個因素會影響旅行者的行為。

First of all, the travel destination needs to be safe and welcoming. Secondly, the visa application needs to be eased. Thirdly, the direct flight also is a very important consideration for travelers. So over the years, we have seen -- if certain destination is impacted travelers as long as they have time, they have money, they can choose different travel destinations to go to.

首先，旅遊目的地必須安全且令人感到舒適。其次，需要簡化簽證申請流程。第三，直飛航班也是旅客非常重視的因素。所以多年來，我們看到——如果某個目的地受到影響，只要旅行者有時間、有錢，他們就可以選擇不同的旅行目的地。

So overall, on our platform, we haven't seen major impact so far, yes.

所以總的來說，就我們的平台而言，目前還沒有看到重大影響，是的。

Thomas Chong, Jefferies.

Thomas Chong，傑富瑞集團。

Hi, and good morning. Thanks management for taking my question , and congratulations on a strong set of results. My question is about how have hotel and air price trend recently? And what's the outlook for next year? Thank you.

您好，早安。感謝管理層解答我的問題，並祝賀你們取得了優異的成績。我想了解近期飯店和機票價格的走勢如何？那麼明年的前景如何？謝謝。

In Q3, the year-on-year decline in hotel and air ticket prices narrowed to the low single digits. During the Golden week, both domestic hotel and airfares trended higher, reflecting strong travel demand before easing sequentially after the holiday on the supply side, domestic hotel capacity continues to expand at a mid- to high single-digit pace year over year, which is likely to keep some pressure on room prices going forward. Internationally, flight capacity has now recovered to about 88% of 2019 levels. As a result, cross-border air ticket prices have softened compared with last year but remain above pre-pandemic levels while hotel prices have stayed largely stable.

第三季度，飯店和機票價格年減幅收窄至個位數。黃金週期間，國內飯店和機票價格均呈現上漲趨勢，反映出強勁的旅遊需求；假期結束後，供應方面的需求有所回落。國內酒店容量繼續以中高個位數的速度同比增長，這可能會在未來繼續對房價構成一定的壓力。國際上，航班運力目前已恢復到 2019 年水準的約 88%。因此，跨境機票價格與去年相比有所回落，但仍高於疫情前水平，而飯店價格則基本保持穩定。

Yang Liu, Morgan Stanley.

楊柳，摩根士丹利。

Thanks for the opportunity. Congratulations on the solid results first. I have one question that -- yeah, could you please hear me?

謝謝您給我這個機會。首先恭喜你們取得了優異的成績。我有一個問題——嗯，你能聽我說嗎？

Yeah, we can.

是的，我們可以。

Yeah, thank you. My question is that could management share some insight on the recent consumer sentiment, and more importantly, your early thoughts for the coming year? Thank you.

是啊，謝謝。我的問題是，管理階層能否分享一些關於近期消費者情緒的見解，更重要的是，您對來年的初步看法？謝謝。

So we have seen the travel industry remain very strong. People's desire to explore the world continues to grow across culture, reflecting travelers desire for good products. In terms of the leisure travel, it has stayed robust supported by extra holidays this year. Our platform, long-haul trips show strong momentum. Outbound hotels and flights rose over 30%, with Europe emerging as a key driving force.

因此，我們看到旅遊業依然非常強勁。在不同文化背景下，人們探索世界的願望持續增長，這反映了旅行者對優質產品的渴望。就休閒旅遊而言，由於今年假期增多，休閒旅遊依然保持強勁勢頭。我們的平台，尤其是長途旅行，展現出強勁的發展動能。出境酒店和航班數量增長超過 30%，其中歐洲成為主要驅動力。

Domestically, travelers are also seeking deeper and more immersive experiences and explore less known destinations. Year-to-date, per capital spending on our platform remains in line with last year. For business travelers, it has remained stable. We continue to attract new corporate clients with average business travel spending on our platform has increased year over year, supported by Chinese companies expanding its global footprint.

在國內，旅客也尋求更深入、更沉浸式的體驗，並探索鮮為人知的目的地。今年迄今為止，我們平台上的每人均支出都與去年持平。對於商務旅客而言，情況一直保持穩定。我們持續吸引新的企業客戶，在我們平台上的平均商務旅行支出逐年增長，這得益於中國企業不斷擴大其全球業務版圖。

Looking forward in 2026 at Trip.com Group, we view challenges as opportunities, to strengthen our foundation. Our focus remains on enhancing our product service and to better meet the evolving needs of our global travelers.

展望2026年，攜程集團將挑戰視為機遇，以此鞏固自身基礎。我們將持續致力於提升產品服務，以更好地滿足全球旅客不斷變化的需求。

For international business, our strategy at Trip.com has proven to be very effective driving rapid market share gain outside of domestic market in recent quarters. We will also continue to invest globally, particularly across Asia Pacific to accelerate our growth and expand our presence.

對於國際業務而言，Trip.com 的策略已被證明非常有效，在最近幾個季度裡，我們在國內市場以外的市場份額迅速增長。我們將繼續在全球範圍內進行投資，尤其是在亞太地區，以加速我們的成長並擴大我們的市場份額。

Domestically, we are focusing on capturing more demand and providing excellent services to our customers. In particular, we tap into the great opportunity for inbound travel and silver generation and young travelers. We aim to deep the collaboration with our partners when we bring inbound customers to domestic market, it drives huge job opportunities. and also drives huge incremental opportunities for our hotel partners, flight partners, destination partners, rental cars, et cetera. So we are very positive for the growth in 2026. Thank you.

在國內，我們正致力於掌握更多市場需求，並為客戶提供優質服務。尤其值得一提的是，我們抓住了入境旅遊、銀髮族和年輕旅行者的巨大機會。我們旨在透過吸引入境遊客進入國內市場，深化與合作夥伴的協作，從而創造大量就業機會，同時也為我們的酒店合作夥伴、航空公司合作夥伴、目的地合作夥伴、租車公司等帶來巨大的成長機會。因此，我們對2026年的成長前景非常樂觀。謝謝。

Thank you.

謝謝。

John Choi, Daiwa.

John Choi，大和。

Good morning, thanks for taking my question. Congratulations on another great quarter. Just quickly, with new strategies from your industry peers in the China market, what kind of impact could this have on your business going forward?

早上好，謝謝您回答我的問題。恭喜你們又一個季度取得了優異成績。簡單來說，鑑於貴公司在中國市場同業的新策略，這會對貴公司未來的業務發展產生怎樣的影響？

Sure. First of all, I think the travel market brings joy and happiness to people. Secondly, we invest heavily in our technology and AI try to improve the efficiency for the whole industry, that will benefit all the players in the market. And thirdly, as you can see, we have a couple of offerings, which is very much liked by the consumers.

當然。首先，我認為旅遊業帶給人們歡樂和幸福。其次，我們大力投資科技和人工智慧，力求提高整個產業的效率，這將使市場上的所有參與者受益。第三，正如你所看到的，我們有幾款產品深受消費者喜愛。

First of all, we provide one-stop shop solution. So when you make a reservation for flight customers automatically will book a nice hotel with us, and we offer airport transfer.

首先，我們提供一站式解決方案。因此，當您預訂機票時，系統會自動為您預訂舒適的飯店，我們也提供機場接送服務。

We also have a trusted list for destinations for attractions. And when you are traveling, if you run into any issues, for example, if a certain area has a tsunami or earthquake or if there is a war happened during a trip within two minutes, our team will reach out to the customers in the destination, making sure they moved to the safe area. The very next day, if our customers choose to fly back to their home countries, we will make prioritized arrangement for our customers.

我們還有一個值得信賴的景點目的地清單。當您旅行時，如果您遇到任何問題，例如，某個地區發生海嘯或地震，或在旅途中發生戰爭，兩分鐘內，我們的團隊將聯繫目的地客戶，確保他們轉移到安全區域。第二天，如果我們的客戶選擇乘飛機返回他們的祖國，我們將優先為我們的客戶做出安排。

So that capacity and ability to help the customers in destination, pre-trip, post-trip give the confidence for our consumers that when they travel with Trip.com, they have peace in mind. So we continuously improve our customer service level to make sure we offer the best product, best technology and service to our customers. and we'll continuously to do that. I think as long as we make the right investment in this area, our customers will trust our team for our service and products will continue to grow.

因此，我們有能力在目的地、行前和行後為客戶提供幫助，這讓我們的消費者相信，當他們選擇 Trip.com 旅行時，他們可以安心無憂。因此，我們會持續提升客戶服務水平，確保為客戶提供最好的產品、技術和服務。我們也會持續這樣做。我認為，只要我們在這個領域進行正確的投資，我們的客戶就會信任我們的團隊，我們的服務和產品也會繼續成長。

Wei Xiong, UBS.

熊偉，瑞銀。

Sure. Congrats on a solid quarter. On the international side, it's encouraging to see Trip.com continue to maintain strong growth in the third quarter. So could management maybe share more on our international performance and any regional operational highlights?

當然。恭喜你們本季業績出色。在國際市場方面，令人鼓舞的是，攜程在第三季持續保持強勁成長。那麼管理層能否分享一下我們國際業績以及任何區域營運亮點？

Sure. In Q3, booking on Trip.com increased by around 60% year over year, with APAC growing more than 50%, demonstrating robust growth despite macroeconomic uncertainties. In particular, Asia Pacific remains our operational focus and the largest contributor for our international business growth. Through localizing our products and tailor our marketing strategy, our brand recognition and market presence continue to strengthen across key markets.

當然。第三季度，攜程的預訂量年增約 60%，其中亞太地區成長超過 50%，顯示儘管宏觀經濟存在不確定性，但仍保持強勁成長。尤其值得一提的是，亞太地區仍是我們的營運重點，也是我們國際業務成長的最大貢獻者。透過產品在地化和調整行銷策略，我們的品牌知名度和市場地位在主要市場不斷增強。

Trip.com was named as the best online travel agency, Asia at 2025, Travel Weekly Asia Readers Choice Award. We are now a leading OTA in several key markets. reflecting our growing and solid footprint. For the new markets, emerging markets such as Middle East and Europe also show encouraging momentum signaling expanding global opportunities.

Trip.com 獲選為 2025 年亞洲最佳線上旅行社，榮獲《亞洲旅遊週刊》讀者選擇獎。我們目前已成為多個關鍵市場領先的線上旅行社，這反映了我們不斷成長且穩固的市場份額。對於新興市場而言，中東和歐洲等新興市場也展現出令人鼓舞的成長勢頭，預示著全球機會的擴大。

For inbound booking, we surged more than 100% year over year in Q3 by continuously innovating our offerings such as half-day tour at The Bund, or at the Great Wall, and Taste of China, immersive dining experiences we reinforced our position as the pioneer in inbound travel market. So our international business will continue to grow, and we will make strong investment in this field.

在入境預訂方面，我們第三季度同比增長超過 100%，這得益於我們不斷創新產品和服務，例如外灘或長城半日遊，以及“中國風味”沉浸式餐飲體驗，從而鞏固了我們作為入境旅遊市場先驅的地位。因此，我們的國際業務將繼續成長，我們將在該領域進行大力投資。

Brian Gong, Citi.

Brian Gong，花旗銀行。

James, Jane, Cindy and Michelle, congratulations on a solid quarter. My question is regarding the inbound travel you just mentioned, which is the hottest growing segment for Trip.com. Could you provide updates on your inbound business and the key catalysts for the growth ahead? Thank you.

James、Jane、Cindy 和 Michelle，恭喜你們本季表現出色。我的問題是關於您剛才提到的入境旅遊，這是攜程成長最快的業務部門。您能否介紹一下貴公司入境旅遊業務的最新進展，以及未來成長的關鍵驅動因素？謝謝。

Sure. When we surveyed the inbound customers, we got very positive feedback. People told us the country is very safe, particularly for women travelers. They can run, they can jog in the middle of the night, where they cannot do even in some major cities in their home countries. People are very friendly, very hospitable the food is delicious, the history is very rich and the infrastructure is very new and effective.

當然。我們對到店客戶進行了調查，並得到了非常正面的回饋。人們告訴我們，這個國家非常安全，尤其是對女性旅行者而言。他們可以跑步，他們可以在半夜慢跑，這在他們祖國的一些大城市裡是做不到的。這裡的人們非常友善熱情，食物美味可口，歷史底蘊深厚，基礎設施非常新且有效率。

And on top of it, they find affordable luxury in inbound travel. By paying USD100, USD200, they can stay in a very nice five-star hotel with excellent services. So that gives a very good foundation for us to build upon these preconditions.

而且，他們還能在入境旅遊中找到價格適中的奢華體驗。支付 100 美元或 200 美元，他們就可以入住一家服務一流的五星級飯店。因此，這為我們在此基礎上開展工作奠定了非常好的基礎。

And also the free visa gave more than 50 countries, convenience for these people to come for inbound travel. And also the extension for in transit travel from 3 days to 10 days also make it easier for business travelers to come. So we see great opportunity to capitalize on these opportunities. And from our end, because our inventory in China is the most comprehensive one. And our service is also very good.

此外，免簽政策也為 50 多個國家的公民提供了入境旅遊的便利。此外，過境旅行時間從 3 天延長至 10 天也讓商務旅客更容易前來。因此，我們看到了利用這些機會的巨大潛力。而就我們而言，因為我們在中國的庫存是最全面的。我們的服務也非常好。

And we offer multi-language services when custom we offer 24-hour service. if you call our call center within 30 seconds, a live person will answer the call to help them to solve the issues on the ground. And we remain very alert when they enter into the country.

我們提供多語言服務，並提供24小時客戶服務。如果您在30秒內撥打我們的呼叫中心電話，將有專人接聽，協助您解決現場問題。當他們進入該國時，我們會保持高度警覺。

So all that combined together, which enable us to drive the volume for inbound travel very strongly, and we will continuously to do so. By winning these inbound customers into the country. We also offer very good job opportunities for young people. We also bring new revenue opportunities for our hotel partners for our airline partners for the local tour operators for major travel destination partners and also for famous landmarks attractions.

所有這些因素加在一起，使我們能夠非常強勁地推動入境旅遊量的成長，我們將繼續這樣做。透過吸引這些入境客戶。我們也為年輕人提供非常好的就業機會。我們也為飯店合作夥伴、航空公司合作夥伴、當地旅行社合作夥伴、主要旅遊目的地合作夥伴以及著名地標景點帶來新的收入機會。

So overall, I think we bring happiness for the consumers who are traveling inbound. We also bring great job opportunities for young people as well as great opportunities for our partners for inbound travelers. So a very positive move in this field. Thank you.

所以總的來說，我認為我們為入境旅客帶來了快樂。我們也為年輕人帶來良好的就業機會，同時也為我們的合作夥伴帶來入境旅客的良好機會。所以這是該領域一個非常積極的舉措。謝謝。

(Operator Instructions) Wei Fang, Mizuho.

（操作說明）魏芳，瑞穗。

Thank you. James, Jane, Cindy and Michelle, congrats on the good numbers. I think I heard there were additional marketing spend allocated to the international business, right, in the quarter? I was wondering, can management give us some more updates on your Trip.com marketing progress in the quarter? And what's your plan for the next quarter and beyond like 2026?

謝謝。James、Jane、Cindy 和 Michelle，恭喜你們取得了好成績。我好像聽說本季國際業務的行銷預算增加了，對嗎？我想請問一下，管理階層能否提供我們本季 Trip.com 行銷進度的最新情況？那麼，您對下一個季度以及更遠的未來（例如 2026 年）有什麼計劃？

Sure. Our marketing strategy on Trip.com delivered solid results in Q3. The scalable nature of our business is not directly improving marketing efficiency in our key targeted markets. In Q3, our mega sale in major markets, such as Korea, Thailand, Malaysia reached historical highs for the quarter. Internally, we also empower our execution team to set ROI targets aligned with long-term growth objectives.

當然。我們在 Trip.com 上的行銷策略在第三季取得了顯著成效。我們業務的可擴展性並沒有直接提高我們主要目標市場的行銷效率。第三季度，我們在韓國、泰國、馬來西亞等主要市場的超值銷售額達到了該季度的歷史最高水準。在公司內部，我們也授權執行團隊設定與長期成長目標一致的投資報酬率目標。

This approach drives motivation and ensure disciplined control over the key levers of marketing efficiency. Looking ahead, upcoming global holidays will continue to execute our signature campaigns using a proven play book while staying agile to capitalize on the emerging market trends by combining these opportunities with our long-term strategy, we aim to accelerate revenue growth and strengthen our market position, including expanding our organic mobile use base. Thank you.

這種方法能夠激發動力，並確保對行銷效率的關鍵槓桿進行嚴格控制。展望未來，在即將到來的全球假期期間，我們將繼續運用行之有效的策略執行我們的標誌性行銷活動，同時保持靈活，抓住新興市場趨勢帶來的機遇，並將這些機會與我們的長期策略相結合，旨在加速收入成長並鞏固我們的市場地位，包括擴大我們的自然行動用戶群。謝謝。

Parash Jain, HSBC.

匯豐銀行的帕拉什·賈恩。

Hi, thank you for taking my question. And hello, team. I have a question more on the recent dynamics in the global market and how they will impact your business.

您好，感謝您回答我的問題。大家好，團隊成員們。我還有一個關於近期全球市場動態及其對貴公司業務影響的問題。

And the dynamics on two fronts. Firstly, on probably with your deeper penetration in the region, as you rightly mentioned, are you seeing intensifying competition with the global OTAs, like Agoda? And my second question is, I mean, another trend we have noticed is where Google is pushing the paid search instead of SEOs, and does it impact your metasearch platform?

以及兩方面的動態變化。首先，正如您所提到的，隨著您在該地區的滲透率不斷提高，您是否看到與 Agoda 等全球線上旅行社的競爭日益激烈？我的第二個問題是，我們注意到另一個趨勢，即Google正在大力推廣付費搜尋而不是搜尋引擎優化，這是否會影響你們的元搜尋平台？

Sure. Thanks for your question. Asia Pacific market offers huge potential representing around 60% of world's total population and benefiting from a strong economic growth rate. The middle income population is rising very fast and the GDP growth in this region is the fastest compared to the rest of the world. The region combined reached very rich travel resources from majestic nature to vibrant cities with a fragmented market and relatively low online penetration, highlighting opportunities for consolidation and digital expansion.

當然。謝謝你的提問。亞太市場潛力巨大，佔世界總人口的約 60%，並受益於強勁的經濟成長率。中等收入人口成長迅速，該地區的GDP成長速度是世界其他地區中最快的。該地區擁有非常豐富的旅遊資源，從雄偉的自然風光到充滿活力的城市，但市場分散，線上普及率相對較低，這凸顯了整合和數位化擴張的機會。

So we invest heavily to expand into this market. These market dynamics create a very favorable environment for online travel companies. We focus on delivering one-stop travel solution for our customers, with localized product and exceptional customer service for APAC travelers worldwide. Our globalization strategy involves the insights from each market, driving significant growth in our presence by taking the dynamic and market-specific approach we are confident in our continuous growth trajectory. Thank you.

因此，我們投入巨資拓展這個市場。這些市場動態為線上旅遊公司創造了非常有利的環境。我們致力於為客戶提供一站式旅行解決方案，為亞太地區的全球旅客提供在地化產品和卓越的客戶服務。我們的全球化策略融合了來自各個市場的洞察，透過採取動態的、針對特定市場的方法，推動我們在市場上的顯著成長，我們對持續成長的軌跡充滿信心。謝謝。

Simon Cheung, Goldman Sachs.

Simon Cheung，高盛。

James, Jane, Cindy and Michelle, I just have one quick question. So I think you touched on when you discuss about your packaged-tour business. One of the segments that I mean, just destination service business and the so-called experience markets. Wondering whether you can share some thoughts about your long-term positioning and the opportunity over there. especially given reported there's some IPO going on in that segment?

詹姆斯、簡、辛蒂和米歇爾，我只有一個問題要問。所以我覺得你在談到你的打包旅遊業務時已經提到了這一點。我所指的其中一個細分領域，就是目的地服務業務和所謂的體驗市場。想請您分享一下您對長期戰略佈局以及該領域發展機會的看法，特別是考慮到有報導稱該領域正在進行一些IPO？

Sure. Destination service business is quite small compared to the overall pie. We expect our group to deliver around $5 billion in GMV for destination service which represents only 2% to 3% of our total GMV. We drive our volume and the growth is more than 130% Trip.com growth year-to-date, and the rising demand from the APAC is strong.

當然。與整體市場相比，目的地服務業務的規模相當小。我們預期集團目的地服務業務的GMV將達到約50億美元，僅佔集團總GMV的2%至3%。我們推動了業務量成長，年成長超過 Trip.com 今年迄今為止的成長 130%，亞太地區的需求成長強勁。

We cover about 300,000 offering worldwide, and we continuously cover more and more products in our platform. For us, our strength is one-stop travel platform covering activity, attraction, transportation to better match users' demand and enhance overall travel experience. Leverage our large APAC user base, along with the loyalty program and AI tool, we're deepening engagement and driving repeated booking. Over the next three to five years, our focus is broadening product covering and market share.

我們涵蓋全球約 30 萬種產品，而我們的平台正在不斷涵蓋越來越多的產品。對我們來說，我們的優勢在於我們是一個涵蓋活動、景點、交通的一站式旅遊平台，可以更好地滿足用戶需求，提升整體旅行體驗。借助我們龐大的亞太用戶群、忠誠度計劃和人工智慧工具，我們正在加深用戶參與度並推動重複預訂。未來三到五年，我們的重點是擴大產品覆蓋範圍和市場份額。

So for us, the traffic for destination service is free because our customers already make the air, air flight and hotel bookings. So we don't need to spend money to acquire these customers. So the acquisition of these customers is free. And on top of it, we don't intend to make any money for destination marketing because it's very small.

因此，對我們來說，目的地服務的流量是免費的，因為我們的客戶已經預訂了機票、航班和飯店。因此，我們無需花錢來獲取這些客戶。因此，獲取這些客戶是免費的。此外，我們也不打算從目的地行銷中賺取任何利潤，因為它的規模非常小。

It's mainly to enhance users experience and making sure our customers love our products, love our platform. So we intend to expand aggressively in this field aiming to increase the loyalty and customer satisfaction to better serve our customers on the flight hotel. So the one-stop ecosystem gives us the advantage from a traffic acquisition also take away the pressure for making profit for this very small segment.

主要目的是為了提升使用者體驗，確保我們的客戶喜歡我們的產品，喜歡我們的平台。因此，我們計劃大力拓展這一領域，旨在提高客戶忠誠度和滿意度，從而更好地為乘坐飛機入住酒店的客戶提供服務。因此，一站式生態系統為我們帶來了流量取得的優勢，同時也減輕了這一小部分市場獲利的壓力。

Ellie Jiang, Macquarie.

Ellie Jiang，麥格理集團。

Good morning. Thank you so much, management, for taking my question. And congrats on the solid print. I have a question on the cost side. The operating expenditure came in at slightly lower end of expectations during the quarter. How should we think about the outlook for the coming quarter, fourth quarter as well as for 2026?

早安.非常感謝管理層抽空回答我的問題。恭喜你獲得了優秀的印刷品。我有個關於費用方面的問題。本季營運支出略低於預期。我們該如何看待接下來一個季度、第四季以及 2026 年的前景？

We continue to manage our investments with discipline on sales and marketing side, we adjust spending based on each market's maturity and the characteristics of different channels. As a result, the overall expense mix may in line with business priorities. On the personnel front, as more markets grow rapidly, we are expanding our global presence while maintaining high standards for new hires to ensure strong marginal cost efficiency.

我們持續在銷售和行銷方面嚴格管理投資，根據每個市場的成熟度和不同管道的特徵調整支出。因此，整體費用構成可能符合業務優先事項。在人員方面，隨著更多市場快速成長，我們正在擴大全球業務，同時保持對新員工的高標準，以確保強大的邊際成本效益。

The quarter over quarter increase in operating expenses mainly reflected seasonal factors in China with the global holiday season approaching, we plan to step up marketing investments as planned. while the marketing ratio may rise sequentially, it will vary year over year depending on regional and channel mix.

營運費用較上季成長主要反映了中國市場的季節性因素。隨著全球假日臨近，我們將按計畫增加行銷投入。雖然行銷費用佔比可能環比上升，但具體佔比會因地區和通路組合的不同而有所波動。

Over the longer term, we remain focused on improving efficiency by growing direct mobile traffic enhancing cross-selling and strengthening customer loyalty.

從長遠來看，我們將繼續專注於透過增加直接移動流量來提高效率，從而增強交叉銷售並提高客戶忠誠度。

Qiuting Wang, CICC.

王秋婷，中金公司。

My question is about Trip.com margin as our international business grows rapidly, how should we expand margin out of Trip.com next year and in the longer term?

我的問題是關於 Trip.com 的利潤率，隨著我們的國際業務快速成長，我們應該如何提高 Trip.com 明年以及長期的利潤率？

It is still too early to provide specific commentary on the margin outlook for 2026. In general, we view margin as a natural result of a dynamic business mix. and ongoing improvements in operating efficiency across each business segment. In the long run, we do not see any structural limitations to our profit margins, supported by our innovative strategies global expansion and forward-looking investments, our margins could be comparable to both of our international peers.

現在對 2026 年的利潤率前景做出具體評論還為時過早。總的來說，我們認為利潤率是動態業務組合的自然結果，也是各個業務部門營運效率持續提高的結果。從長遠來看，我們認為我們的利潤率不會受到任何結構性限制，憑藉我們的創新策略、全球擴張和前瞻性投資，我們的利潤率可以與我們的兩家國際同行相媲美。

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

問答環節到此結束。非常感謝大家的提問。現在我將會議交還給米歇爾，請她作總結發言。

Thank you, 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 fourth quarter of 2025 earnings call. Thank you, and have a good day.

謝謝各位今天蒞臨。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 年第四季財報電話會議上與您交流。謝謝，祝您今天過得愉快。

Thank you very much. See you next quarter.

非常感謝。下個季度見。

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

感謝您參加今天的會議。節目到此結束。現在您可以斷開線路了。