Trip.com Group Ltd (TCOM) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by, and welcome to Trip.com group fourth quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your first speaker today, Michelle Qi, Senior IR Director. Please go ahead.

各位朋友，大家好，感謝各位的耐心等待，歡迎參加攜程集團2025年第四季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。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, Ana. Thank you, everyone. Good morning, and welcome to Trip.com Group's fourth quarter of 2025 earnings conference call. Joining me today on the call are Mr. James Liang, Executive Chairman of the Board; Ms.

謝謝你，安娜。謝謝大家。早安，歡迎參加攜程集團2025年第四季財報電話會議。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. Wang, Chief Financial Officer. During this call, we will discuss our future outlook and performance, which are forward-looking statements made under the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties.

Jane Sun，執行長；以及王女士，財務長。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聲明。前瞻性陳述涉及固有的風險和不確定性。

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 the applicable law. James, Jane and Cindy will share our strategy and business updates, operating highlights and the financial performance for the fourth quarter and full year 2025, as well as outlook for the first quarter of 2026.

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公開文件中列出了一些潛在的風險和不確定性。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 和 Cindy 將分享我們的策略和業務更新、營運亮點以及 2025 年第四季和全年的財務業績，以及 2026 年第一季的展望。

After the prepared remarks, we will have a Q&A session. With that, I will turn the call over to James. James, please.

發言結束後，我們將進行問答環節。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 continues to be a vital pillar of the global economy, supporting consumption, employment and cross-border connectivity. In 2025, global travel demand remained resilient, driven by leisure travel and a continued desire for meaningful experience-led journeys. At the same time, travelers became more discerning with greater emphasis on value, flexibility and service reliability. These evolving preferences reinforce the importance of platforms that can deliver trusted services at scale while contributing positively to the broader travel ecosystem.

謝謝米歇爾，也謝謝各位今天參加我們的電話會議。旅遊仍是全球經濟的重要支柱，支撐著消費、就業和跨國互聯互通。2025年，全球旅遊需求依然保持強勁，這主要得益於休閒旅遊和人們對有意義的體驗式旅行的持續渴望。同時，旅客變得更加挑剔，更加重視性價比、靈活性和服務可靠性。這些不斷變化的偏好凸顯了能夠大規模提供值得信賴的服務，同時為更廣泛的旅遊生態系統做出積極貢獻的平台的重要性。

Going forward, we will focus our investment priorities on three key areas: inbound tourism, social responsibility initiatives and AI innovation. We see inbound travel as a structurally important growth driver, both for our platform and for destination economies. In 2025, we served approximately 20 million inbound travelers supporting demand across transportation, accommodation and local experiences. Beyond volume, we focus on enabling local partners to better accommodate international visitors needs and helping travelers move through their journeys with greater ease and confidence.

展望未來，我們將把投資重點放在三個關鍵領域：入境旅遊、社會責任舉措和人工智慧創新。我們認為入境旅遊是對我們的平台和目的地經濟體都具有重要結構性成長驅動力。2025年，我們為約2,000萬入境旅客提供服務，滿足了他們在交通、住宿和當地體驗的需求。除了客流量之外，我們還專注於幫助當地合作夥伴更好地滿足國際遊客的需求，並幫助旅客更輕鬆、更自信地完成旅程。

To support this growth, we have built integrated inbound travel support capabilities across both our online platform, and dedicated offline inbound service counters. These services reduce complexity for international visitors across travel information, connectivity solutions and itinerary bookings by improving demand readiness and visibility on our platform. We can more effectively match inbound demand with local supply and channel incremental traffic towards small businesses, cultural venues and regional destinations to support local economic vitality.

為了支持這一增長，我們已在我們的線上平台和專門的線下入境服務櫃檯建立了一體化的入境旅行支援能力。這些服務透過提高我們平台的需求準備度和可見性，降低了國際遊客在旅遊資訊、連接解決方案和行程預訂方面的複雜性。我們可以更有效地將入境需求與本地供應相匹配，並將新增客流量引導至小型企業、文化場所和區域目的地，以支持當地經濟活力。

We believe long-term value creation requires sustained reinvestment into the communities, partners and people that underpin the travel ecosystem. Our sustainability initiatives integrate community empowerment, innovation workforce support and social responsibility into a unified long-term approach. We launched a USD100 million tourism innovation fund to support commercial innovation across the travel ecosystem and establish the Tourism Innovation Award to recognize outstanding ideas that advance service quality, efficiency and sustainability. These initiatives are designed to encourage practical innovation and help new solutions scale within the industry.

我們認為，長期價值創造需要持續地對支撐旅遊生態系統的社區、合作夥伴和人員進行再投資。我們的永續發展措施將社區賦權、創新人才支持和社會責任融入一個統一的長期方法中。我們啟動了 1 億美元的旅遊創新基金，以支持整個旅遊生態系統的商業創新，並設立了旅遊創新獎，以表彰能夠提升服務品質、效率和永續性的傑出創意。這些措施旨在鼓勵務實創新，並幫助新的解決方案在業界推廣應用。

In rural revitalization, our efforts focus on four dimensions: business enablement, operational improvement, marketing support and industry development, helping generate sustainable economic value for local communities. Through destination development and long-term operations we aim to create employment, stimulate local consumption and support resilient tourism models.

在農村振興方面，我們的努力集中在四個方面：商業賦能、營運改善、行銷支援和產業發展，幫助當地社區創造永續的經濟價值。我們旨在透過目的地開發和長期營運來創造就業機會，刺激當地消費，並支持具有韌性的旅遊模式。

We also placed a strong emphasis on responsible employment practices and social inclusion. We promote a family-friendly workplace through policies such as childbirth subsidies and flexible work arrangements, supporting long-term workforce stability and employee well-being. In addition, we continue to support charitable initiatives focused on education, community welfare and inclusive development, reflecting our commitment to responsible corporate citizenship.

我們也高度重視負責任的用工方式和社會包容性。我們透過生育補貼和靈活的工作安排等政策，倡導家庭友善的工作場所，以支持員工隊伍的長期穩定和員工福祉。此外，我們繼續支持以教育、社區福利和包容性發展為重點的慈善活動，體現了我們對負責任的企業公民的承諾。

Building on our social responsibility initiatives. Technology serves as a critical force multiplier, enabling us to scale impact efficiently and sustainably. Within this framework, AI and vertical large models will become a core pillar of our long-term technology strategy. We will continue to scale investment and accelerate the development of proprietary travel-focused large models tailored to the industry's operational complexity. By embedding domain-specific intelligence across search, recommendation, supply operations and service fulfillment, we aim to fundamentally enhance efficiency, deepen partner enablement and deliver more personalized user experiences.

在我們的社會責任措施基礎上繼續努力。科技是關鍵的力量倍增器，使我們能夠有效率、永續地擴大影響力。在此框架下，人工智慧和垂直大型模型將成為我們長期技術策略的核心支柱。我們將繼續擴大投資規模，並加快開發專為應對行業運營複雜性而量身定制的、以旅遊為中心的專有大型模型。透過在搜尋、推薦、供應鏈營運和服務履行中嵌入特定領域的智能，我們旨在從根本上提高效率，深化合作夥伴賦能，並提供更個人化的使用者體驗。

Our objective is not simply to adopt AI tools, but to build intelligent infrastructure that strengthens our long-term competitive advantage. Through AI-powered communication systems, we help partners overcome language barriers when serving international visitors. Our AI-driven content solutions also allow them to better showcase their inventories to global audiences.

我們的目標不僅是採用人工智慧工具，而是建構智慧基礎設施，從而增強我們的長期競爭優勢。我們利用人工智慧通訊系統，幫助合作夥伴在服務國際訪客時克服語言障礙。我們的人工智慧驅動內容解決方案也能幫助他們更好地向全球受眾展示其產品庫存。

These capabilities open new business opportunities for airlines, hotels, destinations and small merchants and strengthen their participation in the inbound travel market. For users, we continue to invest in our AI ecosystem to deliver highly personalized data-driven recommendations that not only improve content quality but also continuously enhance the overall user experience.

這些能力為航空公司、飯店、旅遊目的地和小型商家開闢了新的商機，並加強了它們在入境旅遊市場的參與。對於用戶而言，我們將繼續投資於我們的人工智慧生態系統，以提供高度個人化的數據驅動型推薦，這不僅可以提高內容質量，而且可以不斷提升整體用戶體驗。

At our core, we believe travel goes beyond economic activity. It reflects a fundamental human desire to explore, connect and experience the world. That demand is enduring and its potential remains significant. Our ambition is to grow alongside the market contributing to a healthy, balanced and inclusive travel industry over the long term.

我們從根本上認為，旅遊的意義遠不止於經濟活動。它反映了人類探索、連結和體驗世界的基本願望。這種需求持續存在，而且其潛力依然巨大。我們的目標是與市場共同發展，為長期健康、平衡和包容的旅遊業做出貢獻。

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. For the full year 2025, our core OTA business recorded gross bookings of approximately RMB1.1 trillion with accommodation and air ticketing contributing around RMB280 billion and RMB550 billion, respectively. Group net revenue totaled RMB62.4 billion, of which accommodation reservation and related revenue and air ticket reservation and related revenue accounted for RMB26.1 billion and RMB14.3 billion, respectively.

謝謝你，詹姆斯。各位早安。2025 年全年，我們的核心 OTA 業務總預訂額約為人民幣 1.1 兆元，其中住宿和機票分別貢獻約人民幣 2,800 億元和 5,500 億元。集團淨收入總計人民幣624億元，其中住宿預訂及相關收入及機票預訂及相關收入分別為人民幣261億元及人民幣143億元。

Inbound travel is a core pillar of our long-term strategy, reflecting our role in supporting the broader travel industry and empowering local partners such as local hotels, tour operators and airlines. In 2025, inbound demand maintained solid momentum throughout the year, which continued strength in the fourth quarter. APAC remained the largest source of inbound travelers and demand from Western markets continued to expand, reflecting rising international interest in China as a travel destination.

入境旅遊是我們長期策略的核心支柱，體現了我們在支持更廣泛的旅遊業以及賦予當地合作夥伴（如當地酒店、旅行社和航空公司）方面所發揮的作用。2025年，入境需求全年保持強勁勢頭，並在第四季持續保持強勁勢頭。亞太地區仍然是入境遊客的最大來源地，來自西方市場的需求持續增長，反映出國際社會對中國作為旅遊目的地的興趣日益濃厚。

At the execution level, we serve approximately 20 million inbound travelers over the year, connecting inbound demand to about 150,000 hotels across our platform. Importantly, over 63,000 of these hotels began serving inbound travelers for the first time this year through our platform.

在執行層面，我們每年為約 2,000 萬入境旅客提供服務，透過我們的平台將入境需求與約 15 萬家飯店連接起來。值得注意的是，今年有超過 63,000 家酒店首次透過我們的平台開始接待入境旅客。

We also rolled out customized inbound tours with over 90% classified as high quality, enhancing the overall traveler experience.

我們還推出了客製化的入境旅遊線路，其中超過 90% 的線路被評為高品質，從而提升了整體的旅行體驗。

Inbound demand benefited more than 6,000 attractions with over 40% newly opened to inbound travelers. Together, these efforts expanded supply side participation and strengthened the industry's inbound service capacity. We continue to improve the underground experience for international travelers by addressing key pain points and enhancing travel accessibility. During the year, we launched a one-stop inbound service counter at a major airport in cities such as Beijing, Shanghai and Hong Kong and introduced complementary layover tour program. in Beijing, Shanghai, Hong Kong and Shenzhen to encourage repeat visits.

入境旅遊需求的增加使超過 6000 個景點受益，其中超過 40% 的景點新近向入境遊客開放。這些努力共同擴大了供應方的參與度，並增強了業界的入境服務能力。我們透過解決關鍵痛點和提高旅行便利性，不斷改善國際旅客的地鐵體驗。年內，我們在北京、上海、香港等主要城市的機場推出了一站式入境服務櫃檯，並在北京、上海、香港和深圳推出了免費的轉機旅遊項目，以鼓勵遊客再次光臨。

We also launched Taste of China, an immersive dining experience that invites international visitors to explore Chinese culture through its diverse culinary traditions. In parallel, we expanded multilingual self-service facility across 241 attractions nationwide supporting 16 languages and reducing access barriers for foreign visitors. Inbound shopping represents another lever to stimulate on-the-ground consumption and shape travel decision. We enhanced access to tax refund services through our global Tax Reform Act, which now covers more than 3,400 tax refund enabled local merchants, supporting a more seamless shopping experience and stronger merchant engagement.

我們也推出了「中國風味」沉浸式餐飲體驗，邀請國際遊客透過中國豐富多彩的烹飪傳統探索中國文化。同時，我們在全國 241 個景點擴展了多語言自助設施，支援 16 種語言，並減少了外國遊客的准入障礙。入境購物是刺激當地消費和影響旅遊決策的另一個槓桿。我們透過全球稅收改革法案加強了退稅服務的獲取，目前該法案已覆蓋超過 3400 家可享受退稅服務的本地商家，從而支持更順暢的購物體驗和更強大的商家參與度。

In 2025, we invested over RMB1 billion in driving growth for the inbound travel sector, including strengthening platform tools, collaborating with global influencers to showcase China as a destination and providing free layover tours for international travelers and other initiatives. These efforts connect international demand with local supply and provide a strong foundation for our continued progress in cross-border and world tour travel.

2025年，我們投資超過10億元人民幣，推動入境旅遊業發展，包括加強平台工具、與全球影響力人士合作宣傳中國旅遊目的地、為國際旅客提供免費中轉旅遊等措施。這些努力將國際需求與本地供應聯繫起來，為我們在跨境和世界旅遊領域的持續發展奠定了堅實的基礎。

On the international front, we continue to deliver solid performance across global markets. Our presence in APAC strengthened further, supported by consistent service standards, one-stop platform capabilities and ongoing technology innovation. This strength helped us attract new users and deepen engagement with existing customers. During the year, gross bookings on our international OTA platform increased by approximately 60% year over year. Our progress in international markets also received broad industry recognition.

在國際方面，我們持續在全球市場取得穩健的表現。在一致的服務標準、一站式平台能力和持續的技術創新支援下，我們在亞太地區的業務進一步加強。這項優勢幫助我們吸引了新用戶，並加深了與現有客戶的互動。年內，我們國際OTA平台的總預訂量年增約60%。我們在國際市場上的進展也獲得了業界的廣泛認可。

During 2025, we were named Best Online Travel Agent in Asia at the Travel Weekly Asia Readers' Choice Awards, and received the Brand of the Year award in Korea. These awards reflect continued market validation of our focus on service quality, localized execution and customer-centric innovation.

2025年，我們在《亞洲旅遊週刊》讀者選擇獎中被評為亞洲最佳線上旅行社，並在韓國獲得了年度品牌獎。這些獎項反映了市場對我們專注於服務品質、在地化執行和以客戶為中心的創新工作的持續認可。

Turning to outbound travel, demand remains robust and continue to grow steadily. Despite volatility in certain market, travelers showed flexibility by shifting to alternative destinations, supporting overall demand resilience. As outbound travel patterns evolved and travel radius expanded, we strengthened engagement with overseas destination and tourism authorities to improve coordination and service readiness for travelers. These efforts focus on enhancing destination information aligning service standards and improving on-the-ground support.

就出境旅遊而言，需求依然強勁，並持續穩定成長。儘管某些市場出現波動，但旅客透過轉向其他目的地展現了靈活性，從而支撐了整體需求的韌性。隨著出境旅遊模式的演變和旅遊範圍的擴大，我們加強了與海外目的地和旅遊當局的合作，以提高協調性和為旅客提供的服務準備。這些努力的重點是加強目的地訊息，統一服務標準，並改善實地支援。

Domestic travel demand remained steady in 2025, reflecting resilient consumer needs and a strong preference for service quality and reliability. We responded by strengthening our one-stop platform capabilities and continuously enhancing service standards. For example, travelers increasingly favored flexible private tours over standardized packaged products. Our private tours business grew by over 20% in 2025. On the partner side, approximately 3,500 small and medium-sized travel agencies leveraged our platform to offer customized private tours generating an incremental RMB11 billion in transaction value for the industry.

2025年國內旅遊需求保持穩定，反映出消費者需求的韌性以及對服務品質和可靠性的強烈偏好。我們透過加強一站式平台能力和不斷提高服務標準來應對這項挑戰。例如，旅行者越來越傾向於選擇靈活的私人旅遊，而不是標準化的打包旅遊產品。2025年，我們的私人旅遊業務成長超過20%。在合作夥伴方面，約有 3,500 家中小型旅行社利用我們的平台提供客製化私人旅遊服務，為該產業創造了 110 億元人民幣的增量交易額。

By connecting these agencies with new demand and streamlining access to high-quality content and service tools, we supported the creation of over 30,000 travel-related jobs and further expanded participation across the local travel ecosystem. Corporate travel also remains an important pillar of our domestic business with overseas corporate travel emerging as a new growth opportunity. In 2025, we served over 28,000 Chinese enterprises for their overseas travel needs, including about 25,000 small- and medium-sized enterprises participated in cross-border business activity.

透過將這些機構與新的需求聯繫起來，並簡化高品質內容和服務工具的獲取，我們支持創造了超過 30,000 個與旅遊相關的工作崗位，並進一步擴大了當地旅遊生態系統的參與度。企業差旅仍然是我們國內業務的重要支柱，而海外企業差旅則正在成為新的成長機會。2025年，我們為超過28,000家中國企業提供了海外旅遊服務，其中包括約25,000家參與跨國商務活動的中小型企業。

Through our integrated platform solutions spanning bookings, expense management and risk control, we supported over 440,000 globally mobile Chinese professionals enabling them to travel to 206 countries and more than 13,000 cities while helping enterprises optimize costs, strengthen compliance and enhance traveler safety. This allowed enterprises to operate more efficiently and securely in global markets, reinforcing our role in supporting broader economic globalization.

透過我們涵蓋預訂、費用管理和風險控制的整合平台解決方案，我們為超過 44 萬名全球流動中國專業人士提供支持，使他們能夠前往 206 個國家和 13,000 多個城市，同時幫助企業優化成本、加強合規性並提高旅行者安全。這使得企業能夠在全球市場中更有效率、更安全地運營，從而加強了我們在支持更廣泛的經濟全球化方面的作用。

Building on evolving domestic travel demand, we continue to deepen our understanding of the silver generation in line with the broader development of the silver economy. This segment represents a growing and resilient source of demand with distinct expectations around service quality, accessibility and travel experience. Based on these insights, we further evolved our senior travel offerings toward more experience-oriented and service-led products. During the year, we introduced a range of themed travel products designed around culture, leisure and wellness. We also broadened service touch points through the launch of our first off-line flagship store in Shanghai, complementing our online platform with face-to-face consultation and support.

基於國內旅遊需求的不斷變化，我們將繼續加深對銀髮世代的了解，以適應銀髮經濟的更廣泛發展。這個細分市場代表著不斷成長且具韌性的需求來源，人們對服務品質、便利性和旅遊體驗有著明確的期望。基於這些見解，我們進一步發展了面向老年人的旅遊產品，使其更加重視體驗和服務。年內，我們推出了一系列以文化、休閒和健康為主題的旅遊產品。我們也透過在上海開設第一家線下旗艦店，拓寬了服務接觸點，以面對面的諮詢和支援來補充我們的線上平台。

On the technology front, we continue to lower barriers to travel planning for senior users. By combining traditional search with AI-powered conversational tools, silver travelers can now plan complex itineraries using natural language making the planning process more intuitive and accessible. Collectively, these initiatives aim to encourage greater travel participation from the silver generation, particularly during off-peak periods. By bringing incremental business partners such as hotels during their slow season will help increase their earnings and improve capacity utilization. By expanding travel occasions and smoothing seasonal demand, we seek to broaden the overall travel market and support more balanced industry growth.

在技​​術方面，我們不斷降低老年用戶出行規劃的門檻。透過將傳統搜尋與人工智慧驅動的對話工具結合，銀髮旅行者現在可以使用自然語言規劃複雜的行程，使規劃過程更加直觀和方便。這些舉措旨在鼓勵銀髮世代更多參與旅行，尤其是在非高峰時段。在淡季引進飯店等新增業務合作夥伴，將有助於提高飯店的收入和提高產能利用率。我們力求透過拓展旅遊機會、平抑季節性需求，擴大整體旅遊市場，並支持產業更均衡發展。

In Q4, our old Friends Club membership and total GMV increased by over 100% year over year. As experience-driven consumption continues to shape travel behavior, cultural performances have emerged as a key catalyst for domestic travel. In response, we continue to advance our entertainment plus travel strategy, elevating entertainment from a supplementary experience into a core driver of travel decision-making and value creation.

第四季度，我們的老朋友俱樂部會員人數和總交易額年增超過 100%。隨著體驗式消費不斷塑造旅遊行為，文化表演已成為國內旅遊的關鍵催化劑。為此，我們繼續推動「娛樂+旅遊」策略，將娛樂從一種補充體驗提升為旅遊決策和價值創造的核心驅動力。

Importantly, a majority of performance-related travels now take place across cities with user decision-making, shifting from watching a show during a trip to planning a trip around the show, we've pioneered integrated offerings that combine ticket, accommodation, transportation and local attraction into one-stop packages, enabling a closed-loop consumption model. In 2025, entertainment plus travel delivered triple-digit growth, reinforcing travel demand by expanding travel occasions, extending length of stay and creating incremental opportunities for partners across lodging, transportation and destination services. Over the year, we sold tickets for 1,540 shows globally, demonstrating the scale and reach of our entertainment offering.

重要的是，現在大多數與演出相關的旅行都是跨城市進行的，用戶的決策方式也從在旅途中觀看演出轉變為圍繞演出規劃行程。我們率先推出了將門票、住宿、交通和當地景點整合到一站式套餐中的綜合產品，從而實現了閉環消費模式。2025 年，娛樂和旅遊業實現了三位數的成長，透過擴大旅行場合、延長停留時間以及為住宿、交通和目的地服務等合作夥伴創造更多機會，增強了旅遊需求。一年來，我們在全球售出了 1540 場演出的門票，這充分體現了我們娛樂產品的規模和影響力。

Beyond driving our own growth, we continue to invest in strengthening the broader travel ecosystem. As a platform business, our long-term performance depends on the health of destinations, partners, employees and communities. Our social responsibility efforts focus on four areas: where we believe ecosystem investment most directly supports sustainable growth.

除了推動自身發展外，我們還將繼續投資，以加強更廣泛的旅遊生態系統。作為平台型企業，我們的長期業績取決於目的地、合作夥伴、員工和社區的健康狀況。我們的社會責任工作主要集中在四個領域：我們認為生態系統投資在這些領域能夠最直接地支持永續成長。

At the destination level, we worked closely with Tourism Board and local partners to support differentiated and inclusive development. Through our tourism innovation contribution awards, we recognize the standout destination projects such as Zhangjiajie 72 Wonder Towers, demonstrating how culture, technology and creative design can help destinations build distinctive attractions and support local employment. We also continued to expand our country retreat program, which channels tourism demand to lesser-known rural destination. The program provides practical reference models for local merchants help stimulate incremental business activity and supports local employment and income growth. In parallel, we enhanced service quality across customized and experiential travel.

在目的地層面，我們與旅遊局和當地合作夥伴密切合作，以支持差異化和包容性發展。透過我們的旅遊創新貢獻獎，我們表彰了像張家界72奇蹟塔這樣的傑出目的地項目，展示了文化、技術和創意設計如何幫助目的地打造獨特的景點並支持當地就業。我們也持續擴大鄉村度假項目，將旅遊需求引導至鮮為人知的鄉村目的地。該計劃為當地商家提供實用的參考模型，幫助刺激商業活動成長，並支持當地就業和收入成長。同時，我們提升了客製化和體驗式旅行的服務品質。

For private car tours and tailor-made itineraries, we scaled our tour guide and driver platform standardized onboarding, training and certification. Today, more than 110,000 tour guides and drivers are supported through this platform, improving service consistency across local communities. As part of our holistic commitment to sustainable growth, we also focused on building trust and reliability for our users. In 2025, we invested approximately RMB2.9 billion to enhance the overall travel experience for users. This included customer protection and a variety of service enhancement designed to safeguard reliability and service quality across the travel journey.

針對私人汽車旅遊和客製化行程，我們擴大了導遊和司機平台的規模，實現了標準化入職、培訓和認證。如今，該平台為超過 11 萬名導遊和司機提供支持，提高了各地社區服務的一致性。作為我們對永續發展整體承諾的一部分，我們也致力於建立用戶信任和可靠性。2025年，我們投資約29億元人民幣，以提升用戶的整體旅遊體驗。這包括客戶保護和各種旨在保障整個旅行過程中可靠性和服務品質的服務提升措施。

These investments are not seen as one-off costs, but as part of our long-term commitment to prioritizing customer interests, strengthening user loyalty, reinforcing platform credibility and ensuring a foundation for consistent sustainable growth.

這些投資並非一次性成本，而是我們長期致力於優先考慮客戶利益、增強用戶忠誠度、鞏固平台信譽以及確保持續可持續成長基礎的一部分。

Sustainability is embedded into how we design and scale our ecosystem initiatives. We continue to expand sustainable travel options across hotels, transportation and corporate travel products that meet higher environmental standards, helping users make informed choices and supporting suppliers in their sustainability transition. Many of our country retreats also adopt renewable energy solutions and serve as practical reference models for local partner communities.

永續性已融入我們設計和擴展生態系統計劃的方式中。我們不斷拓展飯店、交通和商務旅行產品中的永續旅行選擇，以滿足更高的環境標準，幫助使用者做出明智的選擇，並支持供應商實現永續發展轉型。我們的許多鄉村度假勝地也採用了再生能源解決方案，並為當地合作夥伴社區提供了切實可行的參考模型。

We believe a supportive workplace is fundamental to long-term organizational resilience. More than 50% of our employees are female, and we continue to strengthen policies that support families and work-life balance, including childbirth subsidies of RMB50,000 per child, additional childcare leaves and flexible work arrangements. We have adopted a hybrid work model across many functions. For call center teams, work from home arrangements during Chinese New Year help employees better balance personal and professional responsibilities. Reflecting these efforts, the top employers institute recognized us as a top employer in China for two consecutive years.

我們認為，營造一個支持性的工作環境是組織長期韌性的基礎。我們超過 50% 的員工是女性，我們將繼續加強支持家庭和工作生活平衡的政策，包括每個子女 5 萬元人民幣的生育補貼、額外的育嬰假和靈活的工作安排。我們已在多個職能部門採用了混合辦公模式。對於呼叫中心團隊來說，春節期間的居家辦公安排有助於員工更好地平衡個人和專業責任。為了表彰這些努力，我們連續兩年被中國最佳雇主評選機構評為中國最佳雇主。

We remain focused on empowering partners across the travel value chain through our influencer for business hub, we connect travel brands and suppliers with content creators to generate authentic user-driven storytelling. The platform now serves over 500,000 partners with commercial collaborations growing by nearly 80% month-on-month, improving access to demand for destinations and merchants.

我們始終致力於透過我們的商業影響力中心賦能整個旅遊價值鏈上的合作夥伴，我們將旅遊品牌和供應商與內容創作者聯繫起來，以創造真實的、用戶驅動的故事。該平台目前為超過 50 萬家合作夥伴提供服務，商業合作每月成長近 80%，提高了目的地和商家獲取需求的機會。

At the same time, AI-enabled tours support small- and medium-sized partners through multilingual content generation, intelligent customer service and smarter distribution, helping them improve service quality and better serve inbound travelers. Overall, we view ecosystem investment not as a cost, but as a long-term growth engine. By empowering merchants, destinations and communities, we are building a more resilient and dynamic travel ecosystem that creates shared value over time.

同時，人工智慧旅遊透過多語言內容生成、智慧客戶服務和更智慧的分銷，為中小合作夥伴提供支持，幫助他們提高服務質量，更好地服務入境旅客。總的來說，我們認為生態系投資不是成本，而是長期成長的引擎。透過賦能商家、目的地和社區，我們正在建立一個更具韌性和活力的旅遊生態系統，從而隨著時間的推移創造共享價值。

In January, we received a notice from the state administration for market regulation regarding the initiation of a regulatory investigation. We are cooperating fully with the relevant authorities. Regulatory compliance remains a core priority for the company. The company remains focused on serving our users and partners with consistency and professionalism while continuing to execute on our long-term strategy. Looking ahead, we remain focused on serving travelers, partners and destinations over the long term and are well positioned to support healthy industry growth.

1月份，我們收到國家市場監理局的通知，表示將啟動監理調查。我們正與有關部門全力合作。遵守監管規定仍然是公司的核心優先事項。公司將繼續專注於以始終如一的專業精神服務使用者和合作夥伴，同時繼續執行我們的長期策略。展望未來，我們將繼續專注於長期服務旅客、合作夥伴和目的地，並已做好充分準備支持產業的健康發展。

We will continue to engage constructively with stakeholders as we contribute to a more balanced, inclusive and orderly travel market.

我們將繼續與利害關係人進行建設性溝通，為建立一個更平衡、包容和有序的旅遊市場做出貢獻。

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 fourth quarter of 2025, Trip.com Group reported a net revenue of RMB15.4 billion, representing a 21% increase from the same period last year. This was primarily due to robust travel demand throughout the winter holiday. For the full year of 2025, our core OTA business achieved gross bookings of RMB1.1 trillion.

謝謝你，簡。各位早安。2025年第四季，攜程集團公佈淨收入為人民幣154億元，較去年同期成長21%。這主要是由於整個冬季假期期間強勁的旅遊需求所致。2025 年全年，我們的核心 OTA 業務總預訂金額達到 1.1 兆元。

Net revenue was RMB62.4 billion, representing a 17% increase year over year. Income from operations was RMB15.8 billion, representing an 11% increase year over year. Excluding gains from investments, net income attributable to Trip.com Group Limited was RMB13.4 billion. Accommodation reservation revenue for the fourth quarter was RMB6.3 billion, representing a 21% increase year over year. This was primarily driven by solid demand for outbound travel and international hotel bookings.

淨收入為人民幣624億元，較去年成長17%。營業收入為人民幣158億元，較去年成長11%。不計投資收益，歸屬於攜程集團有限公司的淨利為人民幣134億元。第四季住宿預訂收入為人民幣63億元，較去年同期成長21%。這主要是由於出境旅遊和國際酒店預訂的強勁需求所驅動的。

For the full year of 2025, accommodation reservation revenue was RMB26.1 billion, representing a 21% increase year over year. Transportation ticketing revenue for the fourth quarter was RMB5.4 billion, representing a 12% increase year over year. International air bookings showed robust growth. For the full year of 2025, transportation ticketing revenue was RMB22.5 billion, representing an 11% increase year over year. Packaged tour revenue for the fourth quarter was RMB1.1 billion, representing a 21% increase year over year, primarily driven by the expansion of our international offerings.

2025 年全年，住宿預訂收入為人民幣 261 億元，較去年同期成長 21%。第四季交通票務收入為人民幣54億元，較去年同期成長12%。國際航空預訂量呈現強勁成長。2025 年全年，交通運輸票務收入為 225 億元，較去年同期成長 11%。第四季打包旅遊收入為人民幣11億元，較去年成長21%，主要得益於國際產品的拓展。

For the full year of 2025, packaged tour revenue was RMB4.7 billion, representing an 8% increase year over year. Corporate travel revenue for the fourth quarter was RMB808 million, representing a 15% increase year over year. This was driven by more companies adopting our managed corporate travel services.

2025 年全年，打包旅遊收入為人民幣 47 億元，較去年同期成長 8%。第四季企業差旅營收為人民幣8.08億元，較去年成長15%。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。

For the full year of 2025, corporate travel revenue was RMB2.8 billion, representing a 13% increase year over year. Excluding share-based compensation charges, adjusted product development expenses for the fourth quarter increased by 17% year over year. Adjusted G&A expenses for the fourth quarter increased by 9% year over year. These were mainly due to increase in personnel-related expenses. For the full year of 2025, the combined total of adjusted product development expenses and adjusted G&A expenses increased by 14% year over year.

2025 年全年，企業差旅營收為 28 億元，年增 13%。剔除股權激勵費用後，第四季調整後的產品開發費用年增 17%。第四季經調整後的一般及行政費用年增 9%。這主要是由於人員相關費用增加所致。2025 年全年，經調整的產品開發費用和經調整的一般及行政費用合計年增 14%。

Adjusted sales and marketing expenses for the fourth quarter increased by 5% from the previous quarter and increased by 30% from the same period last year. For the full year of 2025, adjusted sales and marketing expenses as a percentage of net revenue was 24% compared to 22% last year. The sequential increase was primarily driven by broader marketing investments with incremental spend allocated to our international expansion. Adjusted EBITDA was RMB3.4 billion for the fourth quarter compared with RMB3.0 billion in the same period last year. For the full year of 2025, adjusted EBITDA was RMB18.9 billion, representing a growth of 11% year over year.

第四季經調整的銷售和行銷費用比上一季成長了 5%，比去年同期成長了 30%。2025 年全年，經調整的銷售和行銷費用佔淨收入的百分比為 24%，而去年為 22%。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。第四季調整後 EBITDA 為人民幣 34 億元，去年同期為 30 億元。2025 年全年調整後 EBITDA 為 189 億元，年增 11%。

Diluted earnings per ordinary share and per ADS were RMB6.11 or USD0.87 for the fourth quarter of 2025. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other expense or income, and their tax effects, non-GAAP diluted earnings per ordinary share and per ADS were RMB4.97 or USD0.71 for the fourth quarter. For the full year of 2025, diluted earnings per ordinary share and per ADS were RMB47.67 or USD6.82. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other expense or income and their tax effects non-GAAP diluted earnings per ordinary share and per ADS were RMB45.59 or USD6.52.

2025 年第四季，每股普通股及每股美國存託憑證的稀釋收益為 6.11 元或 0.87 美元。剔除股份支付費用、計入其他費用或收入的權益證券投資及可交換優先票據的公允價值變動及其稅務影響，第四季非GAAP稀釋後每股普通股及每股ADS收益為人民幣4.97元或0.71美元。2025 年全年，稀釋後每股普通股及每股美國存託憑證收益為 47.67 元或 6.82 美元。若不計入其他費用或收入中的股權證券投資及可交換優先票據的公允價值變動及其稅務影響，則非公認會計準則稀釋後每股普通股及每股美國存託憑證收益為人民幣 45.59 元或 6.52 美元。

As of December 31, 2025, the balance of cash and cash equivalents, restricted cash, short-term investment, held-to-maturity time deposits and financial products was RMB105.8 billion or USD15.1 billion. We remain committed to delivering long-term value to our shareholders through sustainable business growth. This is further supported by our ongoing shareholder return program, which includes share repurchases when market conditions align with our capital allocation strategy.

截至2025年12月31日，現金及現金等價物、受限現金、短期投資、持有至到期定期存款及金融產品餘額為人民幣1,058億元，即151億美元。我們將繼續致力於透過可持續的業務成長，為股東創造長期價值。此外，我們正在實施股東回報計劃，其中包括在市場條件符合我們的資本配置策略時進行股票回購，這也進一步支持了這一目標。

Looking ahead, we are confident in our business, and we'll continue to take a disciplined approach to investment and execution that drive sustainable value creation.

展望未來，我們對我們的業務充滿信心，我們將繼續採取嚴謹的投資和執行方式，以推動永續的價值創造。

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

接線員，請開啟提問頻道。

(Operator Instructions) Yang Liu, Morgan Stanley.

（操作員指示） Yang Liu，摩根士丹利。

Hey, thank you. Thank you for the opportunity. I have one question. Could the management share any update regarding the recent SAMR investigation? How do you assess the potential impact on your business in 2026 and longer term? Thank you.

嘿，謝謝。謝謝您給我這個機會。我有一個問題。管理階層可否分享近期國家市場監督管理總局（SAMR）調查的最新進展？您如何評估這對您公司在 2026 年及以後可能產生的影響？謝謝。

Sure. Trip.com Group is actively cooperating with the state administration for market regulation of the China throughout its review process, and we continue to engage constructively and transparently and will provide further updates as appropriate in accordance with applicable laws and regulations. In alignment with relevant policies, we remain committed to fostering a transparent and sustainable environment for all the stakeholders. And looking ahead, we will continue to focus our investments on three core priorities: first, driving inbound tourism. This creates new growth opportunity for our domestic partners and foster a more open globally connected market opportunity.

當然。Trip.com集團在整個審查過程中積極配合中國國家市場監管局的工作，我們將繼續以建設性和透明的方式進行溝通，並將根據適用的法律法規適時提供進一步的最新資訊。我們始終致力於與相關政策保持一致，為所有利害關係人創造一個透明、永續的環境。展望未來，我們將繼續把投資重點放在三個核心優先事項：首先，推動入境旅遊。這為我們的國內合作夥伴創造了新的成長機會，並促進了更開放的全球互聯市場機會。

And second, deepening social responsibility initiative. We reinvested in community, communities empower our partners and support local economies, all while encouraging innovation that drives sustainable growth. Third, accelerating our innovations. We are building a scalable AI infrastructure to enhance partner efficiency, improve visibility and break down barriers, enabling the industry to deliver better content and reach more customers. And we believe that a collaborative and fair ecosystem is critical to the long-term development of the travel industry.

其次，深化社會責任倡議。我們重新投資於社區，社區賦能我們的合作夥伴並支持當地經濟，同時鼓勵推動永續成長的創新。第三，加快創新步伐。我們正在建立可擴展的人工智慧基礎設施，以提高合作夥伴的效率、提升可見度並打破壁壘，從而使產業能夠提供更好的內容並觸及更多客戶。我們相信，協作和公平的生態系統對於旅遊業的長期發展至關重要。

With over 26 years of industry expertise, a broad global network and advanced technology capabilities, we remain focused on serving our users and partners and creating long-term sustainable value for our shareholders. Thank you.

憑藉超過 26 年的行業經驗、廣泛的全球網路和先進的技術能力，我們始終專注於服務我們的用戶和合作夥伴，並為我們的股東創造長期可持續的價值。謝謝。

Alex Yao, JPMorgan.

Alex Yao，摩根大通。

Thank you for taking my question. I have a question about AI intermediation. As AI agents, like Gemini and the Queen show strong capabilities in personalized recommendations and the closing of the transaction loop. How do you evaluate the impact on your OTA business model? And what is your strategy to sustain your value proposition in the travel industry? Thank you.

感謝您回答我的問題。我有一個關於人工智慧中介的問題。人工智慧代理，如 Gemini 和 Queen，在個人化推薦和完成交易循環方面表現出強大的能力。您如何評估這對您的OTA業務模式的影響？那麼，您在旅遊業中保持自身價值主張的策略是什麼？謝謝。

Thank you for the question. We view the rapid advancement of generative AI as a catalyst that validates and accelerates our long-term strategy. The rise of AI agent marks one of the most significant technological shifts in years, and we are actively shaping their role in travel, not just adapting to them. The OTA model is built on three pillars: inspiration, transaction and service. While AI agents excel at inspiring travel, they also reinforce the critical importance of our transactional and service layers which are central to our business.

謝謝你的提問。我們認為生成式人工智慧的快速發展是驗證和加速我們長期策略的催化劑。人工智慧代理商的興起標誌著近年來最重大的技術變革之一，我們正在積極塑造它們在旅遊業中的作用，而不僅僅是適應它們。OTA模式建立在三大支柱之上：靈感、交易和服務。雖然人工智慧代理商在激發旅行靈感方面表現出色，但它們也強化了我們業務核心的交易和服務層的重要性。

A true closed loop in travel requires more than just itinerary generation. It demands deep integration with a complex global supply chain, airlines, hotels, local activity providers, along with live rates, secure payments and guaranteed fulfillment. This is where our operational expertise and service capabilities excel. We view general AI agents as the next generation of user entry points set to capture share from traditional search and social media. Externally, we are moving beyond simple collaboration to build direct agent-to-agent transactional capabilities with leading AI partners across the globe.

真正的閉環旅遊需要的不僅僅是行程規劃。它需要與複雜的全球供應鏈、航空公司、酒店、當地活動提供者進行深度整合，同時還要提供即時價格、安全支付和有保障的履行服務。這正是我們卓越的營運專長和服務能力所在。我們認為通用人工智慧代理是下一代用戶入口點，旨在從傳統搜尋和社群媒體手中奪取市場份額。在對外方面，我們正在超越簡單的合作，與全球領先的人工智慧合作夥伴建立直接的代理對代理交易能力。

Internally, we are investing to advance our native AI agent to deliver sophisticated Agentic search and booking to handle complex multistep travel planning and booking for our users. We are confident in our ability to lead in this new environment by focusing on the following areas that are difficult for general AI models to replicate.

在內部，我們正在投資推廣我們的原生人工智慧代理，以提供先進的代理搜尋和預訂功能，從而處理用戶複雜的多步驟旅行計劃和預訂。我們有信心在這個新環境中發揮領導作用，方法是專注於以下幾個通用人工智慧模型難以複製的領域。

First, proprietary data and vertical AI, the rise of powerful open source model accelerates our strategy. We leverage the best available AI technology as a foundation, but our true advantage is the ability to fine tune these models into vertical travel experts using our decades of proprietary data, real booking data, user preferences and millions of verified reviews. Our AI tours like TripGenie and Trip.Planner not only offer personalized recommendations, but also real-time bookable results grounded in live inventory and pricing.

首先，專有數據和垂直人工智慧的興起，以及強大的開源模式的興起，加速了我們的策略。我們以最先進的人工智慧技術為基礎，但我們真正的優勢在於能夠利用我們數十年來積累的專有數據、真實預訂數據、用戶偏好和數百萬條經過驗證的評論，將這些模型微調成垂直領域的旅遊專家。我們的 AI 旅遊服務，例如 TripGenie 和 Trip.Planner，不僅提供個人化推薦，還能根據即時庫存和價格提供可預訂的即時結果。

Second, strong supply chain. We have deep, long-standing relationships with hundreds of thousands of partners worldwide, giving us access to comprehensive inventory, live rates and direct technical integrations. While AI agent may suggest options, we confirm bookings instantly at reliable and real-time rates for our users. This last mile guarantee is a core part of our business. Third, end-to-end service and trust.

第二，強大的供應鏈。我們與全球數十萬合作夥伴建立了深厚的長期合作關係，這使我們能夠獲得全面的庫存資訊、即時價格和直接的技術整合。雖然人工智慧代理可能會提供一些選項，但我們會以可靠的即時價格立即為用戶確認預訂。最後一公里配送保障是我們業務的核心組成部分。第三，端到端服務和信任。

Travel is a high stake emotional purchase. When issues arise, travelers need reliable support, not just an algorithm. Our holistic journey management, backed by one-stop platform and 24/7 global support provides the trust and security that stand-alone AI agents cannot match. We are not just a booking tour. We are a true travel partner.

旅行是一項高風險的情感消費。當出現問題時，旅客需要的是可靠的支持，而不僅僅是演算法。我們全面的旅程管理，輔以一站式平台和全天候全球支持，提供了獨立人工智慧代理無法比擬的信任和安全保障。我們不僅僅是一個旅遊預訂機構。我們是真正的旅行夥伴。

In summary, we are embracing AI to enhance our platform while reinforcing the core strengths. Our proprietary data, global supply chain and service guarantee that define our value. We are well positioned not just to compete but to shape the evolution of how the world travels in the age of AI. .

總而言之，我們正在利用人工智慧來增強我們的平台，同時鞏固我們的核心優勢。我們擁有專有資料、全球供應鏈和服務保障，這些構成了我們的價值。我們不僅具備參與競爭的優勢，也能塑造人工智慧時代世界出行方式的演進。。

Simon Cheung, Goldman Sachs.

Simon Cheung，高盛。

Yeah, thanks for taking my questions. In the opening remark in the presentation, you mentioned that inbound tourist has been one of the core pillars on your future growth in the futures, and we have seen a lot of excitement around that area. Can you perhaps help us to kind of maybe in some guidance in terms of how we think about the future growth trajectory for these markets into 2026 and beyond. Thanks a lot

謝謝你回答我的問題。在演講的開場白中，您提到入境旅遊一直是您未來發展的核心支柱之一，我們也看到了這方面的蓬勃發展。您能否就我們如何看待這些市場到 2026 年及以後的未來成長軌跡提供一些指引？多謝

Sure. Thanks, Simon. We believe that inbound traveled to China is at the start of a significant and sustainable growth cycle. Currently, inbound tourism only accounts for about 0.5% of China's GDP compared to the highest contribution country, which is Thailand, more than 10% of the GDP are from inbound travel. And in Europe, such as France, Italy and Spain, about 5% to 6% of the GDP are from inbound travel.

當然。謝謝你，西蒙。我們認為，赴華入境旅遊​​正處於顯著且可持續成長週期的開端。目前，入境旅遊僅佔中國GDP的0.5%左右，而貢獻最大的國家泰國，入境旅遊佔其GDP的10%以上。在歐洲，例如法國、義大利和西班牙，入境旅遊貢獻了國內生產毛額的約 5% 至 6%。

So we see at least 5 to 10 times growth for inbound travel. And when we look at our strength, we believe Trip.com Group is unique, very uniquely positioned to capture the opportunity. Our strength lies in synergy between our deep local expertise and our growing global presence. For local expertise, we have decades of experiences which enable us to build an unparalleled ecosystem of products and service that are deeply attuned to the needs of the Chinese market. For global reach, our growing international presence provides direct access to a brand based on overseas travelers.

因此，我們預計入境旅遊至少會成長 5 到 10 倍。當我們審視自身優勢時，我們認為攜程集團是獨一無二的，擁有非常獨特的優勢來抓住這一機會。我們的優勢在於我們深厚的本地專業知識和不斷增長的全球影響力之間的協同作用。在當地專業知識方面，我們擁有數十年的經驗，這使我們能夠建立一個無與倫比的產品和服務生態系統，這些產品和服務與中國市場的需求高度契合。為了實現全球覆蓋，我們不斷成長的國際業務為海外旅客提供了直接接觸該品牌的機會。

We connect the rich travel within the country to the global requirement through the multilingual products, localized insights and integrated cross-border marketing. So we have put great efforts to drive this growth. Firstly, we promote super destination. We run an integrated marketing campaigns online, off-line to reach out to the global audience. Secondly, we also empower our local partners for global readiness.

我們透過多語言產品、在地化洞察和整合跨境行銷，將國內豐富的旅遊資源與全球需求連結起來。因此，我們投入了大量精力來推動這一成長。首先，我們推廣超級旅遊目的地。我們進行線上線下整合行銷活動，以觸達全球受眾。其次，我們也賦能在地合作夥伴，使其具備全球競爭力。

We invest heavily in technology to build a robust multilingual infrastructure, support partners with technology integration and training, help them serve international visitors effectively and create local employment opportunities. For example, our private tour business has supported a creation of more than 30,000 travel agent jobs and more than 20,000 private driver guides. Thirdly, we enhanced our travelers experience. We'll focus on optimizing end-to-end experience for travelers unfamiliar with the local market, offering 24/7 global customer service, local guides through transportation hubs, simplify payments and expand access to services such as tax refunds. So we are very glad to see as a result in 2025, those efforts have already produced significant results.

我們在技術方面投入巨資，以建立強大的多語言基礎設施，為合作夥伴提供技術整合和培訓支持，幫助他們有效地服務國際遊客，並創造本地就業機會。例如，我們的私人旅遊業務已創造了超過 30,000 個旅行社工作機會和超過 20,000 個私人司機導遊工作。第三，我們提升了旅客的體驗。我們將專注於優化不熟悉當地市場的旅客的端到端體驗，提供全天候全球客戶服務、交通樞紐的當地導遊、簡化支付方式並擴大退稅等服務的覆蓋範圍。因此，我們非常高興地看到，到 2025 年，這些努力已經取得了顯著成果。

We first -- we served more than 20 million inbound travelers. And that number is growing rapidly close to 100% year over year growth. Secondly, more than 40 cities on our platform has seen very high inbound travel contribution and consumption is also enhanced through these inbound troubles. We aim to double that number in 2026. Moreover, more than 63,000 hotels, more than 25,000 attractions and more than 600 travel agencies received their first inbound bookings through our platform, which is an uplift for their service capability.

我們率先服務了超過2000萬入境旅客。而且這個數字還在快速成長，年增率接近100%。其次，我們平台上的 40 多個城市入境旅遊貢獻率非常高，而且這些入境旅遊問題也促進了消費。我們的目標是到 2026 年將這個數字翻倍。此外，超過 63,000 家酒店、超過 25,000 個景點和超過 600 家旅行社透過我們的平台獲得了他們的第一份入境預訂，這提升了他們的服務能力。

We are very excited to see these efforts have generated great results. Looking forward, we remain dedicated to fostering a transparent, seamless and sustainable travel ecosystem, connecting global travelers with the richness of the country and creating long-term value for our users, our local partners and our shareholders. Thank you very much for your question.

我們非常高興地看到這些努力取得了顯著成果。展望未來，我們將繼續致力於打造透明、無縫和永續的旅行生態系統，將全球旅行者與國家的豐富資源聯繫起來，並為我們的用戶、本地合作夥伴和股東創造長期價值。非常感謝您的提問。

Thank you.

謝謝。

Thomas Chong, Jefferies.

Thomas Chong，傑富瑞集團。

Good morning. Thanks management for taking my question. Could you share some color about the booking trend during the Chinese New Year? How have consumer sentiments been trending recently? Can you also break down your business by geographic contribution? Thank you.

早安.感謝管理層解答我的問題。能否分享春節期間的預訂趨勢？近期消費者情緒走勢如何？您能否按地域貢獻細分一下您的業務？謝謝。

Sure. The 2026 Chinese New Year marks the longest New Year holiday in recent years, extended by one additional day compared with last year. This incremental holiday time meaningfully stimulated travel demand and supported strong overall performance. Our domestic hotel business recorded robust double-digit growth while ADR increasing modestly year over year, reflecting healthy demand dynamics. We achieved a double-digit growth in our outbound business with notable momentum in long-haul destinations, especially across Europe.

當然。2026 年中國新年是近年來最長的春節假期，比去年延長了一天。假期時間的增加顯著刺激了旅遊需求，並支撐了整體強勁的業績。我們的國內酒店業務實現了強勁的兩位數增長，而平均房價同比略有增長，反映出健康的需求動態。我們的出境業務實現了兩位數的成長，長途目的地，特別是歐洲，成長勢頭尤為強勁。

With regard to the international market, our globalization strategy continues to yield strong results with our international OTA platform, delivering solid growth. Quarter-to-date, our international OTA platform has achieved year over year growth of approximately 60%. As we continue our expansion into key APAC market this year, we remain committed to investing strategically to enhance our brand presence, localize our products and drive sustainable growth.

在國際市場方面，我們的全球化策略透過我們的國際OTA平台持續取得強勁成果，實現了穩健成長。本季至今，我們的國際OTA平台實現了年增約60%。今年，隨著我們繼續向亞太關鍵市場擴張，我們將繼續致力於策略性投資，以增強我們的品牌影響力，實現產品在地化，並推動永續成長。

With regard to the travel sentiment, with people's growing desire to explore, travel sentiment remains strong worldwide. Leisure travel continues to be the primary driver of the market growth. In 2025, average spending per user remained stable compared to last year, reflecting sustainable and healthy consumer demand for travel experiences. While business travel also remained robust over the past year, we are strategically positioned to capture this demand, particularly by supporting the global expansion of Chinese enterprises through our comprehensive corporate travel solutions.

就旅遊情緒而言，隨著人們探索慾望的日益增長，全球旅遊情緒依然強勁。休閒旅遊仍然是市場成長的主要驅動力。2025年，每位用戶的平均支出與去年相比保持穩定，反映出消費者對旅行體驗的可持續健康需求。儘管過去一年商務旅行依然保持強勁勢頭，但我們已做好充分的戰略準備來滿足這一需求，特別是透過我們全面的企業差旅解決方案來支持中國企業的全球擴張。

Our international business contributed about 40% of total revenue and bookings in 2025, up from around 35% in 2024. We expect this momentum to continue, mainly fueled by the rapid growth of our Trip.com brand. Thank you.

2025 年，我們的國際業務貢獻了總收入和預訂量的約 40%，高於 2024 年的約 35%。我們預計這一勢頭將持續下去，主要得益於 Trip.com 品牌的快速成長。謝謝。

Brian Gong of Citi Bank.

花旗銀行的龔布萊恩。

My question is about competition. So have you observed intensifying competition in domestic travel market? And how do you maintain your competitive adds in this environment?

我的問題是關於競爭的。您是否觀察到國內旅遊市場競爭日益激烈？在這種環境下，你如何保持廣告的競爭力？

Sure. Thanks for your question. Competition in the domestic travel market has always remained dynamic, which reflects the segment's strong growth potential and continued vitality. We view this as a healthy sign for the industry. Our competitive edge is anchored in a couple of fronts.

當然。謝謝你的提問。國內旅遊市場的競爭一直保持活躍，這反映了該細分市場強大的成長潛力和持續的活力。我們認為這對產業來說是一個健康的訊號。我們的競爭優勢體現在以下幾個方面。

First of all, we have always focused on high level of the services. We offer 24 hours times 7 excellent customer service. When you call our call center globally, we offer 24 hours times 7 service and any agent will be able to address any questions with you very effectively. Secondly, we offer very comprehensive products. So when you travel with us, we offer flight, hotel, vacation package, rental car, anything that you need during your trip, which is also very convenient for our customers.

首先，我們一直專注於提供高水準的服務。我們提供每週7天、每天24小時的優質客戶服務。當您撥打我們的全球呼叫中心電話時，我們提供 24 小時全天候服務，任何客服人員都能非常有效地解答您的任何問題。其次，我們提供非常全面的產品。所以，當您選擇與我們一起旅行時，我們會提供機票、飯店、度假套裝、租車等您旅途中所需的一切，這對我們的客戶來說非常方便。

In the unexpected events, such an earthquake or complex regional conflict due to wars, we reach out to our customers within two minutes to make sure they are moved to the safe area. Our comprehensive product enable them to be rescued to their home country on a timely basis. The third one is our global coverage.

在發生地震或因戰爭引起的複雜地區衝突等意外事件時，我們會在兩分鐘內聯繫客戶，確保他們被轉移到安全區域。我們的綜合產品能夠讓他們及時被救回祖國。第三點是我們的全球覆蓋範圍。

Not only we have a very good service and product domestically, we also developed a very strong service capability and inventory coverage globally. So customers, when they travel with us, not only they can have peace in mind within the country, when they travel around the world, we are also behind them to support them.

我們不僅在國內擁有非常優質的服務和產品，而且在全球範圍內也建立了非常強大的服務能力和庫存覆蓋範圍。因此，當客戶與我們一起旅行時，他們不僅可以在國內安心出行，而且當他們環遊世界時，我們也會為他們提供支援。

So all these trends give us the competitive advantage, and we will continuously focus on our customers, making sure we offer the best product and best service to them. Thank you very much.

因此，所有這些趨勢都賦予了我們競爭優勢，我們將繼續專注於我們的客戶，確保我們為他們提供最好的產品和服務。非常感謝。

Joyce Ju of Bank of America

美國銀行的喬伊斯‧朱

James, Jane, and Michelle congrats on concluding 2025 with a very strong set of results. With Trip.com achieving another strong quarter of growth overseas, could you share some operational highlights and outlook for the 2026.

恭喜 James、Jane 和 Michelle 以非常優異的成績為 2025 年畫下圓滿的句點。Trip.com海外業務又一個季度實現了強勁成長，能否分享一下營運亮點以及對2026年的展望？

Sure. In 2025, gross booking for our international OTA platform increased by around 60% year over year. APAC remains the primary region of our international expansion, while booking trends from the Middle East and other regions also demonstrated very strong growth potential -- is the key contributor to our international business growth. In 2025, we served approximately 20 million inbound travelers driven by rapid growth in visa free regions. We remain focused on growing our APAC business in the coming 2026 and continue to explore opportunities in other regions on a disciplined approach.

當然。2025年，我們國際OTA平台的總預訂量年增約60%。亞太地區仍然是我們國際擴張的主要區域，而來自中東和其他地區的預訂趨勢也顯示出非常強勁的成長潛力——是我們國際業務成長的關鍵貢獻者。2025年，我們接待了約2,000萬入境旅客，主要得益於免簽地區的快速成長。我們將繼續專注於在2026年發展亞太業務，並繼續以嚴謹的態度探索其他地區的機會。

With ongoing improvements in business scale, product innovation and brand penetration, we expect to improve profitability trajectory of our international OTA business particularly in the APAC region. Given the strong growth potential of international travel market, we will continue investing for sustainable growth. Our mobile first strategy supported by intuitive front-end design and reliable back-end services and product capabilities will help us enhance our global brand recognition and drive steady international expansion. Thank you.

隨著業務規模、產品創新和品牌滲透率的不斷提高，我們預計國際OTA業務的獲利能力將得到提升，尤其是在亞太地區。鑑於國際旅遊市場強勁的成長潛力，我們將繼續投資以實現永續成長。我們以行動優先策略為支撐，輔以直覺的前端設計、可靠的後端服務和產品功能，將有助於我們提升全球品牌知名度，並推動穩定的國際擴張。謝謝。

Parash Jain of HSBC.

匯豐銀行的帕拉什·賈恩。

Sure. Thank you management for the update. If you can share some color on your international business, particularly in the Asia Pacific region in light of evolving competition especially from players like Agoda?

當然。感謝管理層提供的最新資訊。您能否分享一下貴公司在國際業務方面的情況，尤其是在亞太地區，面對不斷變化的競爭形勢，特別是來自像 Agoda 這樣的競爭對手的情況？

Thanks for your question. In 2025, we remained focused on expanding our presence in APAC market. Our continued execution across the key markets contributed to the rising brand recognition among local customers. As we localize our efforts is deepening, we are deploying market-specific strategies to better align products and services with local travel needs. Supported by improvements in product competitiveness and mobile booking experiences, active users growth is significant in major APAC markets.

謝謝你的提問。2025年，我們將繼續專注於擴大在亞太市場的業務。我們在重點市場持續進行的行銷活動，提高了當地消費者對品牌的認知。隨著我們在地化工作的深入開展，我們正在部署針對特定市場的策略，以更好地使產品和服務與當地的旅遊需求相符。由於產品競爭力提升和行動預訂體驗改善，亞太主要市場的活躍用戶成長顯著。

In Q4 2025, our international bookings reached a record high. The growth and the strong results reflect the effectiveness of our globalization strategy built through long-term experiences and supported by disciplined marketing investments. Going forward, we will continue to prioritize APAC region with online penetration and travel sentiment continue to improve. We remain focused in our execution for strategies to develop the comprehensive products, localized service, localized marketing strategy and excellent product offerings. So we intend to further penetrate in the Asia Pacific region and provide excellent services to more and more customers in that region.

2025年第四季度，我們的國際預訂量創歷史新高。公司的成長和強勁的業績反映了我們透過長期經驗累積並輔以嚴謹的行銷投資而建立的全球化策略的有效性。展望未來，我們將繼續優先發展亞太地區業務，因為該地區的線上普及率和旅遊意願將持續提升。我們將繼續專注於執行各項策略，以開發全面的產品、在地化的服務、在地化的行銷策略和卓越的產品組合。因此，我們計劃進一步拓展亞太市場，為該地區越來越多的客戶提供優質服務。

Thank you. .

謝謝。。

Wei Xiong of UBS.

瑞銀集團的魏雄。

Just a quick one. Could you please provide an update on your shareholder return program.

就簡單問一下。請問貴公司股東回報計畫的最新進度如何？

In 2025, we fully utilized the authorized share repurchase quarter under the 2025 repurchase plan and completed additional reps in the fourth quarter. Going forward, we remain committed to delivering long-term shareholder value through sustainable business growth as well as disciplined execution of our capital return program. Thank you.

2025 年，我們充分利用了 2025 年回購計畫規定的授權股份回購季度，並在第四季度完成了額外的回購。展望未來，我們將繼續致力於透過可持續的業務成長以及嚴格執行資本回報計劃，為股東創造長期價值。謝謝。

We have come to the end of the question-and-answer session. Thank you all very much for your questions. I'd now like to 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。現在我想把會議交還給米歇爾，請她作總結發言。

Thank you. Thanks, everyone, for joining us today. You can find the transcript and webcast of today's call on investors.trip.com. We look forward to speaking with you on our first quarter of 2026 earnings call. Thank you, and have a good day.

謝謝。感謝各位今天蒞臨。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 2026 年第一季財報電話會議上與您交流。謝謝，祝您今天過得愉快。

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。