Trip.com Group Limited (TCOM) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Trip.com Group 2026 quarter-one earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您撥冗等候。歡迎參加 Trip.com Group 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the call over to your first speaker today, Ms. Michelle Qi, Senior IR Director. Thank you. Please go ahead.

現在我想把電話交給今天的第一位講者，投資人關係資深總監 Michelle Qi 女士。謝謝。請開始。

Thank you. Thank you, everyone, for standing by. Good morning, and welcome to Trip.com Group's first quarter of 2026 earnings conference call.

謝謝。感謝各位撥冗等候。各位早安，歡迎參加 Trip.com Group 2026 年第一季財報電話會議。

Joining me today on the call are Mr. James Liang, Executive Chairman of the Board; Ms. Jane Sun, Chief Executive Officer; and Ms. Cindy Wang, Chief Financial Officer.

今天與我一同出席電話會議的有：董事會執行主席 James Liang 先生、執行長 Jane Sun 女士，以及財務長 Cindy Wang 女士。

During this call, we will discuss our future outlook and performance, which are forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995.

在本次電話會議中，我們將討論未來展望與經營表現，其中包含依據 1995 年《美國私人證券訴訟改革法》安全港條款所作之前瞻性陳述。

Forward-looking statements involved inherent risks and uncertainties. As such, our results may be materially different from the views expressed today. A number of potential risks and uncertainties are outlined in Trip.com Group's public filings with the Securities and Exchange Commission. Trip.com Group does not undertake any obligation to update any forward-looking statements, except as required under applicable law.

前瞻性陳述涉及固有風險與不確定性。因此，我們的實際結果可能與今日所表達的觀點存在重大差異。Trip.com Group 向美國證券交易委員會提交的公開文件中列示了若干潛在風險與不確定性。除適用法律要求外，Trip.com Group 不承擔更新任何前瞻性陳述之義務。

James, Jane, and Cindy will share our strategy and business updates, operating highlights, and our financial performance for the first quarter of 2026 as well as outlooks for the second quarter of 2026.

James、Jane 與 Cindy 將分享我們的策略與業務更新、營運亮點，以及 2026 年第一季的財務表現，並提供 2026 年第二季的展望。

After the prepared remarks, we will have the Q&A session.

在事先準備的發言結束後，我們將進入問答環節。

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

接下來，我把電話交給 James。James，請。

Thank you, Michelle, and thanks everyone for joining us today.

謝謝 Michelle，也感謝各位今天加入我們。

We started the year with strong momentum. Travel continues to drive consumption, create jobs, and support broader industry growth. In this context, we are focused on unlocking the full potential of inbound travel as a key engine for local economies.

我們以強勁動能展開新的一年。旅遊持續帶動消費、創造就業，並支持更廣泛的產業成長。在此背景下，我們聚焦於釋放入境旅遊的全部潛力，使其成為帶動地方經濟的重要引擎。

At the core of our approach is a simple idea: turning inbound travel into real, on-the-ground opportunities for local partners. We have set an ambitious goal to serve 200 million inbound travelers over the next five years. This reflects both the scale of the opportunity and the potential to connect local destinations with global demand.

我們方法的核心是一個簡單理念：把入境旅遊轉化為在地合作夥伴可落地的實際機會。我們設定了未來五年服務 2 億名入境旅客的宏大目標。這既反映了機會的規模，也體現了將在地目的地與全球需求連結的潛力。

As policies become more favorable, the inbound travel market is opening like never before. Last year, Trip.com welcomed 20 million inbound travelers. In Q1 2026 alone, we have already served approximately 7 million travelers, laying a strong foundation for long-term growth.

隨著政策愈加有利，入境旅遊市場正以前所未有的方式開放。去年，Trip.com 接待了 2,000 萬名入境旅客。僅在 2026 年第一季，我們已服務約 700 萬名旅客，為長期成長奠定堅實基礎。

Our role is to connect the ecosystem. We help partners understand international traveler expectations and translate that knowledge into products and services that capture incremental demand.

我們的角色是連結整個生態系。我們協助合作夥伴理解國際旅客的期待，並將這些洞察轉化為產品與服務，以捕捉增量需求。

We are raising awareness and positioning China as an accessible and attractive destination through targeted marketing initiatives. These include offline promotions in key global transit hubs, joint campaigns with airline partners, and collaborations with international content creators. In parallel, we are working closely with hotels, attractions, and travel agencies to enhance their readiness for inbound demand.

我們透過精準行銷舉措提升認知度，並將中國定位為便利可達且具吸引力的目的地。這些舉措包括在全球重要交通樞紐的線下推廣、與航空公司夥伴的聯合行銷活動，以及與國際內容創作者的合作。同時，我們也與飯店、景點及旅行社緊密合作，提升其對入境需求的承接準備度。

During the quarter, we engaged over 110,000 local partners in inbound-related services. For many, this was their first opportunity to connect with international travelers, expanding their reach and enabling more effective participation in the inbound market.

本季期間，我們在入境相關服務方面觸達並合作超過 11 萬家在地合作夥伴。對許多夥伴而言，這是他們首次有機會與國際旅客建立連結，擴大觸及範圍，並更有效地參與入境市場。

Beyond generating demand, we are going deeper into key inbound destinations, supporting product development and long-term operations.

除了創造需求之外，我們也更深入重點入境目的地，支持產品開發與長期營運。

We collaborate with local partners across 29 high-potential destinations to design and deliver integrated travel experiences. By connecting attractions, accommodations, and local services into seamless itineraries, we help create more cohesive and experience-driven offerings.

我們與 29 個高潛力目的地的在地合作夥伴協作，設計並交付整合式旅遊體驗。透過將景點、住宿與在地服務串聯成無縫行程，我們協助打造更一致、以體驗為導向的產品供給。

Initiatives such as Taste of China showcase how curated products can bring local culture to life for global travelers.

例如「Taste of China」等計畫，展示了精選策劃的產品如何讓全球旅客更生動地體驗在地文化。

To scale these efforts and help partners connect with international travelers more effectively, technology and AI in particular is becoming an increasingly important enabler across the travel ecosystem. We are building and deploying our own suite of AI agents to support both travelers and supply partners. These capabilities already help suppliers overcome language barriers, enhance content quality, and improve service responsiveness.

為了擴大這些努力並協助合作夥伴更有效連結國際旅客，科技，尤其是 AI，正成為旅遊生態系中愈發重要的賦能工具。我們正在打造並部署自有的一套 AI 代理（AI agents），以同時支援旅客與供應端合作夥伴。這些能力已協助供應商克服語言障礙、提升內容品質，並改善服務回應速度。

Automated content tools enable suppliers to generate richer materials, including video, helping them showcase their offerings to a global audience.

自動化內容工具讓供應商能產出更豐富的素材（包括影片），協助他們向全球受眾展示其產品與服務。

In customer service, AI-driven systems deliver faster, more consistent responses, improving service quality while reducing operational burden.

在客服方面，AI 驅動系統可提供更快速且更一致的回覆，在降低營運負擔的同時提升服務品質。

More broadly, AI is transforming how travel products are discovered, evaluated, and purchased. We are actively opening our platform to third-party AI agents through skills, MCP interfaces, and other AI-native integrations.

更廣泛而言，AI 正在改變旅遊產品被發現、被評估與被購買的方式。我們正透過 skills、MCP 介面及其他 AI 原生整合，積極向第三方 AI 代理開放我們的平台。

In recent months, we expanded our presence across leading AI ecosystems. Our goal is not only to be the go-to app for travelers, but also the trusted infrastructure for AI agents.

近幾個月，我們擴大了在主要 AI 生態系中的布局。我們的目標不僅是成為旅客首選的 App，也要成為 AI 代理可信賴的基礎設施。

Central to this strategy is the modularization of our proprietary travel capabilities. We are packaging our travel data, verified inventory, real-time pricing, and reliable transaction infrastructure into AI-ready services that can be integrated directly into agent workflows.

此策略的核心在於將我們自有的旅遊能力模組化。我們把旅遊數據、經驗證的庫存、即時價格，以及可靠的交易基礎設施，封裝成可供 AI 使用的服務，並可直接整合進代理工作流程。

This enables users to move seamlessly from trip planning and product discovery to booking and fulfillment, reducing friction, shortening decision cycles, and improving conversion. We believe AI agents will emerge as a complementary gateway to travel demand.

這使使用者能從行程規劃與產品探索，無縫銜接到預訂與履約，降低摩擦、縮短決策週期並提升轉換率。我們相信，AI 代理將成為旅遊需求的互補入口。

Our objective is simple. Whenever a traveler turns to an AI assistant for help, our data, inventory, transaction capabilities, and service infrastructure are ready to power and complete the journey. At our core, we believe our long-term success is closely tied to the health of the travel ecosystem.

我們的目標很簡單。每當旅客向 AI 助理尋求協助時，我們的數據、庫存、交易能力與服務基礎設施都已準備就緒，為其旅程提供動力並完成閉環。我們相信，從根本而言，我們的長期成功與旅遊生態系的健康發展密切相關。

As travel evolves, we remain focused on improving accessibility, connectivity, and service capabilities, helping destinations, partners, and travelers fully benefit from the opportunities ahead.

隨著旅遊產業演進，我們將持續聚焦於提升可及性、連結性與服務能力，協助目的地、合作夥伴與旅客充分把握未來機會。

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

接下來，我把電話交給 Jane，請她分享營運亮點。

Thank you, James. Good morning, everyone. For the first quarter of 2026, our core OTA business recorded gross bookings of approximately RMB300 billion. Group net revenue totaled RMB16.2 billion.

謝謝 James。各位早安。2026 年第一季，我們核心 OTA 業務的總預訂金額約為人民幣 3,000 億元。集團淨營收合計為人民幣 162 億元。

Inbound travel continued to grow strongly during the quarter, with gross bookings increasing by approximately 90% year on year. Asia remained our largest source of inbound travelers.

本季入境旅遊持續強勁成長，總預訂金額年增約 90%。亞洲仍是我們入境旅客的最大來源地。

Visitors from Europe and US also grew rapidly and now account for roughly 25% of total inbound traffic. This momentum reflects China's rich cultural and natural resources, together with increasingly open inbound policy.

來自歐洲與美國的旅客也快速成長，目前約占入境總流量的 25%。這股動能反映了中國豐富的文化與自然資源，以及日益開放的入境政策。

As accessibility continues to improve, we believe China has tremendous potential to become one of the world's leading travel destinations.

隨著可及性持續改善，我們相信中國具備巨大潛力，成為全球領先的旅遊目的地之一。

Since the start of the year, inbound visitors have stayed an average of 5.1 days, up 11% year on year, reflecting deeper engagement and a growing preference for more immersive travel experiences.

自年初以來，入境旅客平均停留 5.1 天，年增 11%，反映出更深度的參與度，以及對更沉浸式旅遊體驗日益提升的偏好。

Importantly, inbound travel is evolving beyond standardized sightseeing toward more content-rich and culture-focused experiences. To support this shift, we help destinations present their products in over 20 languages, making them easier for international travelers to discover, trust, and enjoy.

重要的是，入境旅遊正從標準化觀光，演進為更具內容深度、更加聚焦文化的體驗。為支持這一轉變，我們協助目的地以超過 20 種語言呈現其產品，讓國際旅客更容易發現、信任並享受。

During the quarter, around 14,000 partners received their first ever overseas orders through the Trip.com platform. This highlights our role in helping more local businesses. Participate in the global travel economy and capture incremental international demand. Ultimately, our goal is to help visitors experience China with both comfort and confidence while discovering the country's rich diversity and cultural depth.

本季度，約有 14,000 家合作夥伴透過 Trip.com 平台獲得其有史以來第一筆海外訂單。這凸顯了我們在協助更多本地商家方面所扮演的角色。參與全球旅遊經濟並捕捉新增的國際需求。最終，我們的目標是協助訪客在舒適與安心的狀態下體驗中國，同時探索這個國家豐富的多樣性與文化深度。

On the international front, global travel demand remained resilient, particularly across the APAC region, where cross-border travel activity continued to grow steadily. During the quarter, gross bookings on our international OTA platform increased by approximately 65% year over year, reflecting the continued expansion of global travel demand and the growing strength of our international platform capability.

在國際方面，全球旅遊需求仍具韌性，尤其在亞太地區（APAC），跨境旅遊活動持續穩步成長。本季度，我們國際 OTA 平台的總預訂額同比成長約 65%，反映全球旅遊需求持續擴張，以及我們國際平台能力日益增強。

As traveler behavior evolves, demand is increasingly extending beyond flights and hotels toward more integrated mobility experiences. To capture this opportunity, we continue to leverage our transportation expertise to broaden our offerings across airport express, airport transfers, bus services, and other connected mobility solutions.

隨著旅客行為演變，需求正日益從機票與飯店延伸至更整合的移動出行體驗。為把握此機會，我們持續運用交通運輸專業，擴大在機場快線、機場接送、巴士服務及其他串聯式移動解決方案的供給。

At the same time, we are strengthening our digital infrastructure for all key markets, helping create a more seamless booking and travel experience for users. This not only reflects vibrant growth in travel demand, but also highlights the growing importance of connected and flexible transportation experiences across global markets.

同時，我們也在所有重點市場強化數位基礎設施，協助為用戶打造更無縫的預訂與出行體驗。這不僅反映旅遊需求的蓬勃成長，也凸顯在全球市場中，互聯且彈性的交通出行體驗日益重要。

Outbound travel remained resilient during the quarter, with travelers continuing to demonstrate a high degree of flexibility in their destination choices.

本季度，出境旅遊仍具韌性，旅客在目的地選擇上持續展現高度彈性。

Although regional geopolitical developments created some fluctuations across certain travel corridors, the overall business impact remained limited as travelers actively adjusted their itineraries and shifted demand toward alternative destinations.

儘管區域地緣政治發展使部分航線走廊出現波動，但由於旅客積極調整行程並將需求轉向替代目的地，整體業務影響仍然有限。

During the quarter, we observed outbound demand increasingly redirecting toward neighboring destinations, such as Southeast Asia, reflecting travelers' continued preference for convenience and experience-rich journeys. APAC remained among the most popular destination regions overall, supported by strong demand for more diverse and experience-driven travel experiences.

本季度，我們觀察到出境需求日益轉向鄰近目的地，例如東南亞，反映旅客對便利性與體驗豐富旅程的持續偏好。亞太地區（APAC）仍是整體最受歡迎的目的地區域之一，在更多元、以體驗驅動的旅遊需求支持下保持強勁。

Domestically, travel continued to benefit from strong seasonal demand during the quarter, particularly around the Spring Festival holiday period, which created meaningful opportunities for family travel and multi-generational travel experiences.

在國內方面，本季度旅遊持續受惠於強勁的季節性需求，尤其是春節假期期間，為家庭出遊與多代同遊體驗帶來顯著機會。

Local cultural and tourism vouchers also continued to support consumption across multiple regions. Short-distance travel maintains strong momentum, reflecting growing demand for high-quality and easily accessible experiences closer to home.

各地文化與旅遊消費券也持續支撐多個地區的消費。短途旅行維持強勁動能，反映對更高品質、且更易於就近取得的在地體驗需求日益增加。

To capture these trends, we continued to strengthen our product offerings and service capabilities, helping travelers discover the right experiences more efficiently and enabling merchants and destinations to connect with demand more effectively.

為把握這些趨勢，我們持續強化產品供給與服務能力，協助旅客更有效率地找到合適體驗，並使商家與目的地更有效地對接需求。

Our Silver Generation initiatives are also gaining traction during the quarter. This was particularly reflected in accommodation demand from senior travelers.

我們的銀髮族計畫在本季度也逐步取得進展。這一點在銀髮旅客的住宿需求上尤為明顯。

In Q1, hotel gross bookings for Old Friends Club increased by over 100% year over year, reflecting growing demand for more personalized and experience-oriented travel offerings.

在 2026 年第一季，老友會（Old Friends Club）的飯店總預訂額同比成長超過 100%，反映市場對更個人化、以體驗為導向的旅遊產品需求上升。

To better serve this segment, we are combining both offline and digital capabilities. In addition to providing dedicated travel services through our offline flagship stores, we are also leveraging AI-powered conversational tools to lower the barriers to travel planning and make the overall booking experience more accessible and user-friendly for senior travelers.

為更好服務此客群，我們正結合線下與數位能力。除透過線下旗艦門市提供專屬旅遊服務外，我們也運用 AI 驅動的對話式工具，降低行程規劃門檻，讓銀髮旅客的整體預訂體驗更易取得且更友善。

At the same time, we continue to encourage off-season travel among silver generation users, which helps improve capacity utilization and creates incremental off-season revenue opportunities for hotels, travel agencies, and other partners across the ecosystem.

同時，我們持續鼓勵銀髮族用戶在淡季出遊，這有助於提升產能利用率，並為生態系中的飯店、旅行社及其他合作夥伴創造新增的淡季營收機會。

By emphasizing comfort, social interaction, and culturally immersive experiences, we are tapping into a growing segment with significant long-term potential. More importantly, this is not just about travel. It is about creating connections, memories, and meaningful experiences, while bringing more inclusive and sustainable growth opportunities to the broader travel industry.

透過強調舒適度、社交互動與文化沉浸式體驗，我們正切入一個具備顯著長期潛力的成長客群。更重要的是，這不僅僅是旅行。而是在創造連結、回憶與有意義的體驗，同時為更廣泛的旅遊產業帶來更具包容性與可持續的成長機會。

Entertainment-driven travel is rapidly emerging as one of the most dynamic growth opportunities in the travel industry. In Q1 2026, gross bookings increased by 74% year on year.

以娛樂為驅動的旅遊正迅速崛起，成為旅遊產業中最具活力的成長機會之一。在 2026 年第一季，總預訂額同比成長 74%。

Global events, including sports, concerts, and cultural festivals are proving to be powerful catalysts for travel activities.

全球性活動（包括體育賽事、演唱會與文化節慶）正被證明是帶動旅遊活動的強大催化劑。

Sporting events such as the Shanghai F1 not only stimulate the local economy, but also attract inbound visitors from across the world. Music concerts similarly draw cross-regional travelers, creating vibrant demand across multiple cities.

如上海 F1 等體育賽事不僅帶動在地經濟，也吸引來自全球各地的入境旅客。音樂演唱會同樣吸引跨區域旅客，並在多個城市創造活躍需求。

Travel is a highly interconnected ecosystem. Destinations, hotels, attractions, and service providers all depend on efficient demand connectivity, high service standards, and innovative products to grow sustainably. As global travel becomes increasingly international, digital, and experience-led, many travel companies face growing challenges in distribution, service standardization, and technology adoption. We believe platforms like Trip.com can play an important role in helping the broader travel ecosystem modernize and participate more effectively in global travel demand.

旅遊是一個高度互聯的生態系。目的地、飯店、景點與服務供應商都依賴高效率的需求連結、高服務標準與創新產品，才能實現可持續成長。隨著全球旅遊日益走向國際化、數位化與體驗導向，許多旅遊公司在分銷、服務標準化與技術採用方面面臨日益增加的挑戰。我們相信，像 Trip.com 這樣的平台能在協助更廣泛的旅遊生態系現代化、並更有效參與全球旅遊需求方面發揮重要作用。

At Trip.com, our mission extends beyond facilitating travel transactions. We are committed to empowering partners, strengthening industry capabilities, and helping build a more connected, efficient, and globally accessible travel ecosystem.

在 Trip.com，我們的使命不僅止於促成旅遊交易。我們致力於賦能合作夥伴、強化產業能力，並協助打造更互聯、更高效率且全球可及的旅遊生態系。

Our efforts this quarter focus on three key areas.

本季度，我們的工作聚焦於三個關鍵領域。

First, we continue to strengthen global demand connectivity across the travel value chains. Today, our Trip community connects more than 500,000 travel brands and suppliers with over 10,000 qualified creators, enabling the creation of localized, user-driven content that resonates with travelers around the world.

第一，我們持續強化旅遊價值鏈的全球需求連結。目前，我們的 Trip 社群將超過 500,000 個旅遊品牌與供應商，與超過 10,000 名合格創作者連結起來，促成在地化、以用戶驅動的內容創作，與全球旅客產生共鳴。

Our global KOL China Exploration Program has brought together creators from Argentina, South Korea, Japan, Thailand, Singapore, Kazakhstan, and many other markets, helping showcase China through diverse local perspectives.

我們的全球 KOL「中國探索計畫」匯聚來自阿根廷、南韓、日本、泰國、新加坡、哈薩克等多個市場的創作者，協助以多元的在地視角展現中國。

In addition, our annual Envision Global Partners Summit further deepens collaboration by bringing international partners to experience China firsthand and fostering broader cooperation across the inbound travel ecosystem.

此外，我們每年的 Envision 全球合作夥伴峰會也透過邀請國際合作夥伴親身體驗中國，進一步深化協作，並促進入境旅遊生態系更廣泛的合作。

Second, we continue to upgrade travel infrastructure and service capabilities across the full traveler journey. From pre-trip planning to in-destination support and post-trip engagement, we are working to improve accessibility and service consistency for international travelers.

第二，我們持續升級涵蓋旅客全旅程的旅遊基礎設施與服務能力。從行前規劃、目的地支援到行後互動，我們致力於提升國際旅客的可及性與服務一致性。

Today, our globally accessible product offerings cover approximately 450,000 hotels and 180,000 local attraction products. In parallel, smart ticketing systems and enhanced international service support are enabling smoother operations, improving coordination across destinations, and enhancing the overall visitor experience.

目前，我們可供全球使用的產品供給涵蓋約 450,000 家飯店與 180,000 項在地景點產品。同時，智慧票務系統與強化的國際服務支援正使營運更順暢、提升目的地間的協同效率，並改善整體旅客體驗。

AI plays an increasingly important role in accelerating these efforts. Our AI capabilities now support personalized itinerary recommendations, real-time translation, product video generation, and multi-language customer service. By lowering operational and content barriers, these tools help domestic travel products reach international audiences more efficiently, while enabling more suppliers to participate in global travel demand.

AI 在加速這些工作上扮演日益重要的角色。我們的 AI 能力現已支援個人化行程推薦、即時翻譯、產品影片生成與多語客服。透過降低營運與內容門檻，這些工具協助國內旅遊產品更有效率地觸達國際受眾，同時讓更多供應商得以參與全球旅遊需求。

Third, as travel demand continues to evolve toward more immersive and experience-driven journeys, we are seeing a clear shift toward higher quality and more personalized consumption. Against this backdrop, we are driving continued product innovation to better match these evolving traveler expectations. By transforming traditional large group tours into smaller, more customized offerings, we are helping unlock new economic activities and supporting 50,000 travel-related jobs with additional employment opportunities created indirectly across the broader travel ecosystem.

第三，隨著旅遊需求持續朝更沉浸、以體驗驅動的旅程演進，我們看到消費明顯轉向更高品質與更個人化。在此背景下，我們推動持續的產品創新，以更好匹配旅客不斷演變的期待。透過將傳統大型團體旅遊轉型為更小規模、更加客製化的產品，我們正協助釋放新的經濟活動，並支持 50,000 個旅遊相關工作機會，同時在更廣泛的旅遊生態系中間接創造更多就業機會。

As a result, domestic small group travel orders on our platform have increased by 27% year on year, with 55% higher per capita spending and 11% longer stays compared to large group tours. This evolution is enabled by the broader infrastructure and ecosystem upgrades we discussed earlier, which. Which allow us to better connect supply and demand and help partners participate in higher value travel consumption.

因此，我們平台上的國內小團旅遊訂單同比增長27%，相較於大團旅遊，人均消費高出55%，停留時間長11%。這一演進得益於我們先前討論的更廣泛基礎設施與生態系統升級，這些升級。使我們能更好地連接供需，並協助合作夥伴參與更高價值的旅遊消費。

Beyond product level innovation, we also support broader consumption and cultural development initiatives that strengthen the overall travel ecosystem. Through the coordinated deployment of government, cultural, and travel subsidies, we help stimulate local consumption.

除了產品層面的創新之外，我們也支持更廣泛的消費與文化發展倡議，以強化整體旅遊生態系統。透過政府、文化與旅遊補貼的協同投放，我們協助刺激在地消費。

In addition, initiatives such as Trip Music Award integrate culture, performance, and travel experiences. We also support intangible cultural heritage tourism, immersive cultural programs, and rural travel initiatives, helping create more meaningful journeys and contribute to local economic development.

此外，Trip Music Award 等活動將文化、表演與旅遊體驗相結合。我們也支持非物質文化遺產旅遊、沉浸式文化項目與鄉村旅遊倡議，協助打造更有意義的旅程，並促進在地經濟發展。

We believe our long-term value creation is closely tied to the long-term health of the industry. By improving accessibility, connectivity, and service capabilities across the travel journey, our goal is to help make China one of the world's most welcoming destinations for global travelers and to support sustainable growth across the ecosystem.

我們相信，我們的長期價值創造與行業的長期健康發展密切相關。透過提升旅程全流程的可達性、連通性與服務能力，我們的目標是協助把中國打造為全球旅客最受歡迎的目的地之一，並支持生態系統的可持續增長。

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

接下來，我把電話會議交給 Cindy。

Thanks, Jane. Good morning, everyone. For the first quarter of 2026, Trip.com Group reported total net revenues of RMB16.2 billion, representing a 17% increase from the same period last year. This was primarily due to solid travel consumption and resilient travel demand across segments during the quarter.

謝謝你，Jane。各位早安。2026年第一季度，Trip.com 集團實現淨營收總額人民幣162億元，同比增長17%。這主要得益於本季度穩健的旅遊消費，以及各業務板塊具韌性的旅遊需求。

Accommodation reservation revenue for the first quarter was RMB6.5 billion, representing a 17%. Increase year over year. This was mainly attributable to the steady momentum in international hotel bookings.

第一季度住宿預訂收入為人民幣65億元，同比增長17%。同比增長。這主要歸因於國際酒店預訂的穩健增長動能。

Transportation ticketing revenue for the first quarter was RMB6.1 billion, representing a 12% increase year over year. The growth was supported by our global expansion and strong demand for international air and ground transportation solutions.

第一季度交通票務收入為人民幣61億元，同比增長12%。增長得益於我們的全球擴張，以及對國際航空與地面交通解決方案的強勁需求。

Packaged tour revenue for the first quarter was RMB1.1 billion, representing a 19% increase year over year. This was mainly driven by the expansion of our international offerings and strong demand for small and customized tours, fueled by shifting traveler preferences toward more personalized experiences.

第一季度度假產品收入為人民幣11億元，同比增長19%。這主要由我們國際產品供給的擴張，以及對小團與定制遊的強勁需求所帶動，背後是旅客偏好轉向更個性化體驗。

Corporate travel revenue for the first quarter was RMB690 million, representing a 20% increase year over year. This reflected continued penetration of our managed corporate travel services among corporate clients. Excluding share-based compensation charges adjusted product development expenses for the first quarter increased by 12% year over year. Adjusted G&A expenses for the first quarter increased by 5% year over year. These were mainly due to increase in personnel-related expenses.

第一季度商旅收入為人民幣6.9億元，同比增長20%。這反映出我們的管理型商旅服務在企業客戶中的持續滲透。剔除股份支付費用後，第一季度經調整的產品研發費用同比增長12%。第一季度經調整的一般及行政費用同比增長5%。主要由人員相關費用增加所致。

Adjusted sales and marketing expenses for the first quarter increased by 24% from the same period last year. The year-over-year increase was mainly driven by heightened marketing efforts aligned with our business expansion.

第一季度經調整的銷售及市場推廣費用較去年同期增長24%。同比增長主要由配合業務擴張而加大市場推廣力度所驅動。

Adjusted EBITDA was RMB4.8 billion for the first quarter compared with RMB4.2 billion in the same period last year. Diluted earnings per ordinary share and per ADS were RMB3.67 or USD0.53 for the first quarter of 2026, excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income, and their tax effects.

第一季度經調整 EBITDA 為人民幣48億元，去年同期為人民幣42億元。2026年第一季度，剔除股份支付費用、計入其他收益的權益證券投資公允價值變動及可交換高級票據的公允價值變動及其稅務影響後，每股普通股及每股 ADS 的攤薄收益為人民幣3.67元或美元0.53元。

Non-GAAP diluted earnings per ordinary share and per ADS were RMB5.73 or USD0.83 for the first quarter. As of March 31, 2026, the balance of cash and cash equivalents, restricted cash, short-term investment, held-to-maturity time deposit, and financial products was RMB104.0 billion or USD15.1 billion.

第一季度非 GAAP 口徑下，每股普通股及每股 ADS 的攤薄收益為人民幣5.73元或美元0.83元。截至2026年3月31日，現金及現金等價物、受限制現金、短期投資、持有至到期定期存款及理財產品餘額為人民幣1,040億元或美元151億元。

Looking into the second quarter, we expect net revenue growth of approximately 3% to 8% year over year. Compared with the exceptionally strong growth environment in Q1, growth trends have moderated during the quarter.

展望第二季度，我們預計淨營收同比增長約3%至8%。相較於第一季度異常強勁的增長環境，本季度增長趨勢有所放緩。

Our outlook reflects two primary factors. First, rising energy prices and recent geopolitical tensions have led to higher airfares, tighter airline capacity, and disruptions on certain international routes, particularly long-haul travel, contributing to a moderation in air travel demand and changes in booking patterns.

我們的展望反映兩個主要因素。第一，能源價格上升及近期地緣政治緊張局勢導致機票價格上漲、航空運力趨緊，並對部分國際航線（尤其是長途旅行）造成擾動，從而使航空出行需求有所降溫並帶來預訂模式變化。

Second, our guidance incorporates the near-term impact of upgrading our operational practices to align with updated industry standards and compliance frameworks.

第二，我們的指引納入了為對齊更新後的行業標準與合規框架而升級運營實務所帶來的短期影響。

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

接下來，接線員，請開放提問。

(Operator Instructions) Simon Cheung, Goldman Sachs.

(接線員指示) Simon Cheung，高盛。

Thanks, James, Jane, Cindy, and Michelle for the presentations. I think at the beginning of the presentation, you touched on a bit on your AI strategies. Could you perhaps share a bit more on your long-term positioning and investment plans on these AI ecosystem that you're building on?

謝謝 James、Jane、Cindy 和 Michelle 的簡報。我想在簡報一開始，你們提到了一些 AI 策略。能否請你們分享更多關於你們正在打造的 AI 生態系統之長期定位與投資計畫？

And also as the AI agent increasingly share how customers discover on their travel booking plans, how will Trip.com leverage on your vertical strength to stay competitive? Thank you.

另外，隨著 AI 代理在客戶如何發現並制定其旅行預訂計畫方面的占比日益提高，Trip.com 將如何利用你們的垂直領域優勢以保持競爭力？謝謝。

Thank you for the question. We believe AI will significantly improve how travelers discover, plan, and book travel, but it will not replace specialized travel platforms.

謝謝你的提問。我們相信，AI 將顯著改善旅客發現、規劃與預訂旅行的方式，但它不會取代專業的旅遊平台。

Travel is a high-consequence category where value lies not just in recommendations, but in reliable execution. This requires real-time inventory, deep supply connectivity, and a robust global service infrastructure, capabilities we have built over decades. As travel AI shifts from information to fulfillment, it increasingly highlights our competitive advantages.

旅遊是一個高後果的品類，其價值不僅在於推薦，更在於可靠的履約執行。這需要即時庫存、深度供給連接，以及強健的全球服務基礎設施——這些能力是我們數十年來建立的。隨著旅遊 AI 從資訊走向履約，它將愈發凸顯我們的競爭優勢。

Against this backdrop, our strategy has two pillars. First, we are strengthening our own AI capabilities. We recently integrated our core search function with our AI assistant, enabling seamless natural language and voice-based search.

在此背景下，我們的策略有兩大支柱。第一，我們正在強化自身的 AI 能力。我們近期將核心搜尋功能與 AI 助手整合，實現順暢的自然語言與語音搜尋。

Travelers can now submit highly complex requests involving multiple variables such as dates, budgets, locations, and accommodation preferences, and receive instantly filtered, bookable results. This helps simplify decision-making and reduces friction across the customer journey.

旅客現在可以提交涉及多個變量的高度複雜需求，例如日期、預算、地點與住宿偏好，並即時獲得經篩選且可預訂的結果。這有助於簡化決策，並降低客戶旅程中的摩擦。

Beyond user experience, we are leveraging AI across the company to drive efficiency from improving productivity in corporate functions to expanding automation in customer service and lowering operating costs.

除了用戶體驗之外，我們也在公司範圍內運用 AI 以提升效率，從改善企業職能的生產力，到擴大客服自動化並降低運營成本。

Second, we are connecting into broader AI ecosystems through APIs, MCPs, and agent frameworks. We are exploring collaborations with leading platforms globally to enable integrated travel planning and fulfillment within next-generation AI experiences.

第二，我們透過 API、MCP 以及代理框架接入更廣泛的 AI 生態系統。我們正在探索與全球領先平台的合作，使下一代 AI 體驗中能夠整合旅遊規劃與履約。

By embedding our robust supply into the world's leading AI platforms, we can tap into emerging AI-driven demand channels, expand our global footprint, and capture new overseas demand more efficiently.

透過將我們強健的供給嵌入全球領先的 AI 平台，我們可以觸達新興的 AI 驅動需求渠道，擴大全球版圖，並更高效地捕捉新增的海外需求。

Our goal is simple: wherever travel planning starts, Trip.com should be well-positioned to participate and deliver trusted execution. AI may evolve the entry point into travel, but the long-term winners will be those who reliably turn complexity into confidence.

我們的目標很簡單：無論旅遊規劃從哪裡開始，Trip.com 都應具備良好定位以參與其中並提供值得信賴的履約執行。AI 或許會改變旅遊的入口，但長期的贏家將是那些能可靠地把複雜性轉化為信心的企業。

With our deep supply network, operational capabilities, and service infrastructure, we believe we are well-positioned to do so.

憑藉我們深厚的供給網絡、運營能力與服務基礎設施，我們相信我們具備良好條件做到這一點。

Yang Liu, Morgan Stanley.

楊柳，摩根士丹利。

Thanks for the opportunity. My question is related with inbound travel. Trip.com aimed to attract 200 million inbound travelers over the next five years. What are the key initiatives to drive this high growth and what do they support international expansion? Thank you.

感謝給我提問的機會。我的問題與入境旅遊相關。Trip.com 目標是在未來五年吸引2億名入境旅客。推動如此高成長的關鍵舉措是什麼？這些舉措如何支持國際擴張？謝謝。

Thank you. Thank you for your question. Our nation's policy for inbound has opened up very favorably.

謝謝。謝謝你的提問。我們國家對入境的政策已非常有利地開放。

As of now, more than 80 countries have received visa-free treatment. And on top of it, we also allow free in-transit treatment for people who have not got the free visa treatment by staying within the country for 10 days.

截至目前，已有80多個國家獲得免簽待遇。此外，對於尚未享有免簽待遇的人士，我們也允許其在境內停留10天的過境免簽安排。

And also, payments such as Alipay and WeChat Pay have enabled foreign credit card to be used in China, which is a major improvement. So with that background, our team has also worked very hard to welcome people from all over the world.

同時，像支付寶與微信支付等支付方式已支援外國信用卡在中國使用，這是一項重大改善。在這樣的背景下，我們團隊也非常努力地歡迎來自世界各地的旅客。

First of all, we invited more than 1,000 KOLs to come and see the countries, shoot videos, and post their videos on social medias to tell a true story of what they have experienced within China.

首先，我們邀請了超過1,000位KOL前來走訪、拍攝影片，並在社群媒體上發布，講述他們在中國的真實體驗。

Secondly, when travelers are interested in coming and visit us, when they call Trip.com call center, we offer more than 30 languages, 24 hours times 7 to support them, which will enable them to understand the details for travel within China.

第二，當旅客有興趣來訪、致電 Trip.com 客服中心時，我們提供超過30種語言、全年無休（24小時×7天）的支援，讓他們能了解在中國旅遊的各項細節。

Thirdly, we also connected with more than 110,000 suppliers. And among these suppliers, 14,000 were the first time suppliers which received inbound customers.

第三，我們也已連結超過110,000家供應商。在這些供應商中，有14,000家是首次接待入境客人的新供應商。

With that, we are able to increase the demand for hotels, for attractions, and improve their service level to welcome global customers.

藉此，我們能提升飯店與景點等需求，並改善其服務水準，以迎接全球客戶。

Lastly, we also offer one-stop shopping platform by offering hotels, flights, attractions, transportation to our global travelers, which make it very easy for them, particularly for the newcomers who have never been to this country before.

最後，我們也提供一站式購物平台，為全球旅客提供飯店、機票、景點與交通等服務，讓他們使用起來非常方便，特別是對於從未來過這個國家的新客。

So as a result, we hosted about 20 million visitors last year. And going forward, we'll work hard to host and -- invite and host 200 million customers in the next five years.

因此，我們去年接待了約2,000萬名訪客。展望未來，我們將努力在未來五年邀請並接待2億名客戶。

Thank you.

謝謝。

Thomas Chong, Jefferies.

Thomas Chong，Jefferies。

Hi, good morning. Thanks, management, for taking my question. How would you characterize the recent competitive landscape in the China OTA market, including the impact of regulatory developments, as well as the emerging AI-driven platforms? Thank you.

嗨，早安。謝謝管理層回答我的問題。你們會如何描述近期中國 OTA 市場的競爭格局，包括監管進展的影響，以及新興的 AI 驅動平台？謝謝。

Thank you. Thank you for your question. Yes, in China market, we're seeing evolving competitive landscape shaped by both compliance framework development and the emergence of AI-native interfaces.

謝謝。謝謝你的提問。是的，在中國市場，我們看到競爭格局正在演變，受到合規框架發展以及 AI 原生介面興起的共同影響。

So first, on the competition, the domestic OTA market remains structurally rationale. Competition continues to center on quality of the service, supply coverage, and user experience rather than aggressive price rule.

首先，就競爭而言，國內 OTA 市場在結構上仍然相對理性。競爭仍主要聚焦於服務品質、供給覆蓋與使用者體驗，而非激進的價格戰。

Second, on compliance enhancement, we see a clear and consistent focus on platform governance, transparent pricing, and fair competition. We fully support this direction and have proactively strengthened our compliance and operational discipline.

第二，就合規強化而言，我們看到監管對平台治理、透明定價與公平競爭有明確且一致的關注。我們完全支持這一方向，並已主動強化合規與營運紀律。

While this has caused some short-term pressure on our matrix, we see this purely as an ordinary normalization in the long-term.

雖然這在短期內對我們的指標造成了一些壓力，但我們認為從長期來看，這只是正常化的過程。

Lastly, for AI. AI platforms are reshaping how users discover and plan trips instead of clicking through traditional search results, users are increasingly turning to use conversational tools to brainstorm and plan their trips. We also embrace these new interactions.

最後，關於 AI。AI 平台正在重塑使用者發現與規劃旅程的方式；相較於點擊傳統搜尋結果，使用者愈來愈多轉向使用對話式工具來發想並規劃行程。我們也擁抱這些新的互動方式。

However, travel remains to be a very complex and a service-intensive transaction, where supply integration, fulfillment, reliability, and after-sales service are critical. Those remain the core strengths for our platform.

然而，旅遊仍是一項非常複雜且高度服務密集的交易，供給整合、履約、可靠性與售後服務都至關重要。這些仍是我們平台的核心優勢。

So overall, we are responding through disciplined execution, strengthening compliance, embedding AI into our products, and improving efficiency and service quality. We believe these dynamics ultimately reinforce the importance of trusted, large-scale OTAs, whose value lies in broad supplies, reliable fulfillment, and excellent end-to-end service.

因此整體而言，我們透過有紀律的執行、強化合規、將 AI 嵌入產品，以及提升效率與服務品質來因應。我們相信，這些動態最終會強化大型、值得信賴的 OTA 的重要性，其價值在於廣泛供給、可靠履約，以及卓越的端到端服務。

Thank you.

謝謝。

Wei Fang, Mizuho.

方偉，瑞穗。

Hi. Thank you, James, Jane, Cindy, and Michelle. Congrats on the very strong results.

嗨。謝謝 James、Jane、Cindy 和 Michelle。恭喜取得非常強勁的業績。

I have a question regarding the ongoing regulatory review. Could you provide some updates that from your perspective right now, how are you addressing the potential impact on both of your near-term performance and mid- to longer-term operating outlook? Thank you.

我有一個關於持續進行的監管審查的問題。能否從你們目前的角度提供一些更新：你們如何應對其對短期業績以及中長期營運展望的潛在影響？謝謝。

Sure. We are fully cooperating with the relevant authorities and maintaining very constructive communication throughout the process. As the matter remains ongoing, it will be premature for us to speculate on the potential timeline or outcome at this stage.

當然。我們正全力配合相關主管機關，並在整個過程中保持非常建設性的溝通。由於該事項仍在進行中，現階段我們推測可能的時間表或結果仍為時過早。

That said, over the past several months, we have proactively reviewed and refined certain business practices to further strengthen our internal compliance and governance framework. We remain committed to continuously enhancing our operational capabilities to align with evolving industry standards and compliance frameworks.

不過，在過去幾個月，我們已主動檢視並完善部分業務做法，以進一步強化內部合規與治理框架。我們仍致力於持續提升營運能力，以符合不斷演進的產業標準與合規框架。

These adjustments may introduce some near-term impacts on our business and financial performance. But we believe they are constructive for the longer-term period, healthy development of both of our business and the broader travel industry.

這些調整可能會對我們的業務與財務表現帶來一些短期影響。但我們相信，從更長期來看，這有助於我們業務以及更廣泛旅遊產業的健康發展。

More broadly, we recognize that regulatory frameworks for large platform companies continue to evolve globally. We believe a transparent, fair, and well-regulated market environment will ultimately. Benefit consumers, support healthy competition, and enhance longer-term industry sustainability.

更廣泛而言，我們也認知到大型平台公司的監管框架在全球仍持續演進。我們相信，一個透明、公平且監管完善的市場環境最終將使消費者受益、支持健康競爭，並提升產業的長期可持續性。

From an operational perspective, we remain focused on serving our travelers as well as our partners, executing our strategic priorities, and creating sustainable long-term value for all our stakeholders. Thank you.

從營運角度來看，我們仍專注於服務旅客與合作夥伴、落實策略重點，並為所有利害關係人創造可持續的長期價值。謝謝。

Joyce Ju, Bank of America.

Joyce Ju，美國銀行。

Good morning, James, Jane, Cindy, and Michelle. Thanks for taking my question. I noticed that the recent regulatory announcement regarding the train ticketing practice. Just given the value-added services are closely linked to the monetization of real ticketing, how should we understand the potential financial impact on this regulatory guidance? Thank you very much.

早安，James、Jane、Cindy 和 Michelle。謝謝讓我提問。我注意到近期關於火車票務做法的監管公告。鑑於加值服務與實際票務的變現密切相關，我們應如何理解該監管指引可能帶來的財務影響？非常感謝。

Thank you, Joyce, for the question. We fully support the latest regulatory guidance about train ticketing practices and are working closely with the relevant authorities. Consumer trust and user experience remain central to our platform, and we will continue ensuring our products and operations are aligned with evolving requirements.

謝謝你，Joyce，提問。我們完全支持最新關於火車票務做法的監管指引，並正與相關主管機關密切合作。消費者信任與使用者體驗始終是我們平台的核心，我們也將持續確保產品與營運符合不斷演進的要求。

From a strategic perspective, train ticketing remains an important user acquisition and engagement channel. Our focus is not only ticket fulfillment but enabling users to complete the full travel journal, including transportation, accommodation, and destination services.

從策略角度來看，火車票務仍是重要的用戶獲取與互動渠道。我們的重點不僅在於票務履約，更在於讓用戶完成完整的旅行旅程，包括交通、住宿與目的地服務。

From a financial standpoint, our business has become increasingly diversified over time, with continued growth across accommodation, international travel, and other segments.

從財務角度來看，我們的業務隨時間推移已日益多元化，住宿、國際旅遊及其他板塊均持續成長。

Consequently, domestic train ticketing's direct contribution to overall revenue and earnings has meaningfully declined over the years.

因此，國內火車票務對整體營收與獲利的直接貢獻，多年來已明顯下降。

As the industry adjustments to the new requirement, optimization of certain real-related products and value-added services may create some near-term headwinds. These impacts are already reflected in our current expectations and are partially incorporated into our Q2 outlook.

隨著產業因應新的要求進行調整，對部分與房地產相關產品及加值服務的優化，可能在短期內帶來一些逆風。這些影響已反映在我們目前的預期中，並已部分納入我們對第二季的展望。

More broadly, we remain confident in the resilience of our business. We continue to leverage AI and automation to improve operational efficiency and reducing servicing costs across our platform.

更廣泛而言，我們對業務的韌性仍然充滿信心。我們持續運用 AI 與自動化提升營運效率，並降低平台整體的服務成本。

Over the longer-term period, our diversified business mix, robust cross-selling capabilities, ongoing efficiency gains, and disciplined cost management will support sustainable growth and a resilient profitability profile. Thank you.

從更長期來看，我們多元化的業務組合、強勁的交叉銷售能力、持續的效率提升，以及嚴謹的成本管理，將支持可持續成長與具韌性的獲利表現。謝謝。

Wei Xiong, UBS.

UBS 的 Wei Xiong。

Yeah, sure. Hi. Good morning, management. Thank you for taking my question. Could you please provide an update on the recent booking trends and elaborate on the second-quarter guidance?

好的，當然。嗨。管理層早安。謝謝你們回答我的問題。請問能否更新一下近期的預訂趨勢，並進一步說明第二季的指引？

And also, what are we seeing for the summer travel season and how should we think about the demand trends into the second half this year? Thank you.

另外，我們對暑期旅遊旺季看到了什麼情況？以及我們應如何看待今年下半年需求趨勢？謝謝。

Sure. Thank you for the question. With regard to the Q2 guidance, in general, the travel demand got us to a solid start in 2026, and we delivered very strong performance across our business segments.

好的。謝謝你的提問。關於第二季指引，整體而言，旅遊需求讓我們在 2026 年有一個穩健的開局，我們在各業務板塊都交出非常強勁的表現。

For the second quarter, we expect net revenue growth of approximately 3% to 8% year over year. Growth has moderated from the exceptionally strong Q1 environment, reflecting a combination of macro and operational factors.

對於第二季，我們預期淨營收年增約 3% 至 8%。相較於第一季異常強勁的環境，成長已趨於溫和，反映宏觀與營運因素的綜合影響。

For our China-based business, air travel demand has softened versus the Q1 as higher airfare are influencing travel behaviors. Consumers are increasingly optimizing destinations, trip plans, and transportation choices.

就我們以中國為主的業務而言，受票價上漲影響旅遊行為，航空出行需求較第一季有所轉弱。消費者愈來愈傾向於優化目的地、行程規劃與交通選擇。

Domestic hotel ADR has also turned modestly positive year over year, reflecting resilient lounging demand and a more balanced supply-demand environment.

國內酒店 ADR（平均每日房價）年比也轉為小幅正成長，反映休閒需求具韌性，以及供需環境更趨平衡。

Additionally, our Q2 guidance also includes the near-term impact of our proactive product and compliance-related adjustments across certain business lines in response to evolving compliance frameworks. These introduce some sequential normalization to our financials, but we view them as constructive steps that strengthen our long-term platform quality, user experience, as well as the sustainable growth.

此外，我們的第二季指引亦包含：因應不斷演進的合規框架，我們在部分業務線主動進行產品與合規相關調整所帶來的短期影響。這些調整使財務表現出現一定的環比常態化，但我們視其為有助於強化長期平台品質、用戶體驗以及可持續成長的建設性舉措。

With regard to our international business, higher airfare has reduced the demand for certain long-haul routes. However, part of the volume impact is offset by higher ticketing price.

就國際業務而言，較高的票價降低了部分長程航線的需求。不過，部分量的影響被更高的票務價格所抵銷。

On the hotel side, international accommodation demand remain healthy, support in part by local demand and short-haul travel flows.

在酒店方面，國際住宿需求仍然健康，部分受在地需求與短程旅行流量支撐。

Inbound travel continues to be one of our strongest segments, driven by Asia's source markets, favorable visa policy, improved the connectivity, and growing recognition of China as a destination.

入境旅遊仍是我們最強勁的板塊之一，主要由亞洲客源市場、利好的簽證政策、連通性改善，以及中國作為目的地的認知度提升所驅動。

Looking forward for the second half of this year, visibility remains very limited given the short booking window. We maintain a prudent outlook, expecting many current dynamics to persist with periodic fluctuations across specific markets and travel segments.

展望今年下半年，由於預訂窗口較短，可見度仍然非常有限。我們維持審慎展望，預期目前多項動態將持續存在，並在特定市場與旅遊細分領域出現階段性波動。

To navigate this uneven landscape, we stay focused on disciplined execution, cost control, and continued investment in longer-term growth drivers, including our Trip.com expansion, inbound travel, as well as the AI capabilities.

為了應對這種不均衡的環境，我們將持續聚焦於嚴謹執行、成本控制，並持續投資於更長期的成長驅動因素，包括 Trip.com 的擴張、入境旅遊，以及 AI 能力建設。

We are balancing near-term operational discipline with multiyear strategic investment to stay resilient today and stronger tomorrow.

我們在維持短期營運紀律的同時，也進行多年期的策略性投資，以確保今天具韌性、明天更強大。

Thank you.

謝謝。

Brian Gong, Citi.

Citi 的 Brian Gong。

Good morning, James, Jane, Cindy, and Michelle. Thanks for taking my question. I would like to know more details about our international business. So Trip.com delivered another strong quarter of growth. Could you share the key operational highlights of your international business and how you are thinking about the outlook for overseas markets in 2026? Thank you.

早安，James、Jane、Cindy 和 Michelle。謝謝你們回答我的問題。我想更深入了解我們的國際業務。Trip.com 又交出一個強勁成長的季度。能否分享國際業務的關鍵營運亮點，以及你們如何看待 2026 年海外市場的展望？謝謝。

Sure. Our international business continued to deliver very strong growth in the first quarter. Gross bookings of our international OTA platform increased by approximately 65% year over year, with inbound travel remaining a key driver, growing approximately 90% year over year. This growth was underpinned by robust broad-based demand across key source markets in APAC, Europe, and US.

好的。我們的國際業務在第一季持續實現非常強勁的成長。我們國際 OTA 平台的總預訂額年增約 65%，其中入境旅遊仍是關鍵驅動力，年增約 90%。此成長由亞太、歐洲與美國等主要客源市場廣泛且強勁的需求所支撐。

From an operational perspective, we continue to make steady progress across team areas. Mobile bookings through our APP reached a new record high, reflecting success in strengthening direct traffic and user engagement. At the same time, we improve product capabilities, localize offerings, and enhance service quality across key markets to deepen user trust and drive repeat usage.

從營運角度來看，我們在多個領域持續穩步推進。透過我們 APP 的行動端預訂創下新高，反映我們在強化直連流量與用戶互動方面的成效。同時，我們提升產品能力、在地化供給，並在重點市場強化服務品質，以深化用戶信任並提升復購。

APAC remain the cornerstone for our international business and continue to offer significant longer-term growth opportunities.

亞太仍是我們國際業務的基石，並持續提供顯著的長期成長機會。

Despite periods of macroeconomic volatility in certain markets, we remain focused on providing timely assistance and emergency support to travelers during disruptions, strengthening local operations, and investing in long-term capability for sustainable growth.

儘管部分市場在某些時期出現宏觀經濟波動，我們仍專注於在旅客遭遇中斷時提供即時協助與緊急支援、強化在地營運，並投資長期能力以實現可持續成長。

As our business scales, these achievements are translating into stronger operational efficiencies. Year to date, OurTrip.com has significantly improved its margin profile. The compounding effects of expanding direct traffic, rising global brand awareness, and ongoing product innovations collectively support a structurally stronger profitability profile for our International segment.

隨著業務規模擴大，這些成果正轉化為更強的營運效率。年初至今，OurTrip.com 的利潤率結構已顯著改善。直連流量擴張、全球品牌知名度提升，以及持續的產品創新所帶來的複利效應，共同支持我們國際板塊在結構上更強的獲利能力。

Looking ahead through the rest of the year, we remain optimistic about the longer-term opportunity in the global travel space.

展望今年剩餘時間，我們對全球旅遊市場的長期機會仍保持樂觀。

In 2026, our focus are to further expand across APAC, enhance user experience through AI and product innovation, and continue strengthening our service infrastructure. At the same time, we will maintain a disciplined, ROI-driven approach in other international markets.

在 2026 年，我們的重點是進一步擴張亞太市場，透過 AI 與產品創新提升用戶體驗，並持續強化服務基礎設施。同時，對於其他國際市場，我們將維持嚴謹、以投資報酬率（ROI）為導向的方法。

While macroeconomics and geopolitical conditions may create periodic fluctuations in global travel demand, our focus remains unchanged. We will continue to deliver a reliable travel experience, strengthen our market position, and build a sustainable and profitable international business over the longer-term period.

雖然宏觀經濟與地緣政治情勢可能使全球旅遊需求出現階段性波動，但我們的重點不變。我們將持續提供可靠的旅遊體驗、強化市場地位，並在更長期內打造可持續且具獲利能力的國際業務。

Thank you.

謝謝。

Thank you for the question. That concludes the Q&A session today. I would now like to hand the call back to Michelle for closing remarks.

謝謝你的提問。今天的問答環節到此結束。接下來我想把電話交回 Michelle 作結語。

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

謝謝。感謝各位今天的參與。您可以在 investors.trip.com 找到今天電話會議的逐字稿與網路直播回放。我們期待在 2026 年第二季財報電話會議上再與各位交流。

Thank you, and have a good day. Bye-bye.

謝謝，祝各位有美好的一天。再見。

Thank you.

謝謝。

Thank you.

謝謝。