Trip.com Group Limited (TCOM) 2021 Q4 法說會逐字稿

Thank you all for standing by, and welcome to the Trip.com Group 2021 Q4 Earnings Conference Call. (Operator Instructions) I would now like to hand the conference over to Ms. Michelle Qi, IR Director. Please go ahead.

感謝各位稍候，歡迎參加 Trip.com 集團 2021 年第四季度業績電話會議。（接線員指示）現在我想把會議交給投資者關係總監齊女士（Michelle Qi）。請開始。

Thank you. Good morning, and welcome to Trip.com Group's Fourth Quarter and Full Year of 2021 Earnings Conference Call. Joining me today on the call are Mr. James Liang, Executive Chairman of the Board; Ms. Jane Sun, Chief Executive Officer; and Ms. Cindy Wang, Chief Financial Officer.

謝謝。各位早安，歡迎參加 Trip.com 集團 2021 年第四季度及全年業績電話會議。今天與我一同參會的有董事會執行主席梁建章先生（James Liang）、首席執行官孫潔女士（Jane Sun）以及首席財務官王欣迪女士（Cindy Wang）。

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. 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 statement, except as required under applicable laws.

在本次電話會議中，我們將討論未來展望與經營表現，其中包含根據 1995 年《美國私人證券訴訟改革法案》安全港條款所作的前瞻性陳述。前瞻性陳述具有內在風險與不確定性，因此我們的實際結果可能與今天所表達的觀點存在重大差異。Trip.com 集團向美國證券交易委員會提交的公開文件中列示了若干潛在風險與不確定性。除非適用法律要求，Trip.com 集團不承擔更新任何前瞻性陳述的義務。

James, Jane and Cindy will share now our strategy and business updates, operating highlights and the financial performance for the fourth quarter of 2021 as well as outlook for the first quarter of 2022. After the prepared remarks, we will have a Q&A session.

接下來，James、Jane 和 Cindy 將分享我們的策略與業務最新進展、營運亮點、2021 年第四季度的財務表現，以及 2022 年第一季度的展望。管理層發言結束後，我們將進入問答環節。

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

那麼，我把電話交給 James。James，請。

Thank you, Michelle. Thank you, everyone, for joining us on the call today. Looking back, 2021 was a year full of change, challenges and opportunities. The resurgence of cases, emergence of new virus variants and the intermittent lockdowns set a bumpy path for the global travel industry's recovery and also paved the way for its sustainable development.

謝謝你，Michelle。也謝謝各位今天參加電話會議。回顧 2021 年，這是一個充滿變化、挑戰與機遇的一年。疫情反覆、新病毒變異株出現以及間歇性封控，使全球旅遊業復甦之路顛簸不平，同時也為其可持續發展鋪路。

Despite twists and turns of the pandemic, we have taken the opportunity to further diversify our products, enhance our service quality and upgrade our technology.

儘管疫情一波三折，我們仍把握機會進一步多元化產品、提升服務品質並升級技術能力。

In the China domestic market, we continue to maintain our competitive edge in the long-distance travel market, while also building new strengths in short-haul travel. Our strong performance reflected how much that our core competencies have been further bolstered and that was we are able to unleash new growth potential as long-haul travel recovers.

在中國國內市場，我們持續保持在長途旅行市場的競爭優勢，同時也在短途旅行方面建立新的優勢。我們的強勁表現反映出核心能力進一步增強，並且隨著長途旅行復甦，我們能夠釋放新的成長潛力。

Meanwhile, we are encouraged to see that both user stickiness and user engagement on our content channel further improved. In Q4, the number of daily interactive users of the content channel has more than doubled year-over-year. Increased user interactions and insights sparked the flywheel effect, which will continue to drive up our content conversion rate.

同時，我們也很高興看到內容頻道的用戶黏性與用戶參與度進一步提升。第四季度，內容頻道的日互動用戶數同比增長超過一倍。更多的用戶互動與洞察引發了飛輪效應，將持續推動內容轉化率提升。

In February, the conversion rate has doubled when compared to the same period in 2021. With our quality user base and extensive marketing resources, the content platform will provide long-lasting value to our business partners.

在 2 月份，轉化率較 2021 年同期翻倍。憑藉優質的用戶基礎與廣泛的行銷資源，內容平台將為我們的業務合作夥伴帶來長期價值。

While Omicron development remains uncertain, many countries already started to roll back travel restrictions. Our overseas brands continue to make progress on the path to recovery and have seen further improvements in recent months. In the first 2 months of 2022, air reservations in our overseas brands increased by over 200% year-over-year, and the bookings in Europe have achieved faster growth.

儘管 Omicron 的發展仍存在不確定性，許多國家已開始逐步取消旅行限制。我們的海外品牌在復甦道路上持續取得進展，並在近幾個月進一步改善。2022 年前兩個月，我們海外品牌的機票預訂量同比增長超過 200%，其中歐洲地區的預訂增長更快。

In Asian markets, we are encouraged to see many countries announce plans to relax travel policies. To exploit such opportunities, we will further enhance our product competitiveness, especially for staycation and weekend tours.

在亞洲市場，我們也欣見多個國家宣布放寬旅行政策的計畫。為把握這些機會，我們將進一步提升產品競爭力，尤其是在宅度假（staycation）與週末短途遊方面。

Through effective localized campaigns that have kept our brand top of the mind, we continue to take shares in Asian markets.

透過有效的在地化行銷活動，使我們的品牌保持高曝光與優先被想起，我們持續在亞洲市場提升市佔。

Finally, I would like to share our progress in ESG development. First, we may sustained efforts to promote rural revitalization initiatives with 8 Trip.com Group country retreats already opened by the end of 2021. Second, we strive to build an inclusive workplace. The group has launched a hybrid working model, starting in March, giving qualified employees an option to work remotely on certain days in the week.

最後，我想分享我們在 ESG 發展方面的進展。第一，我們持續推動鄉村振興相關舉措，截至 2021 年底，Trip.com 集團的 8 家鄉村度假村已開業。第二，我們致力於打造包容性的職場環境。集團自 3 月起推出混合辦公模式，讓符合條件的員工可在每週特定日選擇遠端工作。

We believe the promotion of hybrid working is a multi-win for the company, employees and society. It helps improve employee satisfaction without compromising efficiency. It also helps the environmental protection, contributes to families, supports female career development and creates a positive impact on society and the economy.

我們相信推動混合辦公能為公司、員工與社會帶來多贏。它在不影響效率的前提下提升員工滿意度；同時也有助於環境保護、促進家庭福祉、支持女性職涯發展，並對社會與經濟產生正向影響。

Third, we also newly established our ESG Committee to oversee and integrate sustainability practices into our daily business operations.

第三，我們也新成立 ESG 委員會，以監督並將可持續發展實踐整合到日常業務營運之中。

The road to recovery will not always be easy, yet we are prepared to embrace another challenging and exciting year. Over the past 2 years, although the world have taken some detours on its path to recovery, the ups and downs eventually led us to building stronger resilience. Guided by our "locally focused global vision" strategy, we look forward to helping people from every corner of the world to take on their perfect trips very soon.

復甦之路不會總是一帆風順，但我們已準備好迎接又一個充滿挑戰且令人振奮的一年。過去兩年，儘管世界在復甦道路上走了一些彎路，但起伏最終讓我們建立起更強的韌性。在「立足本地、放眼全球」策略指引下，我們期待很快能幫助來自世界各地的人們開啟他們的完美旅程。

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. Let me start with an overview of the performance. I would like to start with a quick overview of Q4 and the full year of 2021. Though the industry experienced the COVID resurgence and a weaker seasonality in Q4, Trip.com Group delivered a solid performance.

謝謝你，James。各位早安。先從業績概覽開始。我想先快速回顧 2021 年第四季度及全年表現。儘管第四季度行業經歷疫情反彈以及季節性走弱，Trip.com 集團仍交出穩健的成績。

In the fourth quarter, our total net revenue remained largely stable year-over-year. The China domestic market was still under a lot of pressure due to new waves of infections and the rapid development of Omicron cases. Nevertheless, we're able to maintain our competitive edge by outpacing the industry performance across business lines.

第四季度，我們的淨營收總額同比基本保持穩定。由於新一輪感染以及 Omicron 病例快速發展，中國國內市場仍承受較大壓力。儘管如此，我們仍能在各業務線的表現上跑贏行業，從而保持競爭優勢。

In Q4, domestic hotel bookings on the Ctrip platform was higher than the pre-COVID 2019 level, exceeding the industry growth by 20% to 25%. Our domestic air bookings also recovered much faster than the market performance.

第四季度，攜程平台的國內酒店預訂量已高於疫情前 2019 年水平，並且較行業增長高出 20% 至 25%。我們的國內機票預訂也比市場整體復甦更快。

For the full year of 2021, our total net revenue increased by 9% year-over-year mainly driven by the recovery of our domestic business. Our core OTA brands achieved a GMV of over RMB 500 billion or USD 78 billion, up close to 30% year-over-year. Thanks to our effective cost control and efficiency improvements, we achieved a positive adjusted EBITDA margin of 6% for the full year of 2021.

2021 年全年，我們的淨營收總額同比增長 9%，主要由國內業務復甦帶動。我們核心 OTA 品牌實現 GMV 超過人民幣 5,000 億元（約 780 億美元），同比增長接近 30%。得益於有效的成本控制與效率提升，我們在 2021 年全年實現 6% 的經調整 EBITDA 正向利潤率。

2021 was an accelerating year for us. In the domestic market, we developed a new strength in short-haul travel and speeded up the construction of content platforms. Putting customers at the center of our business, we also upgraded our loyalty program with expanded reward offerings and to benefit more loyal customers. Meanwhile, our international brands continued to gain market share in the overseas market with higher efficiency.

2021 年對我們而言是加速的一年。在國內市場，我們在短途旅行方面培育了新的優勢，並加快內容平台建設。以客戶為中心，我們也升級了會員忠誠度計畫，擴大獎勵內容，讓更多忠誠客戶受益。同時，我們的國際品牌以更高效率在海外市場持續提升市佔。

Here, I would like to highlight our achievements in 4 areas.

在此，我想重點介紹我們在四個方面的成果。

First, short-haul travel. 2 years into the pandemic, short-haul travel remains popular and continue to be a key contributor to our domestic recovery during the past year. In Q4, our interprovincial hotel bookings grew over 30% compared to the pre-COVID 2019 level, with local hotel bookings increased by over 50%. Such strong performance for short-haul travel extended into the early Chinese New Year holiday, with local hotel reservations increasing by more than 20% year-over-year.

第一，短途旅行。疫情進入第二年後，短途旅行仍然受歡迎，並在過去一年持續成為我們國內復甦的重要貢獻者。第四季度，我們的跨省酒店預訂量較疫情前 2019 年水平增長超過 30%，其中本地酒店預訂增長超過 50%。短途旅行的強勁表現延續至春節假期初期，本地酒店預訂量同比增長超過 20%。

We have further augmented our product offerings to include boutique accommodation, glamping, hiking and other high-quality and innovative travel experiences to meet customers' evolving needs. Meanwhile, we are also joined by more business partners to provide value-added services. Our hotel packages now cover more than 7,000 high-end hotels and is contributing over 40% of reservation to these participating partners.

我們進一步擴充產品供給，涵蓋精品住宿、豪華露營（glamping）、徒步等高品質且創新的旅行體驗，以滿足客戶不斷演變的需求。同時，我們也吸引更多合作夥伴加入，提供增值服務。我們的酒店套餐目前覆蓋超過 7,000 家高端酒店，並為這些參與合作夥伴貢獻超過 40% 的預訂量。

The shortened travel radius gives rise to the demand for more staycations and weekend tours. Making more short-distance travels and taking regular and consistent weekend getaways have become travelers' new habits. Even when long-haul travel sees strong comeback in months when travel curbs were more relaxed, demand for short travel remained high. We expect to see higher recovery potential in both long-haul and short-haul travels in the effective pandemic control.

旅行半徑縮短帶動了更多宅度假與週末短途遊需求。更頻繁的短距離出行以及規律、持續的週末度假已成為旅客的新習慣。即使在旅行限制較為放寬、長途旅行強勢回歸的月份，短途旅行需求仍保持高位。我們預期在有效的疫情管控下，長途與短途旅行都將具備更高的復甦潛力。

Trip.com Group has been well prepared and is well positioned to capture this opportunity to fuel further growth.

Trip.com 集團已做好充分準備，並具備良好佈局以把握這一機遇，推動進一步成長。

Second, content platform. During the past few quarters, we have been accelerating our efforts to construct the content platform by following our 3-step strategy. First, we further enriched the amount of the content contributed by both professional creators and users. The number of KOLs increased by over 25% sequentially in the fourth quarter. Regular users were also encouraged to start sharing content on our platform. Daily average user-generated content from these new creators grew by over 80% sequentially.

第二，內容平台。過去幾個季度，我們依循三步策略加速內容平台建設。第一，我們進一步豐富由專業創作者與用戶共同貢獻的內容量。第四季度，KOL 數量環比增長超過 25%。我們也鼓勵普通用戶開始在平台分享內容。這些新創作者帶來的日均用戶生成內容（UGC）環比增長超過 80%。

Second, we are delighted to see higher user engagement, with the number of average daily interactive users on our content channels more than doubled year-over-year in the fourth quarter. Average viewing duration has also been significantly increased.

第二，我們很高興看到用戶參與度提升：第四季度，我們內容渠道的日均互動用戶數同比增長超過一倍。平均觀看時長也顯著增加。

Third, our content platform is highly synergistic with our core business, supported by our strong supply chain. We were pleased to see the content conversion rate has improved steadily and has doubled its previous year level in February. The content platform also serves as a one-stop marketing hub, where business partners can showcase their products and engage with users through direct interactions.

第三，我們的內容平台在強大供應鏈的支持下，與核心業務具有高度協同效應。我們很高興看到內容轉化率穩步提升，並於2月較去年同期水平翻倍。內容平台同時也是一站式行銷樞紐，業務合作夥伴可在此展示產品，並透過直接互動與用戶交流。

So far, more than 3,000 partners have hosted over 10,000 live streams on the Ctrip platform. All these efforts and achievements made us a very effective and therefore attractive marketing hub for advertising partners. In Q4, our domestic advertising revenue increased over 20% compared to the pre-COVID 2019 level.

截至目前，已有超過3,000家合作夥伴在攜程平台舉辦了逾10,000場直播。這些努力與成果使我們成為非常高效、因此也極具吸引力的行銷樞紐，吸引廣告合作夥伴。在第四季度，我們的國內廣告收入較疫情前的2019年水平增長超過20%。

Third, user benefits. In addition to product innovation and content development, we are also dedicated to strengthening our value proposition to users, especially to our global loyal customers. We upgraded our Ctrip loyalty program last year, aiming to enrich benefit offerings and expand our users' coverage.

第三，用戶權益。除產品創新與內容建設外，我們也致力於強化對用戶的價值主張，尤其是面向全球忠誠客戶。我們於去年升級了攜程會員忠誠計畫，旨在豐富權益供給並擴大用戶覆蓋。

Users are able to redeem their membership points for not only travel-related products, but also rewards across a variety of options. Meanwhile, we also deepened our partnership with business partners, including hotels, airlines, airports, through a connected membership program, which allows members to enjoy privileges from both sides.

用戶可使用會員積分兌換不僅限於旅遊相關產品的多種獎勵。同時，我們也透過聯合會員計畫深化與酒店、航空公司、機場等業務合作夥伴的合作，使會員可同時享受雙方提供的專屬權益。

We are glad to see the number of total Ctrip loyalty members increase by over 20% year-over-year in 2021, with high-level members growing at double digits. Moreover, Ctrip members can also enjoy additional benefit from accommodation reservation under our TripPLUS program, in which about 230,000 hotels have signed up to offer extra discounts and value-added services.

我們很高興看到，2021年攜程會員總數同比增長超過20%，高等級會員實現兩位數增長。此外，攜程會員亦可透過我們的TripPLUS計畫在住宿預訂中享受額外權益，目前約有23萬家酒店已加入，提供額外折扣與增值服務。

Fourth, international business. Over the previous quarters, our international brands have been accelerating the integration of technology and supply chain. Stronger synergy allows us to further improve brand awareness in the overseas market.

第四，國際業務。過去幾個季度，我們的國際品牌加速推進技術與供應鏈整合。更強的協同效應使我們得以進一步提升海外市場的品牌知名度。

In Europe markets, air ticket bookings have enjoyed sequential improvements in the fourth quarter despite the impacts from Omicron development. The recovery has further speeded up after many European countries decided to relax travel restrictions.

在歐洲市場，儘管受到Omicron發展的影響，第四季度機票預訂量仍環比改善。隨著多個歐洲國家決定放寬旅行限制，復甦進一步加速。

Air ticket bookings on our overseas brands increased over 200% year-over-year in the first 2 months of 2022 and grew faster in the European markets. In Asian markets, we are working closely with local suppliers to address the increasing customer need for staycations. In 2021, domestic hotel bookings in the overseas market grew over 30% compared to the pre-COVID 2019 level and achieved around 3-digit growth in Hong Kong, Singapore and the Korean markets.

2022年前兩個月，我們海外品牌的機票預訂量同比增長超過200%，且在歐洲市場增速更快。在亞洲市場，我們與本地供應商緊密合作，以滿足客戶對「宅度假」日益增長的需求。2021年，海外市場的本地酒店預訂量較疫情前的2019年水平增長超過30%，並在香港、新加坡及韓國市場實現約三位數增長。

Meanwhile, our activity offerings in the overseas markets are seeing continuous improvement in 2021, with total amounts increased by 3x year-over-year and covering about 2,000 destinations.

同時，我們在海外市場的活動產品供給於2021年持續改善，總量同比增長3倍，覆蓋約2,000個目的地。

The extensive product offerings inspire more travelers to explore unique local experiences. In 2021, resolutions for global in-destination activities on our platform grew by 30% when compared to the pre-COVID 2019 level.

豐富的產品供給激發更多旅客探索獨特的在地體驗。2021年，我們平台上的全球目的地內活動成交量較疫情前的2019年水平增長30%。

We have also been continuously upgrading our back-end systems and technology capabilities to drive up efficiency across business lines in international markets and to overcome the challenges for the surging customer requests due to the pandemic.

我們也持續升級後端系統與技術能力，以提升國際市場各業務線的效率，並應對疫情期間客戶需求激增所帶來的挑戰。

Using our upgraded system, the AI chatbot in our overseas call centers can now handle nearly 80% of our total requests. Providing reliable and efficient customer service has always been our mission and the driving force behind our business. In 2021, Trip.com's customer satisfactory rate was 90%.

依託升級後的系統，我們海外呼叫中心的AI聊天機器人目前可處理近80%的總請求。提供可靠且高效的客戶服務始終是我們的使命，也是推動業務發展的動力。2021年，Trip.com的客戶滿意度為90%。

Next, I would like to talk about corporate responsibility. Tourism is among the industries hit the hardest by the COVID-19 crisis. 2 years since the onset of the pandemic, the travel industry performance is yet to recover to pre-pandemic levels. However, over the past 3 years, Trip.com Group has proactively stood out and made significant efforts to support the travel ecosystem, to weather the crisis and prepare for the restoration of global travel. We facilitated guaranteed cancellations and covered the losses for our customers and offered financial assistance as well as operational and marketing support to our travel industry partners.

接下來，我想談談企業責任。旅遊業是受COVID-19危機衝擊最嚴重的行業之一。自疫情爆發以來已過去兩年，旅遊行業表現仍未恢復至疫情前水平。然而，在過去三年中，Trip.com集團主動挺身而出，投入大量努力支持旅遊生態系統，共度危機並為全球旅行恢復做好準備。我們推動了有保障的取消政策並承擔客戶損失，同時向旅遊行業合作夥伴提供財務援助以及營運與行銷支持。

As James mentioned, we have achieved several milestones on the way to pursue industry-leading ESG practices in 2021. In March, we launched our 5-year rural revitalization plan, with the target to build 10 countryside retreats for the industry benchmark and to empower 100 more by 2025. These countryside retreats will help boost the local economy by attracting tourists to these areas and creating job opportunities.

正如James所提到的，我們在2021年追求行業領先ESG實踐的道路上取得了多項里程碑。3月，我們啟動了為期5年的鄉村振興計畫，目標是打造10個具有行業標杆意義的鄉村度假目的地，並在2025年前賦能另外100個。這些鄉村度假目的地將透過吸引遊客、創造就業機會來帶動當地經濟。

In June, Trip.com Group joined the UN Global Compact, representing our commitment to create a more sustainable future for the travel industry and society. In October, we were glad to receive a year-end award for gender-inclusive workplace as a recognition of our continued efforts in improving gender equality and inclusion.

6月，Trip.com集團加入聯合國全球契約，彰顯我們致力於為旅遊業與社會創造更可持續未來的承諾。10月，我們很高興獲得年終「性別包容職場」獎項，以表彰我們在提升性別平等與包容方面的持續努力。

Recently, we rolled out a hybrid work model, provided by successful experiments, with the hope to improve employee satisfaction and work efficiency. More importantly, we newly established our ESG Committee, aiming to incorporate sustainability practices, including our future strategic-making processes.

近期，我們在成功試點的基礎上推行混合辦公模式，期望提升員工滿意度與工作效率。更重要的是，我們新成立了ESG委員會，旨在將可持續發展實踐納入包括未來戰略制定在內的流程之中。

As we discussed, every cloud has a silver lining. While uncertainty around the pandemic development remains, the normalization of global travel is right on track. Led by our strategy of "local focus and global vision", our business in the domestic China market is steadily climbing up. On the international front, we will take the lead to prepare for the global travel reopening.

正如我們所討論的，烏雲背後總有一線曙光。儘管疫情發展仍存在不確定性，全球旅行常態化正按計畫推進。在「立足本地、放眼全球」戰略引領下，我們在中國國內市場的業務穩步回升。在國際市場方面，我們將率先做好準備，迎接全球旅行重啟。

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 fourth quarter of 2021, Trip.com Group reported net revenue of RMB 4.7 billion, representing a 6% decrease year-over-year, primarily due to new waves of the pandemic outbreak in certain regions of China. For the full year of 2021, net revenue was RMB 20 billion, representing a 9% increase from 2020, mainly driven by our business recovery in the China domestic market.

謝謝，Jane。各位早上好。2021年第四季度，Trip.com集團實現淨營收人民幣47億元，同比下降6%，主要由於中國部分地區出現新一輪疫情反覆。2021年全年，淨營收為人民幣200億元，較2020年增長9%，主要由中國國內市場業務復甦所帶動。

Accommodation reservation revenue for the fourth quarter of 2021 was RMB 1.9 billion, representing a 14% decrease year-over-year, recovering to 65% of the 2019 level. For the full year of 2021, accommodation reservation revenue was RMB 8.1 billion, representing a 14% increase from 2020. Domestic hotel bookings have nearly fully recovered to 2019 levels for the fourth quarter mainly driven by the growth of short-haul travel.

2021年第四季度，住宿預訂收入為人民幣19億元，同比下降14%，恢復至2019年水平的65%。2021年全年，住宿預訂收入為人民幣81億元，較2020年增長14%。第四季度國內酒店預訂量在短途旅行增長的帶動下，已幾乎完全恢復至2019年水平。

In the fourth quarter, hotel bookings for the intra-provincial stays increased by over 30% compared to the same period in 2019, with local hotel bookings growing by over 50%.

第四季度，省內住宿的酒店預訂量較2019年同期增長超過30%，其中本地酒店預訂量增長超過50%。

Transportation ticketing revenue for the fourth quarter of 2021 was RMB 1.5 billion, representing an 11% decrease year-over-year, recovering to 44% of the 2019 level. For the full year of 2021, transportation ticketing revenue was RMB 6.9 billion, representing a 3% decrease from 2020. Domestic transportation recovery momentum was disrupted by a resurgence of COVID cases for the fourth quarter, while international air business saw sequential improvement compared to the previous quarter, mainly contributed by the recovery in Europe.

2021年第四季度，交通票務收入為人民幣15億元，同比下降11%，恢復至2019年水平的44%。2021年全年，交通票務收入為人民幣69億元，較2020年下降3%。第四季度國內交通復甦勢頭受到COVID病例反彈的干擾；而國際機票業務較上一季度環比改善，主要受益於歐洲市場復甦。

Packaged-tour revenue for the fourth quarter of 2021 was RMB 177 million, representing a 32% decrease year-over-year, recovering to 22% of the 2019 level. For the full year of 2021, the packaged-tour business was RMB 1.1 billion, representing an 11% decrease from 2020.

2021年第四季度，跟團遊（打包旅遊）收入為人民幣1.77億元，同比下降32%，恢復至2019年水平的22%。2021年全年，跟團遊（打包旅遊）業務收入為人民幣11億元，較2020年下降11%。

Corporate travel revenue for the fourth quarter of 2021 was RMB 367 million, representing a 20% increase year-over-year, recovering to 98% of the 2019 level. For the full year of 2021, corporate travel revenue was RMB 1.3 billion, representing a 54% increase from 2020. This segment continued to gain momentum, benefited by the expansion of client pool and increase of cross-selling to accommodation products.

2021年第四季度，商旅收入為人民幣3.67億元，同比增長20%，恢復至2019年水平的98%。2021年全年，商旅收入為人民幣13億元，較2020年增長54%。該業務板塊持續增強動能，受益於客戶群擴張以及對住宿產品交叉銷售的提升。

Compared to the same period in 2019, accommodation bookings on Ctrip corporate travel maintained about triple-digit growth for both Q4 and full year of 2021. Excluding share-based compensation charges, our total adjusted operating expenses was flattish compared to the previous quarter and decreased by 33% compared to the same period in 2019. This reflects our effective cost control and efficient operating management across business lines.

與2019年同期相比，攜程商旅在2021年第四季及全年之住宿預訂均維持約三位數成長。剔除股份基礎薪酬費用後，我們的調整後營運費用總額較上一季大致持平，並較2019年同期下降33%。這反映出我們在各業務線上的有效成本控管與高效率營運管理。

Adjusted product development expenses for the fourth quarter decreased by 5% from the previous quarter. It achieved a saving of 19% when compared to the same period in 2019 as we continue to run lean and maintain a stable headcount in the team. Adjusted sales and marketing expenses for the fourth quarter maintained stable from the previous quarter and decreased by 49% compared with the same period in 2019. The saving comes from our prudent spending protocol in response to the uncertainty brought about by the pandemic. Adjusted G&A expenses for the fourth quarter maintained stable from the previous quarter. It has a saving of 22% when compared to the same period in 2019.

第四季調整後產品研發費用較上一季下降5%。由於我們持續精實運作並維持團隊人力穩定，與2019年同期相比節省19%。第四季調整後銷售及行銷費用較上一季維持穩定，並較2019年同期下降49%。此節省來自我們因應疫情帶來不確定性而採取的審慎支出規範。第四季調整後一般及行政費用較上一季維持穩定，與2019年同期相比節省22%。

Adjusted EBITDA was RMB 54 million for the fourth quarter and RMB 1.3 billion for the full year of 2021. Adjusted EBITDA margin was 1% for the fourth quarter and 6% in 2021.

第四季調整後EBITDA為人民幣5,400萬元，2021年全年為人民幣13億元。第四季調整後EBITDA利潤率為1%，2021年為6%。

Diluted loss per ordinary share and per ADS were RMB 1.29 or USD 0.20. for the fourth quarter. Excluding share-based compensation charges and fair value changes of equity security investments and exchangeable senior notes, non-GAAP diluted earnings per ordinary share and per ADS were RMB 0.48 or USD 0.08 for the fourth quarter.

第四季每股普通股及每股ADS攤薄虧損為人民幣1.29元或美元0.20元。剔除股份基礎薪酬費用以及權益證券投資與可交換優先票據的公允價值變動後，第四季非GAAP每股普通股及每股ADS攤薄收益為人民幣0.48元或美元0.08元。

As of December 31, 2021, the balance of cash and cash equivalents, restricted cash, short-term investment, held-to-maturity time deposits and financial products was RMB 63.9 billion or USD 10 billion.

截至2021年12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639億元或美元100億元。

Now turning to the first quarter of 2022. We would like to share some color of our business. Entering into 2022, we are delighted to see that our domestic business sustained better than industry performance in the first 2 months. Domestic hotel bookings increased by over 20% year-over-year and was close to full recovery compared to 2019. Domestic air reservations also grew at high single digits year-over-year. However, another round of COVID outbreaks in March slowed down the recovery pace of domestic travel industry, especially in top-tier cities.

接下來談2022年第一季。我們想分享一些業務近況。進入2022年，我們很高興看到國內業務在前兩個月的表現優於行業水準。國內酒店預訂同比增長超過20%，相較2019年已接近全面復甦。國內機票預訂亦同比錄得高個位數增長。然而，3月新一輪COVID疫情爆發放緩了國內旅遊業的復甦步伐，尤其是在一線城市。

Outbound travel remains rather muted under current conditions.

在目前條件下，出境旅遊仍相當低迷。

Outside of China, the recovery momentum in Europe and the U.S. remained robust. Our international brands showed further improvement during the first 2 months, benefiting from the relaxation of travel restrictions and vaccine rollouts.

在中國以外，歐洲與美國的復甦動能仍然強勁。我們的國際品牌在前兩個月進一步改善，受惠於旅遊限制放寬及疫苗接種推進。

The path to recovery is bright but never straight. Under the fast-changing market conditions, we have adopted strict cost control to drive up operational efficiency across brands over the past 2 years. All these efforts allow us to quickly accommodate industry changes and put us in a favorable position to grow faster after COVID. Going forward, we will remain highly adaptive to identify emerging market trends and to seize growth opportunities.

復甦之路光明但從不筆直。在快速變化的市場環境下，過去兩年我們採取嚴格的成本控管，以提升各品牌的營運效率。這些努力使我們能快速因應行業變化，並讓我們在COVID之後更快成長方面處於有利位置。展望未來，我們將保持高度敏捷，以辨識新興市場趨勢並把握成長機會。

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

以上，接線員，請開放提問。

(Operator Instructions) Your first question comes from Alex Yao from JPMorgan.

（接線員指示）第一個問題來自摩根大通（JPMorgan）的Alex Yao。

How does the current pandemic situation in China change your expectation on China's border reopening and outbound travel recovery?

中國目前的疫情情況如何改變你們對中國邊境重開及出境旅遊復甦的預期？

Although we are optimistic about pent-up demand for international travel, we do not expect change in international travel policy in near term as we are still seeing waves of COVID outbreaks in multiple regions in the country, which continues to put travel industry under pressure. On the other side, by now, close to 90% of the China's total population are fully vaccinated with 2 shots. Over 45% of the total population has received the booster shot. With the current health care measures and, importantly, lower mortality rate, we are finally seeing the coronavirus becoming a, hopefully, more manageable threat.

儘管我們對國際旅遊的被壓抑需求持樂觀態度，但短期內我們不預期國際旅遊政策會有變化，因為我們仍看到國內多個地區出現一波又一波的COVID疫情，持續對旅遊業造成壓力。另一方面，截至目前，中國總人口中接近90%已完成兩劑全程接種，超過45%的人口已接種加強針。配合目前的醫療防疫措施，且更重要的是較低的死亡率，我們終於看到冠狀病毒有望成為一個更可控的威脅。

According to Mr. Zeng Guang, former Chief Epidemiologist at the China CDC, there will be a road map for Chinese-style living with COVID in the near future at appropriate time. Potential measures may include travel bubbles and experimental opening measures in selected cities as early as summer. Foreign Minister Wang Yi also mentioned during 2 sessions about plan to launch the electronic international travel health certificates to facilitate cross-border travel that is safe, healthy and convenient.

根據中國疾控中心前首席流行病學專家曾光先生表示，在適當時機，近期將會推出「中國式與COVID共存」的路線圖。潛在措施可能包括旅遊泡泡，以及最早於夏季在部分城市試點開放。外交部長王毅亦在兩會期間提到，計畫推出電子版國際旅行健康證明，以促進安全、健康、便利的跨境旅行。

Hong Kong is currently going through the Omicron outbreak. It is estimated that it may take 2 to 3 months to bring the situation under control. Meanwhile, we are still optimistic about the Hong Kong-Mainland border reopening, and I think it has the potential to do so in the second half of 2022. Although we are optimistic about pent-up demand for international travels, we do not expect changes in the international travel

香港目前正經歷Omicron疫情，估計可能需要2至3個月才能控制局勢。同時，我們仍對香港與內地邊境重開保持樂觀，我認為其有可能在2022年下半年實現。儘管我們對國際旅行的被壓抑需求持樂觀態度，但我們不預期國際旅行會有變化

(technical difficulty)

（技術問題）

[We can] move on to the next question.

【我們可以】進入下一個問題。

Your next question comes from Alex Poon from Morgan Stanley.

下一個問題來自摩根士丹利（Morgan Stanley）的Alex Poon。

My question is a follow-up on the border policy. With that in mind, how should we think about the revenue recovery in 2022 and 2023 compared to 2019?

我的問題是關於邊境政策的追問。在此背景下，我們應如何看待2022年與2023年的營收復甦，相較於2019年？

For the domestic China market, as we shared in the prepared remarks, we are more cautious about near-term travel momentum. Meanwhile, we have recently seen the authority making efforts to reduce potential disruption from Omicron cases such as relaxing unnecessary quarantine and lockdown measures and approving the use of Pfizer's COVID pill.

就中國國內市場而言，正如我們在事先準備的發言中所分享的，我們對短期旅遊動能更為審慎。同時，我們近期也看到主管部門正努力降低Omicron病例可能帶來的干擾，例如放寬不必要的隔離與封控措施，並批准使用輝瑞（Pfizer）的COVID口服藥。

On the global front, with more countries deciding to remove restrictions and live with COVID, the global travel market has set foot on its way to recover. While we could not rule out the possibility that there will be other virus variants or spikes in cases followed by revival of lockdowns, we believe temporary headwinds will not affect the overall recovery trajectory, especially in the long run.

在全球層面，隨著更多國家決定取消限制並與COVID共存，全球旅遊市場已踏上復甦之路。雖然我們無法排除出現其他病毒變異株或病例激增、進而導致封鎖措施再起的可能性，但我們相信短期逆風不會影響整體復甦軌跡，尤其是長期而言。

So we think pretty much the current situation is in line with our previous expectation that the world should be more normalized in, for example, 2023 or 2024. In the meantime, we will make efforts to improve our competitiveness, especially in the short-haul business, and customize the travel for the China domestic market. And we'll continue to increase our advertising revenues.

因此我們認為，目前情況基本符合我們先前的預期，例如全球在2023年或2024年應會更趨於常態化。同時，我們將努力提升競爭力，特別是在短程業務方面，並為中國國內市場客製化旅遊產品。我們也將持續提升廣告收入。

And for the international business, we will do ourselves to catch up the pent-up demand for the international business. We believe these will be the main drivers for our sustainable growth beyond COVID.

至於國際業務，我們將全力把握國際業務的被壓抑需求。我們相信這些將是我們在COVID之後實現可持續成長的主要驅動力。

Your next question comes from Ronald Keung from Goldman Sachs.

下一個問題來自高盛（Goldman Sachs）的Ronald Keung。

I want to ask about the domestic competitive landscape that I think we have been focusing on regional travel, nearby travel and penetrate into lower-tier cities. So how is the recent development? And could you also share your performance in high-star hotels versus low-end, low-star hotels?

我想問一下國內競爭格局。我認為我們一直聚焦於區域旅遊、周邊旅遊，以及向低線城市滲透。那麼近期進展如何？另外，你們能否分享一下在高星級酒店與低端、低星級酒店方面的表現？

Sure. Thanks to the regulatory environment, we are -- benefited from a healthy -- more healthy and rational competition within the domestic market. Everyone is focusing on its strength. So we look at the high-end hotel. We have been helping our partners try to upsell products that is helpful in this very challenging environment.

當然。謝謝。受惠於監管環境，我們——在國內市場中受益於更健康、更理性——更健康且更理性的競爭。大家都在聚焦自身優勢。因此我們看高端酒店方面，我們一直在協助合作夥伴嘗試提升客單價（upsell）產品，這在當前非常具挑戰的環境下很有幫助。

For example, while the hotel is being sold, we also help our partners to sell restaurants and also spa product, et cetera. So while our guests are staying with the high-end hotel, they have a good experience, not only enjoy the rooms but also our total package. And based on our visibility, the hotels that participate in this kind of packages sales have been benefited from these promotions. And to an extent we can, we help them to alleviate the challenge by upselling these products for them.

例如，在銷售酒店房間的同時，我們也協助合作夥伴銷售餐廳、SPA等產品。如此一來，當旅客入住高端酒店時，能獲得良好體驗，不僅享受客房，也能享受我們的整體套裝。根據我們的觀察，參與此類套裝銷售的酒店已從這些促銷中受益。在我們能力所及範圍內，我們透過為其加售這些產品，協助他們緩解挑戰。

In corporate travel, again, the environment is challenging, but yet our growth is very sizable. So we are also helping our business partners to get the business travelers to an extent there is still solid demand in the environment that permits.

在商旅方面，環境同樣具挑戰，但我們的成長仍然相當可觀。因此，在環境允許且仍有穩健需求的情況下，我們也在協助業務合作夥伴獲取商務旅客。

And in the lower-tier cities, our penetration is [excessive]. We have seen intra-province and the local hotel growth to be significant, as we stated in the previous remarks. The intra-province and local hotel growth represents about 30% and 50% year-over-year growth, respectively. So we will continue on with our efforts in penetrating into our domestic market while preparing for the outbound travel, for its recovery when time is ready.

而在低線城市，我們的滲透是【過度的】。正如我們在先前發言中所述，我們看到省內遊與本地酒店的成長相當顯著。省內遊與本地酒店的同比增長分別約為30%與50%。因此，我們將持續推進對國內市場的滲透，同時為出境旅遊在時機成熟時的復甦做好準備。

Your next question comes from Thomas Chong from Jefferies.

您的下一個問題來自 Jefferies 的 Thomas Chong。

Given the uncertainties in the macro environment, how should we think about the cost trend in 2022?

鑑於宏觀環境的不確定性，我們應該如何看待 2022 年的成本趨勢？

Thank you, Thomas. Thanks to our largely flexible cost and expense structure as well as the efficient operating management, during the past few quarters of the pandemic, we have streamlined our operations across business lines in addition to certain adjustments related to COVID. In addition, our improvement on content, cross-selling and technology have further lifted our overall marketing efficiencies.

謝謝你，Thomas。得益於我們高度彈性的成本與費用結構以及高效的營運管理，在疫情過去幾個季度中，我們在各業務線精簡了營運，並進行了若干與 COVID 相關的調整。此外，我們在內容、交叉銷售與技術方面的提升，進一步提高了整體行銷效率。

Going forward, we continue to expect to have a very disciplined and flexible cost structure for the year 2022, especially for the -- our mature -- comparatively more mature domestic market. We will continue strengthening our cost control and expect to see no increase or even decrease in the total headcount to serve the domestic market. In the overseas market, we may slightly increase our total investment to capture the pent-up demand depending on the growth momentum and business recoveries in that market.

展望未來，我們仍預期在 2022 年保持非常嚴謹且具彈性的成本結構，尤其是針對我們相對更成熟的國內市場。我們將持續加強成本管控，並預期服務國內市場的總人頭不會增加，甚至可能下降。在海外市場方面，我們可能會依據該市場的成長動能與業務復甦情況，為了把握被壓抑的需求而小幅增加總投資。

For the sales and marketing expenses, which are largely discretional, and it will be adjusted in accordance to the business recoveries. For example, currently, based on the current situation for the domestic market, we almost minimized our total spending on the sales and marketing for the domestic market. But same compared with the headcount, we may slightly increase our investment to capture the pent-up demand for the overseas total -- for the overseas international market. But overall, especially for 2022, you will expect a very disciplined total cost for our operations.

至於銷售與行銷費用，這部分在很大程度上屬於可自行裁量，並將隨著業務復甦情況進行調整。舉例來說，就目前國內市場的情況而言，我們幾乎已將國內市場的銷售與行銷總支出降到最低。但同樣地，與人頭配置類似，我們可能會為了把握海外國際市場被壓抑的需求而小幅增加投入。整體而言，特別是在 2022 年，您將會看到我們營運總成本非常嚴謹。

Your next question comes from James Lee from Mizuho.

您的下一個問題來自瑞穗（Mizuho）的 James Lee。

Great. If I can squeeze in 2 here quickly. On your hybrid work plan, can we get a sense of how much of your employee base has this option? Any implication to your cost structure here? And secondly, anything you learned from the recent 2 session in National Congress a few weeks ago that could provide a positive lift to travel industry long term in terms of government investing in technology for tourism or any potential physical support for the hospitality industry?

很好。我想快速塞兩個問題。關於你們的混合辦公計畫，我們能否了解有多少員工可選擇這個方案？對你們的成本結構有何影響？第二，幾週前剛結束的全國兩會，你們是否有任何收穫，可能在長期為旅遊業帶來正面提振，例如政府在旅遊科技方面的投資，或對飯店與住宿產業的任何實體支持？

Sure. Thanks, James. James will answer the first question, and I will take the second one.

好的，謝謝你，James。第一個問題由 James 來回答，第二個問題我來回答。

Yes. We are glad to be the first Internet company in Mainland China to adopt such a comprehensive hybrid working model. We believe hybrid work model will profoundly impact the future work-life balance with huge potential and advantages. Hybrid work has already been rolled out in our China office earlier this month. Business line managers will decide how to pick up hybrid work model that will benefit their operation the most. Employees will then have the option to apply for working with only 1 to 2 days a week. Salary calculation and performance evaluation methodology will remain unchanged.

是的。我們很高興成為中國大陸第一家採用如此全面混合工作模式的網際網路公司。我們相信混合工作模式將深刻影響未來的工作與生活平衡，具有巨大的潛力與優勢。混合工作已於本月初在我們中國辦公室推行。各業務線主管將決定如何採用最有利於其營運的混合工作模式。員工之後可選擇申請每週僅到辦公室 1 至 2 天。薪資計算與績效評估方法將維持不變。

The new work model will also be implemented in our global offices. The new policy is a result of a series of experiments that we have conducted over the years. We are glad to see job satisfaction and happiness increased without compromising work efficiency. It also helps to lower labor turnover by 30% to 50%.

新的工作模式也將在我們的全球辦公室實施。這項新政策源自我們多年來進行的一系列實驗。我們很高興看到在不影響工作效率的情況下，工作滿意度與幸福感有所提升。同時也有助於將人員流動率降低 30% 至 50%。

Promoting hybrid working is not only a win-win for the companies and employees. It also has the potential to reduce traffic congestion, alleviate high housing prices, and it contributes to female career development and families. With such positive and far-reaching impact on society and economy, we truly hope hybrid work can be adopted by more Chinese companies in the future.

推動混合辦公不僅對公司與員工是雙贏，也有潛力減少交通壅塞、緩解高房價，並有助於女性職涯發展與家庭。鑑於其對社會與經濟的正面且深遠影響，我們真心希望未來能有更多中國企業採用混合工作。

Thank you, James. As we said, Trip.com takes tremendous social responsibility. While we are facing a lot of challenges during this special time, we have established many policies that is very friendly and supportive for our small- and medium-sized partners. For example, we established a RMB 1 billion partnership fund during the very difficult time to help our partners with their cash flow. We also established a RMB 10 billion loan with the support from the major banks, partners in support of small- and medium-sized partners.

謝謝你，James。正如我們所說，Trip.com 承擔重大的社會責任。在這個特殊時期我們面臨許多挑戰，但我們已建立多項對中小型合作夥伴非常友善且具支持性的政策。例如，在非常艱難的時期，我們設立了人民幣 10 億元的合作夥伴基金，協助合作夥伴的現金流。我們也在主要銀行的支持下，設立了人民幣 100 億元的貸款，支持中小型合作夥伴。

And thirdly, we also try to build a countryside result and helping our area, in the remote area, by bringing affluent customers from the area that have economic development to the area that is less developed so that we can create job opportunities in this remote area and helping the local workers with their salary, with the support for their families. So continuously, we will try to build an ecosystem not only by giving the donation and money into the ecosystem but also create jobs which is sustainable to help this area with their sustainability and for the common prosperity. And our efforts will be enhanced throughout the year.

第三，我們也嘗試推動鄉村振興，透過把經濟較發達地區的高消費客群帶到欠發達的偏遠地區，為當地創造就業機會，並在支持其家庭的同時，幫助當地勞工提升收入。因此，我們將持續打造一個生態系，不僅是捐助與投入資金，更要創造可持續的就業，協助這些地區實現可持續發展並促進共同富裕。我們的努力將在全年持續加強。

Your next question comes from Brian Gong from Citi.

您的下一個問題來自花旗（Citi）的 Brian Gong。

So my question is we have made quite decent progress on our content platform. Can you give some more updates on our content strategy? What is our monetization plan over short term and long term?

我的問題是：我們在內容平台方面已取得相當不錯的進展。能否再多更新一下我們的內容策略？短期與長期的變現計畫是什麼？

Sure. The content strategy is very important for us, and we have seen very positive progress in this area. First of all, our KOLs have increased by 25% sequentially in Q4. Secondly, the UGC by the new creators also increased by more than 80% compared to Q3. And thirdly, almost 30% of our app unique visitors tried to view our content channel. And fourthly, our daily interactions by our users doubled year-over-year. And lastly, we have seen that the conversion rate from our content to transaction is extremely high, which is the highest in the industry.

好的。內容策略對我們非常重要，我們也在這方面看到非常正面的進展。首先，我們的 KOL 在第四季較上一季增加了 25%。第二，新創作者帶來的 UGC 相較第三季增加超過 80%。第三，我們 App 的獨立訪客中，接近 30% 嘗試瀏覽我們的內容頻道。第四，使用者的每日互動量年增翻倍。最後，我們看到從內容到交易的轉化率極高，為業界最高。

So content strategy works very well. And we try to provide one-stop shopping platform not only on the fulfillment on the transaction but also from the get-go while our customers are researching, trying to decide where to go, they can come to our site directly and find their inspiration. So we will continuously invest in our content strategy.

因此內容策略運作得非常好。我們致力於提供一站式平台，不僅在交易履約端提供服務，也從一開始就介入：當客戶在研究、決定要去哪裡時，就能直接到我們的平台尋找靈感。因此我們將持續投入內容策略。

Your next question comes from Tian Hou from TH Capital.

您的下一個問題來自 TH Capital 的 Tian Hou。

Just one question. As global markets reopen, so what will be Ctrip's or Trip.com's competitive advantage to gain more market share in overseas markets, not this year but in the next several years?

只有一個問題。隨著全球市場重新開放，未來幾年（不是今年，而是接下來幾年）攜程或 Trip.com 在海外市場取得更多市占的競爭優勢會是什麼？

Sure. If you look at our portfolio, we have 4 parts. The first one is Chinese people travel within China, which we discussed already. The second one is Chinese people travel abroad, which we believe Trip.com is in a very good position when the border opens. The third one is to attract customers around the world into China, which is to develop the inbound business. We are very glad that our nation have adopted the 14th 5-year plan and put the -- attracting the inbound customer as one of the key strategy going forward. And we will support our government in preparation to attract more customers abroad into China.

好的。如果看我們的業務組合，可分為四個部分。第一是中國人國內旅遊，我們已經討論過。第二是中國人出境旅遊，我們相信在邊境開放時 Trip.com 具備非常有利的位置。第三是吸引全球旅客來中國，也就是發展入境業務。我們很高興國家已採納「十四五」規劃，並將吸引入境旅客作為未來的關鍵策略之一。我們也將配合政府，為吸引更多海外旅客來中國做好準備。

And the last one is foreign to foreign, which is to support our customers from one country to another. And if we look at our global operation, the travel in the area that is already opened up, the growth is very strong. We have seen 3 digits growth in Europe, in many other countries. So we're very much -- we'll work very hard with our local partners to make sure our service, our technology and also our product will be ready to address the increased demand in the global places.

最後一部分是「外國到外國」，也就是支持我們的客戶從一個國家前往另一個國家。從我們的全球營運來看，在已經開放的地區，旅遊成長非常強勁。我們在歐洲以及許多其他國家都看到三位數的成長。因此我們將與當地合作夥伴密切合作，確保我們的服務、技術與產品都已準備就緒，以因應全球各地增加的需求。

That does conclude our question-and-answer session. At this time, I'll now hand back to Michelle Qi for closing remarks.

以上為問答環節的結束。接下來我將把時間交回給 Michelle Qi 作結語。

Thank you. Thank you, everyone, for joining us today. You can find the transcript and the webcast of today's call on investors.trip.com. We look forward to speaking with you on our first quarter of 2022 earnings call. Thank you, and have a good day.

謝謝。感謝各位今天的參與。您可以在 investors.trip.com 上找到今天電話會議的逐字稿與網路直播回放。我們期待在 2022 年第一季財報電話會議上再與各位交流。謝謝，祝您有美好的一天。

Thank you very much.

非常感謝。

That does conclude our conference for today. Thank you so much for participating. You may now disconnect.

今天的電話會議到此結束。非常感謝您的參與。您現在可以掛線。