Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to __________ OR ☐ SHELL COMPANY REPORT PURSU ...

Trip.com Group Limited (NASDAQ:TCOM) Q4 2021 Earnings Conference Call March 23, 2022 8:00 PM ET Company Participants Michelle Qi - Senior IR Director James Liang - Co-Founder & Executive Chairman Jane Sun - CEO Cindy Wang - CFO and EVP Conference Call Participants Alex Yao - JPMorgan Alex Poon - Morgan Stanley Ronald Keung - Goldman Sachs Thomas Chong - Jefferies James Lee - Mizuho Securities Brian Gong - Citigroup Tian Hou - TH Data Capital Operator Thank you all for standing by, and welcome to the ...

Trip.com Group Limited (NASDAQ:TCOM) Q3 2021 Earnings Conference Call December 15, 2021 7:00 PM ET Company Participants Michelle Qi - Head of Investor Relations James Liang - Co-Founder and Executive Chairman Jane Sun - Chief Executive Officer Cindy Wang - Executive Vice President and Chief Financial Officer Conference Call Participants Thomas Chong - Jefferies James Lee - Mizuho Securities Brian Gong - Citi Ronald Keung - Goldman Sachs Alex Yao - JPMorgan Operator Thank you for standing by and welcome to t ...

Financial Data and Key Metrics Changes - In Q2 2021, total net revenue increased by 86% year-over-year and 43% quarter-over-quarter, driven by strong recovery in China's domestic market [10][20] - Accommodation reservation revenue was RMB 2.5 billion, a 96% increase year-over-year, recovering to 72% of the 2019 level [20] - Transportation ticketing revenue reached RMB 2.1 billion, an 80% increase year-over-year, recovering to 61% of the 2019 levels [21] - Gross margin improved to 79% from 75% in the previous quarter, driven by strong top-line recovery and improved operating efficiency [23] - Adjusted EBITDA for Q2 was RMB 916 million, compared to RMB negative 216 million in the previous quarter [24] Business Line Data and Key Metrics Changes - Domestic hotel and air ticket GMV increased by about 150% year-over-year, with bookings up double digits compared to pre-COVID levels [10][11] - Corporate travel revenue grew by 141% year-over-year, driven by strong growth in accommodation bookings [22] - Packaged tour revenue increased by 182% year-over-year, recovering to 35% of the 2019 level [21] Market Data and Key Metrics Changes - Domestic hotel bookings in non-Guangdong areas were up approximately 30% compared to the same period in pre-COVID 2019 [11] - Local vacation travel saw local hotel booking grow nearly 80% versus pre-COVID levels [11] - International markets, particularly Europe and the U.S., showed significant improvement in air ticket bookings, with several countries surpassing 2019 levels [16] Company Strategy and Development Direction - The company is focusing on the domestic market, enhancing supply chain capabilities, content, and technology to support growth beyond the pandemic [12][13] - A five-year rural revitalization initiative was launched to boost local tourism and support low-income communities [6] - The company aims to leverage its content to inspire travelers and improve service quality, enhancing the overall booking experience [9] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the domestic travel market, supported by rising vaccination rates and relaxed travel restrictions [4][7] - The company anticipates that the new regulatory environment will foster fair competition and innovation in the industry [5][43] - Management noted that while outbound travel remains muted, there are promising signs of recovery in international markets [30] Other Important Information - The company has donated three million medical masks and hundreds of oxygen concentrators to support global COVID-19 efforts [19] - As of June 30, 2021, the balance of cash and cash equivalents was RMB 75 billion or U.S. $12 billion [25] Q&A Session Summary Question: What is the strategy for international recovery? - The company is pursuing a local focus, global vision strategy, with confidence in the recovery of domestic markets compensating for muted outbound travel [28][29] Question: How is the content supply ecosystem being developed? - The company has enriched content offerings, with total content bookings nearly doubling and user engagement improving significantly [31][32] Question: Can management break down the non-GAAP operating margin? - The company targets a normalized margin level of 20% to 30%, with healthy margins in the domestic business and expectations for international recovery [36][37] Question: What is the competitive landscape in lower-tier cities? - The company is penetrating lower-tier cities, with significant cross-selling between transportation and hotel bookings, and is seeing strong engagement from Generation Z [39][40] Question: Thoughts on the regulatory environment? - The company supports new regulations, believing they will foster a healthy growth environment and not significantly impact existing business practices [42][43] Question: Any changes in the competitive landscape due to regulations? - Management believes the new regulations will create a transparent and fair environment for all players in the industry [45][46]

Financial Performance - In Q2 2021, Trip.com Group reported net revenue of RMB 5.9 billion (USD 912 million), an increase of 86% year-over-year and 43% quarter-over-quarter, driven by strong recovery in the domestic market [4]. - Total revenue for the three months ended June 30, 2021, reached RMB 5,892 million, a 86.5% increase compared to RMB 3,162 million for the same period in 2020 [13]. - Net income for the three months ended June 30, 2021, was RMB 326 million, compared to a net loss of RMB 688 million for the same period in 2020 [13]. - The company reported a net loss attributable to shareholders of RMB 659 million for the three months ended June 30, 2021, compared to a net loss of RMB 472 million for the same period in 2020 [14]. - The company recorded a net loss attributable to Ctrip of RMB 647 million for the six months ended June 30, 2021, a substantial improvement from a net loss of RMB 5,829 million in the same period of 2020 [15]. - The company reported a diluted loss per share of RMB 0.34 for the three months ended June 30, 2021, a significant improvement from a loss of RMB 1.93 in the same period of 2020 [16]. Gross Margin and EBITDA - The company's gross margin for Q2 2021 was 79%, up from 72% in Q2 2020 and 75% in Q1 2021 [5]. - Adjusted EBITDA for Q2 2021 was RMB 916 million (USD 142 million), with an adjusted EBITDA margin of 16%, compared to 4% in the same period last year [6]. - Adjusted EBITDA for the three months ended June 30, 2021, was RMB 916 million, with an adjusted EBITDA margin of 16%, compared to a negative RMB 216 million and -5% margin in the previous quarter [15]. Expenses - R&D expenses for Q2 2021 were RMB 2.2 billion (USD 345 million), representing 38% of net revenue, reflecting an increase of 24% year-over-year [5]. - Sales and marketing expenses for Q2 2021 were RMB 1.4 billion (USD 217 million), up 112% year-over-year, indicating increased investment in marketing activities [5]. - Operating expenses for the three months ended June 30, 2021, totaled RMB 4,341 million, compared to RMB 2,975 million for the same period in 2020, indicating a 46% increase [13]. - Research and development expenses for the three months ended June 30, 2021, were RMB 181 million, compared to RMB 252 million for the same period in 2020 [14]. Market and Growth Strategy - Trip.com Group's domestic travel market shows strong potential for growth, with a focus on enhancing supply chain, content, service quality, and technology [3]. - The company plans to adapt to post-pandemic traveler needs and maximize its social impact while increasing overall value [3]. - The company is focusing on expanding its market presence and enhancing its product offerings to drive future growth [13]. - The company plans to continue expanding its market presence and investing in new technologies and products to enhance user experience and drive growth [15]. Assets and Liabilities - As of June 30, 2021, the total assets of Trip.com Group amounted to RMB 207,005 million (approximately USD 32,061 million), an increase from RMB 187,249 million as of December 31, 2020 [11]. - The total liabilities increased to RMB 95,675 million (approximately USD 14,818 million) as of June 30, 2021, compared to RMB 85,682 million as of December 31, 2020 [12]. - The total equity attributable to shareholders rose to RMB 110,395 million (approximately USD 17,098 million) as of June 30, 2021, up from RMB 100,354 million as of December 31, 2020 [12]. - Cash, cash equivalents, and restricted cash increased to RMB 27,696 million (approximately USD 4,290 million) as of June 30, 2021, from RMB 19,415 million as of December 31, 2020 [11]. - Short-term investments also saw an increase, reaching RMB 35,286 million (approximately USD 5,465 million) as of June 30, 2021, compared to RMB 24,820 million as of December 31, 2020 [11]. - The net accounts receivable increased to RMB 5,339 million (approximately USD 827 million) as of June 30, 2021, from RMB 4,119 million as of December 31, 2020 [11]. User Engagement and Experience - The company operates a comprehensive travel platform, catering to both Chinese tourists and an increasing number of international travelers [10]. - Trip.com Group's strategic focus includes enhancing user experience and expanding its market presence through innovative products and services [10]. - The company’s total revenue for the three months ended June 30, 2021, showed a recovery trend, with a notable increase in user data and engagement metrics [15].

Trip.com Group Limited (NASDAQ:TCOM) Q1 2021 Earnings Conference Call May 18, 2021 8:00 PM ET Company Participants Michelle Qi - Senior Investor Relations Director James Liang - Executive Chairman Jane Sun - Chief Executive Officer Cindy Wang - Chief Financial Officer Conference Call Participants Alex Poon - Morgan Stanley Ronald Keung - Goldman Sachs Alex Yao - JPMorgan Thomas Chong - Jefferies James Lee - Mizuho Joyce Ju - Bank of America Tian Hou - TH Capital Brian Gong - Citi Operator Thank you for stan ...

Financial Performance - The financial performance for the year ended December 31, 2020, is detailed in the prospectus dated April 8, 2021, available on the Hong Kong Stock Exchange website and the company's investor site[2] - The company submitted its 20-F annual report to the U.S. Securities and Exchange Commission on March 15, 2021, which can also be accessed on the investor website[2] Leadership - The board of directors includes notable members such as Liang Jianzhang, Fan Min, and Sun Jie, indicating a strong leadership team[2]

Trip.com Group Limited (NASDAQ:TCOM) Q4 2020 Earnings Conference Call March 3, 2021 7:00 PM ET Company Participants Michelle Qi – Senior Director James Liang – Executive Chairman Jane Sun – Chief Executive Officer Cindy Wang – Chief Financial Officer Conference Call Participants Alex Yao – J.P. Morgan Thomas Chong – Jefferies Ronald Keung – Goldman Sachs Binnie Wong – HSBC Jed Kelly – Oppenheimer James Lee – Mizuho Natalie Wu – Haitong International Alex Poon – Morgan Stanley Brian Gong – Citigroup Tian Hou ...

Trip.com Group Limited (NASDAQ:TCOM) Q3 2020 Earnings Conference Call December 1, 2020 7:00 PM ET Company Participants Michelle Qi - Senior IR Director James Liang - Co-Founder & Executive Chairman Jane Sun - CEO & Director Cindy Wang - CFO & Executive VP Conference Call Participants Joyce Ju - Bank of America Jialong Shi - Nomura Thomas Chong - Jefferies Alex Poon - Morgan Stanley Tianxiao Hou - T.H. Capital LLC James Lee - Mizuho Brian Gong - Citi Binnie Wong - HSBC Operator Thank you for standing by, and ...