Table_Title Table_BaseInfo 2024 年 02 月 23 日 公司动态分析 携程集团（9961.HK/TCOM.US） 证券研究报告 4 季度利润超预期，2024 年前景明朗 xxxx 在线旅行 携程4季度收入同比增105%，符合市场预期，经调整净利润超市场预期70%，利润 投资评级： xx 买入 率26%，收入延续强劲复苏的同时，运营效率优化亮眼。2023全年交易规模同比增 xx 130%，创新高至1.1万亿元，维持全球第一梯队。看好国内旅游大年及海外业务拓 展背景下业绩稳健增长前景，上调目标价至437港元（9961.HK），维持“买入”。 目标价格： 437 港元 报告摘要 现价 (2024-02-22)： 355.60港元 4 季度业绩延续强劲复苏，营销效率优化带动利润大幅超预期：总收入 103 亿元， 同比/较 19Q4 增 105%/24%，符合市场预期，其中住宿预订/交通票务收入占比 38%/43%，同比增131%/86%，较19Q4增32%/18%，延续前3季度强劲复苏态势。 总市值(百万港元) 226,521 经调整净利润27亿元，大幅超市场预期的16亿元（高70%） ...

智通财经APP获悉，携程集团-S(09961)早盘涨超4%，截至发稿，涨4.04%，报344.8港元，成交额3.32亿港元。 消息面上，携程集团公布业绩。第四季度，公司净营业收入103亿元人民币，同比增长105%；净利润为13亿元，经调整EBITDA为29亿元，经调整EBITDA利润率为28%。2023年全年实现净营业收入445亿元，同比增长122%；净利润100.02亿元，同比大幅增加631.68%;归属于该集团的净利润99.18亿元，同比增加606.91%。 公告称，2023年第四季度国内外业务继续呈现强劲复苏态势：国内的酒店预订同比增长超过130%；出境酒店和机票预订恢复到2019年疫情前同期水平的80%以上，相比国际航空业客运量恢复至60%；公司国际OTA平台的总预订同比增长超70%。 ...

Revenue Growth - Domestic hotel bookings increased by over 130% year-over-year in Q4 2023[2] - Total bookings on the company's international OTA platform grew by over 70% year-over-year in Q4 2023[2] - Net revenue for Q4 2023 was RMB 10.3 billion (USD 1.5 billion), a 105% increase year-over-year[3] - Full-year net revenue for 2023 was RMB 44.5 billion (USD 6.3 billion), a 122% increase year-over-year[3] - Accommodation booking revenue for Q4 2023 was RMB 3.9 billion (USD 550 million), a 131% increase year-over-year[3] - Transportation ticketing revenue for Q4 2023 was RMB 4.1 billion (USD 578 million), an 86% increase year-over-year[3] - Package tour revenue for Q4 2023 was RMB 704 million (USD 99 million), a 329% increase year-over-year[3] - Total revenue for 2023 reached RMB 44,562 million (USD 6,276 million), a significant increase from RMB 20,055 million in 2022[15] - Accommodation booking revenue grew to RMB 17,257 million (USD 2,431 million) in 2023, up from RMB 7,400 million in 2022[15] - Transportation ticketing revenue increased to RMB 18,443 million (USD 2,598 million) in 2023, compared to RMB 8,253 million in 2022[15] Profitability - Net profit for Q4 2023 was RMB 1.3 billion (USD 189 million)[2] - Adjusted EBITDA for Q4 2023 was RMB 2.9 billion (USD 401 million), with an adjusted EBITDA margin of 28%, compared to 6% in the same period of 2022[2] - Net profit for Q4 2023 was RMB 1.3 billion (USD 189 million), compared to RMB 2.1 billion in the same period of 2022 and RMB 4.6 billion in the previous quarter[5] - Adjusted EBITDA for Q4 2023 was RMB 2.9 billion (USD 401 million), with a margin of 28%, compared to RMB 286 million and a 6% margin in the same period of 2022[5] - Net profit attributable to Trip.com Group shareholders for the full year 2023 was RMB 9.9 billion (USD 1.4 billion), compared to RMB 1.4 billion in 2022[5] - Operating profit for 2023 was RMB 11,324 million (USD 1,595 million), a substantial improvement from RMB 88 million in 2022[15] - Gross profit for 2023 reached RMB 36,389 million (USD 5,125 million), up from RMB 15,526 million in 2022[15] - Net profit for the year ended December 31, 2023, was RMB 10,002 million (USD 1,409 million), a significant increase from RMB 1,367 million in 2022[16] - Adjusted EBITDA for the year ended December 31, 2023, was RMB 13,975 million (USD 1,968 million), with an adjusted EBITDA margin of 31%[17] - Net profit attributable to Trip.com Group Limited for the year ended December 31, 2023, was RMB 9,918 million (USD 1,397 million), compared to RMB 1,403 million in 2022[16] Financial Position - Cash, cash equivalents, restricted cash, short-term investments, and held-to-maturity time deposits and financial products totaled RMB 77.3 billion (USD 10.9 billion) as of December 31, 2023[6] - Total assets increased to RMB 219,137 million (USD 30,865 million) in 2023 from RMB 191,691 million in 2022[13] - Cash, cash equivalents, and restricted cash surged to RMB 43,983 million (USD 6,195 million) in 2023, up from RMB 18,487 million in 2022[13] - Total liabilities rose to RMB 96,131 million (USD 13,540 million) in 2023 from RMB 78,672 million in 2022[14] - Shareholders' equity increased to RMB 123,006 million (USD 17,325 million) in 2023 from RMB 113,019 million in 2022[14] Expenses and Taxes - Corporate income tax expense for the full year 2023 was RMB 1.8 billion (USD 246 million), compared to RMB 682 million in 2022[5] - Total operating expenses for 2023 were RMB 25,065 million (USD 3,530 million), compared to RMB 15,438 million in 2022[15] - Product development expenses for the year ended December 31, 2023, were RMB 870 million (USD 123 million), up from RMB 567 million in 2022[16] - Sales and marketing expenses for the year ended December 31, 2023, were RMB 158 million (USD 22 million), compared to RMB 115 million in 2022[16] - General and administrative expenses for the year ended December 31, 2023, were RMB 806 million (USD 113 million), up from RMB 506 million in 2022[16] Shareholder Returns - The company repurchased approximately 6.8 million ADSs for a total consideration of approximately USD 224 million from September 2023 to the announcement date[7] - The board authorized a strategic capital return plan of up to USD 300 million, which may include annual share repurchases, annual cash dividends, or a combination of both[7] - Diluted earnings per ordinary share and per ADS for the full year 2023 were RMB 14.78 (USD 2.08), and RMB 19.48 (USD 2.74) on a non-GAAP basis[6] - Basic earnings per share for the year ended December 31, 2023, were RMB 15.19 (USD 2.14), up from RMB 2.17 in 2022[16] - Diluted earnings per share (non-GAAP) for the year ended December 31, 2023, were RMB 19.48 (USD 2.74), compared to RMB 1.97 in 2022[18] - The weighted average number of diluted shares outstanding (non-GAAP) for the year ended December 31, 2023, was 671,062,240[18] Exchange Rate - The exchange rate used for conversion was RMB 7.0999 per USD as of December 29, 2023[18] Recovery Metrics - Outbound hotel and air ticket bookings recovered to over 80% of pre-pandemic levels in Q4 2019, compared to 60% recovery in international airline passenger volume[2]

Financial Performance - In Q4 2023, the company's net revenue reached RMB 10.3 billion (USD 1.5 billion), representing a year-on-year increase of over 105%[3] - For the full year 2023, net revenue was RMB 44.5 billion (USD 6.3 billion), a year-on-year increase of 122%[3] - The company's accommodation booking revenue for Q4 2023 was RMB 3.9 billion (USD 550 million), up 131% year-on-year[3] - The travel vacation business revenue in Q4 2023 surged by 329% year-on-year, reaching RMB 707 million (USD 99 million)[3] - Total revenue for the year ending December 31, 2023, reached RMB 44,562 million, a significant increase from RMB 20,055 million in 2022, representing a growth of 122%[15] - The company reported a net income of RMB 10,680 million for the year ending December 31, 2023, compared to RMB 2,635 million in 2022, reflecting a substantial increase of 304%[15] Profitability Metrics - The adjusted EBITDA for Q4 2023 was RMB 2.9 billion (USD 410 million), with an adjusted EBITDA margin of 28%, compared to 6% in the same period of 2022[2] - In 2023, the total net profit was 10 billion RMB (1.4 billion USD), a significant increase from 1.4 billion RMB in 2022[5] - In Q4 2023, the net profit was 1.3 billion RMB (189 million USD), down from 2.1 billion RMB in Q4 2022 and 4.6 billion RMB in Q3 2023[5] - Adjusted EBITDA for Q4 2023 was 2.9 billion RMB (410 million USD), compared to 286 million RMB in Q4 2022 and 4.6 billion RMB in Q3 2023, with an adjusted EBITDA margin of 28%[5] - The adjusted net profit attributable to Ctrip Group shareholders for Q4 2023 was 2.7 billion RMB (376 million USD), compared to 498 million RMB in Q4 2022[5] Expenses and Investments - Research and development expenses for Q4 2023 amounted to RMB 2.9 billion (USD 410 million), a 39% increase year-on-year[4] - Sales and marketing expenses in Q4 2023 were RMB 2.3 billion (USD 329 million), reflecting a 103% year-on-year increase[4] - The company plans to continue investing in technology and product innovation to enhance customer service and promote sustainable growth in the travel industry[2] - The company plans to continue expanding its market presence and enhancing its product offerings to drive future growth[15] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[17] Shareholder Returns - The company repurchased approximately 6.8 million American Depositary Shares for a total consideration of about 224 million USD from September 2023 to the announcement date[7] - A strategic capital return plan of up to 300 million USD was authorized by the board for implementation in 2024, which may include stock buybacks and cash dividends[7] Balance Sheet Highlights - As of December 31, 2023, cash and cash equivalents, restricted cash, short-term investments, and held-to-maturity deposits totaled 77.3 billion RMB (10.9 billion USD)[6] - The total assets of the company as of December 31, 2023, amounted to RMB 219,137 million, compared to RMB 191,691 million at the end of 2022, reflecting an increase of 14.3%[13] - Cash and cash equivalents increased to RMB 43,983 million in 2023 from RMB 18,487 million in 2022, showing a growth of 138%[13] - The total liabilities rose to RMB 96,131 million in 2023, up from RMB 78,672 million in 2022, indicating an increase of 22.2%[14] - The total equity attributable to shareholders increased to RMB 122,184 million in 2023 from RMB 112,283 million in 2022, a growth of 8.4%[14] - The company’s customer prepayments increased to RMB 13,380 million in 2023, up from RMB 8,278 million in 2022, indicating a growth of 61%[14] Earnings Per Share - For the full year 2023, the diluted earnings per share were 14.78 RMB (2.08 USD), increasing from 1.4 RMB in 2022[6] - The diluted earnings per share for the third quarter of 2023 was RMB 6.84, compared to RMB 3.12 in the same quarter of 2022, marking an increase of 119%[16]

Financial Performance - In Q3 2023, Trip.com Group's net revenue reached RMB 13.7 billion (USD 1.9 billion), representing a 99% year-over-year increase and a 22% quarter-over-quarter increase[3]. - The company's net profit for Q3 2023 was RMB 4.6 billion (USD 637 million), compared to RMB 245 million in Q3 2022[5]. - Total revenue for Q3 2023 reached RMB 13,751 million, a 22% increase from RMB 11,262 million in Q2 2023[13]. - Net profit for Q3 2023 was RMB 4,615 million, significantly up from RMB 631 million in Q2 2023[14]. - Adjusted EBITDA for Q3 2023 was RMB 4.6 billion (USD 634 million), with an adjusted EBITDA margin of 34%, up from 21% in Q3 2022[5]. - Adjusted EBITDA for Q3 2023 was RMB 4,622 million, with an EBITDA margin of 34%[15]. - Operating profit for Q3 2023 was RMB 3,909 million, up from RMB 2,977 million in Q2 2023[15]. - The company reported a basic earnings per share of RMB 7.05 for Q3 2023, compared to RMB 0.97 in Q2 2023[14]. Revenue Breakdown - Revenue from accommodation bookings was RMB 5.6 billion (USD 766 million), a 92% increase year-over-year[4]. - Accommodation booking revenue for Q3 2023 was RMB 5,589 million, up 30% from RMB 4,285 million in Q2 2023[13]. - Revenue from transportation ticketing was RMB 5.4 billion (USD 736 million), a 105% increase year-over-year[4]. - Transportation ticketing revenue for Q3 2023 was RMB 5,367 million, an increase of 11% compared to RMB 4,814 million in Q2 2023[13]. Market and Growth - Hotel bookings in China grew over 90% year-over-year and over 70% compared to the same period in 2019[2]. - International hotel and flight bookings recovered to approximately 80% of pre-pandemic levels from 2019, with international passenger traffic exceeding 50% recovery[2]. - The company anticipates continued growth in user data and market expansion in the upcoming quarters[15]. - The company continues to focus on expanding its market presence and enhancing its product offerings to cater to both domestic and international travelers[10]. Financial Position - As of September 30, 2023, the company had cash and cash equivalents totaling RMB 79 billion (USD 10.8 billion)[5]. - The cash and cash equivalents, along with restricted cash, increased significantly to RMB 37.8 billion as of September 30, 2023, compared to RMB 18.5 billion at the end of 2022, marking a growth of about 104.3%[11]. - The net accounts receivable rose to RMB 12.8 billion as of September 30, 2023, up from RMB 5.5 billion at the end of 2022, reflecting an increase of approximately 133.5%[11]. - Total liabilities increased to RMB 103.9 billion as of September 30, 2023, from RMB 78.7 billion at the end of 2022, indicating a rise of about 32.1%[12]. - The total equity attributable to shareholders of Trip.com Group reached RMB 122.8 billion as of September 30, 2023, compared to RMB 112.3 billion at the end of 2022, showing an increase of approximately 9.4%[12]. Strategic Initiatives - The company spent RMB 3.6 billion (USD 490 million) on product development in Q3 2023, a 44% increase year-over-year[4]. - The board approved a capital return policy starting in 2024, allowing for annual stock buybacks or cash dividends based on financial performance[5]. - The adjusted EBITDA for the company is expected to improve, enhancing management's ability to plan and forecast future operations[8]. - Trip.com Group's reliance on partnerships and contracts with suppliers remains a critical aspect of its operational strategy, which may influence future performance[7]. - The company is actively monitoring economic conditions and potential risks that could impact its growth trajectory, including competition and regulatory changes in China[7]. Upcoming Events - The upcoming earnings call scheduled for November 20, 2023, will provide further insights into the company's performance and strategic direction[6].

Financial Performance - Net revenue for Q2 2023 reached RMB 11.2 billion (USD 1.6 billion), a 180% increase year-over-year and a 22% increase quarter-over-quarter[3]. - Q2 2023 net profit was RMB 648 million (USD 91 million), compared to RMB 43 million in the same period of 2022[6]. - Adjusted EBITDA for Q2 2023 was RMB 3.7 billion (USD 570 million), with an EBITDA margin of 33%, up from 9% in Q2 2022[6]. - Total revenue for Q2 2023 reached RMB 11,262 million, a 40.5% increase from RMB 8,127 million in Q2 2022[13]. - Gross profit for Q2 2023 was RMB 9,240 million, a 52.3% increase compared to RMB 6,077 million in Q2 2022[13]. - Operating profit for Q2 2023 was RMB 2,977 million, compared to an operating loss of RMB 167 million in Q2 2022[13]. - Ctrip Group reported a net profit of RMB 648 million for the three months ended June 30, 2023, compared to a net profit of RMB 43 million for the same period in 2022, representing a significant increase[15]. - Adjusted EBITDA for the same period reached RMB 3,678 million, up from RMB 355 million in the previous year, indicating a substantial growth in operational performance[15]. - The diluted earnings per share for the second quarter of 2023 was RMB 5.11, a significant increase from a loss of RMB 0.31 per share in the same quarter of 2022[16]. Revenue Breakdown - Revenue from accommodation bookings in Q2 2023 was RMB 4.3 billion (USD 591 million), a 216% increase year-over-year[4]. - Revenue from transportation ticketing in Q2 2023 was RMB 4.8 billion (USD 664 million), a 173% increase year-over-year[5]. - Revenue from vacation business in Q2 2023 was RMB 722 million (USD 100 million), a 492% increase year-over-year[5]. - Accommodation booking revenue for Q2 2023 was RMB 4,285 million, up 57.5% from RMB 2,807 million in Q2 2022[13]. - Transportation ticketing revenue for Q2 2023 increased to RMB 4,814 million, representing a 40.5% rise from RMB 3,426 million in Q2 2022[13]. Cash and Assets - As of June 30, 2023, the company had cash and cash equivalents totaling RMB 75 billion (USD 10.3 billion)[7]. - As of June 30, 2023, the total assets of Trip.com Group amounted to RMB 218.216 billion, an increase from RMB 191.691 billion as of December 31, 2022, representing a growth of approximately 13.8%[11]. - Cash, cash equivalents, and restricted cash reached RMB 36.843 billion as of June 30, 2023, significantly up from RMB 18.487 billion at the end of 2022, indicating a growth of approximately 99.5%[11]. - The total liabilities increased to RMB 99.815 billion as of June 30, 2023, compared to RMB 78.672 billion at the end of 2022, reflecting a rise of about 27%[12]. - The total equity attributable to shareholders increased to RMB 117.649 billion as of June 30, 2023, from RMB 112.283 billion at the end of 2022, marking a growth of about 4.1%[12]. Strategic Focus and Future Plans - The company plans to leverage strong travel demand to drive further growth and job creation in the industry[3]. - The company continues to focus on expanding its market presence and enhancing its travel platform offerings to attract more users globally[10]. - Trip.com Group emphasizes the importance of strategic investments and acquisitions to drive future growth and mitigate competitive risks[9]. - The company is actively developing new products and technologies to improve user experience and operational efficiency[10]. - The company plans to continue expanding its market presence and investing in new technologies to enhance user experience and operational efficiency[15]. Research and Development - R&D expenses in Q2 2023 were RMB 3 billion (USD 470 million), accounting for 26% of net revenue, reflecting a 67% increase year-over-year[5]. - Research and development expenses for Q2 2023 totaled RMB 2,953 million, a decrease from RMB 3,746 million in Q2 2022[13]. - Research and development expenses amounted to RMB 3,746 million, representing a 26% increase in share-based compensation[20]. Risk Management - Management remains cautious about potential risks, including economic slowdowns and regulatory changes that could impact future performance[8]. - The company is focusing on enhancing its operational efficiency and exploring potential mergers and acquisitions to strengthen its market position[20].

Financial Performance - In Q1 2023, Trip.com Group's net revenue reached RMB 9.2 billion (USD 1.3 billion), representing a year-over-year increase of 124% and a quarter-over-quarter increase of 83%[3]. - The company's net profit for Q1 2023 was RMB 3.4 billion (USD 491 million), a significant recovery from a net loss of RMB 1 billion in the same period of 2022[5]. - Adjusted EBITDA for Q1 2023 was RMB 2.8 billion (USD 410 million), with an EBITDA margin of 31%, compared to 2% in Q1 2022[5]. - Total revenue for Q1 2023 reached RMB 9,211 million, a significant increase of 83% compared to RMB 5,031 million in Q4 2022[13]. - Net income for Q1 2023 was RMB 3,375 million, compared to a net loss of RMB 989 million in Q1 2022, reflecting a strong recovery[14]. - Adjusted EBITDA for Q1 2023 was RMB 2,820 million, with an adjusted EBITDA margin of 31%[15]. - The gross profit for Q1 2023 was RMB 7,561 million, representing a gross margin of approximately 82%[13]. Revenue Breakdown - Revenue from accommodation bookings was RMB 3.5 billion (USD 570 million), up 140% year-over-year, while transportation ticketing revenue reached RMB 4.2 billion (USD 650 million), up 150% year-over-year[4]. - The travel ticketing segment generated RMB 4,156 million in revenue for Q1 2023, compared to RMB 1,663 million in Q1 2022, indicating strong growth[13]. - The company reported a significant increase in accommodation booking revenue, which reached RMB 3,480 million in Q1 2023, up from RMB 1,450 million in Q1 2022[13]. Operating Costs and Expenses - The company incurred operating costs of RMB 1.6 billion (USD 238 million), which accounted for 18% of net revenue[4]. - Operating expenses totaled RMB 5,320 million in Q1 2023, up from RMB 3,401 million in Q1 2022, driven by increased investments in marketing and administration[13]. - Research and development expenses for Q1 2023 were RMB 2.7 billion (USD 389 million), representing 29% of net revenue, reflecting a 35% year-over-year increase[4]. - Research and development expenses for Q1 2023 amounted to RMB 179 million, an increase from RMB 107 million in Q1 2022[14]. Assets and Liabilities - As of March 31, 2023, the company had cash and cash equivalents totaling RMB 68 billion (USD 9.9 billion)[5]. - As of March 31, 2023, the total assets of Trip.com Group amounted to RMB 209,133 million, an increase from RMB 191,691 million as of December 31, 2022, representing a growth of approximately 9.5%[11]. - The total liabilities increased to RMB 92,246 million as of March 31, 2023, compared to RMB 78,672 million as of December 31, 2022, indicating a rise of about 17.3%[12]. - The total equity attributable to shareholders of Trip.com Group was RMB 116,150 million as of March 31, 2023, up from RMB 112,283 million as of December 31, 2022, reflecting an increase of approximately 3.4%[12]. - Cash and cash equivalents, including restricted cash, rose significantly to RMB 30,576 million as of March 31, 2023, compared to RMB 18,487 million as of December 31, 2022, marking an increase of about 65.5%[11]. - The net accounts receivable increased to RMB 9,257 million as of March 31, 2023, from RMB 5,486 million as of December 31, 2022, which is an increase of approximately 68.5%[11]. - The company reported a total current asset increase to RMB 72,386 million as of March 31, 2023, compared to RMB 61,435 million as of December 31, 2022, representing a growth of about 17.8%[11]. - The goodwill remained stable at RMB 59,340 million as of March 31, 2023, compared to RMB 59,337 million as of December 31, 2022[11]. Market Outlook and Strategy - The company remains optimistic about the future of the global travel industry and the opportunities ahead, driven by the recovery of travel demand[2]. - Trip.com Group's strategic focus includes enhancing partnerships with suppliers and expanding its market presence, particularly in the travel sector[7]. - The company is actively monitoring economic conditions and potential risks that could impact future growth, including competition and regulatory changes in China[7]. - The company expects continued growth in user engagement and revenue, driven by new product launches and market expansion strategies[15]. Booking Trends - Hotel bookings in China increased by over 100% year-over-year, while local hotel bookings surged by 150% compared to pre-pandemic levels in 2019[2]. - International flight bookings on the company's OTA platform grew by over 200% year-over-year, exceeding 100% compared to 2019[2]. - The number of outstanding shares increased to 672,743,729 for Q1 2023, up from 647,812,835 in Q1 2022[15]. Non-GAAP Measures - The company emphasized the importance of non-GAAP financial measures to provide a clearer picture of operational performance, which includes adjusted EBITDA and diluted earnings per share[8].

Corporate Structure and Share Information - Trip.com Group has 646,066,830 issued Class A ordinary shares with a par value of $0.00125 per share as of December 31, 2022[5] - The company's Class A ordinary shares are listed on the Hong Kong Stock Exchange under the ticker symbol 9961[4] - Trip.com Group's American Depositary Shares (ADS) are traded on the NASDAQ Global Select Market under the ticker symbol TCOM[4] - The company completed a 1:8 stock split on March 18, 2021, adjusting the ratio of American Depositary Shares (ADS) to ordinary shares from 8:1 to 1:1[11] Regulatory Compliance and Filings - The company is registered as a large accelerated filer under the Securities Exchange Act[5] - Trip.com Group follows U.S. Generally Accepted Accounting Principles (GAAP) for its financial statements[6] - The company has submitted all required reports under Sections 13 or 15(d) of the Securities Exchange Act in the past 12 months[5] - The company's annual report is filed under Section 13 or 15(d) of the Securities Exchange Act for the fiscal year ended December 31, 2022[2] - The company has filed a report on the effectiveness of internal control over financial reporting as required by Section 404(b) of the Sarbanes-Oxley Act[6] - The company is not a shell company as defined in the Securities Exchange Act[6] Financial Performance and Metrics - Net revenue for 2022 was RMB 20,039 million (USD 2,907 million), showing a slight increase from RMB 20,023 million in 2021[32] - Gross profit for 2022 was RMB 15,526 million (USD 2,253 million), up from RMB 15,425 million in 2021[32] - Operating profit for 2022 was RMB 88 million (USD 15 million), a significant improvement from an operating loss of RMB 1,411 million in 2021[32] - Net profit for 2022 was RMB 1,367 million (USD 201 million), compared to a net loss of RMB 645 million in 2021[32] - Total assets as of December 31, 2022, were RMB 191,691 million (USD 27,793 million), slightly down from RMB 191,859 million in 2021[33] - Total liabilities as of December 31, 2022, were RMB 78,672 million (USD 11,407 million), a decrease from RMB 81,403 million in 2021[33] - Cash and cash equivalents as of December 31, 2022, were RMB 17,000 million (USD 2,465 million), down from RMB 19,818 million in 2021[33] - Short-term investments as of December 31, 2022, were RMB 25,545 million (USD 3,703 million), down from RMB 29,566 million in 2021[33] - Total equity attributable to Trip.com Group Limited as of December 31, 2022, was RMB 112,283 million (USD 16,279 million), up from RMB 109,677 million in 2021[33] Variable Interest Entities (VIEs) and Contractual Arrangements - The company operates through Variable Interest Entities (VIEs) in China, including entities such as Ctrip Business, Shanghai Huacheng, Chengdu Ctrip, and Qunar Beijing, which hold critical licenses and assets[9] - The company's business in China is conducted through Chinese subsidiaries and VIEs, with contractual arrangements managing the operations of these VIEs[16] - The company's Chinese subsidiaries and variable interest entities (VIEs) are governed by a series of contractual arrangements, including authorization agreements, technical consulting and service agreements, equity pledge contracts, exclusive purchase agreements, and loan contracts, which are deemed valid and enforceable under current Chinese laws[17] - The contractual arrangements grant the company effective control over the VIEs, allowing it to consolidate their operations, financial status, and cash flows into its consolidated financial statements under US GAAP[17] - Net income from VIEs accounted for 36%, 30%, and 22% of the company's total net income for the years ended December 31, 2020, 2021, and 2022, respectively[16] Risks and Challenges - The company anticipates challenges from a slowdown in China's economic growth and global recession, which could significantly impact its growth and profitability[12] - Public health crises, such as COVID-19, may have a substantial adverse effect on the company's business and operating results[12] - The company's quarterly performance may fluctuate due to seasonal factors in the Greater China travel industry[12] - The company's infrastructure or technology could be damaged, fail, or become outdated, potentially harming its business[12] - The company's business heavily relies on the continued efforts of its senior management, and losing their services could severely disrupt operations[12] - Inflation in China could disrupt the company's business and adversely affect its financial condition and operating performance[12] - The company's ownership structure through Variable Interest Entities (VIEs) and contractual arrangements may face penalties if deemed to violate Chinese laws, adversely affecting its business and operating results[13] - The VIE structure poses unique risks to investors, as the enforceability of the contractual arrangements has not been tested in Chinese courts, and potential breaches could disrupt operations and harm the company's reputation[18] - The company faces regulatory risks in China, including potential changes in laws or interpretations that could invalidate the VIE structure, leading to severe penalties or forced divestment of interests in certain businesses[19] - The company's operations in China are subject to complex and evolving legal and regulatory environments, including recent statements and regulatory measures on VIE usage, overseas listings, foreign investment approvals, antitrust regulations, and cybersecurity and data privacy oversight[19] Legal and Regulatory Environment - The company faces risks related to new regulatory measures in Hong Kong or Macau, which could impact its ability to operate, accept foreign investment, or maintain its listing status on US or Hong Kong stock exchanges[20] - The company was identified as a Commission-Identified Issuer under the HFCAA in May 2022, but PCAOB revoked this designation in December 2022, reducing the risk of delisting for the fiscal year ending December 31, 2022[21] - The company's operations in China require various permits, including for accommodation booking, transportation ticketing, and travel services, with most permits already obtained except for a minor portion of transportation ticketing services[23] - The company's subsidiaries in Hong Kong and Macau have obtained necessary permits for travel agency and insurance agency businesses[23] - The company acknowledges uncertainties in the interpretation and enforcement of Chinese laws and regulations, which may require additional permits in the future[23] - The company's ability to issue securities to investors may be severely restricted or completely hindered due to Chinese government oversight and regulatory control[20] - The company's operations and the value of its American Depositary Shares (ADS) could be adversely affected by uncertainties in the Chinese legal system and rapid regulatory developments[20] - The company's use of a China-based auditor could lead to future HFCAA designations if PCAOB is unable to inspect the auditor, potentially resulting in a trading ban on its ADS[22] - The company has not received written rejection notices for any permit applications, but there is no guarantee that necessary permits will be obtained or maintained in the future[23] - The company's ADS and ordinary shares could significantly decline in value if industry-specific regulations, such as data security or antitrust laws, are implemented[20] Tax and Financial Regulations - The company is subject to new regulations under the "Trial Measures for the Administration of Overseas Securities Offering and Listing by Domestic Companies" effective from March 31, 2023, requiring domestic companies to file with the China Securities Regulatory Commission (CSRC) for overseas securities offerings and listings[24] - The company, as an "existing issuer," is not required to file for historical securities offerings but must file within three business days for any future securities offerings or listings under the new regulations[24] - The company is not currently classified as a Critical Information Infrastructure Operator (CIIO) and has not undergone any cybersecurity reviews by the Cyberspace Administration of China (CAC)[26] - The company has completed all required foreign debt issuance registrations with the National Development and Reform Commission (NDRC) as of the report date[26] - The company's ability to pay dividends and repay debts depends on dividends from its Chinese subsidiaries and service fees from its Variable Interest Entities (VIEs)[27] - Chinese subsidiaries are restricted in paying dividends or other payments to the company due to Chinese accounting standards and regulations, including mandatory reserve funds[27] - The company's future overseas securities offerings may require approval or filing with the CSRC or other Chinese government agencies, with uncertainty around the interpretation and implementation of new regulations[26] - Non-compliance with Chinese laws and regulations, including licensing requirements, could severely impact the company's operations, financial condition, and stock value[24] - The company's subsidiaries and VIEs may face limitations in transferring funds to the parent company due to debt management tools and legal restrictions[27] - The company's operations and securities offerings are subject to significant regulatory oversight and discretion by Chinese government agencies, which could lead to adverse changes in operations and stock value[26] Cash Flow and Financial Transactions - The total restrictions on cash transfers for the company's Chinese subsidiaries and variable interest entities were RMB 7.8 billion, RMB 6.5 billion, and RMB 6.2 billion (USD 900 million) as of December 31, 2020, 2021, and 2022, respectively[28] - The company provided capital contributions to its subsidiaries of RMB 903 million, zero, and RMB 580 million as of December 31, 2020, 2021, and 2022, respectively[29] - Net cash outflows from loans provided by the company to its subsidiaries were RMB 358 million, net cash inflows of RMB 1.1 billion, and net cash outflows of RMB 758 million as of December 31, 2020, 2021, and 2022, respectively[30] - Net cash inflows from loans provided by variable interest entities to subsidiaries were RMB 817 million, net cash outflows of RMB 434 million, and net cash inflows of RMB 4 billion as of December 31, 2020, 2021, and 2022, respectively[30] - Net cash outflows from loans received by variable interest entities from subsidiaries were RMB 2.2 billion, RMB 3.8 billion, and RMB 7.8 billion as of December 31, 2020, 2021, and 2022, respectively[30] - The company did not declare or pay any cash dividends as of December 31, 2020, 2021, and 2022, and has no plans to pay cash dividends for its ordinary shares in the foreseeable future[30] Investments and Acquisitions - The company consolidated the financial statements of Qunar starting from December 31, 2015, excluding Qunar's comparable operating data in certain metrics[10] - The company's expected growth strategies include future business development, operating performance, and financial conditions[12] - The company has recorded significant goodwill and indefinite-lived intangible assets from strategic acquisitions and investments, and a substantial reduction in the recoverability of these assets could result in significant impairment charges[55] - The company's strategic acquisitions and investments in complementary businesses and assets involve significant risks and uncertainties, which could adversely affect its business, reputation, financial condition, and operating results[54] - The company's inability to compete effectively with new and existing competitors could result in a loss of market share and have a material adverse effect on its business[56] - Strategic acquisitions in the Greater China region and overseas tourism industry may dilute equity securities and impact financial performance[73] - Integration of newly acquired businesses may require significant management effort and resources, potentially affecting existing operations[73] - Strategic investments in complementary businesses and assets involve risks such as high acquisition and financing costs, and potential failure to achieve expected goals[74] - Investments in competitive businesses may be adversely affected by uncertainties in the implementation and enforcement of China's Anti-Monopoly Law[74] - Fair value changes in equity investments may negatively impact the company's financial performance if stock prices fall below purchase prices[74] - The company may face liabilities, third-party claims, or litigation related to invested or acquired businesses[74] Market and Competitive Risks - The company faces increasing competition from new and existing competitors, including domestic and international travel agencies, hotels, airlines, and content platforms[80] - The company's competitive position may be affected by the growing importance of international travelers and the lack of exclusive arrangements with ecosystem partners[80] - Increased marketing and R&D investments have negatively impacted the company's operating profit margin due to intense competition[81] - The company has launched promotional plans offering selected transportation tickets, hotel rooms, travel destination activities, and e-coupons to respond to competitors' campaigns[81] - Significant resources have been allocated to enhance AI and cloud technologies to attract and retain users[81] - The company faces risks from competitors with larger active user bases, financial resources, and technological capabilities[81] - Failure to maintain or enhance brand awareness could hinder the ability to retain existing users and acquire new ones[82] - Negative publicity, whether justified or not, could harm the company's reputation and business performance[83] - The company relies on performance and brand marketing channels to generate significant traffic and business growth[83] - The company employs brand ambassadors to promote its brands and services, but their effectiveness and popularity cannot be guaranteed[83] - Negative publicity could lead to increased costs and divert management's focus from core business operations[84] Operational and Technological Risks - The company's infrastructure, including mobile platforms, websites, and systems, is critical to its success, and any system interruptions could reduce business volume and user satisfaction[85] - The company experienced a network shutdown in May 2015 and a hotel booking failure in October 2019, both of which temporarily disrupted services but did not result in data breaches[85] - The company relies on internally developed booking software systems, and failure to upgrade these systems to handle future traffic could lead to system interruptions, slower response times, and loss of users and ecosystem partners[86] - The company's future success depends on its ability to adapt products and services to changes in technology and internet user behavior, particularly with the increasing use of mobile devices and the adoption of 5G technology[87] - The company's services must be compatible with various mobile operating systems and devices, and failure to develop widely recognized and used products could hinder its penetration into the mobile internet market[87] - The company's business heavily relies on the continued efforts of its senior management, and the loss of key executives could severely disrupt operations[88] - The company may face challenges in attracting, training, and retaining key personnel and skilled employees, which could negatively impact user experience and business performance[89] International Operations and Risks - The company faces international operational risks including compliance, reputational, and operational risks, which could increase costs and impact business growth[90] - International trade tensions, particularly between the US and China, may adversely affect the company's business, financial condition, and operating results[91] - The company may struggle to protect its intellectual property globally, potentially leading to legal disputes and increased costs[92] - Reliance on third-party services for product delivery and operations could disrupt service quality and harm user retention[93] - Potential violations of foreign laws and regulations could result in fines, sanctions, and reputational damage, impacting the company's ability to operate internationally[90] - Political tensions between the US and China, including trade disputes and sanctions, may negatively impact global economic conditions and the company's performance[91] - The company's international expansion efforts may be hindered by challenges in enforcing intellectual property rights in certain foreign jurisdictions[92] - Third-party service disruptions or quality issues could lead to user dissatisfaction, reputational damage, and loss of market share[93] - Compliance with foreign laws and regulations requires significant management effort and resources, potentially diverting focus from business growth[90] - The company's reliance on third-party providers for critical services exposes it to risks of service interruptions and negative publicity[93] Payment Processing and Financial Risks - The company faces risks related to payment processing, including potential increases in fees, regulatory changes, and security vulnerabilities, which could negatively impact revenue and operational performance[96] - The company relies on hotel partners and users to provide accurate information for calculating commissions, and any false data could lead to revenue loss and inaccurate business forecasts[96] - During peak holiday seasons in China, the company faces inventory risks due to purchasing hotel rooms and transportation tickets in advance, which could result in financial losses if demand is mispredicted[97] - The company's subsidiaries in China benefit from a preferential corporate income tax rate of 15% under the "High-Tech Enterprise" status, but this status is subject to periodic review and potential revocation[98] - Several of the company's subsidiaries, including Ctrip Computer Technology and Qunar Beijing, have their High-Tech Enterprise status expiring in 2023, requiring reapplication to maintain the 15% tax rate[98] - The company's subsidiaries, such as Ctrip Business Travel Information Services and Shanghai Ctrip Information, were newly recognized as High-Tech Enterprises in 2021, enjoying the 15% tax rate until 2023[98] - The company may face reputational damage and financial losses due to third-party actions, such as anonymous complaints or regulatory investigations, which could impact market share and stock price[94] - The company is exposed to risks from fraudulent activities and regulatory non-compliance in payment processing, which could lead to fines, higher transaction fees, and loss of payment capabilities[96] - The company's ability to maintain its High-Tech Enterprise status for subsidiaries is uncertain, as it depends on periodic government reviews and potential policy changes[98] - The company's financial performance could be adversely affected if tax incentives for its Chinese subsidiaries are reduced or revoked[98] Cybersecurity and Data Protection - Trip.com Group is subject to China's Cybersecurity Law, which mandates strict data protection measures and imposes penalties for non-compliance, including fines, license revocation, or criminal liability[101] - A past security incident in 2014 exposed credit card information of 93 users, highlighting vulnerabilities in the company's data protection systems[102] - The company invests significant resources in complying with data protection laws and addressing potential security breaches to maintain user trust and avoid legal liabilities[102] - The company's business may be adversely affected if it fails to obtain or maintain necessary licenses and approvals, particularly in industries such as airline ticketing, travel agencies, and internet-related activities[104] - The company's ticketing revenue could be negatively impacted by restrictive policies adopted by regulatory bodies such as the Civil Aviation Administration of China and the National Development and Reform Commission[104] - The company must comply with the "E-Commerce Law of the People's Republic of China," which imposes joint liability on e-commerce platform operators for violations by merchants on their platforms[105] - The company is subject to the "Interim Provisions on the Administration of Online Tourism Business Services," which requires accurate information disclosure, verification of merchant credentials,

Financial Performance - In Q3 2022, Trip.com Group's net revenue reached RMB 6.9 billion (USD 969 million), representing a year-over-year increase of 29% and a quarter-over-quarter increase of 72%[5] - Adjusted EBITDA for Q3 2022 was RMB 1.4 billion (USD 198 million), a 164% increase compared to RMB 537 million in Q3 2021, with an adjusted EBITDA margin of 21%[8] - The company reported a net profit of RMB 245 million (USD 34 million) in Q3 2022, a significant improvement from a net loss of RMB 868 million in the same quarter of 2021[8] - Total revenue for the three months ended September 30, 2022, was RMB 6,897 million, representing a 29.2% increase from RMB 5,346 million for the same period in 2021[17] - Gross profit for the three months ended September 30, 2022, was RMB 5,621 million, up 36.4% from RMB 4,121 million in the same period of 2021[17] - Operating profit for the three months ended September 30, 2022, was RMB 854 million, compared to an operating loss of RMB 246 million for the same period in 2021[17] - Net profit attributable to Trip.com Group Ltd. for the three months ended September 30, 2022, was RMB 266 million, a significant recovery from a net loss of RMB 849 million in the same period of 2021[18] - EBITDA for the three months ended September 30, 2022, was RMB 1,419 million, with an EBITDA margin of 21%[19] Revenue Breakdown - Domestic hotel booking revenue grew by 25% year-over-year, while international flight bookings increased by over 100% year-over-year[3] - The revenue from accommodation bookings was RMB 2.9 billion (USD 480 million), up 32% year-over-year and 114% quarter-over-quarter[5] - Transportation ticketing revenue reached RMB 2.6 billion (USD 369 million), reflecting a 44% year-over-year increase and a 49% quarter-over-quarter increase[5] - The company reported a significant increase in accommodation bookings, with revenue from accommodation reservations reaching RMB 2,904 million for the three months ended September 30, 2022, up from RMB 2,194 million in the same period of 2021[17] Expenses and Costs - The company’s operating costs increased by 4% year-over-year to RMB 1.3 billion (USD 179 million), accounting for 18% of net revenue[6] - Research and development expenses rose by 8% year-over-year to RMB 2.5 billion (USD 350 million), representing 36% of net revenue[6] - Sales and marketing expenses increased by 13% year-over-year to RMB 1.4 billion (USD 210 million), accounting for 21% of net revenue[7] - The effective tax expense for Q3 2022 was RMB 277 million (USD 39 million), compared to RMB 95 million in Q3 2021[7] Cash and Assets - As of September 30, 2022, the total cash and cash equivalents, restricted cash, short-term investments, and held-to-maturity deposits amounted to RMB 62 billion (USD 8.7 billion)[9] - Total current assets increased from RMB 66.1 billion as of December 31, 2021, to RMB 67.0 billion as of September 30, 2022[15] - The total assets of the company rose from RMB 191.9 billion as of December 31, 2021, to RMB 194.3 billion as of September 30, 2022[15] - Total liabilities increased slightly to RMB 83,355 million as of September 30, 2022, from RMB 81,403 million as of December 31, 2021[16] - Total equity attributable to shareholders of Trip.com Group Ltd. was RMB 110,230 million as of September 30, 2022, compared to RMB 109,677 million as of December 31, 2021[16] Strategic Focus and Risks - The company operates a comprehensive travel platform, serving as a preferred choice for travelers in China and increasingly for global tourists[14] - The company has faced risks including potential economic slowdowns, impacts from the COVID-19 pandemic, and competition from both new and existing rivals[11] - The company is committed to enhancing its operational strategies and expanding its market presence through strategic investments and acquisitions[11] - The company plans to continue expanding its market presence and investing in new technologies to enhance user experience and operational efficiency[19] Non-GAAP Measures - The company reported a net profit attributable to Trip.com Group Ltd. under non-GAAP measures, which provides a more comparable operational data across periods[12] - The management emphasized the importance of non-GAAP financial data for future planning and forecasting capabilities[12] Share Information - The diluted earnings per share for Q3 2022 were RMB 0.41 (USD 0.06) while the loss per share, excluding stock-based compensation, was RMB 1.58 (USD 0.22)[9] - The number of weighted average ordinary shares outstanding for the diluted calculation was 653,485,857 for the three months ended September 30, 2022[20] Share Repurchase - The company repurchased a total of USD 51 million in convertible bonds due in 2022, including USD 25 million from a subsidiary of Booking Holdings Inc.[9]

Financial Performance - In Q2 2022, Trip.com Group reported a net profit of RMB 43 million (USD 6 million), an improvement from a net loss of RMB 1 billion in the previous quarter[3] - Adjusted EBITDA for Q2 2022 was RMB 355 million (USD 53 million), a 290% increase from RMB 91 million in the previous quarter[3] - Total net revenue for Q2 2022 was RMB 4 billion (USD 598 million), a year-over-year decline of 32% and a quarter-over-quarter decline of 2%[4] - The adjusted EBITDA margin for Q2 2022 was 9%, down from 16% in the same period last year[7] - Total revenue for the three months ended June 30, 2022, was RMB 4,016 million, a decrease of 32% compared to RMB 5,892 million for the same period in 2021[17] - Net loss attributable to Trip.com Group Limited for the three months ended June 30, 2022, was RMB 69 million, a significant improvement from a net loss of RMB 647 million in the same period of 2021[18] - Adjusted EBITDA for the three months ended June 30, 2022, was RMB 355 million, with an adjusted EBITDA margin of 9%[19] - The company’s net loss for the six months ended June 30, 2022, was RMB 958 million, compared to a net profit of RMB 1,106 million for the same period in 2021[19] Revenue Breakdown - Hotel booking revenue in Q2 2022 was RMB 1.4 billion (USD 230 million), down 45% year-over-year and down 6% quarter-over-quarter[4] - Air ticketing revenue for Q2 2022 was RMB 1.8 billion (USD 263 million), a 15% year-over-year decline but a 6% increase quarter-over-quarter[4] - The revenue from vacation services in Q2 2022 was RMB 122 million (USD 18 million), a 67% year-over-year decline[5] - Accommodation booking revenue for the six months ended June 30, 2022, was RMB 2,807 million, representing a 30% decrease from RMB 4,035 million in the same period of 2021[17] - Transportation ticketing revenue for the three months ended June 30, 2022, was RMB 1,763 million, down from RMB 2,066 million in the same period of 2021, reflecting a decline of 14.7%[17] - The company reported a gross profit of RMB 3,035 million for the three months ended June 30, 2022, compared to RMB 4,667 million for the same period in 2021, indicating a decrease of 35%[17] Cash and Assets - As of June 30, 2022, the company had cash and cash equivalents totaling RMB 65.6 billion (USD 9.8 billion)[9] - As of June 30, 2022, the total assets of Trip.com Group amounted to RMB 194.628 billion (approximately USD 29.057 billion), an increase from RMB 191.859 billion as of December 31, 2021[15] - The total liabilities of Trip.com Group as of June 30, 2022, were RMB 84.350 billion (approximately USD 12.593 billion), compared to RMB 81.403 billion as of December 31, 2021[16] - The cash and cash equivalents, along with restricted cash, increased to RMB 22.959 billion (approximately USD 3.427 billion) as of June 30, 2022, from RMB 21.196 billion as of December 31, 2021[15] - The net accounts receivable rose to RMB 5.445 billion (approximately USD 813 million) as of June 30, 2022, up from RMB 4.649 billion as of December 31, 2021[15] - The total equity attributable to shareholders of Trip.com Group was RMB 109.542 billion (approximately USD 16.354 billion) as of June 30, 2022, slightly down from RMB 109.677 billion as of December 31, 2021[16] Strategic Focus and Future Plans - The company plans to enhance operational efficiency and prudently control costs to maintain flexibility for long-term growth[3] - The company plans to continue investing in product development and marketing to enhance user experience and drive future growth[19] - The management highlighted potential risks including economic slowdowns and competition, which could impact future performance[11] Market Presence - Trip.com Group's mission is to provide a comprehensive travel platform for both Chinese tourists and global travelers, enhancing travel experiences and bookings[14] - The company has been listed on NASDAQ since 2003 and on the Hong Kong Stock Exchange since 2021, indicating its growth and market presence[14] Shareholder Information - The company had a weighted average of 647,866,001 ordinary shares outstanding for the three months ended June 30, 2022[18] - The weighted average shares outstanding (diluted) decreased from 656,483,984 in Q2 2021 to 647,866,001 in Q2 2022[20] - The diluted earnings per share (non-GAAP) for Q2 2022 was 1.13 RMB, compared to a loss of 0.06 RMB in Q2 2021[20] - The diluted earnings per American Depositary Share (non-GAAP) for Q2 2022 was also 1.13 RMB, reflecting a significant improvement from a loss of 0.31 RMB in Q1 2022[20] - The company reported a total revenue of 647 million RMB for the six months ended June 30, 2022, compared to 645 million RMB for the same period in 2021[20] Currency Information - The exchange rate used for conversion was 1 USD to 6.6981 RMB as of June 30, 2022[20]