Group 1 - The company reported an adjusted earnings per ADS of 5.96 RMB for the first quarter [1] - The revenue for the first quarter reached 13.8 billion RMB, representing a year-on-year growth of 16% [1]

Financial Performance - In Q1 2025, Trip.com Group reported net revenue of RMB 13.8 billion (USD 1.9 billion), a year-over-year increase of 16% and a quarter-over-quarter increase of 9%[5]. - The company's operating income from hotel bookings was RMB 5.5 billion (USD 764 million), up 23% year-over-year, driven by increased bookings[5]. - Transportation ticketing revenue reached RMB 5.4 billion (USD 747 million), reflecting an 8% year-over-year increase[7]. - The adjusted EBITDA for Q1 2025 was RMB 4.2 billion (USD 586 million), compared to RMB 4.0 billion in the same quarter of 2024[9]. - The net profit for Q1 2025 was RMB 4.3 billion (USD 596 million), consistent with the same period in 2024 and up from RMB 2.2 billion in the previous quarter[9]. - Total revenue for Q1 2024 reached RMB 11,921 million, a 9% increase compared to Q4 2023[21]. - Net income for Q1 2024 was RMB 4,325 million, significantly higher than RMB 2,191 million in Q4 2023[22]. - Adjusted EBITDA for Q1 2024 was RMB 3,974 million, with an adjusted EBITDA margin of 33%[23]. - The company reported a gross profit of RMB 9,667 million for Q1 2024, reflecting a gross margin of approximately 81%[21]. Cash and Investments - The company’s cash and cash equivalents, restricted cash, and short-term investments totaled RMB 92.9 billion (USD 12.8 billion) as of March 31, 2025[10]. - Cash and cash equivalents, along with restricted cash, were reported at RMB 51.093 billion as of December 31, 2024, increasing to RMB 56.360 billion by March 31, 2025[19]. - The company repurchased approximately 1.6 million American Depositary Shares (ADS) for a total consideration of about USD 84 million as part of its capital return policy[11]. Expenses - Research and development expenses for Q1 2025 were RMB 3.5 billion (USD 486 million), a 13% increase year-over-year[7]. - Sales and marketing expenses rose to RMB 3.0 billion (USD 413 million), a 30% increase compared to the same quarter last year[8]. - The total operating expenses for Q1 2024 were RMB 6,352 million, which is a 19% increase compared to Q4 2023[21]. - Research and development expenses for Q1 2024 were RMB 3,109 million, representing a 6% increase from Q4 2023[21]. Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 242.581 billion, with a projected increase to RMB 247.762 billion by March 31, 2025[19]. - The total liabilities increased from RMB 99.099 billion as of December 31, 2024, to RMB 100.776 billion by March 31, 2025[20]. - Shareholders' equity for the company rose from RMB 141.807 billion as of December 31, 2024, to RMB 145.153 billion by March 31, 2025[20]. Strategic Focus - The company emphasizes the importance of strategic investments and acquisitions to drive future growth and mitigate competitive risks[16]. - The management highlighted ongoing development in new products and technologies to enhance user experience and market position[16]. - The company aims to expand its market presence, particularly in Asia, to capture a larger share of the travel industry[17]. Forward-Looking Statements - Forward-looking statements indicate potential risks related to economic fluctuations and competition that could impact future performance[14]. - The adjusted EBITDA margin is expected to provide insights into the company's operational efficiency and profitability trends[15]. - The company reported a net profit attributable to shareholders under non-GAAP measures, which enhances comparability of operational data across periods[15]. Earnings Per Share - The company’s earnings per share (diluted) for Q1 2024 was RMB 6.38, up from RMB 3.09 in Q4 2023[22]. - The average diluted shares outstanding increased to 675,933,592 for Q1 2024, compared to 656,190,044 in Q4 2023[22]. Interest Income - Interest income for Q1 2024 was RMB 592 million, while interest expenses were RMB 499 million, resulting in a net interest income of RMB 93 million[23].

Financial Performance - Trip.com Group reported net revenue of RMB13.8 billion (US$1.9 billion) for Q1 2025, a 16% increase year-over-year and a 9% increase from the previous quarter[4]. - Total revenue for the quarter ended March 31, 2025, was RMB 13,850 million, representing a 16% increase from RMB 11,921 million in the same quarter of 2024[31]. - Net income for Q1 2025 was RMB4.3 billion (US$596 million), unchanged from Q1 2024 and up from RMB2.2 billion in the previous quarter[15]. - Net income attributable to Trip.com Group Limited for the quarter ended March 31, 2025, was RMB 4,277 million, compared to RMB 4,312 million in the same quarter of 2024, reflecting a slight decrease of 1%[33]. - Adjusted EBITDA for the quarter ended March 31, 2025, was RMB 4,247 million, with an adjusted EBITDA margin of 31%[33]. - Gross profit for the quarter ended March 31, 2025, was RMB 11,125 million, up from RMB 9,667 million in the same quarter of 2024, indicating a growth of 15%[31]. - The company reported a basic earnings per share of 6.48 for the quarter ended March 31, 2025, compared to 6.62 in the same quarter of 2024[31]. - Non-GAAP diluted income per share for the quarter ended March 31, 2025, was 5.96, compared to 6.00 in the same quarter of 2024[33]. Revenue Breakdown - Accommodation reservation revenue reached RMB5.5 billion (US$764 million), marking a 23% increase from Q1 2024 and a 7% increase from the previous quarter[5]. - Transportation ticketing revenue was RMB5.4 billion (US$747 million), an 8% increase from Q1 2024 and a 13% increase from the previous quarter[7]. - Packaged-tour revenue grew to RMB947 million (US$131 million), a 7% increase from the same period in 2024 and a 9% increase from the previous quarter[8]. - The company experienced a significant increase in transportation ticketing revenue, reaching RMB 5,418 million for the quarter ended March 31, 2025, up from RMB 5,000 million in the same quarter of 2024[31]. - International OTA platform reservations increased by over 60% year-over-year, with inbound travel bookings surging by around 100% year-over-year[6]. Expenses and Investments - Product development expenses increased by 13% to RMB3.5 billion (US$486 million), representing 25% of net revenue[11]. - Sales and marketing expenses rose by 30% to RMB3.0 billion (US$413 million), accounting for 22% of net revenue[12]. - Operating expenses for the quarter ended March 31, 2025, totaled RMB 7,562 million, a decrease of 1% from RMB 7,803 million in the previous quarter[31]. Cash and Shareholder Returns - As of March 31, 2025, cash and cash equivalents totaled RMB92.9 billion (US$12.8 billion)[18]. - The company repurchased 1.6 million ADSs for a total gross consideration of US$84 million as part of its capital return policy[19]. Other Financial Metrics - Interest income for the quarter ended March 31, 2025, was RMB 640 million, an increase from RMB 592 million in the same quarter of 2024[33]. - The weighted average diluted shares outstanding for the quarter ended March 31, 2025, was 702,144,923[33].

Core Insights - Trip.com Group Limited reported strong growth in its international businesses, with overall reservations on its international OTA platform increasing by over 60% year-over-year and inbound travel bookings surging by around 100% year-over-year [2][3] - The company achieved net revenue of RMB13.8 billion (US$1.9 billion) for the first quarter of 2025, representing a 16% increase from the same period in 2024, driven by stronger travel demand [4] - The travel industry maintained strong momentum in the first quarter of 2025, supported by resilient consumer demand and favorable travel policies [3] Financial Performance - Accommodation reservation revenue for Q1 2025 was RMB5.5 billion (US$764 million), a 23% increase from Q1 2024 [5] - Transportation ticketing revenue for Q1 2025 was RMB5.4 billion (US$747 million), an 8% increase from Q1 2024 [6] - Packaged-tour revenue for Q1 2025 was RMB947 million (US$131 million), a 7% increase from Q1 2024 [7] - Corporate travel revenue for Q1 2025 was RMB573 million (US$79 million), a 12% increase from Q1 2024 [8] - Net income for Q1 2025 was RMB4.3 billion (US$596 million), unchanged from Q1 2024 [14][15] Cost Structure - Cost of revenue for Q1 2025 increased by 21% to RMB2.7 billion (US$373 million) compared to Q1 2024 [9] - Product development expenses for Q1 2025 increased by 13% to RMB3.5 billion (US$486 million) from Q1 2024 [10] - Sales and marketing expenses for Q1 2025 increased by 30% to RMB3.0 billion (US$413 million) from Q1 2024 [11] - General and administrative expenses for Q1 2025 increased by 11% to RMB1.0 billion (US$143 million) from Q1 2024 [12] Cash Position and Shareholder Returns - As of March 31, 2025, the company had cash and cash equivalents totaling RMB92.9 billion (US$12.8 billion) [17] - The company repurchased 1.6 million ADSs for a total gross consideration of US$84 million as part of its share repurchase plan [18]

Core Insights - The travel market for the Dragon Boat Festival is experiencing a steady growth trend, as indicated by Ctrip's 2025 travel trend forecast report [1] Group 1: Travel Trends - Domestic local travel and surrounding travel dominate the market, accounting for 50% of the total travel activities [1] - The integration of micro-vacations, summer cooling activities, and cultural experiences are significant features of the Dragon Boat Festival travel market [1] Group 2: Family and Youth Travel - The overlap with Children's Day has sparked enthusiasm for family travel, particularly among parents [1] - Young travelers are opting for pet-friendly trips or combining performances with travel packages during the festival [1] Group 3: Inbound Travel - Interest in inbound travel remains high, with hotel search activity for inbound travel exceeding 100% compared to previous periods [1]

Core Viewpoint - Trip.com Group Limited (TCOM) is set to report its first-quarter 2025 results on May 19, with expectations of strong revenue growth driven by travel demand and bookings [1][3]. Group 1: Earnings Estimates - The Zacks Consensus Estimate for TCOM's earnings is 86 cents per share, reflecting a year-over-year increase of 3.6% [2]. - Revenue estimates are pegged at $1.91 billion, indicating a 15.9% year-over-year increase [2]. Group 2: Revenue Drivers - TCOM's revenue growth is anticipated to be fueled by strong travel demand, increased traffic, and a rise in total bookings [3]. - The international business is expected to benefit from growth in outbound travel and steady inbound travel bookings [3]. Group 3: Operational Efficiency - The company's focus on artificial intelligence-driven solutions is likely to enhance efficiency and manage cost pressures, supporting its bottom line [4]. Group 4: Earnings Prediction Model - The current Earnings ESP for TCOM is 0.00%, indicating uncertainty in predicting an earnings beat [5]. - TCOM holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [6].

Group 1: Fund Manager Dynamics - 11 new fund managers were appointed today, involving 22 funds, primarily from Bosera Fund and Huaan Fund, while 3 fund managers left their positions [1] Group 2: Market Reactions and Adjustments - Multiple public fund industry insiders stated that recent analyses attributing market adjustments to changes in public fund performance benchmarks are inaccurate and unprofessional, indicating no large-scale repositioning among public funds [2] - The Hang Seng Index has added Midea Group and ZTO Express, while the Hang Seng Tech Index has included BYD Company [3] Group 3: Hedge Fund Activities - Michael Burry's Scion Asset Management cleared almost its entire stock portfolio in Q1, establishing new short positions on Nvidia and several Chinese stocks, including Alibaba and JD.com [4] - Soros Capital Management has re-entered Chinese assets, with new positions in Alibaba, Yum China, and iShares China Large-Cap ETF, ranking 5th, 7th, and 8th in their holdings respectively [5] - Soros Fund has heavily invested in AST SpaceMobile and Nvidia while selling shares in AMD and other large tech companies [6] - Bill Ackman's Pershing Square Capital Management bought Uber and completely sold its Nike holdings in Q1 [6] Group 4: Investment Trends and Strategies - PGIM's chairman noted that President Trump's trade war has created uncertainty, leading institutional investors to pause asset allocation decisions regarding investments in the U.S. [7] - The Honghu Fund Phase II, with a scale of 20 billion yuan, is set to invest in the market, focusing on large-cap, liquid, and high-impact quality listed companies [9] - China Life Asset Management has been approved to participate in the third batch of insurance fund long-term investment reform trials [10] Group 5: Fund Market Dynamics - Several money market funds have recently imposed purchase limits to prevent arbitrage impacts and ensure stable operations [11] - Qatar Investment Authority plans to invest $500 billion in the U.S. over the next decade, with current assets totaling $524 billion [12] - Global funds continued to net buy Indian stocks, purchasing 9.3 billion rupees worth of shares [13] Group 6: ETF Market Overview - A-shares saw a collective decline, with the Shanghai Composite Index down 0.4% and total market turnover at 1.1241 trillion yuan, a decrease of 66.3 billion yuan from the previous day [13] - Notable ETF performances included a 3.65% increase in the Invesco S&P Consumer ETF and a 2.37% rise in the Huaan Fund Germany ETF [13] - The engineering machinery ETF experienced a 10% drop, while the financial sector ETFs also saw declines [16]

Core Viewpoint - The online travel industry in China is experiencing robust growth, driven by the integration of cultural and tourism sectors, increasing internet penetration, and rising consumer travel demand. The online travel booking user base is expanding rapidly, with the market size accelerating. By 2024, the online transaction rate in China is expected to reach 51.5%, with a total transaction volume of 2.07 trillion yuan, reflecting a year-on-year growth of 17.8% [1][12]. Industry Overview - Online travel (OTA) refers to the process where consumers book travel products or services through the internet, including flight bookings, hotel reservations, and vacation packages. The industry in China began in 1997 and has developed a complete industrial chain over the past two decades, maintaining an online travel penetration rate above 50% [2][3]. Industry Environment - The number of internet users in China reached 1.108 billion by December 2024, an increase of 16.08 million from the previous year, with an internet penetration rate of 78.6%. The shift towards online travel behavior has been accelerated by the pandemic and the formation of consumer habits in the era of mass tourism, providing a solid foundation for the online travel market [5][10]. Policy Framework - In response to various industry issues such as default bundling and information leakage, the Chinese government has implemented several regulations to promote healthy development in the online travel sector. Policies include the "Interim Regulations on Online Travel Business Operations" and the "14th Five-Year Plan for Tourism Development," aimed at enhancing regulatory oversight and encouraging innovation and service quality [7][9]. Current Industry Status - The online travel booking user base in China fell to 342 million in 2020 due to the pandemic, but has since rebounded, reaching 548 million by December 2024, representing 49.5% of the total internet users [10][12]. Competitive Landscape - The major players in China's online travel market include Ctrip, which has developed a strong platform through resource accumulation and sales capabilities; Tongcheng, Fliggy, and Meituan, which leverage their respective ecosystems for steady conversion; and Douyin, which uses its social media platform for marketing and brand exposure [14][16]. Development Trends 1. **Intelligent and Personalized Services**: Online travel platforms are integrating AI and big data to enhance service personalization and efficiency, with leading platforms like Ctrip and Tongcheng already implementing these technologies [20]. 2. **Cross-Industry Integration**: Online travel companies are collaborating with sectors like finance and culture to expand service offerings, creating comprehensive service ecosystems that enhance user engagement [21]. 3. **Market Penetration in Lower-Tier Cities**: The demand for online travel services is rapidly increasing in lower-tier cities, with companies like Tongcheng focusing on these markets for user growth, while also expanding globally [22].

同程旅行日前发布"程心AI"升级版，从分析推理、产品功能、多语种覆盖等方面实现升级，可帮助 游客更顺畅地实现从"AI推荐"到"AI决策执行+预订执行"的闭环。此外，设计者还充分考虑到入境游市 场中"旅游信息获取难"的痛点，将AI产品的支持语言扩大至英语、法语、日语等9种，在AI生成的攻略 中为外国游客提供更精准、更实用的旅行信息。 TripGenie是携程国际平台Trip.com推出的AI助手，帮助海外用户解答旅行疑问。目前，该AI助手可 支持英语、日语、韩语、西班牙语、法语和德语等12种语言，为海外用户提供旅游信息智能助手服务， 节省用户在旅行规划上的时间和精力。随着海外游客对定制旅行和个性化推荐需求的增长，携程集团将 积极运用AI技术，为用户提供合适多元的旅行选择。 除了为用户提供机票、酒店、火车票等产品的智能搜索、自动比价、个性推荐、打包预订等一站式 服务，途牛旅游网推出的"AI助手小牛"会在模糊信息中精准分析识别用户的核心需求，迅速筛选最优选 择，并提供简明、清晰的推荐理由。此外，还能针对用户已选择的产品和行程进行智能评估。 近期，多家在线旅游平台纷纷推出AI助手，制定出行规划，提升游客体验，助力行业 ...

Group 1 - The Hang Seng Index rose by 1.10%, gaining 250 points to reach 22,941 points, while the Hang Seng Tech Index increased by 1.56% [1] - The stock of Hu Shang A Yi (02589) surged over 52% on its first trading day, with a transaction volume of HKD 493 million [1] - Domestic insurance stocks saw broad gains, with China Pacific Insurance (02601) up 3.69%, China Life (02628) up 2.70%, New China Life (01336) up 3%, China Property & Casualty Insurance (02328) up 1.95%, and Ping An Insurance (02318) up 1.39% [1] Group 2 - Goodbaby International (01086) rose over 15% as reports indicated the U.S. is considering tariff exemptions for imports of Chinese baby strollers [1] - Yunfeng Financial (00376) increased over 14%, with a cumulative rise of 150% over the past week, as Ant Group is expected to achieve business synergies internally [1] - Changfei Optical Fiber (06869) rose over 8% as its subsidiary Bochuang Technology plans to invest in the third phase expansion project of Changxin Sheng in Indonesia [1] Group 3 - Meituan-W (03690) increased by 3% due to a surge in tourism activity, reaching a three-year high, which boosted OTA platforms [2] - Trip.com Group-S (09961) rose by 2% after signing a memorandum of understanding with Visit Oman, indicating strong overseas market development prospects [2] - China Software International (00354) increased by 2.6% as Huawei's first HarmonyOS computer was officially launched, benefiting the core of the Harmony ecosystem [2] Group 4 - Guoquan (02517) surged over 17% as shareholders committed to a six-month lock-up period after converting to H-shares, with expectations for improved store efficiency and opening speed this year [3] Group 5 - Tehai International (09658) rose by 7% due to strong overseas market demand, with institutions optimistic about the company's stable operations [4] - SMIC (00981) fell over 2% ahead of its quarterly report, amid reports that Trump plans to lift AI chip restrictions [5]