香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 Trip.com Group Limited 攜程集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9961） 審計委員會會議日期及 所有參與者必須辦理預先登記方能通過使用參與者登記鏈接 https://register-conf.media-server.com/register/BI5133b541361040a6adb984eec1e12037參與是次 電話會議。 在辦理登記後，各參與者將收取是次電話會議之詳情，包括撥號號碼及獨有登記編號。 為參與會議，請撥打所提供的號碼，然後輸入登入密碼，閣下即可參與會議。 承董事會命 攜程集團有限公司 董事會執行主席 梁建章 新加坡，2026年2月9日 於本公告日期，本公司董事會包括董事梁建章先生、范敏先生、孫潔女士及羅戎先生以及獨立董事沈南鵬先生、 季琦先生、李基培先生及甘劍平先生。 2025 年第四季度及全年業績公告日期 攜程集團 ...

Core Viewpoint - Trip.com Group Limited is set to announce its fourth quarter and full year financial results for 2025 on February 25, 2026, after market close [1] Group 1: Financial Results Announcement - The financial results will be disclosed on February 25, 2026, U.S. Time [1] - The announcement will occur after the market closes [1] Group 2: Conference Call Details - A conference call will be hosted by Trip.com Group's management team at 7:00 PM U.S. Eastern Time on February 25, 2026 [2] - The conference call will be available via live Webcast and will be archived for twelve months [2] - Participants must pre-register to join the conference call [2][3] Group 3: Company Overview - Trip.com Group Limited is a leading global one-stop travel platform, offering a comprehensive suite of travel products and services [4] - The company operates under various brands, including Ctrip, Qunar, Trip.com, and Skyscanner [4] - Founded in 1999, the company was listed on Nasdaq in 2003 and on HKEX in 2021 [4]

Core Insights - The rental car market is experiencing significant growth during the 2026 Spring Festival, with a nearly 20% year-on-year increase in rental orders and an average rental duration extended to around 5 days, reflecting a 30% increase compared to last year [1] Group 1: Market Trends - Popular tourist destinations such as Kunming, Haikou, Sanya, Guangzhou, and Chengdu are becoming the preferred locations for rental car travel, with a notable rise in cross-city rental orders, indicating a shift towards "self-driving cross-city travel" as a new norm during holidays [1] - The growth in the rental car sector is driven not only by concentrated holiday travel demand but also by an upgrade in consumer expectations for the self-driving experience, emphasizing the need for certainty, flexibility, and security throughout the rental process [1] Group 2: Service Upgrades - The "New Worry-Free Rental" service by Ctrip represents an upgrade in rental service standards, providing a unified set of rules and addressing user pain points, which enhances the overall booking and rental experience [3] - The service guarantees the provision of vehicles that are no older than three years, with clear fuel and maintenance standards, thereby alleviating concerns about vehicle conditions for users [3] Group 3: Process Improvements - The "New Worry-Free Rental" service optimizes the pick-up and drop-off processes and cancellation policies, improving convenience and flexibility for users, including free pick-up and drop-off services and flexible cancellation options [4] - The platform enhances its role in dispute resolution through a review and damage assessment mechanism, ensuring the reasonableness of related costs and expanding service coverage to support regular road travel across mainland China [4] Group 4: Industry Evolution - The rental car industry is transitioning from a "seller-driven" model to a "user-driven" paradigm, with a focus on transparency in service rules and standardization of processes, significantly reducing uncertainty in the rental experience [4] - The increase in average rental duration and double-digit growth in per-order spending during the Spring Festival indicate that users are willing to pay a premium for higher quality and more reliable services, marking a shift in market competition from merely renting a car to renting a good car with excellent service [4] Group 5: Future Outlook - Industry experts believe that rental cars will evolve into a core component of the self-driving travel ecosystem, integrating deeply with destination resources, travel tools, and support systems to provide a "one-stop self-driving solution" [5] - As consumer demands for travel quality continue to rise, the rental car industry is expected to develop towards standardization, transparency, and user-friendliness, with platforms that genuinely build service systems around user scenarios likely to gain long-term trust and sustainability [5]

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Trip.com Group Limited due to allegations of materially misleading business information [1] Group 1: Investigation and Legal Action - Investors who purchased Trip.com securities may be entitled to compensation through a class action lawsuit without any out-of-pocket fees [2] - The Rosen Law Firm is preparing a class action to recover investor losses following the investigation [2] Group 2: Stock Performance and Regulatory Issues - Trip.com stock fell by 17% on January 14, 2026, after the company disclosed it is under investigation by China's market regulator for potential antitrust violations [3] Group 3: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company and recovering hundreds of millions for investors [4] - The firm has been consistently ranked among the top firms for securities class action settlements since 2013, securing over $438 million for investors in 2019 alone [4]

Group 1 - The majority of Chinese concept stocks in the US market saw an increase in pre-market trading, with NIO rising by 4% [1] - Li Auto experienced a 2% increase, while Baidu rose by 1% [1] - Futu Holdings increased by 0.4%, Alibaba by 0.3%, and JD.com by 0.1% [1] Group 2 - Pinduoduo saw a decline of 0.5%, and Trip.com fell by 0.6% [1]

Investment Rating - The report maintains a stable outlook for the tourism industry, with no significant changes expected in overall credit quality over the next 12 to 18 months [5][20]. Core Insights - Since 2025, the domestic tourism market has shown a positive development trend, with domestic tourism total visits and revenue maintaining double-digit growth. Cross-border travel has also seen a good recovery due to policy factors [6][9]. - The tourism industry is experiencing a shift from "quantity expansion" to "quality challenges," with a clear differentiation among companies. Those providing outstanding "value for money" experiences are expected to gain growth advantages, while those relying on traditional models will face greater pressure [5][21]. - The report highlights that the overall financial performance of sample tourism enterprises has slightly increased, but profitability and cash generation capabilities have weakened, indicating a divergence in revenue and profit across different sub-sectors [41][44]. Summary by Sections Analysis Approach - The analysis focuses on the credit fundamentals of the tourism industry by examining the overall performance in 2025, the operational status of various sub-sectors, and the impact of relevant policies on profitability and debt repayment capabilities [7]. Industry Fundamentals - The tourism industry has maintained a positive development trend since 2025, with domestic tourism visits and spending both showing double-digit growth. The recovery of cross-border tourism is also noted, supported by government policies [8][9]. - The report emphasizes the importance of providing high-quality experiences to meet the diverse demands of consumers, as the market transitions from quantity to quality [8][20]. Financial Performance - In the first three quarters of 2025, sample tourism enterprises experienced slight revenue growth, but profitability and cash generation capabilities weakened. The debt levels of these enterprises have slightly increased, maintaining a moderately high leverage level [41][44]. - The report indicates that the overall financial health of tourism enterprises is expected to remain stable, with no significant adverse changes anticipated in their ability to meet debt obligations [41].

Core Insights - The "China Travel" trend is expected to continue growing, with inbound tourist numbers projected to exceed 35 million in 2025, potentially setting a historical record [1] - The inbound tourism market in China is anticipated to reach $180 billion by 2030, indicating significant growth potential [1] Group 1: Inbound Tourism Growth - China has implemented unilateral visa exemptions or comprehensive mutual visa waivers for 76 countries, facilitating increased tourist inflow [1] - Ctrip's report indicates a 100% year-on-year growth in inbound travel bookings for the first three quarters of 2025, with orders from visa-exempt countries increasing by an average of 153% [3][11] - Asian countries, particularly South Korea, Singapore, and Malaysia, remain the primary sources of inbound tourists, while Russia shows the fastest growth rate at 205% [3] Group 2: Challenges for Travel Agencies - Many travel agencies rely on traditional B2B models, which limit their profit margins and bargaining power, as they depend on overseas agents for customer acquisition [6][7] - The travel industry faces challenges in recruiting multilingual talent due to low profit margins, which hampers effective communication and service delivery to international tourists [8] - Understanding the diverse preferences of overseas tourists is crucial, as different regions have distinct cultural sensitivities and expectations [10] Group 3: Industry Adaptation and Innovation - Domestic OTA platforms are enhancing their international marketing capabilities, allowing travel agencies to transition from B2B to a dual B2B and B2C model [12][14] - AI technology is being utilized to improve efficiency in translation, customer service, and product design, significantly reducing operational costs for travel agencies [14] - Platforms are providing credit backing to smaller travel agencies, enhancing their ability to attract international customers [15] Group 4: Collaborative Ecosystem Development - The inbound tourism sector has evolved through various stages, and it is now recognized as a key driver for service trade growth and national image enhancement [16] - There is a need for a collaborative effort among platforms, travel agencies, and tourism authorities to address challenges faced by international tourists, such as ticketing and transportation [18][19] - Innovations in service offerings, such as multilingual menus and immersive dining experiences, are being developed to enhance the tourist experience [20][22] Group 5: Future Outlook - The inbound tourism market in China is projected to have a growth potential of hundreds of billions of dollars, contingent on policy facilitation and technological advancements [24]

Core Viewpoint - The Guangdong Consumer Council has organized a meeting with major ticketing platforms to address prevalent issues in the cultural and sports ticketing market, including difficulties in purchasing tickets, lack of transparency, challenges in ticket refunds, and ticket scalping [1][2] Group 1: Consumer Issues - A survey conducted by the Guangdong Consumer Council revealed that 95% of respondents have encountered problems or disputes related to ticket purchases, with key issues including insufficient pre-sale information, ticket pricing irregularities, and inadequate refund mechanisms [1] - Common problems identified include "pillar tickets" and "wall root tickets" affecting the viewing experience, high fees for refunds, and a general lack of system stability and customer service responsiveness from ticketing platforms [1] Group 2: Industry Response - Representatives from ticketing platforms have acknowledged the issues raised and committed to improving consumer rights protection, optimizing ticketing processes, enhancing technical capabilities, and combating ticket scalping [1][2] - The ticketing companies face challenges in balancing supply and demand for popular events, establishing unified refund policies, and ensuring compliance with ticket information disclosure regulations [2] Group 3: Regulatory Recommendations - The Guangdong Consumer Council has called for stronger legislative measures and enforcement to improve legal regulations and oversight in the ticketing industry, including mandatory real-name management and transparent ticket information disclosure [2] - Event organizers are urged to prioritize consumer rights protection, collaborate with ticketing platforms to enhance purchasing processes and refund services, and actively resist ticket scalping practices to maintain a healthy market ecosystem [2]

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Trip.com Group Limited due to allegations of materially misleading business information [1] Group 1: Legal Action and Investor Rights - Investors who purchased Trip.com Group Limited securities may be entitled to compensation through a class action without any out-of-pocket fees [2] - Rosen Law Firm is preparing a class action to seek recovery of investor losses related to Trip.com [2] Group 2: Stock Performance and Regulatory Issues - Trip.com stock fell 17% on January 14, 2026, after the company disclosed it is under investigation by China's market regulator for potential antitrust violations [3] Group 3: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company [4] - The firm has been ranked in the top 4 for securities class action settlements since 2013 and recovered hundreds of millions for investors, including over $438 million in 2019 [4]

Market Overview - The Dow Jones Industrial Average increased by 0.43% to 49,454.63, while the Nasdaq Index decreased by 0.17% to 23,215.58, and the S&P 500 rose slightly by 0.07% to 6,922.99 [1] - The Nasdaq 100 saw a decline of 0.40% to 25,238.22 [1] Major Technology Stocks - AMD experienced a significant drop of 11.00% [2] - SanDisk fell by 6.89% [2] - Oracle decreased by 3.72% [2] - Facebook (Meta Platforms) declined by 1.46% [2] - Broadcom saw a decrease of 1.16% [2] - NVIDIA and Amazon also experienced minor declines of 0.67% and 0.33% respectively [2] Chinese Concept Stocks - Major Chinese concept stocks collectively declined, with Kingsoft Cloud dropping over 5% [3] - Ctrip Group, NetEase, and Bilibili each fell by over 4% [3] - Baidu Group and Futu Holdings decreased by over 3% [3] Detailed Performance of Chinese Stocks - Kingsoft Cloud fell by 5.45% to 12.414 [4] - Ctrip Group decreased by 4.84% to 57.550 [4] - NetEase dropped by 4.20% to 122.970 [4] - Baidu Group declined by 3.60% to 139.640 [4] - Futu Holdings decreased by 3.52% to 154.155 [4] - Other notable declines include XPeng Motors (-2.10%), Tencent Music (-1.98%), and JD Group (-1.41%) [4]