Financial Performance - In Q1 2025, Ctrip Group reported net operating revenue of 13.8 billion, a year-on-year increase of 16% and a quarter-on-quarter increase of 7% [1] - The net profit for the same period was 4.3 billion [1] - Revenue from key business segments included accommodation bookings at 5.5 billion, transportation ticketing at 5.4 billion, travel vacation at 0.947 billion, and business travel management at 0.573 billion [1] International Business Growth - Ctrip's international OTA platform saw overall travel booking volume increase by over 60% year-on-year, attributed to strategic investments in overseas markets and service optimization [1] - The inbound travel business experienced significant growth, with inbound orders increasing by approximately 100% and hotel bookings from major visa-free regions in the Asia-Pacific rising over 240% [2] - Outbound travel orders exceeded 120% of pre-pandemic levels from 2019 in Q1 [1] Market Impact - The rapid growth in international and inbound travel has injected liquidity into the market, enhancing foreign exchange consumption and creating more job opportunities [2] - Chinese tourists' spending power has significantly contributed to the global tourism market, increasing China's influence in global tourism consumption [2] - Ctrip aims to leverage its comprehensive range of Chinese tourism products and strong service capabilities to become the preferred platform for global travelers visiting China [2]

Financial Data and Key Metrics Changes - For Q1 2025, Trip.com Group reported net revenue of RMB 13.8 billion, a 16% increase year over year and a 9% increase quarter over quarter, driven by strong travel consumption and resilient demand across segments [24][29] - Adjusted EBITDA for Q1 was RMB 4.2 billion, compared to RMB 4 billion in the same period last year and RMB 3 billion in the previous quarter, indicating continued operational efficiency improvement [27][29] - Diluted earnings per ordinary share were RMB 6.09 (US$0.84), while non-GAAP diluted earnings per share were RMB 5.90 (US$0.82) for Q1 2025 [28] Business Line Data and Key Metrics Changes - Accommodation reservation revenue for Q1 was RMB 5.5 billion, representing a 23% increase year over year and a 7% increase quarter over quarter [24] - Transportation ticketing revenue for Q1 was RMB 5.4 billion, reflecting an 8% increase year over year and a 13% increase quarter over quarter [25] - Packaged tour revenue for Q1 was RMB 947 million, a 7% increase year over year and a 9% increase quarter over quarter [25] Market Data and Key Metrics Changes - Inbound travel bookings surged by approximately 100% year over year, with hotel bookings from key visa-free countries in APAC increasing by over 240% [15][16] - Outbound hotel and air bookings returned to more than 120% of 2019 levels, outperforming the market by 30-40% [17] - Domestic hotel bookings continued to see double-digit growth year over year, indicating strong consumer appetite for local exploration [18] Company Strategy and Development Direction - The company is focusing on enhancing its AI capabilities to improve user experience and streamline the travel booking process, with AI tools like TripGenie seeing a 50% increase in average user session duration [9][11] - Trip.com aims to capture the growing inbound travel market by enriching its offerings and improving service capabilities, including multilingual support and personalized itineraries [8][15] - The company is committed to sustainable travel and rural revitalization, having built 34 country retreats to stimulate local economies [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of travel demand, supported by strong consumer confidence and favorable policies [29] - The company anticipates continued growth in both inbound and outbound travel, with a focus on capturing opportunities in emerging markets [7][24] - Management noted that leisure travel demand remains strong, with corporate users expecting their travel budgets to grow or remain unchanged by 2025 [50] Other Important Information - The company has repurchased approximately US$84 million of its shares, demonstrating a commitment to delivering value to shareholders [28][82] - The balance of cash and cash equivalents as of March 31, 2025, was RMB 92.9 billion (US$12.8 billion) [28] Q&A Session Summary Question: Insights on AI in the travel industry - Management discussed the strengths of vertical AI agents in providing real-time travel data and enhancing user experience, while general AI agents offer broader information [31][33] Question: Performance during Labor Day holiday - Domestic hotel bookings increased by over 20% year over year, with inbound bookings surging by approximately 150% [37] Question: Outbound travel trends and expectations - Outbound bookings have consistently outperformed the industry, with expectations for double-digit annual growth [40] Question: Hotel industry performance and pricing outlook - Hotel ADR decreased by high single digits in Q1, but prices stabilized moving into Q2, with expectations for stabilization due to increasing travel demand [44] Question: Consumer sentiment amid macro environments - Travel demand remains resilient, with leisure travel demand strong and business travel showing stable demand [50] Question: Domestic competitive landscape - Competition in the domestic market is rationalized, with a strong focus on loyalty programs and customer retention [54] Question: Insights into first quarter performance - Overall bookings increased by more than 60% year over year, with APAC as a top priority for growth [57] Question: International business marketing strategies - The company is intensifying marketing efforts in Asia, with a focus on direct app user acquisition proving most effective [61] Question: Inbound business developments - Inbound travel has seen strong momentum due to favorable policies, with significant growth in bookings [72] Question: Sales and marketing expenses outlook - Marketing expenses may fluctuate due to seasonality, but the company aims to improve efficiencies through increased direct mobile traffic [78] Question: Capital return program - The company plans to continue share buybacks and has already returned US$200 million in cash dividends to shareholders [82]

Group 1: Company Listings and Financial Performance - Fuwai Group Limited has submitted a listing application to the Hong Kong Stock Exchange, with Morgan Stanley and Goldman Sachs as joint sponsors [1] - EHang Intelligent, a producer of electric vertical takeoff and landing (eVTOL) aircraft, is considering a secondary listing outside the United States [2] - Ctrip Group reported a net revenue of 13.8 billion yuan for Q1 2025, with inbound travel orders increasing by approximately 100% year-on-year [15] Group 2: Technological Developments - Xiaomi is set to launch its self-developed 3nm process mobile processor chip "Xuanjie O1" by the end of May, becoming the fourth company globally to do so [3] - Nvidia announced the full production of its personal AI computer DGX Spark and plans to open-source the physics engine Newton [13] - Huawei launched its first HarmonyOS foldable laptop, priced starting at 23,999 yuan [17] Group 3: Corporate Changes and Investments - Nissan is considering closing several factories in Japan and overseas as part of its cost-cutting measures [7] - "Yingwei Chip Technology" has secured several million yuan in angel round financing to accelerate the industrialization of its wafer-level heterogeneous integration technology [19] - Hangzhou Yihui Technology Co., Ltd. completed a pre-A round financing of several tens of millions, led by Jilu Asset [21] Group 4: Market Trends and Economic Indicators - The domestic prices of gasoline and diesel will decrease by 230 yuan and 220 yuan per ton, respectively, effective from May 19, 2025 [10] - The price of gold in retail markets has dropped from 792 yuan per gram to 756 yuan per gram, a decline of over 4% [5]

Group 1 - Huang Zitao's sanitary napkin brand has a total investment of 275 million yuan and sold 450,000 pieces within half an hour of launch [2][4] - The sanitary napkin brand's sales reached 195,000 pieces in the first 15 minutes, and the product was sold out by the next day [4] - The brand's products are being resold at a premium on second-hand platforms, with price increases ranging from a few to several dozen yuan [4] Group 2 - Xiaomi is set to release its self-developed 3nm process mobile processor chip "Xuanjie O1" by the end of May, becoming the fourth company globally to do so [5][6] - The announcement has positively impacted related semiconductor stocks, leading to a rise in shares of companies like Dongfang Zhongke and Quanzhi Technology [5] Group 3 - Ctrip reported a net revenue of 13.8 billion yuan for Q1 2025, with a 100% year-on-year increase in inbound travel orders [20] - The company's revenue from accommodation bookings, transportation tickets, travel vacations, and business travel management reached 5.5 billion, 5.4 billion, 947 million, and 573 million yuan respectively [20] Group 4 - Alibaba Pictures reported a 33% year-on-year increase in revenue for the fiscal year 2025, reaching 6.702 billion yuan, with adjusted EBITA achieving profitability for five consecutive years [21] - The company attributes its growth to the booming offline entertainment sector and a diversified business structure [21]

Group 1 - Xiaomi's legal department reported that a criminal gang manipulated nearly 10,000 accounts to defame the company, leading to multiple arrests and ongoing investigations [3] - Huawei officially launched its first HarmonyOS computer, the MateBook Pro, and the MateBook Fold, filling a gap in the HarmonyOS ecosystem for PCs [5] - Lei Jun responded to Midea's chairman's comments on competition, emphasizing mutual learning and industry development [5] Group 2 - A court ruled that Smartisan Technology must repay a loan of 15 million yuan to investor Zheng Gang, with an annual interest rate of 6% [8] - Reports of a collaboration between Luo Yonghao's AI startup and Baidu were clarified as a partnership for e-commerce rather than a significant AI project [9] - Tesla plans to launch an autonomous taxi fleet in Austin in June, equipped with remote safety monitoring [11][12] Group 3 - Analyst Ming-Chi Kuo stated that significant updates to Apple's AirPods may not occur until 2026 [14] - Lei Jun announced that Xiaomi's first chip, the O1, utilizes a second-generation 3nm process, with over 13.5 billion yuan invested in R&D to date [14] - Citigroup addressed rumors of layoffs, stating that they will follow legal procedures when contracts expire [16] Group 4 - BYD confirmed the return of the public relations departments for its Tengshi and Fangchengbao brands to the group [16] - Several companies under Sanziyang have undergone management changes, with new appointments made [17] - Sohu reported a total revenue of 136 million USD for Q1 2025, with a net loss of 16 million USD, a reduction of over 20% year-on-year [18] Group 5 - Ctrip Group reported a net revenue of 13.8 billion yuan for Q1 2025, a year-on-year increase of 16% [18] - LocknLock recalled 1,008 electronic lunch boxes due to potential fire hazards [18][19] - Google CEO Sundar Pichai stated that AI will enhance search capabilities rather than replace them [20] Group 6 - HeSai Technology reportedly submitted a secret application for a Hong Kong IPO, leading to a stock price increase [21] - Yi An Lian announced the completion of a multi-million C1 round financing to expand its national channel network [21] - Chuangxin International completed nearly 100 million yuan in B round financing to accelerate organoid technology development [21] Group 7 - Pupu Supermarket is reportedly planning to go public in Hong Kong, having achieved profitability in 2024 [21] - NVIDIA launched the RTX PRO server aimed at transforming enterprise IT data centers into AI factories [22][23] - Zhijidongli released the TRON 1 mobile operation expansion kit, showcasing its capabilities in 3D space [25]

Core Insights - Ctrip Group reported a net operating revenue of 13.8 billion RMB for Q1 2025, a year-on-year increase of 16% [1] - The net profit attributable to shareholders was 4.3 billion RMB, unchanged from the same period in 2024 [1] - The diluted earnings per share were 6.09 RMB [1] Business Performance - International OTA platform bookings increased by over 60% year-on-year [1] - Inbound travel bookings saw a growth of over 100% year-on-year [1] - Outbound hotel and flight bookings exceeded 120% of the pre-pandemic levels in 2019 [1] Revenue Breakdown - Accommodation booking revenue reached 5.5 billion RMB, up 23% year-on-year, driven by growth in accommodation bookings [1] - Transportation ticketing revenue was 5.4 billion RMB, an 8% increase year-on-year, attributed to the rise in ticket bookings [1] - Vacation business revenue amounted to 947 million RMB, a 7% year-on-year increase, mainly due to growth in vacation bookings [1] - Business travel management revenue was 573 million RMB, up 12% year-on-year, supported by an increase in business travel orders [1] - Business travel management revenue decreased by 18% quarter-on-quarter due to seasonal effects [1] Industry Outlook - The tourism industry maintained strong growth momentum in Q1 2025, supported by robust consumer demand and favorable policies [2] - The company emphasized its diversified market layout, which positions it to respond to global economic fluctuations and seize emerging opportunities [2] - The CEO highlighted the importance of innovation and customer-centric solutions to meet the evolving needs of travelers, contributing to sustained growth and long-term value creation for stakeholders [2]

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]