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 Viewpoint - Trip.com Group Limited will hold its annual general meeting of shareholders on June 30, 2025, in Shanghai, China, to discuss and approve resolutions as outlined in the meeting notice [1][2]. Group 1: Meeting Details - The annual general meeting is scheduled for June 30, 2025, at 9:30 a.m. Shanghai time [1]. - Shareholders of record as of May 30, 2025, are entitled to vote at the meeting [2]. - Holders of American Depositary Shares must act through The Bank of New York Mellon or other intermediaries to exercise their voting rights [2]. Group 2: Financial Reporting - Trip.com Group has filed its annual report on Form 20-F with the SEC, including audited financial statements for the fiscal year ended December 31, 2024 [3]. - The annual report is accessible on the company's website and the SEC's website [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, and aims to provide cost-effective travel solutions [4]. - Founded in 1999, the company was listed on Nasdaq in 2003 and on HKEX in 2021 [4].

Group 1 - The core viewpoint of the article highlights the steady growth of the travel market during the Dragon Boat Festival, with local and nearby travel dominating at 50% share [1] - The report indicates a significant increase in family travel due to the overlap with Children's Day, with young parents opting for travel packages that combine performances and tourism [1][5] - The popularity of domestic travel is reflected in the 35% year-on-year growth in travel orders in Jiangsu during the holiday, with Nanjing seeing a 57% increase in travel orders [3] Group 2 - The search interest in traditional cultural experiences during the Dragon Boat Festival has surged by 50% compared to last year, with activities like dragon boat racing and zongzi making a strong appeal [5] - The pet-friendly hotel segment has shown a growth of over 20% in popularity, with nearly 20% of hotels allowing pets, indicating a growing trend in pet-inclusive travel [7] - The inbound tourism market has seen a significant increase, with hotel search interest doubling, showcasing China's attractiveness to foreign tourists [7] Group 3 - The top ten outbound travel destinations during the Dragon Boat Festival include Japan, South Korea, and Thailand, with short-haul flights under three hours being particularly favored [8] - The hotel heat index for unique destinations like Egypt and Russia has seen substantial increases, with hotel interest rising by 193% and 133% respectively [8]

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]

Group 1 - The core viewpoint of the article highlights the steady growth of the tourism market during the Dragon Boat Festival, with a focus on local and surrounding travel, which accounts for 50% of the market share [1][2] - The report indicates a 23% year-on-year increase in domestic surrounding travel bookings for the Dragon Boat Festival, reflecting a positive market trend [2] - Popular domestic destinations include Beijing, Shanghai, Nanjing, and Chengdu, with significant demand from regions like the Yangtze River Delta and Pearl River Delta [2] Group 2 - The article notes a surge in interest for music festivals and concerts during the Dragon Boat Festival, with ticket sales for events like the Tao Zhe concert in Fuzhou and the Zhang Xueyou concert in Chongqing selling out [3] - Hotel booking popularity has increased significantly in cities hosting major events, with top cities like Jincheng and Dezhou seeing substantial growth due to concert-related tourism [3] Group 3 - There is a notable increase in interest for traditional cultural experiences during the Dragon Boat Festival, with a 50% rise in searches for such activities compared to last year [4] - Activities like dragon boat racing and making zongzi are particularly popular among tourists, enhancing the festive atmosphere [4] Group 4 - The overlap of the Dragon Boat Festival with Children's Day has led to a significant rise in family travel, with family travel orders accounting for 35% of total bookings [7] - The demand for pet-friendly accommodations has also increased, with a 20% rise in searches for such hotels, indicating a growing trend in pet-inclusive travel [7] Group 5 - The inbound tourism market is experiencing a resurgence, with hotel search interest for inbound travel increasing by over 100% during the Dragon Boat Festival [9] - The top inbound tourist source countries include Malaysia, South Korea, and Singapore, with major destinations being Shanghai and Beijing [9] Group 6 - For outbound travel, popular destinations include Japan, South Korea, and Hong Kong, with short-haul flights under 3 hours being particularly favored [11] - The article mentions significant increases in hotel interest for destinations like Egypt and Vietnam, with growth rates of 193% and 119% respectively [11]

Macro Commentary - The US economy shows signs of slowing down, with significant declines in retail and manufacturing output due to tariff impacts, particularly affecting durable goods like automobiles and electronics [2] - Despite the slowdown, unemployment claims remain stable, indicating that the service sector is less affected, and employment in this sector remains robust [2] - Inflation is expected to rebound temporarily from May to August, with the Federal Reserve likely to maintain interest rates until September, when a potential rate cut may occur [2] Industry Commentary - The Chinese pharmaceutical sector is experiencing a strong trend in innovative drug exports, with several significant business development transactions occurring despite recent tariff tensions [5][6] - The MSCI China Healthcare Index has risen by 14.9% since early 2025, although it has underperformed compared to the broader MSCI China Index [5] - The US innovative drug prices are unlikely to decrease in the short term due to recent executive orders, but long-term pressures on healthcare spending are anticipated [7] Company Initiation - The report covers Angelalign Technology (6699 HK), a leading provider of invisible orthodontic solutions in China, which has maintained a market share of 42% in the domestic market [9][10] - The company is expected to achieve a revenue compound annual growth rate (CAGR) of 23.8% from 2019 to 2024, with a projected CAGR of 18.0% from 2024 to 2027 [9] - Angelalign is expanding internationally, with a goal to cover over 50 countries and achieve significant revenue growth from overseas markets, which is expected to account for 30% of total revenue by 2024 [11][12]

Core Viewpoint - Major institutional investors are significantly increasing their positions in Chinese assets, indicating a positive outlook on the Chinese market despite global uncertainties [1]. Group 1: Bridgewater's Movements - Bridgewater's latest 13F report shows a total market value of $21.55 billion as of March 31, with substantial increases in positions in Chinese stocks such as Alibaba and Baidu [3]. - The fund increased its holdings in Alibaba by 5.405 million shares, a staggering 2,119% increase, making it the fourth-largest holding with a market value of $748.5 million [3]. - Additional increases include 1.879 million shares of Baidu, valued at $19 million, and nearly 500,000 shares of Pinduoduo, totaling 1.74 million shares [3]. Group 2: Hillhouse Capital's Strategy - Hillhouse's HHLR Advisors reported a total market value increase from $2.887 billion to $3.539 billion, a nearly 23% rise, with a focus on Chinese assets [5]. - The fund added nearly 20 Chinese stocks, including new positions in companies like Yaduo Group and Li Auto, and increased holdings in Pinduoduo and JD.com [5]. - Nine out of the top ten holdings are Chinese stocks, highlighting a strong commitment to this market [5]. Group 3: Jinglin's Perspective - Jinglin's total market value rose from $3.17 billion to $3.23 billion, with 14 new or increased positions and a concentration of 86.24% in the top ten holdings [7]. - The top three increased positions include Futu, Beike, and Alibaba, with Futu seeing a 48.23% increase in shares [7]. - Jinglin's partner expressed optimism about China's future development, suggesting a shift in global investment perceptions towards Chinese companies [7]. Group 4: Tiger Global's Adjustments - Tiger Global's total market value reached $26.6 billion, with 5 new stock additions and 14 increases in existing positions [9]. - The top five holdings include Meta and Microsoft, with Pinduoduo being one of the significant new additions [9]. Group 5: Gao Yi's Investments - Gao Yi's total market value increased from $740 million to $770 million, with a focus on Chinese assets [11]. - The fund added six Chinese stocks, significantly increasing its position in Huazhu Group and Boss Zhipin [11]. - A notable reduction in Meta holdings was also reported, indicating a strategic shift [11]. Group 6: Soros Capital's Focus - Soros Capital Management's 13F report indicates a renewed focus on Chinese assets, with new positions in Alibaba and Yum China [13]. Group 7: Economic Outlook for Chinese Assets - Chinese assets are gaining attractiveness amid global uncertainties, supported by policy incentives and strong performance in technology sectors [15]. - Morgan Stanley's chief economist highlights China's resilience and potential for innovation, particularly in technology and new consumption sectors [16]. - Recent economic data shows stronger-than-expected export resilience, boosting investor confidence in Chinese markets [16].

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 Points - China is expanding its visa-free policy to include Brazil, Argentina, Chile, Peru, and Uruguay, effective from June 1, 2025, to May 31, 2026, allowing ordinary passport holders from these countries to enter China for up to 30 days without a visa [1] - The expansion of the visa-free "circle" is expected to significantly boost China's inbound tourism market, enhancing cultural exchange and international influence [2][3] - Data from travel platforms indicate a substantial increase in inbound travel orders, with Argentina's orders up by 168% and Brazil and Chile's orders exceeding 80% year-on-year [2] Group 1 - The visa-free policy aims to facilitate international exchanges and promote tourism, which is seen as vital for enhancing China's global tourism competitiveness [2][3] - The recent "May Day" holiday saw a remarkable performance in the inbound tourism market, with a total of 3.14 billion domestic trips made, reflecting a 6.4% year-on-year increase [3][4] - The number of foreign visitors entering China under the visa-free policy reached 380,000 during the holiday, marking a 72.7% increase compared to the previous year [4] Group 2 - Online travel platforms reported a surge in inbound travel orders during the "May Day" holiday, with Ctrip noting a 130% year-on-year increase in inbound travel orders [4][5] - The introduction of shopping tax refund policies alongside the visa-free measures is expected to stimulate a new "travel + shopping" model for foreign tourists [4][5] - Major cities like Shanghai, Shenzhen, and Guangzhou emerged as popular destinations for inbound tourists, with significant order growth during the holiday [4][5]