自4月3日美国总统特朗普正式宣布"对等关税"以来，中美之间多次互相提高关税，目前双方相互加征的关税都已在100%以上。且随着贸易摩擦的升温，中美两国 之间的角力有着进一步向其他领域扩散的风险。 值得关注的是：① 近日美国财政部长曾表示， 不排除以在美上市的中概公司强制退市，作为两国间谈判的筹码之一；② 2月21日， 白宫发布了"America First Investment Policy"备忘录中，也提及了在一定情况下限制美国资金投资于部分中国公司/资产的可能性。 虽然上述两条潜在的风险截至目前仅停留在口头阶段，美国政府尚没有进行任何实质性的动作。但历史上，中概退市威胁并非没有先例： 2020年~2022年间美国政 府就曾以HFCAA法案下，无法获得中概上市公司的审计监管权的原因，正式推进过中概在美退市。 尽管后续中美两国政府达成了协议，中概从美股全面退市并没真正发生，但仍有中移动等公司在争端期间被美政府强制退市，后有如中国石油等在争端缓解后仍 主动选择退市。 由此可见，无论是 强制中概从美股退市、抑或禁止美国资金投资中国资产，虽然最终落地的概率应当非常小，但属于存在先例、不能视而不见的"黑天鹅"风险。 海 ...

【国际风暴眼】G7对俄黄金禁令引爆金融市场 一场没有硝烟的货币战争 今日凌晨3点，七国集团突然抛出"黄金狙击令"，宣布立即冻结俄罗斯价值190亿美元的黄金出口。伦敦金银市场实时数据显示，国际金价瞬间拉升2.8%，创 下近15个月来最大单日振幅。更值得玩味的是： 今日收盘数据显示，外资通过"债券通"渠道隐秘流入A股超200亿，其中80亿集中攻击宁德时代。更惊人的是： 操盘手札：某私募基金经理透露，这波行情本质是"中报预演"，真正的大戏要等7月15日业绩预告潮。 【民生热浪】42℃高温下的中国：当极端天气成为新常态 郑州气象站今日测得44.1℃的恐怖数据，柏油马路融化导致多起宠物犬烫伤事件。魔幻现实正在上演： 气候警报：中科院最新模型显示，今年华北高温日数将比往年多15-20天，电网负荷峰值可能突破历史极值30%。 瑞士海关紧急关闭3条贵金属通道 迪拜黄金市场现神秘大单扫货 比特币意外上涨9%，上演"数字黄金"逆袭 金融暗战：前美联储顾问亚当·史密斯独家透露，这实则是美元体系对"去美元化"的精准打击，俄央行黄金储备占外汇23%，此举将重创其经济防火墙。 【国内沸点】第九版防控方案引爆出行市场 报复性旅游来了？ 今 ...

Core Insights - The tourism market is experiencing significant growth ahead of the May Day holiday, with a 28% year-on-year increase in flight bookings from Shenzhen and a remarkable 187% increase in inbound travel orders [1][2] - The report identifies three main trends in tourism consumption: long-distance travel surge, cross-border travel increase, and a rise in popularity of county-level destinations [1] - Traditional popular cities like Beijing, Shanghai, and Guangzhou continue to lead domestic travel, while emerging cities such as Taiyuan and Foshan are seeing rapid growth in hotel demand [1][2] Supply and Demand Dynamics - Small city destinations are upgrading their offerings through "micro-vacation complexes and intangible cultural heritage activation," while consumers are reshaping their travel decisions based on "off-peak travel and deep experiences" [2] - The trend of tourism downscaling is more pronounced in lower-tier cities, with a 25% increase in tourism heat compared to 11% in higher-tier cities [2] - High-star hotel consumption in smaller cities is surpassing that of larger cities, indicating a shift in consumer spending behavior [2] Inbound Tourism Growth - Inbound tourism is experiencing explosive growth, driven by viral marketing from social media influencers and recent policy changes such as immediate tax refunds for overseas shoppers [2] - The report indicates a 173% year-on-year increase in inbound travel orders for the May Day holiday, with top destinations including Shanghai, Beijing, and Guangzhou [2] - Key source countries for inbound tourism include South Korea, Japan, and the United States, reflecting a diverse international interest [2]

Group 1 - The Ministry of Culture and Tourism of China will hold the "5·19 China Tourism Day" theme month from April 21 to May 31, featuring over 6,000 initiatives aimed at benefiting the public [1][2] - The core focus of the activities is "benefiting and pleasing the public," with measures including ticket discounts, consumption vouchers, and promotional events across various sectors [2][3] - More than 60 cooperating units, including Meituan, Alipay, and Ctrip, will invest over 1 billion yuan in subsidies, covering areas such as scenic spots, hotels, and transportation platforms [1][4] Group 2 - In the food sector, activities such as food exhibitions and special food festivals will be held, with platforms like Meituan and Ele.me launching promotional campaigns involving over 100,000 restaurants [2][3] - The accommodation sector will see promotions like "stay discounts" and "family packages," with major hotel groups offering exclusive member discounts and seasonal promotions [2][4] - Airlines will provide special ticket prices and discounts, while major scenic spots will implement ticket reduction policies to attract more visitors [2][3] Group 3 - In shopping, the Ministry will collaborate with e-commerce platforms to launch "Intangible Cultural Heritage Shopping Month," with various cities offering consumption vouchers to stimulate spending [3][4] - Entertainment activities will include ethnic parades and performances in over 30 cities, with platforms like Damai and NetEase Music promoting travel-themed events [3][4] - To attract international tourists, the Ministry will work with other departments to enhance entry convenience, including simplifying visa processes and optimizing multilingual services [3][4] Group 4 - Meituan plans to invest over 100 million yuan in various promotional activities, including a "100 Cities, 1,000 Flavors" campaign with a budget of 40 million yuan for seasonal promotions [4][5] - Alipay will collaborate with over 1,000 merchants to invest 350 million yuan, offering online special events and benefits for inbound tourists [4][5] - Gaode will distribute a total of 150 million yuan in discount coupons, enhancing user experience for both domestic and international travelers [5][6]

机构指出，多方增量资金明确，稳市资金更加积极，下方空间有限。 【财经日历】 2025全球机器学习技术大会。 | 3 | 盘前必读 | | 外盘怎么样 // | | | --- | --- | --- | --- | --- | | 名称 | | 现价 | 涨跌 | 涨跌幅 | | 道琼斯工业指数 | | 39142.23 | -527.16 | -1.33% | | 纳斯达克指数 | | 16286.45 c | -20.71 | -0.13% | 美股周四涨跌不一，投资者在假期前保持谨慎，同时关注贸易谈判进展与利率前景。 截至当天收盘，道琼斯工业平均指数下跌527.16点，报39142.23点，跌幅1.33%；标准普尔500指数上涨7.00点，报5282.70点，涨幅0.13%；纳斯达克综合指 数下跌20.71点，报16286.45点，跌幅0.13%。本周三大指数均录得周线下跌，标普500指数累计下跌1.5%，纳指下跌2.6%，道指跌幅达2.7%。 大型科技股走势分化。谷歌母公司Alphabet下跌1.4%，此前联邦法官裁定谷歌在在线广告技术市场存在非法垄断行为。微软下跌逾1%；亚马逊、Meta与特 斯拉微 ...

Financial Performance - For Q4 2024, Trip.com Group reported net revenue of RMB12.7 billion (US$1.7 billion), a 23% increase year-over-year, driven by stronger travel demand [3]. - For the full year 2024, net revenue reached RMB53.3 billion (US$7.3 billion), representing a 20% increase from 2023 [4]. - Net income for Q4 2024 was RMB2.2 billion (US$300 million), compared to RMB1.3 billion for the same period in 2023 [22]. - Adjusted EBITDA for Q4 2024 was RMB3.0 billion (US$408 million), an improvement from RMB2.9 billion for the same period last year [5]. - Accommodation reservation revenue for Q4 2024 was RMB5.2 billion (US$709 million), a 33% increase from the same period in 2023 [6]. - Transportation ticketing revenue for Q4 2024 was RMB4.8 billion (US$655 million), a 16% increase year-over-year [8]. - Packaged-tour revenue for Q4 2024 was RMB870 million (US$119 million), a 24% increase from the same period in 2023 [10]. - Total revenue for the year ended December 31, 2024, was RMB 53,377 million (USD 7,313 million), representing an increase from RMB 44,562 million in 2023 [42]. - Net income attributable to Trip.com Group Limited for the year ended December 31, 2024, was RMB 17,067 million (USD 2,338 million), up from RMB 9,918 million in 2023, reflecting a growth of 72.5% [42]. - The company reported a gross profit of RMB 43,304 million (USD 5,934 million) for the year ended December 31, 2024, compared to RMB 36,389 million in 2023, indicating a year-over-year increase of 18.9% [42]. - Adjusted EBITDA for the year ended December 31, 2024, reached RMB 17,070 million, reflecting a margin of 32% [44]. - The total net income attributable to Trip.com Group Limited for the year ended December 31, 2024, was RMB 17,067 million, an increase from RMB 9,918 million in the previous year [44]. Assets and Liabilities - As of December 31, 2024, the balance of cash and cash equivalents was RMB90.0 billion (US$12.3 billion) [28]. - Total current assets increased to RMB 112,120 million (USD 15,360 million) as of December 31, 2024, from RMB 88,732 million in 2023, marking a growth of 26.4% [40]. - Cash, cash equivalents, and restricted cash rose to RMB 51,093 million (USD 7,000 million) by December 31, 2024, compared to RMB 43,983 million in 2023, an increase of 16.0% [40]. - The company’s total assets reached RMB 242,581 million (USD 33,233 million) as of December 31, 2024, up from RMB 219,137 million in 2023, reflecting an increase of 10.7% [40]. - The company’s total liabilities increased to RMB 99,099 million (USD 13,576 million) as of December 31, 2024, from RMB 96,131 million in 2023, a growth of 3.1% [40]. - Trip.com Group Limited's shareholders' equity rose to RMB 142,739 million (USD 19,555 million) as of December 31, 2024, compared to RMB 123,006 million in 2023, indicating an increase of 16.1% [40]. Shareholder Returns and Future Plans - The company plans to undertake a share repurchase program of up to US$400 million and an ordinary cash dividend of approximately US$200 million for the financial year 2024 [29]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth [44]. Earnings and Expenses - Operating expenses for the year ended December 31, 2024, totaled RMB 29,127 million (USD 3,991 million), compared to RMB 25,065 million in 2023, representing a rise of 16.3% [42]. - Earnings per ordinary share (diluted) for the year ended December 31, 2024, was USD 3.39, compared to USD 2.39 in 2023, an increase of 41.8% [42]. - Interest income decreased to RMB 517 million for the year ended December 31, 2024, down from RMB 593 million in the previous quarter [44]. Quarterly Performance - Net income for the three months ended December 31, 2023, was RMB 1,342 million, a significant increase from RMB 1,297 million in the previous quarter [44]. - Non-GAAP net income attributable to Trip.com Group Limited for the three months ended December 31, 2024, was RMB 3,038 million, up from RMB 2,675 million in the previous quarter [44]. - The company reported a diluted non-GAAP income per share of RMB 4.35 for the three months ended December 31, 2024, compared to RMB 4.00 in the previous quarter [44]. - The adjusted EBITDA margin for the three months ended December 31, 2023, was 28%, indicating a decrease from 36% in the previous quarter [44]. - The company’s income from operations for the year ended December 31, 2024, was RMB 14,177 million, compared to RMB 11,324 million in the previous year [44]. - The company’s equity in income of affiliates for the three months ended December 31, 2024, was RMB (359) million, compared to RMB (351) million in the previous quarter [44].

Corporate Structure and Compliance - The company is classified as a large accelerated filer under the SEC regulations[12]. - The financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP)[12]. - The company has submitted all required reports under the Securities Exchange Act of 1934 in the past 12 months[12]. - The company has an effective internal control report as per the Sarbanes-Oxley Act[12]. - The company is not a shell company as defined under the Securities Exchange Act[13]. - The company has not disclosed any unresolved staff comments from the SEC[15]. - The company has not reported any defaults on senior securities or dividend arrearages[15]. - The company has established a series of contractual arrangements with its variable interest entities (VIEs) and their shareholders, which include power of attorney, technical consulting and service agreements, equity pledge contracts, exclusive purchase rights agreements, and loan contracts[43]. - The contractual arrangements provide the company with effective control over the VIEs, allowing it to consolidate their operating results, financial position, and cash flows into its financial statements according to US GAAP[43]. - The company does not own equity interests in the VIEs, and investors in American depositary shares are purchasing shares of the Cayman Islands holding company, not the VIEs[48]. - The company has not verified the legality of its contractual arrangements in Chinese courts, which adds to the risk factors associated with its corporate structure[44]. - The company is subject to significant uncertainty regarding compliance with future regulatory developments, which may require cybersecurity reviews or other specific actions for companies listed on foreign exchanges[46]. - The company has obtained all necessary permits for its business operations in China, except for certain minor permits related to auxiliary services in transportation ticketing, which account for a negligible portion of transportation ticketing revenue[54]. - The company has not received any written rejections from government agencies regarding the necessary permits for its business operations as of the report date[54]. - The PCAOB has determined that it cannot fully inspect or investigate registered public accounting firms based in mainland China and Hong Kong, which may affect the company's compliance with the HFCAA[51]. - The company does not expect to be classified as a commission-recognized issuer under the HFCAA after filing its Form 20-F for the fiscal year ending December 31, 2024[52]. - The company is subject to various privacy and data protection laws across multiple jurisdictions, which could lead to sanctions and reputational damage if not complied with[131]. - The company is at risk of being classified as a "critical information infrastructure operator," which would impose additional obligations not currently applicable[132]. - The company must comply with foreign exchange registration requirements for Chinese residents participating in stock incentive plans, which could lead to fines and legal sanctions if not adhered to[172]. Financial Performance - Total revenue increased by 122% from RMB 20 billion in 2022 to RMB 44.6 billion in 2023, and further projected to grow by 20% to RMB 53.4 billion (USD 7.3 billion) in 2024[29]. - Net profit rose from RMB 1.4 billion in 2022 to RMB 10 billion in 2023, with a forecasted increase to RMB 17.2 billion (USD 2.36 billion) in 2024[29]. - Accommodation booking revenue accounted for 37%, 39%, and 40% of total revenue in 2022, 2023, and 2024, respectively, with figures of RMB 7.4 billion, RMB 17.3 billion, and RMB 21.6 billion (USD 3 billion) for those years[30]. - Transportation ticketing revenue represented 41% of total revenue in both 2022 and 2023, decreasing to 38% in 2024, with revenues of RMB 8.3 billion, RMB 18.4 billion, and RMB 20.3 billion (USD 2.8 billion) respectively[30]. - Travel vacation revenue increased significantly from RMB 797 million in 2022 to RMB 4.3 billion (USD 594 million) in 2024[31]. - Business travel management revenue grew from RMB 1.1 billion in 2022 to RMB 2.5 billion (USD 343 million) in 2024[31]. - Other business revenue, including online advertising and financial services, increased from RMB 2.5 billion in 2022 to RMB 4.6 billion (USD 634 million) in 2024[32]. - Operating profit surged from RMB 88 million in 2022 to RMB 11.3 billion in 2023, with a projected increase to RMB 14.2 billion (USD 1.94 billion) in 2024[35]. - Total operating expenses rose from RMB 15.4 billion in 2022 to RMB 29.1 billion in 2024, reflecting increased investment in product development and marketing[35]. - The company anticipates continued growth in revenue and profitability, driven by expansion in accommodation and transportation services[34]. - The company reported a total revenue of RMB 17,067 million for 2024, projecting a further increase in profitability[36]. - The company has significant debt obligations, with RMB 19.6 billion (USD 2.7 billion) due within one year and RMB 20.6 billion (USD 2.8 billion) due after one year as of December 31, 2024[88]. - The company's goodwill amounted to RMB 60.9 billion (USD 8.3 billion) as of December 31, 2024, and any significant decline in the recoverability of these assets may lead to substantial impairment charges[90]. Market Presence and Operations - The company has been expanding its global presence, particularly in the Asia-Pacific region, which is one of the fastest-growing areas for travel consumption[27]. - The company offers a comprehensive range of travel products and services, including accommodation booking, transportation ticketing, and business travel management[26]. - The Trip.com app has become one of the most downloaded online travel agency applications in several markets, including South Korea, Singapore, Thailand, and Hong Kong[23]. - The company has established nine customer service centers and sixteen call centers globally to enhance online channel competitiveness[24]. - Over 90% of total transaction orders were placed through mobile channels as of December 31, 2024[23]. - The open platform has approximately 1.5 million global accommodation services and over 640 airline partners as of December 31, 2024[25]. - The company has adopted an open platform business model to attract ecosystem partners to launch customized travel products[24]. - The company has a strong user base and competitive position in the travel market, leveraging advanced AI technology and industry insights[22]. - The company provides personalized, convenient, and inspiring travel experiences through various online channels, including mobile apps and localized websites[23]. - The company relies heavily on maintaining relationships with ecosystem partners, such as hotels and airlines, to ensure service availability and competitive pricing[78]. - The company generates revenue through commissions from ticket sales via airline partners, but there is a risk of unfavorable changes in partnership terms[80]. - Strategic alliances with ecosystem partners are crucial for revenue growth, and failure to establish or maintain these alliances could negatively impact market penetration and profitability[81]. Risks and Challenges - The company faces various legal and operational risks in China, including complex and changing regulations that may impact its ability to comply with regulatory requirements[46]. - The Chinese government's regulatory power may severely restrict or completely hinder the company's ability to issue or continue issuing securities to investors[47]. - The company may face significant adverse changes in its operations and the value of its American depositary shares due to risks associated with the Chinese legal system and regulatory environment[47]. - The company faces significant competition from both new and existing travel agencies, which may impact market share and business performance[92]. - Aggressive advertising and promotional campaigns by competitors have led to increased expenses, potentially affecting quarterly or annual operating profit margins[93]. - The company faces risks related to foreign investment restrictions in China, which may create significant uncertainties[68]. - The company faces significant operational and legal risks associated with conducting business in mainland China, which may impact growth and profitability[60]. - A severe or prolonged global economic downturn could have a significant adverse effect on the company's business and financial performance[61]. - The overall decline or turmoil in the travel industry may significantly adversely affect the company's business and operating performance[62]. - The company has incurred substantial debt and may generate additional debt in the future, potentially impacting its ability to meet cash obligations[62]. - The company faces risks from geopolitical uncertainties, natural disasters, and travel restrictions that could disrupt operations and financial performance[76]. - The company may struggle to implement its global expansion strategy due to challenges such as cultural differences and local market dynamics, potentially impacting its operational complexity[148]. - The company cannot guarantee successful management of risks associated with international business expansion, which may adversely affect its financial condition and operational results[152]. Regulatory Environment - The company faces significant compliance costs due to evolving legal and regulatory frameworks across various jurisdictions, impacting operational practices[153]. - The regulatory environment regarding consumer data collection and privacy is becoming increasingly stringent, with potential risks of sanctions and reputational damage if compliance is not met[154]. - The company faces uncertainties regarding the interpretation and implementation of antitrust guidelines in the internet platform economy, which may impact its business operations[165]. - The National Market Supervision Administration has emphasized compliance with antitrust laws, and companies are required to conduct self-inspections and rectify any violations, with potential for severe penalties for non-compliance[166]. - Future amendments to the Antitrust Law may complicate the company's past acquisitions and investments due to increased scrutiny and pre-filing requirements[167]. - The company is subject to various privacy and data protection laws across multiple jurisdictions, which could lead to sanctions and reputational damage if not complied with[131]. - The company must comply with foreign exchange registration requirements for Chinese residents participating in stock incentive plans, which could lead to fines and legal sanctions if not adhered to[172]. Technology and Innovation - The company invested RMB 13.1 billion (approximately USD 1.8 billion) in product research and development for the fiscal year ending December 31, 2024[70]. - The company is focusing on enhancing its content marketing capabilities and user engagement through innovative formats such as live streaming[71]. - The company is investing in artificial intelligence and cloud technology to improve its infrastructure and services[71]. - The company relies on an internally developed booking software system, and any inability to upgrade systems to meet future traffic demands may adversely affect business performance[101]. - The company faces increased costs due to the need to develop services compatible with various mobile operating systems and devices, which is critical for market penetration[102]. Human Resources and Management - The company's future success heavily depends on the continued service of its senior management, and losing them could severely disrupt operations[103]. - The company must attract and retain key personnel to support business expansion, and failure to do so may lead to unsatisfactory user experiences[104]. Economic Conditions - Global economic conditions, including inflation and geopolitical tensions, may significantly impact the company's growth and profitability[72]. - The travel industry downturn could adversely affect the company's business and financial performance due to its sensitivity to discretionary spending[74]. - The company may experience adverse effects on its business and financial performance due to unfavorable changes in government policies and economic conditions in China[158]. - China's economic growth rate has been gradually slowing since 2010, with the COVID-19 pandemic significantly impacting economic activity from 2020 to 2022, potentially reducing demand for the company's products and services[159].

Core Insights - Trip.com Group Limited has filed its annual report on Form 20-F, which includes audited financial statements for the three years ending December 31, 2024, with the Securities and Exchange Commission on April 11, 2025 [1] - The annual report is accessible on the Company's investor relations website, and holders of the Company's securities can request a free copy [1] Company Overview - Trip.com Group Limited is a leading global one-stop travel platform that offers a comprehensive suite of travel products and services, catering primarily to travelers in Asia and increasingly worldwide [2] - The Company operates under various brands, including Ctrip, Qunar, Trip.com, and Skyscanner, and was founded in 1999, listed on Nasdaq in 2003, and on HKEX in 2021 [2] - The mission of the Company is "to pursue the perfect trip for a better world" [2]

Financial Performance - Total revenues increased by 122% from RMB20.0 billion in 2022 to RMB44.6 billion in 2023, and further by 20% to RMB53.4 billion (US$7.3 billion) in 2024[31] - Net income rose from RMB1.4 billion in 2022 to RMB10.0 billion in 2023, and reached RMB17.2 billion (US$2.4 billion) in 2024[31] - Net income for 2023 reached RMB 10,002 million, a significant increase from a net loss of RMB 3,269 million in 2020, reflecting a turnaround in financial performance[42] - The company reported a projected net income of RMB 17,227 million for 2024, indicating a year-over-year growth of approximately 72%[42] - Cash and cash equivalents increased to RMB 41,592 million in 2023, up from RMB 17,000 million in 2022, showcasing improved liquidity[42] - Total assets grew to RMB 219,137 million in 2023, compared to RMB 191,691 million in 2022, representing an increase of about 14.3%[42] - Total shareholders' equity rose to RMB 123,006 million in 2023, compared to RMB 113,019 million in 2022, marking an increase of approximately 8.8%[43] - The company anticipates a diluted earnings per share of RMB 14.78 for 2023, a significant recovery from a loss of RMB 5.40 per share in 2020[42] Revenue Breakdown - Accommodation reservation revenue was RMB7.4 billion, RMB17.3 billion, and RMB21.6 billion (US$3.0 billion) for the years 2022, 2023, and 2024, representing 37%, 39%, and 40% of total revenues respectively[32] - Transportation ticketing revenue was RMB8.3 billion, RMB18.4 billion, and RMB20.3 billion (US$2.8 billion) for the years 2022, 2023, and 2024, accounting for 41%, 41%, and 38% of total revenues respectively[34] - Packaged-tour revenue increased from RMB797 million in 2022 to RMB4.3 billion (US$594 million) in 2024[36] - Corporate travel revenue grew from RMB1.1 billion in 2022 to RMB2.5 billion (US$343 million) in 2024[37] - Other businesses, including online advertising and financial services, generated revenues of RMB2.5 billion, RMB3.5 billion, and RMB4.6 billion (US$634 million) for the years 2022, 2023, and 2024 respectively[38] Market and Growth Opportunities - The Asia-Pacific region is identified as a key growth area, benefiting from a shift from offline to online and mobile services[30] - The company is exploring market expansion opportunities, particularly in the travel and online services sectors, to enhance growth prospects[49] - The company is expanding its global presence through owned brands, direct investments, and strategic partnerships, focusing on enhancing content capabilities and user engagement[79] Operational Efficiency and Investments - The platform provided approximately 1.5 million global accommodation listings and offered flights from over 640 airlines as of December 31, 2024[28] - Over 90% of total transaction orders were executed through mobile channels for the year ended December 31, 2024[25] - The company plans to invest RMB 870 million in product development for 2023, up from RMB 567 million in 2022, reflecting a focus on innovation[43] - For the year ended December 31, 2024, the company invested RMB 13.1 billion (US$1.8 billion) in product development[78] Risks and Challenges - The company faces significant risks from global economic conditions, including potential adverse effects from geopolitical tensions and inflation[80] - General declines or disruptions in the travel industry, such as pandemics or geopolitical unrest, could materially affect the company's business and financial performance[81] - The company experienced a significant decline in travel demand during the COVID-19 pandemic, leading to substantial user cancellations and refund requests[86] - The company has incurred substantial indebtedness and may face challenges in generating sufficient cash to meet its debt obligations[73] - The company is exposed to risks associated with international operations, including compliance and reputational risks, which could increase costs and divert management attention[121] Regulatory Environment - The PCAOB has regained the ability to inspect registered public accounting firms in mainland China and Hong Kong, affecting the company's compliance status under the HFCAA[58] - The company is deemed an "Existing Issuer" under the Overseas Offering and Listing Measures and is not required to complete filing procedures for historical securities offerings[62] - The company has completed foreign debt registrations with the NDRC for all debt offerings subject to such requirements[63] - The company’s operations in China are governed by PRC laws and regulations, with all requisite permissions obtained for its core business activities[60] - The company may be required to obtain additional approvals in the future due to uncertainties in PRC laws and regulations[60] Shareholder and Equity Considerations - The weighted average ordinary shares outstanding increased to 652,859,211 in 2023 from 648,380,590 in 2022, indicating a slight dilution in shares[42] - The company may require additional capital due to changed business conditions or future developments, which could lead to dilution for shareholders[156] Legal and Compliance Issues - The company is subject to various laws across multiple jurisdictions, which may pose operational risks[74] - The company is subject to payment processing risks, including potential increases in fees and changes in regulations that could adversely impact revenues and operating expenses[128] - The company must comply with evolving privacy and data protection laws, including the General Data Protection Regulation in the EU, which imposes significant obligations and potential penalties[146] Strategic Acquisitions and Competition - Strategic acquisitions in the travel industry are planned, but they pose risks such as potential dilution of equity and challenges in integration, which could adversely affect business operations[94] - The company faces competition from both existing travel agencies and new entrants, which may impact market share and profitability if not managed effectively[105] Financial Health and Asset Management - The company recorded a significant amount of goodwill and indefinite lived intangible assets from strategic acquisitions, which may be subject to impairment charges[73] - As of December 31, 2024, the company's goodwill was recorded at RMB60.9 billion (US$8.3 billion), with no impairment charges recognized for 2022, 2023, and 2024 due to the absence of impairment indicators[103] - The company has limited experience in international markets, which may affect its ability to expand globally[164] Tax and Financial Regulations - The company benefits from preferential tax rates for certain subsidiaries recognized as "high and new technology enterprises," but these qualifications must be renewed every three years[132] - Dividends from foreign-invested enterprises to offshore holding companies are subject to a 10% withholding tax unless a tax treaty provides for a different rate[218] Inventory and Demand Management - The company faces inventory risk during peak holiday seasons due to the need to predict demand for hotel rooms and transportation tickets accurately[131] - The company may be adversely affected if it fails to predict the amount of inventory needed during peak seasons, leading to potential losses[131]

智通财经4月8日电，纳斯达克中国金龙指数盘初上涨2.5%，台积电涨3.5%，阿里巴巴涨2.6%，京东涨 近5%，百胜中国涨4.2%，百度、携程涨超2%。 ...