Core Insights - Ctrip Group reported strong financial results for the first half of 2025, with revenue reaching 28.7 billion RMB (approximately 4 billion USD) and a net profit of 9.194 billion RMB (approximately 1.283 billion USD) [3][4] Financial Performance - For Q2 2025, Ctrip's revenue was 14.864 billion RMB (approximately 2.075 billion USD), a 16% increase year-over-year from 12.788 billion RMB [8][10] - The company's net profit for Q2 2025 was 4.88 billion RMB (approximately 681 million USD), up 26% from 3.9 billion RMB in Q2 2024 [16] - Operating profit for Q2 2025 was 4.1 billion RMB, with an operating margin of 28% [12][14] Revenue Breakdown - Accommodation booking revenue for Q2 2025 was 6.225 billion RMB (approximately 869 million USD), a 21% increase year-over-year [4][10] - Transportation ticketing revenue reached 5.397 billion RMB (approximately 753 million USD), an 11% increase compared to the previous year [10] - The vacation package business generated 1.079 billion RMB (approximately 151 million USD), up 5% year-over-year [10] - Business travel management revenue was 692 million RMB (approximately 97 million USD), a 9% increase year-over-year [10] Cost and Expenses - Total operating costs for Q2 2025 were 2.8 billion RMB (approximately 393 million USD), a 22% increase year-over-year [10] - Research and development expenses for Q2 2025 were 3.5 billion RMB (approximately 489 million USD), up 17% year-over-year [10][11] - Sales and marketing expenses were 3.3 billion RMB (approximately 464 million USD), also up 17% year-over-year [10][11] Cash Position - As of June 30, 2025, Ctrip held cash and cash equivalents totaling 94.1 billion RMB (approximately 13.1 billion USD) [16]

Core Insights - Ctrip Group-S (09961) reported a net revenue of RMB 14.843 billion for the second quarter ending June 30, 2025, representing a year-on-year increase of 16.22% [1] - The net profit attributable to Ctrip Group Limited was RMB 4.846 billion, up 26.43% year-on-year, with basic earnings per share of RMB 7.34 [1] Revenue Breakdown - Accommodation booking revenue for Q2 2025 was RMB 6.2 billion (USD 869 million), showing a year-on-year increase of 21%, driven by growth in accommodation bookings [1] - Transportation ticketing revenue for Q2 2025 was RMB 5.4 billion (USD 753 million), reflecting an 11% year-on-year increase, primarily due to growth in transportation ticket bookings [1] Strategic Outlook - The Executive Chairman of Ctrip, Liang Jianzhang, emphasized that tourism is a key factor for national development and global cooperation, serving as an engine for economic growth and a catalyst for cultural exchange [1] - The CEO of Ctrip, Sun Jie, expressed optimism about the strong development momentum across various tourism sectors and highlighted the focus on meeting the growing demands of different customer segments, particularly in the inbound tourism market [1]

Core Insights - Ctrip Group reported a significant increase in its financial performance for Q2 2025, with total bookings on its international OTA platform growing by over 60% year-on-year [1] - The inbound tourism bookings saw a remarkable growth of over 100% year-on-year, while outbound hotel and flight bookings surpassed pre-pandemic levels by 120% [1] - National cross-border flight capacity has recovered to 84% of pre-pandemic levels [1] Inbound Tourism - The growth in inbound tourism is primarily driven by demand from South Korea and Southeast Asia, which are the two largest source markets [1] - In the first half of 2025, the total number of inbound visitors increased by 30%, with 71% of these visitors coming from visa-exempt regions [1] Strategic Initiatives - Ctrip has launched the "Smart Travel Future" hotel empowerment program aimed at enhancing hotel performance in terms of inbound orders, new customer growth, and operational efficiency [1] - This initiative is designed to create a growth community between the platform and hotels [1]

Core Insights - Ctrip Group reported a net revenue of RMB 14.843 billion for Q2 2025, representing a year-on-year increase of 16.22% [1] - The net profit attributable to Ctrip Group reached RMB 4.846 billion, up 26.43% year-on-year, with basic earnings per share of RMB 7.34 [1] Revenue Breakdown - Accommodation booking revenue for Q2 2025 was RMB 6.2 billion (USD 869 million), showing a year-on-year increase of 21% and a quarter-on-quarter increase of 12%, driven by strong travel demand, particularly during holidays [1] - Transportation ticketing revenue for Q2 2025 was RMB 5.4 billion (USD 753 million), reflecting an 11% year-on-year increase, with stable quarter-on-quarter performance [1] Strategic Outlook - The Chairman of the Board emphasized that tourism is a key factor for national development and global cooperation, viewing it as an engine for economic growth and a catalyst for cultural exchange [1] - The CEO highlighted the strong growth momentum across various tourism sectors and the company's focus on meeting the increasing demands of different customer segments, particularly in the inbound tourism market [1]

[Q2 and H1 2025 Earnings Announcement](index=1&type=section&id=2025%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E5%8F%8A%E4%B8%8A%E5%8D%8A%E5%B9%B4%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A) [Company Information and Announcement Overview](index=1&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF%E4%B8%8E%E5%85%AC%E5%91%8A%E6%A6%82%E8%A7%88) This section outlines the context, basic information, and access details for Trip.com Group's Q2 and H1 2025 unaudited financial results announcement [Company Profile](index=1&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) - Trip.com Group Limited (Stock Code: 9961) is a company incorporated in the Cayman Islands[2](index=2&type=chunk) [Announcement Publication Information](index=1&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF%E4%B8%8E%E5%85%AC%E5%91%8A%E6%A6%82%E8%A7%88) - Trip.com Group released its unaudited financial results for Q2 and H1 2025 on August 28, 2025 (Singapore time)[2](index=2&type=chunk)[3](index=3&type=chunk) - The announcement is available on the HKEX website www.hkexnews.hk and the company's investor relations website investors.trip.com[2](index=2&type=chunk) [Q2 and H1 2025 Performance Summary](index=2&type=section&id=2025%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E5%8F%8A%E4%B8%8A%E5%8D%8A%E5%B9%B4%E4%B8%9A%E7%BB%A9%E6%A6%82%E8%A6%81) Trip.com Group achieved strong growth in Q2 2025, particularly in international business and inbound tourism, with management expressing optimism and emphasizing strategic investments in innovation, partnerships, and inbound tourism expansion [Performance Highlights](index=2&type=section&id=%E4%B8%9A%E7%BB%A9%E4%BA%AE%E7%82%B9) - International business segments continued to show **strong growth** in Q2 2025[4](index=4&type=chunk) - Outbound hotel and air ticket bookings have fully surpassed **120% of 2019 pre-pandemic levels**[4](index=4&type=chunk) - International OTA platform total bookings increased by **over 60% year-over-year**[6](index=6&type=chunk) - Inbound tourism bookings increased by **over 100% year-over-year**[6](index=6&type=chunk) [Management Commentary](index=2&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E8%AF%84%E8%AE%BA) - Executive Chairman Mr. James Liang stated that tourism is a key factor for national development and global cooperation, and the company will continue to prioritize strategic investments in innovation, partnership development, and inbound tourism expansion[4](index=4&type=chunk) - CEO Ms. Jane Sun emphasized the company's strategy focuses on capturing the growing demands of diverse customer segments, particularly in the inbound tourism market, and enhancing service capabilities to provide seamless local experiences[4](index=4&type=chunk) [Financial Performance Analysis](index=2&type=section&id=%E8%B4%A2%E5%8A%A1%E4%B8%9A%E7%BB%A9%E5%88%86%E6%9E%90) Trip.com Group's Q2 2025 net revenue increased by 16% year-over-year, driven by strong tourism recovery, with accommodation and transportation as primary revenue sources and significant growth in profitability, net profit, and adjusted EBITDA [Net Revenue](index=2&type=section&id=%E5%87%80%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5) Q2 2025 Net Revenue | Metric | Amount (RMB) | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Net Revenue | 14.8 billion | +16% | +7% | [Revenue by Business Segment](index=2&type=section&id=%E5%90%84%E4%B8%9A%E5%8A%A1%E6%9D%BF%E5%9D%97%E6%94%B6%E5%85%A5) Q2 2025 Revenue by Business Segment | Business Segment | Revenue (RMB) | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Accommodation Reservation | 6.2 billion | +21% | +12% | | Transportation Ticketing | 5.4 billion | +11% | Stable | | Packaged Tours | 1.1 billion | +5% | +14% | | Corporate Travel | 692 million | +9% | +21% | [Operating Costs and Expenses](index=3&type=section&id=%E8%90%A5%E4%B8%9A%E6%88%90%E6%9C%AC%E4%B8%8E%E8%B4%B9%E7%94%A8) Q2 2025 Operating Costs and Expenses | Metric | Amount (RMB) | YoY Change | QoQ Change | Percentage of Net Revenue | | :--- | :--- | :--- | :--- | :--- | | Cost of Revenue | 2.8 billion | +22% | +4% | 19% | | Product Development Expenses | 3.5 billion | +17% | -1% | 24% | | Sales and Marketing Expenses | 3.3 billion | +17% | +11% | 22% | | General and Administrative Expenses | 1.1 billion | +2% | +6% | 7% | [Profit and Profitability](index=3&type=section&id=%E5%88%A9%E6%B6%A6%E4%B8%8E%E7%9B%88%E5%88%A9%E8%83%BD%E5%8A%9B) Q2 2025 Profit Metrics | Metric | Q2 2025 (RMB) | Q2 2024 (RMB) | QoQ vs Q1 2025 (RMB) | | :--- | :--- | :--- | :--- | | Net Income | 4.9 billion | 3.9 billion | 4.3 billion | | Adjusted EBITDA | 4.9 billion | 4.4 billion | 4.2 billion | | Net Income Attributable to Trip.com Group Shareholders | 4.8 billion | 3.8 billion | 4.3 billion | | Non-GAAP Net Income Attributable to Trip.com Group Shareholders | 5.0 billion | 5.0 billion | 4.2 billion | | Diluted Earnings Per Ordinary Share and Per ADS | 6.97 | 5.57 (Q2 2024) | 6.09 (Q1 2025) | | Non-GAAP Diluted Earnings Per Ordinary Share and Per ADS | 7.20 | 7.25 (Q2 2024) | 5.96 (Q1 2025) | - Income tax expense was **RMB 998 million**, a significant increase compared to Q2 2024 and the previous quarter, primarily due to subsidiary profitability, deferred tax liability changes, and fair value changes in investments[8](index=8&type=chunk) [Cash and Liquidity](index=3&type=section&id=%E7%8E%B0%E9%87%91%E5%8F%8A%E6%B5%81%E5%8A%A8%E6%80%A7) Cash and Liquidity as of June 30, 2025 | Metric | Amount (RMB) | | :--- | :--- | | Balance of cash and cash equivalents, restricted cash, short-term investments, and held-to-maturity time deposits and wealth management products | 94.1 billion | [Recent Developments and Capital Returns](index=4&type=section&id=%E8%BF%91%E6%9C%9F%E5%8F%91%E5%B1%95%E4%B8%8E%E8%B5%84%E6%9C%AC%E5%9B%9E%E6%8A%A5) Trip.com Group remains committed to delivering shareholder value and actively returning capital to investors through share repurchase programs [Share Repurchase Program](index=4&type=section&id=%E8%82%A1%E7%A5%A8%E5%9B%9E%E8%B4%AD%E8%AE%A1%E5%88%92) - As of August 27, 2025, the company repurchased approximately **7 million American Depositary Shares (ADS)** for a total consideration of approximately **$400 million** under the share repurchase program authorized in February 2025[10](index=10&type=chunk) - The Board of Directors approved a new share repurchase program in August 2025, authorizing the repurchase of up to **$5 billion** of its outstanding ordinary shares and/or ADSs[10](index=10&type=chunk) [Conference Call Information](index=4&type=section&id=%E7%94%B5%E8%AF%9D%E4%BC%9A%E8%AE%AE%E4%BF%A1%E6%81%AF) Trip.com Group management will host a conference call to discuss the results, with live webcast and replay services available - The conference call will be held on August 27, 2025, at 8:00 PM U.S. Eastern Time (August 28, 2025, at 8:00 AM Hong Kong Time)[11](index=11&type=chunk) - The call will be webcast live and replayed on https://investors.trip.com, with an archive available for 12 months[11](index=11&type=chunk) [Forward-Looking Statements and Non-GAAP Disclosures](index=5&type=section&id=%E5%89%8D%E7%9E%BB%E6%80%A7%E5%A3%B0%E6%98%8E%E4%B8%8E%E9%9D%9EGAA%E9%9C%B2) This section includes forward-looking statements regarding future performance and explains the company's Non-GAAP financial measures and their reconciliation to GAAP, providing more comparable operational data [Forward-Looking Statements](index=5&type=section&id=%E5%89%8D%E7%9E%BB%E6%80%A7%E5%A3%B0%E6%98%8E) - The announcement contains forward-looking statements subject to inherent risks and uncertainties, where actual results may differ materially from expectations[12](index=12&type=chunk) - Potential risks include economic slowdowns, travel disruptions, competitive failures, growth management failures, strategic investment risks, seasonality, infrastructure damage, loss of key personnel, and regulatory changes[12](index=12&type=chunk) [Non-GAAP Financial Measures Explanation](index=5&type=section&id=%E9%9D%9EGAA%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E8%AF%B4%E6%98%8E) - Trip.com Group provides Non-GAAP financial information, including Non-GAAP net income attributable to Trip.com Group Limited, adjusted EBITDA, adjusted EBITDA margin, and diluted earnings per ordinary share and per ADS[13](index=13&type=chunk) - Non-GAAP metrics adjust for share-based compensation expenses, fair value changes in investments and exchangeable bonds measured at fair value through profit or loss, and their income tax effects, aiming to enhance comparability of operating data across periods[13](index=13&type=chunk)[14](index=14&type=chunk) [About Trip.com Group](index=6&type=section&id=%E5%85%B3%E4%BA%8E%E6%90%BA%E7%A8%8B%E9%9B%86%E5%9B%A2) Trip.com Group is a leading global one-stop travel platform offering comprehensive products, services, and differentiated travel content through brands like Ctrip, Qunar, Trip.com, and Skyscanner - Trip.com Group Limited (NASDAQ: TCOM; HKEX: 9961) is a **leading global one-stop travel platform**[15](index=15&type=chunk) - Founded in 1999, the company listed on NASDAQ in 2003 and on HKEX in 2021[15](index=15&type=chunk) - Key operating brands include Ctrip, Qunar, Trip.com, and Skyscanner, with a mission to 'pursue the perfect trip for a better world'[15](index=15&type=chunk) [Investor Relations Contact Information](index=6&type=section&id=%E6%8A%95%E8%B5%84%E8%80%85%E5%85%B3%E7%B3%BB%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for Trip.com Group's investor relations department - Investors can contact Trip.com Group Investor Relations by phone at +86 (21) 3406 4880 X 12229 or via email at iremail@trip.com[16](index=16&type=chunk) [Financial Statements](index=7&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents Trip.com Group's unaudited consolidated balance sheets, statements of operations, and GAAP to Non-GAAP reconciliations, illustrating the company's financial position and operating results for Q2 and H1 2025 [Unaudited Consolidated Balance Sheets](index=7&type=section&id=%E6%9C%AA%E7%BB%8F%E5%AE%A1%E6%A0%B8%E7%BB%BC%E5%90%88%E8%B5%84%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) Summary of Unaudited Consolidated Balance Sheets as of June 30, 2025 (RMB in millions) | Metric | December 31, 2024 | June 30, 2025 | | :--- | :--- | :--- | | **Assets** | | | | Total current assets | 112,120 | 116,516 | | Total non-current assets | 130,461 | 135,922 | | **Total Assets** | **242,581** | **252,438** | | **Liabilities** | | | | Total current liabilities | 74,010 | 87,454 | | Total non-current liabilities | 25,089 | 15,504 | | **Total Liabilities** | **99,099** | **102,958** | | Mezzanine equity | 743 | 791 | | **Total Shareholders' Equity** | **142,739** | **148,689** | | Total Liabilities, Mezzanine Equity and Shareholders' Equity | 242,581 | 252,438 | [Unaudited Consolidated Statements of Operations](index=9&type=section&id=%E6%9C%AA%E7%BB%8F%E5%AE%A1%E6%A0%B8%E7%BB%BC%E5%90%88%E5%88%A9%E6%BD%A6%E8%A1%A8) Summary of Unaudited Consolidated Statements of Operations for Q2 and H1 2025 (RMB in millions) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Net revenue | 14,843 | 12,772 | 28,673 | 24,677 | | Gross profit | 12,025 | 10,460 | 23,150 | 20,127 | | Operating income | 4,102 | 3,555 | 7,665 | 6,870 | | Net income | 4,880 | 3,888 | 9,194 | 8,213 | | Net income attributable to Trip.com Group Limited | 4,846 | 3,833 | 9,123 | 8,145 | | Diluted earnings per ordinary share | 6.97 | 5.57 | 13.05 | 11.93 | [Reconciliation of GAAP to Non-GAAP Results](index=11&type=section&id=GAAP%E4%B8%8E%E9%9D%9EGAA%E4%B8%9A%E7%BB%A9%E5%AF%B9%E8%B4%A6) Summary of GAAP to Non-GAAP Reconciliation for Q2 and H1 2025 (RMB in millions) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income (GAAP) | 4,880 | 3,888 | 9,194 | 8,213 | | Adjusted EBITDA | 4,880 | 4,436 | 9,127 | 8,410 | | Adjusted EBITDA margin | 33% | 35% | 32% | 34% | | Net income attributable to Trip.com Group Limited (Non-GAAP) | 5,011 | 4,985 | 9,199 | 9,040 | | Diluted earnings per ordinary share (Non-GAAP) | 7.20 | 7.25 | 13.16 | 13.24 | [GAAP to IFRS Reconciliation](index=13&type=section&id=GAAP%E4%B8%8EIFRS%E8%B0%83%E8%8A%82%E8%A1%A8) This section provides a reconciliation between Trip.com Group's US GAAP financial statements and International Financial Reporting Standards (IFRS), detailing key accounting policy differences [Reconciliation Overview](index=13&type=section&id=%E8%B0%83%E8%8A%82%E8%A1%A8%E6%A6%82%E8%BF%B0) - The unaudited interim financial statements are prepared under US GAAP, with a reconciliation provided for differences from IFRS accounting policies[23](index=23&type=chunk)[24](index=24&type=chunk) - The reconciliation has been subject to a limited assurance review by PricewaterhouseCoopers in accordance with International Standard on Assurance Engagements 3000 (Revised)[23](index=23&type=chunk) [Consolidated Statements of Operations Adjustments](index=14&type=section&id=%E7%BB%BC%E5%90%88%E5%88%A9%E6%BD%A6%E8%A1%A8%E8%B0%83%E6%95%B4) - For H1 2025, GAAP net income was **RMB 9,194 million**, adjusted to **RMB 10,417 million** under IFRS, primarily due to fair value changes in convertible bonds[25](index=25&type=chunk) - For H1 2024, GAAP net income was **RMB 8,213 million**, adjusted to **RMB 9,002 million** under IFRS[26](index=26&type=chunk) [Consolidated Balance Sheets Adjustments](index=16&type=section&id=%E7%BB%BC%E5%90%88%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E8%B0%83%E6%95%B4) - As of June 30, 2025, GAAP total assets were **RMB 252,438 million**, adjusted to **RMB 252,468 million** under IFRS, with key differences in classification and measurement of intangible assets, investments, and convertible bonds[27](index=27&type=chunk) - As of December 31, 2024, GAAP total assets were **RMB 242,581 million**, adjusted to **RMB 242,599 million** under IFRS[28](index=28&type=chunk) [Basis of Preparation and Accounting Policy Differences](index=18&type=section&id=%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80%E4%B8%8E%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%B7%AE%E5%BC%82) - Key accounting policy differences between GAAP and IFRS include: share-based compensation (straight-line vs graded vesting), leases (straight-line lease expense vs effective interest method interest expense), equity securities without readily determinable fair value (cost less impairment vs FVTPL), available-for-sale debt investments (accumulated other comprehensive income vs FVTPL), convertible bonds (amortized cost vs FVTPL), and software classification (property, equipment and software vs intangible assets)[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk)

[Executive Summary & Key Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Key%20Highlights) [Overall Performance Overview](index=1&type=section&id=Overall%20Performance%20Overview) Trip.com Group reported strong Q2 2025 financial results, with net revenue increasing 16% year-over-year and 7% quarter-over-quarter, driven by robust travel demand - Executive Chairman James Liang emphasized travel as a key driver for national growth and global engagement, focusing on long-term industry growth and strategic investments in innovation, partnership development, and inbound travel expansion[2](index=2&type=chunk) - CEO Jane Sun noted strong momentum across all segments, with a strategy to capture growing demand from all demographics, particularly inbound travel, and enhance service capabilities for global travelers[2](index=2&type=chunk) [International Business Growth](index=2&type=section&id=International%20Business%20Growth) The company's international businesses demonstrated strong growth across all segments in Q2 2025, with overall reservations on its international OTA platform increasing by over 60% year-over-year and inbound travel bookings surging by over 100% year-over-year - International businesses sustained strong growth across all segments during Q2 2025[21](index=21&type=chunk) International Business Growth (Q2 2025 YoY) | Metric | Growth | | :----------------------------------- | :------- | | Overall reservations (international OTA) | >60% | | Inbound travel bookings | >100% | | Outbound hotel & air ticket bookings | >120% of pre-COVID (2019) | [Second Quarter 2025 Financial Results](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Results) [Net Revenue Performance](index=1&type=section&id=Net%20Revenue%20Performance) Trip.com Group's net revenue for Q2 2025 reached RMB14.8 billion (US$2.1 billion), marking a 16% year-over-year increase and a 7% quarter-over-quarter increase, primarily fueled by strong travel demand Net Revenue (Q2 2025) | Metric | RMB (million) | USD (million) | YoY Change | QoQ Change | | :--------- | :------------ | :------------ | :--------- | :--------- | | Net Revenue | 14,843 | 2,072 | +16% | +7% | - The increase was primarily driven by stronger travel demand, particularly during holiday periods[3](index=3&type=chunk) [Accommodation Reservation Revenue](index=1&type=section&id=Accommodation%20Reservation%20Revenue) Accommodation Reservation Revenue (Q2 2025) | Metric | RMB (million) | USD (million) | YoY Change | QoQ Change | | :------------------------ | :------------ | :------------ | :--------- | :--------- | | Accommodation Reservation | 6,225 | 869 | +21% | +12% | - Primarily driven by an increase in accommodation reservations and stronger travel demand, especially during holiday periods[4](index=4&type=chunk) [Transportation Ticketing Revenue](index=1&type=section&id=Transportation%20Ticketing%20Revenue) Transportation Ticketing Revenue (Q2 2025) | Metric | RMB (million) | USD (million) | YoY Change | QoQ Change | | :---------------------- | :------------ | :------------ | :--------- | :--------- | | Transportation Ticketing | 5,397 | 753 | +11% | Flat | - Primarily driven by an increase in transportation reservations[5](index=5&type=chunk) [Packaged-Tour Revenue](index=1&type=section&id=Packaged-Tour%20Revenue) Packaged-Tour Revenue (Q2 2025) | Metric | RMB (million) | USD (million) | YoY Change | QoQ Change | | :--------------- | :------------ | :------------ | :--------- | :--------- | | Packaged-Tour | 1,079 | 151 | +5% | +14% | - Primarily driven by an increase in packaged-tour reservations and stronger travel demand, particularly during holiday periods[6](index=6&type=chunk) [Corporate Travel Revenue](index=1&type=section&id=Corporate%20Travel%20Revenue) Corporate Travel Revenue (Q2 2025) | Metric | RMB (million) | USD (million) | YoY Change | QoQ Change | | :-------------- | :------------ | :------------ | :--------- | :--------- | | Corporate Travel | 692 | 97 | +9% | +21% | - Primarily driven by an increase in corporate travel reservations[7](index=7&type=chunk) [Operating Expenses](index=1&type=section&id=Operating%20Expenses) Total operating expenses for Q2 2025 increased to RMB7.9 billion, with cost of revenue, product development, and sales & marketing expenses all showing year-over-year increases, generally in line with revenue fluctuations and strategic investments Total Operating Expenses (Q2 2025) | Metric | RMB (million) | USD (million) | YoY Change | QoQ Change | | :-------------------- | :------------ | :------------ | :--------- | :--------- | | Total Operating Expenses | 7,923 | 1,106 | +15% | +5% | [Cost of Revenue](index=1&type=section&id=Cost%20of%20Revenue) Cost of Revenue (Q2 2025) | Metric | RMB (million) | USD (million) | YoY Change | QoQ Change | % of Net Revenue | | :------------- | :------------ | :------------ | :--------- | :--------- | :--------------- | | Cost of Revenue | 2,818 | 393 | +22% | +4% | 19% | [Product Development Expenses](index=1&type=section&id=Product%20Development%20Expenses) Product Development Expenses (Q2 2025) | Metric | RMB (million) | USD (million) | YoY Change | QoQ Change | % of Net Revenue | | :---------------------- | :------------ | :------------ | :--------- | :--------- | :--------------- | | Product Development Expenses | 3,500 | 489 | +17% | -1% | 24% | - Primarily due to the increase in product development personnel related expenses[9](index=9&type=chunk) [Sales and Marketing Expenses](index=1&type=section&id=Sales%20and%20Marketing%20Expenses) Sales and Marketing Expenses (Q2 2025) | Metric | RMB (million) | USD (million) | YoY Change | QoQ Change | % of Net Revenue | | :-------------------- | :------------ | :------------ | :--------- | :--------- | :--------------- | | Sales and Marketing Expenses | 3,326 | 464 | +17% | +11% | 22% | - Primarily due to the increase in expenses relating to sales and marketing promotion activities[10](index=10&type=chunk) [General and Administrative Expenses](index=1&type=section&id=General%20and%20Administrative%20Expenses) General and Administrative Expenses (Q2 2025) | Metric | RMB (million) | USD (million) | YoY Change | QoQ Change | % of Net Revenue | | :-------------------------- | :------------ | :------------ | :--------- | :--------- | :--------------- | | General and Administrative Expenses | 1,097 | 153 | +2% | +6% | 7% | [Profitability and Earnings](index=1&type=section&id=Profitability%20and%20Earnings) Trip.com Group reported strong profitability in Q2 2025, with net income increasing significantly year-over-year and quarter-over-quarter, and adjusted EBITDA also showing healthy growth Income from Operations (Q2 2025) | Metric | RMB (million) | USD (million) | YoY Change | QoQ Change | | :----------------- | :------------ | :------------ | :--------- | :--------- | | Income from Operations | 4,102 | 573 | +15% | +15% | [Net Income and Adjusted EBITDA](index=1&type=section&id=Net%20Income%20and%20Adjusted%20EBITDA) Net Income and Adjusted EBITDA (Q2 2025) | Metric | RMB (million) | USD (million) | Q2 2024 (RMB) | Q1 2025 (RMB) | YoY Change | QoQ Change | | :-------------- | :------------ | :------------ | :------------ | :------------ | :--------- | :--------- | | Net Income | 4,880 | 681 | 3,888 | 4,314 | +25% | +13% | | Adjusted EBITDA | 4,880 | 680 | 4,436 | 4,247 | +10% | +15% | [Net Income Attributable to Trip.com Group Limited](index=1&type=section&id=Net%20Income%20Attributable%20to%20Trip.com%20Group%20Limited) Net Income Attributable to Trip.com Group Limited (Q2 2025) | Metric | RMB (million) | USD (million) | Q2 2024 (RMB) | Q1 2025 (RMB) | YoY Change | QoQ Change | | :------------------------------------------ | :------------ | :------------ | :------------ | :------------ | :--------- | :--------- | | Net Income Attributable to Trip.com Group Limited | 4,846 | 676 | 3,833 | 4,277 | +26% | +13% | | Non-GAAP Net Income Attributable to Trip.com Group Limited | 5,011 | 699 | 4,985 | 4,188 | +1% | +20% | [Earnings Per Share (EPS)](index=1&type=section&id=Earnings%20Per%20Share%20%28EPS%29) Earnings Per Share (Q2 2025) | Metric | RMB | USD | Q2 2024 (RMB) | Q1 2025 (RMB) | YoY Change | QoQ Change | | :-------------------------------- | :---- | :---- | :------------ | :------------ | :--------- | :--------- | | Diluted EPS (per ordinary share/ADS) | 6.97 | 0.97 | 5.57 | 6.09 | +25% | +14% | | Non-GAAP Diluted EPS (per ordinary share/ADS) | 7.20 | 1.01 | 7.25 | 5.96 | -1% | +21% | [Financial Position](index=1&type=section&id=Financial%20Position) [Cash and Investments](index=1&type=section&id=Cash%20and%20Investments) As of June 30, 2025, Trip.com Group maintained a strong liquidity position with RMB94.1 billion (US$13.1 billion) in cash, cash equivalents, restricted cash, short-term investments, and held-to-maturity time deposits and financial products Cash and Investments (as of June 30, 2025) | Metric | RMB (billion) | USD (billion) | | :-------------------------------------------------------------------------------- | :------------ | :------------ | | Cash, cash equivalents, restricted cash, short-term investment, and held to maturity time deposit and financial products | 94.1 | 13.1 | [Recent Developments](index=1&type=section&id=Recent%20Developments) [Share Repurchase Program](index=1&type=section&id=Share%20Repurchase%20Program) Trip.com Group continued its capital return policy by repurchasing 7 million ADSs for US$400 million under its existing program, and the Board authorized a new share repurchase program of up to US$5 billion - Repurchased **7 million ADSs** for a total gross consideration of **US$400 million** under the existing share repurchase program as of August 27, 2025[17](index=17&type=chunk) - The Board authorized a new share repurchase program of up to an aggregate of **US$5 billion** of its outstanding ordinary shares and/or ADSs in August 2025[18](index=18&type=chunk) [Conference Call Information](index=1&type=section&id=Conference%20Call%20Information) [Conference Call Details](index=1&type=section&id=Conference%20Call%20Details) Trip.com Group will host a conference call on August 27, 2025, at 8:00 PM U.S. Eastern Time to discuss the financial results, with webcast and replay available on its investor relations website - Conference call scheduled for August 27, 2025, at 8:00 PM U.S. Eastern Time (August 28, 2025, 8:00 AM Hong Kong Time)[19](index=19&type=chunk) - Live webcast and replay available at https://investors.trip.com, with replay archived for twelve months[19](index=19&type=chunk) - Participants must pre-register to join the call[19](index=19&type=chunk)[20](index=20&type=chunk) [Forward-Looking Statements & Non-GAAP Measures](index=2&type=section&id=Forward-Looking%20Statements%20%26%20Non-GAAP%20Measures) [Safe Harbor Statement](index=2&type=section&id=Safe%20Harbor%20Statement) The report includes forward-looking statements subject to inherent risks and uncertainties, as per the U.S. Private Securities Litigation Reform Act of 1995, and actual results may differ materially - The announcement contains forward-looking statements made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995[21](index=21&type=chunk) - Forward-looking statements involve inherent risks and uncertainties, and actual results could differ materially due to factors such as economic downturns, industry disruptions, competition, and regulatory changes[22](index=22&type=chunk) [About Non-GAAP Financial Measures](index=2&type=section&id=About%20Non-GAAP%20Financial%20Measures) Trip.com Group utilizes non-GAAP financial measures to supplement GAAP consolidated financial statements, excluding specific items to provide a clearer view of operating results and aid future planning - Non-GAAP financial measures (adjusted net income, adjusted EBITDA, adjusted diluted EPS) are used to supplement GAAP statements[23](index=23&type=chunk) - These measures exclude share-based compensation charges, fair value changes of equity securities investments, and exchangeable senior notes, and their tax effects[23](index=23&type=chunk)[24](index=24&type=chunk) - Management believes non-GAAP measures facilitate a better understanding of operating results and aid in planning and forecasting, but they are not a substitute for GAAP results[23](index=23&type=chunk)[24](index=24&type=chunk) [Company Information](index=2&type=section&id=Company%20Information) [About Trip.com Group Limited](index=2&type=section&id=About%20Trip.com%20Group%20Limited) Trip.com Group Limited is a leading global one-stop travel platform, founded in 1999, operating brands like Ctrip, Qunar, Trip.com, and Skyscanner - Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) is a leading global one-stop travel platform[26](index=26&type=chunk) - Operates under a portfolio of brands including Ctrip, Qunar, Trip.com, and Skyscanner[26](index=26&type=chunk) - Mission is 'to pursue the perfect trip for a better world'[26](index=26&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) [Unaudited Consolidated Balance Sheets](index=2&type=section&id=Unaudited%20Consolidated%20Balance%20Sheets) The unaudited consolidated balance sheets provide a snapshot of the company's financial position as of December 31, 2024, and June 30, 2025, detailing assets, liabilities, and shareholders' equity Total Assets (as of June 30, 2025) | Metric | RMB (million) | USD (million) | | :---------- | :------------ | :------------ | | Total Assets | 252,438 | 35,239 | Total Liabilities (as of June 30, 2025) | Metric | RMB (million) | USD (million) | | :------------- | :------------ | :------------ | | Total Liabilities | 102,958 | 14,373 | Total Shareholders' Equity (as of June 30, 2025) | Metric | RMB (million) | USD (million) | | :---------------------- | :------------ | :------------ | | Total Shareholders' Equity | 148,689 | 20,756 | [Unaudited Consolidated Statements of Income](index=3&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Income) The unaudited consolidated statements of income present the company's revenues, expenses, and net income for the three and six months ended June 30, 2025, and comparative periods Net Revenue (Six Months Ended June 30, 2025) | Metric | RMB (million) | USD (million) | H1 2024 (RMB) | YoY Change | | :--------- | :------------ | :------------ | :------------ | :--------- | | Net Revenue | 28,673 | 4,003 | 24,677 | +16% | Net Income (Six Months Ended June 30, 2025) | Metric | RMB (million) | USD (million) | H1 2024 (RMB) | YoY Change | | :--------- | :------------ | :------------ | :------------ | :--------- | | Net Income | 9,194 | 1,283 | 8,213 | +12% | [Unaudited Reconciliation of GAAP and Non-GAAP Results](index=4&type=section&id=Unaudited%20Reconciliation%20of%20GAAP%20and%20Non-GAAP%20Results) This section provides a detailed reconciliation between GAAP and non-GAAP financial measures for the three and six months ended June 30, 2025, and comparative periods, illustrating the adjustments made for items like share-based compensation and fair value changes Non-GAAP Net Income Attributable to Trip.com Group Limited (Six Months Ended June 30, 2025) | Metric | RMB (million) | USD (million) | H1 2024 (RMB) | YoY Change | | :------------------------------------------ | :------------ | :------------ | :------------ | :--------- | | Non-GAAP Net Income Attributable to Trip.com Group Limited | 9,199 | 1,283 | 9,040 | +2% | Non-GAAP Diluted Income Per ADS (Six Months Ended June 30, 2025) | Metric | RMB | USD | H1 2024 (RMB) | YoY Change | | :---------------------------- | :---- | :---- | :------------ | :--------- | | Non-GAAP Diluted Income Per ADS | 13.16 | 1.84 | 13.24 | -0.6% |

Core Insights - Trip.com Group Limited reported strong financial results for the second quarter of 2025, with net revenue reaching RMB14.8 billion (US$2.1 billion), a 16% increase year-over-year and a 7% increase from the previous quarter, driven by robust travel demand [3][20]. Financial Performance - Accommodation reservation revenue was RMB6.2 billion (US$869 million), up 21% year-over-year and 12% from the previous quarter, attributed to increased reservations [4]. - Transportation ticketing revenue reached RMB5.4 billion (US$753 million), an 11% increase from the same period in 2024, but flat compared to the previous quarter [5]. - Packaged-tour revenue was RMB1.1 billion (US$151 million), reflecting a 5% increase year-over-year and a 14% increase from the previous quarter [6]. - Corporate travel revenue increased by 9% year-over-year to RMB692 million (US$97 million) and surged 21% from the previous quarter [7]. - The company's net income for the second quarter was RMB4.9 billion (US$681 million), compared to RMB3.9 billion in the same period of 2024 [13]. Cost and Expenses - Cost of revenue increased by 22% to RMB2.8 billion (US$393 million) year-over-year, aligning with revenue growth [8]. - Product development expenses rose by 17% to RMB3.5 billion (US$489 million), primarily due to increased personnel costs [9]. - Sales and marketing expenses also increased by 17% to RMB3.3 billion (US$464 million), driven by promotional activities [10]. - General and administrative expenses saw a modest increase of 2% to RMB1.1 billion (US$153 million) [11]. Strategic Initiatives - The company announced a new share repurchase program, allowing for the repurchase of up to US$5 billion of its outstanding shares [18]. - Trip.com Group emphasized its commitment to innovation and partnership development to capture growing travel demand, particularly in inbound travel [2]. Market Trends - International business segments showed strong growth, with overall reservations on the international OTA platform increasing by over 60% year-over-year and inbound travel bookings surging by over 100% [20].

Group 1 - Ctrip (TCOM.US) stock rose by 1.25% in pre-market trading ahead of its earnings report scheduled for August 27 [1] - Analysts expect Ctrip to achieve revenue of 14.639 billion yuan in Q2 2025, representing a year-on-year increase of 14.62% [1] - The expected earnings per share for Ctrip is 5.369 yuan, which reflects a year-on-year decrease of 3.61% [1] Group 2 - Ctrip's recent report on the summer travel market for 2025 indicates that car rentals have become a popular choice for family trips, with orders for family car rentals increasing by 77% year-on-year during this summer [1] - The top cities for domestic self-driving trips this summer include Chengdu, Urumqi, Sanya, Xining, Haikou, Guiyang, Dali, Shanghai, Beijing, and Guangzhou [1]

Group 1: Summer Travel Trends - The summer travel season for 2025 has concluded, with nearly half of domestic tourists opting for interprovincial long-distance travel, reflecting a more rational approach to travel spending [1] - Jiangsu province saw a 14% year-on-year increase in hotel bookings, with major sources of visitors coming from Shanghai, Beijing, Hangzhou, Hefei, and Shenzhen [1] - Popular attractions in Jiangsu included Suzhou's Humble Administrator's Garden, Yangzhou's Slender West Lake, and Nanjing's Niushou Mountain Cultural Tourism Area [1] Group 2: Cooling Travel Preferences - The "cooling travel" trend emerged due to record high temperatures, with destinations like Weihai and Guilin becoming popular for their average temperatures below 30°C [2] - The "chartered car + cooling vacation" model gained traction, with orders for popular cooling destinations in Guizhou and Yunnan increasing by over 80% [2] - Lesser-known cooling destinations such as Chifeng in Inner Mongolia and Dandong in Liaoning saw order volumes increase by over 200% [2] Group 3: Impact of Media on Tourism - The popularity of the TV series "A Mortal's Journey to Immortality" significantly boosted tourism in Xinjiang's Nalati Scenic Area, with a 68% increase in interest over the past month [4] - Xinjiang's tourism orders rose by over 20% during the summer, with Urumqi experiencing an 11% growth [4] - The animated film "The Little Monster of Langlang Mountain" contributed to a 43% increase in ticket sales for attractions in Datong, with overall tourism orders rising by over 40% [5] Group 4: Outdoor Activities and Family Travel - There was a more than 100% increase in searches for outdoor activities such as camping and hiking, with rafting projects particularly popular [7] - Rafting orders in Jiangxi's Dajue Mountain increased fourfold, while nighttime rafting in Jiangsu's Changzhou also gained popularity [7] - Families remained the core group for summer travel, accounting for 35% of related orders, with car rental and self-driving travel orders rising by 77% [7] Group 5: Inbound and Outbound Travel Dynamics - Inbound travel remained strong, with Shanghai, Shenzhen, Guangzhou, Beijing, and Chengdu as the top five destinations [9] - Major source countries for inbound tourists included South Korea, the USA, Japan, Thailand, and Russia, with museum ticket sales increasing by nearly 20% year-on-year [9] - Outbound travel destinations with cooling attributes included Japan, Thailand, South Korea, Hong Kong, and Malaysia, with hotel orders for Okinawa and Jeju Island increasing by 98% and 44%, respectively [12] Group 6: Upcoming Travel Promotions - With a rational decline in summer travel prices, the upcoming National Day and Mid-Autumn Festival period is expected to see a surge in hotel prices, rising by 30% to 50% compared to regular days [14] - Ctrip has launched the "919 Global Travel Festival," collaborating with over 4,000 travel brands to offer promotional activities [14] - Ctrip also introduced a guarantee for hotel bookings in ten countries, allowing users to receive a full refund if their visa application is denied [14]

Core Insights - The report indicates that Zhengzhou has emerged as a top destination for domestic surrounding tourism, ranking in the "Top 9 Domestic Surrounding Travel Destinations" due to its stable tourist attraction and diverse cultural offerings [1][2] - The overall tourism market in Henan province has shown significant growth, with various cities reporting impressive increases in hotel bookings and tourist activities during the summer season [4] Group 1: Zhengzhou's Tourism Performance - Zhengzhou's hotel bookings increased by 4% year-on-year during the summer, highlighting its ability to attract surrounding tourists [2] - Major sources of tourists to Zhengzhou include the Beijing-Tianjin-Hebei region and local cities, with Beijing, Shanghai, and several cities in Henan being the top contributors [2] - Popular tourist attractions in Zhengzhou include Henan Opera City, Shaolin Temple, and Zhengzhou Silver Base Animal Kingdom, catering to diverse cultural and family-oriented experiences [2][3] Group 2: Family and Self-Driving Tourism Trends - Family-oriented travel has become a significant driver of consumption in Zhengzhou, with 35% of summer orders being for family trips, and self-driving rentals increasing by 77% year-on-year [3] - Zhengzhou has become a popular self-driving destination alongside cities like Chengdu and Sanya, supported by its rich family-friendly tourism products [3] - Local attractions are enhancing family experiences by extending operating hours and adding interactive projects, aligning with the trend of providing high-value travel experiences [3] Group 3: Henan Province's Overall Tourism Growth - Other cities in Henan, such as Luoyang and Kaifeng, have also reported substantial growth in hotel bookings, with Luoyang seeing a 14% increase and Kaifeng experiencing a remarkable 66% rise [4] - The province's tourism development aligns with national trends, with a focus on cooler destinations and cultural sites attracting visitors [4] - Cultural IPs like Longmen Grottoes and Qingming Riverside Landscape Garden are drawing cultural enthusiasts, contributing to the province's tourism appeal [4] Group 4: Inbound and Outbound Tourism Trends - The report highlights a dual increase in inbound and outbound tourism, with a 30% year-on-year rise in the number of foreign visitors entering China [5] - Popular outbound destinations include Japan, Thailand, and South Korea, with significant growth in hotel bookings for these locations [5] - Zhengzhou is positioned to leverage its cultural IP and transportation advantages to enhance its inbound tourism potential [8]