携程集团(09961) - 2025 - 中期财报

Q2 and H1 2025 Earnings Announcement Company Information and Announcement Overview 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 - Trip.com Group Limited (Stock Code: 9961) is a company incorporated in the Cayman Islands[2] Announcement Publication Information - Trip.com Group released its unaudited financial results for Q2 and H1 2025 on August 28, 2025 (Singapore time)[2][3] - The announcement is available on the HKEX website www.hkexnews.hk and the company's investor relations website investors.trip.com[2] Q2 and H1 2025 Performance Summary 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 - International business segments continued to show strong growth in Q2 2025[4] - Outbound hotel and air ticket bookings have fully surpassed 120% of 2019 pre-pandemic levels[4] - International OTA platform total bookings increased by over 60% year-over-year[6] - Inbound tourism bookings increased by over 100% year-over-year[6] Management Commentary - 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] - 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] Financial Performance Analysis 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 Q2 2025 Net Revenue | Metric | Amount (RMB) | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Net Revenue | 14.8 billion | +16% | +7% | Revenue by Business Segment 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 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 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] Cash and Liquidity 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 Trip.com Group remains committed to delivering shareholder value and actively returning capital to investors through share repurchase programs Share Repurchase Program - 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] - 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] Conference Call Information 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] - The call will be webcast live and replayed on https://investors.trip.com, with an archive available for 12 months[11] Forward-Looking Statements and Non-GAAP Disclosures 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 - The announcement contains forward-looking statements subject to inherent risks and uncertainties, where actual results may differ materially from expectations[12] - 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] Non-GAAP Financial Measures Explanation - 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] - 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][14] About Trip.com Group 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] - Founded in 1999, the company listed on NASDAQ in 2003 and on HKEX in 2021[15] - Key operating brands include Ctrip, Qunar, Trip.com, and Skyscanner, with a mission to 'pursue the perfect trip for a better world'[15] Investor Relations Contact Information 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] Financial Statements 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 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 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 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 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 - The unaudited interim financial statements are prepared under US GAAP, with a reconciliation provided for differences from IFRS accounting policies[23][24] - The reconciliation has been subject to a limited assurance review by PricewaterhouseCoopers in accordance with International Standard on Assurance Engagements 3000 (Revised)[23] Consolidated Statements of Operations Adjustments - 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] - For H1 2024, GAAP net income was RMB 8,213 million, adjusted to RMB 9,002 million under IFRS[26] Consolidated Balance Sheets Adjustments - 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] - As of December 31, 2024, GAAP total assets were RMB 242,581 million, adjusted to RMB 242,599 million under IFRS[28] Basis of Preparation and Accounting Policy Differences - 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][30][31][32][33]