Financial Data and Key Metrics Changes - The company reported a total revenue of €139.3 million for Q2 2025, representing a 17% year-over-year increase, marking the third consecutive quarter of growth [18] - Referral revenue increased by 18%, driven by sustained branded traffic growth while maintaining a stable return on advertising spend [16] - The company reported a net loss of €6.5 million and an adjusted EBITDA loss of €5.1 million, similar to the previous year's performance [19] Business Line Data and Key Metrics Changes - Referral revenues grew by 32% in the Rest of the World, 20% in Developed Europe, and 10% in the Americas, primarily driven by increased branded channel traffic [19] - The company achieved a milestone of generating 20% of referral revenue from logged-in users, indicating progress in fostering user loyalty [11][17] Market Data and Key Metrics Changes - Geographic performance showed robust growth across all regions, with the Rest of the World leading at 32% year-over-year growth, followed by Developed Europe at 20% and the Americas at 10% [4] - The company faced a foreign exchange headwind that affected the top line by approximately -3%, with a stronger impact of -7% in the Americas [25][26] Company Strategy and Development Direction - The company is focused on three strategic priorities: brand marketing, enhancing the core hotel search experience, and empowering partners [5][12] - Brand marketing investments are expected to continue driving returns, with a commitment to further expand these investments [6] - The acquisition of Hollisto is aimed at enhancing the user experience and expanding the trivago branded booking funnel [14][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid-teens percentage revenue growth for the full year of 2025 despite economic uncertainties and foreign exchange headwinds [16][17] - The company anticipates positive adjusted EBITDA in the third and fourth quarters of the year [20] Other Important Information - Operational expenses increased by €19.9 million, totaling €147.3 million for the second quarter, primarily due to higher brand marketing investments [20] - The company maintained a solid global return on advertising spend (ROAS) at 119% for Q2, slightly down from 122.7% in the prior year [21] Q&A Session Summary Question: What was the FX impact for Q2 results? - The FX effect was a strong headwind affecting the top line by approximately -3%, with a -7% impact in the Americas [25][26] Question: What is the growth runway for brand investments? - The company has seen a 22% spend increase year-on-year and an 18% referral revenue increase, indicating effective brand strategy and significant upside potential [26] Question: What differences exist between logged-in and logged-out users? - Logged-in users show a 25% higher conversion rate, and the company is encouraging logins through exclusive deals and features [34][35] Question: What gives confidence for revenue growth acceleration in Q3? - Despite FX effects impacting July, strong double-digit branded traffic growth and branded revenue growth in July support confidence in achieving double-digit growth [36][39] Question: What are the early learnings from partnerships with the Book and Go product? - Early partnerships have shown significant double-digit conversion improvements, making partners more competitive in the marketplace [42][43]

Financial Data and Key Metrics Changes - For the first quarter of 2025, net revenues were RMB117.5 million, representing a year-over-year increase of 9% from the corresponding period in 2024 [16] - Revenues from packaged tours increased by 19% year-over-year to RMB99 million, accounting for 84% of total net revenues [16] - Gross profit for the first quarter was RMB69.3 million, down 15% year-over-year [17] - Operating expenses rose to RMB80.1 million, up 15% year-over-year [17] - Net loss attributable to ordinary shareholders was reported, with non-GAAP net income also noted [18][19] - The company expects to generate RMB131 million to RMB136.8 million in net revenues for the second quarter, representing a 12% to 17% year-over-year increase [19] Business Line Data and Key Metrics Changes - The core business maintained steady growth, with packaged tours showing a 19% increase year-over-year [5] - Outbound tour transaction volume achieved double-digit year-over-year growth, despite challenges in some Southeast Asian destinations [6] - Transaction volume for new select products increased by over 80% compared to the previous quarter [9][26] Market Data and Key Metrics Changes - The contribution of live streaming to total transaction volume increased from 10% in the first quarter last year to over 15% this year [10] - The company opened nearly 300 offline stores, primarily in high-demand markets [11] Company Strategy and Development Direction - The company is focused on offering differentiated and high-quality products as a competitive advantage [7] - Strategies include leveraging supply chain advantages to reduce procurement costs and enhance customer value [6][7] - The introduction of AI technologies aims to improve customer experience and operational efficiency [13][14] Management's Comments on Operating Environment and Future Outlook - Management noted that the domestic travel market showed consistent growth momentum, particularly during the Spring Festival [5] - The company is committed to diversifying its product offerings to attract different customer segments, especially price-sensitive travelers [25] - Management aims to achieve profitability in the second quarter by controlling internal costs [27] Other Important Information - The company has embraced new AI technologies to enhance customer experience and operational efficiency [13][14] - The launch of a self-developed travel AI agent aims to provide one-stop services for customers [13] Q&A Session Summary Question: Inquiry about product strategy and pricing - Management emphasized that quality is a priority, and competitive pricing is essential to attract new customers and enhance repurchase rates [22][24] - The company consolidates its supply chain to lower purchasing costs and uses AI for competitive pricing [25] - Management aims to achieve profitability in the second quarter while maintaining a lower gross profit ratio compared to the previous year [26][27]