Core Viewpoint - President Trump's proposal to shift from quarterly to semiannual earnings reports is generating mixed reactions among business leaders, with some executives, like Expedia Group's CEO, expressing that it may not significantly impact internal decision-making [1] Group 1: Company Performance - In Q2, Expedia reported revenue of $3.79 billion, exceeding consensus estimates of $3.71 billion, and earnings per share of $4.24, surpassing the forecast of $3.97 [2] - The travel market is experiencing fluctuations, with a noted softness in US demand during Q2, but higher-income travelers showing resilience [2][3] - Forward bookings are a critical metric influenced by events and holidays, with increased travel traffic observed in July and August compared to the previous year [3] Group 2: Business Segments - Expedia's B2B and advertising segments are performing well, with B2B gross bookings and revenue growing by 17% and 15%, respectively, and advertising revenue increasing by 19% [4] - Consumer-facing brands like Hotels.com and Vrbo are still in recovery from previous tech migrations, impacting overall growth [4] Group 3: Analyst Ratings and Outlook - Evercore analyst Mark Mahaney raised his price target for Expedia shares to $280 from $230, citing a strong Q2 performance and positive Q3 guidance [5] - Mahaney highlighted management's raised 2025 outlook, projecting 3% to 5% revenue growth and slight margin expansion [5] - Analysts noted international growth, particularly in Northern Europe and APAC, with Japan and Brazil experiencing over 20% growth [6]

Core Insights - Expedia Group announced the expansion of Vrbo® distribution through its globally recognized brands [1] - The company is enhancing its vacation rental marketplace by strengthening the Premier Host program and introducing new products for hosts [1] - New AI-powered features and upgrades to the guest review experience were introduced to simplify travel planning [1]

Summary of Conference Call on China OTAs Industry Overview - The conference call focused on the **Chinese Online Travel Agencies (OTAs)** and the impact of government measures on travel consumption and demand during upcoming holidays [1][2]. Key Points and Arguments 1. **Government Policies**: The Ministry of Commerce and other departments issued policies aimed at expanding service consumption, which includes measures to attract more inbound visitors and optimize holiday arrangements for students [1][2]. 2. **Holiday Demand**: Anticipation of decent travel demand during the upcoming **Golden Week**, which will be an 8-day holiday, one day longer than in 2024. This is expected to benefit long-haul and outbound travel significantly [1][3]. 3. **Railway Passenger Estimates**: The China State Railway Group estimates that railway passenger throughput could reach **219 million** during the 12-day transportation period from **September 29 to October 10**, with an average daily throughput of **18.25 million**, reflecting a **24% year-over-year increase** [3]. 4. **Booking Trends**: Preliminary booking data from OTA platforms indicate a **30% year-over-year growth** in domestic travel willingness and over **40% year-over-year growth** in outbound travel willingness [5]. 5. **Long-Haul Travel**: Data from Ctrip and Qunar show that top destinations during the 2024 Golden Week include Japan, Thailand, South Korea, and Malaysia, with increasing interest in long-haul destinations like Australia and Europe [6]. Company-Specific Insights 1. **Tongcheng Travel Holdings**: - Target price set at **HK$28**, based on a **16x non-IFRS 2026E EPS**, reflecting strong growth momentum [7]. - Risks include competition from OTA peers and reliance on hotel supply from Trip.com [8]. 2. **Trip.com Group Ltd**: - Target price set at **US$85**, with the core business valued at approximately **US$78 per share** based on a **20x P/E for 2026E** [9]. - Risks include a potential softening of the macro environment affecting travel demand and increased domestic competition [10]. Additional Important Information - The longer holiday period is expected to dilute the daily average number of travelers, making the total passenger throughput more significant than the daily averages suggest [3]. - The call emphasized the importance of monitoring macroeconomic conditions and competition in the OTA space, as these factors could impact the growth trajectories of the companies discussed [8][10].

Group 1: Trip.com Group Limited (TCOM) - Trip.com is a one-stop travel service company with a Zacks Rank 1 (Strong Buy) [1] - The Zacks Consensus Estimate for its current year earnings increased by 2.5% over the last 60 days [1] - Trip.com's shares gained 17.8% over the last three months, outperforming the S&P 500's gain of 9.4% [1] - The company has a Momentum Score of A [1] Group 2: Imperial Oil (IMO) - Imperial Oil is one of the largest integrated oil companies in Canada, engaged in oil and gas production, refining, and marketing [2] - The Zacks Consensus Estimate for its current year earnings increased by 2.7% over the last 60 days [2] - Imperial Oil's shares gained 20.6% over the last three months, also outperforming the S&P 500's gain of 9.4% [2] - The company possesses a Momentum Score of A [2] Group 3: Equity Bancshares (EQBK) - Equity Bancshares is a bank holding company providing financial services primarily to businesses and individuals [3] - The Zacks Consensus Estimate for its current year earnings increased by 5.8% over the last 60 days [3] - Equity Bancshares' shares gained 10.1% over the last three months, slightly outperforming the S&P 500's gain of 9.5% [3] - The company has a Momentum Score of A [3]

Core Insights - China has introduced a trial visa-free policy for Russian citizens, allowing them to stay in China for up to 30 days without a visa from September 15, 2025, to September 14, 2026, marking a significant shift in travel and cooperation between the two countries [2][10][14] Travel and Tourism Impact - The announcement of the visa waiver led to a dramatic increase in flight searches from Moscow to China, with searches nearly doubling and peaking at four times the usual volume shortly after the announcement [4][11] - Russian tourists are expected to significantly increase, with estimates suggesting a boost in tourist flows from Russia by 30 to 40 percent due to the new policy [10][12] - In the first half of 2025, 836,600 Russians visited China for tourism and private purposes, reflecting a 38.5 percent increase from the previous year [12] Cultural and Economic Relations - The visa-free policy is seen as a testament to the deepening partnership between China and Russia, facilitating more frequent interactions among citizens and business leaders [14][15] - Cultural exchanges are also being promoted, with numerous events planned as part of the 2024-25 China-Russia Years of Culture, including film and opera collaborations [16][18][19] - The policy aligns with China's broader strategy to enhance its accessibility as a travel destination and strengthen bilateral ties through people-to-people exchanges [13][20]

Table of Contents As filed with the U.S. Securities and Exchange Commission on September 3, 2025 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Republic of China +886-2-6610-0180 (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) Cogency Global Inc. 122 East 42nd Street, 18th Floor New York, NY 10168 800-221-0102 (Name, address, including zip code, and telephone number, including area code, of a ...

Group 1 - Trip.com (NASDAQ: TCOM) is outperforming optimistic projections with rapidly climbing share prices [1] - The importance of observing megatrends and technological advancements for investment insights is emphasized [1] - The focus on fundamentals, quality of leadership, and product pipeline is crucial for uncovering investment opportunities [1] Group 2 - The analyst has a beneficial long position in TCOM shares, indicating confidence in the company's future performance [2] - The article expresses personal opinions and does not involve compensation from any company mentioned [2]

Summary of Trip.com Group Ltd (TCOM.O) Conference Call Company Overview - **Company**: Trip.com Group Ltd (TCOM) - **Industry**: Online Travel Agency (OTA) in China - **Founded**: 1999, listed on NASDAQ in 2003 Key Financial Results - **2Q25 Performance**: Revenue increased by 16% year-over-year (YoY) to RMB 14.8 billion, exceeding expectations - **Segment Breakdown**: - Accommodation revenue: RMB 6.2 billion (+21% YoY) - Transportation ticketing: RMB 5.4 billion (+11% YoY) - Packaged tours: RMB 1.1 billion (+5% YoY) - Corporate travel: RMB 692 million (+9% YoY) - Other revenues: RMB 1.47 billion (+31% YoY) [11][12] Revenue Growth Projections - **Domestic Revenue Growth**: Projected at 9% YoY in 2H25, driven by hotel room nights growth despite softening transportation ticketing volume [2] - **Outbound Growth**: Expected to slow to low teens in 2H25 but still outperform the industry [2] Margin Insights - **Operating Margin**: Adjusted Operating Profit Margin (OPM) expected to improve to 32% in 3Q25, with a drop anticipated in 4Q25 due to seasonal factors [3] - **Marketing Efficiency**: Improved marketing optimization has positively impacted margins [3] Shareholder Return Strategy - **Share Repurchase Program**: Announced a USD 5 billion share repurchase program to offset dilution from Employee Stock Ownership Plans (ESOP) and support share price during volatility [4][12] Earnings Estimates - **Revised Earnings Estimates**: Increased by 2% for 2025, 2% for 2026, and 3% for 2027 [1] - **Target Price**: Raised to USD 85 from USD 78, reflecting a 30.2% expected share price return [6][10] Financial Metrics - **2023A Net Profit**: RMB 13,071 million - **2024A Net Profit**: RMB 18,041 million - **2025E Net Profit**: RMB 18,698 million - **2026E Net Profit**: RMB 21,231 million - **2027E Net Profit**: RMB 23,287 million [5] Risks and Challenges - **Downside Risks**: Include potential softening of the China macro environment, slower-than-expected recovery in travel demand, worsening spending and margins, intensified domestic competition, and new outbreaks of COVID-19 or other epidemics [26] Conclusion - **Investment Recommendation**: The stock is rated as a Buy due to resilient domestic performance, strong growth prospects, and a focus on shareholder returns [24][25]

Group 1 - The core viewpoint of the article highlights that Tuniu's summer travel report indicates a double-digit year-on-year growth in user travel bookings for both domestic and outbound trips this summer [2] - The report reveals a significant fragmentation in user travel consumption habits, with notable themes such as traditional cultural tours, cool summer escapes, and event-based travel gaining popularity for domestic trips [2] - For outbound travel, family island trips, visa-free travel, and multi-country deep tours are trending among users [2] Group 2 - The report shows that first-tier and new first-tier cities constitute nearly 56% of the summer travel user base, with a notable increase in travel demand from second-tier and lower cities, which saw a nearly 15% year-on-year growth in user travel numbers [2] - Emerging tourist destinations are rapidly gaining popularity, with second-tier and lower destinations experiencing a 24% year-on-year increase in visitor numbers [3] - Traditional popular destinations like Beijing, Shanghai, and Sanya remain at the forefront, while new destinations such as Fangchenggang and Ya'an are becoming sought-after travel spots [3]

Core Insights - Booking Holdings (NASDAQ: BKNG) stock has risen approximately 50% over the past year, attributed to strong revenue growth, AI-driven innovations, and a diversified global presence [2] - The stock currently trades at a high price-to-earnings ratio of 38.5x, raising questions about the sustainability of its valuation based on solid fundamentals versus speculative optimism [2][11] - Recent quarterly results showed a significant 41% decline in net profits year-over-year, highlighting vulnerabilities amid weaker consumer sentiment and geopolitical uncertainties [3] Revenue and Growth - Booking Holdings has experienced an average revenue growth rate of about 20% over the last three years, significantly outpacing the S&P 500's 5% growth [11] - The company is investing heavily in AI technologies, with initiatives like the AI Trip Planner and Priceline's "Penny" assistant aimed at enhancing customer experiences and operational efficiency [4][5] - Anticipated savings from AI investments are projected at $150 million for the current year, potentially increasing to $450 million by 2027 [5] Market Position and Valuation - Booking operates a capital-efficient marketplace with EBITDA margins in the mid-30s, allowing for effective conversion of growth into free cash flow [6] - The stock commands a premium valuation, trading at approximately 25x forward earnings compared to 14x for Expedia [6] - Despite its strong revenue growth, the high valuation multiples suggest limited upside potential in the near to mid-term [12] Risks and Challenges - The reliance on AI for enhancing customer experience presents technical challenges, including the need for real-time integration of various data points [7] - Consumer confidence in AI-driven booking processes may be a hurdle, as travelers could be hesitant to rely on algorithms for complex travel arrangements [8] - Economic downturns, geopolitical issues, and currency fluctuations pose risks that could adversely affect travel demand, impacting the company's valuation [8] Historical Performance - BKNG stock has shown vulnerability during economic downturns, experiencing declines sharper than the S&P 500 index [10] - The stock has a history of significant recoveries, regaining pre-crisis highs after substantial declines during past economic events [13]