1）中金企信国际咨询（全称：中金企信（北京）国际信息咨询有限公司）为国家统计局涉外调查许可单位&AAA企业信用认证 机构，致力于"为企业战略决策提供行业市场占有率认证&证明、产品认证&证明、国产化率（认证&报告）、项目可行性&商业 计划书专业解决方案"的专业咨询顾问机构。 2）专精特新"小巨人"&单项冠军市场占有率、市场排名认证服务-中金企信国际咨询。 3）项目可行性报告&商业计划书专业权威编制服务机构（符合发改委印发项目可行性研究报告编制要求）-中金企信国际咨询： 集13年项目编制服务经验为各类项目立项、投融资、商业合作、贷款、批地、并购&合作、投资决策、产业规划、境外投资、 战略规划、风险评估等提供项目可行性报告&商业计划书编制、设计、规划、咨询等一站式解决方案。助力项目实施落地、提 升项目单位申报项目的通过效率。 4）中金企信国际咨询定制服务-依托自建数据库、专业自建调研团队及官方&各领域专家顾问、国内外官方及三方数据渠道资源 等为各领域客户提供专属定制类全套解决方案。 一、中国 OTA 行业：下沉与细分赛道驱动行业持续增长 旅游市场仍存增量空间：疫情后，国内旅游市场快速复苏。其中，我们认为四个方面因素 ...

Core Insights - Trip.com Group Ltd reported a 16% revenue growth in its first-quarter earnings, which is a slowdown from the previous quarter's 23% growth [2][4] - The company continues to gain market share domestically and is experiencing rapid growth internationally, particularly in Asia [2][4] - Analysts maintain a positive outlook with Buy ratings, with price targets raised to $73 and $80 by TD Cowen and Benchmark respectively [2][4] Financial Performance - Trip.com reported solid quarterly results with a year-on-year revenue growth of 16% and better-than-expected profitability [4] - The company reiterated its guidance for the second quarter and full year, targeting mid-teens growth, with international travel as a core driver [4] Marketing and Strategy - The company has increased its advertising spend to boost its international business, focusing on aggressive marketing strategies [3][5] - AI integration is expected to enhance user engagement and operational efficiency, improving both user experience and scalability [5] Stock Performance - Shares of Trip.com declined by 6.29% to $62.88 at the time of publication [5]

Financial Data and Key Metrics Changes - For Q1 2025, Trip.com Group reported a net revenue of RMB 13.8 billion, representing a 16% increase year over year and a 9% increase quarter over quarter, driven by strong travel consumption and resilient demand across segments [23] - Adjusted EBITDA grew by 7% year over year, reaching RMB 4.2 billion, compared to RMB 4 billion in the same period last year [13][27] - Diluted earnings per ordinary share were RMB 6.09 (US$0.84), while non-GAAP diluted earnings per share were RMB 5.90 (US$0.82) [27][28] Business Line Data and Key Metrics Changes - Accommodation reservation revenue for Q1 was RMB 5.5 billion, a 23% increase year over year and a 7% increase quarter over quarter [23] - Transportation ticketing revenue was RMB 5.4 billion, reflecting an 8% year over year increase and a 13% increase quarter over quarter [24] - Packaged tour revenue reached RMB 947 million, representing a 7% increase year over year and a 9% increase quarter over quarter [25] - Corporate travel revenue was RMB 573 million, a 12% increase year over year but an 18% decrease quarter over quarter, consistent with normal seasonality [26] Market Data and Key Metrics Changes - Inbound travel bookings surged by approximately 100% year over year, with hotel bookings from key visa-free countries in APAC increasing by over 240% [15][16] - Overall bookings on the international OTA platform grew by over 60% year over year, with APAC remaining a major growth engine [14] - Outbound air bookings returned to more than 120% of 2019 levels, outperforming the market by 30-40% [17] Company Strategy and Development Direction - The company is focusing on enhancing its AI capabilities to improve user experience and streamline the travel booking process, with AI tools integrated throughout the customer journey [10][11] - Trip.com aims to capture the growing inbound travel market by enriching its offerings and improving service capabilities, including multilingual support and personalized itineraries [9] - The company is committed to expanding its market presence in both mature and emerging markets, leveraging strategic partnerships and localized operations [8][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of travel demand, supported by strong consumer confidence and favorable policies [29] - The company anticipates continued growth in inbound travel due to favorable visa policies and increased accessibility to China [16][72] - Management noted that leisure travel demand remains strong, with corporate users expecting their travel budgets to grow or remain unchanged by 2025 [48] Other Important Information - The company has repurchased approximately US$84 million of its shares, demonstrating a commitment to delivering value to shareholders [28][80] - Trip.com has launched free city tours for transit travelers in Shanghai and Beijing to enhance visitor experience [17] Q&A Session Summary Question: Insights on AI in the travel industry - Management discussed the strengths of vertical AI agents in providing real-time travel data and enhancing the travel experience, while general AI agents offer broader information [31][32] Question: Performance during the Labor Day holiday - Domestic hotel bookings increased by over 20% year over year, with inbound bookings surging by approximately 150% [36][37] Question: Outbound travel trends and expectations - Outbound bookings have consistently outperformed the industry, with strong growth in long-haul destinations like Europe [39][40] Question: Hotel price trends and outlook - Hotel ADR decreased by high single digits in Q1, but prices stabilized during the Labor Day holiday, with expectations for stabilization due to increasing travel demand [43][44] Question: Consumer sentiment amid macroeconomic conditions - Travel demand remains resilient, with leisure travel demand strong and corporate travel budgets expected to grow or remain stable [47][48] Question: Domestic competitive landscape - Competition in the domestic market is rationalized, with a strong focus on loyalty programs and customer service [51][52] Question: International business marketing strategies - The company is intensifying marketing efforts in Asia, leveraging mobile app user acquisition as a key growth strategy [59][60] Question: Inbound business developments - Inbound travel has seen strong momentum due to favorable policies, with significant growth in bookings [70][72] Question: Sales and marketing expenses outlook - Marketing expenses may fluctuate due to seasonality, but the company aims to improve marketing efficiencies in the long term [75][76] Question: Capital return program updates - The company plans to continue share buybacks and has approved a total amount of US$600 million for this purpose [79][80]

Core Insights - Trip.com Group Limited reported strong growth in its international businesses, with overall reservations on its international OTA platform increasing by over 60% year-over-year and inbound travel bookings surging by around 100% year-over-year [2][3] - The company achieved net revenue of RMB13.8 billion (US$1.9 billion) for the first quarter of 2025, representing a 16% increase from the same period in 2024, driven by stronger travel demand [4] - The travel industry maintained strong momentum in the first quarter of 2025, supported by resilient consumer demand and favorable travel policies [3] Financial Performance - Accommodation reservation revenue for Q1 2025 was RMB5.5 billion (US$764 million), a 23% increase from Q1 2024 [5] - Transportation ticketing revenue for Q1 2025 was RMB5.4 billion (US$747 million), an 8% increase from Q1 2024 [6] - Packaged-tour revenue for Q1 2025 was RMB947 million (US$131 million), a 7% increase from Q1 2024 [7] - Corporate travel revenue for Q1 2025 was RMB573 million (US$79 million), a 12% increase from Q1 2024 [8] - Net income for Q1 2025 was RMB4.3 billion (US$596 million), unchanged from Q1 2024 [14][15] Cost Structure - Cost of revenue for Q1 2025 increased by 21% to RMB2.7 billion (US$373 million) compared to Q1 2024 [9] - Product development expenses for Q1 2025 increased by 13% to RMB3.5 billion (US$486 million) from Q1 2024 [10] - Sales and marketing expenses for Q1 2025 increased by 30% to RMB3.0 billion (US$413 million) from Q1 2024 [11] - General and administrative expenses for Q1 2025 increased by 11% to RMB1.0 billion (US$143 million) from Q1 2024 [12] Cash Position and Shareholder Returns - As of March 31, 2025, the company had cash and cash equivalents totaling RMB92.9 billion (US$12.8 billion) [17] - The company repurchased 1.6 million ADSs for a total gross consideration of US$84 million as part of its share repurchase plan [18]

Core Insights - The article highlights the growing influence of social media on travel decisions, particularly among millennials, with 80% relying on it for inspiration and planning [1][5] - Expedia has launched a new feature called Expedia® Trip Matching, which allows users to create travel itineraries directly from Instagram content, showcasing the company's commitment to innovation and meeting the needs of modern travelers [2][4] Company Overview - Expedia is recognized as one of the leading full-service travel brands, aiming to provide comprehensive travel solutions to enhance the travel experience for its users [3] - The company emphasizes its ability to understand traveler needs through insights and technology, offering a wide range of products across accommodations, transportation, and activities [4] New Feature Details - Expedia® Trip Matching is currently in beta and will soon be available to U.S. travelers, integrating AI-powered travel planning with Instagram [2] - The process involves users finding travel inspiration on Instagram, sharing it with Expedia, and receiving personalized travel recommendations and itineraries in response [5]

Core Insights - Expedia Group Inc reported first-quarter revenue of $2.99 billion, a 3% increase year-over-year, but fell short of the consensus estimate of $3.01 billion [1] - The revenue growth was driven by B2B and Advertising segments, which increased by 14% and 20% year-over-year, respectively [1] - The company reported earnings per share of 40 cents, exceeding the consensus estimate of 29 cents per share [2] - Booked room nights rose by 6% year-over-year, despite softened travel demand in the U.S., while lodging gross bookings increased by 5% [2] - Total gross bookings were up 4% year-over-year in the first quarter [2] - CEO Ariane Gorin stated that the company achieved bookings and revenue within guidance despite weaker demand, and anticipates margin expansion and revenue growth in the future [3] Stock Performance - Expedia's stock declined by 6.88% to $157.36 in after-hours trading, with a 52-week trading range of $107.25 to $207.73 [4]

出境长线游方面，阿联酋、土耳其、澳大利亚、新西兰、俄罗斯、亚美尼亚、格鲁吉亚、阿塞拜疆、埃 及、摩洛哥等目的地出游热度排名靠前。《盘点》预测，随着暑期学生及亲子客群出游需求的进一步释 放，出境长线游市场有望迎来新的高峰。 （文章来源：新华财经） 《盘点》显示，"五一"假期，在新媒体平台驱动下，"网红城市"效应持续发酵，成为旅游消费新热点。 北京、上海、三亚、广州、南京、成都、杭州、西安、重庆、武汉等城市的游客"打卡"热度位居前列。 乐山、张家界、大同等目的地出游人次同比增幅均超过200%；景德镇、威海、乌鲁木齐等目的地出游 人次同比增幅均超过100%；贵阳、日照、揭阳、太原等目的地的出游人次同比增幅也都在80%以上。 途牛数据显示，今年"五一"出境游市场热度同样高涨。其中，出境短线游主导"五一"假期出境游市场， 中国香港、中国澳门出游热度继续保持领先。此外，日本、泰国、马尔代夫、印度尼西亚、马来西亚、 新加坡、韩国、斯里兰卡、越南、柬埔寨等目的地也是途牛用户的热门之选。 5日，途牛发布《2025'五一'出游消费盘点》，今年"五一"境内游热度飙升，自驾游出游人次同比增长 近40%，交通住宿等单项旅游产品预订同比 ...

Core Insights - Airbnb has launched an AI bot for customer service in the U.S., with 50% of customers already utilizing it for support [1] - The AI implementation has resulted in a 15% decrease in the need for customers to contact live agents, with plans to extend this feature to all U.S. users this month [2] - Airbnb aims to integrate AI across its operations to enhance guest and homeowner experiences, emphasizing its critical importance in the company's long-term strategy [3] Company Strategy - The company is developing advanced AI capabilities to provide personalized recommendations based on user preferences and behaviors, utilizing data from user profiles known as "passports" [3] - Increased interaction with customers through AI is expected to improve satisfaction for both guests and hosts, creating a beneficial cycle for the platform [4] Competitive Landscape - Competitors like Expedia and Booking.com are also heavily investing in AI technologies for itinerary building, trip planning, and real-time travel updates [5] - Kayak plans to introduce AI agents to streamline the booking process, allowing customers to complete transactions without leaving the Kayak platform [6]

Booking Holdings (BKNG) Q1 2025 Earnings Call April 29, 2025 04:30 PM ET Company Participants Glenn Fogel - CEO, President & DirectorEwout Steenbergen - Executive VP & CFOMark Mahaney - Senior Managing DirectorBrian Nowak - Managing Director Kevin Kopelman - Managing Director - Equity Research Conference Call Participants Douglas Anmuth - Managing Director & Internet AnalystEric Sheridan - AnalystLee Horowitz - AnalystKen Gawrelski - Analyst Operator Welcome to Booking Holdings First Quarter twenty twenty f ...

Booking Holdings (BKNG) Q1 2025 Earnings Call April 29, 2025 09:37 PM ET Speaker0 Welcome to Booking Holdings First Quarter twenty twenty five Conference Call. Booking Holdings would like to remind everyone that this call may contain forward looking statements, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements are not guaranteed of future performance and are subject to certain risks, uncertainties and assumptions t ...