Core Insights - Ctrip's revenue for 2025 reached 62.4 billion yuan, with a net profit of 13.4 billion yuan after excluding investment income [1] - The international OTA platform's total bookings increased by approximately 60% year-on-year, serving around 20 million inbound travelers throughout the year [1] Industry Overview - The overall recovery of the tourism industry is strong, with the number of travelers increasing year by year [1] - According to the Ministry of Culture and Tourism, during the 2026 Spring Festival holiday, domestic travel reached 596 million trips, an increase of 95 million trips compared to the 2025 Spring Festival holiday [1] - Total domestic travel expenditure during the holiday was 803.483 billion yuan, up by 126.481 billion yuan from the previous year, marking record highs in both visitor numbers and spending [1] Company Strategy - Ctrip is investing 1 billion yuan annually in inbound tourism and is implementing four major transformation strategies to reshape the industry ecosystem [1] - There is a growing demand for segmentation and quality in tourism products, prompting better integration of online and offline resources among platforms, hotels, and scenic spots [1]

Group 1 - The Wuhan cultural and tourism market experienced significant growth during the 2026 Spring Festival, with a total of 3.8589 million visitors to A-level tourist attractions, representing a 17.78% increase compared to the previous year [1] - Hubei Province received a total of 60.0896 million tourists during the Spring Festival, marking a 10.41% increase year-on-year, and generated tourism revenue of 42.376 billion yuan, which is a 13.40% increase compared to 2025 [1] - Data from the Fliggy travel platform indicated that Hubei's tourist reception and cultural tourism consumption both saw rapid growth, with the province ranking first in the nation for both visitor numbers and transaction volume growth [1] Group 2 - According to data from the Qunar platform, Wuhan saw a 33.53% increase in visitor numbers and a 40.53% increase in revenue during the Spring Festival, ranking second and third among ten key tourist cities in China [2] - Ctrip reported a 15.5% increase in inbound online booking visitors and a 72.1% increase in order consumption amount for Wuhan during the Spring Festival period [2] - Wuhan was featured 16 times on CCTV during the Spring Festival, highlighting various local events and attractions, including the East Lake flower market and the Yellow Crane Tower [2]

Financial Data and Key Metrics Changes - For Q4 2025, Trip.com Group reported net revenue of RMB 15.4 billion, a 21% increase year-over-year, driven by robust travel demand during the winter holiday [27] - For the full year 2025, gross bookings reached RMB 1.1 trillion, with net revenue totaling RMB 62.4 billion, reflecting a 17% year-over-year increase [27][28] - Income from operations for the full year was RMB 15.8 billion, an 11% increase year-over-year, while net income attributable to Trip.com Group Limited was RMB 13.4 billion [27][28] - Adjusted EBITDA for Q4 was RMB 3.4 billion, compared to RMB 3.0 billion in the same period last year, with full-year adjusted EBITDA at RMB 18.9 billion, an 11% growth year-over-year [30] Business Line Data and Key Metrics Changes - Accommodation Reservation revenue for Q4 was RMB 6.3 billion, a 21% increase year-over-year, while full-year revenue was RMB 26.1 billion, also a 21% increase [28] - Transportation ticketing revenue for Q4 was RMB 5.4 billion, a 12% increase year-over-year, with full-year revenue at RMB 22.5 billion, an 11% increase [28] - Package Tour revenue for Q4 was RMB 1.1 billion, a 21% increase year-over-year, with full-year revenue at RMB 4.7 billion, an 8% increase [28] - Corporate Travel revenue for Q4 was RMB 808 million, a 15% increase year-over-year, with full-year revenue at RMB 2.8 billion, a 13% increase [29] Market Data and Key Metrics Changes - APAC remained the largest source of inbound travelers, with demand from Western markets expanding, reflecting rising international interest in China as a travel destination [12] - In 2025, approximately 20 million inbound travelers were served, connecting demand to about 150,000 hotels, with over 63,000 hotels serving inbound travelers for the first time [12][14] - The international OTA platform saw gross bookings increase by approximately 60% year-over-year, with international business contributing about 40% of total revenue and bookings in 2025 [55] Company Strategy and Development Direction - The company focuses on three key investment areas: inbound tourism, social responsibility initiatives, and AI innovation [5][9] - A $100 million tourism innovation fund was launched to support commercial innovation across the travel ecosystem [8] - The company aims to enhance its AI capabilities to improve operational efficiency and user experience, positioning itself as a leader in the evolving travel landscape [9][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of inbound tourism, projecting a potential 5x-10x growth for inbound travel in China [47] - The company remains committed to fostering a transparent and sustainable travel ecosystem while focusing on long-term value creation for shareholders [26][37] - Travel sentiment remains strong, with leisure travel being the primary driver of market growth, and the company is strategically positioned to capture this demand [55] Other Important Information - The company is cooperating with the State Administration for Market Regulation regarding a regulatory investigation, emphasizing its commitment to compliance and transparency [26] - The company has invested approximately RMB 2.9 billion to enhance the overall travel experience for users, focusing on customer protections and service quality [22] Q&A Session Summary Question: Update on the recent SAMR investigation - The company is actively cooperating with the SAMR and remains committed to fostering a transparent environment while focusing on core investment priorities [35][36] Question: Impact of AI disintermediation on OTA business model - The company views AI advancements as a catalyst for its strategy, emphasizing the importance of its transactional and service layers in the travel industry [39][40] Question: Future growth trajectory for inbound tourism - Management believes inbound travel to China is at the start of a significant growth cycle, with efforts to promote the country as a travel destination [46][47] Question: Booking trends during Chinese New Year - The extended holiday stimulated travel demand, with robust growth in domestic and outbound business, particularly in long-haul destinations [53][54] Question: Competition in the domestic travel market - The company acknowledges dynamic competition but maintains its competitive edge through high service levels, comprehensive product offerings, and global coverage [57][60] Question: Operational highlights and outlook for 2026 - The company expects continued strong growth in international bookings, particularly in the APAC region, supported by its globalization strategy [66][67] Question: Update on shareholder return program - The company fully utilized its share repurchase quota in 2025 and remains committed to delivering long-term shareholder value [74][75]

Core Insights - The online travel platform Qunar reported a 20% year-on-year increase in flight bookings to China by foreign tourists during the Spring Festival holiday from February 15 to 23 [1] - Popular inbound destinations for foreign tourists included Shanghai, Beijing, Guangzhou, Chengdu, Shenzhen, Xiamen, Haikou, Fuzhou, Chongqing, and Qingdao [1] - Unique local experiences in cities like Datong, Lhasa, and Tengchong are attracting more foreign visitors, contributing to the growth of inbound tourism [1] Inbound Tourism - The main source countries for foreign tourists visiting China during the Spring Festival included South Korea, Vietnam, Singapore, Australia, the United States, Indonesia, Thailand, Canada, and Laos [1] - Cities known for rich cultural experiences and local customs are seeing a rise in popularity among foreign tourists [1] Outbound Tourism - During the same period, Chinese tourists traveled to nearly a thousand cities worldwide, with the top ten outbound destinations being Bangkok (Thailand), Kuala Lumpur (Malaysia), Hong Kong (China), Singapore, Seoul (South Korea), Phuket (Thailand), Ho Chi Minh City (Vietnam), Bali (Indonesia), Sydney (Australia), and Chiang Mai (Thailand) [1]

Group 1 - The tourism market has shown significant growth during the 2026 Spring Festival holiday, with both "travel-style New Year" and "return-home travel" gaining popularity, leading to increased travel frequency and richer experiences [1] - Platforms like Muniu and Tongcheng reported a 26% year-on-year increase in orders during the Spring Festival, with long-stay bookings rising by 32%, setting historical records for the platform [1] - Domestic travel orders on Feizhu reached new highs, with ticket orders increasing by over 80% and hotel night bookings up by 75%, while the average booking amount per person rose by approximately 10% compared to last year [1] Group 2 - Among travelers flying to Beijing during the Spring Festival, about 18% were aged 50 and above, with a 40% increase in ticket bookings for scenic spots by those aged 60 and above compared to 2025 [2] - Popular attractions for older travelers included Beijing Universal Resort and Shanghai Disneyland, indicating a shift in travel preferences among the elderly demographic [2] - The trend of "local tourism" surged, with ticket bookings for attractions in cities like Kaifeng, Wuhan, and Jingdezhen seeing over fivefold increases, highlighting a rediscovery of local beauty [2] Group 3 - County-level destinations like Yixian and Yangshuo saw hotel booking increases exceeding 400%, with other counties also ranking high in tourism activity [3] - Platforms like Tuniu reported that destinations such as Baoting and Dehong experienced over twofold increases in visitor numbers compared to last year [3] - The demand for accommodations surged in cities like Yantai and Nanjing, leading to a "fully booked" situation during the holiday [3] Group 4 - New travel trends emerged, with searches for "intangible cultural heritage experiences" increasing by 180%, particularly among the post-2000 generation [4] - The release of blockbuster films also spurred travel, with hotel bookings in filming locations like Ganzi and Karamay increasing by over 100% [4] - The number of foreign tourists visiting China during the Spring Festival rose significantly, with inbound flight orders increasing nearly tenfold, and major cities like Shanghai and Guangzhou being popular entry points [4]

Core Insights - The report by Tongcheng Travel highlights new trends and characteristics in tourism consumption during the 2026 Spring Festival, emphasizing the continued popularity of traditional customs and cultural experiences [1][6]. Group 1: Traditional Cultural Tourism - Traditional customs remain a significant draw in the Spring Festival tourism market, with a focus on experiencing the "flavor of the New Year" becoming mainstream for domestic travel [1][6]. - Various New Year cultural activities in Guangdong and Fujian have become popular, with Shantou emerging as a "dark horse" destination due to a leading increase in tourism heat [1][6]. Group 2: Popular Destinations and Trends - The overall tourism heat in Hainan during the Spring Festival reached a new high, with hotel bookings increasing by over 70% year-on-year [1][6]. - Harbin is a leading destination for ice and snow tourism, with indoor ski resorts becoming the preferred choice for residents in southern regions [1][6][8]. - The trend of "returning home" and "reverse New Year" has led to over 100% year-on-year growth in local tourism bookings in cities like Chongqing and Chengdu [1][6]. Group 3: Emerging Travel Styles - The trend of consulting AI for travel advice on local customs has gained popularity among young travelers during the Spring Festival [1][6]. - The extended holiday has significantly boosted demand for long-haul outbound travel, with hotel bookings in Milan, Italy, increasing by over 200% year-on-year [1][6]. Group 4: Top Destinations for Ice and Snow Tourism - The top ten popular destinations for ice and snow tourism during the Spring Festival include: 1. Harbin, Heilongjiang - Harbin Ice World 2. Changbai Mountain, Jilin - Changbai Mountain Wanda International Resort 3. Altay, Xinjiang - General Mountain/Wooden Houses in He Mu Snow Town 4. Zhangjiakou, Hebei - Chongli Ski Resort 5. Jilin City, Jilin - Beidahu Ski Resort/Wusong Island 6. Shenyang, Liaoning - Qipanshan Ice World/Shenyang Palace Museum 7. Mudanjiang, Heilongjiang - Snow Pass 8. Changchun, Jilin - Changchun Ice New World/Jingyuetan 9. Aba, Sichuan - Bipenggou + Zhegu Mountain Ski Resort 10. Hulunbuir, Inner Mongolia - Genhe Cold Extreme Village + Manzhouli [4][9].

Core Insights - The tourism industry in China has experienced a significant surge during the Spring Festival, with a 38% increase in civil aviation travel compared to the same period last year [1] - Popular destinations for "cultural and festive tourism" have emerged, with cities like Shantou, Fuzhou, and Taiyuan ranking among the top choices for travelers seeking unique experiences [4][5] Group 1: Travel Trends - The peak travel period during the Spring Festival was identified between February 18 and February 19, with a notable increase in travelers opting for "segment-style" celebrations [1] - The number of travelers taking two or more flights during the holiday is expected to rise by over 50% compared to last year [1] Group 2: Popular Destinations - Shantou, Fuzhou, and Taiyuan have been highlighted as top destinations for "cultural and festive tourism," with Shantou leading in visitor numbers due to its rich cultural heritage [4] - The search interest for "New Year flavor" has surged by 358% in the two weeks leading up to the festival, indicating a strong demand for culturally immersive experiences [4] Group 3: Hotel and Accommodation Insights - In Shantou, popular hotel types such as family rooms and suites have sold out quickly, reflecting high demand in key areas [4] - The hotel occupancy rates in Haikou and Sanya have significantly exceeded the national average, with a 300% increase in flight bookings to these destinations [7][8] Group 4: Domestic and International Travel - Classic destinations like Beijing, Chengdu, and Kunming continue to attract significant traveler numbers, maintaining their status as primary travel hubs [8] - Short-haul international travel has seen a resurgence, with Southeast Asian cities becoming popular due to favorable visa policies and appealing climates [9]

Core Insights - The Spring Festival Gala this year has set up four sub-venues in addition to the main venue in Beijing, located in Harbin, Yiwu, Hefei, and Yibin [1] Tourism Trends - As of February 17, hotel booking volumes in popular shopping districts in Hefei have increased by over 100% year-on-year, while Yibin has seen a growth of over 50% [1] - Harbin has entered the top 10 most popular inbound tourism cities during the Spring Festival, attracting more foreign visitors [1] - Yiwu has achieved a booking growth rate of 131%, placing it on the rising popularity list for inbound tourism [1]

Core Viewpoint - The Spring Festival Gala this year has expanded its reach by setting up four sub-venues in different cities, leading to a significant increase in tourism activity in these locations [1] Group 1: Venue and Tourism Impact - The four sub-venues are located in Harbin, Yiwu, Hefei, and Yibin, which have seen a rise in tourism interest [1] - As of February 17, hotel booking volume in Hefei's popular commercial areas has increased by over 100% year-on-year, while Yibin has experienced a growth of over 50% [1] - Harbin has entered the top 10 most popular inbound travel cities during the Spring Festival, while Yiwu has achieved a booking growth rate of 131%, making it one of the fastest-growing cities for inbound tourism [1]

Group 1 - The Spring Festival Gala this year featured four sub-venues in addition to the main venue in Beijing, located in Harbin, Yiwu, Hefei, and Yibin [1] - The tourism popularity of these four cities has significantly increased, with hotel bookings in Hefei rising over 100% year-on-year as of February 17 [1] - Yibin experienced a growth of over 50% in hotel bookings, while Harbin and Yiwu attracted more foreign visitors, with Harbin ranking in the top 10 most popular inbound travel cities during the Spring Festival [1] Group 2 - Yiwu saw a remarkable booking growth rate of 131%, placing it on the list of cities with rising inbound travel popularity [1]