Financial Data and Key Metrics Changes - Trip.com Group reported a net revenue of RMB 18.3 billion for Q3 2025, representing a 16% increase year-over-year and a 24% increase quarter-over-quarter [18] - Adjusted EBITDA for Q3 was RMB 6.3 billion, compared to RMB 5.7 billion in the same period last year and RMB 4.9 billion in the previous quarter [20] - Diluted earnings per ordinary share were RMB 28.61 or $4.02, elevated due to a one-time gain from the divestment of an overseas investment [21] Business Line Data and Key Metrics Changes - Accommodation reservation revenue increased by 18% year-over-year to RMB 8.0 billion, driven by strong outbound and international hotel bookings [18] - Transportation ticketing revenue rose by 12% year-over-year to RMB 6.3 billion, with international air bookings showing robust growth [18] - Package tour revenue grew by 3% year-over-year to RMB 1.6 billion, primarily due to the expansion of international offerings [19] Market Data and Key Metrics Changes - Outbound hotel and air bookings grew by close to 20% year-over-year, reaching about 140% of 2019 volumes [8] - Inbound travel bookings on the platform grew by over 100% year-over-year, reflecting robust international demand [10] - The Asia-Pacific region remains the largest source of inbound travelers, with international bookings growing around 60% year-over-year [11] Company Strategy and Development Direction - The company aims to leverage AI innovation to enhance travel experiences and improve service delivery [6][17] - Trip.com Group is focusing on expanding its international presence, particularly in the Asia-Pacific region, while also enhancing domestic services [40] - The company is committed to nurturing the broader travel ecosystem and supporting local economic development through strategic partnerships [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of travel, citing strong demand and a growing desire for immersive experiences [5][6] - The company plans to continue investing in AI and technology to enhance customer service and operational efficiency [26] - Management noted that challenges in the market present opportunities for strengthening the company's foundation and expanding its market share [40] Other Important Information - The company launched a free layover experience for travelers at Hong Kong International Airport, enhancing its offerings for international visitors [11] - The number of Old Friends Club members and their total GMV rose over 70%, indicating a growing focus on senior travelers [12] Q&A Session Summary Question: Insights on AI's role in Trip.com's strategy - Management highlighted AI as a central pillar of their strategy, with significant growth in the use of AI-driven tools like Trip Genie, which is now used in over 200 countries [24][25] Question: Consumer behavior trends during national holidays - Management noted strong trends for long stays and long-distance travel during the national holiday, with outbound bookings increasing over 30% year-over-year [30] Question: Recent trends in hotel and air ticket prices - Management indicated that hotel and air ticket prices have shown a slight decline, with domestic prices trending higher during peak travel periods [34] Question: Insights on international performance and regional highlights - Management reported a 60% year-over-year increase in international bookings, with Asia-Pacific being the largest contributor [50] Question: Updates on inbound travel business - Management shared positive feedback from inbound customers regarding safety and hospitality, highlighting the growth potential in this segment [54] Question: Marketing strategy and future plans - Management discussed the effectiveness of their marketing strategy in Q3 and plans to continue executing signature campaigns for upcoming global holidays [60] Question: Impact of competition and market dynamics - Management emphasized the favorable environment for online travel companies in the Asia-Pacific region, focusing on delivering one-stop solutions and exceptional customer service [63]

Financial Data and Key Metrics Changes - Trip.com Group reported a net revenue of RMB 18.3 billion for Q3 2025, representing a 16% increase year-over-year and a 24% increase quarter-over-quarter, driven by robust travel demand [18] - Adjusted EBITDA for Q3 was RMB 6.3 billion, compared to RMB 5.7 billion in the same period last year and RMB 4.9 billion in the previous quarter [20] - Diluted earnings per ordinary share were RMB 28.61 or $4.02, elevated primarily due to a one-time gain from the divestment of an overseas investment [21] Business Line Data and Key Metrics Changes - Accommodation reservation revenue for Q3 was RMB 8.0 billion, an 18% increase year-over-year and a 29% increase quarter-over-quarter, driven by strong outbound and international hotel bookings [18] - Transportation ticketing revenue was RMB 6.3 billion, a 12% increase year-over-year and a 17% increase quarter-over-quarter, with international air bookings showing robust growth [18] - Package tour revenue was RMB 1.6 billion, a 3% increase year-over-year and a 49% increase quarter-over-quarter, primarily due to the expansion of international offerings [19] Market Data and Key Metrics Changes - Outbound hotel and air bookings grew by close to 20% year-over-year, reaching about 140% of 2019 volumes, with Japan, South Korea, and Southeast Asia being popular destinations [8] - Inbound travel bookings grew by over 100% year-over-year, reflecting robust international demand [10] - Mobile bookings accounted for over 70% of total bookings, indicating a shift towards mobile platforms among travelers [12] Company Strategy and Development Direction - The company aims to leverage AI innovation to enhance travel experiences, with a focus on personalized services and operational efficiency [6][26] - Trip.com Group is expanding its international presence, particularly in the Asia-Pacific region, and is committed to investing in inbound travel and catering to senior and younger travelers [40][56] - The company is enhancing its product offerings and services to meet diverse traveler needs, including partnerships with live entertainment companies to drive travel experiences [15][70] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of travel, citing strong demand and a growing desire for immersive experiences among travelers [5][17] - The company is focused on sustainable growth and long-term value creation, with plans to enhance services and empower the broader travel ecosystem [22][40] - Management noted that challenges in the market present opportunities for strengthening the company's foundation and expanding its market share [40] Other Important Information - The company launched initiatives like the "Taste of China" dining experience to attract international visitors and enhance inbound travel [6] - The balance of cash and cash equivalents as of September 30, 2025, was RMB 107.7 billion or $15.1 billion, indicating a strong liquidity position [22] Q&A Session Summary Question: Insights on AI's role in Trip.com's strategy - Management emphasized that AI is a central pillar of their strategy, with significant growth in AI-driven tools and a commitment to enhancing the travel experience through technology [24][25] Question: Consumer behavior trends during national holidays - Management noted strong trends in long-haul and long-stay travel during holidays, with outbound bookings increasing significantly [30] Question: Recent trends in hotel and air ticket prices - Management indicated that hotel and air ticket prices have stabilized, with slight year-on-year declines, but are expected to remain under pressure due to expanding capacity [34] Question: Impact of competition in the travel market - Management highlighted that the travel market is evolving, and their investments in technology and customer service will help maintain a competitive edge [44] Question: Updates on international performance - Management reported a 60% year-over-year increase in international bookings, with a strong focus on the Asia-Pacific region [50] Question: Inbound travel growth catalysts - Management cited positive feedback from inbound travelers regarding safety and hospitality, along with favorable visa policies as key growth drivers [54] Question: Marketing strategy and future plans - Management discussed the effectiveness of their marketing strategy and plans to continue executing campaigns aligned with long-term growth objectives [60] Question: Margin outlook for the future - Management stated that it is too early to provide specific margin outlooks but emphasized ongoing improvements in operating efficiency [76]

Financial Data and Key Metrics Changes - Trip.com Group reported a net revenue of RMB 18.3 billion for Q3 2025, representing a 16% increase year-over-year and a 24% increase quarter-over-quarter, driven by robust travel demand [17] - Accommodation reservation revenue increased by 18% year-over-year to RMB 8.0 billion, and transportation ticketing revenue rose by 12% year-over-year to RMB 6.3 billion [17] - Adjusted EBITDA for Q3 was RMB 6.3 billion, compared to RMB 5.7 billion in the same period last year [19] Business Line Data and Key Metrics Changes - Outbound hotel and air bookings grew by close to 20% year-over-year, reaching about 140% of 2019 volumes [6] - Package tour revenue increased by 3% year-over-year to RMB 1.6 billion, with a significant 49% increase quarter-over-quarter [18] - Corporate travel revenue rose by 15% year-over-year to RMB 756 million, driven by more companies adopting managed corporate travel services [18] Market Data and Key Metrics Changes - Inbound travel bookings on the platform grew by over 100% year-over-year, reflecting robust international demand [9] - The Asia-Pacific region remains the largest source of inbound travelers, with Europe and the U.S. also seeing strong growth [9] - International bookings increased by around 60% year-over-year, with the Asia-Pacific region contributing over 50% to this growth [10] Company Strategy and Development Direction - The company aims to leverage AI innovation to enhance travel experiences and improve service delivery [5] - Trip.com Group is focusing on expanding its international presence, particularly in the Asia-Pacific region, while also enhancing its offerings for inbound travelers [48] - The company is committed to nurturing the broader travel ecosystem and supporting local economic development through strategic partnerships [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of the travel industry, emphasizing the importance of enhancing services and empowering the broader ecosystem [16] - The company remains optimistic about the future of travel, particularly with the growing demand for diverse and immersive experiences [5] - Management noted that challenges in the market present opportunities to strengthen the company's foundation and expand its market share [38] Other Important Information - The company launched a free layover experience for travelers at Hong Kong International Airport, enhancing its offerings for international visitors [10] - The number of Old Friends Club members increased by over 70%, indicating a growing focus on catering to affluent and active seniors [11] Q&A Session Summary Question: Insights on AI's role in Trip.com's strategy - Management highlighted AI as a central pillar of the company's strategy, with significant growth in the use of AI-driven tools and a focus on enhancing user experiences [24] Question: Consumer behavior trends during national holidays - Management noted strong trends in long stays and long-distance travel during the national holiday, with outbound hotel and air bookings jumping over 30% year-over-year [28] Question: Recent trends in hotel and air ticket prices - Hotel and air ticket prices have shown a narrowing decline, with domestic hotel prices trending higher during the Golden Week [33] Question: Insights on consumer sentiment and outlook for 2026 - Management observed strong travel demand and a desire for immersive experiences, with a focus on enhancing products and services for evolving traveler needs [37] Question: Impact of competition in the China market - Management emphasized the importance of technology and customer service in maintaining a competitive edge, while also investing in improving efficiency across the industry [42] Question: Updates on international performance - International bookings increased by around 60% year-over-year, with a strong focus on the Asia-Pacific region driving growth [48] Question: Inbound travel growth catalysts - Management cited positive feedback from inbound customers regarding safety and hospitality, along with the convenience of visa policies as key growth drivers [53] Question: Marketing strategy and future plans - The marketing strategy delivered solid results, with plans to continue executing signature campaigns while adapting to emerging market trends [59] Question: Dynamics in the global market and competition - Management noted the potential for growth in the Asia-Pacific market and emphasized the importance of localized products and exceptional customer service [62] Question: Long-term positioning of destination services - Management indicated that the destination service business is expected to grow significantly, focusing on enhancing user experience and customer loyalty [68] Question: Outlook for operating expenses - Management plans to manage investments with discipline, adjusting spending based on market maturity and maintaining high standards for new hires [72] Question: Margin expansion outlook - Management stated it is too early to provide specific margin outlooks but emphasized ongoing improvements in operating efficiency as a key driver for future margins [76]

RT Tesla (@Tesla)If you bought a Model 3 in 2017, you now have access to features that did not exist when your car was built– Sentry Mode– Dashcam Viewer– Automatic Blind Spot Camera– Dog Mode– Trip Planner via Tesla app– Battery preconditioning for faster Supercharging– Better entertainment (Netflix, YouTube, ...) & music options (Spotify, Apple Music, ...)List goes onAll delivered for free via software updates ...

When you buy a Tesla, the car gets better overtime with each software update.Tesla (@Tesla):If you bought a Model 3 in 2017, you now have access to features that did not exist when your car was built– Sentry Mode– Dashcam Viewer– Automatic Blind Spot Camera– Dog Mode– Trip Planner via Tesla app– Battery preconditioning for faster Supercharging– Better ...

If you bought a Model 3 in 2017, you now have access to features that did not exist when your car was built– Sentry Mode– Dashcam Viewer– Automatic Blind Spot Camera– Dog Mode– Trip Planner via Tesla app– Battery preconditioning for faster Supercharging– Better entertainment (Netflix, YouTube, ...) & music options (Spotify, Apple Music, ...)List goes onAll delivered for free via software updates ...

Financial Data and Key Metrics Changes - The company reported a net revenue of RMB 14.8 billion for Q2 2025, representing a 16% increase year over year and a 7% increase quarter over quarter, driven by strong travel demand across segments [30] - Adjusted EBITDA for Q2 was RMB 4.9 billion, up from RMB 4.4 billion in the same period last year, reflecting operational efficiency [34] - Diluted earnings per ordinary share were RMB 6.97, or USD 0.97, for Q2 2025, with non-GAAP diluted earnings at RMB 7.20, or USD 1.01 [34] Business Line Data and Key Metrics Changes - Accommodation reservation revenue increased by 21% year over year to RMB 6.2 billion, with a 12% increase quarter over quarter [30] - Transportation ticketing revenue was RMB 5.4 billion, an 11% year-over-year increase, remaining flat quarter over quarter [31] - Packaged tour revenue grew by 5% year over year and 14% quarter over quarter, driven by international tour offerings [32] Market Data and Key Metrics Changes - Inbound travel bookings increased by over 100% year over year, with national inbound arrivals growing by 30% [14][6] - International bookings on the platform rose by over 60% year over year, with strong contributions from the APAC region [17] - Outbound travel from China saw flight capacity recover to 84% of pre-pandemic levels, with outbound hotel and air bookings surpassing 120% of 2019 volumes [19] Company Strategy and Development Direction - The company aims to leverage AI technology to enhance travel planning and user experience, with a focus on personalized recommendations and content generation [9][42] - A commitment to empowering small and medium-sized enterprises in the travel sector through digital tools and marketing support is emphasized [8] - The company plans to expand its reach globally while focusing on inbound travel as a key growth engine, particularly as visa policies ease [16][76] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term prospects of the travel industry, highlighting the importance of travel for economic development and cultural exchange [11] - The company is focused on maintaining operational efficiency and cost discipline to deliver sustainable growth and long-term value [36] - Management noted that consumer sentiment remains resilient, with strong demand for experiential products and travel among various demographics [53] Other Important Information - The company launched a USD 100 million tourism innovation fund to support commercial innovation in travel [27] - A new share repurchase program was approved, allowing the company to repurchase up to USD 5 billion of its outstanding shares, reflecting confidence in long-term value [35][94] Q&A Session Summary Question: AI and content strategy - Management elaborated on the integration of AI and content, enhancing user experience through personalized recommendations and improved data processing efficiency [38][39] Question: Booking trends and cross-border travel - Management noted resilient demand in domestic travel and strong growth in outbound and inbound travel, with significant year-over-year increases [44][46] Question: Hotel and air ticket price trends - Management indicated that domestic hotel and air ticket prices faced pressure despite volume growth, with outbound air ticket prices softening year over year [49][50] Question: Consumer sentiment trends - Management observed strong volume growth across all markets, particularly for experiential products, despite slight decreases in average daily rates [52][53] Question: Competition landscape - Management emphasized a focus on service quality and comprehensive product offerings rather than engaging in price competition, aiming to maintain leadership in the travel industry [64] Question: Market potential for Old Friends Club and Travel Plus Entertainment - Management projected significant growth potential in these segments, estimating the market could exceed USD 1 trillion in the next few years [68][70] Question: Inbound travel potential - Management highlighted the substantial growth potential for inbound travel in China, which currently accounts for less than 0.5% of GDP compared to 1-2% in developed markets [76] Question: International expansion and marketing strategy - Management discussed the effectiveness of their marketing strategy, focusing on user acquisition through their mobile app, which accounts for 70% of global orders [85][90] Question: Shareholder return and buyback process - Management provided updates on the share repurchase program, indicating a commitment to enhancing shareholder returns through disciplined capital allocation [94][95]

Financial Data and Key Metrics Changes - The company reported a net revenue of RMB 14.8 billion for Q2 2025, representing a 16% increase year over year and a 7% increase from the previous quarter [31] - Adjusted EBITDA for the quarter was RMB 4.9 billion, up from RMB 4.4 billion in the same period last year [34] - Diluted earnings per share were RMB 6.97 or USD 0.97, with non-GAAP diluted earnings per share at RMB 7.20 or USD 1.01 [34] Business Line Data and Key Metrics Changes - Accommodation reservation revenue increased by 21% year over year to RMB 6.2 billion [31] - Transportation ticketing revenue was RMB 5.4 billion, an 11% year-over-year increase [32] - Packaged tour revenue grew by 5% year over year to RMB 1.1 billion, while corporate travel revenue increased by 9% year over year to RMB 692 million [32] Market Data and Key Metrics Changes - Inbound travel bookings increased by over 100% year over year, with national inbound arrivals growing by 30% [15][31] - International bookings on the platform rose by over 60% year over year, particularly strong in the APAC region [18][81] - Outbound travel from China saw cross-border flight capacity recover to 84% of pre-pandemic levels, with outbound hotel and air bookings surpassing 120% of 2019 volumes [21] Company Strategy and Development Direction - The company aims to leverage AI technology to enhance travel planning and user experience, with a focus on personalized recommendations and content generation [8][41] - A new initiative, Intellitrip, was launched to help hotels capture inbound demand and improve operational efficiency through AI-powered tools [23] - The company is committed to sustainability and innovation, launching a USD 100 million tourism innovation fund to support breakthroughs in travel [28] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term prospects of the travel industry, highlighting the potential for inbound travel to become a key growth engine [12][17] - The company noted that consumer sentiment remains resilient, with strong demand for experiential products and travel among various demographics [54] - Management emphasized the importance of maintaining high service quality and comprehensive product offerings in a competitive landscape [65] Other Important Information - The company has completed share repurchases totaling approximately USD 400 million and announced a new share repurchase program of up to USD 5 billion [35][96] - The balance of cash and cash equivalents as of June 30, 2025, was RMB 94.1 billion or USD 13.1 billion [35] Q&A Session Summary Question: Can you elaborate on the AI and content strategy? - The integration of AI enhances content delivery and user experience, allowing for personalized travel planning and improved data processing efficiency [38][40] Question: What are the booking trends observed this year? - Domestic travel shows strong volume growth, while outbound travel has recovered significantly, with inbound travel also seeing substantial growth [44][46] Question: How have hotel and air ticket prices trended recently? - Domestic hotel and air ticket prices faced pressure despite volume growth, while outbound travel prices softened due to increased flight capacity [49][50] Question: What insights can you share on consumer sentiment? - The market shows resilience, with strong demand for experiential products among various age groups, despite slight decreases in average daily rates [53][54] Question: How does the competition landscape look with new entrants? - The company focuses on providing excellent service and comprehensive offerings rather than engaging in price competition, which is crucial for customer satisfaction [65][66] Question: What is the potential market size for the Old Friends Club and Travel Plus Entertainment? - The Old Friends Club market could grow to over USD 1 trillion in the next few years, while demand for travel plus entertainment products is also strong [69][72] Question: Can you provide insights into the inbound travel potential? - Inbound travel currently accounts for less than 0.5% of China's GDP, indicating significant growth potential if effectively promoted [77][78] Question: What is the update on the marketing strategy for trip.com? - The company maintains a disciplined ROI-driven marketing strategy, focusing on acquiring app users and enhancing operational efficiency [85][91] Question: Can you provide an update on the share repurchase program? - The company has fully utilized its previous share repurchase quota and announced a new multiyear program to strategically buy back shares [93][96]