Q1 2026 Trip.com Group Ltd Earnings Call

Speaker #2: Good day, and thank you for standing by. Welcome to Trip.com Group 2026 Q1 earnings conference call. At this time, all participants are in listen-only mode.

Speaker #2: After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you need to press *11 on your telephone.

Speaker #2: Please be advised that today's conference is being recorded. I would now like to hand the call over to your first speaker today, Michelle Qi, Senior IR Director.

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Speaker #2: Good day, and thank you for standing by. Welcome to Trip.com Group Q1 2026 earnings conference call. At this time, all participants are in a listen-only mode.

Speaker #2: After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you need to press *11 on your telephone.

Speaker #2: Please be advised that today's conference is being recorded. I would now like to hand the call over to your first speaker today, Ms. Michelle Qi, Senior IR Director.

Speaker #2: Thank you. Please go ahead.

Speaker #3: Thank you. Thank you, everyone, for standing by. Good morning, and welcome to

Speaker #3: Trip.com Group's first quarter 2026 earnings conference call. Joining me today on the call are Mr. James Liang,

Operator 1: Please enter your dial-in PIN and press pound when finished.

Speaker #3: Executive Chairman of the Board. At this time, all participants...

Speaker #3: Ms. Jian Sun, Chief Executive

Speaker #3: Officer; and Ms. Cindy

Speaker #3: Wong, Chief Financial

Speaker #3: Officer. During this call, we will discuss our...

Speaker #3: future outlook, and press star 11 on your phone.

Speaker #3: performance, which are forward-looking statements

Speaker #3: Made under the Safe Harbor Provisions. This conference is being recorded.

Speaker #3: the U.S. Private Security

Speaker #3: Litigation Reform Act. Today, Ms. Michelle Qi,

Speaker #3: 1995.

Speaker #3: Forward-looking statements involved

Speaker #3: inherent risks and Thank you.

Speaker #2: welcome to Trip.com Group's

Speaker #2: Q4 of 2026

Speaker #2: earnings conference call. Joining

Speaker #2: Jianzhang Liang, Executive Chairman of the Trip.com Group.

Speaker #2: board; Ms. Jian Sun, Chief

Speaker #2: Executive Officer; and Ms.

Speaker #2: Cindy Wang, Chief Financial

Speaker #2: Officer, during this call, we will discuss our future outlook.

Speaker #2: forward-looking statements made under the

Speaker #2: three public provisions of the U.S.

Speaker #2: Private Security Litigation Reform Act

Speaker #2: of

Speaker #2: 1995. Forward-looking statements involve inherent risks and

Speaker #2: uncertainties. As

Speaker #2: As such, our results may be materially...

Speaker #2: different from the views expressed

Speaker #2: today. A number

Speaker #2: of potential risks and uncertainties are:

Speaker #2: outlined in Trip.com Group's public filings with the Securities and Exchange Commission. Trip.com Group does not undertake any

Speaker #2: forward-looking statements except as

Speaker #2: Required under applicable law. Jian, Jian, and Cindy will share our strategy and business updates, operating highlights, and financial performance for the first quarter of 2026, as well as outlooks for the second quarter of 2026.

Speaker #2: After the prepared remarks, we will hand over to the Q&A session. With that, I will turn it over.

Speaker #2: Jian,

Speaker #2: please.

Speaker #3: joining us today. We started the year

Speaker #3: with strong momentum. Travel continues to drive consumption and create

Speaker #3: jobs and support broader industry growth. In this

Speaker #3: In this context, we are focused on unlocking the

Speaker #3: full potential of inbound travel, as

Speaker #3: economies. At the core of our approach,

Speaker #3: is a simple idea:

Speaker #3: turning inbound travel into real, on-the-ground opportunities for local communities.

Speaker #3: partners. We have set an ambitious

Speaker #3: goal to serve 200

Speaker #3: million inbound travelers over the

Speaker #3: next five years. This reflects both the scale of the opportunity and the

Speaker #3: potential to connect local

Speaker #3: destinations with global

Speaker #3: demand.

Speaker #3: As policies become more

Speaker #3: Favorable, the inbound travel market is

Speaker #3: opening like never before.

Speaker #3: Last year, Trip.com

Speaker #3: welcomed 20 million inbound

Speaker #3: travelers, in Q1 2026

Speaker #3: alone, we have already served

Speaker #3: approximately 7 million travelers, laying a

Speaker #3: strong foundation for long-term

Speaker #3: growth. Our role is to connect the ecosystem. We help partners

Speaker #3: understand international traveler

Speaker #3: expectations, and translate that

Speaker #3: knowledge into products and

Speaker #3: services that capture incremental

Speaker #3: demand. We are raising awareness

Speaker #3: and positioning China as an

Speaker #3: accessible and attractive destination through targeted marketing.

Speaker #3: initiatives. These include offline

Speaker #3: promotions in key global transit

Speaker #3: hubs, joint campaigns with airline

Speaker #3: partners, and collaborations with

Speaker #3: international content creators. In

Speaker #3: In parallel, we are working closely with

Speaker #3: hotels, attractions, and

Speaker #3: travel agencies to enhance their

Speaker #3: readiness for inbound demand.

Speaker #3: During the quarter, we engaged

Speaker #3: over 110,000 local

Speaker #3: partners in inbound-related

Speaker #3: services. For many, this was their first

Speaker #3: opportunity to connect with international

Speaker #3: travelers, expanding their reach and enabling more effective

Speaker #3: participation in the inbound market. Beyond generating demand, we are going deeper into key inbound

Speaker #3: destinations, supporting product

Speaker #3: development and long-term

Speaker #3: We collaborate with local partners across 29 countries.

Speaker #3: design and deliver integrated travel

Speaker #3: experiences, like connecting

Speaker #3: attractions, accommodations, and

Speaker #3: local services into seamless

Speaker #3: itineraries we help create more

Speaker #3: Initiatives such as 'Taste of China' showcase

Speaker #3: how curated products can bring

Speaker #3: local culture to life for global

Speaker #3: travelers. To scale these efforts and

Speaker #3: help partners connect with international

Speaker #3: Technology, and AI in particular, is becoming an increasingly important

Speaker #3: enabler across the travel ecosystem. We are building and

Speaker #3: deploying our own suite of AI agents to

Speaker #3: support both travelers and supply

Speaker #3: partners. These capabilities already

Speaker #3: help suppliers overcome language barriers and enhance content quality,

Speaker #3: and improve service responsiveness. Automated content tools enable

Speaker #3: suppliers to generate richer

Speaker #3: materials, including video, helping them

Speaker #3: showcase their offerings to a global audience.

Speaker #3: audience. agents.

Speaker #3: AI-driven systems deliver faster,

Speaker #3: improving service quality, while

Speaker #3: More broadly, AI is transforming

Speaker #3: discovered, evaluated, and purchased.

Speaker #3: to third-party AI agents through

Speaker #3: interfaces, and other AI-native

Speaker #3: integrations. In recent months, we

Speaker #3: expanded our presence across leading AI platforms.

Speaker #3: Our goal is not only to be the go-to app for

Speaker #3: travelers, but also the trusted

Speaker #3: agents. Central to this strategy is the modularization of our proprietary travel

Speaker #3: capabilities. We are packaging our

Speaker #3: travel data, verified

Speaker #3: inventory, real-time pricing,

Speaker #3: and reliable transaction

Speaker #3: infrastructure into AI-ready services

Speaker #3: that can be integrated directly into agent workflows. This

Speaker #3: enables users to move seamlessly from

Speaker #3: trip planning and product discovery

Speaker #3: to booking and fulfillment,

Speaker #3: reducing friction, shortening

Speaker #3: decision cycles, and improving

Speaker #3: We believe AI agents will emerge as a complementary

Speaker #3: The objective is simple: whenever a traveler turns to an AI assistant for help, our data, inventory, transaction capabilities, and service infrastructure are ready to power and complete the journey.

Speaker #3: As travel evolves, in 2026, our core OTA remained focused on improving business, recorded gross merchandise value, accessibility, connectivity, and service capabilities. Bookings of approximately RMB 300 billion, group net revenue totaled RMB the opportunities ahead. Helping destinations, partners, and travelers fully benefit from revenue.

Speaker #3: With $16.2 billion, I will turn the call over to Jane for operational highlights. Inbound travel continued to grow strongly during the quarter, with gross bookings increasing by approximately 90% year on year. Asia remained our largest source of inbound travelers.

Speaker #2: Thank you, Jane. Good

Speaker #2: morning, everyone. For the first

Speaker #2: RMB 300

Speaker #2: billion. Group net revenue totaled RMB

Speaker #2: 16.2

Speaker #2: Inbound travel continued to grow strongly.

Speaker #2: during the quarter with gross

Speaker #2: approximately 90% year on

Speaker #2: year, Asia remained our largest

Speaker #2: source of inbound travelers.

Speaker #2: Visitors from Europe and the U.S.

Speaker #2: now account for roughly 25%

Speaker #2: of total inbound traffic.

Speaker #2: China's rich cultural and natural

Speaker #2: resources, together with

Speaker #2: policies. As

Speaker #2: accessibility continues to improve, we

Speaker #2: believe China has

Speaker #2: tremendous potential to become one of the

Speaker #2: Since the start of the year, inbound visitors have stayed an

Speaker #2: average of 5.1

Speaker #2: days, up 11% year on

Speaker #2: engagement and a growing preference

Speaker #2: For more immersive travel, local businesses participate in experiences.

Speaker #2: beyond standardized sightseeing

Speaker #2: toward more content-rich and culture-focused

Speaker #2: experiences and confidence. To support this shift, we help destinations

Speaker #2: present their products in over

Speaker #2: 20 languages, making them easier for international travelers to use.

Speaker #2: discover, trust, and

Speaker #2: enjoy. During the quarter,

Speaker #2: around 17,000 partners

Speaker #2: orders through the trip.com

Speaker #2: This highlights our role in helping more local customers.

Speaker #2: global travel economy and

Speaker #2: capture incremental international

Speaker #2: demand. Ultimately,

Speaker #2: Our goal is to help visitors.

Speaker #2: experience China with both comfort

Speaker #2: and confidence, while discovering

Speaker #2: the country's rich

Speaker #2: depth. On the international

Speaker #2: front, global travel

Speaker #2: demand remained

Speaker #2: resilient, particularly across the

Speaker #2: Cross-border travel activity continued to grow steadily.

Speaker #2: quarter, gross bookings on

Speaker #2: our international OTA platform

Speaker #2: increased by approximately

Speaker #2: 65% year over year,

Speaker #2: reflecting the continued

Speaker #2: capabilities. As travelers'

Speaker #2: behavior evolves, demand is

Speaker #2: increasingly extending

Speaker #2: beyond flights and hotels,

Speaker #2: toward more integrated mobility

Speaker #2: experiences. To capture this

Speaker #2: opportunity, we continue to leverage our transportation

Speaker #2: expertise to broaden our offerings

Speaker #2: across airport express, airport

Speaker #2: transfers, bus services,

Speaker #2: and other connected mobility solutions. At the same

Speaker #2: digital infrastructure for all key

Speaker #2: seamless booking and travel experience for users. This not

Speaker #2: only reflects vibrant growth

Speaker #2: in travel demand but also

Speaker #2: highlights the growing

Speaker #2: across global

Speaker #2: markets.

Speaker #2: Outbound travel remained resilient during the quarter, with

Speaker #2: travelers continuing to demonstrate

Speaker #2: a high degree of flexibility in.

Speaker #2: their destination

Speaker #2: choices. Although regional destination regions

Speaker #2: Geopolitical developments created overall impacts, supported by strong demand fluctuations across certain areas.

Speaker #2: travel corridors, the overall business impact remained limited as travelers

Speaker #2: actively adjusted their

Speaker #2: Itineraries and shifted demand continued to benefit from

Speaker #2: toward alternative strong seasonal demands during the

Speaker #2: destinations. During the quarter, we

Speaker #2: increasingly redirecting toward neighboring

Speaker #2: destinations, such as

Speaker #2: Southeast Asia, reflecting on multi-generational travel.

Speaker #2: travelers' continued preference for

Speaker #2: convenience and

Speaker #2: experience-rich journeys. APAC remained

Speaker #2: among the most popular consumption across multiple

Speaker #2: destination regions

Speaker #2: Destination regions overall, supported by strong demand for travel, maintained strong performance.

Speaker #2: more diverse and

Speaker #2: experiences. Domestically, travel continued

Speaker #2: to benefit from strong product offerings and service.

Speaker #2: quarter, particularly around the spring

Speaker #2: festival holiday period, which

Speaker #2: for family travel and multi-generational travel experiences. Local

Speaker #2: also continued to support

Speaker #2: regions. Short-distance travel

Speaker #2: maintained strong

Speaker #2: momentum, reflecting growing demand for

Speaker #2: high-quality and easily accessible

Speaker #2: experiences closer to home.

Speaker #2: To capture these trends, over 100% year-on-year growth was achieved.

Speaker #2: We continue to strengthen our product.

Speaker #2: offerings and service demand for more personalized experiences.

Speaker #2: right experiences more

Speaker #2: efficiently and enabling

Speaker #2: merchants and destinations to connect

Speaker #2: with demand more

Speaker #2: effectively.

Speaker #2: are also gaining traction during

Speaker #2: particularly reflected in accommodation

Speaker #2: demand from senior

Speaker #2: travelers. In Q1,

Speaker #2: Hotel gross bookings for all accessible and user-friendly.

Speaker #2: Friends Club increased by

Speaker #2: year, reflecting growing

Speaker #2: demand for more personalized services among the silver generation

Speaker #2: experience-oriented travel users, which helps improve

Speaker #2: offerings. To better serve this

Speaker #2: segment, we are combining both

Speaker #2: offline and digital opportunities for hotels,

Speaker #2: capabilities, in addition to travel agencies, and

Speaker #2: providing dedicated travel and other partners across the

Speaker #2: services through our offline ecosystem.

Speaker #2: flagship stores we are also

Speaker #2: leveraging AI-powered

Speaker #2: conversational tools to lower

Speaker #2: the barriers to travel

Speaker #2: Planning will make the overall booking significant, with long-term potential.

Speaker #2: experience more. More importantly, this is not

Speaker #2: accessible and user-friendly for

Speaker #2: senior travelers. At the

Speaker #2: same time, we continue to

Speaker #2: encourage off-season travel

Speaker #2: among silver generation users,

Speaker #2: which helps improve capacity

Speaker #2: ...utilization and creates incremental off-season travel revenue.

Speaker #2: travel agencies, and other

Speaker #2: partners across the region, emerging as one of the most dynamic

Speaker #2: ecosystem. By emphasizing

Speaker #2: comfort, social interaction, and

Speaker #2: culturally immersive experiences,

Speaker #2: We are tapping into a growing market, with gross bookings increasing by...

Speaker #2: segment with a significant 74% year-on-year increase

Speaker #2: long-term potential. More

Speaker #2: importantly, this is not just

Speaker #2: About travel, it is about festivals, are proving to be

Speaker #2: Creating connections—powerful catalysts for travel.

Speaker #2: memories, and meaningful

Speaker #2: experiences while bringing more inclusive

Speaker #2: and sustainable growth not only stimulates the local

Operator 1: Good day. Thank you for standing by. Welcome to Trip.com Group 2026 Q1 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you need to press star one one on your telephone. Please be advised that today's conference is being recorded. I would now like to hand the call over to your first speaker today, Michelle Qi, Senior IR Director. Thank you. Please go ahead. Ladies and gentlemen, the speaker is experiencing some technical issues. Please remain on hold. The conference will resume shortly. Thank you. Ladies and gentlemen, the conference call is due to begin momentarily. Please continue to stand by. Thank you for your patience. Ladies and gentlemen, the speaker is experiencing some technical difficulties. Please continue to stand by. The conference will resume shortly.

Speaker #2: opportunities to the broader travel economy, but also attract

Speaker #2: industry. Entertainment-driven travel

Speaker #2: is rapidly emerging as

Speaker #2: one of the most dynamic growth areas

Speaker #2: opportunities in the travel industry. In Q1,

Speaker #2: 2026, gross

Speaker #2: 74% year on year,

Speaker #2: global events, including sports, hotels, attractions, and

Speaker #2: concerts, and cultural

Speaker #2: Festivals are proving to be powerful.

Speaker #2: catalysts for travel

Speaker #2: activities. Sporting events such as

Speaker #2: the Shanghai F1, not as global travel becomes

Speaker #2: not only stimulate the local economy, but also increasingly international,

Speaker #2: but also attract

Speaker #2: Inbound visitors from across the many travel companies face growing

Speaker #2: world. Music

Speaker #2: concerts, similarly, draw

Speaker #2: cross-regional travelers,

Speaker #2: creating vibrant demand across, we believe, platforms like

Speaker #2: Trip.com can play an important role in

Speaker #2: cities. Travel is a

Speaker #2: highly interconnected and effective in global travel

Speaker #2: ecosystem, destinations,

Speaker #2: hotels, attractions, and service

Speaker #2: providers all depend on efficient

Speaker #2: demand connectivity, high service transactions.

Speaker #2: standards, and innovative products

Speaker #2: to grow sustainably, as well as strengthening industry capabilities, and

Speaker #2: global travel becomes

Speaker #2: increasingly international, digital,

Speaker #2: and experience-led, many

Speaker #2: travel companies face growing

Speaker #2: challenges in distribution, service standardization, and

Speaker #2: technology adoption. areas: We believe

Speaker #2: platforms like Trip.com

Speaker #2: can play an important role in helping.

Speaker #2: the broader travel ecosystem connectivity across the travel

Speaker #2: modernize and participate more

Speaker #2: effectively in global travel

Speaker #2: demand. At Trip.com,

Speaker #2: Our mission extends beyond, and suppliers with over—.

Speaker #2: facilitating travel

Speaker #2: transactions. We are committed to empowering creators, enabling the creation of

Speaker #2: partners, strengthening industry capabilities, and helping

Speaker #2: build a more connected, efficient,

Speaker #2: and globally accessible travel

Speaker #2: ecosystem. Our

Speaker #2: Efforts this quarter focused on Argentina, South

Speaker #2: on three key

Speaker #2: areas:

Speaker #2: First, we continue to markets.

Speaker #2: strengthen global demand

Speaker #2: Connectivity across the travel value perspectives.

Speaker #2: chain. Today, our

Speaker #2: Trip community connects more, and the Summit further deepens this connection.

Speaker #2: 500,000 travel brands and collaborations by bringing international...

Speaker #2: suppliers with over

Speaker #2: 10,000 qualified creators, enabling

Speaker #2: the creation of

Speaker #2: localized, user-driven content for inbound travel that resonates with travelers around the world.

Speaker #2: world. Our global KOL,

Speaker #2: China, exploration program

Speaker #2: has brought together creators from

Speaker #2: Argentina, South—capabilities across the full

Speaker #2: Korea, Japan,

Speaker #2: Thailand, Singapore, Kazakhstan, and

Speaker #2: many other markets.

Speaker #2: Helping showcase China through

Speaker #2: diverse local

Speaker #2: perspectives. In addition, our

Speaker #2: annual Envision Global Partners for international travelers.

Speaker #2: The summit further deepens today. Our globally...

Speaker #2: collaboration by bringing international

Speaker #2: partners to experience China

Speaker #2: firsthand and fostering broader

Speaker #2: cooperation across the inbound

Speaker #2: travel

Speaker #2: ecosystem. Second,

Speaker #2: We continue to upgrade travel support and are enabling

Speaker #2: infrastructure and service

Speaker #2: capabilities across the full spectrum, improving coordination across

Speaker #2: traveler journey, from free destinations, and enhancing the

Speaker #2: Trip planning to in-destination overall visitor.

Speaker #2: support and post-trip experience.

Speaker #2: engagements. We are working to improve accessibility and

Speaker #2: service consistency

Speaker #2: for international travelers.

Speaker #2: Today, our globally accessible

Speaker #2: product offerings cover

Speaker #2: approximately 450,000

Speaker #2: hotels and

Speaker #2: products, in parallel

Speaker #2: Smart ticketing systems and travel products reach international markets.

Speaker #2: enhanced international service

Speaker #2: operations, improving coordination across destinations and enhancing the overall

Speaker #2: visitor experience. demand.

Speaker #2: AI plays an increasingly

Speaker #2: important role in accelerating

Speaker #2: these efforts. Our

Speaker #2: AI capabilities now journey—we are seeing a clear shift.

Speaker #2: support personalized itinerary

Speaker #2: recommendations, real-time

Speaker #2: translation, product video generation,

Speaker #2: and multi-language customers driving continued product development.

Speaker #2: service. By lowering operational innovation to better match

Speaker #2: and content barriers, these evolving traveler

Speaker #2: tools help domestic travel

Speaker #2: products reach international

Speaker #2: audiences more efficiently while

Speaker #2: enabling more suppliers to

Speaker #2: participate in global travel

Speaker #2: demand. Third, as travel

Speaker #2: demand continues to evolve

Speaker #2: towards a more immersive experience and created indirectly across the

Speaker #2: experience-driven journeys, we are

Speaker #2: seeing a clear shift toward

Speaker #2: higher-quality and more small-group travel orders on

Speaker #2: Personalized consumption on our platform has increased by...

Speaker #2: this backdrop, we are

Speaker #2: driving continued product growth this year, with 55%

Speaker #2: innovation, to better match the

Speaker #2: evolving traveler and 11% longer

Speaker #2: expectations. By transforming stays compared to large group,

Speaker #2: traditional large-group tours into tours.

Speaker #2: smaller, more customized

Speaker #2: offerings, we are helping

Speaker #2: unlock new economies earlier, which allows us to better connect

Operator 1: Ladies and gentlemen, the conference will begin momentarily. We will continue with music hold. Thank you for your patience. Good day. Thank you for standing by. Welcome to Trip.com Group 2026 Q1 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you need to press star one one on your telephone. Please be advised that today's conference is being recorded. I would now like to hand the call over to your first speaker today, Ms. Michelle Qi, Senior IR Director. Thank you. Please go ahead.

Speaker #2: 50,000 travel-related

Speaker #2: jobs. With additional

Speaker #2: employment opportunities

Speaker #2: created indirectly, across the

Speaker #2: broader travel ecosystem, as well as cultural development.

Speaker #2: result, domestic initiatives that strengthen the overall

Speaker #2: small-group travel orders on our

Speaker #2: Platform have increased by the coordinated deployment.

Speaker #2: year, with 55% higher

Speaker #2: per capita spending, and

Speaker #2: 11% longer stays consumption, in addition,

Speaker #2: compared to large-group tours.

Speaker #2: This evolution is enabled by the

Speaker #2: broader infrastructure and culture, performance, and travel.

Speaker #2: ecosystem upgrades we discussed earlier,

Speaker #2: which allows us to better connect supply.

Speaker #2: and demand, and help partners in tourism, immersive...

Speaker #2: participate in higher-value travel

Speaker #2: consumption. Beyond product-level

Speaker #2: innovation, we also

Speaker #2: support broader consumption

Speaker #2: and cultural development initiatives development.

Speaker #2: that strengthen the overall

Speaker #2: travel ecosystem. Through the

Speaker #2: coordinated deployment of the health of the industry.

Speaker #2: government cultural and travel

Speaker #2: subsidies, we help

Speaker #2: stimulate local consumption.

Speaker #2: In addition, initiatives such as Trip Music

Speaker #2: Awards, Integrate Culture

Speaker #2: Experiences we also support

Speaker #2: intangible cultural heritage

Speaker #2: tourism, immersive cultural

Speaker #2: programs and rural travel initiatives, helping create more meaningful journeys and contribute

Speaker #2: To local economic... Cindy? Thanks, Jane. Good morning, everyone. For the first quarter of 2026, Trip.com Group reported total net revenues closely tied to long-term value creation, which we believe is linked to the long-term health of the industry.

Speaker #2: By improving accessibility, connectivity, and service capabilities across the travel journey, our goal is to help make China one of the world's most welcoming destinations. RMB 16.2 billion, representing a 17% increase from the same period last year. This was primarily due to solid travel consumption and resilient travel demand across segments during the quarter.

Speaker #2: For global travelers and to support sustainable growth across the ecosystem, accommodation reservation revenue for the first quarter was RMB 6.5 billion, representing a 17% increase year over year. With that, I will now turn the call over to...

Speaker #1: Jane, good

Speaker #1: morning,

Speaker #1: everyone. For the first quarter of

Speaker #1: 2026, Trip.com Group

Speaker #1: recorded total net revenues with a 12% increase year-over-year.

Speaker #1: RMB 15.2 million,

Speaker #1: representing 17% increase

Speaker #1: from the same period last

Speaker #1: year. This was primarily due to solid air and ground transportation.

Speaker #1: travel consumption and

Speaker #1: resilient travel demand across segments

Speaker #1: during the quarter. Accommodation

Speaker #1: Reservation revenue for the first quarter.

Speaker #1: was RMB 6.5

Speaker #1: billion, representing an expansion of our international

Speaker #1: This was mainly attributable to the

Speaker #1: steady momentum in

Speaker #1: international hotel bookings.

Speaker #1: Transportation ticketing revenue for the

Speaker #1: Revenue for the first quarter was RMB...

Speaker #1: 6.1 billion, representing RMB 690 million.

Speaker #1: 12% increase year over

Speaker #1: year. The growth was supported by our

Speaker #1: global expansion and strong

Speaker #1: demand for international air and

Speaker #1: ground transportation services, among corporate

Speaker #1: solutions. clients.

Speaker #1: quarter was RMB

Speaker #1: 1.1 billion, representing a

Speaker #1: 19% increase year over year.

Speaker #1: This was mainly driven by the expansion.

Speaker #1: of our international adjusted G&A expenses for the

Speaker #1: offerings and strong demand for small and

Speaker #1: customized tours. Fueled

Speaker #1: by shifting traveler preferences, mainly due to an increase in

Speaker #1: toward more personalized

Speaker #1: Experiences and corporate travel revenue for adjusted sales and marketing expenses.

Speaker #1: The first quarter was, for the first quarter, increased.

Speaker #1: RMB 690

Speaker #1: million, representing a 20%

Speaker #1: increase year over year. This

Speaker #1: reflected continued penetration of

Speaker #1: our managed corporate travel

Speaker #1: clients. Excluding share-based

Speaker #1: Compensation charges, adjusted for the quarter, compared with RMB.

Speaker #1: Product development expenses for the $4.2 billion in the same period, first quarter, increased by...

Speaker #1: 12% year over year.

Speaker #1: Adjusted G&A expenses for the first quarter.

Speaker #1: quarter increased by 5%

Speaker #1: year over year. These were mainly due

Speaker #1: expenses.

Speaker #1: Adjusted sales and marketing expenses for the…

Speaker #1: first quarter increased by

Speaker #1: 24% from the same

Speaker #1: period last year. The year-over-year

Speaker #1: increase was mainly driven

Speaker #1: by heightened marketing efforts, aligned ADS were RMB.

Speaker #1: with our business expansion. $5.73 USD.

Speaker #1: Adjusted EBITDA was RMB 0.83 billion for the first quarter.

Speaker #1: 4.8 billion for the first

Speaker #1: quarter, compared with RMB

Speaker #1: $4.2 billion in the same period.

Speaker #1: last year. Diluted earnings per

Speaker #1: Ordinary share and per ADS were

Michelle Qi: Thank you. Thank you everyone for standing by. Good morning. Welcome to Trip.com Group's Q1 2026 Earnings Conference Call.

Operator 1: After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you need to press star one one on your telephone.

Michelle Qi: Mr. Jie Sun, Chief Executive Officer, and Ms. Cindy Wang, Chief Financial Officer.

Michelle Qi: Joining me today on the call are Mr. Jianzhang Liang, Executive Chairman of the Board.

Operator 1: Let's begin.

Operator 1: At this time, all participants are in a listen-only mode.

Speaker #1: RMB 3.67 for financial products, was RMB...

Michelle Qi: During this call, we will discuss our future outlook and performance, which are forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.

Speaker #1: USD 0.53 for the first

Operator 1: Please be advised that today's conference is being recorded. I would now like to hand the call over to your first speaker today, Ms. Michelle Qi, Senior IR Director. Thank you. Please go ahead.

Speaker #1: quarter of 2026. Excluding share-based compensation charges and fair value changes of

Speaker #1: equity securities investments and

Michelle Qi: Thank you. Thank you everyone for standing by. Good morning, and welcome to Trip.com Group's Q1 2026 Earnings Conference Call.

Speaker #1: exchangeable senior notes recorded

Speaker #1: in other income, and their tax.

Speaker #1: per ordinary share and per

Operator 1: Let's begin.

Michelle Qi: Joining me today on the call are Mr. Jianzhang Liang, Executive Chairman of the Board.

Speaker #1: ABS were RMB 5.73

Speaker #1: or USD 0.83

Speaker #1: for the first quarter, as of moderated during the quarter.

Operator 1: At this time, all participants are in a listen-only mode.

Michelle Qi: Mr. Jie Sun, Chief Executive Officer, and Ms. Cindy Wang, Chief Financial Officer.

Michelle Qi: During this call, we will discuss our future outlook and performance, which are forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.

Operator 1: After the speaker's presentation, there will be a question and answer session.

Speaker #1: March 31,

Operator 1: Please be advised that today's conference is being recorded. I would now like to hand the call over to your first speaker today, Ms. Michelle Qi.

Michelle Qi: Forward-looking statements involve inherent risks and uncertainty.

Operator 1: Thank you. Please go ahead.

Michelle Qi: Thank you. Thank you everyone for standing by. Good morning, and welcome to Trip.com Group's Q1 2026 Earnings Conference Call.

Operator 1: Let's begin.

Michelle Qi: Joining me today on the call are Mr. Jianzhang Liang, Executive Chairman of the Board.

Speaker #1: In 2026, the balance of cash and cash equivalents...

Operator 1: At this time, all participants are in a listen-only mode.

Michelle Qi: Mr. Jie Sun, Chief Executive Officer, and Ms. Cindy Wang, Chief Financial Officer.

Speaker #1: equivalents restricted cash,

Operator 1: After the speaker's presentation, there will be a question and answer session.

Michelle Qi: During this call, we will discuss our future outlook and performance, which are forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.

Speaker #1: short-term investment, held to

Speaker #1: maturity time deposit and financial

Speaker #1: products, was RMB

Speaker #1: 104.0 billion or USD 15.1

Speaker #1: billion. Looking into the

Operator 1: Forward-looking statements involve inherent risks and uncertainty.

Speaker #3: uncertainties. As such, our results

Speaker #1: In the second quarter, we expect a net near-term impact from upgrading.

Speaker #1: revenue growth of our operational practices to

Speaker #3: may be materially different from the

Speaker #3: views expressed

Speaker #3: today. A number of potential

Speaker #1: year, compared with the exceptionally

Speaker #3: Risks and uncertainties outlined in me today on the call are Mr.

Speaker #1: strong growth environment in

Speaker #1: Q1. Growth trends have moderated during Q1.

Speaker #3: Trip.com Group's public filings

Speaker #3: with the Security and Exchange

Speaker #3: Commission. Trip.com Group does

Speaker #1: reflects two primary factors:

Speaker #3: not undertake any obligation to

Speaker #1: first, rising energy prices and

Speaker #1: Recent geopolitical tensions have led to

Speaker #3: except as required under

Speaker #1: higher airfares, tighter

Speaker #1: airline capacity, and disruptions

Speaker #3: applicable law and performance, which are

Speaker #3: James, Jian, and Cindy will

Speaker #1: on certain international routes,

Speaker #3: share our strategy and business

Speaker #1: particularly long-haul

Speaker #1: travel, contributing to a moderation in air travel demand and changes in

Speaker #3: updates operating highlights and a

Speaker #3: financial performance for the first quarter.

Speaker #1: booking patterns. question.

Speaker #1: Second, our guidance incorporates the

Speaker #3: As for the outlook for the second quarter of

Speaker #1: near-term impact of upgrading our Ask Your

Speaker #3: 2026. After the

Michelle Qi: As such, our prepared remarks will still reflect on the views expressed today. With that, I will turn the call over to Jim Qi.

Speaker #1: operational practices to align

Speaker #3: prepared remarks, we will hand the

Speaker #1: With updated industry standards. And thanks, James.

Speaker #3: Q&A session. With

Speaker #3: With that, I will turn the call over to

Speaker #1: compliant frameworks. With

Speaker #1: Thank you, operator. Please open the line for questions.

Speaker #3: James. James,

Speaker #3: please.

Speaker #1: questions.

James Jianzhang Liang: Thank you, Michelle, and thanks everyone for joining us today. We started the year with strong momentum. Travel continues to drive consumption, create jobs, and support broader industry growth. In this context, we are focused on unlocking the full potential of inbound travel as a key engine for local economies. At the core of our approach is a simple idea, turning inbound travel into real, on-the-ground opportunities for local partners. We have set an ambitious goal to serve 200 million inbound travelers over the next five years. This reflects both the scale of the opportunity and the potential to connect local destinations with global demand. Thank you, Michelle, and thanks everyone for joining us today. We started the year with strong momentum. Travel continues to drive consumption, create jobs, and support broader industry growth.

Speaker #2: Thank you. It would not

Speaker #4: Thank you, Michelle, and thank you, everyone,

Speaker #2: session. If you'd like to ask,

Speaker #4: for joining us today. Obligation to update any— We started the

Speaker #2: questions, please press star 11 on?

Speaker #4: year with strong momentum, travel

Speaker #2: on the public button. Please stand.

Speaker #4: create jobs and support broader industry growth. In this context, we are focused on unlocking the full potential of inbound travel as a key engine for local economies.

Speaker #2: by while we compile the Q&A,

Speaker #2: roster.

Speaker #2: One moment. For the first, will Trip.com leverage on your...

Speaker #2: question.

Speaker #3: Our first question comes from Simon Cheng of Goldman.

Speaker #4: At the core of our approach is a simple idea: turning inbound travel into real, on-the-ground opportunities for local partners. We have set an

Speaker #3: Sachs. Please ask your you.

Speaker #3: question.

Speaker #2: Thanks, James. Jane,

Speaker #2: Cindy and Michelle for the presentations. Plan and book travel.

Speaker #4: ambitious goal to serve 200. I'll hand the call over to Jian.

Speaker #2: I think, at the beginning of the presentation, you touched on...

Speaker #4: million inbound travelers over the next five years. This reflects

Speaker #2: strategies. Could you perhaps share

Speaker #2: strategies. Could you perhaps share a bit more on your long-term plans, not just in recommendations, but

Speaker #4: both the scale of the opportunity and

Speaker #2: positioning and investment plans on these in reliable.

Speaker #4: the potential to connect local. Thank you, Michelle, and thanks, everyone, for

Speaker #4: destinations with global

Speaker #2: AI ecosystems that you're building

Speaker #4: demand.

Speaker #2: on? And also, as the

Speaker #2: AI agent increasingly share how

Speaker #2: customers discover

Speaker #4: Favorable, the inbound travel market is

Speaker #2: and on their travel booking, built over decades.

James Jianzhang Liang: In this context, we are focused on unlocking the full potential of inbound travel as a key engine for local economies. At the core of our approach is a simple idea, turning inbound travel into real, on-the-ground opportunities for local partners. We have set an ambitious goal to serve 200 million inbound travelers over the next five years. This reflects both the scale of the opportunity and the potential to connect local destinations with global demand. As policies become more favorable, the inbound travel market is opening like never before. Last year, Trip.com welcomed 20 million inbound travelers. In Q1 2026 alone, we have already served approximately seven million travelers, laying a strong foundation for long-term growth. Our role is to connect the ecosystem. We help partners understand international traveler expectations and translate that knowledge into products and services that capture incremental demand.

Speaker #2: Plans—how will Trip.com leverage on

Speaker #4: opening like never

Speaker #4: before. Last year, Trip.com

Speaker #4: welcomed 20 million inbound, a key engine for local.

Speaker #2: competitive? Thank

Speaker #2: you.

Speaker #4: travelers, in Q1 2026

Speaker #4: alone, we have already served

Speaker #4: Thank you for the

Speaker #4: question. We believe AI will

Speaker #4: significantly improve how travelers experience our platform. We are strengthening our own AI.

Speaker #4: laying a strong foundation for long-term growth.

Speaker #4: discover, plan, and book

Speaker #4: growth. Our role is to connect

Speaker #4: the ecosystem. We help

Speaker #4: partners understand international traveler

Speaker #4: specialized travel platforms.

Speaker #4: where value lies not just in

Speaker #4: knowledge into products and

Speaker #4: recommendations but in reliable

Speaker #4: services that capture incremental

Speaker #4: execution. This requires real-time

Speaker #4: demand. We are raising awareness and positioning China as an

James Jianzhang Liang: We are raising awareness and positioning China as an accessible and attractive destination through targeted marketing initiatives. These include offline promotions in key global transit hubs, joint campaigns with airline partners, and collaborations with international content creators. In parallel, we are working closely with hotels, attractions, and travel agencies to enhance their readiness for inbound demand. During the quarter, we engaged over 110,000 local partners in inbound-related services. For many, this was their first opportunity to connect with international travelers, expanding their reach and enabling more effective participation in the inbound markets. Beyond generating demand, we are going deeper into key inbound destinations, supporting product development and long-term operations. We collaborate with local partners across 29 high-potential destinations to design and deliver integrated travel experiences. By connecting attractions, accommodations, and local services into seamless itineraries, we help create more cohesive and experience-driven offerings.

Speaker #4: connectivity, and a robust

Speaker #4: accessible and attractive

Speaker #4: destination through targeted marketing

Speaker #4: global service infrastructure,

Speaker #4: initiatives. These include offline

Speaker #4: capabilities we have built over

Speaker #4: Decades. As travel AI shifts from results.

Speaker #4: promotions in key global transit

Speaker #4: hubs, joint campaigns with airline

Speaker #4: information to fulfillment, it

Speaker #4: partners, and collaborations with

Speaker #4: advantages. Against

Speaker #4: international content creators. In

Speaker #4: Against this backdrop, our strategy has been leveraging AI across the company to

Speaker #4: parallel, we are working closely

Speaker #4: with hotels, attractions, and

Speaker #4: two

Speaker #4: Pillars: First, we are strengthening our own

Speaker #4: readiness for inbound

Speaker #4: AI capabilities. We

Speaker #4: demand. During the quarter, we engaged

Speaker #4: recently integrated our core search service and lowered operating costs.

Speaker #4: over 110,000 local

Speaker #4: function with our AI

Speaker #4: assistant, enabling seamless natural

Speaker #4: partners in inbound-related

Speaker #4: services. For many, this was their first

Speaker #4: language and voice-based ecosystems through

Speaker #4: search. Travelers can now submit highly

Speaker #4: opportunity to connect with

Speaker #4: international travelers, expanding their

Speaker #4: complex requests involving frameworks.

Speaker #4: reach and enabling more effective

Speaker #4: multiple variables such as

Speaker #4: dates, budgets, locations,

Speaker #4: market. Beyond generating demand,

Speaker #4: and accommodation preferences, integrated travel planning, and fulfillment.

Speaker #4: We are going deeper into key inbound.

Speaker #4: and receive instantly filtered,

Speaker #4: bookable results. This helps

Speaker #4: destinations, supporting product

Speaker #4: development and long-term

Speaker #4: simplify decision-making and

Speaker #4: operations. We collaborate with

Speaker #4: reduces friction across the customer

Speaker #4: journey. Beyond user

Speaker #4: local partners across 29

Speaker #4: experience. We are leveraging AI across the

Speaker #4: high-potential destinations to

Speaker #4: design and deliver integrated travel

Speaker #4: company to drive efficiency

Speaker #4: experiences, by connecting

Speaker #4: from improving productivity in corporate

Speaker #4: attractions, accommodations, and

Speaker #4: functions to expanding automation

Speaker #4: local services into seamless

Speaker #4: in customer service and lowering

Speaker #4: itineraries, we help create more

Speaker #4: operating

Speaker #4: costs. Second, we are connecting into

Speaker #4: cohesive and experience-driven

Speaker #4: offerings. Initiatives such

Speaker #4: broader AI ecosystems through

James Jianzhang Liang: Initiatives such as Taste of China showcase how curated products can bring local culture to life for global travelers. To scale these efforts and help partners connect with international travelers more effectively, technology and AI, in particular, is becoming an increasingly important enabler across the travel ecosystem. We are building and deploying our own suite of AI agents to support both travelers and supply partners. These capabilities already help suppliers overcome language barriers, enhance content quality, and improve service responsiveness. Automated content tools enable suppliers to generate richer materials, including video, helping them showcase their offerings to a global audience. In customer service, AI-driven systems deliver faster, more consistent responses, improving service quality while reducing operational burdens. More broadly, AI is transforming how travel products are discovered, evaluated, and purchased. We are actively opening our platform to third-party AI agents through skills, MCP interfaces, and other native integrations.

Speaker #4: as Taste of China, showcase

Speaker #4: APIs and MCPs may evolve the entry point into

Speaker #4: and agent frameworks. We

Speaker #4: local culture to life for global

Speaker #4: are exploring collaborations with those who reliably turn.

Speaker #4: are exploring collaborations with those who reliably turn leading platforms globally to complexity into

Speaker #4: travelers. To scale these efforts and

Speaker #4: enable integrated travel planning and confidence.

Speaker #4: fulfillment within next-generation AI experiences. By

Speaker #4: help partners connect with

Speaker #4: international travelers more effectively,

Speaker #4: Embedding our robust supply into the world's leading AI platforms, we can tap into emerging

Speaker #4: Technology, and AI in particular, drives our operations.

Speaker #4: is becoming an increasingly

Speaker #4: important enabler across the travel high-potential destinations to

Speaker #4: AI-driven demand channels and expansion.

Speaker #4: ecosystem. We are building and

Speaker #4: our global footprint and capture

Speaker #4: deploying our own suite of AI agents.

Speaker #4: new overseas demand more efficiently. Our goal is simple: wherever travel planning

Speaker #4: to support both travelers and supply.

Speaker #4: partners. These capabilities already

Speaker #4: help suppliers overcome language

Speaker #4: starts, Trip.com should be

Speaker #4: barriers, enhance content cohesiveness and create an experience-driven approach.

Speaker #4: well-positioned to participate, and the line of Yang Liu.

Speaker #4: quality, and improve service offerings.

Speaker #4: Deliver trusted execution. AI may evolve the entry point.

Speaker #4: responsiveness. Automated content tools enable

Speaker #4: into travel, but also the long-term ahead.

Speaker #4: suppliers to generate richer

Speaker #4: materials, including video, helping them showcase their offerings to a global audience. In customer service,

Speaker #4: Winners will be those who reliably

Speaker #4: turn complexity into

Speaker #4: confidence. With our deep supply

Speaker #4: network, operational attract 200

Speaker #4: AI-driven systems deliver

Speaker #4: capabilities, and service infrastructure,

Speaker #4: faster, more consistent responses,

Speaker #4: improving service quality, while helping travelers more effectively,

Speaker #4: We believe we are well-positioned to do five years.

Speaker #4: so.

Speaker #4: More broadly, AI is transforming how travel products are developed and delivered.

Speaker #4: discovered, evaluated, and

Speaker #2: Thank

Speaker #2: you.

Speaker #3: Thank you for the questions.

Speaker #3: Thank you for the questions. One moment for our next question. Thank you.

Speaker #4: purchased. We are actively opening our platform.

Speaker #3: question. Our next

Speaker #4: to third-party AI agents

Speaker #4: through skills, MCP

Speaker #3: Question comes from July of Yang.

Speaker #4: integrations. In recent months, we expanded our presence across leading

James Jianzhang Liang: In recent months, we expanded our presence across leading AI ecosystems. Our goal is not only to be the go-to app for travelers but also the trusted infrastructure for AI agents. Central to this strategy is the modularization of our proprietary travel capabilities. We are packaging our travel data, verified inventory, real-time pricing, and reliable transaction infrastructure into AI-ready services that can be integrated directly into agent workflows. This enables users to move seamlessly from trip planning and product discovery to booking and fulfillment, reducing friction, shortening decision cycles, and improving conversions. We believe AI agents will emerge as a complementary gateway to travel demand. Our objective is simple. Whenever a traveler turns to an an AI assistant for help, our data, inventory, transaction capabilities, and service infrastructure are ready to power and complete the journey.

Speaker #3: Liu from Morgan Stanley.

Speaker #4: AI ecosystems, our goal is

Speaker #3: Please go

Speaker #3: ahead.

Speaker #4: not only to be the go-to app for

Speaker #2: Thanks for the treatment, and on top of that, for the opportunity. My question is also related to inbound, allowing free in-transit travel. What is Trip.com's approach for people who are looking to attract—who have the aim to reach—200 million inbound travelers over free visa treatment in the next five years?

Speaker #4: travelers, but also the trusted

Speaker #4: infrastructure for AI

Speaker #4: Central to this strategy is the

Speaker #4: modularization of our proprietary

Speaker #4: travel capabilities. We are packaging more consistent responses,

Speaker #4: our travel data, verified

Speaker #2: What are some of the key initiatives to drive high growth, for those staying within the country for 10 days? And also, what payment options, such as Alipay and WeChat Pay, support international expansion?

Speaker #4: inventory, real-time reducing operational burden.

Speaker #4: pricing, and reliable transaction

Speaker #4: how travel products are being made AI-ready through infrastructure improvements.

Speaker #4: services that can be integrated directly.

Speaker #4: into agent workflows. We are actively opening our platform.

Speaker #2: The policy enabled foreign credit cards to be used in China, which is huge.

Speaker #4: This enables users to move seamlessly.

Speaker #1: Thank you. Thank you for your question.

Speaker #4: From trip planning and product discovery skills, MCP...

Speaker #1: question. Our a major

Speaker #1: nation's policy for inbound

Speaker #4: to booking and fulfillment,

Speaker #1: has opened up very

Speaker #4: reducing friction, shortening

Speaker #1: favorably. I have also worked very hard to

Speaker #4: decision cycles, and improving

Speaker #4: conversion. ecosystems.

Speaker #1: Now, more than 80 countries welcome people from all over the world.

Speaker #1: have received visa-free world.

Speaker #4: Agents will emerge as a complementary

Speaker #1: treatment, and on top of

Speaker #4: gateway to travel demand,

Speaker #1: it, we also 1,000 KOLs

Speaker #4: Our objective is simple: whenever there is infrastructure for AI,

Speaker #1: allow free to come and see the

Speaker #1: in-transit treatment for people, countries, shoot videos, and

Speaker #4: help, our data,

Speaker #4: inventory, transaction capabilities,

Speaker #1: who have not

Speaker #4: and service infrastructure are ready

Speaker #1: treatment by staying within the country for 10 days, and

Speaker #4: to power and complete the

Speaker #4: Journey. At our core, we believe our

Speaker #1: also, payments, such

Speaker #4: long-term success is closely tied

Speaker #4: ecosystem. As travel evolves,

Speaker #1: Pay, have enabled foreign credit

Speaker #4: we remain focused on improving

Speaker #1: cards to be used in

Speaker #4: accessibility, connectivity,

Speaker #1: China, which is a major

Speaker #4: and service capabilities,

Speaker #1: So with languages 24

Speaker #4: helping destinations partners

Speaker #1: that background, our team

Speaker #4: and travelers fully benefit

Speaker #1: hard to welcome people

Speaker #4: from the opportunities

Speaker #4: With that, I will turn the call over to

Speaker #1: from all over the world. Details for travel within

Speaker #4: Jane, for operational gateway to travel demand, our...

Speaker #4: highlights.

Speaker #1: than 1,000

Speaker #1: KOLs to come and see the 100 and 10,000.

Speaker #1: country, shoot

Speaker #1: videos, and post their videos on social.

Speaker #1: story of what they have

Speaker #1: experienced within which received inbound

James Jianzhang Liang: At our core, we believe our long-term success is closely tied to the health of the travel ecosystem. As travel evolves, we remain focused on improving accessibility, connectivity, and service capabilities, helping destinations, partners, and travelers fully benefit from the opportunities ahead. With that, I will turn the call over to Jane for operational highlights.

Speaker #3: Thank you, Jane. At our core, we believe our long-term success is closely tied to the health of the travel ecosystem. Good morning, everyone. For the first quarter of...

Speaker #1: China.

Speaker #1: Secondly, when travelers are interested

Speaker #1: in coming and visiting us, when

Speaker #1: they call Trip.com call

Speaker #1: center, we offer more than attractions, and improve their service

Speaker #1: 30 languages level to welcome

Speaker #1: 24 hours times 7 to global customers.

Speaker #1: support them, which will

Speaker #1: enable them to understand the offer of a one-stop shopping platform.

Speaker #1: details for travel

Michelle Qi: Thank you, Jim. Good morning, everyone. For Q1 2026, our core OTA business recorded gross bookings of approximately RMB 300 billion. Group net revenue totaled RMB 16.2 billion.

James Jianzhang Liang: With that, I will turn the call over to Jane for operational highlights.

Jane Sun: Inbound travel continued to grow strongly during the quarter, with gross bookings increasing by approximately 90% year on year. Asia remained our largest source of inbound travelers. Visitors from Europe and US also grew rapidly and now account for roughly 25% of total inbound travel. This momentum reflects China's rich cultural and natural resources, together with increasingly open inbound policies. As accessibility continues to improve, we believe China has tremendous potential to become one of the world's leading travel destinations. Since the start of the year, inbound visitors have stayed an average of 5.1 days, up 11% year on year, reflecting deeper engagement and a growing preference for more immersive travel experiences. Importantly, inbound travel is evolving beyond standardized sightings toward more content-rich and culture-focused experiences.

Speaker #1: also connected with more

Speaker #1: than 100 transportations, with to our

Speaker #1: 10,000 suppliers global travelers.

Speaker #1: and among these

Speaker #1: suppliers, 14,000 were the

Speaker #1: first-time newcomers who have

Speaker #1: suppliers, which received inbound

Speaker #3: visitors from Europe and US

Speaker #3: also grew rapidly, and

Speaker #1: customers. With before.

Speaker #1: that, we are able

Speaker #3: now account for roughly 25 percent, or a quarter, of

Speaker #1: to increase the

Speaker #3: Of total inbound in 2026, our core OTA...

Speaker #3: traffic. This momentum reflects business recorded gross

Speaker #1: demand for hotels for the year, and going forward,

Speaker #1: attractions, and improve their

Speaker #3: China's rich cultural heritage and bookings of approximately

Speaker #3: natural resources together with

Speaker #1: service level to welcome

Speaker #1: global invite and host

Speaker #1: customers. Lastly, we

Speaker #3: policy. As

Speaker #3: Accessibility continues to improve. We believe China has tremendous

Speaker #1: also offer one-stop shopping

Speaker #1: platforms by offering. Thank you for the

Speaker #3: potential to become one of the billion.

Speaker #1: hotels, flights, attractions, transportation, with two of

Speaker #3: world's leading travel

Speaker #3: destinations. Since the start of the

Speaker #1: our global

Speaker #3: Year to date, inbound visitors have stayed, and bookings have increased by...

Speaker #1: Travelers, which makes it very easy, will come from the line of Thomas Zhong of...

Speaker #3: average of 5.1

Speaker #3: days up 11% year on

Speaker #1: for them, particularly for the newcomers.

Speaker #3: year, reflecting deeper

Speaker #3: engagement and a growing preference

Speaker #1: country before. So as a

Speaker #3: demand for more immersive travel also grew rapidly, and

Speaker #3: experiences.

Speaker #1: about 20 million

Speaker #3: Importantly, inbound travel is

Speaker #3: Evolving beyond standardized sightseeing, this momentum reflects

Speaker #1: visitors last year, and going

Speaker #1: forward, we will work hard

Speaker #3: toward more content-rich

Speaker #1: to

Speaker #3: and culture-focused

Jane Sun: To support this shift, we help destinations present their products in over 20 languages, making them easier for international travelers to discover, trust, and enjoy. During the quarter, around 14,000 partners received their first-ever overseas orders through the Trip.com platform. This highlights our role in helping more local businesses participate in the global travel economy and capture incremental international demand. Ultimately, our goal is to help visitors experience China with both comfort and confidence while discovering the country's rich diversity and cultural depth. On the international front, global travel demand remained resilient, particularly across the APAC region, where cross-border travel activity continued to grow steadily. During the quarter, gross bookings on our international OTA platform increased by approximately 65% year over year, reflecting the continued expansion of global travel demand and the growing strength of our international platform capability.

Speaker #3: experiences. To support this increasingly open inbound,

Speaker #1: host and invite and

Speaker #1: host 200 million AI-driven platforms?

Speaker #3: shift, we help

Speaker #3: destinations present their products in over

Speaker #1: customers in the next five

Speaker #1: years. Thank

Speaker #3: 20 languages, making them

Speaker #1: you.

Speaker #3: easier for international travelers to

Speaker #3: Thank you for the question. One moment.

Speaker #3: for our next

Speaker #3: discover, trust, and the world's leading travel

Speaker #3: question. The

Speaker #3: enjoy. During the destinations.

Speaker #3: quarter, around 14,000 partners

Speaker #3: received their first-ever overseas

Speaker #3: Next question will come from the line of...

Speaker #3: Thomas Zhong of Jefferies. Please ask your question.

Speaker #3: orders through the Trip.com

Speaker #3: platform. This highlights the year, reflecting deeper

Speaker #3: question.

Speaker #5: Hi. Good

Speaker #5: Good morning. Thanks, management, for taking my question.

Speaker #5: question. How would you characterize

Speaker #3: the global travel economy and

Speaker #5: the recent competitive

Speaker #3: Capture incremental international. Importantly, inbound travel is evolving.

Speaker #5: landscape in the China OTA

Speaker #3: demand. Ultimately, our goal is to help visitors.

Speaker #5: market, including the

Speaker #5: impact of regulatory

Speaker #3: experience China with both comfort

Speaker #5: developments, as well as the emerging

Speaker #3: discovering the country's rich diversity

Speaker #5: AI-driven platforms? Thank

Speaker #5: you.

Speaker #3: and cultural

Speaker #3: depth. On the

Speaker #1: Thank you.

Speaker #1: Thank you for your question.

Speaker #1: Yes, in China market, we

Speaker #3: international front, global

Speaker #1: are seeing evolving competitive

Speaker #1: landscapes shaped by both

Speaker #3: travel demand remained

Speaker #3: resilient, particularly across

Speaker #1: compliance framework and fair competition.

Speaker #1: developments and emergence of

Speaker #3: the APAC region, where they received their first-ever overseas

Speaker #3: cross-border travel activity continued

Speaker #1: AI-native and have proactively

Speaker #1: interfaces. So first, on the

Speaker #3: to grow steadily during the platform.

Speaker #1: competition, the domestic OTA

Speaker #3: quarter, gross bookings on

Speaker #3: Our international OTA platform businesses participate in the

Speaker #1: market

Speaker #1: remains structurally rational.

Speaker #3: increased by approximately

Speaker #3: 65% year over year,

Speaker #1: Competition continues to center

Speaker #3: reflecting the continued

Speaker #1: on quality of the

Speaker #3: expansion of global travel

Speaker #3: demand and the growing strength of

Speaker #1: coverage, and user

Speaker #1: experience, rather than aggressive

Speaker #3: our international platform

Speaker #3: capabilities. As traveler

Speaker #1: price war.

Speaker #1: Second, on compliance

Jane Sun: As traveler behavior evolves, demand is increasingly extending beyond flights and hotels toward more integrated mobility experiences. To capture this opportunity, we continue to leverage our transportation expertise to broaden our offerings across airport express, airport transfers, bus services, and other connected mobility solutions. At the same time, we are strengthening our digital infrastructure for all key markets, helping create a more seamless booking and travel experience for users. This not only reflects vibrant growth in travel demand, but also highlights the growing importance of connected and flexible transportation experiences across global markets. Although regional geopolitical developments created some fluctuations across certain travel corridors, the overall business impact remained limited as travelers actively adjusted their itineraries and shifted demand toward alternative destinations. Outbound travel remained resilient during the quarter, with travelers continuing to demonstrate a high degree of flexibility in their destination choices.

Speaker #3: Behavior evolves, demand diversity, and culture is increasingly extending.

Speaker #1: enhancement, we see a clear

Speaker #3: beyond flights and hotels,

Speaker #1: and consistent focus

Speaker #3: toward more integrated mobility

Speaker #1: on platform

Speaker #1: governance, transparent

Speaker #3: experiences. To capture

Speaker #3: this opportunity, we continue

Speaker #1: competition. We fully support this

Speaker #3: to leverage our transportation in the APAC region, where

Speaker #1: direction and have

Speaker #1: proactively strengthened our

Speaker #3: across airport express,

Speaker #1: compliance and operational

Speaker #3: airport transfers, bus services,

Speaker #1: Discipline. While this has introduced new interactions.

Speaker #3: and other connected mobility

Speaker #3: solutions. At the same

Speaker #1: caused some short-term pressure

Speaker #3: time, we are strengthening our

Speaker #1: On our matrix, we are very complex.

Speaker #3: digital infrastructure for all key

Speaker #1: an ordinary

Speaker #3: markets, helping create an expansion of global travel.

Speaker #1: normalization in the long

Speaker #3: more seamless booking and travel experience demand and the growing strength of

Speaker #3: For users, this is not our international platform.

Speaker #3: only reflects vibrant

Speaker #1: AI, AI

Speaker #1: platforms are reshaping how

Speaker #3: growth in travel demand but

Speaker #3: also highlights the growing

Speaker #1: users discover and plan

Speaker #3: importance of connected and

Speaker #1: trips. platform.

Speaker #3: flexible transportation experiences

Speaker #1: clicking through traditional

Speaker #1: search results, users are disciplined

Speaker #3: across global

Speaker #3: markets.

Speaker #1: increasingly turning to

Speaker #1: use

Speaker #1: accommodational tools to brainstorm

Speaker #3: Outbound travel remained

Speaker #3: resilient during the quarter, with

Speaker #1: and plan their trips, we focus on efficiency and service.

Speaker #3: travelers continuing to demonstrate

Speaker #1: also

Speaker #1: interactions. However, travel

Speaker #3: in their destination

Speaker #3: At the same time, we are strengthening our regional presence.

Speaker #1: remains to be a very important part of

Speaker #3: geopolitical developments created some

Speaker #1: complex and

Speaker #1: service-intensive transaction

Speaker #3: fluctuations across certain markets, helping create more travel corridors.

Speaker #1: Where supply integration lies in broad.

Speaker #3: overall business impact

Speaker #1: fulfillment reliability and

Speaker #3: remained limited, as

Speaker #1: after-sales service are

Speaker #1: After-sales services are critical. Those remain end-to-end services.

Speaker #3: travelers actively adjusted their

Speaker #3: itineraries and shifted demand

Speaker #1: the core strengths for our

Speaker #1: platform. So you.

Speaker #3: toward alternative importance of connected and

Speaker #3: destinations, flexible transportation experiences. During the quarter, we

Speaker #1: Overall, we are responding through disciplined.

Jane Sun: During the quarter, we observed outbound demand increasingly redirecting toward neighboring destinations such as Southeast Asia, reflecting travelers' continued preference for convenience and experience-rich journeys. APAC remains among the most popular destination regions overall, supported by strong demand for more diverse and experience-driven travel experiences. Domestically, travel continued to benefit from strong seasonal demand during the quarter, particularly around the Spring Festival holiday period, which created meaningful opportunities for family travel and multi-generational travel experiences. Local cultural and tourism vouchers also continued to support consumption across multiple regions. Short-distance travel maintained strong momentum, reflecting growing demand for high-quality and easily accessible experiences closer to home. To capture these trends, we continue to strengthen our product offerings and service capabilities, helping travelers discover the right experiences more efficiently and enabling merchants and destinations to connect with demand more effectively. Our Silver Generation initiatives are also gaining traction during the quarter.

Speaker #3: observed outbound demand increasingly redirecting toward

Speaker #1: execution, strengthening

Speaker #1: compliance, embedding AI into

Speaker #3: neighboring destinations, such as

Speaker #1: our products, and

Speaker #3: travelers' continued preference

Speaker #3: for convenient and

Speaker #1: service quality. We

Speaker #3: experience-rich journeys. APAC remained among the most popular.

Speaker #1: believe these dynamics

Speaker #1: ultimately reinforce the

Speaker #1: Could you discuss the importance of regulatory review?

Speaker #1: trusted large-scale

Speaker #1: OTAs whose

Speaker #3: for more diverse and experience-driven travel.

Speaker #1: value lies in broad

Speaker #3: experiences. Domestically, travel

Speaker #1: supplies, reliable

Speaker #1: fulfillment, and

Speaker #1: excellent end-to-end performance and mid-to-longer-term

Speaker #1: service. Thank

Speaker #1: you.

Speaker #3: Thank

Speaker #3: Thank you for the question. Please, sure.

Speaker #3: spring festival holiday period,

Speaker #3: hold for the next

Speaker #3: Question. Our next questions will come.

Speaker #3: which created meaningful opportunities for family travel.

Speaker #3: From the line of Wei Fang:

Speaker #3: from Mizuho. Please ask your constructive questions throughout the

Speaker #3: question. process.

Speaker #3: question. process.

Speaker #3: experiences.

Speaker #4: Thank you,

Speaker #3: Local cultural and tourism

Speaker #4: Jane, Cindy, and Michelle, congrats on a

Speaker #3: vouchers also continued to support

Speaker #4: Very strong result. I think it's premature for us to speculate.

Speaker #4: question regarding the ongoing

Speaker #3: regions. Short-distance

Speaker #4: regulatory

Speaker #4: Review, could you provide some updates?

Speaker #3: momentum, reflecting growing demand

Speaker #4: Perspective right now, how are you?

Speaker #3: for high-quality and easily accessible experiences closer to home. To capture these trends, we continue to strengthen our

Speaker #4: addressing the potential

Speaker #4: near-term performance and

Speaker #4: mid-to-longer-term operating outlook? Thank

Speaker #3: capabilities, helping travelers discover the right experiences more.

Speaker #4: you.

Speaker #1: Sure. We are

Speaker #3: efficiently and enabling

Speaker #1: fully cooperating

Speaker #3: Merchants and destinations to connect with demand more.

Speaker #1: and maintaining very

Speaker #3: effectively. Our Silver Generation initiatives are also gaining traction.

Speaker #1: constructive communication

Speaker #1: throughout the process. As

Speaker #1: a matter remains ongoing, it

Speaker #1: will be premature for us.

Speaker #1: to speculate on the potential

Speaker #3: During the quarter, this was particularly reflected in...

Jane Sun: This was particularly reflected in accommodation demand from senior travelers. In Q1, hotel gross bookings for Old Friends Club increased by over 100% year over year, reflecting growing demand for more personalized and experience-oriented travel offerings. To better serve this segment, we are combining both offline and digital capabilities. In addition to providing dedicated travel services through our offline flagship stores, we are also leveraging AI-powered conversational tools to lower the barriers to travel planning and make the overall booking experience more accessible and user-friendly for senior travelers. At the same time, we continue to encourage off-season travel among Silver Generation users, which helps improve capacity utilization and creates incremental off-season revenue opportunities for hotels, travel agencies, and other partners across the ecosystem. By emphasizing comfort, social interaction, and culturally immersive experiences, we are tapping into a growing segment with significant long-term potential.

Speaker #1: timeline or outcome at this

Speaker #3: accommodation demand from senior

Speaker #1: are constructive for the stage.

Speaker #3: travelers. In Q1,

Speaker #1: we have proactively

Speaker #3: hotel gross bookings for old

Speaker #1: reviewed and refined certain aspects of our business and the

Speaker #3: friends club increased by

Speaker #1: practices to further

Speaker #1: strengthen our internal compliance

Speaker #3: over year, reflecting growing

Speaker #1: and governance framework.

Speaker #1: We remain committed

Speaker #3: and experience-oriented travel offerings. To better serve

Speaker #1: to continuously enhancing our

Speaker #3: this segment, we are combining

Speaker #1: operational capabilities

Speaker #3: both offline and digital

Speaker #1: to align with evolving

Speaker #3: capabilities, in addition to

Speaker #1: industry standards and compliance

Speaker #3: providing dedicated travel services through our offline channels.

Speaker #1: frameworks. These

Speaker #1: adjustments may introduce some

Speaker #1: near-term impacts on our

Speaker #3: Flagship stores—we are also leveraging.

Speaker #1: business and financial

Speaker #3: AI-powered conversational tools are helping to lower the barriers to travel.

Speaker #1: performance. But we longer-term industry

Speaker #1: believe that but we sustainability.

Speaker #3: planning and make the overall

Speaker #1: believe they are

Speaker #1: Constructive for the longer-term perspective, we remain focused on

Speaker #3: booking experience more

Speaker #1: period. Healthy development of serving our

Speaker #3: for senior travelers.

Speaker #1: both our travelers as well as our

Speaker #1: business and the broader travel

Speaker #3: At the same time, we continue to see over 100% year-over-year growth in encouraging off-season travel.

Speaker #1: industry. More broadly, we have strategic priorities

Speaker #1: recognize that regulatory

Speaker #1: frameworks for large platform

Speaker #3: capacity utilization and

Speaker #1: companies continue to

Speaker #3: creates incremental off-season revenue

Speaker #1: We believe a

Speaker #1: A well-regulated market environment will ultimately benefit consumers.

Speaker #3: By emphasizing comfort, social interaction,

Speaker #1: support healthy

Speaker #3: and culturally immersive

Speaker #1: competition and enhancement by Joyce Chu of Bank.

Speaker #3: experiences, we are tapping into a growing

Speaker #1: longer-term

Speaker #1: industry ahead.

Speaker #3: segment with

Speaker #1: sustainability. From an operational

Speaker #1: perspective, we remain focused

Jane Sun: More importantly, this is not just about travel. It is about creating connections, memories, and meaningful experiences while bringing more inclusive and sustainable growth opportunities to the broader travel industry. Entertainment-driven travel is rapidly emerging as one of the most dynamic growth opportunities in the travel industry. In Q1 2026, growth bookings increased by 74% year on year. Global events, including sports, concerts, and cultural festivals, are proving to be powerful catalysts for travel activities. Sporting events such as the Shanghai F1 not only stimulate local economies but also attract inbound visitors from across the world. Music concerts similarly draw cross-regional travelers, creating vibrant demand across multiple cities. Travel is a highly interconnected ecosystem. Destinations, hotels, attractions, and service providers all depend on efficient demand connectivity, high service standards, and innovative products to grow sustainably.

Speaker #3: just about travel; it is

Speaker #1: on serving our

Speaker #3: about creating connections,

Speaker #1: travelers as well as

Speaker #3: memories, and meaningful

Speaker #1: our partners. Executing train ticketing

Speaker #3: experiences, while bringing more

Speaker #1: Our strategic practice has just given the

Speaker #1: priorities and creating

Speaker #3: inclusive and sustainable growth

Speaker #3: opportunities to the broader

Speaker #1: sustainable long-term value for the monetization of rail.

Speaker #1: all our stakeholders.

Speaker #3: industry. Entertainment-driven travel is rapidly

Speaker #1: Thank you.

Speaker #4: Thank

Speaker #4: you.

Speaker #3: Thank you for the

Speaker #3: Questions. Please hold for our next guidance.

Speaker #3: question. Our next questions comes

Speaker #3: growth opportunities in the

Speaker #3: travel industry. In

Speaker #3: Q1 2026,

Speaker #3: from the line of Joyce Chu guidance about train ticketing

Speaker #3: of Bank of America. Please go ahead.

Speaker #3: ahead.

Speaker #3: year, global events including

Speaker #6: Good morning, James, Jane

Speaker #3: sports, concerts, and cultural

Speaker #6: Thanks for taking my

Speaker #6: Question. I noticed that our platform, and we will—

Speaker #6: the recent regulatory announcement regarding continuing to ensure our products and

Speaker #3: activities. Sporting events

Speaker #6: practice just given

Speaker #3: such as the Shanghai F1

Speaker #6: the value-added services are

Speaker #6: closely linked to the monetization of

Speaker #6: rail ticketing. How should

Speaker #3: inbound visitors from across the world. Music concerts, similarly, draw

Speaker #6: we understand the potential

Speaker #6: The financial impact of this regulatory focus is not only

Speaker #3: cross-regional travelers,

Speaker #6: much.

Speaker #3: creating vibrant demand

Speaker #3: across multiple

Speaker #1: Thank

Speaker #1: Thank you, Joyce, for the question. We

Speaker #3: cities. Travel

Speaker #1: fully support the latest

Speaker #1: regulatory guidance about train

Speaker #1: ticketing practices and are

Speaker #3: Our highly interconnected ecosystem has driven increased bookings by destinations.

Speaker #1: authorities. Consumer

Speaker #1: Trust and user experience remain increasingly diversified over time.

Speaker #3: Service providers all depend on efficient operations.

Speaker #1: central to our platform, and

Speaker #3: demand connectivity, high

Speaker #1: we will continue ensuring our

Speaker #3: service standards, and innovative

Speaker #1: products and operations are

Speaker #3: products to grow sustainably.

Speaker #1: aligned with evolving

Jane Sun: As global travel becomes increasingly international, digital, and experience-led, many travel companies face growing challenges in distribution, service standardization, and technology adoption. We believe platforms like Trip.com can play an important role in helping the broader travel ecosystem modernize and participate more effectively in global travel demand. At Trip.com, our mission extends beyond facilitating travel transactions. We are committed to empowering partners, strengthening industry capabilities, and helping build a more connected, efficient, and globally accessible travel ecosystem. Our efforts this quarter focused on three key areas. First, we continue to strengthen global demand connectivity across the travel value chain. Today, our Trip Community connects more than 500,000 travel brands and suppliers with over 10,000 qualified creators, enabling the creation of localized, user-driven content that resonates with travelers around the world.

Speaker #1: requirements. From a strategic

Speaker #3: digital, and experience-led,

Speaker #1: perspective, train ticketing direct contribution to overall

Speaker #1: remains an important user

Speaker #1: acquisition and engagement

Speaker #3: challenges in

Speaker #3: distribution, service standardization, and

Speaker #1: channel. Our focus is not

Speaker #1: only to industry adjustments to the new

Speaker #3: technology adoption. We

Speaker #1: fulfillment, but enabling users

Speaker #1: to complete the full travel

Speaker #1: journey, including

Speaker #3: helping the broader travel ecosystem modernize and participate more.

Speaker #1: transportation, accommodation,

Speaker #1: and destination

Speaker #3: demand. At

Speaker #3: Trip.com, our mission extends beyond

Speaker #1: standpoint, our business has become

Speaker #1: increasingly diversified

Speaker #3: facilitating travel

Speaker #3: We are committed to empowering partners.

Speaker #1: continued growth across

Speaker #1: accommodation, international travel, and

Speaker #3: helping build a more connected,

Speaker #1: other segments.

Speaker #3: efficient, and globally accessible

Speaker #1: Consequently, domestic of our business.

Speaker #3: travel ecosystem. Our

Speaker #1: train ticketing direct contribution

Speaker #3: efforts this quarter focused

Speaker #1: to overall revenue and

Speaker #3: on three key

Speaker #1: declined over the

Speaker #1: years, as the industry adjusts to

Speaker #3: First, we continue to

Speaker #1: the new requirements,

Speaker #3: strengthen global demand

Speaker #1: optimization of certain

Speaker #1: Rail-related products and business mix remain robust.

Speaker #1: value-added services may cross-selling capabilities,

Speaker #3: value chain. Today,

Speaker #1: create a. Can

Speaker #3: our trip community connects more

Speaker #1: happen. These impacts and disciplined cost management

Speaker #3: than 500,000 travel brands

Speaker #1: are already reflected in our

Speaker #3: 10,000 qualified

Speaker #1: current expectations

Speaker #1: and are partially incorporated

Speaker #3: localized, user-driven content that

Speaker #1: into our Q2

Speaker #1: Outlook. Thank you for the question. More broadly,

Speaker #3: resonates with travelers around the world. Our global

Speaker #1: We remain confident in the—please hold.

Speaker #3: KOL China exploration

Jane Sun: Our Global KOL China Exploration Program has brought together creators from Argentina, South Korea, Japan, Thailand, Singapore, Kazakhstan, and many other markets, helping showcase China through diverse local perspectives. In addition, our annual Vision Global Partner Summit further deepens collaborations by bringing international partners to experience China firsthand and fostering broader cooperation across the inbound travel ecosystem. Second, we continue to upgrade travel operations and service capabilities across the full traveler journey. From pre-trip planning to destination support and post-trip engagement, we are working to improve accessibility and service consistency for international travelers. Today, our globally accessible product offerings cover approximately 450,000 hotels and 180,000 local attraction products. In parallel, smart ticketing systems and enhanced international service support are enabling smoother operations, improving coordination across destinations, and enhancing the overall visitor experience. AI plays an increasingly important role in accelerating these efforts.

Speaker #1: resilience of our business. We continue to leverage AI and automation.

Speaker #3: program has brought together creators

Speaker #1: to improve operational

Speaker #3: Korea, Japan,

Speaker #1: efficiency, and reducing

Speaker #3: Thailand, Singapore, Kazakhstan, and many others.

Speaker #1: servicing costs across go

Speaker #1: our platform. Over the— Yeah, sure.

Speaker #3: Helping showcase China through diverse local experiences.

Speaker #1: longer-term period, our

Speaker #1: diversified business mix

Speaker #3: In addition, our annual Envision Global Partners...

Speaker #1: robust cross-selling

Speaker #1: capabilities, ongoing efficiency

Speaker #1: gains, and disciplined

Speaker #1: cost management will

Speaker #3: partners to experience China

Speaker #1: support sustainable growth, and how should we think about the demand?

Speaker #3: firsthand and fostering broader

Speaker #1: and a resilient

Speaker #3: cooperation across the

Speaker #1: profitability profile. Thank you.

Speaker #3: ecosystem. Second,

Speaker #1: you.

Speaker #3: Thank you for the

Speaker #3: Questions. Please hold for the next.

Speaker #3: we continue to upgrade

Speaker #3: question. Your next question comes

Speaker #3: travel infrastructure and service

Speaker #3: traveler journey. From

Speaker #3: pre-trip planning to

Speaker #3: from the line of Wei Qiu, delivered very strong performance.

Speaker #3: in-destination support and

Speaker #3: UBS. Please go

Speaker #3: ahead.

Speaker #3: post-trip engagement, we are working

Speaker #6: Yeah, sure.

Speaker #3: to improve accessibility

Speaker #3: and service consistency

Speaker #6: question. Could you please

Speaker #6: provide an update on the recent booking

Speaker #6: trend? And elaborate on the

Speaker #3: accessible product offerings cover

Speaker #6: second-quarter guidance. And growth has

Speaker #6: Also, what are we seeing for the summer?

Speaker #3: approximately

Speaker #3: 450,000 hotels, and

Speaker #6: travel season, and how should we think about the

Speaker #3: 180,000 local attraction

Speaker #6: demand trend into the second half of this year

Speaker #3: products. In

Speaker #6: you.

Speaker #3: parallel smart ticketing systems and enhanced international service.

Speaker #1: Sure. Thank

Speaker #1: you for the question.

Speaker #1: With regard to the Q2 China business, air travel,

Speaker #1: Guidance, in general, the travel demand has softened versus the

Speaker #3: smoother operations,

Speaker #1: demand got up to a solid

Speaker #1: Starting in 2026, airfares are influencing travel.

Speaker #1: and we delivered very strong

Speaker #1: performance across our business

Speaker #3: AI plays an increasingly important role in...

Speaker #1: segments. For the second quarter,

Speaker #3: accelerating these efforts. Our AI capabilities now

Speaker #1: we expect net revenue growth

Jane Sun: Our AI capabilities now support personalized itinerary recommendations, real-time translations, product video generation, and multi-language customer service. By lowering operational and content barriers, these tools help domestic travel products reach international audiences more efficiently while enabling more suppliers to participate in global travel demand. Third, as travel demand continues to evolve towards more immersive and experience-driven journeys, we are seeing a clear shift toward higher quality and more personalized consumption. Against this backdrop, we are driving continuous product innovations to better match the evolving traveler expectations. By transforming traditional large group tours into smaller, more customized offerings, we are helping unlock new economic activity and supporting 50,000 travel-related jobs, with additional employment opportunities created indirectly across the broader travel ecosystem.

Speaker #3: support personalized itinerary

Speaker #1: of approximately 3% hotel ADR has also

Speaker #3: recommendations, real-time

Speaker #1: year, growth has

Speaker #3: translation, product video

Speaker #3: generation, and multi-language

Speaker #1: moderated from the

Speaker #3: customer service. By lowering

Speaker #1: exceptional strong Q1

Speaker #1: environment, reflecting a combination

Speaker #3: Operational and content barriers—these tools help domestic.

Speaker #1: of macro and

Speaker #1: operational

Speaker #1: factors. For the impact of our

Speaker #3: audiences more efficiently,

Speaker #1: Chinese-based China-based list,

Speaker #3: while enabling more suppliers to participate in global travel.

Speaker #1: air travel demand has

Speaker #1: softened versus the Q1, and

Speaker #1: Higher airfares are influencing business lines in...

Speaker #1: travel behavior.

Speaker #3: Third, as travel demand continues to

Speaker #1: Consumers are increasingly

Speaker #1: optimizing destinations,

Speaker #3: evolve toward more immersive and

Speaker #3: experience-driven

Speaker #1: trip plans, and

Speaker #1: transportation choices. But we view them as

Speaker #3: toward higher quality and

Speaker #1: Domestic hotel ADR has constructive steps that strengthen.

Speaker #3: more personalized consumption.

Speaker #1: positive year over year,

Speaker #3: Against this backdrop, we are

Speaker #1: reflecting resilient lodging

Speaker #1: demand and a more balanced

Speaker #1: supply-demand environment.

Speaker #3: expectations. By transforming

Speaker #1: Additionally, our Q2 guidance also improved the...

Speaker #3: traditional large-group tours

Speaker #3: into smaller, more customized

Speaker #1: near-term impact of

Speaker #1: our

Speaker #3: offerings, we are helping

Speaker #1: proactively product and

Speaker #3: unlock new economic

Speaker #1: compliance-related adjustment

Speaker #3: activity and supporting 50,000 travel-related jobs. With additional

Speaker #1: across certain business

Speaker #3: employment opportunities

Speaker #1: compliance

Speaker #1: frameworks. These introduced some healthy support in

Speaker #1: sequential normalization to our

Speaker #3: broader travel

Speaker #3: ecosystem, as a result, domestic

Speaker #1: financials, but we view them

Jane Sun: As a result, domestic group travel orders on our platform have increased by 27% year on year, with 55% higher per capita spending and 11% longer stays compared to large group tours. This evolution is enabled by the broader infrastructure and ecosystem upgrades we discussed earlier, which allow us to better connect supply and demand and help partners participate in higher-value travel consumption. Beyond product level innovation, we also support broader consumption and cultural development initiatives that strengthen the overall travel ecosystem. Through the coordinated deployment of government cultural and travel subsidies, we help stimulate local consumption. In addition, initiatives such as Trip Music Awards integrate culture, performance, and travel experiences. We also support intangible cultural heritage tourism, immersive cultural programs, and rural travel initiatives, helping create more meaningful journeys and contribute to local economic development.

Speaker #1: as constructive steps flows.

Speaker #1: that strengthen our long-term platform

Speaker #1: quality user

Speaker #1: experience, as well as by Asia source markets.

Speaker #1: sustainable

Speaker #3: higher per capita spending,

Speaker #1: growth. With regard to improving the

Speaker #1: Our international business, connectivity, and growing initiatives.

Speaker #1: Higher airfare has reduced demand for certain services.

Speaker #3: This evolution is enabled by the broader infrastructure and...

Speaker #3: ecosystem upgrades we discussed

Speaker #1: long-haul routes. destinations.

Speaker #1: However, part of the volume

Speaker #1: impact is offset by

Speaker #3: supply and demand and help partners participate in higher-value travel.

Speaker #1: higher ticketing

Speaker #1: price. On the hotel

Speaker #3: consumption, beyond

Speaker #3: product-level innovation, we also

Speaker #1: demand remains healthy,

Speaker #3: support broader consumption

Speaker #1: supported in part by local to persist with

Speaker #1: demand. And short-haul

Speaker #3: travel ecosystem. Through

Speaker #1: travel flows. Inbound

Speaker #1: Travel continued to be one of

Speaker #3: Of government cultural and travel subsidies, we help.

Speaker #1: our strongest segments, navigate this uneven landscape,

Speaker #1: Driven by Asia's source, we stay focused on

Speaker #3: stimulate local

Speaker #1: policy, improving

Speaker #1: improved connectivity and investment in longer-term initiatives.

Speaker #3: initiatives such as Trip Music

Speaker #1: growing recognition of China

Speaker #3: Award, integrate

Speaker #1: as a

Speaker #1: destination. Looking forward

Speaker #3: experiences. We also

Speaker #3: support intangible cultural heritage

Speaker #1: for the second half of this

Speaker #1: year, visibility

Speaker #3: cultural programs, and rural

Speaker #3: travel initiatives, helping create

Speaker #1: the short open window.

Speaker #3: more meaningful journeys and

Speaker #1: We maintain a prudent, multi-year strategic investment.

Speaker #1: outlook expecting many

Speaker #3: contribute to local economic

Speaker #1: current dynamics to

Speaker #3: We believe our long-term value creation is...

Jane Sun: We believe our long-term value creation is closely tied to the long-term health of the industry. By improving accessibility, connectivity, and service capabilities across the travel journey, our goal is to help make China one of the world's most welcoming destinations for global travelers and to support sustainable growth across ecosystems. With that, I will now turn the call over to Cindy. Thanks, Jane. Good morning, everyone.

Speaker #1: fluctuations across specific markets

Speaker #3: closely tied to the long-term

Speaker #1: and travel

Speaker #1: Segments. To navigate this uneven question.

Speaker #3: By improving accessibility,

Speaker #1: landscape, we stay focused

Speaker #3: connectivity, and service

Speaker #3: capabilities across the travel

Speaker #1: on disciplined Kong of Citi.

Speaker #1: executions, cost control, and

Speaker #3: journey, our goal is to

Speaker #1: continued investment in

Speaker #3: help make China one of the world's most welcoming.

Speaker #1: longer-term growth drivers,

Speaker #3: destinations for global travelers and to support sustainable growth.

Speaker #1: including our

Speaker #1: trip.com

Speaker #1: Expansion: inbound travel as well as business.

Speaker #3: across the ecosystem.

Speaker #3: With that, I will now turn...

Speaker #1: the AI

Speaker #3: the call over to

Speaker #1: We are

Speaker #1: balancing operational discipline

Speaker #1: with multi-year strategic

Speaker #1: investment to stay resilient

Speaker #1: today and markets in

Speaker #1: Today, and markets are stronger. Tomorrow—thank you. 2026?

Speaker #1: you. Sure.

Speaker #3: Thank you for the

Speaker #3: Question. Please hold for the next.

Cindy Xiaofan Wang: For Q1 2026, Trip.com Group reported total net revenues of RMB 16.3 billion, representing a 17% increase from the same period last year. This was primarily due to solid travel consumption and resilient travel demand across segments during the quarter. Accommodation reservation revenue for Q1 was RMB 6.5 billion, representing a 17% increase year-over-year. This was mainly attributable to the steady momentum in international hotel bookings. Transportation ticketing revenue for Q1 was RMB 6.1 billion, representing a 12% increase year-over-year. The growth was supported by our global expansion and strong demand for international air and ground transportation solutions. Package tour revenue for Q1 was RMB 1.1 billion, representing a 13% increase year-over-year. This was mainly driven by the expansion of our international offerings and strong demand for small and customized tours, fueled by shifting traveler preferences towards more personalized experiences.

Speaker #3: question.

Speaker #3: Our next question comes from July of growth in the first quarter.

Speaker #3: Brian Gong of Citi. Please ask your question.

Speaker #3: your international OTA platform

Speaker #3: question. increased by approximately

Speaker #7: Good morning, James

Speaker #7: Qi and Michelle, thanks for taking my question on the 65% year-over-year growth.

Speaker #7: Question: I would like to know more details for the year, with inbound travel remaining.

Speaker #7: about our international

Speaker #7: business.

Speaker #7: delivered another strong quarter of

Speaker #7: growth. Could you share

Speaker #7: the key operational highlights are underpinned by robust

Speaker #2: This was mainly attributable to the steady momentum in international hotel, Cindy.

Speaker #7: your international business and broad-based demand across

Speaker #2: bookings. Transportation ticketing revenue for the

Speaker #7: outlook for overseas markets

Speaker #2: first quarter was RMB

Speaker #7: in 2026? and US. Thank

Speaker #7: ank you. Front-end operational perspective,

Speaker #2: 6.1 billion, representing

Speaker #1: Sure. Our international

Speaker #1: business continued to deliver

Speaker #2: over the year. The growth was supported by

Speaker #1: very strong growth in the first quarter.

Speaker #2: our global expansion and strong

Speaker #1: quarter. Gross bookings of

Speaker #2: demand for international air

Speaker #2: solutions. Packaged tour revenue for the

Speaker #1: platform increased by

Speaker #1: approximately 65 percent year

Speaker #2: first quarter was RMB

Speaker #2: 1.1 billion, representing a

Speaker #1: over the year, with inbound traffic and user

Speaker #1: travel remaining a key

Speaker #2: 19% increase year over

Speaker #1: driver. Growing

Speaker #2: year. This was mainly driven by the

Speaker #2: offerings and strong demand for small and customized tours,

Speaker #1: year. This growth

Speaker #1: was underpinned by key markets to deepen.

Speaker #1: robust raw-based demand

Speaker #2: fueled by shifting traveler

Speaker #2: preferences toward more personalized

Speaker #1: across key source

Speaker #2: experiences. Corporate travel

Speaker #1: markets in APAC, usage.

Cindy Xiaofan Wang: Separate travel revenue for Q1 was RMB 690 million, representing a 20% increase year-over-year. This reflected continued penetration of our managed corporate travel services among corporate clients. Excluding share-based compensation charges, adjusted product development expenses for Q1 increased by 12% year-over-year. Adjusted G&A expenses for Q1 increased by 5% year-over-year. These were mainly due to increases in personnel-related expenses. Adjusted sales and marketing expenses for Q1 increased by 24% from the same period last year. The year-over-year increase was mainly driven by heightened marketing efforts aligned with our business expansion. Adjusted EBITDA was RMB 4.8 billion for Q1, compared with RMB 4.2 billion in the same period last year. Diluted earnings per ordinary share and per ADS were RMB 3.67 or US$0.53 for Q1 2026.

Speaker #1: Europe, and

Speaker #1: US. Front-end operational

Speaker #2: million, representing a 20%

Speaker #1: make steady progress across

Speaker #2: increase year over year. This

Speaker #1: key areas. Mobile opportunities.

Speaker #2: reflected continued penetration

Speaker #1: bookings through our platform despite periods of

Speaker #2: of our managed corporate travel

Speaker #1: APP reached a new

Speaker #1: record high, reflecting

Speaker #2: Excluding share-based compensation charges,

Speaker #1: Success in strengthening focused on providing timely...

Speaker #2: adjusted product development expenses for

Speaker #1: direct support and assistance in emergency situations.

Speaker #1: engagement. At the same time,

Speaker #2: the first quarter increased by

Speaker #2: 12% year over year.

Speaker #1: capabilities, localized

Speaker #1: offerings, enhanced service, and investing in long-term initiatives.

Speaker #2: first quarter increased by

Speaker #2: 5% year-over-year. These were

Speaker #1: quality across key markets to

Speaker #1: deepen user trust and growth.

Speaker #2: personnel-related expenses.

Speaker #1: drive repeat

Speaker #1: usage.

Speaker #1: APAC remains the

Speaker #1: cornerstone for our international

Speaker #2: by 24% from the

Speaker #1: business and continues to offer

Speaker #2: same period last year. The

Speaker #2: year-over-year increase was mainly

Speaker #1: significantly longer-term date, our Trip.com has

Speaker #2: driven by heightened marketing

Speaker #1: growth

Speaker #1: opportunities. Despite periods of

Speaker #2: efforts aligned with our business

Speaker #2: expansion. Adjusted EBITDA was RMB 4.8 billion for the first quarter.

Speaker #1: macroeconomic volatility in

Speaker #1: certain markets, we

Speaker #1: remain focused on providing

Speaker #1: timely assistance and

Speaker #1: emergency support to, and ongoing product

Speaker #2: last year. Diluted earnings per ordinary share and per ADS were:

Speaker #1: travelers during

Speaker #1: disruptions. Strengthening local

Speaker #2: RMB 3.67 or

Speaker #1: operations and investing in

Speaker #2: USD 0.53 for the

Speaker #2: first quarter of 2026.

Speaker #1: long-term capabilities for sustainable

Cindy Xiaofan Wang: Excluding share-based compensation charges, fair value changes of equity securities investments, and exchangeable senior notes recorded in other income and net taxes, non-GAAP diluted earnings per ordinary share and per ADS were RMB 5.73 or US$0.83 for Q1. As of 31 March 2026, the balance of cash and cash equivalents, restricted cash, short-term investments, held-to-maturity time deposit, and financial products was RMB 104.0 billion or US$15.1 billion. Our outlook reflects two primary factors.

Speaker #2: Excluding share-based compensation, the increase in personnel-related charges was due to fair value changes.

Speaker #1: growth. As our business

Speaker #1: Scales, we see the rest of the year, and we see achievements are translating into

Speaker #2: of equity securities

Speaker #2: investments and exchangeable senior notes

Speaker #1: stronger

Speaker #2: recorded in other income, and their

Speaker #1: operational efficiencies year

Speaker #2: tax effects. Non-GAAP diluted

Speaker #2: earnings per ordinary share and per

Speaker #1: to date. Our space.

Speaker #1: trip.com has significantly

Speaker #1: improved

Speaker #1: its margin profile.

Speaker #2: As of March 31,

Speaker #1: The compounding effect enhances user experience through

Speaker #2: In 2026, the balance of cash and...

Speaker #1: of expanding direct AI and product offerings.

Speaker #1: traffic, rising global brand innovation, and continued

Speaker #2: cash equivalents, restricted

Speaker #2: cash, short-term investment, held

Speaker #1: awareness, and ongoing

Speaker #1: product innovations are collectively support

Speaker #2: to maturity time deposit and

Speaker #2: 104.0 billion

Speaker #1: a structurally stronger

Speaker #1: profitability profile for

Speaker #2: or USD 15.1

Speaker #1: our international

Speaker #2: billion. Looking into

Speaker #1: segment. Looking While macroeconomics and

Speaker #1: ahead, through the rest of the geopolitical conditions, may

Speaker #1: year, we remain

Speaker #2: the second quarter, we expect

Speaker #1: optimistic about the longer-term

Speaker #2: net revenue growth of

Speaker #2: approximately 3% to 8% year-over-year, compared with the

Speaker #1: opportunity in the global

Speaker #1: travel space. In

Speaker #2: exceptionally strong growth environment

Speaker #1: 2026, our

Speaker #1: focus are to

Speaker #2: in Q1. Growth trends have

Speaker #1: further expand across

Speaker #2: Our outlook reflects two primary

Speaker #1: APAC, enhance user position, and build a

Speaker #2: factors: first, rising energy prices

Speaker #1: experience, through AI and

Cindy Xiaofan Wang: First, rising energy prices and recent geopolitical tensions have led to higher airfares, tighter airline capacity, and disruptions on certain international routes, particularly long-haul travel, contributing to a moderation in air travel demand and changes in booking patterns. Second, our guidance incorporates the near-term impact of upgrading our operational practices to align with updated industry standards and compliance regulations. With that, operator, please open the line for questions.

Speaker #1: product innovation and international business over the

Speaker #2: and recent geopolitical tensions have

Speaker #1: continue strengthening our service infrastructure. At the same

Speaker #2: led to higher airfare,

Speaker #2: tighter airline capacity, and

Speaker #2: travel, contributing to a moderation in air travel demand and changes in booking patterns. Second, our guidance incorporates the

Speaker #1: approach in other

Speaker #1: international

Speaker #1: markets. While macroeconomics

Speaker #1: create periodic

Speaker #1: fluctuations in

Speaker #1: travel in global travel

Speaker #2: align with updated industry standards and compliance frameworks.

Speaker #1: demand, our focus remains

Speaker #1: unchanged: we will continue to

Speaker #2: With that, operator, please open the line.

Speaker #1: deliver a reliable travel

Speaker #2: line for

Speaker #2: questions.

Operator 2: Thank you. We will now begin the question and answer session. If you'd like to ask a question, please press star one one on your telephone. Please stand by while we compile the Q&A roster. One moment for the first question. Our first question comes from Simon Cheung of Goldman Sachs. Please ask your question.

Speaker #1: experience, strengthen our

Speaker #3: Thank you. We will now begin the

Speaker #1: market position, and

Speaker #1: build a sustainable and profitable international business over the longer-term period. Thank you.

Speaker #3: question-and-answer session. If

Speaker #3: If you would like to ask questions, please.

Speaker #3: press star 11 on your

Speaker #3: telephone. Please stand by while we...

Speaker #3: compile the Q&A

Speaker #3: Thank you for the question. That concludes the Q&A session today. I would now like to hand the call back to Michelle for closing remarks.

Speaker #3: roster. One moment for the

Speaker #3: first

Speaker #3: Our first question comes from Simon Cheng of Goldman Sachs. Please go ahead.

Speaker #1: Thank you. Thanks, everyone, for joining us today. You can find the transcript and webcast of today's call on investors.trip.com. We look forward to speaking with you on our second quarter 2026 earnings call.

Speaker #3: question.

Simon Cheung: Thanks, James, Jane, Cindy, and Michelle for the presentations. I think at the beginning of the presentation, you touched a bit on your AI strategies. Could you perhaps share a bit more on your long-term positioning and your investment plans on these AI ecosystem that you're building on? Also, as the AI agent increasingly share how customers discover and on their travel booking plans, how will Trip.com leverage on your vertical strength to stay competitive? Thank you.

Speaker #4: Jane, Cindy, and Michelle for the presentations. I think at the

Speaker #4: At the beginning of the presentation, you touched on a bit on...

Speaker #4: your AI strategies. Could you perhaps share a bit more on your long-term positioning and

Speaker #1: Thank you, and have a good day.

Speaker #6: Thank you.

Speaker #4: Investment plans on these be in the question-and-answer AI ecosystems that you are building.

Speaker #2: Thank you.

Speaker #4: And also, as the AI agent increasingly shares how customers

Speaker #4: discover and on their

Speaker #4: travel booking plans, how

Speaker #4: vertical strength to stay competitive? Thank you.

Operator 2: Our first question comes from Simon Cheung of Goldman Sachs. Please ask-

Speaker #5: Thank you for the question. We believe AI will significantly improve how travelers discover,

Jane Sun: Thank you for your question.

Simon Cheung: Thanks, James, Cindy, and Michelle Qi for the presentation. I think at the beginning of the presentation, you touched on a bit on your AI strategy. Could you perhaps share a bit more on your long-term positioning and your plans on which AI ecosystem that you're building on? Also, as the AI is increasing how customers shape travel booking trends, how will Trip.com navigate on your vertical trends to take advantage? Thank you.

Speaker #5: But it will not replace specialized travel.

Speaker #5: Platforms. Travel is a high-consequence category, where value—

Speaker #5: execution. This requires real-time

Speaker #5: inventory, deep supplier connectivity,

Speaker #5: and a robust global service

Speaker #5: infrastructure, capabilities we have

Speaker #5: As travel AI shifts from information to

Speaker #5: fulfillment, it increasingly highlights our competitive advantage.

Speaker #5: advantages. Against this backdrop, our strategy has two

James Jianzhang Liang: Against this backdrop, our strategy has two pillars. First, we are strengthening our own AI capabilities. We recently integrated our core search function with our AI assistant, enabling seamless natural language and voice-based search. Travelers can now submit highly complex requests involving multiple variables such as dates, budgets, locations, and accommodation preferences, and receive instantly filtered, clickable results. This helps simplify decision-making and reduces friction across the customer journey. Beyond user experience, we are leveraging AI across the company to drive efficiency from improving productivity in corporate functions to expanding automation in customer service and lowering operating costs. Second, we are connecting into broader AI ecosystems through APIs, MCPs, and agent frameworks. We are exploring collaborations with leading platforms globally to enable integrated travel planning and fulfillment with next-generation AI experiences.

Speaker #5: pillars: first,

Speaker #5: capabilities.

Speaker #5: integrated our core search function with our AI assistant, enabling

Speaker #5: seamless natural language and voice-based search.

Speaker #5: Travelers can now submit highly complex requests.

Speaker #5: requests involving multiple

Speaker #5: variables such as dates, budgets, locations, and

Speaker #5: accommodation preferences, and receive

Speaker #5: instantly filtered, bookable

Speaker #5: This helps simplify decision-making and reduces friction.

Speaker #5: across the customer journey. Beyond user experience, we are

Speaker #5: drive efficiency from improving

Speaker #5: productivity in corporate functions

Speaker #5: to expanding automation in customer

Speaker #5: costs.

Speaker #5: Second, we are connecting into broader AI.

Speaker #5: APIs, MCPs, and agent

Speaker #5: We are exploring collaborations with leading platforms.

Speaker #5: globally to enable

Speaker #5: within next-generation AI

Speaker #5: experiences. By embedding our

James Jianzhang Liang: By embedding our robust supply into the world's leading AI platforms, we can tap into emerging AI-driven demand channels, expand our global footprint, and capture new overseas demand more efficiently. Our goal is simple. Wherever travel planning starts, Trip.com should be well-positioned to participate and deliver trusted execution. AI may evolve the entry point into travel, but the long-term winners will be those who reliably turn complexity into confidence. With our deep supply network, operational capabilities, and service infrastructure, we believe we are well-positioned to do so.

Speaker #5: robust supply into the world's

Speaker #5: leading AI platforms, we can

Speaker #5: tap into emerging AI-driven

Speaker #5: demand channels expand our global

Speaker #5: footprint, and capture new

Speaker #5: overseas demand more

Speaker #5: efficiently. Our goal is

Speaker #5: simple: wherever travel planning starts,

Speaker #5: Trip.com should be well-positioned to

Speaker #5: participate and deliver trusted

Speaker #5: execution.

Speaker #5: travel, but the long-term winners will be

Speaker #5: With our deep supply network, operational capabilities, and...

Speaker #5: service infrastructure. We believe we are well-positioned to do

Operator 2: Thank you. Thank you for the question. One moment for our next question.

Speaker #3: Thank you. Thank you for the questions. One moment, please.

Speaker #3: our next

Speaker #3: Question. Our next question comes from...

James Jianzhang Liang: Our goal is simple. Wherever travel planning starts, Trip.com should be well-positioned to participate and deliver trusted execution.

Operator 2: Our next question comes from the line of Yang Liu from Morgan Stanley. Please go ahead.

Speaker #3: from Morgan Stanley. Please go

Yang Liu: Thanks for the opportunity. My question is related with inbound travel. Trip.com aims to attract 200 million inbound travelers over the next five years. What are the key initiatives to drive this high growth, and what do they support international expansion? Thank you.

Speaker #6: Thanks for the opportunity. My question is...

Speaker #6: related with inbound

Speaker #6: travel.

Speaker #6: million inbound travelers over the next

Speaker #6: What are the key initiatives to drive this high growth, and what do they support?

Speaker #6: international expansion?

Operator 2: Thank you for the question. One moment for our next question.

Speaker #2: Thank you. Thank you for your question. Our nation's policy for inbound travel has opened.

Jane Sun: Thank you. Thank you for your question. Our nation's policy for inbound has opened up very favorably. As of now, more than 80 countries have received visa-free treatment. On top of it, we also allow free in-transit treatment for people who have not got the pre-visa treatment by staying within the country for 10 days. Also payments such as Alipay and WeChat Pay have enabled foreign credit card to be used in China, which is a major improvement. With that background, our team has also worked very hard to welcome people from all over the world. First of all, we invited more than 1,000 KOLs to come and see the country, shoot videos, and post their videos on social medias to tell a true story of what they have experienced within China.

Speaker #2: up very

Speaker #2: favorably. As of now, more

Speaker #2: than 80 countries have

Speaker #2: received visa-free

Speaker #2: improvement. So with that

Speaker #2: background, our team has

Speaker #2: First of all, we invited more than

Speaker #2: post their videos on social media

Speaker #2: to tell a true story of what they have.

Speaker #2: experienced within China. Secondly, when

Jane Sun: Secondly, when travelers are interested in coming and visit us, when they pull Trip.com call center, we offer more than 30 languages 24/7 to support them, which will enable them to understand the details for travel within China. Thirdly, we also connected with more than 110,000 suppliers. Among these suppliers, 14,000 were the first-time suppliers which received inbound customers. With that, we are able to increase the demand for hotels, for attractions, and improve their service level to welcome global customers. Lastly, we also offer a one-stop shopping platform by offering hotels, flights, attractions, transportations with our global travelers, which make it very easy for them, particularly for the newcomers who have never been to this country before. As a result, we hosted about 20 million visitors last year. Going forward, we will work hard to invite and host 200 million customers in the next five years.

Speaker #2: Travelers are interested in coming and visiting us. When they call,

Speaker #2: Trip.com call center, we

Speaker #2: offer more than 30

Speaker #2: hours times 7 to support

Speaker #2: them, which will enable them to understand the

Speaker #2: China. Thirdly, we also connected with more than

Speaker #2: suppliers and among

Speaker #2: these suppliers,

Speaker #2: 14,000 were the first-time suppliers

Speaker #2: customers. With that,

Speaker #2: we are able to

Speaker #2: increase the demand for

Speaker #2: hotels, for

Speaker #2: Lastly, we also

Speaker #2: by offering

Speaker #2: hotels, flights, attractions,

Speaker #2: which makes it very easy for

Speaker #2: them particularly for the

Speaker #2: never been to this country

Speaker #2: So, as a result, we hosted

Speaker #2: about 20 million visitors last

Speaker #2: we will work hard

Speaker #2: to host and

Speaker #2: 200 million customers in the

Speaker #2: next five years. Thank

Speaker #2: you.

Operator 2: Thank you.

Operator 2: Thank you for the question. One moment for our next question.

Operator 2: Thank you for the question. One moment for our next question.

Operator 2: Thank you.

Speaker #3: Questions. One moment for our next.

Speaker #3: question. The next questions

Jane Sun: With regard to our global travelers, the next question will come from the line of Thomas Chong of Jefferies. Please ask your question. Which make it very easy for them, particularly for the newcomers who have never been to China before. Hi, good morning. Thanks, management, for taking my question. As a result, we hosted about 20 million visitors last. Going forward, we will work hard to host and enjoy the host of 200 million customers in the next five years. Thank you. Thank you. Thank you for your question. Thank you. Yes. In China market, we are seeing evolving competitive landscape shaped by both compliance framework development and the emergence of AI-native interfaces. The next question will come from the line of Thomas Chong of Jefferies. Please ask your question. First, on the competition, the domestic OTA market remains structurally rational. Hi, good morning.

Speaker #3: Jefferies. Please ask your

Speaker #3: question.

Speaker #5: Hi. For those who have never been to this, good morning. Thanks, management, for taking my question. How

Speaker #5: Would you characterize the recent competitive landscape in the...

Speaker #5: China OTA

Speaker #5: market, including the impact of

Speaker #5: regulatory developments as

Speaker #5: well as the emerging

Speaker #5: Thank

Speaker #2: Thank you. Thank you for your question. Yes, in China—

Speaker #2: market, we are seeing

Speaker #2: evolving competitive landscape

Speaker #2: shaped by both compliance framework development and

Speaker #2: the emergence of

Speaker #2: AI-native interfaces. So

Speaker #2: First, on the competition in the domestic OTA market...

Speaker #2: remains

Speaker #2: constructively rational.

Speaker #2: Competition continues to center

Jane Sun: Thanks, management, for taking my question. Competition continues to center on quality of the service, supply coverage, and user experience rather than aggressive price war. Second, on compliance enhancement, we see a clear and a consistent focus on platform governance, transparent pricing, and fair competition. We fully support this direction and have proactively strengthened our compliance and operational disciplines. While this has caused some short-term pressure on our metrics, we see this purely as an ordinary normalization in the long term. Lastly, for AI platforms are reshaping how users discover and plan trips. Instead of clicking through traditional search results, users are increasingly turning to use conversational tools to brainstorm and plan their trips. We also embrace these new interactions. However, travel remains to be a very complex and service-intensive transaction where supply integration, fulfillment reliability, and after-sales service are critical. Those remain the core strengths for our platform.

Speaker #2: on quality of the

Speaker #2: service, supply coverage,

Speaker #2: and user experience, rather

Speaker #2: than aggressive price

Speaker #2: war.

Speaker #2: enhancement, we see a clear and a

Speaker #2: consistent focus on

Speaker #2: platform governance,

Speaker #2: transparent pricing,

Speaker #2: We fully support this direction

Speaker #2: strengthened our compliance and

Speaker #2: operational

Speaker #2: discipline. While this has caused

Speaker #2: some short-term pressure on our

Speaker #2: matrix, we see

Speaker #2: this purely as an

Speaker #2: ordinary normalization in the long term.

Speaker #2: Lastly, for

Speaker #2: AI, AI platforms are

Speaker #2: reshaping how users

Speaker #2: discover and plan

Speaker #2: trips.

Speaker #2: through traditional search

Speaker #2: results, users are

Speaker #2: increasingly turning to pricing and fair use conversational tools.

Speaker #2: to brainstorm and plan their

Speaker #2: trips, we

Speaker #2: also embrace these

Speaker #2: However, travel remains to

Speaker #2: and a service-intensive transaction, where supply

Speaker #2: integration fulfillment

Speaker #2: Reliability and after-sales service are critical.

Speaker #2: Those remain the core

Speaker #2: strengths for our

Speaker #2: So overall, we are responding through...

Jane Sun: Overall, we are responding through disciplined execution, strengthening compliance, embedding AI into our product, and improving efficiency and service quality. We believe these dynamics ultimately reinforce the importance of trusted, large-scale OTAs whose value lies in broad supply, reliable fulfillment, and excellent end-to-end service. Thank you. Thank you. Thank you for your question. Yes, in China market, we are seeing evolving competitive landscape shaped by both compliance framework development and the emergence of AI-native interfaces. First, on the competition, the domestic OTA market remains structurally rational. Competition continues to center on quality of the service, supply coverage, and user experience rather than aggressive price war. Second, on compliance enhancement, we see a clear and a consistent focus on platform governance, transparent pricing, and fair competition. We fully support this direction and have proactively strengthened our compliance and operational disciplines.

Speaker #2: execution, strengthening

Speaker #2: compliance, embedding AI into our

Speaker #2: products, and improving

Speaker #2: quality. We believe

Speaker #2: these dynamics ultimately reinforce the

Speaker #2: trusted large-scale

Speaker #2: OTAs whose value

Speaker #2: supplies, reliable

Speaker #2: fulfillment, and excellent

Jane Sun: While this has caused some short-term pressure on our metrics, we see this purely as an ordinary normalization in the long term. Lastly, for AI platforms are reshaping how users discover and plan trips. Instead of clicking through traditional search results, users are increasingly turning to use conversational tools to brainstorm and plan their trips. We also embrace these new interactions. However, travel remains to be a very complex and service-intensive transaction where supply integration, fulfillment reliability, and after-sales service are critical. Those remain the core strengths for our platform. Overall, we are responding through disciplined execution, strengthening compliance, embedding AI into our product, and improving efficiency and service quality. We believe these dynamics ultimately reinforce the importance of trusted, large-scale OTAs whose value lies in broad supply, reliable fulfillment, and excellent end-to-end service. Thank you. Thank you for the question. Please hold for the next question.

Speaker #2: Thank

Speaker #3: Thank you for the questions. Please hold for the next.

Speaker #3: Our next questions will come from the...

Jane Sun: Our next question will come from the line of Wei Fang from Mirae. Please ask your question. Hi. Thank you, Jane, Yiyi and Xiao. Congrats on the very strong results. I have a question regarding the ongoing regulatory review. Could you provide some updates that, from your perspective right now, how are you addressing the potential impact on both of your near-term performance and mid to longer-term operating outlook? Thank you. Sure. Thank you for the question. We are fully cooperating with the relevant authorities and maintaining very constructive communication throughout the process. As the matter remains ongoing, it would be premature for us to speculate on potential timeline or outcome at this stage. That said, over the past several months, we have proactively reviewed and refined certain business practices to further strengthen our internal compliance and governance framework.

Speaker #3: line of Wei Fang from

Speaker #3: Mizuho. Please ask your

Speaker #3: question.

Speaker #6: Hi. Thank you, James, Jean, for improving efficiency, and Cindy and Michelle. Congrats on the very strong—

Speaker #6: results. I have a question

Speaker #6: regarding the ongoing

Speaker #6: provide some updates

Speaker #6: that from your perspective right

Speaker #6: now, how are you

Speaker #6: addressing the potential impact

Speaker #6: on both of your near-term

Speaker #6: operating outlook? Thank

Speaker #6: you.

Speaker #2: We are fully cooperating with the

Speaker #2: relevant authorities and

Speaker #2: maintaining very

Speaker #2: As the Hi.

Speaker #2: Matter remains ongoing. It will be a

Speaker #2: on the potential timeline

Speaker #2: or outcome at this

Speaker #2: stage. That said, over

Speaker #2: For the past several months, we have proactively reviewed and

Speaker #2: refined certain business practices

Speaker #2: to further strengthen our internal compliance and...

Speaker #2: governance framework. We remain

Jane Sun: We remain committed to continuously enhancing our operational capabilities to align with evolving industry standards and compliance frameworks. These adjustments may introduce some near-term impact on our business and financial performance. We believe they are constructive for the longer-term period, healthy development of both our business and the broader travel industry. More broadly, we recognize that regulatory frameworks for large platform companies continue to evolve globally. We believe a transparent, fair, and well-regulated market environment will ultimately benefit consumers, support healthy competition, and enhance longer-term industry sustainability. From an operational perspective, we remain focused on serving our travelers as well as our partners, executing our strategic priorities, and creating sustainable long-term value for all our stakeholders. Thank you. Thank you for the question. Please hold for our next question. Our next question comes from the line of Joyce Ju of Bank of America. Please go ahead.

Speaker #2: committed to continuously enhancing our

Speaker #2: operational capabilities to align

Speaker #2: with evolving industry standards and compliance.

Speaker #2: frameworks. These adjustments

Speaker #2: may introduce some near-term

Speaker #2: impact on our business

Speaker #2: and financial

Speaker #2: performance, but we believe we

Speaker #2: are but we believe they

Speaker #2: longer-term period. Healthy development of both

Speaker #2: broader travel industry.

Speaker #2: More broadly, we recognize

Speaker #2: that regulatory frameworks

Speaker #2: for large platform

Speaker #2: companies continue to evolve

Speaker #2: globally. We believe a

Speaker #2: transparent, fair, and

Speaker #2: well-regulated market

Speaker #2: environment will ultimately

Speaker #2: benefit consumers, support

Speaker #2: healthy

Speaker #2: competitions, and enhance

Speaker #2: From an operational

Speaker #2: partners executing our

Speaker #2: and creating

Speaker #2: sustainable long-term value for all

Speaker #2: our stakeholders. Thank

Speaker #2: you.

Speaker #2: you.

Speaker #6: Thank evolve globally.

Speaker #6: you.

Speaker #3: Thank you for the questions. Please be transparent and fair. Let's hold for our next question.

Speaker #3: Our next question comes from the line...

Speaker #3: of America. Please go

Speaker #7: Good morning, James, James, Cindy, and—

Speaker #7: Michelle. Thanks for taking my

Speaker #7: Question. I noticed that the recent

Speaker #7: regulatory announcement regarding the

Speaker #7: Value-added services are closely linked to

Speaker #7: ticketing. How should we

Joyce Ju: Good morning, Jane, Yiyi and Xiao. Thanks for taking my question. I noticed the recent regulatory announcement regarding the 20KK practice. Just given the value added services are core feeling to the monetization of room rating, how should we understand the potential financial impact on this regulatory guidance?

Speaker #7: understand the potential financial impact

Speaker #7: on this regulatory

Operator 2: Thank you for the question. Thank you very much. We call for our next question.

Speaker #7: Thank you very much.

Speaker #2: Thank you, Joyce, for the question. We fully support the latest regulatory guidelines.

Cindy Xiaofan Wang: Thank you, Joyce, for the question. We fully support the latest regulatory guidance about train ticketing practices and are working closely with the relevant authorities. Consumer trust and user experience remain central to our platform, and we will continue ensuring our products and operations are aligned with evolving requirements. From a strategic perspective, train ticketing remains an important user acquisition and engagement channel. Our focus is not only to achieve fulfillment, enabling users to complete their full travel journey, including transportation, accommodation, and destination services. From a financial standpoint, our business has become increasingly diversified over time, with continued growth across accommodation, international travel, and other segments. Consequently, domestic train ticketing's direct contribution to overall revenue and earnings has meaningfully declined over the years. As industry adjusts to the new requirements, optimization of certain rail-related products and value-added services may create some near-term headwinds.

Speaker #2: practices, and are working closely with

Speaker #2: the relevant authorities. Consumer trust and user

Speaker #2: Experience remains central to Cindy and Michelle.

Speaker #2: Operations are aligned with evolving requirements.

Speaker #2: From a strategic

Speaker #2: perspective, train ticketing remains an

Speaker #2: important user acquisition and

Speaker #2: engagement channel. Our

Speaker #2: ticket fulfillment, but enabling users to complete

Speaker #2: the full travel journal,

Speaker #2: including transportation,

Speaker #2: accommodation, and

Speaker #2: destination services.

Speaker #2: From a financial standpoint, our business has become

Speaker #2: time, with continued growth

Speaker #2: across accommodation,

Speaker #2: international travel, and other

Speaker #2: segments.

Speaker #2: Consequently, domestic train ticketing's

Speaker #2: revenue and earning has

Speaker #2: meaningfully declined over the

Speaker #2: years. As the

Speaker #2: requirement, optimization

Speaker #2: of certain rail-related

Speaker #2: products and value-added

Speaker #2: services may create some

Speaker #2: near-term headwinds.

Cindy Xiaofan Wang: These impacts are already reflected in our current expectations and are partially incorporated into our Q2 outlook. More broadly, we remain confident in the resilience of our business. We continue to leverage AI and automation to improve operational efficiency and reducing servicing costs across our platform. Over the longer-term period, our diversified business mix, robust forecasting capabilities, ongoing efficiency gains, and disciplined cost management will support sustainable growth and a resilient profitability profile. Thank you. Thank you for the question. We fully support the latest regulatory guidance about train ticketing practices and are working closely with the relevant authorities. Consumer trust and user experience remain central to our platform, and we will continue ensuring our products and operations are aligned with evolving requirements. From a strategic perspective, train ticketing remains an important user acquisition and engagement channel.

Speaker #2: impacts are already reflected in our current

Speaker #2: expectation and are

Speaker #2: partially incorporated over time, with our Q2

Speaker #2: outlook. More broadly, we remain

Speaker #2: confident in the resilience

Speaker #2: We continue to leverage AI

Speaker #2: and automation to improve

Speaker #2: Operational efficiency earnings has meaningfully increased and reduced costs.

Speaker #2: servicing costs across our

Speaker #2: platform. Over the longer-term

Speaker #2: period, our diversified

Speaker #2: ongoing efficiency gains,

Speaker #2: management will support

Speaker #2: sustainable growth and the

Speaker #2: resilient profitability

Speaker #2: profile.

Speaker #2: you.

Speaker #2: you.

Cindy Xiaofan Wang: Our focus is not only to achieve fulfillment, but enabling users to complete their full travel journey, including transportation, accommodation, and destination services. From a financial standpoint, our business has become increasingly diversified over time, with continued growth across accommodation, international travel, and other segments. Consequently, domestic train ticketing's direct contribution to overall revenue and earnings has meaningfully declined over the years. As industry adjusts to the new requirements, optimization of certain rail-related products and value-added services may create some near-term headwinds. These impacts are already reflected in our current expectations and are partially incorporated into our Q2 outlook. More broadly, we remain confident in the resilience of our business. We continue to leverage AI and automation to improve operational efficiency and reducing servicing costs across our platform.

Speaker #6: Thank you for the question.

Cindy Xiaofan Wang: Over the longer-term period, our diversified business mix, robust forecasting capabilities, ongoing efficiency gains, and disciplined cost management will support sustainable growth and a resilient profitability profile. Thank you. Thank you for the question. We remain confident in the resilience of our business. We continue to leverage AI and automation to improve operational efficiency and reducing servicing costs across our platform. Over the longer-term period, our diversified business mix, robust forecasting capabilities

Speaker #3: for the next

Speaker #3: Your next question comes from the line.

Speaker #3: Wei Qiu from UBS, please go ahead.

Speaker #3: ahead.

Speaker #3: ahead.

Brian Gong: Yeah, sure. Hi, good morning, management. Thank you for taking my question. Could you please provide an update on the recent booking trends, and elaborate on the Q2 guidance? What are we seeing for the summer travel season, and how should we think about the macro trends into the H2 this year? Thank you.

Speaker #7: Hi, good morning, management. Thank you for taking my

Speaker #7: Question: Could you please provide an—

Speaker #7: update on the recent booking

Speaker #7: trends and elaborate on the second quarter.

Speaker #7: Guidance? And also, what are we...

Speaker #7: seeing for the summer travel season.

Speaker #7: trends into the second half of this year? Thank you.

Speaker #2: Sure. Thank you for the

Cindy Xiaofan Wang: Thank you. Sure. Thank you for the question. Thank you for the question. With regard to the Q2 guidance, in general, the travel demand got off to a solid start in 2026, and we delivered very strong performance across our business segments. For the Q2, we expect net revenue growth of approximately 3% to 8% year over year. Growth has moderated from the exceptionally strong Q1 environment, reflecting a combination of macro and operational factors. For our China business, leisure traveler demand has softened versus the Q1, and higher airfare are influencing travel behaviors. Consumers are increasingly optimizing destinations, trip lengths, and transportation choices. Domestic hotel ADR has also turned modestly positive year over year, reflecting resilient long-term demand and a more balanced supply-demand environment.

Speaker #2: Question: With regard to the Q2 guidance, in...

Speaker #2: In general, the travel demand got off to a solid start in 2026, and we

Speaker #2: across our business

Speaker #2: segments for the

Speaker #2: second quarter. We expect net revenue growth of

Speaker #2: approximately 3 to 8

Speaker #2: percent year over year,

Speaker #2: moderated from the exceptional

Speaker #2: strong Q1 environment

Speaker #2: reflecting a combination of

Speaker #2: macro and operational factors.

Speaker #2: For our Chinese-based

Speaker #2: Q1 as higher

Speaker #2: behaviors. Consumers are

Speaker #2: increasingly optimizing

Speaker #2: destinations, trip plans, and transportation

Speaker #2: choices. Domestic

Speaker #2: turned modestly positive year

Speaker #2: over the year, reflecting resilient, long-ing demand and a

Speaker #2: more balanced supply-demand

Speaker #2: environment.

Cindy Xiaofan Wang: Additionally, our future guidance also includes the near-term impact of our proactive product and compliance-related adjustments across certain business lines in response to evolving compliance frameworks. These introduce some sequential normalization to our financials, but we view them as constructive steps that strengthen our long-term platform quality, user experience, as well as the sustainable growth. With regard to our international business, higher airfares have reduced demand for certain long-haul routes. However, part of the volume impact is offset by higher ticketing price. On the hotel side, international air accommodation demand remain healthy, supported in part by local demand and short-haul travel flows. Inbound travel continued to be one of our strongest segments, driven by Asia source markets, favorable visa policy, improved connectivity, and growing recognition of China as a destination. Looking forward for the H2 of this year, visibility remains very limited given the short booking window.

Speaker #2: Additionally, our Q2 guidance

Speaker #2: also includes the near-term

Speaker #2: proactively proactive

Speaker #2: product and compliance-related

Speaker #2: adjustments across certain

Speaker #2: response to evolving

Speaker #2: compliance frameworks. These

Speaker #2: introduced some sequential

Speaker #2: normalization to our financials,

Speaker #2: our long-term platform quality user experience.

Speaker #2: as well as the sustainable

Speaker #2: growth. With

Speaker #2: regard to our international

Speaker #2: business, higher

Speaker #2: Airfare has reduced demand for certain long-haul routes.

Speaker #2: routes; however, part of

Speaker #2: the volume impact is

Speaker #2: offset by higher

Speaker #2: ticketing price. On the

Speaker #2: On the hotel side, international accommodation demand remains strong.

Speaker #2: part by local

Speaker #2: demand and short-haul travel

Speaker #2: Inbound travel continued to be one of our

Speaker #2: strongest segments, driven

Speaker #2: favorable visa policy

Speaker #2: recognition of China as a

Speaker #2: Looking forward to the second half of this year,

Speaker #2: visibility remains very

Speaker #2: limited given the short

Speaker #2: booking window. We

Cindy Xiaofan Wang: We maintain a prudent outlook, expecting many current dynamics to persist, with sporadic fluctuations across specific markets and travel segments. To navigate this uneven landscape, we stay focused on disciplined execution, cost control, and continued investment in longer-term growth drivers, including our Trip.com expansion, as well as the AI capabilities. We are balancing near-term operational discipline with multi-year strategic investments to stay resilient today and stronger tomorrow. Thank you. Thank you for the question. Please hold for the next question. To navigate this unpredictable landscape, we stay focused on disciplined execution, cost control, and sustained investment to deliver transport prowess, including our Trip.com conversion, inbound travel, as well as AI capabilities. We are presently repositioning the site with multi-year strategic investments to stay resilient and stronger tomorrow. Thank you. Thank you. Sure. Thank you for the question. Our international business continued to deliver very strong growth in the Q1.

Speaker #2: maintain a prudent outlook expecting many current dynamics

Speaker #2: periodic fluctuations

Speaker #2: across specific markets and travel

Speaker #2: segments. To

Speaker #2: disciplined execution, cost control, and continued

Speaker #2: growth drivers, including our

Speaker #2: trip.com

Speaker #2: expansion.

Speaker #2: travel as well as the AI.

Speaker #2: capabilities.

Speaker #2: We are balancing near-term operational discipline with long-term growth initiatives.

Speaker #2: to stay resilient today

Speaker #2: and stronger

Speaker #2: tomorrow. Thank you.

Speaker #2: tomorrow. Thank you.

Speaker #3: Thank persist, with periodic

Speaker #3: Please hold for the next

Speaker #3: Our next question comes from the line of Brian.

Speaker #3: Please ask your question.

Speaker #6: Good morning, James Chin, Cindy, and then...

Speaker #6: Michelle, thanks for taking my question. I—

Cindy Xiaofan Wang: Our next question comes from the line of Brian Gong of Citi. Please ask your question. Good morning, Jianzhang, Jane, Cindy, and Michelle. Thanks for taking my question. I would like to know more details about our international business. Trip.com delivered another strong quarter of growth. Could you share the key operational highlights of your international business? How you are thinking about the outlook for overseas markets in 2026? Thank you. Thank you. Sure. Thank you. Our international business continued to deliver very strong growth in the Q1. Our next question comes from the line of Brian Gong of Citi. Please ask your question. Good morning, Jianzhang, Jane, Cindy, and Michelle. Thanks for taking my question. I would like to know more details about our international business. Trip.com delivered another strong quarter of growth. Could you share the key operational highlights of your international business?

Speaker #6: I would like to know more details.

Speaker #6: about our international

Speaker #6: So Trip.com delivered another strong quarter of

Speaker #6: growth and capabilities. Could you share the key

Speaker #6: operational highlights of your international

Speaker #6: business and how you are

Speaker #6: Thinking about the outlook for overseas,

Speaker #6: Thank you.

Speaker #2: Our international business

Speaker #2: continued to deliver very strong

Speaker #2: Gross bookings of our

Speaker #2: a key

Speaker #2: Growing approximately

Cindy Xiaofan Wang: How you are thinking about the outlook for overseas markets in 2026? Thank you. Sure. Our international business continued to deliver very strong growth in Q1. Our next question comes from the line of Brian Gong of Citi. Please ask your question. Good morning, Jianzhang, Jane, Cindy, and Michelle. Thanks for taking my question. I would like to know more details about our international business. Trip.com delivered another strong quarter of growth. Could you share the key operational highlights of your international business? How you are thinking about the outlook for overseas markets in 2026? Thank you. Sure. Our international business continued to deliver very strong growth in Q1. Our next question comes from the line of Brian Gong of Citi. Please ask your question. Good morning, Jianzhang, Jane, Cindy, and Michelle. Thanks for taking my question.

Speaker #2: 90% year-over-year. This growth was

Speaker #2: key source markets in APAC and Europe,

Speaker #2: we continue to make steady

Speaker #2: progress across key

Speaker #2: areas. Mobile

Speaker #2: bookings through our APP

Speaker #2: reached a new record high, reflecting

Speaker #2: success in strengthening direct

Speaker #2: engagement. At the same time, we

Speaker #2: improved product capabilities,

Speaker #2: localized offerings and enhanced service quality across

Speaker #2: user trust and

Speaker #2: drive repeat

Speaker #2: APAC remained the cornerstone for

Cindy Xiaofan Wang: I would like to know more details about our international business. Trip.com delivered another strong quarter of growth. Could you share the key operational highlights of your international business? How you are thinking about the outlook for overseas markets in 2026? Thank you. Sure. Our international business continued to deliver very strong growth in Q1. Thank you for the question. That concludes the Q&A session today. I would now like to hand the call back to Michelle for closing remarks. While macroeconomics and geopolitical conditions may create periodic fluctuations in global travel demand, our focus remains unchanged. We will continue to deliver a reliable travel experience, strengthen our market position, and build a sustainable and profitable international business over the longer-term period. Thank you for the question. That concludes the Q&A session today.

Speaker #2: our international business

Speaker #2: and continue to offer significant longer-term growth.

Speaker #2: macroeconomic volatility in certain

Speaker #2: markets, we remain

Speaker #2: support to travelers

Speaker #2: during disruptions, strengthening local operations,

Speaker #2: capability for sustainable

Speaker #2: As our business scales,

Speaker #2: these achievements are

Speaker #2: translating into stronger

Speaker #2: operational

Speaker #2: efficiencies. Year to

Speaker #2: significantly

Speaker #2: improved its margin

Speaker #2: profile. The

Speaker #2: compounding effects of

Speaker #2: expanding direct traffic,

Speaker #2: rising global brand awareness,

Speaker #2: innovations are

Speaker #2: collectively support a structurally

Speaker #2: stronger profitability

Speaker #2: profile for our international

Speaker #2: segment. Looking ahead, through

Speaker #2: remain optimistic about the longer-term

Speaker #2: opportunity in the global travel

Speaker #2: In 2026, our focus

Speaker #2: are to further expand

Speaker #2: across APAC,

Speaker #2: strengthening our service

Speaker #2: infrastructure.

Speaker #2: We will maintain a disciplined, ROI-driven approach.

Speaker #2: approach in other international

Speaker #2: markets.

Speaker #2: create periodic fluctuations

Speaker #2: in travel in

Speaker #2: global travel demand, our

Speaker #2: focus remains unchanged.

Speaker #2: We will continue to deliver a

Speaker #2: reliable travel

Speaker #2: experience, strengthen our market

Speaker #2: sustainable and profitable

Speaker #2: longer-term period. Thank

Speaker #2: you.

Speaker #3: Thank you for the question. At this time, we will maintain a

Speaker #6: Thank you for the

Speaker #6: Thank you for the question. Disciplined, ROI-driven.

Speaker #3: That concludes the Q&A session today. I would now like to

Speaker #3: I'll now hand the call back to Michelle.

Speaker #3: for closing

Speaker #3: remarks.

Speaker #2: Thank you. Thanks, everyone, for joining us.

Speaker #2: today. You can find the transcript

Speaker #2: and webcast of today's call on

Speaker #2: the

Speaker #2: investors.trip.com. We look forward to speaking with you on the next call.

Speaker #2: our second quarter of

Speaker #2: 2026 earnings call. Thank you, and

Speaker #2: have a good day.

Speaker #2: you.

Michelle Qi: I would now like to hand the call back to Michelle for closing remarks. Thank you. Thanks, everyone, for joining us today. You can find the transcript and webcast of today's call on the investors.trip.com. We look forward to speaking with you on our Q2 2026 earnings call. Thank you, and have a good day. Thank you. Bye-bye.