Latest news with #JamesLiang
Yahoo
21-05-2025
- Business
- Yahoo
Trip.com Group Rides AI, Inbound Boom, and Older Travelers to Strong Quarter
Inbound tourism to China has become Group's fastest-growing segment, thanks to favorable policy changes and increased international interest. Visa-free access for travelers from over 40 countries, along with China's new 240-hour visa-free transit policy, is making it easier for tourists to visit the country. 'In the first quarter, our inbound travel bookings surged by approximately 100% year-over-year with South Korea, Thailand, Malaysia and Indonesia emerging as some of the fastest-growing source markets,' said Group Co-Founder and Executive Chairman James Liang at an earnings call on Tuesday. Inbound hotel bookings from key visa-free countries surged more than 240%, driven in part by new initiatives such as free city tours for transit travelers and upgrades to multilingual offline service centers. The inbound segment also outperformed others on conversion rates and cross-selling metrics, according to Jane Sun, CEO and director of Group. Artificial intelligence is also playing a key role in Group's growth strategy. From planning to post-sale support, the company is deploying AI tools that improve the traveler experience and boost operational efficiency. The AI travel assistant TripGenie has seen user engagement increase, with average session durations rising by 50%. "We have introduced a suite of AI tools to deliver efficient and reliable travel services," said Liang. "TripGenie leverages advanced models to address user inquiries. The recommendations inspire users and help them make informed travel choices." Over 80% of post-sale inquiries are now handled by AI-driven chat and self-service tools. These capabilities allow to offer round-the-clock support while reducing the need for human intervention. The company also emphasized how vertical AI agents, focused on travel, offer better integration and service delivery than more general models. is betting that smarter tech leads to stickier customers. And the early data suggests it's working. "AI remains a cornerstone of our long-term strategy," said Liang. "As we deepen our investments in AI, we view it as a critical tool for enhancing user experience and streamlining the travel booking process." Outbound travel from China also sustained steady growth during the quarter. In the first quarter, while cross-border flight capacity for the country recovered to 83% of pre-pandemic level, Group's outbound hotel and air bookings have returned to more than 120% of 2019 levels, outperforming the market by 30% to 40%. The company said its platform has seen outbound bookings consistently outperform the industry with particularly strong growth in the long-haul destinations such as Europe. "Despite short-term disruptions in Thailand, the expanding travel radius of Chinese travelers continues to support recovery with long-haul destinations such as Europe seeing particularly strong growth," said Sun. Group is also seeing a rising demand from an often-overlooked group: older travelers. In the first quarter of 2025, both the number of users and gross merchandise volume (GMV) in the company's "Old Friends Club" doubled year-over-year. The company launched the Old Friends Club last year, targeting those aged 50 and above. "With both time and spending power on their side, this group is emerging as a key driver of long-term growth," Sun said. To better serve this demographic, the company offers over 7,000 travel products and thousands of hotel options specifically curated for senior needs. From one-on-one support to age-friendly itineraries, the goal is to make travel easier and more comfortable for senior users. The company is also experimenting with content to promote travel in more relatable ways to this segment. "We are producing short-form drama series that resonate with them to promote travel offerings," Sun said. Group reported strong first quarter results for 2025: Net revenue rose 16% year-over-year to RMB 13.8 billion ($2 billion). Adjusted EBITDA increased 7% year-over-year to RMB 4.2 billion ($583 million). Accommodation revenue grew 23% to RMB 5.5 billion ($763 million). Transportation ticketing revenue increased 8% to RMB 5.4 billion ($750 million). Packaged tour revenue rose 7% to RMB 947 million ($131 million). Corporate travel revenue increased 12% year-over-year to RMB 573 million ($79.5 million). Mobile bookings now account for 70% of international OTA transactions, highlighting how mobile apps are now most used for travel planning. The company's cash and investments stood at RMB 92.9 billion ($12.8 billion) by the end of March. The company also announced that it has so far repurchased approximately $85 million of its shares. "We'll continue with our efforts to buy back more shares. Our board of directors has approved the total amount to be about $600 million. So there is still room for us to purchase back our shares," Sun said. global strategy appears to be gaining traction, particularly in Asia Pacific and newer markets like the Middle East. "APAC remains our top priority for the operations, marketing and growth driver. We are also expanding and growing rapidly in new markets such as the Middle East, which helped to diversify our market portfolio and strengthen our global presence," said Xiaofan Wang, chief financial offer and executive vice president. What am I looking at? The performance of travel tech stocks within the ST 200. The index includes companies publicly traded across global markets including both online travel booking companies and B2B travel tech companies. The Skift Travel 200 (ST200) combines the financial performance of nearly 200 travel companies worth more than a trillion dollars into a single number. See more travel tech financial sector performance. Read the full methodology behind the Skift Travel 200. 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Skift
20-05-2025
- Business
- Skift
Trip.com Group Rides AI, Inbound Boom, and Older Travelers to Strong Quarter
inbound bookings soared 100% as China's visa-free policies lured more tourists. With AI and senior travelers fueling growth, the company's global comeback looks sharp and well-targeted. Inbound tourism to China has become Group's fastest-growing segment, thanks to favorable policy changes and increased international interest. Visa-free access for travelers from over 40 countries, along with China's new 240-hour visa-free transit policy, is making it easier for tourists to visit the country. 'In the first quarter, our inbound travel bookings surged by approximately 100% year-over-year with South Korea, Thailand, Malaysia and Indonesia emerging as some of the fastest-growing source markets,' said Group Co-Founder and Executive Chairman James Liang at an earnings call on Tuesday. Inbound hotel bookings from key visa-free countries surged more than 240%, driven in part by new initiatives such as free city tours for transit travelers and upgrades to multilingual offline service centers. The inbound segment also outperformed others on conversion rates and cross-selling metrics, according to Jane Sun, CEO and director of Group. AI as a Core Strategic Asset Artificial intelligence is also playing a key role in Group's growth strategy. From planni
Business Insider
20-05-2025
- Business
- Business Insider
Trip.com reports Q1 non-GAAP EPS RMB5.96, consensus RMB5.57
Reports Q1 revenue RMB13.8B, consensus RMB13.82B. 'The travel industry maintained strong momentum in the first quarter of 2025, supported by resilient consumer demand and favorable travel policies,' said James Liang, Executive Chairman. 'With our diversified market presence, we are well positioned to navigate global economic uncertainties and capture growth opportunities.' 'We are pleased to see a strong start to 2025,' said CEO Jane Sun. 'As travel becomes an increasingly integral part of everyday life, we remain committed to meeting the evolving needs of travelers through innovative, localized, and customer-centric solutions. This positions us well to sustain growth momentum and deliver lasting value to our customers, partners, and shareholders.' Confident Investing Starts Here:
Yahoo
19-05-2025
- Business
- Yahoo
Trip.com Group Limited Reports Unaudited First Quarter of 2025 Financial Results
SINGAPORE, May 19, 2025 /PRNewswire/ -- Group Limited (Nasdaq: TCOM; HKEX: 9961) (" Group" or the "Company"), a leading global one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management, today announced its unaudited financial results for the first quarter of 2025. Key Highlights for the First Quarter of 2025 International businesses continued to demonstrate robust growth across all segments in the first quarter of 2025- Overall reservations on the Company's international OTA platform increased by over 60% year-over-year.- Inbound travel bookings surged by around 100% year-over-year.- Outbound hotel and air ticket bookings have grown to more than 120% of the pre-COVID level for the same period in 2019. "The travel industry maintained strong momentum in the first quarter of 2025, supported by resilient consumer demand and favorable travel policies," said James Liang, Executive Chairman. "With our diversified market presence, we are well positioned to navigate global economic uncertainties and capture growth opportunities." "We are pleased to see a strong start to 2025," said Jane Sun, Chief Executive Officer. "As travel becomes an increasingly integral part of everyday life, we remain committed to meeting the evolving needs of travelers through innovative, localized, and customer-centric solutions. This positions us well to sustain growth momentum and deliver lasting value to our customers, partners, and shareholders." First Quarter of 2025 Financial Results and Business Updates For the first quarter of 2025, Group reported net revenue of RMB13.8 billion (US$1.9 billion), representing a 16% increase from the same period in 2024, primarily driven by stronger travel demand. Net revenue for the first quarter of 2025 increased by 9% from the previous quarter, primarily due to seasonality. Accommodation reservation revenue for the first quarter of 2025 was RMB5.5 billion (US$764 million), representing a 23% increase from the same period in 2024, primarily driven by an increase in accommodation reservations. Accommodation reservation revenue for the first quarter of 2025 increased by 7% from the previous quarter, primarily due to seasonality. Transportation ticketing revenue for the first quarter of 2025 was RMB5.4 billion (US$747 million), representing an 8% increase from the same period in 2024, primarily driven by an increase in transportation reservations. Transportation ticketing revenue for the first quarter of 2025 increased by 13% from the previous quarter, primarily due to seasonality. Packaged-tour revenue for the first quarter of 2025 was RMB947 million (US$131 million), representing a 7% increase from the same period in 2024, primarily driven by an increase in packaged-tour reservations. Packaged-tour revenue for the first quarter of 2025 increased by 9% from the previous quarter, primarily due to seasonality. Corporate travel revenue for the first quarter of 2025 was RMB573 million (US$79 million), representing a 12% increase from the same period in 2024, primarily driven by an increase in corporate travel reservations. Corporate travel revenue for the first quarter of 2025 decreased by 18% from the previous quarter, primarily due to seasonality. Cost of revenue for the first quarter of 2025 increased by 21% to RMB2.7 billion (US$373 million) from the same period in 2024 and increased by 2% from the previous quarter, which was generally in line with the fluctuations in net revenue from the respective periods. Cost of revenue as a percentage of net revenue was 20% for the first quarter of 2025. Product development expenses for the first quarter of 2025 increased by 13% to RMB3.5 billion (US$486 million) from the same period in 2024 and increased by 4% from the previous quarter, primarily due to the increase in product development personnel related expenses. Product development expenses as a percentage of net revenue were 25% for the first quarter of 2025. Sales and marketing expenses for the first quarter of 2025 increased by 30% to RMB3.0 billion (US$413 million) from the same period in 2024 and decreased by 11% from the previous quarter, primarily due to the fluctuations in expenses relating to sales and marketing promotion activities. Sales and marketing expenses as a percentage of net revenue were 22% for the first quarter of 2025. General and administrative expenses for the first quarter of 2025 increased by 11% to RMB1.0 billion (US$143 million) from the same period in 2024, primarily due to an increase in general and administrative personnel related expenses. General and administrative expenses for the first quarter of 2025 was flat compared to the previous quarter. General and administrative expenses as a percentage of net revenue were 8% for the first quarter of 2025. Income tax expense for the first quarter of 2025 was RMB638 million (US$88 million), compared to RMB664 million for the same period in 2024 and RMB526 million for the previous quarter. The change in Group's effective tax rate was primarily due to the combined impacts of changes in respective profitability of its subsidiaries with different tax rates, changes in deferred tax liabilities relating to withholding tax, certain non-taxable income or loss resulting from the fair value changes in equity securities investments and exchangeable senior notes recorded in other income/(expense), and changes in valuation allowance provided for deferred tax assets. Net income for the first quarter of 2025 was RMB4.3 billion (US$596 million), compared to RMB4.3 billion for the same period in 2024 and RMB2.2 billion for the previous quarter. Adjusted EBITDA for the first quarter of 2025 was RMB4.2 billion (US$586 million), compared to RMB4.0 billion for the same period in 2024 and RMB3.0 billion for the previous quarter. Net income attributable to Group's shareholders for the first quarter of 2025 was RMB4.3 billion (US$591 million), compared to RMB4.3 billion for the same period in 2024 and RMB2.2 billion for the previous quarter. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP net income attributable to Group's shareholders for the first quarter of 2025 was RMB4.2 billion (US$579 million), compared to RMB4.1 billion for the same period in 2024 and RMB3.0 billion for the previous quarter. Diluted earnings per ordinary share and per ADS was RMB6.09 (US$0.84) for the first quarter of 2025. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP diluted earnings per ordinary share and per ADS was RMB5.96 (US$0.82) for the first quarter of 2025. Each ADS currently represents one ordinary share of the Company. As of March 31, 2025, the balance of cash and cash equivalents, restricted cash, short-term investment, and held to maturity time deposit and financial products was RMB92.9 billion (US$12.8 billion). Recent Development As part of the Company's ongoing commitment to delivering value to its shareholders and ADS holders and in line with its regular capital return policy, as of May 16, 2025, U.S. Eastern Time, the Company had repurchased 1.6 million ADSs in aggregate with a total gross consideration of US$84 million pursuant to its existing share repurchase plan. Conference Call Group's management team will host a conference call at 8:00 PM on May 19, 2025, U.S. Eastern Time (or 8:00 AM on May 20, 2025, Hong Kong Time) following this announcement. The conference call will be available live on Webcast and for replay at: The call will be archived for twelve months on our website. All participants must pre-register to join this conference call using the Participant Registration link below: Upon registration, each participant will receive details for this conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the number provided, enter your PIN, and you will join the conference instantly. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "future," "intend," "plan," "believe," "estimate," "is/are likely to," "confident," or other similar statements. Among other things, quotations from management in this press release, as well as Group's strategic and operational plans, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, volatility in the trading price of Group's ADSs or shares, Group's reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in the relevant jurisdictions where Group operates, failure to successfully develop Group's existing or future business lines, damage to or failure of Group's infrastructure and technology, loss of services of Group's key executives, adverse changes in economic and business conditions in the relevant jurisdictions where Group operates, any regulatory developments in laws, regulations, rules, policies or guidelines applicable to Group and other risks outlined in Group's filings with the U.S. Securities and Exchange Commission or the Stock Exchange of Hong Kong Limited. All information provided in this press release and in the attachments is as of the date of the issuance, and Group does not undertake any obligation to update any forward-looking statement, except as required under applicable law. About Non-GAAP Financial Measures To supplement Group's consolidated financial statements, which are prepared and presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Group uses non-GAAP financial information related to adjusted net income attributable to Group Limited, adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted earnings per ordinary share and per ADS, each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges that are not tax deductible, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), net of tax, and other applicable items. Group's management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods. Non-GAAP information is not prepared in accordance with GAAP, does not have a standardized meaning under GAAP, and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using non-GAAP financial measures is that non-GAAP measures exclude share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects that have been and will continue to be significant recurring expenses in Group's business for the foreseeable future. Reconciliations of Group's non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release. About Group Limited Group Limited (Nasdaq: TCOM; HKEX: 9961) is a leading global one-stop travel platform, integrating a comprehensive suite of travel products and services and differentiated travel content. It is the go-to destination for many travelers in Asia, and increasingly for travelers around the world, to explore travel, get inspired, make informed and cost-effective travel bookings, enjoy hassle-free on-the-go support, and share travel experience. Founded in 1999 and listed on Nasdaq in 2003 and HKEX in 2021, the Company currently operates under a portfolio of brands, including Ctrip, Qunar, and Skyscanner, with the mission "to pursue the perfect trip for a better world." For further information, please contact: Investor Group LimitedTel: +86 (21) 3406-4880 X 12229Email: iremail@ Group Limited Unaudited Consolidated Balance Sheets (In millions, except share and per share data)December 31, 2024March 31, 2025March 31, 2025 RMB (million)RMB (million)USD (million) ASSETS Current assets: Cash, cash equivalents and restricted cash51,09356,3607,767 Short-term investments28,47521,7392,996 Accounts receivable, net 12,45913,3571,841 Prepayments and other current assets 20,09320,8322,871Total current assets112,120112,28815,475Property, equipment and software5,0535,090701 Intangible assets and land use rights12,84012,8091,765 Right-of-use asset75572299 Investments (Includes held to maturity time deposit andfinancial products of RMB10,453 million and RMB14,841million as of December 31,2024 and March 31, 2025,respectively)47,19451,8257,142 Goodwill60,91161,1468,426 Other long-term assets45447065 Deferred tax asset3,2543,412470Total assets242,581247,76234,143LIABILITIES Current liabilities: Short-term debt and current portion of long-term debt19,43322,5773,111 Accounts payable16,57816,9792,340 Advances from customers18,02917,3612,392 Other current liabilities19,97019,8602,737 Total current liabilities74,01076,77710,580Deferred tax liability4,0983,494481 Long-term debt20,13419,6562,709 Long-term lease liability56152272 Other long-term liabilities29632745Total liabilities99,099100,77613,887MEZZANINE EQUITY743833115SHAREHOLDERS' EQUITYTotal Group Limited shareholders' equity141,807145,15320,003Non-controlling interests9321,000138Total shareholders' equity142,739146,15320,141Total liabilities, mezzanine equity and shareholders'equity242,581247,76234,143 Group Limited Unaudited Consolidated Statements of Income (In millions, except share and per share data)Quarter endedQuarter endedQuarter endedQuarter ended March 31, 2024December 31, 2024March 31, 2025March 31, 2025 RMB (million)RMB (million)RMB (million)USD (million) Revenue: Accommodation reservation 4,4965,1785,541764 Transportation ticketing 5,0004,7805,418747 Packaged-tour 883870947131 Corporate travel51170257379 Others1,0311,2381,371189Total revenue11,92112,76813,8501,910Less: Sales tax and surcharges(16)(24)(20)(3)Net revenue11,90512,74413,8301,907Cost of revenue(2,238)(2,640)(2,705)(373)Gross profit9,66710,10411,1251,534Operating expenses: Product development *(3,109)(3,397)(3,525)(486) Sales and marketing *(2,312)(3,373)(2,999)(413) General and administrative *(931)(1,033)(1,038)(143)Total operating expenses(6,352)(7,803)(7,562)(1,042)Income from operations3,3152,3013,563492Interest income 59251764088 Interest expense(499)(323)(286)(39) Other income/(expense)759(137)1,137157Income before income taxexpense and equity inincome/(loss) of affiliates4,1672,3585,054698Income tax expense(664)(526)(638)(88) Equity in income/(loss) of affiliates822359(102)(14)Net income4,3252,1914,314596Net income attributable to non-controlling interests and mezzanineclassified non-controlling interests(13)(34)(37)(5)Net income attributable Group Limited4,3122,1574,277591Earnings per ordinary share - Basic6.623.286.480.89 - Diluted6.383.096.090.84Earnings per ADS - Basic6.623.286.480.89 - Diluted6.383.096.090.84Weighted average ordinary sharesoutstanding - Basic651,349,707656,190,044660,203,576660,203,576 - Diluted675,933,592698,171,269702,144,923702,144,923* Share-based compensation included in Operating expenses above is as follows: Product development 21421922030 Sales and marketing 3840416 General and administrative 19820021930 Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results (In millions, except %, share and per share data)Quarter endedQuarter endedQuarter endedQuarter ended March 31, 2024December 31, 2024March 31, 2025March 31, 2025 RMB (million)RMB (million)RMB (million)USD (million) Net income4,3252,1914,314596Less: Interest income(592)(517)(640)(88) Add: Interest expense49932328639 Add: Other (income)/expense(759)137(1,137)(157) Add: Income tax expense66452663888 Less: Equity in (income)/loss of affiliates(822)(359)10214 Income from operations3,3152,3013,563492 Add: Share-based compensation45045948066 Add: Depreciation and amortization20922020428 Adjusted EBITDA3,9742,9804,247586 Adjusted EBITDA margin33 %23 %31 %31 %Net income attributable to Group Limited4,3122,1574,277591 Add: Share-based compensation45045948066 Add: (Gain)/loss from fair value changes of equity securitiesinvestments and exchangeable senior notes(679)438(526)(72) Add: Tax effects on fair value changes of equity securitiesinvestments and exchangeable senior notes(28)(16)(43)(6) Non-GAAP net income attributable to Group Limited4,0553,0384,188579 Weighted average ordinary shares outstanding- Diluted-non GAAP 675,933,592698,171,269702,144,923702,144,923 Non-GAAP Diluted income per share 6.004.355.960.82 Non-GAAP Diluted income per ADS 6.004.355.960.82Notes for all the condensed consolidated financial schedules presented:Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB7.2567 on March 31, 2025 published by the Federal Reserve Board. 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Yahoo
19-05-2025
- Business
- Yahoo
Trip.com Group Limited Reports Unaudited First Quarter of 2025 Financial Results
SINGAPORE, May 19, 2025 /PRNewswire/ -- Group Limited (Nasdaq: TCOM; HKEX: 9961) (" Group" or the "Company"), a leading global one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management, today announced its unaudited financial results for the first quarter of 2025. Key Highlights for the First Quarter of 2025 International businesses continued to demonstrate robust growth across all segments in the first quarter of 2025- Overall reservations on the Company's international OTA platform increased by over 60% year-over-year.- Inbound travel bookings surged by around 100% year-over-year.- Outbound hotel and air ticket bookings have grown to more than 120% of the pre-COVID level for the same period in 2019. "The travel industry maintained strong momentum in the first quarter of 2025, supported by resilient consumer demand and favorable travel policies," said James Liang, Executive Chairman. "With our diversified market presence, we are well positioned to navigate global economic uncertainties and capture growth opportunities." "We are pleased to see a strong start to 2025," said Jane Sun, Chief Executive Officer. "As travel becomes an increasingly integral part of everyday life, we remain committed to meeting the evolving needs of travelers through innovative, localized, and customer-centric solutions. This positions us well to sustain growth momentum and deliver lasting value to our customers, partners, and shareholders." First Quarter of 2025 Financial Results and Business Updates For the first quarter of 2025, Group reported net revenue of RMB13.8 billion (US$1.9 billion), representing a 16% increase from the same period in 2024, primarily driven by stronger travel demand. Net revenue for the first quarter of 2025 increased by 9% from the previous quarter, primarily due to seasonality. Accommodation reservation revenue for the first quarter of 2025 was RMB5.5 billion (US$764 million), representing a 23% increase from the same period in 2024, primarily driven by an increase in accommodation reservations. Accommodation reservation revenue for the first quarter of 2025 increased by 7% from the previous quarter, primarily due to seasonality. Transportation ticketing revenue for the first quarter of 2025 was RMB5.4 billion (US$747 million), representing an 8% increase from the same period in 2024, primarily driven by an increase in transportation reservations. Transportation ticketing revenue for the first quarter of 2025 increased by 13% from the previous quarter, primarily due to seasonality. Packaged-tour revenue for the first quarter of 2025 was RMB947 million (US$131 million), representing a 7% increase from the same period in 2024, primarily driven by an increase in packaged-tour reservations. Packaged-tour revenue for the first quarter of 2025 increased by 9% from the previous quarter, primarily due to seasonality. Corporate travel revenue for the first quarter of 2025 was RMB573 million (US$79 million), representing a 12% increase from the same period in 2024, primarily driven by an increase in corporate travel reservations. Corporate travel revenue for the first quarter of 2025 decreased by 18% from the previous quarter, primarily due to seasonality. Cost of revenue for the first quarter of 2025 increased by 21% to RMB2.7 billion (US$373 million) from the same period in 2024 and increased by 2% from the previous quarter, which was generally in line with the fluctuations in net revenue from the respective periods. Cost of revenue as a percentage of net revenue was 20% for the first quarter of 2025. Product development expenses for the first quarter of 2025 increased by 13% to RMB3.5 billion (US$486 million) from the same period in 2024 and increased by 4% from the previous quarter, primarily due to the increase in product development personnel related expenses. Product development expenses as a percentage of net revenue were 25% for the first quarter of 2025. Sales and marketing expenses for the first quarter of 2025 increased by 30% to RMB3.0 billion (US$413 million) from the same period in 2024 and decreased by 11% from the previous quarter, primarily due to the fluctuations in expenses relating to sales and marketing promotion activities. Sales and marketing expenses as a percentage of net revenue were 22% for the first quarter of 2025. General and administrative expenses for the first quarter of 2025 increased by 11% to RMB1.0 billion (US$143 million) from the same period in 2024, primarily due to an increase in general and administrative personnel related expenses. General and administrative expenses for the first quarter of 2025 was flat compared to the previous quarter. General and administrative expenses as a percentage of net revenue were 8% for the first quarter of 2025. Income tax expense for the first quarter of 2025 was RMB638 million (US$88 million), compared to RMB664 million for the same period in 2024 and RMB526 million for the previous quarter. The change in Group's effective tax rate was primarily due to the combined impacts of changes in respective profitability of its subsidiaries with different tax rates, changes in deferred tax liabilities relating to withholding tax, certain non-taxable income or loss resulting from the fair value changes in equity securities investments and exchangeable senior notes recorded in other income/(expense), and changes in valuation allowance provided for deferred tax assets. Net income for the first quarter of 2025 was RMB4.3 billion (US$596 million), compared to RMB4.3 billion for the same period in 2024 and RMB2.2 billion for the previous quarter. Adjusted EBITDA for the first quarter of 2025 was RMB4.2 billion (US$586 million), compared to RMB4.0 billion for the same period in 2024 and RMB3.0 billion for the previous quarter. Net income attributable to Group's shareholders for the first quarter of 2025 was RMB4.3 billion (US$591 million), compared to RMB4.3 billion for the same period in 2024 and RMB2.2 billion for the previous quarter. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP net income attributable to Group's shareholders for the first quarter of 2025 was RMB4.2 billion (US$579 million), compared to RMB4.1 billion for the same period in 2024 and RMB3.0 billion for the previous quarter. Diluted earnings per ordinary share and per ADS was RMB6.09 (US$0.84) for the first quarter of 2025. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP diluted earnings per ordinary share and per ADS was RMB5.96 (US$0.82) for the first quarter of 2025. Each ADS currently represents one ordinary share of the Company. As of March 31, 2025, the balance of cash and cash equivalents, restricted cash, short-term investment, and held to maturity time deposit and financial products was RMB92.9 billion (US$12.8 billion). Recent Development As part of the Company's ongoing commitment to delivering value to its shareholders and ADS holders and in line with its regular capital return policy, as of May 16, 2025, U.S. Eastern Time, the Company had repurchased 1.6 million ADSs in aggregate with a total gross consideration of US$84 million pursuant to its existing share repurchase plan. Conference Call Group's management team will host a conference call at 8:00 PM on May 19, 2025, U.S. Eastern Time (or 8:00 AM on May 20, 2025, Hong Kong Time) following this announcement. The conference call will be available live on Webcast and for replay at: The call will be archived for twelve months on our website. All participants must pre-register to join this conference call using the Participant Registration link below: Upon registration, each participant will receive details for this conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the number provided, enter your PIN, and you will join the conference instantly. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "future," "intend," "plan," "believe," "estimate," "is/are likely to," "confident," or other similar statements. Among other things, quotations from management in this press release, as well as Group's strategic and operational plans, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, volatility in the trading price of Group's ADSs or shares, Group's reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in the relevant jurisdictions where Group operates, failure to successfully develop Group's existing or future business lines, damage to or failure of Group's infrastructure and technology, loss of services of Group's key executives, adverse changes in economic and business conditions in the relevant jurisdictions where Group operates, any regulatory developments in laws, regulations, rules, policies or guidelines applicable to Group and other risks outlined in Group's filings with the U.S. Securities and Exchange Commission or the Stock Exchange of Hong Kong Limited. All information provided in this press release and in the attachments is as of the date of the issuance, and Group does not undertake any obligation to update any forward-looking statement, except as required under applicable law. About Non-GAAP Financial Measures To supplement Group's consolidated financial statements, which are prepared and presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Group uses non-GAAP financial information related to adjusted net income attributable to Group Limited, adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted earnings per ordinary share and per ADS, each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges that are not tax deductible, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), net of tax, and other applicable items. Group's management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods. Non-GAAP information is not prepared in accordance with GAAP, does not have a standardized meaning under GAAP, and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using non-GAAP financial measures is that non-GAAP measures exclude share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects that have been and will continue to be significant recurring expenses in Group's business for the foreseeable future. Reconciliations of Group's non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release. About Group Limited Group Limited (Nasdaq: TCOM; HKEX: 9961) is a leading global one-stop travel platform, integrating a comprehensive suite of travel products and services and differentiated travel content. It is the go-to destination for many travelers in Asia, and increasingly for travelers around the world, to explore travel, get inspired, make informed and cost-effective travel bookings, enjoy hassle-free on-the-go support, and share travel experience. Founded in 1999 and listed on Nasdaq in 2003 and HKEX in 2021, the Company currently operates under a portfolio of brands, including Ctrip, Qunar, and Skyscanner, with the mission "to pursue the perfect trip for a better world." For further information, please contact: Investor Group LimitedTel: +86 (21) 3406-4880 X 12229Email: iremail@ Group Limited Unaudited Consolidated Balance Sheets (In millions, except share and per share data)December 31, 2024March 31, 2025March 31, 2025 RMB (million)RMB (million)USD (million) ASSETS Current assets: Cash, cash equivalents and restricted cash51,09356,3607,767 Short-term investments28,47521,7392,996 Accounts receivable, net 12,45913,3571,841 Prepayments and other current assets 20,09320,8322,871Total current assets112,120112,28815,475Property, equipment and software5,0535,090701 Intangible assets and land use rights12,84012,8091,765 Right-of-use asset75572299 Investments (Includes held to maturity time deposit andfinancial products of RMB10,453 million and RMB14,841million as of December 31,2024 and March 31, 2025,respectively)47,19451,8257,142 Goodwill60,91161,1468,426 Other long-term assets45447065 Deferred tax asset3,2543,412470Total assets242,581247,76234,143LIABILITIES Current liabilities: Short-term debt and current portion of long-term debt19,43322,5773,111 Accounts payable16,57816,9792,340 Advances from customers18,02917,3612,392 Other current liabilities19,97019,8602,737 Total current liabilities74,01076,77710,580Deferred tax liability4,0983,494481 Long-term debt20,13419,6562,709 Long-term lease liability56152272 Other long-term liabilities29632745Total liabilities99,099100,77613,887MEZZANINE EQUITY743833115SHAREHOLDERS' EQUITYTotal Group Limited shareholders' equity141,807145,15320,003Non-controlling interests9321,000138Total shareholders' equity142,739146,15320,141Total liabilities, mezzanine equity and shareholders'equity242,581247,76234,143 Group Limited Unaudited Consolidated Statements of Income (In millions, except share and per share data)Quarter endedQuarter endedQuarter endedQuarter ended March 31, 2024December 31, 2024March 31, 2025March 31, 2025 RMB (million)RMB (million)RMB (million)USD (million) Revenue: Accommodation reservation 4,4965,1785,541764 Transportation ticketing 5,0004,7805,418747 Packaged-tour 883870947131 Corporate travel51170257379 Others1,0311,2381,371189Total revenue11,92112,76813,8501,910Less: Sales tax and surcharges(16)(24)(20)(3)Net revenue11,90512,74413,8301,907Cost of revenue(2,238)(2,640)(2,705)(373)Gross profit9,66710,10411,1251,534Operating expenses: Product development *(3,109)(3,397)(3,525)(486) Sales and marketing *(2,312)(3,373)(2,999)(413) General and administrative *(931)(1,033)(1,038)(143)Total operating expenses(6,352)(7,803)(7,562)(1,042)Income from operations3,3152,3013,563492Interest income 59251764088 Interest expense(499)(323)(286)(39) Other income/(expense)759(137)1,137157Income before income taxexpense and equity inincome/(loss) of affiliates4,1672,3585,054698Income tax expense(664)(526)(638)(88) Equity in income/(loss) of affiliates822359(102)(14)Net income4,3252,1914,314596Net income attributable to non-controlling interests and mezzanineclassified non-controlling interests(13)(34)(37)(5)Net income attributable Group Limited4,3122,1574,277591Earnings per ordinary share - Basic6.623.286.480.89 - Diluted6.383.096.090.84Earnings per ADS - Basic6.623.286.480.89 - Diluted6.383.096.090.84Weighted average ordinary sharesoutstanding - Basic651,349,707656,190,044660,203,576660,203,576 - Diluted675,933,592698,171,269702,144,923702,144,923* Share-based compensation included in Operating expenses above is as follows: Product development 21421922030 Sales and marketing 3840416 General and administrative 19820021930 Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results (In millions, except %, share and per share data)Quarter endedQuarter endedQuarter endedQuarter ended March 31, 2024December 31, 2024March 31, 2025March 31, 2025 RMB (million)RMB (million)RMB (million)USD (million) Net income4,3252,1914,314596Less: Interest income(592)(517)(640)(88) Add: Interest expense49932328639 Add: Other (income)/expense(759)137(1,137)(157) Add: Income tax expense66452663888 Less: Equity in (income)/loss of affiliates(822)(359)10214 Income from operations3,3152,3013,563492 Add: Share-based compensation45045948066 Add: Depreciation and amortization20922020428 Adjusted EBITDA3,9742,9804,247586 Adjusted EBITDA margin33 %23 %31 %31 %Net income attributable to Group Limited4,3122,1574,277591 Add: Share-based compensation45045948066 Add: (Gain)/loss from fair value changes of equity securitiesinvestments and exchangeable senior notes(679)438(526)(72) Add: Tax effects on fair value changes of equity securitiesinvestments and exchangeable senior notes(28)(16)(43)(6) Non-GAAP net income attributable to Group Limited4,0553,0384,188579 Weighted average ordinary shares outstanding- Diluted-non GAAP 675,933,592698,171,269702,144,923702,144,923 Non-GAAP Diluted income per share 6.004.355.960.82 Non-GAAP Diluted income per ADS 6.004.355.960.82Notes for all the condensed consolidated financial schedules presented:Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB7.2567 on March 31, 2025 published by the Federal Reserve Board. 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