Trip.com Group Limited: A Comprehensive Overview

Trip.com Group Limited is a leading global one-stop travel service provider, seamlessly integrating a comprehensive suite of travel products, services, and differentiated travel content. Headquartered in Singapore and incorporated in the Cayman Islands, the company leverages advanced technology and a robust ecosystem to cater to leisure and business travelers worldwide.

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Business Segments

Trip.com Group operates across five primary business segments, each contributing to its position as a dominant player in the global travel industry. Below is a detailed breakdown of these segments, including their revenue contributions for 2024, as derived from the company’s financial data.

1. Accommodation Reservation

• Description: This segment focuses on providing hotel and accommodation booking services through Trip.com Group’s platform. The company partners with hotels and other accommodation providers globally, offering approximately 1.5 million listings as of December 31, 2024. Revenue is primarily generated through commissions from hotel partners when reservations become non-cancelable.
• Key Features:
  • Offers a wide range of accommodations, from budget to luxury.
  • Integrates user-generated and professional content to aid booking decisions.
  • Supports bookings through mobile apps, websites, and offline channels.
• Revenue (2024): RMB 21.6 billion (US$3.0 billion)
• Revenue Contribution: 40% of total revenue

2. Transportation Ticketing

• Description: This segment encompasses ticketing services for air, train, bus, and ferry travel. Trip.com Group collaborates with over 640 airlines and other transportation providers, generating revenue through commissions when tickets are issued and from related services.
• Key Features:
  • Covers domestic and international travel.
  • Operated through wholly-owned subsidiaries, Variable Interest Entities (VIEs), and ecosystem partners.
  • Over 90% of transactions occur via mobile channels.
• Revenue (2024): RMB 20.3 billion (US$2.8 billion)
• Revenue Contribution: 38% of total revenue

3. Packaged Tours

• Description: This segment involves bundling travel products such as accommodation, transportation, and activities into packaged tours. Revenue is earned through referral fees from ecosystem partners, recognized on the departure date of the tours.
• Key Features:
  • Offers curated travel experiences for leisure travelers.
  • Partners with local and international tour operators.
  • Enhanced by content-sharing features for destination reviews and tips.
• Revenue (2024): RMB 4.3 billion (US$594 million)
• Revenue Contribution: 8% of total revenue

4. Corporate Travel

• Description: This segment provides travel management services for corporate clients, including transportation ticketing, accommodation reservations, and packaged tours. Revenue is recognized on a net basis after services are rendered.
• Key Features:
  • Offers tailored solutions for business travel needs.
  • Combines online and offline booking channels.
  • Contracts based on a service fee model.
• Revenue (2024): RMB 2.5 billion (US$343 million)
• Revenue Contribution: 5% of total revenue

5. Other Businesses

• Description: This segment includes online advertising services, financial services (e.g., platform service fees from third-party financial institutions and interest income from user receivables), and other travel-related services such as car services, travel insurance, and visa services.
• Key Features:
  • Advertising revenue is recognized over the contract term or upon fulfilling performance obligations.
  • Financial services revenue is recognized over the service or credit period.
  • Supports diverse travel-related needs, enhancing user experience.
• Revenue (2024): RMB 4.6 billion (US$634 million)
• Revenue Contribution: 9% of total revenue

Revenue Breakup Summary (2024):

• Accommodation Reservation: 40%
• Transportation Ticketing: 38%
• Packaged Tours: 8%
• Corporate Travel: 5%
• Other Businesses: 9%

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Products and Services Offered

Trip.com Group provides a comprehensive suite of travel products and services, designed to meet the diverse needs of leisure and business travelers. These offerings are accessible through the company’s online platform (mobile apps and websites), customer service centers, and offline stores. Below is a detailed list of products and services, aligned with the revenue contributions from the business segments.

1. Accommodation Reservation Services

• Details: Enables users to book hotels, hostels, and other accommodations globally. The platform aggregates 1.5 million listings, offering competitive pricing through commissions earned from hotel partners.
• Features:
  • Real-time availability and booking confirmation.
  • Personalized content feeds with user reviews and professional insights.
  • Multi-channel access (mobile, web, offline).
• Revenue Contribution (2024): 40% (RMB 21.6 billion)

2. Transportation Ticketing Services

• Details: Facilitates booking of air, train, bus, and ferry tickets. Partners with over 640 airlines and numerous ground transportation providers to offer extensive options.
• Features:
  • Seamless ticketing process with instant confirmation.
  • Covers domestic and international routes.
  • Enhanced by AI-driven search and recommendation tools.
• Revenue Contribution (2024): 38% (RMB 20.3 billion)

3. Packaged Tours

• Details: Provides bundled travel packages combining accommodation, transportation, and activities. Collaborates with ecosystem partners to offer tailored experiences.
• Features:
  • Customizable itineraries for leisure travelers.
  • Includes in-destination activities and guided tours.
  • Supported by content-sharing features for user engagement.
• Revenue Contribution (2024): 8% (RMB 4.3 billion)

4. Corporate Travel Management

• Details: Offers end-to-end travel solutions for corporate clients, including booking services for flights, hotels, and tours, tailored to business needs.
• Features:
  • Dedicated support through online and offline channels.
  • Service fee-based model for cost efficiency.
  • Streamlined booking and expense management.
• Revenue Contribution (2024): 5% (RMB 2.5 billion)

5. Other Travel-Related Services

• Details: Includes car services, travel insurance, visa services, online advertising, and financial services (e.g., platform fees and interest income).
• Features:
  • Advertising services for ecosystem partners to promote offerings.
  • Financial services support user financing for travel bookings.
  • Enhances travel convenience with ancillary services.
• Revenue Contribution (2024): 9% (RMB 4.6 billion)

Revenue Breakup by Products/Services (2024):

• Accommodation Reservation Services: 40%
• Transportation Ticketing Services: 38%
• Packaged Tours: 8%
• Corporate Travel Management: 5%
• Other Travel-Related Services: 9%

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Company History

Trip.com Group Limited, originally founded as Ctrip.com International, Ltd., has evolved from a regional online travel agency to a global leader in travel services. Below is a detailed timeline of its history and key milestones:

• 1999: Founded in China, Trip.com Group began operations in October 1999, initially focusing on accommodation reservation and transportation ticketing services. The company was established to address the growing demand for online travel booking solutions in China.
• 2003: Listed on the Nasdaq Stock Market (Ticker: TCOM), marking its entry into the global financial markets and raising capital to fuel expansion.
• 2018: Began rolling out content-sharing features on its platform, allowing users to discover, explore, and share travel-related content such as destination reviews and travel tips, enhancing user engagement.
• 2020–2021: Navigated challenges from the COVID-19 pandemic, which significantly impacted travel demand. The company implemented cost control measures and assisted users with cancellations and refunds, demonstrating resilience.
• 2021: Effected a one-to-eight subdivision of shares and changed the ADS-to-ordinary share ratio from eight ADSs representing one ordinary share to one ADS representing one ordinary share, improving share accessibility.
• 2023: Listed on the Hong Kong Stock Exchange (Ticker: 9961), expanding its investor base and reinforcing its global market presence. The company also saw a significant recovery in travel demand post-COVID, driving revenue growth.
• 2024: Continued global expansion, particularly in the Asia-Pacific region, and invested heavily in AI and cloud technologies (RMB 13.1 billion in product development). Terminated contractual arrangements with Chengdu Ctrip Travel Agency Co., Ltd., acquiring it as a wholly-owned subsidiary.

Over the past two decades, Trip.com Group has transformed the travel experience by adopting online and mobile-based booking solutions, expanding its ecosystem of partners, and leveraging technology to enhance user engagement. Its strategic acquisitions and investments have solidified its position as a global travel leader.

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Brands Details

Trip.com Group operates primarily under two core brands, with additional contributions from its Qunar brand through a VIE structure. Below is a detailed overview of the brands and their revenue contributions.

1. Ctrip

• Description: The flagship brand of Trip.com Group, Ctrip is a leading online travel agency in China, offering a comprehensive suite of travel services including accommodation, transportation, packaged tours, and corporate travel.
• Key Features:
  • Strong brand recognition in China.
  • Extensive network of ecosystem partners.
  • Focus on personalized travel experiences through AI-driven content.
• Revenue Contribution: Combined with Trip.com, represents the majority of revenue (specific breakout not provided, but Ctrip and Trip.com dominate).

2. Trip.com

• Description: The global brand of Trip.com Group, targeting international markets with localized services. It is one of the most downloaded OTA apps in markets like South Korea, Singapore, Thailand, and Hong Kong.
• Key Features:
  • Localized websites and apps for global users.
  • Supports cross-border travel with extensive international partnerships.
  • Emphasizes mobile-first booking (over 90% of transactions).
• Revenue Contribution: Combined with Ctrip, represents the majority of revenue.

3. Qunar

• Description: Operated through Beijing Qu Na Information Technology Co., Ltd. (a VIE), Qunar is a travel platform focusing on online advertising and ticketing services. It holds key assets like mobile applications and websites.
• Key Features:
  • Targets cost-conscious travelers with competitive pricing.
  • Integrates with Trip.com Group’s ecosystem for broader reach.
  • Consolidated under U.S. GAAP through Qunar Cayman Islands Limited.
• Revenue Contribution: Part of the VIEs, which contributed 22% of total net revenues in 2024.

Revenue Breakup by Brands (2024):

• Ctrip and Trip.com (combined): ~78% (estimated, as VIEs contribute 22%)
• Qunar (via VIEs): 22%

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Geographical Presence

Trip.com Group has a strong presence in the Asia-Pacific region and is expanding globally. Below is a detailed overview of its geographical operations and estimated revenue contributions based on market focus.

1. Asia-Pacific

• Details: The Asia-Pacific region is the fastest-growing market for travel consumption, driven by a shift to online and mobile services. Trip.com Group has a dominant presence in China, South Korea, Singapore, Thailand, Hong Kong, and other regional markets.
• Operations:
  • Maintains localized websites and apps tailored to regional preferences.
  • Operates nine customer service centers and 16 call centers globally, with a significant presence in Asia-Pacific.
  • Partners with local hotels, airlines, and tour operators.
• Revenue Contribution: ~80% (estimated, as Asia-Pacific is the primary growth driver).

2. Europe

• Details: Trip.com Group has expanded into European markets, offering accommodation, ticketing, and tour services through its Trip.com brand.
• Operations:
  • Collaborates with international airlines and hotels.
  • Leverages strategic partnerships to enhance offerings.
• Revenue Contribution: ~10% (estimated, as part of global expansion).

3. Other Regions (North America, etc.)

• Details: The company is increasing its presence in North America and other regions, targeting international travelers through its global platform.
• Operations:
  • Focuses on cross-border travel services.
  • Partners with global ecosystem players.
• Revenue Contribution: ~10% (estimated, as part of global expansion).

Revenue Breakup by Geography (2024):

• Asia-Pacific: ~80%
• Europe: ~10%
• Other Regions: ~10%

Note: Exact geographical revenue breakups are not explicitly provided in the document, so estimates are based on the company’s emphasis on Asia-Pacific growth and global expansion efforts.

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Financial Performance

Trip.com Group’s financial performance from 2020 to 2024 reflects significant growth, particularly post-COVID recovery. Below are detailed tables for the consolidated statements of (loss)/income, balance sheets, and cash flow statements (derived from the document).

Consolidated Statements of (Loss)/Income (2020–2024)

Item (in millions, except per share data)	2020 (RMB)	2021 (RMB)	2022 (RMB)	2023 (RMB)	2024 (RMB)	2024 (US$)
Net Revenues	18,316	20,023	20,039	44,510	53,294	7,302
Cost of Revenues	(4,031)	(4,598)	(4,513)	(8,121)	(9,990)	(1,368)
Gross Profit	14,285	15,425	15,526	36,389	43,304	5,934
Operating Expenses
– Product Development	(7,667)	(8,992)	(8,341)	(12,120)	(13,139)	(1,800)
– Sales and Marketing	(4,405)	(4,922)	(4,250)	(9,202)	(11,902)	(1,631)
– General and Administrative	(3,636)	(2,922)	(2,847)	(3,743)	(4,086)	(560)
Total Operating Expenses	(15,708)	(16,836)	(15,438)	(25,065)	(29,127)	(3,991)
(Loss)/Income from Operations	(1,423)	(1,411)	88	11,324	14,177	1,943
Net Interest Income/(Expense) & Other	198	940	2,547	(644)	2,826	387
(Loss)/Income Before Tax & Affiliates	(1,225)	(471)	2,635	10,680	17,003	2,330
Income Tax Expense	(355)	(270)	(682)	(1,750)	(2,604)	(357)
Equity in (Loss)/Income of Affiliates	(1,689)	96	(586)	1,072	2,828	387
Net (Loss)/Income	(3,269)	(645)	1,367	10,002	17,227	2,360
Net (Loss)/Income Attributable to Non-Controlling Interests	62	95	36	(84)	(160)	(22)
Accretion to Redemption Value	(40)	—	—	—	—	—
Net (Loss)/Income Attributable to Trip.com Group	(3,247)	(550)	1,403	9,918	17,067	2,338
(Losses)/Earnings per Ordinary Share
– Basic	(5.40)	(0.87)	2.17	15.19	26.10	3.58
– Diluted	(5.40)	(0.87)	2.14	14.78	24.78	3.39
Weighted Average Ordinary Shares
– Basic	600,888,208	634,109,233	648,380,590	652,859,211	654,035,399	654,035,399
– Diluted	600,888,208	634,109,233	657,092,826	671,062,240	688,704,882	688,704,882

Consolidated Balance Sheets (2020–2024)

Item (in millions)	2020 (RMB)	2021 (RMB)	2022 (RMB)	2023 (RMB)	2024 (RMB)	2024 (US$)
Cash and Cash Equivalents	18,096	19,818	17,000	41,592	48,439	6,636
Restricted Cash	1,319	1,378	1,487	2,391	2,654	364
Short-term Investments	24,820	29,566	25,545	17,748	28,475	3,900
Current Assets	58,011	66,108	61,435	88,732	112,120	15,360
Investments	47,943	44,961	50,177	49,342	47,194	6,466
Total Assets	187,249	191,859	191,691	219,137	242,581	33,233
Current Liabilities	58,369	66,218	61,239	72,411	74,010	10,139
Long-term Debt	22,718	11,093	13,177	19,099	20,134	2,758
Total Liabilities	85,682	81,403	78,672	96,131	99,099	13,576
Mezzanine Equity	—	—	—	—	743	102
Share Capital	6	6	6	6	6	1
Total Trip.com Group Shareholders’ Equity	100,354	109,677	112,283	122,184	141,807	19,427
Non-controlling Interests	1,213	779	736	822	932	128
Total Shareholders’ Equity	101,567	110,456	113,019	123,006	142,739	19,555

Consolidated Cash Flow Statements

The document does not provide explicit cash flow statements. However, it mentions a centralized cash management policy involving cash pooling, intercompany loans, and deposits, with cash and cash equivalents increasing from RMB 41,592 million in 2023 to RMB 48,439 million (US$6,636 million) in 2024. The company incurred significant cash outflows during the COVID-19 pandemic due to cancellations and refunds but has since stabilized.

Key Financial Notes:

• VIE Contribution: VIEs contributed 22% of net revenues in 2024 and held 5% of total assets.
• Goodwill: RMB 60.9 billion (US$8.3 billion) as of December 31, 2024, with no impairment charges recorded in 2022–2024.
• Debt Obligations: RMB 20.0 billion due within one year and RMB 20.6 billion due after one year as of December 31, 2024.

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Subsidiaries, Wholly-Owned Subsidiaries, and Associates

Trip.com Group operates through a complex structure involving wholly-owned subsidiaries, VIEs, and associates. Below is a detailed list of significant entities and their roles, with revenue contributions where applicable.

Wholly-Owned Subsidiaries

1. Blossom International Holding (formerly Trip.com International):
   • Location: Cayman Islands
   • Role: Holding company for various subsidiaries.
   • Revenue Contribution: Not separately reported; part of consolidated operations.
2. Ctrip Travel Holding (Hong Kong) Limited:
   • Location: Hong Kong
   • Role: Holds equity in PRC subsidiaries.
   • Revenue Contribution: Not separately reported.
3. Ctrip.com (Hong Kong) Limited:
   • Location: Hong Kong
   • Role: Supports travel agency operations.
   • Revenue Contribution: Not separately reported.
4. Ctrip Investment (Shanghai) Co., Ltd.:
   • Location: China
   • Role: Investment vehicle for PRC operations.
   • Revenue Contribution: Not separately reported.
5. Queen’s Road Travel Information Limited:
   • Location: Hong Kong
   • Role: Supports travel information services.
   • Revenue Contribution: Not separately reported.
6. Chengdu Ctrip Travel Agency Co., Ltd.:
   • Location: China
   • Role: Provides travel agency services; acquired as a wholly-owned subsidiary in December 2024 after terminating VIE arrangements.
   • Revenue Contribution: Previously part of VIEs (22% of total revenue).

Variable Interest Entities (VIEs)

The VIEs are consolidated under U.S. GAAP but not owned directly due to PRC restrictions on foreign investment in certain sectors.

1. Shanghai Ctrip Commerce Co., Ltd.:
   • Location: China
   • Ownership: 89.8% by Bo Sun, 10.2% by Maohua Sun
   • Role: Holds a value-added telecommunications business license; provides online advertising services.
   • Revenue Contribution: Part of VIEs (22% of total revenue).
2. Shanghai Huacheng Southwest International Travel Agency Co., Ltd.:
   • Location: China
   • Role: Holds a travel agency operation license; provides domestic, inbound, and outbound tour services, and air-ticketing services.
   • Revenue Contribution: Part of VIEs (22% of total revenue).
3. Beijing Qu Na Information Technology Co., Ltd. (Qunar Beijing):
   • Location: China
   • Ownership: 60% by Hui Cao, 40% by Hui Wang
   • Role: Holds licenses and assets for Qunar brand operations, including mobile apps and websites.
   • Revenue Contribution: Part of VIEs (22% of total revenue).

Associates

1. Qunar Cayman Islands Limited:
   • Location: Cayman Islands
   • Ownership: 57% owned by non-U.S. investment entities (M Strat Holdings, L.P., Momentum Strategic Holdings, L.P., Ocean Management Limited, Earthly Paradise Investment Fund L.P.), consolidated under U.S. GAAP.
   • Role: Parent entity for Qunar operations, linked to Beijing Qu Na Information Technology Co., Ltd.
   • Revenue Contribution: Part of VIEs (22% of total revenue).

Revenue Breakup by Subsidiaries/VIEs (2024):

• Wholly-Owned Subsidiaries: ~78% (estimated, as VIEs contribute 22%)
• VIEs (Shanghai Ctrip Commerce, Shanghai Huacheng, Beijing Qu Na): 22%

Note: The document does not list all subsidiaries or associates exhaustively, focusing on significant entities. Revenue contributions are aggregated for VIEs, with no individual subsidiary breakout provided.

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Physical Properties

Trip.com Group maintains a global network of physical properties to support its operations, including customer service centers, call centers, and offline stores. Below is a detailed list based on available information.

1. Customer Service Centers

• Number: Nine globally
• Purpose: Provide personalized support for booking, cancellations, and inquiries.
• Locations: Primarily in Asia-Pacific (e.g., China, South Korea, Singapore, Thailand, Hong Kong), with additional centers in other regions (specific locations not detailed).
• Details: Equipped with advanced computer and communication systems to handle user queries.

2. Call Centers

• Number: Sixteen globally
• Purpose: Offer 24/7 support for online and offline bookings, enhancing user experience.
• Locations: Spread across Asia-Pacific and other regions (specific locations not detailed).
• Details: Support multilingual services to cater to global users.

3. Offline Stores

• Purpose: Serve users preferring in-person experiences, offering travel consultation and local support.
• Locations: Operated in collaboration with business partners, primarily in China and select Asia-Pacific markets.
• Details: Provide one-stop services, complementing online channels.

Note on Leased Properties: The document mentions the gross area of leased properties but does not specify the total area or exact locations. These properties support operational needs, including offices for management, technology development, and customer service.

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Founders Details

The document does not explicitly name the founders of Trip.com Group. However, it references key executives and shareholders involved in the VIE structure, suggesting their significant roles in the company’s operations. Below are details of individuals associated with the VIEs, who may include founders or key early contributors:

• Bo Sun:
  • Role: Shareholder of Shanghai Ctrip Commerce Co., Ltd. (VIE).
  • Ownership: Holds 89.8% equity interest.
  • Details: Likely a key figure in establishing or managing VIE operations, though not explicitly identified as a founder.
• Maohua Sun:
  • Role: Shareholder of Shanghai Ctrip Commerce Co., Ltd. (VIE).
  • Ownership: Holds 10.2% equity interest.
  • Details: Involved in VIE structure, potentially a co-founder or early stakeholder.
• Hui Cao:
  • Role: Shareholder of Beijing Qu Na Information Technology Co., Ltd. (VIE).
  • Ownership: Holds 60% equity interest.
  • Details: Associated with Qunar operations, possibly a key figure in its integration.
• Hui Wang:
  • Role: Shareholder of Beijing Qu Na Information Technology Co., Ltd. (VIE).
  • Ownership: Holds 40% equity interest.
  • Details: Supports Qunar’s VIE structure, likely a significant early contributor.

Note: The document does not confirm these individuals as founders, and no additional founder details are provided. The company’s history suggests it was founded in 1999, but specific founder identities remain undisclosed in the provided text.

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Board of Directors Details

The document states that information on directors is not applicable under “Item 1. Identity of Directors, Senior Management and Advisers,” suggesting that detailed director information is provided elsewhere in the full report (not included in the provided pages). However, it mentions Jane Jie Sun as the Chief Executive Officer, indicating her significant leadership role. Below is a placeholder list based on available information:

1. Jane Jie Sun:
   • Role: Chief Executive Officer and Director
   • Details: Leads strategic and operational decisions, contactable at +65 3138-9736, iremail@trip.com, based in Singapore.
   • Background: Not detailed in the provided text, but her role suggests extensive experience in travel and corporate management.

Note: The document references “Item 6. Directors, Senior Management and Employees” (page 99) for detailed director information, which is not included in the provided pages. Without this section, the list is limited to the CEO. If you have access to page 99, please provide it for a complete list.

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Investment Details

Trip.com Group has made strategic investments in complementary businesses and assets, classified as short-term investments, long-term investments, and equity method investments. Below is a detailed list based on the document:

1. Short-term Investments:
   • Value (2024): RMB 28,475 million (US$3,900 million).
   • Details: Likely include liquid investments supporting operational liquidity.
   • Revenue Contribution: Not directly tied to revenue; supports financial flexibility.
2. Long-term Investments:
   • Value (2024): RMB 47,194 million (US$6,466 million).
   • Details: Includes investments in travel-related businesses and other sectors, potentially equity stakes in non-consolidated entities.
   • Revenue Contribution: Not directly reported; impacts equity in (loss)/income of affiliates (RMB 2,828 million in 2024).
3. Equity Method Investments:
   • Details: Investments where Trip.com Group holds significant influence but not control, such as Qunar Cayman Islands Limited (57% owned by non-U.S. entities, consolidated under U.S. GAAP).
   • Financial Impact: Contributed RMB 2,828 million (US$387 million) to equity in income of affiliates in 2024.
   • Revenue Contribution: Part of VIEs (22% of total revenue via Qunar).

Risks Associated with Investments:

• Potential declines in investee share prices could lead to fair value losses.
• Equity method investments may result in shared net losses if investees underperform.
• Anti-monopoly regulations (e.g., PRC Anti-Monopoly Law) pose risks to future investments.

Note: The document does not list specific investee companies beyond Qunar, and exact investment details are referenced in “Item 5. Operating and Financial Review and Prospects” (page 74), not fully provided.

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Future Investment Plan

Trip.com Group’s future investment plans focus on expanding its global presence, enhancing technology, and pursuing strategic acquisitions. Below are the key areas outlined in the document:

1. Global Expansion:
   • Plan: Continue increasing influence in Asia-Pacific and other regions through owned brands, direct investments, and strategic partnerships.
   • Focus: Target markets with high travel consumption growth, leveraging omni-channel services.
   • Investment: Likely to involve partnerships with hotels, airlines, and tour operators.
2. Technology Investment:
   • Plan: Invest in AI and cloud technologies to enhance platform capabilities, user engagement, and operational efficiency.
   • 2024 Investment: RMB 13.1 billion (US$1.8 billion) in product development, with plans to continue significant spending.
   • Focus: Upgrade content capabilities (e.g., live streaming), improve data analytics, and optimize mobile and cloud infrastructure.
3. Strategic Acquisitions:
   • Plan: Pursue acquisitions of complementary businesses in the travel industry globally to expand product offerings and market share.
   • Risks: Potential dilutive effects on equity, integration challenges, and goodwill impairment (RMB 60.9 billion in goodwill as of 2024).
   • Focus: Identify businesses that enhance the one-stop travel platform and ecosystem partner network.
4. Content Enhancement:
   • Plan: Invest in user-generated and professional content to improve engagement, including new formats like live streaming.
   • Focus: Deliver appealing, personalized content to attract and retain users.

Note: The document emphasizes these plans but does not provide specific financial commitments or timelines beyond 2024. Investments are subject to risks like regulatory compliance (e.g., PRC Anti-Monopoly Law) and economic conditions.

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Conclusion

Trip.com Group Limited stands as a global leader in the travel industry, driven by its one-stop travel platform, advanced technology, and extensive ecosystem of partners. Its diversified business segments—accommodation reservation (40%), transportation ticketing (38%), packaged tours (8%), corporate travel (5%), and other businesses (9%)—cater to a broad range of travel needs.

The company’s brands, Ctrip, Trip.com, and Qunar, dominate the Asia-Pacific market while expanding globally, supported by a robust network of subsidiaries and VIEs. Financially, Trip.com Group has shown remarkable growth, with 2024 revenues of RMB 53.4 billion and net income of RMB 17.2 billion, reflecting strong post-COVID recovery. Its global presence, strategic investments, and focus on AI and content innovation position it for continued growth, despite risks from economic conditions, regulatory changes, and competitive pressures. As the company pursues its future investment plans, it remains a pivotal player in shaping the global travel landscape.