APAC remained the largest source of inbound travelers, and demand from Western markets continued to expand, reflecting rising international interest in China as a travel destination.

Feb 25, 2026 / CEO / receipt, needs a key / Jane Sung, CEO | earnings call 2026-02-25 | transcript 8c33f852-28c5-46bb-aba3-c6d12688a540 | chars 7917-8099 | segment 8

In 2025, we invested over RMB 1 billion in driving growth for the inbound travel sector, including strengthening platform tools, collaborating with global influences to showcase China as a destination, and providing free layover tours for international travelers and other initiatives.

Feb 25, 2026 / CEO / receipt, needs a key / Jane Sung, CEO | earnings call 2026-02-25 | transcript 8c33f852-28c5-46bb-aba3-c6d12688a540 | chars 9813-10098 | segment 10

In 2025, we invested approximately RMB $2.9 billion to enhance the overall travel experience for users. This included customer protections and a variety of service enhancements designed to safeguard reliability and service quality across the travel journey.

Feb 25, 2026 / CEO / receipt, needs a key / Jane Sung, CEO | earnings call 2026-02-25 | transcript 8c33f852-28c5-46bb-aba3-c6d12688a540 | chars 17566-17823 | segment 17