On the global front, overall travel bookings on our international OTA platform grew by over 60% year-over-year. APAC remains a major growth engine. We drove this momentum by capturing rising demand from both leisure and business travelers and by strengthening our brand and local presence.

May 19, 2025 / CEO / receipt, needs a key / Jen Sun, CEO | earnings call 2025-05-19 | transcript 1a222205-7d97-4c75-a0d7-637168bce8ab | chars 5218-5507 | segment 5

China is also emerging as an increasingly popular destination among global travelers, with inbound travel gaining strong momentum. In Q1, inbound arrivals at the national level grew by 40% year over year, with 75% coming from visa-free regions. On our platform, inbound bookings increased by around 100% year over year, with hotel bookings from key visa-free countries in APAC surged by over 240%.

May 19, 2025 / CEO / receipt, needs a key / Jen Sun, CEO | earnings call 2025-05-19 | transcript 1a222205-7d97-4c75-a0d7-637168bce8ab | chars 6048-6445 | segment 6

Outbound travel from China also sustained steady growth during the quarter. In Q1, cross-border flight capacity recovered to 83% of pre-pandemic level. Our outbound hotel and air bookings have returned to more than 120% of 2019 levels, outperforming the market by 30-40%. Despite short-term disruptions in Thailand, the expanding travel radius of Chinese travellers continues to support recovery, with long-haul destinations such as Europe seeing particularly strong growth.

May 19, 2025 / CEO / receipt, needs a key / Jen Sun, CEO | earnings call 2025-05-19 | transcript 1a222205-7d97-4c75-a0d7-637168bce8ab | chars 7435-7909 | segment 7

As younger users continue to drive the growth of experiential travel, we see strong potential to further engage this segment through innovative product design and digital storytelling.

May 19, 2025 / CEO / receipt, needs a key / Jen Sun, CEO | earnings call 2025-05-19 | transcript 1a222205-7d97-4c75-a0d7-637168bce8ab | chars 9909-10093 | segment 10

Internally, we continue to care for our people, offering employees with children under 18 an additional three days of paid leave. This policy not only supports work-life balance, but also encourages family travel, contributing further to the travel economy.

May 19, 2025 / CEO / receipt, needs a key / Jen Sun, CEO | earnings call 2025-05-19 | transcript 1a222205-7d97-4c75-a0d7-637168bce8ab | chars 10539-10796 | segment 10

Have you seen any companies tighten their travel budgets and how does this will actually affect Trip.com's business? Thanks a lot.

Aug 26, 2024 / CEO / receipt, needs a key / Jen Sun, CEO | earnings call 2024-08-26 | transcript 82f34e55-e133-4f04-bb9d-62f2d7bbb867 | chars 19972-20102 | segment 20

In terms of a different market, for the China market, we expect robust growth in the outbound travel business due to further recovery of outbound flight capacity, along with steady growth in domestic business. For the global market, we anticipate our global OTA platform, Trip.com, to maintain high-speed growth, while Skyscanner and other overseas brands continue to grow healthily despite recent headwinds in the email region.

Nov 20, 2023 / CEO / receipt, needs a key / Jen Sun, CEO | earnings call 2023-11-20 | transcript 8d35bfaa-ba6e-4615-a238-bd182141bceb | chars 19255-19683 | segment 19

Over the past three quarters, Chinese consumers have been increasingly prioritizing travel spending over other discretionary spending, The positive trend that we saw in the second quarter continued all the way to the third quarter.

Nov 20, 2023 / CEO / receipt, needs a key / Jen Sun, CEO | earnings call 2023-11-20 | transcript 8d35bfaa-ba6e-4615-a238-bd182141bceb | chars 4432-4663 | segment 4