A：The travel industry experienced robust growth in the third quarter with travel demand surging across markets, strong domestic travel in China, a steady rise in outbound journeys, and a 180% year-over-year surge in unique visits to the AI-powered Trip Planner.

A：Outbound travel bookings grew solidly in the third quarter with a 19% increase from the previous year, reaching 140% of 2019 volumes, and there was a notable surge in long-haul trips during the Golden Week holiday.

A：Domestic travel continued to be vibrant in the third quarter, driven by travelers' passion for new and immersive experiences, with major and remote regions experiencing solid growth.

A：Inbound travel contributed to economic and cultural benefits by connecting the world, bringing travelers to experience Oriental culture, sparking innovation, and driving trade.

A：Trip.com Group achieved strong performance internationally, with international bookings on the platform growing by around 60% year over year, supported by the Asia Pacific region and a mobile platform that accounts for over 70% of total bookings.

A：Triple Com Group is catering to affluent and active seniors by launching products and services tailored to their interests, such as the Old Friends Club flagship store in Shanghai, themed trips, and a dedicated service team offering support and care for their travel needs.

A：Strategic partnerships with the world's leading live entertainment companies allow fans to plan entertainment trips seamlessly, combining pre-sale access to shows with flights, hotels, and curated local experiences through the platform, supporting regional tourism and enhancing destination appeal across Asia.

A：Technology is being used to help hotels overcome language barriers with AI communication tools, empower hoteliers with AI content generation and training tools, and update hotel scoring and page ranking algorithms to focus on genuine service and guest satisfaction.

A：For the third quarter of 2025, Trip.com Group reported a 16% increase in net revenue to RMB 18.3 billion, a 24% increase in accommodation reservation revenue to RMB 8.0 billion, a 12% increase in transportation ticketing revenue to RMB 6.3 billion, and a 3% increase in package tour revenue to RMB 1.6 billion.

A：Diluted earnings per ordinary share and per ADS were RMB 28.61 or US dollar 4.02 for the third quarter of 2025, with a one-time gain from the divestment of one of our overseas investments contributing to this figure.

A：AI is a central pillar of Trip.com Group's strategy, and the company is committed to unlocking its full potential for the travel industry. AI is being integrated into user touchpoints, operational processes, and enhancing customer service efficiency.

A：AI is used to shift more touchpoints to AI-driven tools, grow the user base of AI agent Fi Genie by over 200% year over year, and refine the balance between advanced AI search and conventional search to better serve user intent for hotel searches.

A：The question was raised regarding near-term consumer behavior and travel trends during national holidays and the autumn festival, as well as the financial impact expected over the next couple of quarters, particularly in light of the geopolitical tension between Japan and China and Japan's revenue contribution to the company.

A：The travel industry is showing a strong trend called '3 L', which stands for long stay, long distance, and long tail, indicating that people are taking longer vacations and visiting more distant destinations. This trend is beneficial for the company as it allows them to promote long-tail travel destinations to sophisticated travelers. Domestically and internationally, the market is showing a healthy single-digit growth in the domestic market and even stronger growth in the cross-border market. The international capacity has recovered to around 88% of pre-Covid levels.

A：Consumer behavior and travel destination choices are influenced by the safety and welcoming nature of the destination, ease of visa application, and the availability of direct flights. These factors are crucial in encouraging consumers to choose different travel locations, especially if they have the time and money to do so. On the platform, there has not been a major impact observed despite these factors.

A：In Q3, the year-over-year decline in hotel and air ticket prices narrowed to the low single digits. During the Golden Week, domestic hotel and airfares saw an increase due to strong travel demand, which was followed by a sequential easing after the holiday. Domestically, hotel capacity is expanding at a mid to high single-digit pace year over year, which is likely to keep some pressure on room prices. Internationally, flight capacity has recovered to about 88% of 2019 levels, resulting in cross-border air ticket prices that have softened compared to last year but remain above prespandemic levels, while hotel prices have stayed largely stable.

A：The outlook for consumer sentiment and travel trends in the coming year is positive. There is a growing desire to explore the world, with robust leisure travel being supported by extra holidays on platforms. Long-haul trips show strong momentum with flights rising over 30%, particularly in Europe. Business travelers have remained stable, and the company continues to attract new corporate clients with average business travel spending increasing year over year. The focus in 2020-26 is on enhancing products and services to meet the evolving needs of global partners, continuing global investments, especially in the Asia Pacific region, and capturing demand to provide excellent services to customers.

A：The company plans to focus on enhancing its products and services to better meet the needs of global partners and travelers. It will continue investing globally, particularly across the Asia Pacific, to accelerate growth and expand its presence. The company aims to tap into opportunities for inbound travel and collaboration with partners to drive job opportunities and benefits for hotel, flight, destination, and rental car partners.

A：The company's international business is focused on emerging markets such as the Middle East and Europe, which show encouraging momentum for inbound travel. This is reinforced by continuous innovation in offerings like half-day tours and immersive dining experiences. The company's international business is expected to continue growing, with a strong investment focus in this field.

A：The company receives very positive feedback from inbound customers who feel that the country is very safe, particularly for women travelers. They appreciate the affordability and luxury of the travel experience, the friendliness and hospitality of the locals, the delicious food, rich history, and effective infrastructure. The combination of these factors along with convenient visa policies and strong support from the company's end ensures a robust foundation for building the inbound travel business.

A：The company's marketing strategy on trip.com has delivered solid results in Q3, with scalable business improving marketing efficiency in key targeted markets. Q3 saw record-breaking performance in major markets such as Korea, Thailand, and Malaysia. The company empowers its execution team to set targets aligned with long-term growth objectives to ensure disciplined control over marketing efficiency. Upcoming global holidays will continue to execute signature campaigns, while staying alert to capitalize on emerging market trends. These plans aim to accelerate revenue growth and strengthen the company's market position, including expanding its organic mobile user base.

A：The company is facing intensified competition in the Asia Pacific region due to deeper penetration and the rise of middle-income populations. The region's rapid GDP growth, combined with its rich travel resources and low online penetration, presents opportunities for consolidation and digital expansion. The company is focusing on delivering a one-stop total solution for customers with localized products and exceptional customer service, which is expected to contribute to continuous growth.

A：The company's destination service business, while small compared to the overall business, is experiencing strong growth with a year-to-date increase of more than 130%. The business covers about 300,000 offerings worldwide and continues to expand its platform with more products. The company's strength lies in being a one-stop travel platform that matches user demands, enhances travel experience, and benefits from its large APAC user base and loyalty program. Over the next three to five years, the company plans to broaden its product coverage and market share. The acquisition of destination service is free as the customers have already booked flights and hotels, and there is no intention to make money from destination marketing. The focus is mainly on enhancing user experience and customer loyalty without the pressure of making profits from a small segment.

A：The company continues to manage investments discipline on the sales and marketing side, adjusting spending based on market maturity and channel characteristics. As a result, the overall expense mix aligns with business priorities. With markets growing rapidly, the company is expanding its global presence and maintaining high standards for new hires to ensure strong marginal cost efficiency. The quarter-over-quarter increase in operating expenses was mainly due to seasonal factors in China. With the global holiday season approaching, the company plans to step up marketing investments, which may cause a sequential rise in the marketing ratio depending on regional and channel mix. Over the longer term, the company aims to improve efficiency through growing direct mobile traffic, cross-selling, and customer loyalty.

A：The company views margin as a natural result of a dynamic business mix and ongoing improvements in operating efficiency across each business segment. In the long run, there are no structural limitations to profit margins supported by innovative strategies, global expansion, and forward-looking investments. The company expects its margins to be comparable to those of international peers. Specific commentary on the margin outlook for 2026 is still too early to provide.