携程 (TCOM.US，09961.HK) 2025年第四季度业绩电话会
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会议摘要
The company fully utilized its share repurchase authorization, emphasizing long-term value creation. In 2025, it achieved RMB 1.1 trillion in gross bookings, expanded inbound and outbound travel services, and saw significant growth in domestic and senior travel, with plans for future earnings calls and investor engagement.
会议速览
Expanding Inbound Travel: China's 2025 OTA Business and Enhanced Traveler ExperienceIn 2025, the core OTA business achieved RMB 1.1 trillion in gross bookings, with a significant focus on inbound travel, serving over 20 million travelers and connecting them to 150,000 hotels, of which 63,000 were new to inbound guests. The platform launched high-quality customized tours, benefiting over 6,000 attractions, 40% of which were newly accessible to international visitors, significantly enhancing the industry's inbound service capacity and traveler experience.
Expanding Inbound Travel Services and International Market Presence for Enhanced Global EngagementLaunched services like one-stop counters, Comply layover tours, and Taste of China dining experiences. Expanded multilingual self-service, tax refund access, and invested RMB 1 billion in inbound travel growth. Strengthened international presence, achieving 60% gross booking growth and industry awards for service quality and innovation.
Outbound Travel Resilience and Domestic Demand Growth in 2025Despite market volatility, outbound travel demand remained robust, with travelers adapting by exploring alternative destinations. Domestically, a strong preference for service quality and reliability was observed, driving growth in private tours and corporate travel. Initiatives targeted at the silver generation and entertainment-enhanced travel experiences further diversified and expanded the market, underpinning sustainable growth through ecosystem investment.
Sustainable Growth & Inclusive Development in Tourism EcosystemA travel company highlights its commitment to sustainable and inclusive growth, emphasizing investments in destination development, service quality, and ecosystem partnerships. It shares strategies for enhancing local employment, supporting rural destinations, and fostering sustainability across hotels, transportation, and corporate travel. The company also underscores its focus on employee well-being, regulatory compliance, and collaborative efforts with partners to create a resilient travel ecosystem.
Trip.com Group's Q4 2025 Earnings: Record Revenue Growth and Strategic ExpansionTrip.com Group reported a 21% increase in net revenue for Q4 2025, reaching RMB 15.4 billion, driven by robust traffic and outbound travel demand. Full-year gross bookings hit RMB 1.1 trillion, with net revenue up 17% to RMB 62.4 billion. Accommodation, transportation, and corporate travel revenues saw significant growth, supported by strategic investments in product development and marketing. The company's balance sheet remains strong, with cash and equivalents totaling RMB 100.5 billion as of December 31, 2025. Trip.com is committed to sustainable growth and shareholder returns, planning to continue disciplined investments and share repurchases when conditions are favorable.
Ctrip's Response to SAMR Investigation and Long-Term Business StrategyCtrip is cooperating with SAMR investigation, emphasizing commitment to transparency and sustainability. The company focuses on inbound tourism, social responsibility, and AI innovations to foster growth, support local economies, and enhance efficiency. Ctrip aims to create long-term sustainable value amidst regulatory challenges.
OTA's Strategy to Leverage AI for Enhanced Travel Booking and ServiceThe dialogue discusses how an OTA views generative AI as a catalyst for strategy acceleration, emphasizing the importance of transactional and service layers in travel. It outlines a strategy focusing on proprietary data, global supply chain relationships, and end-to-end service to maintain a competitive edge in the AI-driven travel industry.
China's Inbound Tourism: A Growth Trajectory with Ctrip's Strategic InitiativesThe dialogue highlights Ctrip's strategic approach to enhancing China's inbound tourism, focusing on leveraging local expertise and global presence. Efforts include integrated marketing, empowering local partners, and enhancing traveler experiences. Results show significant growth, with over 20 million inbound tourists served, and a goal to double this by 2026, aiming for a transparent, seamless, and sustainable travel ecosystem.
Strong Performance Amid Chinese New Year: Growth in Domestic, Outbound, and International TravelThe extended Chinese New Year holiday stimulated travel demand, leading to double-digit growth in domestic and outbound businesses. International OTA platform growth reached 60%, with leisure and business travel driving market expansion. The company's international business now contributes 40% of total revenue, supported by the rapid growth of the trip.com brand.
Maintaining Competitive Edge in the Domestic Travel Market Through Superior Service and Comprehensive OfferingsDiscusses strategies for staying ahead in a dynamic travel market, emphasizing 24/7 customer service, comprehensive travel products, and global support, ensuring customer safety and convenience.
International Growth and Strategy for 2026 Highlighted by Strong 2025 PerformanceDiscussed strong international growth in 2025, focusing on APAC and Middle East, with plans for 2026 including disciplined expansion, product innovation, and enhancing global brand recognition for sustainable growth.
Asia Pacific Region Growth and Globalization Strategy FocusThe dialogue emphasizes the company's commitment to expanding its presence in the Asia Pacific region through localized strategies, enhanced product offerings, and disciplined marketing investments, resulting in significant active user growth and record-high international bookings. Moving forward, the focus remains on deepening market penetration and improving services to capitalize on the region's growing travel sentiment and online engagement.
Update on Shareholder Return Program and Future CommitmentsThe dialogue covered an update on the company's shareholder return program, noting full utilization of authorized purchases in 2025, additional repurchases in Q4, and a commitment to long-term value through sustainable growth and capital return. The call concluded with invitations for further engagement on future earnings calls.
要点回答
Q：What were the core financial results for the OTA business in 2025?
A：The core OTA business recorded gross bookings of approximately RMB 1.1 trillion, with accommodation and air contributing RMB 208 billion and RMB 550 billion respectively. Group net revenue totaled RMB 62.4 billion, including RMB 26.1 billion from accommodation reservation and related revenue and RMB 14.3 billion from air ticket reservation and related revenue.
Q：How did the company contribute to the inbound travel market in 2025?
A：The company contributed to the inbound travel market by serving approximately 20 million inbound travelers, connecting them to about 150,000 hotels across the platform, with over 63,000 of these hotels serving inbound travelers for the first time. It also launched customized inbound tours, which were over 90% classified as high quality, and expanded the number of attractions to 40% newly opened to inbound travelers.
Q：What measures were taken to improve the in-destination experience for international travelers?
A：To improve the in-destination experience, the company launched one-stop inbound service counters at major airports, introduced Comply layover tour programs, and offered an immersive dining experience named 'Taste of China.' Additionally, it expanded multilingual, self-service facilities at 241 attractions nationwide, supporting 16 languages to reduce access barriers for foreign visitors.
Q：What investments were made to support the inbound travel sector?
A：The company invested over RMB 1 billion to support the inbound travel sector, which included strengthening the platform, collaborating with global influencers to showcase China as a destination, providing free layover tools for international travelers, and other initiatives that connect international demand with local supply.
Q：How was the company's international presence and performance in 2025?
A：The company's international presence and performance were enhanced by consistent service standards, one-stop platform capabilities, and technology innovation, leading to a 60% year-over-year increase in gross bookings on the international OTA platform. This progress was recognized with awards such as the 'Best Online Travel Agency in Asia' at the Travel Weekly Asia Readers Choice Awards and the 'Brand of the Year' in Korea.
Q：What were the key trends and strategies for outbound travel?
A：Key strategies for outbound travel included enhancing coordination and service readiness for travelers, aligning service standards, and improving on-the-ground support. Despite volatility in certain markets, the demand remained robust and grew steadily, with a focus on flexibility and alternative destination choices.
Q：What impact did domestic travel have in 2025 and how did the company respond?
A：Domestic travel demand in 2025 was steady, reflecting consumer needs for service quality and reliability. The company responded by strengthening one-stop platform capabilities and service standards, with a growing preference for flexible private tours or standardized package products. The private tours business grew by over 20%, and partner travel agencies leveraged the platform to offer customized private tours, creating RMB 11 billion in transaction value.
Q：How did the company support corporate travel and what were the results?
A：The company served over 28,000 Chinese enterprises for their overseas travel needs, including 20,000 small and medium-sized enterprises. It provided integrated platform solutions for booking, expense management, and risk control, supporting 404,000 globally mobile Chinese professionals. This helped optimize costs, strengthen compliance, and enhance traveler safety, resulting in a reinforced role in supporting economic globalization.
Q：What initiatives were undertaken to cater to the needs of the silver generation?
A：To cater to the needs of the silver generation, the company introduced more experience-oriented and service-led products, such as themed travel products around culture, leisure, and wellness. It broadened service touchpoints with the launch of its first offline Flash store in Shanghai. The company also aimed to lower barriers to travel planning for senior users by combining traditional search with AI-powered conversational tools.
Q：How did entertainment influence travel demand and what was the strategy to integrate entertainment and travel?
A：Entertainment influenced travel demand by becoming a key catalyst, shaping user behavior, and driving travel occasions. The company's 'entertainment plus travel' strategy integrated tickets, accommodation, transportation, and local attractions into one-stop packages. This approach delivered triple-digit growth in entertainment-related travel, extending the length of stay and creating opportunities for partners in lodging, transportation, and destination services.
Q：What social responsibility efforts did the company undertake to support sustainable growth?
A：The company's social responsibility efforts focused on four areas: supporting differentiated and inclusive destination development, recognizing standout destination projects, expanding its country retreat program, and working with tourism boards and local partners to stimulate local business and employment. Through initiatives like the Tourism Innovation Contribution Awards, the company recognized and supported projects that built distinctive attractions and promoted sustainable growth.
Q：What are the company's efforts to enhance service quality and sustainable growth?
A：The company has enhanced service quality for customized and experiential travel by scaling its tour guide driver platform with standardized onboarding, training, and certification. They have also invested approximately RMB 2.9 billion in 2025 to improve the overall travel experience, including customer protection and service enhancements.
Q：How is sustainability integrated into the company's initiatives?
A：Sustainability is embedded into the company's ecosystem initiatives by expanding sustainable travel options across hotels, transportation, and corporate travel products that meet higher environmental standards. Many country retreats adopt renewable energy solutions and serve as models for local partner communities.
Q：What workplace policies does the company have to support its employees?
A：The company supports families and work-life balance with policies such as childbirth subsidies, additional childcare leave, and flexible work arrangements. Over 50% of employees are female, and the company has adopted a hybrid work model for many functions. The company also offers work from home options during Chinese New Year.
Q：How does the company empower partners across the travel value chain?
A：The company connects travel brands and suppliers with content creators to generate authentic storytelling, resulting in commercial collaborations that have grown by nearly 80% month over month. AI-enabled tools support small and medium-sized businesses with multilingual content generation, intelligent customer service, and smarter distribution.
Q：What is the company's position following the regulatory investigation notice?
A：The company is fully cooperating with the authorities regarding the regulatory investigation initiated by the State Administration for Market Regulation. Regulatory compliance remains a core priority for the company, which continues to serve users and partners and execute on its long-term strategy.
Q：What financial performance results were reported for the fourth quarter and full year 2025?
A：For the fourth quarter of 2025, the company reported net revenue of RMB 15.4 billion, a 21% increase from the same period last year. The core OTA business achieved gross bookings of RMB 1.1 trillion, with net revenue of RMB 62.4 billion, a 17% increase year over year. Income from operations was RMB 15.8 billion, and net income attributable to trip.com group limited was RMB 13.4 billion.
Q：What are the revenue growth details across different segments for the fourth quarter and full year 2025?
A：Revenue growth for the fourth quarter included accommodation reservation revenue of RMB 6.3 billion (21% year over year), transportation ticketing revenue of RMB 5.4 billion (12% year over year), and package tour revenue of RMB 1.1 billion (21% year over year). For the full year 2025, accommodation reservation revenue was RMB 26.1 billion (21% increase), transportation ticketing revenue was RMB 22.5 billion (11% increase), and package tour revenue was RMB 4.7 billion (8% increase). Corporate travel revenue grew 15% year over year to RMB 808 million and 13% to RMB 2.8 billion for the full year.
Q：What are the three priorities for the speaker's company?
A：The three priorities for the speaker's company are driving inbound tourism, deepening social responsibility initiatives, and accelerating AI innovations.
Q：How does the company view the rise of generative AI in relation to its strategy?
A：The company views the rapid advancement of generative AI as a catalyst that validates and accelerates their long-term strategy, seeing the rise of AI agents as one of the most significant technological shifts in years.
Q：What are the three pillars of the core OTA model and how do AI agents fit into it?
A：The three pillars of the core OTA model are action, and service. AI agents fit into this model by reinforcing the critical importance of the transactional and service layers which are central to the business.
Q：In what ways does the company plan to leverage AI to maintain its value position in the travel industry?
A：The company plans to leverage AI by focusing on difficult-to-replicate areas such as big data and vertical AI, strong supply chain, and end-to-end service and trust. They are investing in advancing their native AI agent to provide sophisticated genetic search and booking capabilities.
Q：What guidance can be provided regarding future growth trajectory for the travel market mentioned in the presentation?
A：The company believes that inbound travel to China is at the start of a significant and sustainable growth cycle. Currently, inbound tourism contributes about 0.5% of China's GDP, which is expected to grow to at least 5 to 10 times the current levels.
Q：What unique strengths does the company believe will allow it to capture the opportunity in the travel market?
A：The company's unique strengths lie in the synergy between deep local expertise and growing global presence. They have decades of experience in building an ecosystem attuned to the needs of the Chinese market, and a global international presence that connects domestic suppliers with global requirements.
Q：What strategies has the company employed to drive growth in the travel market?
A：To drive growth, the company has promoted the Super brand, run integrated marketing campaigns, empowered local partners for global readiness, invested in technology infrastructure, and enhanced the traveler experience with global customer service and localized offerings.
Q：What results have been achieved through the company's efforts in the travel market?
A：The company has served over 20 million inbound tourists with close to 100% year-over-year growth, with more than 40 cities on the platform seeing high inbound contribution. They have also helped over 30,000 travel agents and 20,000 private guides create employment opportunities.
Q：Could the speaker share insights about the booking trend during the Chinese New Year and recent consumer sentiments?
A：The 2026 Chinese New Year, being the longest in recent years with an additional day, stimulated travel demand and supported strong overall performance, although specific booking trends and consumer sentiments are not detailed in the provided text.
Q：What factors drive the growth in the travel segment, and how does the company plan to support business travel demand?
A：The growth in the travel segment is primarily driven by the strong desire for leisure travel worldwide, with average spending per user remaining stable. Business travel remains robust and is being supported by the company through comprehensive corporate travel solutions, which has contributed to the rapid growth of the 'trip.com' brand.
Q：What is the impact of the globalization strategy on the company's international OTA platform?
A：The globalization strategy has continued to yield strong results, with the international OTA platform achieving significant year-over-year growth. This platform is focused on expanding into key APAC markets and is contributing to about 40% of total revenue and bookings, up from around 35% in the previous year.
Q：How does the company maintain its competitive edge in the domestic travel market?
A：The company's competitive advantage is maintained by focusing on high-level services, offering 24/7 global customer service and addressing customer needs effectively. A comprehensive product range, including flights, hotels, vacation packages, and rental cars, is also provided. Additionally, the company boasts a global coverage with strong service capabilities and inventory worldwide, ensuring customer peace of mind both domestically and while traveling abroad.
Q：What are the operational highlights and outlook for the 2026?
A：For 2026, the company anticipates growth in its international OTA platform to increase by around 58% year over year. APAC remains a primary region of focus, with strong booking trends from the Middle East and other regions. The company expects to improve profitability of the international OTA business, especially in the APAC region, through ongoing improvements in business scale, product innovation, and brand, and by continuing to invest in sustainable growth.
Q：How is the company planning to extend its reach in the Asia Pacific region?
A：The company plans to focus on extending its reach in the APAC markets, localizing its assets, and deepening brand recognition among local customers. It is implementing market-specific strategies to align products and services with local travel needs, improving competitiveness, and mobile working experiences. Significant active user growth was reported in major APAC markets in Q4 2025, and the company is prioritizing the region with ongoing improvements in online penetration and travel sentiment.
Q：What is the update on the shareholder return program?
A：In 2025, the company fully utilized the authorized share purchases for that quarter and had a 2025 repurchase plan, with an additional repurchase in the fourth quarter. Going forward, the company remains committed to delivering long-term shareholder value through sustainable business growth and disciplined execution of the capital return program.
Trip.com Group Ltd.
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