A：Trip.com group aims to unlock the full potential of inbound travel as a key engine for local economies by serving 200 million inbound travelers over the next five years. The strategy includes turning inbound travel into on-the-ground opportunities for local partners, raising awareness of China as an accessible and attractive destination, and collaborating with hotels, attractions, and travel agencies to enhance their readiness for inbound demand.

A：Trip.com group is connecting the ecosystem to help partners understand international traveler expectations and translate that knowledge into products and services capturing incremental demand. It is raising awareness through targeted marketing initiatives and collaborations, and is working closely with over 110,000 local partners in inbound-related services to expand their reach and enable participation in the inbound market.

A：AI is a key component of trip.com group's strategy, enhancing the traveler experience and helping suppliers overcome challenges. The company is building and deploying its own AI agents to support travelers and supply partners, enabling them to generate richer materials, overcome language barriers, and improve service responsiveness. AI is also transforming how travel products are discovered, evaluated, and purchased, with the goal of becoming a trusted infrastructure for AI agents.

A：For the first quarter of 2026, the core OTA business recorded gross bookings of approximately RMB 300 billion, with net revenue totaling RMB 16.2 billion. Inbound travel showed strong growth with a year-on-year increase of about 90% in gross bookings, and the average stay length for inbound visitors increased by 11% year on year. The company is helping destinations present their products in over 20 languages to international travelers.

A：The travel industry is evolving with increasing accessibility, connectivity, and service capabilities, focusing on improving benefits for destinations, partners, and travelers. Trip.com group remains focused on helping the travel ecosystem thrive, improving the traveler experience, and supporting the growth of global travel demand.

A：Global travel demand remained resilient, especially in the APAC region, where cross-border travel activity continued to grow steadily. Gross bookings on the company's international OTA platform increased by approximately 60% to 250% year over year, reflecting the expansion of global travel demand and the strength of the company's international platform capability.

A：As traveler behavior evolves, there is an increasing demand for integrated mobility experiences beyond flights and hotels. Trip.com group is leveraging its transportation expertise to broaden its offerings across various services, including airport, express airport transfers, bus services, and other connected mobility solutions, to capture this opportunity and provide a seamless booking and travel experience.

A：Key domestic travel trends during the quarter included strong seasonal demand, especially around the Spring Festival holiday period, which fostered opportunities for family and multigenerational travel. Local cultural and tourism vouchers supported consumption across multiple regions, and short-distance travel maintained strong momentum.

A：The silver generation initiative gained traction with a year-over-year increase of over 100% in hotel growth bookings for the Old Friends Club. To serve this segment, the company combined offline and digital capabilities, offering dedicated travel services through flagship stores and AI-powered conversational tools to make travel planning more accessible.

A：Entertainment-driven travel is emerging as a dynamic growth opportunity within the travel industry, with a 74% year-over-year increase in gross bookings in Q1 2026. Major global events, such as sports, concerts, and cultural festivals, are driving travel activity and stimulating the local economy.

A：Travel companies face challenges in distribution, service standardization, and technology adoption due to the growing international, digital, and experiential nature of travel. Platforms like trip.com can help modernize the travel ecosystem and facilitate participation in global travel demand.

A：Trip.com's mission extends to empowering partners, strengthening industry capabilities, and building a connected, efficient, and globally accessible travel ecosystem.

A：The three key focus areas for the quarter included strengthening global demand connectivity across the travel value chain, upgrading travel infrastructure and service capabilities throughout the traveler journey, and driving product innovation to meet the shift toward higher quality and personalized consumption.

A：The company is driving product innovation by transforming traditional large group tours into smaller, more customized offerings and supporting the creation of new economic activity and employment opportunities across the broader travel ecosystem.

A：The company supports broader consumption and cultural development initiatives by deploying government, cultural, and travel subsidies, organizing events that integrate culture and performance with travel experiences, and promoting intangible cultural heritage tourism and rural travel initiatives.

A：The year-over-year increase in adjusted product development expenses was mainly due to heightened marketing efforts aligned with business expansion. The adjusted sales and marketing expenses for the first quarter increased by 24%, with the year-over-year rise also driven by these heightened marketing efforts.

A：The anticipated net revenue growth for the second quarter is approximately 3% to 8% year over year. The outlook reflects two primary factors: rising energy prices and geopolitical tensions leading to higher airfares and disruptions on certain international routes, particularly long haul travel, resulting in a moderation in air travel demand; and the guidance incorporating the impact of upgrading operational practices to meet updated industry standards and compliance frameworks.

A：The company's AI strategy is designed to leverage its competitive advantages in travel by focusing on two pillars. Firstly, it is strengthening its own AI capabilities, such as integrating its core search function with an AI assistant for natural language and voice-based search to simplify decision-making and reduce friction across the customer journey. Secondly, it is connecting into broader AI ecosystems through APIs and agent frameworks, exploring collaborations with leading platforms globally for integrated travel planning and fulfillment within next-generation AI experiences.

A：To attract 200 million inbound travelers over the next five years, the company has implemented several strategies and initiatives. These include welcoming more than 1,000 travel influencers to create content and share experiences on social media, offering multilingual support (over 30 languages) through the call center, connecting with more than 110,000 suppliers with 14,000 being first-time suppliers, offering one-stop transport services, and hosting about 10 million visitors the previous year with a commitment to enhance these numbers. The company aims to continue this effort to meet the target of 200 million customers.

A：The company characterizes the competitive landscape in the China OTA market as evolving, with competition centered on service quality, supply coverage, and user experience rather than aggressive pricing. Regulatory developments focus on platform governance, transparent pricing, and fair competition, which the company supports and has actively strengthened its compliance and operational discipline in response. While this has caused some short-term pressure, the company views this as ordinary.

A：The core strengths for the platform in the complex and service-intensive travel transaction include supply, integration, fulfillment, reliability, and after-sales service.

A：The company is fully cooperating with relevant authorities, maintaining constructive communication, proactively reviewing and refining business practices to strengthen internal compliance, and focusing on continuous enhancement of operational capabilities to align with evolving industry standards and compliance frameworks.

A：The potential financial impact on train ticketing practices is closely linked to monetization and may create some near-term headwinds, which are already reflected in the current expectations and partially incorporated into the Q2 outlook.

A：Visibility is limited for the remainder of the year due to the short booking window, and the company maintains a prudent outlook with current dynamics expected to persist, including periodic fluctuations across specific markets and travel segments.

A：The key operational highlights of the company's international business include strong growth in gross bookings for the international OTA platform, robust demand across key sales markets, reaching a new record high in mobile bookings, improving product capabilities, localized offerings, enhanced service quality, and continued focus on sustainable growth and resilience in the face of macroeconomic volatility.

A：For the remainder of the year, the company remains optimistic about the longer-term opportunity in the global travel space and plans to further expand across APAC, enhance user experience through AI and product innovation, continue strengthening service infrastructure, and maintain a disciplined, ROI-driven approach in other international markets.