Q4 2025 Trip.com Group Ltd Earnings Call Transcript
Key Points
- Trip.com Group Ltd (TCOM) reported a net revenue of RMB15.4 billion for Q4 2025, representing a 21% increase from the same period last year.
- The company's international OTA platform achieved approximately 60% year-over-year growth, driven by strong performance in the APAC region.
- Trip.com Group Ltd (TCOM) served approximately 20 million inbound travelers in 2025, reflecting a significant growth opportunity in inbound tourism.
- The company launched a USD100 million tourism innovation fund to support commercial innovation across the travel ecosystem.
- Trip.com Group Ltd (TCOM) continues to invest in AI and technology to enhance partner efficiency and improve user experiences.
- Trip.com Group Ltd (TCOM) is under investigation by the state administration for market regulation, which could impact its business operations.
- Adjusted sales and marketing expenses increased by 30% year over year, indicating higher costs associated with international expansion.
- The company faces intensifying competition in the domestic travel market, which could affect its market share.
- Despite strong growth, the company's adjusted product development and G&A expenses increased by 14% year over year.
- The regulatory investigation and potential compliance issues could pose risks to Trip.com Group Ltd (TCOM)'s long-term strategy.
Good day, and thank you for standing by, and welcome to Trip.com group fourth quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your first speaker today, Michelle Qi, Senior IR Director. Please go ahead.
Thank you, Ana. Thank you, everyone. Good morning, and welcome to Trip.com Group's fourth quarter of 2025 earnings conference call. Joining me today on the call are Mr. James Liang, Executive Chairman of the Board; Ms.
Jane Sun, Chief Executive Officer; and Ms. Wang, Chief Financial Officer. During this call, we will discuss our future outlook and performance, which are forward-looking statements made under the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties.
As such, our results may be materially different from the views expressed today. . A number of potential risks and
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