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Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) is a leading global travel service provider that operates a one-stop travel platform offering a wide range of travel products and services. The company connects users with ecosystem partners across sectors such as accommodation, transportation, and tours, leveraging advanced AI capabilities and over two decades of travel insights. Through its portfolio of brands, including Ctrip, Qunar, Trip.com, and Skyscanner, the company caters to both leisure and business travelers worldwide.
- Transportation Ticketing - Facilitates ticket reservations for flights, trains, and other transportation services, earning commissions on ticketing reservations.
- Accommodation Reservation - Provides a platform for booking hotels and other accommodations globally.
- Packaged Tours - Offers packaged-tour products and services, earning referral fees from travel product providers.
- Corporate Travel Management - Includes air ticket booking, hotel reservations, and packaged-tour services tailored for corporate clients.
- Other Businesses - Includes online advertising services and financial services, such as platform service fees from third-party financial institutions and interest income from user receivables.
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Trip.com was previously active in M&A but now focuses on organic growth; can you elaborate on the reasons behind this strategic shift and how you plan to drive growth without acquisitions?
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With increased competition in the Asian markets, what specific challenges do you face in differentiating Trip.com's one-stop travel services from local and global peers, and how are you addressing them?
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Inbound travel to China now contributes over 25% to Trip.com's business; what strategies are you implementing to sustain this growth, and how do you plan to overcome challenges like visa, payment, and internet access for foreign visitors?
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Despite strong travel demand, domestic hotel ADRs and average airfares have decreased year-over-year; how is this pricing pressure impacting your margins, and what measures are you taking to mitigate this?
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As you invest in AI to enhance user experience and with marketing expenses expected to increase, how do you plan to balance these investments with maintaining strong profit margins in the upcoming quarters?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Trip.com Group Limited (Multiple companies) | 2024 | No material acquisition took place as the acquisitions during the three‐month period ended March 31, 2024, had a total consideration of nil and did not result in goodwill or intangible assets; consequently, no pro forma operational results were provided. |
Recent developments and announcements about TCOM.
Earnings
New Earnings (Q4 2024)
·Mar 7, 2025, 1:22 AMView full earnings summary →Trip.com reported strong Q4: outbound bookings +20% YOY, inbound triple-digit growth, and a record FY24 operating margin. Management authorized a $400M buyback + $200M dividend for 2025, doubling last year’s capital return. Global demand and AI investments signal sustained momentum.