Outbound Travel Growth

Q1 2025

“Continued robust growth expected” "

“No specific numerical guidance provided for Q1 2025” " " " " " " " " " "

not comparable

Hotel Prices and Supply

Q1 2025

“Hotel prices gradually approaching last year’s levels; supply up in mid– to high-single digits YoY” "

“No specific numerical guidance provided for Q1 2025” " " " " " " " " " "

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Travel Demand

Q1 2025

“Healthy travel demand observed” "

“No specific numerical guidance provided for Q1 2025” " " " " " " " " " "

not comparable

International Business Expansion

Q1 2025

“Overseas expansion prioritized” "

“No specific numerical guidance provided for Q1 2025” " " " " " " " " " "

not comparable

AI and Technology Investments

Q1 2025

“Investments in AI-driven solutions” "

“No specific numerical guidance provided for Q1 2025” " " " " " " " " " "

not comparable

Overall Guidance

Q2 2025

“No guidance provided for Q2 2025 in prior call”

“No specific numerical guidance provided” " " " " " " " " " "

no prior guidance

Inbound Travel Growth

Q2 2024 saw inbound bookings surge nearly 200% year-over-year with inbound travel contributing over 25% of international OTA revenue. " " Q4 2024 highlighted over 100% growth with visa-free policies and promotional initiatives boosting bookings. " "

In Q1 2025, inbound travel continues to grow strongly with approximately 100% YoY surge, supported by detailed policy support (e.g. 240‑hour visa-free transit) and enhanced service offerings. " " "

Consistent robust growth with further policy enhancements and strategic initiatives intensifying inbound performance.

Outbound Travel Growth

In Q2 2024, outbound travel recovered with international flight capacity around 75–80% of pre‑pandemic levels and robust packaged tour growth. " " " Q4 2024 mirrored this upbeat recovery, with outbound bookings surpassing 100% growth and capacity recovery during key holidays. " " "

Q1 2025 continues the recovery theme with improved cross-border flight recovery (83–84% of 2019 levels, forecast to exceed 90% by year‑end) and strong performance in outbound hotel and air bookings. " "

Stable recovery trajectory that builds upon previous robust performance while showing signs of further improvement.

International Expansion and Investment Trade-offs

Q2 2024 emphasized ample international opportunities in APAC and strategic investments, while Q4 2024 underlined expanding in key APAC markets and prioritizing overseas growth with technology and talent investments. " " " " " "

Q1 2025 further expands its global reach, highlighting over 60% YoY growth in bookings, new market entries such as the Middle East, and refined marketing investments (notably increasing direct app acquisition) alongside disciplined cost-management and share buybacks. " " " "

Continued aggressive international expansion with refined investment trade-offs and enhanced digital marketing strategies.

AI Integration and Technology Advancements

Q2 2024 detailed several AI-powered tools (Trip Best, Trip Trends, TripGenie, and digital humans) to drive user engagement and efficiency. " " " Q4 2024 highlighted AI tools (TripGenie, Trip.Best, etc.) with significant traffic and conversation growth, emphasizing a transformative technology strategy. " " "

Q1 2025 stressed deepening its AI integration, with TripGenie showing a 50% increase in user session duration, expanded AI chatbots handling over 80% of inquiries, and further personalization in travel recommendations. " "

Increasing integration and performance improvement in AI capabilities, continuously building on previous successes to drive efficiency and user engagement.

Capital Return Programs and Shareholder Value

Q2 2024 mentioned a long‑term focus on disciplined cost and cash management with shareholder returns via dividends or buybacks. " Q4 2024 provided concrete measures with a USD 400 million repurchase program and USD 200 million cash dividend, alongside a USD 300 million repurchase executed in 2024. " "

Q1 2025 revealed an expanded commitment with a USD 600 million total share repurchase authorization (with USD 85 million already repurchased) and reiterated both buybacks and dividend strategies to reinforce shareholder value. " "

Escalating commitment to shareholder returns with an increased scale of buyback activities reflecting strong financial positioning.

Competitive Pressures in Domestic and International Markets

In Q2 2024, while domestic competitive pressures were not explicitly detailed, international markets were discussed with an emphasis on mobile-first differentiation and product innovation. " " Q4 2024 primarily focused on international competition and leveraging global reach via advanced mobile technology. " "

Q1 2025 provided a more balanced view by emphasizing rationalized domestic competition driven by strong membership and loyalty programs (80% revenue from existing customers) alongside intensified marketing efforts in Asia to counter international competition. " " "

Enhanced focus on leveraging internal strengths (membership programs and mobile platforms) to counter competitive pressures both domestically and internationally.

Hotel Pricing, ADR, and Margin Management

Q2 2024 discussed pressured domestic hotel ADR due to increased supply and lower short‑term prices while expecting seasonal recovery, with margin performance influenced by shifting revenue mix. " " Q4 2024 noted that although hotel prices remained below last year’s levels, growing demand and normalized supply were anticipated to stabilize prices, with record-high operating margins achieved. " "

In Q1 2025, hotel ADR decreased by high single digits with signs of stabilization moving into Q2 2025; hotel availability increased by high single digits and demand in mid‑ to upper‑range segments grew strongly. " No direct margin figures were provided, but the stabilization outlook implies effective margin management.

Ongoing pricing pressures are softening with signs of stabilization and strategic efforts likely supporting improved margin management over time.

Macroeconomic and Geopolitical Risks

In Q2 and Q4 2024, there were no specific discussions regarding macroeconomic or geopolitical risks.

Q1 2025 introduced commentary on macroeconomic and geopolitical risks with management noting resilient travel demand and stable corporate travel budgets despite broader challenges. "

Emerging discussion – a new focus in Q1 2025 reflecting cautious awareness yet overall resilience in travel demand.

Mobile Platform Growth and Digital Optimization

Q2 2024 emphasized that over 65% of international OTA transactions came from mobile, with a mobile‑first strategy and integrated AI tools supporting digital engagement. " " " " Q4 2024 briefly mentioned leveraging advanced mobile technology to extend global reach. "

Q1 2025 highlighted strong mobile platform performance with approximately 70% of international bookings via native apps, alongside focused digital optimization driven by AI initiatives that improved user engagement and enhanced direct app user acquisition. " "

Increased focus on digital and mobile channels with strengthened app usage and integrated AI tools, further optimizing the customer experience.

Favorable Visa Policies Impact

In Q2 2024, favorable visa policies (mutual and unilateral visa-free agreements, 72‑144 hour transit policy) were credited with driving a nearly 200% YoY increase in inbound bookings. " " Q4 2024 also discussed how extended transit visas and eased visa applications significantly boosted both inbound and outbound travel. "

Q1 2025 reinforced the positive impact of favorable visa policies by detailing expanded visa‑free access (over 40 countries), the 240‑hour visa-free transit rule, and enhanced policies (e.g. VAT refund upon purchase) that boosted inbound travel and hotel bookings (up over 240% in key regions). " " "

Consistently positive impact with further enhancements in visa policies, underscoring their pivotal role in sustaining travel growth.