TRIP.COM-S：ANNOUNCEMENTOFTHEFIRSTQUARTEROF2025RESULTS.pdf

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1、1Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited(the“Hong Kong Stock Exchange”)take no responsibility for the contents of this announcement,make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss hows

2、oever arising from or in reliance upon the whole or any part of the contents of this announcement.T Group Limited攜程集團有限公司(incorporated in the Cayman Islands with limited liability)(Stock Code:9961)ANNOUNCEMENT OF THEFIRST QUARTER OF 2025 RESULTST Group Limited hereby announces its first quarter of 2

3、025 results(the“2025 Q1 Results Announcement”).The 2025 Q1 Results Announcement is available for viewing on the website of the Hong Kong Stock Exchange at www.hkexnews.hk and our website at .By order of the BoardT Group LimitedJames Jianzhang LiangExecutive Chairman of the BoardSingapore,May 20,2025

4、As of the date of this announcement,the board of directors of the Company comprises Mr.James Jianzhang Liang,Mr.Min Fan,Ms.Jane Jie Sun and Mr.Rong Luo as directors,and Mr.Neil Nanpeng Shen,Mr.Qi Ji,Mr.Gabriel Li and Mr.JP Gan as independent directors.2T Group Limited Reports Unaudited First Quarter

5、 of 2025 Financial ResultsSINGAPORE,May 19,2025 T Group Limited(Nasdaq:TCOM;HKEX:9961)(“T Group”or the“Company”),a leading global one-stop travel service provider of accommodation reservation,transportation ticketing,packaged tours,and corporate travel management,today announced its unaudited financ

6、ial results for the first quarter of 2025.Key Highlights for the First Quarter of 2025 International businesses continued to demonstrate robust growth across all segments in the first quarter of 2025 Overall reservations on the Companys international OTA platform increased by over 60%year-over-year.

7、Inbound travel bookings surged by around 100%year-over-year.Outbound hotel and air ticket bookings have grown to more than 120%of the pre-COVID level for the same period in 2019.“The travel industry maintained strong momentum in the first quarter of 2025,supported by resilient consumer demand and fa

8、vorable travel policies,”said James Liang,Executive Chairman.“With our diversified market presence,we are well positioned to navigate global economic uncertainties and capture growth opportunities.”“We are pleased to see a strong start to 2025,”said Jane Sun,Chief Executive Officer.“As travel become

9、s an increasingly integral part of everyday life,we remain committed to meeting the evolving needs of travelers through innovative,localized,and customer-centric solutions.This positions us well to sustain growth momentum and deliver lasting value to our customers,partners,and shareholders.”First Qu

10、arter of 2025 Financial Results and Business UpdatesFor the first quarter of 2025,T Group reported net revenue of RMB13.8 billion(US$1.9 billion),representing a 16%increase from the same period in 2024,primarily driven by stronger travel demand.Net revenue for the first quarter of 2025 increased by

11、9%from the previous quarter,primarily due to seasonality.Accommodation reservation revenue for the first quarter of 2025 was RMB5.5 billion(US$764 million),representing a 23%increase from the same period in 2024,primarily driven by an increase in accommodation reservations.Accommodation reservation

12、revenue for the first quarter of 2025 increased by 7%from the previous quarter,primarily due to seasonality.3Transportation ticketing revenue for the first quarter of 2025 was RMB5.4 billion(US$747 million),representing an 8%increase from the same period in 2024,primarily driven by an increase in tr

13、ansportation reservations.Transportation ticketing revenue for the first quarter of 2025 increased by 13%from the previous quarter,primarily due to seasonality.Packaged-tour revenue for the first quarter of 2025 was RMB947 million(US$131 million),representing a 7%increase from the same period in 202

14、4,primarily driven by an increase in packaged-tour reservations.Packaged-tour revenue for the first quarter of 2025 increased by 9%from the previous quarter,primarily due to seasonality.Corporate travel revenue for the first quarter of 2025 was RMB573 million(US$79 million),representing a 12%increas

15、e from the same period in 2024,primarily driven by an increase in corporate travel reservations.Corporate travel revenue for the first quarter of 2025 decreased by 18%from the previous quarter,primarily due to seasonality.Cost of revenue for the first quarter of 2025 increased by 21%to RMB2.7 billio

16、n(US$373 million)from the same period in 2024 and increased by 2%from the previous quarter,which was generally in line with the fluctuations in net revenue from the respective periods.Cost of revenue as a percentage of net revenue was 20%for the first quarter of 2025.Product development expenses for

17、 the first quarter of 2025 increased by 13%to RMB3.5 billion(US$486 million)from the same period in 2024 and increased by 4%from the previous quarter,primarily due to the increase in product development personnel related expenses.Product development expenses as a percentage of net revenue were 25%fo

18、r the first quarter of 2025.Sales and marketing expenses for the first quarter of 2025 increased by 30%to RMB3.0 billion(US$413 million)from the same period in 2024 and decreased by 11%from the previous quarter,primarily due to the fluctuations in expenses relating to sales and marketing promotion a

19、ctivities.Sales and marketing expenses as a percentage of net revenue were 22%for the first quarter of 2025.General and administrative expenses for the first quarter of 2025 increased by 11%to RMB1.0 billion(US$143 million)from the same period in 2024,primarily due to an increase in general and admi

20、nistrative personnel related expenses.General and administrative expenses for the first quarter of 2025 was flat compared to the previous quarter.General and administrative expenses as a percentage of net revenue were 8%for the first quarter of 2025.Income tax expense for the first quarter of 2025 w

21、as RMB638 million(US$88 million),compared to RMB664 million for the same period in 2024 and RMB526 million for the previous quarter.The change in T Groups effective tax rate was primarily due to the combined impacts of changes in respective profitability of its subsidiaries with different tax rates,

22、changes in deferred tax liabilities relating to withholding tax,certain non-taxable income or loss resulting from the fair 4value changes in equity securities investments and exchangeable senior notes recorded in other income/(expense),and changes in valuation allowance provided for deferred tax ass

23、ets.Net income for the first quarter of 2025 was RMB4.3 billion(US$596 million),compared to RMB4.3 billion for the same period in 2024 and RMB2.2 billion for the previous quarter.Adjusted EBITDA for the first quarter of 2025 was RMB4.2 billion(US$586 million),compared to RMB4.0 billion for the same

24、period in 2024 and RMB3.0 billion for the previous quarter.Net income attributable to T Groups shareholders for the first quarter of 2025 was RMB4.3 billion(US$591 million),compared to RMB4.3 billion for the same period in 2024 and RMB2.2 billion for the previous quarter.Excluding share-based compen

25、sation charges,fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense),and their tax effects,non-GAAP net income attributable to T Groups shareholders for the first quarter of 2025 was RMB4.2 billion(US$579 million),compared to RMB4.1 bill

26、ion for the same period in 2024 and RMB3.0 billion for the previous quarter.Diluted earnings per ordinary share and per ADS was RMB6.09(US$0.84)for the first quarter of 2025.Excluding share-based compensation charges,fair value changes of equity securities investments and exchangeable senior notes r

27、ecorded in other income/(expense),and their tax effects,non-GAAP diluted earnings per ordinary share and per ADS was RMB5.96(US$0.82)for the first quarter of 2025.Each ADS currently represents one ordinary share of the Company.As of March 31,2025,the balance of cash and cash equivalents,restricted c

28、ash,short-term investment,and held to maturity time deposit and financial products was RMB92.9 billion(US$12.8 billion).Recent DevelopmentAs part of the Companys ongoing commitment to delivering value to its shareholders and ADS holders and in line with its regular capital return policy,as of May 16

29、,2025,U.S.Eastern Time,the Company had repurchased 1.6 million ADSs in aggregate with a total gross consideration of US$84 million pursuant to its existing share repurchase plan.Conference CallT Groups management team will host a conference call at 8:00 PM on May 19,2025,U.S.Eastern Time(or 8:00 AM

30、on May 20,2025,Hong Kong Time)following this announcement.5The conference call will be available live on Webcast and for replay at:https:/.The call will be archived for twelve months on our website.All participants must pre-register to join this conference call using the Participant Registration lin

31、k below:https:/register-conf.media- registration,each participant will receive details for this conference call,including dial-in numbers and a unique access PIN.To join the conference,please dial the number provided,enter your PIN,and you will join the conference instantly.Safe Harbor StatementThis

32、 announcement contains forward-looking statements.These statements are made under the“safe harbor”provisions of the U.S.Private Securities Litigation Reform Act of 1995.These forward-looking statements can be identified by terminology such as“may,”“will,”“expect,”“anticipate,”“future,”“intend,”“plan

33、,”“believe,”“estimate,”“is/are likely to,”“confident,”or other similar statements.Among other things,quotations from management in this press release,as well as T Groups strategic and operational plans,contain forward-looking statements.Forward-looking statements involve inherent risks and uncertain

34、ties.A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement.Potential risks and uncertainties include,but are not limited to,severe or prolonged downturn in the global or Chinese economy,general declines or disruptions in t

35、he travel industry,volatility in the trading price of T Groups ADSs or shares,T Groups reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances,failure to compete against new and existing competitors,failure to successfully manage current growth and po

36、tential future growth,risks associated with any strategic investments or acquisitions,seasonality in the travel industry in the relevant jurisdictions where T Group operates,failure to successfully develop T Groups existing or future business lines,damage to or failure of T Groups infrastructure and

37、 technology,loss of services of T Groups key executives,adverse changes in economic and business conditions in the relevant jurisdictions where T Group operates,any regulatory developments in laws,regulations,rules,policies or guidelines applicable to T Group and other risks outlined in T Groups fil

38、ings with the U.S.Securities and Exchange Commission or the Stock Exchange of Hong Kong Limited.All information provided in this press release and in the attachments is as of the date of the issuance,and T Group does not undertake any obligation to update any forward-looking statement,except as requ

39、ired under applicable law.About Non-GAAP Financial MeasuresTo supplement T Groups consolidated financial statements,which are prepared and presented in accordance with United States Generally Accepted Accounting Principles(“GAAP”),T Group uses non-GAAP financial information related to adjusted net i

40、ncome attributable 6to T Group Limited,adjusted EBITDA,adjusted EBITDA margin,and adjusted diluted earnings per ordinary share and per ADS,each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges that are not tax deductible,fair value changes of

41、equity securities investments and exchangeable senior notes recorded in other income/(expense),net of tax,and other applicable items.T Groups management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a

42、 better capability to plan and forecast future periods.Non-GAAP information is not prepared in accordance with GAAP,does not have a standardized meaning under GAAP,and may be different from non-GAAP methods of accounting and reporting used by other companies.The presentation of this additional infor

43、mation should not be considered a substitute for GAAP results.A limitation of using non-GAAP financial measures is that non-GAAP measures exclude share-based compensation charges,fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense),and

44、their tax effects that have been and will continue to be significant recurring expenses in T Groups business for the foreseeable future.Reconciliations of T Groups non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of

45、 this press release.About T Group LimitedT Group Limited(Nasdaq:TCOM;HKEX:9961)is a leading global one-stop travel platform,integrating a comprehensive suite of travel products and services and differentiated travel content.It is the go-to destination for many travelers in Asia,and increasingly for

46、travelers around the world,to explore travel,get inspired,make informed and cost-effective travel bookings,enjoy hassle-free on-the-go support,and share travel experience.Founded in 1999 and listed on Nasdaq in 2003 and HKEX in 2021,the Company currently operates under a portfolio of brands,includin

47、g Ctrip,Qunar,T,and Skyscanner,with the mission“to pursue the perfect trip for a better world.”For further information,please contact:Investor RelationsT Group LimitedTel:+86(21)3406-4880 X 12229Email:7T Group LimitedUnaudited Consolidated Balance Sheets(In millions,except share and per share data)D

48、ecember 31,2024March 31,2025March 31,2025RMB(million)RMB(million)USD(million)ASSETSCurrent assets:Cash,cash equivalents and restricted cash51,09356,3607,767Short-term investments28,47521,7392,996Accounts receivable,net12,45913,3571,841Prepayments and other current assets20,09320,8322,871 Total curre

49、nt assets112,120112,28815,475 Property,equipment and software5,0535,090701Intangible assets and land use rights12,84012,8091,765Right-of-use asset75572299Investments(Includes held to maturity time deposit and financial products of RMB10,453 million and RMB14,841 million as of December 31,2024 and Ma

50、rch 31,2025,respectively)47,19451,8257,142Goodwill60,91161,1468,426Other long-term assets45447065Deferred tax asset3,2543,412470 Total assets242,581247,76234,143 8December 31,2024March 31,2025March 31,2025RMB(million)RMB(million)USD(million)LIABILITIESCurrent liabilities:Short-term debt and current

51、portion of long-term debt19,43322,5773,111Accounts payable16,57816,9792,340Advances from customers18,02917,3612,392Other current liabilities19,97019,8602,737 Total current liabilities74,01076,77710,580 Deferred tax liability4,0983,494481Long-term debt20,13419,6562,709Long-term lease liability5615227

52、2Other long-term liabilities29632745 Total liabilities99,099100,77613,887 MEZZANINE EQUITY743833115SHAREHOLDERS EQUITYTotal T Group Limited shareholders equity141,807145,15320,003Non-controlling interests9321,000138Total shareholders equity142,739146,15320,141 Total liabilities,mezzanine equity and

53、shareholders equity242,581247,76234,143 9T Group LimitedUnaudited Consolidated Statements of Income(In millions,except share and per share data)Quarter endedQuarter endedQuarter endedQuarter endedMarch 31,2024December 31,2024March 31,2025March 31,2025RMB(million)RMB(million)RMB(million)USD(million)R

54、evenue:Accommodation reservation4,4965,1785,541764 Transportation ticketing5,0004,7805,418747 Packaged-tour883870947131 Corporate travel51170257379 Others1,0311,2381,371189 Total revenue11,92112,76813,8501,910Less:Sales tax and surcharges(16)(24)(20)(3)Net revenue11,90512,74413,8301,907 Cost of reve

55、nue(2,238)(2,640)(2,705)(373)Gross profit9,66710,10411,1251,534 Operating expenses:Product development*(3,109)(3,397)(3,525)(486)Sales and marketing*(2,312)(3,373)(2,999)(413)General and administrative*(931)(1,033)(1,038)(143)Total operating expenses(6,352)(7,803)(7,562)(1,042)Income from operations

56、3,3152,3013,563492 Interest income59251764088Interest expense(499)(323)(286)(39)Other income/(expense)759(137)1,137157 Income before income tax expense and equity in income/(loss)of affiliates4,1672,3585,054698 Income tax expense(664)(526)(638)(88)Equity in income/(loss)of affiliates822359(102)(14)1

57、0Quarter endedQuarter endedQuarter endedQuarter endedMarch 31,2024December 31,2024March 31,2025March 31,2025RMB(million)RMB(million)RMB(million)USD(million)Net income4,3252,1914,314596 Net income attributable to non-controlling interests and mezzanine classified non-controlling interests(13)(34)(37)

58、(5)Net income attributable to T Group Limited4,3122,1574,277591 Earnings per ordinary share Basic6.623.286.480.89 Diluted6.383.096.090.84Earnings per ADS Basic6.623.286.480.89 Diluted6.383.096.090.84Weighted average ordinary shares outstanding Basic651,349,707656,190,044660,203,576660,203,576 Dilute

59、d675,933,592698,171,269702,144,923702,144,923*Share-based compensation included in Operating expenses above is as follows:Product development21421922030Sales and marketing3840416General and administrative1982002193011T Group LimitedUnaudited Reconciliation of GAAP and Non-GAAP Results(In millions,ex

60、cept%,share and per share data)Quarter endedQuarter endedQuarter endedQuarter endedMarch 31,2024December 31,2024March 31,2025March 31,2025RMB(million)RMB(million)RMB(million)USD(million)Net income4,3252,1914,314596Less:Interest income(592)(517)(640)(88)Add:Interest expense49932328639Add:Other(income

61、)/expense(759)137(1,137)(157)Add:Income tax expense66452663888Less:Equity in(income)/loss of affiliates(822)(359)10214 Income from operations3,3152,3013,563492 Add:Share-based compensation45045948066Add:Depreciation and amortization20922020428Adjusted EBITDA3,9742,9804,247586 Adjusted EBITDA margin3

62、3%23%31%31%Net income attributable to T Group Limited4,3122,1574,277591Add:Share-based compensation45045948066Add:(Gain)/loss from fair value changes of equity securities investments and exchangeable senior notes(679)438(526)(72)Add:Tax effects on fair value changes of equity securities investments

63、and exchangeable senior notes(28)(16)(43)(6)Non-GAAP net income attributable to T Group Limited4,0553,0384,188579 Weighted average ordinary shares outstanding Diluted-non GAAP675,933,592698,171,269702,144,923702,144,923Non-GAAP Diluted income per share6.004.355.960.82Non-GAAP Diluted income per ADS6.004.355.960.82Notes for all the condensed consolidated financial schedules presented:Note 1:The conversion of Renminbi(RMB)into U.S.dollars(USD)is based on the certified exchange rate of USD1.00=RMB7.2567 on March 31,2025 published by the Federal Reserve Board.