Tongcheng Travel Holdings Limited

Good evening and good morning, everyone. Welcome to Tongchuan Travel's 2025 Third Quarter Results Conference Call. I'm Kylie Yeung, Investor Relations Director of the company. Joining us today on the conference call are our Executive Directors and CEO, Mr. Ho Ma, our CFO, Mr. Julian Vang, and our Chief Capital Officer, Ms. Joyce Nee. For today's call, our management team will provide a review of the company's performance in the third quarter. Hope will brief us on the company's strategies. Joyce will discuss our business and operational highlights. And then Julian will address the details of financial performance accordingly. We will take your questions during the Q&A section that follows. As always, our presentation contains forward-looking statements. Such statements are based on management's current expectations and current market operating conditions and relate to events at known or unknown risk. uncertainties and other factors which may cause the company's actual results, performance or achievements to differ from those in the forward-looking statements. This presentation also contains some unordered non-IFRS financial measures. They should be considered in addition to, but not as a substitute for measures of the company's financial performance paired in accordance with IFRS. For a detailed discussion of non-IFRS measures, please refer to our disclosure documents in the IR section of our website. Now, let me introduce our CEO, Hope. Hope will be presenting in Mandarin, and our colleague will provide the English translation afterwards. Hope, please go ahead.

Thank you, Kylie. Good evening, everyone. I would like to welcome you to our third quarter of the phone conference in 2025. In the third quarter of 2025, The growth potential of the Chinese tourism market continues to be released Tourism consumption structure is undergoing profound changes It is worth noting that the diversification and individualization of consumers is becoming more and more obvious The experience-based consumption such as the competitive economy, the concert economy, and so on is being underestimated Various new scenarios and new trends are constantly emerging New vitality has been added to the long-term development of the industry Under this trend, we quickly recognize the change in demand and actively promote product innovation. The year-over-the-year number of users in the third quarter has surpassed 250 million, which is a new record. This fully reflects our ability to quickly respond to the market and the continued improvement in brand influence. In terms of business layout, we not only horizontally expand the business boundary, but also maintain the growth of core OTA domestic business documents, and continuously enrich the supply of products that promote business, and meet the needs of consumers. We also focus on deepening the industrial chain layout, exploring potential growth opportunities, and laying a solid foundation for the company's long-term development. With the joint promotion of high-efficiency expansion strategies and outstanding execution capabilities, in the past quarter, the company's performance has rekindled, and overall development has reached new heights. In the past, the national gold state tourism industry has shown a good growth attitude, The consumer's passion for travel continues to be released, and it once again proves the growth and resilience of the Chinese tourism industry. As China's leading comprehensive tourism platform, in the future, we will continue to embrace technological changes, actively carry out product and service delivery, and strive to provide users with an advantageous, convenient and diverse travel experience. At the same time, we will also firmly execute core strategies, focus on the general market, strengthen the market position of domestic businesses, to promote and promote business expansion and explore new growth engines through industry chain layout. On October 16, 2025, we announced the official completion of the acquisition of Wanda Hotel Management Company, which will accelerate the expansion of our hotel management business and drive the company to further develop. In the future, we will continue to deepen the fusion of AI technology and supply chain resources, to continuously optimize the operational efficiency and user experience. We believe that with a clear strategic layout and efficient execution capabilities, the company can achieve long-term sustainable development and create greater value for those with interests. Next, I will hand over the microphone to Joyce. She will introduce you in detail about the business performance and operational highlights of the third quarter of 2025. Thank you and good evening, everyone.

Welcome to our 2025 Third Quarter Earnings Call. In the third quarter of 2025, China's travel market continued to unleash its growth potential, driven by profound changes in tourism consumption patterns and behaviors. Notably, we have observed a growing trend toward more diversified and personalized consumer demand. Experience-oriented consumption, including emerging segments such as event-driven economy and concert economy, has gained significant traction. The ongoing emergence of innovative service scenarios and business models has infused new momentum into the industry, fostering sustainable growth. Riding on this tailwind, we swiftly identified changing market demands and proactively drove product innovation to meet these evolving needs. Benefiting from these initiatives, our annual paying users in the third quarter reached a historic high and surpassed $250 million, which demonstrates our organizational agility to capture new opportunities and our continuously strengthening brand influence. Horizontally, we're expanding our business by proactively enriching outbound product and service offerings to cater to diversified user demand, while maintaining steady growth in our core domestic OTA business. Vertically, we're deepening our value chain integration through exploring potential growth opportunities to build a solid foundation for our long-term development. Driven by our effective expansion strategy and outstanding execution capabilities, we delivered robust results in the third quarter, marking a new milestone in our overall development. During the National Day holiday, the travel industry exhibited healthy growth momentum, supported by sustained travel enthusiasm, validating the resilience and growth potential of China's travel industry. As a leading travel platform in China, we will persistently embrace technological innovation to drive product and service upgrades, with a steadfast focus on delivering high-quality, convenient, and diversified travel experiences for our users. Concurrently, we remain committed to executing our core strategy. While maintaining focus on the mass market to consolidate our domestic leadership, we will continue to expand our airborne business and explore opportunities across the travel industry to seek new growth drivers. On October 16th, 2025, we successfully completed the acquisition of Wanda Hotel Management Company, which we believe will accelerate the growth trajectory of our hotel management business, contributing to the further expansion and strengthening of our company. Going forward, we will further promote integration of AI technologies in our supply chain resources to persistently enhance operational efficiency and user experience. We have strong conviction that our clear strategic roadmap and excellent operational capabilities will enable us to achieve long-term sustainable growth and generate more value for all stakeholders. Next, I will hand over the call to Joyce. She will share with you our business and operational highlights of the third quarter of 2025. Joyce, please go ahead.