Tongcheng Travel Holdings Limited

Good day and thank you for standing by. Welcome to Tongcheng Travel 2026 First Quarter Results Announcement. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you need to press star 1 and 1 on the telephone. You will then hear an automatic message advising your hand is raised. Please be advised that today's conference is being recorded. I would now like to hand the call over to your first speaker today. It's Kylie Yeung, Investor Relations Director of the company. Please go ahead.

Thank you. Good morning and good evening, everyone. Welcome to Cochrane Capital's 2026 First Quarter Results Conference Hall. I'm Kylie Yeung, Investor Relations Director of the company. Joining us today on the conference call are our co-chairman of the board, Executive Director and CEO, Mr. Hock Ma, our CFO, Mr. Julian Tsang, our Chief Capital Officer and President of Wonder Hotels and Resorts, Ms. Joyce Lee. For today's call, our management team will provide a review of the company's performance in the first quarter. Hock will brief us on the company's strategies. Joyce will discuss our business and operational highlights. and then Julia will address the details of financial performance accordingly. We'll take your questions during the Q&A session 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 that involve vain or unknown risk, uncertainties, and other factors which may cause the company's actual results performance, or achievement 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 prepared in accordance with IFRS. For a detailed discussion of non-IFRS measures, please refer to our disclosure document in the IR section of our websites. Now let me introduce our chairman, Hope. Hope will be presenting in Mandarin, and our colleague will provide the English translation afterwards.

Hope, please go ahead. 谢谢凯莉,欢迎各位参加我们2026年第一季度业绩发布会。 但在2026年的起点,中国旅游行业延续了良好的增长势头。 需求结构的深深转型与政策活力的落地,共同驱动了行业增长。 The tourism industry has shown its resilience and vitality in the past few years, and has also established a solid foundation for our year-round strategic advancement. In the first quarter, tourism consumption needs to be continuously released, and the industry is growing stably in structural development. Individualization and scenic travel have gradually become mainstream trends. The New Year's Eve is willing to give a concert, a gourmet experience, and a special period of travel, in order to drive tourism from a life of choice to a state of emergency. This generation of consumers' preferences are continuing to repeat the product form and value chain of the entire industry. At the same time, the Chinese government continues to strengthen its support for the tourism industry. This year, the government's Google report clearly proposes a place with conditions to launch a spring and autumn holiday. In the end, several provinces quickly followed suit. This time, the tourism travel policy is a landmark signal from the local exploration to the national policy direction. What does it mean? The new holiday season will rebuild the configuration of the national time and gradually break the traditional boundaries of the tourism period. Effectively release the cost of tourism and input new growth forces for the industry. In this context, we are close to the strategic landing of the company, actively grasping the growth opportunity brought by the upgrade of the market structure. The income and profit of a group of companies will achieve steady growth, and the annual cost will rise again. We continue to deepen the domestic market, deepen user insight, and further strengthen the market position of domestic business. At the same time, we accelerate the promotion of internationalization, continue to enrich and promote products and services, and continue to increase the share of the market. In addition, our hotel management business maintains a rapidly expanding rhythm. The hotel network size and income are rapidly growing. We are full of confidence in the development prospects of our business. It will gradually become an important pillar of future investment and profit growth for the company's overall performance, providing more long-term development support and certainty. Looking forward to the future, we are strategic and firm, and the direction is clear. We will continue to focus on user value, and will continue to use OTA main business as the core to grasp the growth opportunity brought about by the structural prosperity of the industry. Use the wine industry as the second growth engine to drive long-term development. Thank you, Kylie, and welcome to our first quarter earnings call.