Trip.com Group Limited

Good day and thank you for standing by. Welcome to the TRIP.com Group 2024 Q1 Earnings Conference Call. 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 this session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising you your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to myself, Chi, Head of Investor Relations. Please go ahead.

Thank you. Thank you, everyone. Good morning. Welcome to CryptoCon's first quarter of 2024 earnings conference call. Joining me today on the call are Mr. James Lam, Executive Chairman of the Board, Ms. Jen Sung, Chief Executive Officer, and Ms. Cindy Wong, Chief Financial Officer. During this call, we will discuss our future outlook and performance, which are forward-looking statements made under the safe harbor provisions of the U.S. Private Security Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our results may be materially different from the views expressed today. A number of potential risks and uncertainties are outlined in CHIP.com Group's public filings with the Security and Exchange Commission. CHIP.com Group does not undertake any obligation to update any forward-looking statements, except as required under applicable law. James, Jen, and Cindy will share our strategy and business updates, operating highlights and financial performance for the first quarter of 2024, as well as the color for the second quarter of 2024. After the prepared remarks, we will have Q&A session. With that, I will turn the call over to James. James, please.

Thank you, Michelle, and thanks, everyone, for joining us on the call today. The Chinese travel market has experienced remarkable growth over the last year, and 2024 continues to be a strong year for travel. Positioned at the forefront of this thriving sector, Trip.com Group has achieved significant advancements across all business lines in this quarter. In 2024, outbound travel continues to be a pivotal force propelling the Chinese travel market forward. With international flight capacity roughly doubling compared to last year and the visa-free policies further facilitating trips in the APAC region, outbound travel is becoming increasingly appealing and accessible. Ultimately, outbound hotel and air ticket bookings on our platform fully recovered to 2019 levels during the major holiday periods, indicating a strong rebound in demand. In addition to outbound travel, the China domestic travel market continued to exhibit strong performance in the first quarter In response to growing interest of Chinese travelers in exploring their homeland, we are also catering to the increasing travel demands of silver generation. This demographic are known for their love of Alicia travel and the cultural experiences as well as their tendency to travel during up peak seasons represents a substantial growth opportunity within the domestic landscape. To address the unique travel preference, we have already introduced the Old Friends Club initiative, which is designed to empower this cohort to fulfill their travel aspirations. This initiative also has the potential to bridge the gap between peak and off-peak seasons in China's travel market. On the international front, our global business is experiencing rapid expansion. particularly in the APAC region, with revenue growing at an impressive rate of around 80% year-over-year. Additionally, we have witnessed significant growth in inbound travel to China, with a remarkable increase of over 400% compared to last year, driven by the benefits of visa-free policies. In response to this flourishing trend, we initiated a program in April aimed at providing free city tours to international travelers with layovers exceeding eight hours at Shanghai Pudong International Airport. This initiative aims to transform their brief stopovers into mini-vacations, thereby offering new avenues for international travelers to explore China. To conclude, Travel remains a resilient and promising business with great opportunities and possibilities in 2024. As we journey forward, we remain committed to creating value for both customers and shareholders. And we are polished to navigate this evolving landscape and achieve new heights of success. With that, I will turn the call over to Jane for operational highlights.