Trip.com Group Limited

Good day and thank you for standing by. Welcome to Trib.com Group 2025 Q2 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 the session, you need to press star 1 and 1 on your telephone keypad. You will then hear an automated message advising your hand is stopped. To withdraw your question, please press star 1 and 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Michelle Chee, Senior IR Director. Please go ahead.

Thank you. Thank you all. Good morning and welcome to TRIP.com Group's second quarter of 2025 Earnings Conference Call. Joining me today on the call are Mr. James Lam, Executive Chairman of the Board, Ms. Jen Sum, 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 other certainties are outlined in Triple Com Group's public filing with the Security and Exchange Commission. Trip.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 second quarter of 2025, as well as some outlook for the third quarter of 2025. After the prepared remarks, we will have a Q&A session. With that, I will turn the call over to James.

Thank you, Michelle. And thanks everyone for joining us on this call today. The travel market continues to demonstrate strong resilience in the second quarter of 2025, with demand holding steady across regions and categories. In particular, China's inbound travel segment has shown outstanding momentum. reflecting growing international interest and confidence in the country as a world-class destination. During the quarter, Trip.com Group's inbound travel bookings increased by over 100% year-over-year, driven primarily by demand from Korea and Southeast Asia, two of our most active source markets. This growth underscores the broader potential of China's inbound travel sector, which remains an underdeveloped yet highly promising contributor to the national economy. Today, inbound travel accounts for less than 0.5% of China's GDP, well below the 1-2% levels typically seen in developed markets, highlighting substantial room for growth. As a destination, China offers travelers exceptional value with its rich natural and cultural heritage, modern infrastructure, affordable prices, and increasingly open visa policies. Together, these elements make the country an increasingly attractive and accessible choice for global visitors, We believe this positive trajectory will continue, with strong potential to attract more visitors from not only Asia, but also from Europe and other Western markets. As global awareness of China's offerings grows, we expect inbound momentum to build steadily alongside improving travel sentiment. Importantly, the growth of inbound travel creates opportunities beyond tourism itself, especially for small and medium-sized enterprises. Spanning local hotels, restaurants, tour operators and experience providers, SMEs play a vital role in shaping the travel experience. We are committed to empowering these businesses with digital tools, marketing support, and platform access to help them grow and capture the benefits of rising global demand. More broadly, technology plays a critical role across all segments of travel, and AI remains central to our business strategy. We believe OTAs are uniquely positioned to lead the development of travel-focused AI. With access to proprietary user insights, real-time product feeds, and verified inventories, OTAs can deliver more accurate, context-aware, and trustworthy recommendations than general-purpose AI agents. Combined with our strong service capabilities, we are well equipped to provide end-to-end solutions that support travelers from discovery to booking and beyond. In line with this strategy, we recently upgraded our trip planner, delivering a highly personalized and intelligent planning experience. The journey begins with just three simple questions. Destination, trip duration and travel style. From there, the AI generates a customized itinerary tailored to the user's preferences. Real-time transportation, accommodation, dining and attraction options are seamlessly integrated into the plan, complete with pricing, availability, and detailed descriptions. The Trip Planner ensures that every recommendation is practical and locally relevant. Suggestions are powered by millions of data points from Trip Best Top Picks, Trip Pulse, and Trip Events feeds, surfacing top-rated and timely experiences trusted by our global user base. Attractions are checked for verified seasonal suitability and ease of access, while itineraries proactively avoid common issues such as long transfers. After the AI does the groundwork, users can also work directly with real travel consultants on app to fine tune their plans, providing an extra layer of expert assistance where needed. Users can preview their full journey on an interactive map where they can freely adjust routes, swap attractions, or modify their schedule, either on their own or with AI's assistance. This combination of verified insights and flexible planning ensures each itinerary is both reliable and fun to explore. Whether planning for a family vacation, cultural adventure, or first-time visit, the AI adapts to each traveler's style and needs, delivering a seamless, enjoyable, and efficient planning experience. Looking ahead, we remain highly optimistic about the long-term prospects of the travel industry. Travel not only drives economic development, but also promotes cultural exchange, global understanding and social vitality. We will continue to invest in innovation, support our partners and champion the strategic value of travel as a pillar of national growth and global engagement. With that, I will turn the call over to Jane for operational highlights.