Trip.com Group Limited

Good day and thank you for standing by. Welcome to Trip.com Group 4th Quarter 2025 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 will need to press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 and 1 again. Please be advised that today's conference is being recorded. And I'd like to hand the conference over to your first speaker today, Michelle T, Senior IR Director. Please go ahead.

Thank you, Amber. Thank you, everyone. Good morning, and welcome to TRIP.com Group's fourth quarter of 2025 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 provision of the U.S. Private Security Litigation Reform Act of 1995. Forward-looking statements involve inheritary 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 TRIP.com Group's public filings with the Security and Exchange Commission. TRIP.com Group does not undertake any obligation to update any forward-looking statements except as required under the applicable law. James, Jen, and Cindy will share our strategy and business updates, operation highlights, and the financial performance for the fourth quarter and full year 2025, as well as outlook for the first quarter of 2026. After the prepared remarks, we will have a 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 this call today. Travel continues to be a vital pillar of the global economy, supporting consumption, employment, and cross-border connectivity. In 2025, global travel demand remained resilient, driven by leisure travel and a continued desire for meaningful, experience-led journeys. At the same time, travelers became more discerning, with greater emphasis on value, flexibility, and service reliability. These evolving preferences reinforce the importance of platforms that can deliver trusted services at scale while contributing positively to the broader travel ecosystem. Going forward, we will focus our investment priorities on three key areas, inbound tourism, social responsibility initiatives, and AI innovation. We see inbound travel as a structurally important growth driver. both for our platform and for destination economies. In 2025, we served approximately 20 million inbound travelers, supporting demand across transportation, accommodation, and local experiences. Beyond volume, we focus on enabling local partners to better accommodate international visitors' needs and helping travelers move through their journeys with greater ease and confidence. To support this growth, we have built integrated inbound travel support capabilities across both our online platform and dedicated offline inbound service counters. These services reduce complexity for international visitors across travel information, connectivity solutions, and itinerary bookings. By improving demand readiness and visibility on our platform, we can more effectively match inbound demand with local supply and channel incremental traffic towards small businesses. cultural venues and regional destinations to support local economic vitality. We believe long-term value creation requires sustained reinvestment into the communities, partners and people that underpin the travel ecosystem. Our sustainability initiatives integrate community empowerment, innovation, workforce support and social responsibility into a unified long-term approach. We launched a USD 100 million tourism innovation fund to support commercial innovation across the travel ecosystem and establish the Tourism Innovation Award to recognize outstanding ideas that advance service quality, efficiency, and sustainability. These initiatives are designed to encourage practical innovation and help new solutions scale within the industry. In rural revitalization, our efforts focus on four dimensions, business enablement, operational improvement, marketing support, and industry development, helping generate sustainable economic value for local communities. Through destination development and long-term operations, we aim to create employment, stimulate local consumption, and support resilient tourism models. We also place strong emphasis on responsible employment practices and social inclusion. We promote a family-friendly workplace through policies such as childbirth subsidies and flexible work arrangements, supporting long-term workforce stability and employee well-being. In addition, we continue to support charitable initiatives focused on education, community welfare and inclusive development, reflecting our commitment to responsible corporate citizenship. Building on our social responsibility initiatives, technology serves as a critical force multiplier, enabling us to scale impact efficiently and sustainably. Within this framework, AI and vertical large models will become a core pillar of our long-term technology strategy. We will continue to scale investment and accelerate the development of proprietary, travel-focused large models tailored to the industry's operational complexity. by embedding domain-specific intelligence across search, recommendation, supply operations, and service fulfillment. We aim to fundamentally enhance efficiency, deepen partner enablement, and deliver more personalized user experiences. Our objective is not simply to adopt AI tools, but to build intelligent infrastructure that strengthens our long-term competitive advantage through AI-powered communication systems. We help partners overcome language barriers when serving international visitors. Our AI-driven content solutions also allow them to better showcase their inventories to global audiences. These capabilities open new business opportunities for airlines, hotels, destinations, and small merchants, and strengthen their participation in the inbound travel market. For users, we continue to invest in our AI ecosystem to deliver highly personalized, data-driven recommendations that not only improve content quality, but also continuously enhance the overall user experience. At our core, we believe travel goes beyond economic activity. It reflects a fundamental human desire to explore, connect, and experience the world. That demand is enduring and its potential remains significant. Our ambition is to grow alongside the market, contributing to a healthy, balanced and inclusive travel industry over the long term. With that, I will turn the call over to Jane for operational highlights.