Trip.com Group Limited

Good day and thank you for standing by. Welcome to Trip.com Group 2026 Quarter 1 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 11 on your telephone. This will be advised that today's conference is being recorded. I would now like to hand the call over to your first speaker today, Ms. Michelle Qi, Senior IR Director. Thank you. Please go ahead.

Thank you. Thank you, everyone, for standing by. Good morning, and welcome to Trip.com Group's first quarter of 2026 Earnings Conference Call. Joining me today on the call are Mr. Jianzhang, Executive Chairman of the Board, Ms. Jian Sun, 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 involved inherent risks and uncertainties. As such, our results may be materially different from the views expressed today. A number of potential risks and certainties 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 exact as required under applicable law. James, Jen, and Cindy will share our strategy and business updates, operating highlights, and our financial performance for the first quarter of 2026, as well as outlook for the second quarter of 2026. After the prepared remarks, we will have an Q&A session. With that, I will turn the call over to James. James, please.

Thank you, Michelle, and thanks everyone for joining us today. We started the year with strong momentum. Travel continues to drive consumption, create jobs, and support broader industry growth. In this context, we are focused on unlocking the full potential of inbound travel as a key engine for local economies. At the core of our approach is a simple idea, turning inbound travel into real, on-the-ground opportunities for local partners. We have set an ambitious goal to serve 200 million inbound travelers over the next five years. This reflects both the scale of the opportunity and the potential to connect local destinations with global demand. As policies become more favorable, the inbound travel market is opening like never before. Last year, Trip.com welcomed 20 million inbound travelers. In Q1 2026 alone, we have already served approximately 7 million travelers, laying a strong foundation for long-term growth. Our role is to connect the ecosystem. We help partners understand international traveler expectations and translate that knowledge into products and services that capture incremental demand. We are raising awareness and positioning China as an accessible and attractive destination through targeted marketing initiatives. These include offline promotions in key global transit hubs, joint campaigns with airline partners, and collaborations with international content creators. In parallel, we are working closely with hotels, attractions, and travel agencies to enhance their readiness for inbound demand. During the quarter, we engaged over 110,000 local partners in inbound-related services. For many, this was their first opportunity to connect with international travelers, expanding their reach and enabling more effective participation in the inbound market. Beyond generating demand, we are going deeper into key inbound destinations, supporting product development and long-term operations. We collaborate with local partners across 29 high-potential destinations to design and deliver integrated travel experiences. By connecting attractions, accommodations, and local services into seamless itineraries, we help create more cohesive and experience-driven offerings. Initiatives such as Taste of China showcase how curated products can bring local culture to life for global travelers. To scale these efforts and help partners connect with international travelers more effectively, technology and AI in particular is becoming an increasingly important enabler across the travel ecosystem. We are building and deploying our own suite of AI agents to support both travelers and supply partners. These capabilities already help suppliers overcome language barriers, enhance content quality, and improve service responsiveness. Automated content tools enable suppliers to generate richer materials, including video, helping them showcase their offerings to a global audience. In customer service, AI-driven systems deliver faster, more consistent responses. Improving service quality while reducing operational burden. More broadly, AI is transforming how travel products are discovered, evaluated, and purchased. We are actively opening our platform to third-party AI agents through skills, MCT interfaces, and other AI native integrations. In recent months, we expanded our presence across leading AI ecosystems. Our goal is not only to be the go-to app for travelers, but also the trusted infrastructure for AI agents. Central to this strategy is the modularization of our proprietary travel capabilities. We are packaging our travel data, verified inventory, real-time pricing, and reliable transaction infrastructure into AI-ready services that can be integrated directly into agent workflows. This enables users to move seamlessly from trip planning and product discovery to booking and fulfillment, reducing friction, shortening decision cycles, and improving conversions. We believe AI agents will emerge as a complementary gateway to travel demand Our objective is simple. Whenever a traveler turns to an AI assistant for help, our data, inventory, transaction capabilities, and service infrastructure are ready to power and complete the journey. At our core, we believe our long-term success is closely tied to the health of the travel ecosystem. As travel evolves, we remain focused on improving accessibility, connectivity, and service capabilities, helping destinations, Partners and travelers fully benefit from the opportunities ahead. With that, I will turn the call over to Jane for operational highlights.