Trip.com Group Limited

- In 2025, Trip.com Group fully utilized the authorized share repurchase quota under the 2025 repurchase plan and completed additional repurchase in Q4, showing active capital return to shareholders rather than raising new equity. - The company remains committed to long-term shareholder value through sustainable business growth and disciplined execution of its capital return program, with no mention of new equity fundraising plans. - There is no explicit indication of plans for new debt fundraising in the disclosed remarks. - The company continues to adopt a disciplined approach to investment and capital allocation aimed at sustainable value creation, suggesting no immediate plans for raising new debt or equity. - Overall, no current or future fundraising via new debt or equity was disclosed in the call transcript.

- Continued heavy investment in technology to build a robust multilingual infrastructure supporting international partners with integration and training. - Approximately RMB 2.9 billion invested in 2025 to enhance overall travel experience focused on customer protection and service quality improvements. - USD 100 million Tourism Innovation Fund launched for commercial innovation across the travel ecosystem and to recognize outstanding service, efficiency, and sustainability projects. - Ongoing investments in AI innovations to build scalable AI infrastructure enhancing partner efficiency, visibility, and breaking down industry barriers. - Broader marketing investments with incremental spend allocated to international expansion, especially in the APAC region. - Investments in ecosystem development, including empowering merchants, destinations, and communities with AI-enabled tools for multilingual content generation, intelligent customer service, and smarter distribution. - Support for local employment through private tour business and travel agent job creations, enhancing operational scale and service capabilities.

- International business increased to ~40% of total revenue/bookings in 2025, up from ~35% in 2024, with momentum expected to continue driven by the Trip.com brand. - Gross bookings on international OTA platform grew ~60% year-over-year in 2025; APAC is the primary focus for international expansion. - Inbound tourism contributed significantly, serving ~20 million inbound travelers in 2025, with expectations of 5 to 10x growth over the long term as inbound travel is currently a small % of China's GDP. - Domestic hotel business and outbound travel showed robust growth in Q1 2026, with double-digit growth in hotel bookings and outbound trips, especially long-haul. - Overall travel demand remains strong with leisure travel as primary growth driver. - Continued disciplined investment in product innovation, localization, marketing, and AI to sustain growth and improve profitability, particularly in APAC. - Shareholder return program and capital allocation remain disciplined, supporting sustainable growth.

- The company expects continued momentum in international business, especially in the APAC region, which is a priority for ongoing expansion and profitability improvement. - A disciplined approach to investment and execution is expected to drive sustainable value creation and improve profitability trajectory, particularly for the international OTA business. - For full year 2025, adjusted EBITDA grew 11% year-over-year to RMB 18.9 billion, reflecting improving operational efficiency. - Diluted earnings per share for 2025 were RMB 47.67 (USD 6.82) with non-GAAP EPS at RMB 45.59 (USD 6.52), indicating strong profitability. - Ongoing share repurchase programs emphasize commitment to long-term shareholder value. - AI innovation and inbound travel development are highlighted as key growth drivers, with expectations of significant expansion in inbound tourism contributing to revenue growth. - Marketing investments, especially for international expansion, will continue to support top-line growth with a focus on sustainable profitability.

The PDF document does not provide specific information regarding current or expected orderbook or pending orders related to the company’s business. The focus is primarily on financial performance, international expansion (especially in APAC), AI strategy, inbound tourism growth, and market competition. Key highlights related to bookings include: - Full year 2025 gross bookings for core OTA business: approximately RMB 1.1 trillion. - International OTA platform gross bookings increased by around 60% year-over-year in 2025. - Served approximately 20 million inbound travelers in 2025. - Strong growth in APAC region bookings, with emphasis on further penetration in 2026. - Q4 2025 international bookings reached a record high. No explicit mention or detailed figures on orderbook or pending orders are available in the provided pages.