Table_Title Table_BaseInfo 2024 年 02 月 23 日 公司动态分析 携程集团（9961.HK/TCOM.US） 证券研究报告 4 季度利润超预期，2024 年前景明朗 xxxx 在线旅行 携程4季度收入同比增105%，符合市场预期，经调整净利润超市场预期70%，利润 投资评级： xx 买入 率26%，收入延续强劲复苏的同时，运营效率优化亮眼。2023全年交易规模同比增 xx 130%，创新高至1.1万亿元，维持全球第一梯队。看好国内旅游大年及海外业务拓 展背景下业绩稳健增长前景，上调目标价至437港元（9961.HK），维持“买入”。 目标价格： 437 港元 报告摘要 现价 (2024-02-22)： 355.60港元 4 季度业绩延续强劲复苏，营销效率优化带动利润大幅超预期：总收入 103 亿元， 同比/较 19Q4 增 105%/24%，符合市场预期，其中住宿预订/交通票务收入占比 38%/43%，同比增131%/86%，较19Q4增32%/18%，延续前3季度强劲复苏态势。 总市值(百万港元) 226,521 经调整净利润27亿元，大幅超市场预期的16亿元（高70%） ...

智通财经APP获悉，携程集团-S(09961)早盘涨超4%，截至发稿，涨4.04%，报344.8港元，成交额3.32亿港元。 消息面上，携程集团公布业绩。第四季度，公司净营业收入103亿元人民币，同比增长105%；净利润为13亿元，经调整EBITDA为29亿元，经调整EBITDA利润率为28%。2023年全年实现净营业收入445亿元，同比增长122%；净利润100.02亿元，同比大幅增加631.68%;归属于该集团的净利润99.18亿元，同比增加606.91%。 公告称，2023年第四季度国内外业务继续呈现强劲复苏态势：国内的酒店预订同比增长超过130%；出境酒店和机票预订恢复到2019年疫情前同期水平的80%以上，相比国际航空业客运量恢复至60%；公司国际OTA平台的总预订同比增长超70%。 ...

Revenue Growth - Domestic hotel bookings increased by over 130% year-over-year in Q4 2023[2] - Total bookings on the company's international OTA platform grew by over 70% year-over-year in Q4 2023[2] - Net revenue for Q4 2023 was RMB 10.3 billion (USD 1.5 billion), a 105% increase year-over-year[3] - Full-year net revenue for 2023 was RMB 44.5 billion (USD 6.3 billion), a 122% increase year-over-year[3] - Accommodation booking revenue for Q4 2023 was RMB 3.9 billion (USD 550 million), a 131% increase year-over-year[3] - Transportation ticketing revenue for Q4 2023 was RMB 4.1 billion (USD 578 million), an 86% increase year-over-year[3] - Package tour revenue for Q4 2023 was RMB 704 million (USD 99 million), a 329% increase year-over-year[3] - Total revenue for 2023 reached RMB 44,562 million (USD 6,276 million), a significant increase from RMB 20,055 million in 2022[15] - Accommodation booking revenue grew to RMB 17,257 million (USD 2,431 million) in 2023, up from RMB 7,400 million in 2022[15] - Transportation ticketing revenue increased to RMB 18,443 million (USD 2,598 million) in 2023, compared to RMB 8,253 million in 2022[15] Profitability - Net profit for Q4 2023 was RMB 1.3 billion (USD 189 million)[2] - Adjusted EBITDA for Q4 2023 was RMB 2.9 billion (USD 401 million), with an adjusted EBITDA margin of 28%, compared to 6% in the same period of 2022[2] - Net profit for Q4 2023 was RMB 1.3 billion (USD 189 million), compared to RMB 2.1 billion in the same period of 2022 and RMB 4.6 billion in the previous quarter[5] - Adjusted EBITDA for Q4 2023 was RMB 2.9 billion (USD 401 million), with a margin of 28%, compared to RMB 286 million and a 6% margin in the same period of 2022[5] - Net profit attributable to Trip.com Group shareholders for the full year 2023 was RMB 9.9 billion (USD 1.4 billion), compared to RMB 1.4 billion in 2022[5] - Operating profit for 2023 was RMB 11,324 million (USD 1,595 million), a substantial improvement from RMB 88 million in 2022[15] - Gross profit for 2023 reached RMB 36,389 million (USD 5,125 million), up from RMB 15,526 million in 2022[15] - Net profit for the year ended December 31, 2023, was RMB 10,002 million (USD 1,409 million), a significant increase from RMB 1,367 million in 2022[16] - Adjusted EBITDA for the year ended December 31, 2023, was RMB 13,975 million (USD 1,968 million), with an adjusted EBITDA margin of 31%[17] - Net profit attributable to Trip.com Group Limited for the year ended December 31, 2023, was RMB 9,918 million (USD 1,397 million), compared to RMB 1,403 million in 2022[16] Financial Position - Cash, cash equivalents, restricted cash, short-term investments, and held-to-maturity time deposits and financial products totaled RMB 77.3 billion (USD 10.9 billion) as of December 31, 2023[6] - Total assets increased to RMB 219,137 million (USD 30,865 million) in 2023 from RMB 191,691 million in 2022[13] - Cash, cash equivalents, and restricted cash surged to RMB 43,983 million (USD 6,195 million) in 2023, up from RMB 18,487 million in 2022[13] - Total liabilities rose to RMB 96,131 million (USD 13,540 million) in 2023 from RMB 78,672 million in 2022[14] - Shareholders' equity increased to RMB 123,006 million (USD 17,325 million) in 2023 from RMB 113,019 million in 2022[14] Expenses and Taxes - Corporate income tax expense for the full year 2023 was RMB 1.8 billion (USD 246 million), compared to RMB 682 million in 2022[5] - Total operating expenses for 2023 were RMB 25,065 million (USD 3,530 million), compared to RMB 15,438 million in 2022[15] - Product development expenses for the year ended December 31, 2023, were RMB 870 million (USD 123 million), up from RMB 567 million in 2022[16] - Sales and marketing expenses for the year ended December 31, 2023, were RMB 158 million (USD 22 million), compared to RMB 115 million in 2022[16] - General and administrative expenses for the year ended December 31, 2023, were RMB 806 million (USD 113 million), up from RMB 506 million in 2022[16] Shareholder Returns - The company repurchased approximately 6.8 million ADSs for a total consideration of approximately USD 224 million from September 2023 to the announcement date[7] - The board authorized a strategic capital return plan of up to USD 300 million, which may include annual share repurchases, annual cash dividends, or a combination of both[7] - Diluted earnings per ordinary share and per ADS for the full year 2023 were RMB 14.78 (USD 2.08), and RMB 19.48 (USD 2.74) on a non-GAAP basis[6] - Basic earnings per share for the year ended December 31, 2023, were RMB 15.19 (USD 2.14), up from RMB 2.17 in 2022[16] - Diluted earnings per share (non-GAAP) for the year ended December 31, 2023, were RMB 19.48 (USD 2.74), compared to RMB 1.97 in 2022[18] - The weighted average number of diluted shares outstanding (non-GAAP) for the year ended December 31, 2023, was 671,062,240[18] Exchange Rate - The exchange rate used for conversion was RMB 7.0999 per USD as of December 29, 2023[18] Recovery Metrics - Outbound hotel and air ticket bookings recovered to over 80% of pre-pandemic levels in Q4 2019, compared to 60% recovery in international airline passenger volume[2]

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 Trip.com Group Limited 攜程集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9961） 2023 年 第 四 季 度 及 全 年 業 績 公 告 攜程集團有限公司謹此公佈其2023年第四季度及全年業績（「2023年第四季度及全年業績 公告」）。2023年第四季度及全年業績公告可於香港聯交所網站 www.hkexnews.hk 及本公 司網站 investors.trip.com 查閱。 承董事會命 攜程集團有限公司 董事會執行主席 梁建章 香港，2024年2月22日 於本公告日期，本公司董事會包括董事梁建章先生、范敏先生、孫潔女士及何俊傑先生以及獨立董事沈南鵬先生、 季琦先生、李基培先生及甘劍平先生。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 Trip.com Group Limited 攜程集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9961） 2023 年 第 三 季 度 業 績 公 告 攜程集團有限公司謹此公佈其2023年第三季度業績（「2023年第三季度業績公告」）。2023年 第三季度業績公告可於香港聯交所網站 www.hkexnews.hk 及本公司網站 investors.trip.com 查 閱。 承董事會命 攜程集團有限公司 董事會執行主席 梁建章 香港，2023年11月21日 於本公告日期，本公司董事會包括董事梁建章先生、范敏先生、孫潔女士及何俊傑先生以及獨立董事沈南鵬先生、 季琦先生、李基培先生及甘劍平先生。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 Trip.com Group Limited 攜程集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9961） 2023 年 第 二 季 度 及 上 半 年 業 績 公 告 攜程集團有限公司謹此公佈其2023年第二季度及上半年業績（「2023年第二季度及上半年 業績公告」）。2023年第二季度及上半年業績公告乃作為我們根據香港聯交所證券上市 規則（「《香港上市規則》」）第13.48(1)條截至2023年6月30日止六個月的中期報告向股東提 供。2023年第二季度及上半年業績公告可於香港聯交所網站www.hkexnews.hk及本公司 網站investors.trip.com查閱。 承董事會命 攜程集團有限公司 董事會執行主席 梁建章 香港，2023年9月5日 於本公告日期，本公司董事會包括董事梁建章先生、范敏先生、孫潔女士及何俊傑先生以及獨立董事沈南鵬先生、 季琦先生、李基培先 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 Trip.com Group Limited 攜程集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9961） 2023 年 第 一 季 度 業 績 公 告 攜程集團有限公司謹此公佈其2023年第一季度業績（「2023年第一季度業績公告」）。2023年 第一季度業績公告可於香港聯交所網站 www.hkexnews.hk 及本公司網站investors.trip.com 查 閱。 承董事會命 攜程集團有限公司 董事會執行主席 梁建章 香港，2023年6月8日 於本公告日期，本公司董事會包括董事梁建章先生、范敏先生、孫潔女士、李彥宏先生及何俊傑先生以及獨立 董事沈南鵬先生、季琦先生、李基培先生及甘劍平先生。 ...

Corporate Structure and Share Information - Trip.com Group has 646,066,830 issued Class A ordinary shares with a par value of $0.00125 per share as of December 31, 2022[5] - The company's Class A ordinary shares are listed on the Hong Kong Stock Exchange under the ticker symbol 9961[4] - Trip.com Group's American Depositary Shares (ADS) are traded on the NASDAQ Global Select Market under the ticker symbol TCOM[4] - The company completed a 1:8 stock split on March 18, 2021, adjusting the ratio of American Depositary Shares (ADS) to ordinary shares from 8:1 to 1:1[11] Regulatory Compliance and Filings - The company is registered as a large accelerated filer under the Securities Exchange Act[5] - Trip.com Group follows U.S. Generally Accepted Accounting Principles (GAAP) for its financial statements[6] - The company has submitted all required reports under Sections 13 or 15(d) of the Securities Exchange Act in the past 12 months[5] - The company's annual report is filed under Section 13 or 15(d) of the Securities Exchange Act for the fiscal year ended December 31, 2022[2] - The company has filed a report on the effectiveness of internal control over financial reporting as required by Section 404(b) of the Sarbanes-Oxley Act[6] - The company is not a shell company as defined in the Securities Exchange Act[6] Financial Performance and Metrics - Net revenue for 2022 was RMB 20,039 million (USD 2,907 million), showing a slight increase from RMB 20,023 million in 2021[32] - Gross profit for 2022 was RMB 15,526 million (USD 2,253 million), up from RMB 15,425 million in 2021[32] - Operating profit for 2022 was RMB 88 million (USD 15 million), a significant improvement from an operating loss of RMB 1,411 million in 2021[32] - Net profit for 2022 was RMB 1,367 million (USD 201 million), compared to a net loss of RMB 645 million in 2021[32] - Total assets as of December 31, 2022, were RMB 191,691 million (USD 27,793 million), slightly down from RMB 191,859 million in 2021[33] - Total liabilities as of December 31, 2022, were RMB 78,672 million (USD 11,407 million), a decrease from RMB 81,403 million in 2021[33] - Cash and cash equivalents as of December 31, 2022, were RMB 17,000 million (USD 2,465 million), down from RMB 19,818 million in 2021[33] - Short-term investments as of December 31, 2022, were RMB 25,545 million (USD 3,703 million), down from RMB 29,566 million in 2021[33] - Total equity attributable to Trip.com Group Limited as of December 31, 2022, was RMB 112,283 million (USD 16,279 million), up from RMB 109,677 million in 2021[33] Variable Interest Entities (VIEs) and Contractual Arrangements - The company operates through Variable Interest Entities (VIEs) in China, including entities such as Ctrip Business, Shanghai Huacheng, Chengdu Ctrip, and Qunar Beijing, which hold critical licenses and assets[9] - The company's business in China is conducted through Chinese subsidiaries and VIEs, with contractual arrangements managing the operations of these VIEs[16] - The company's Chinese subsidiaries and variable interest entities (VIEs) are governed by a series of contractual arrangements, including authorization agreements, technical consulting and service agreements, equity pledge contracts, exclusive purchase agreements, and loan contracts, which are deemed valid and enforceable under current Chinese laws[17] - The contractual arrangements grant the company effective control over the VIEs, allowing it to consolidate their operations, financial status, and cash flows into its consolidated financial statements under US GAAP[17] - Net income from VIEs accounted for 36%, 30%, and 22% of the company's total net income for the years ended December 31, 2020, 2021, and 2022, respectively[16] Risks and Challenges - The company anticipates challenges from a slowdown in China's economic growth and global recession, which could significantly impact its growth and profitability[12] - Public health crises, such as COVID-19, may have a substantial adverse effect on the company's business and operating results[12] - The company's quarterly performance may fluctuate due to seasonal factors in the Greater China travel industry[12] - The company's infrastructure or technology could be damaged, fail, or become outdated, potentially harming its business[12] - The company's business heavily relies on the continued efforts of its senior management, and losing their services could severely disrupt operations[12] - Inflation in China could disrupt the company's business and adversely affect its financial condition and operating performance[12] - The company's ownership structure through Variable Interest Entities (VIEs) and contractual arrangements may face penalties if deemed to violate Chinese laws, adversely affecting its business and operating results[13] - The VIE structure poses unique risks to investors, as the enforceability of the contractual arrangements has not been tested in Chinese courts, and potential breaches could disrupt operations and harm the company's reputation[18] - The company faces regulatory risks in China, including potential changes in laws or interpretations that could invalidate the VIE structure, leading to severe penalties or forced divestment of interests in certain businesses[19] - The company's operations in China are subject to complex and evolving legal and regulatory environments, including recent statements and regulatory measures on VIE usage, overseas listings, foreign investment approvals, antitrust regulations, and cybersecurity and data privacy oversight[19] Legal and Regulatory Environment - The company faces risks related to new regulatory measures in Hong Kong or Macau, which could impact its ability to operate, accept foreign investment, or maintain its listing status on US or Hong Kong stock exchanges[20] - The company was identified as a Commission-Identified Issuer under the HFCAA in May 2022, but PCAOB revoked this designation in December 2022, reducing the risk of delisting for the fiscal year ending December 31, 2022[21] - The company's operations in China require various permits, including for accommodation booking, transportation ticketing, and travel services, with most permits already obtained except for a minor portion of transportation ticketing services[23] - The company's subsidiaries in Hong Kong and Macau have obtained necessary permits for travel agency and insurance agency businesses[23] - The company acknowledges uncertainties in the interpretation and enforcement of Chinese laws and regulations, which may require additional permits in the future[23] - The company's ability to issue securities to investors may be severely restricted or completely hindered due to Chinese government oversight and regulatory control[20] - The company's operations and the value of its American Depositary Shares (ADS) could be adversely affected by uncertainties in the Chinese legal system and rapid regulatory developments[20] - The company's use of a China-based auditor could lead to future HFCAA designations if PCAOB is unable to inspect the auditor, potentially resulting in a trading ban on its ADS[22] - The company has not received written rejection notices for any permit applications, but there is no guarantee that necessary permits will be obtained or maintained in the future[23] - The company's ADS and ordinary shares could significantly decline in value if industry-specific regulations, such as data security or antitrust laws, are implemented[20] Tax and Financial Regulations - The company is subject to new regulations under the "Trial Measures for the Administration of Overseas Securities Offering and Listing by Domestic Companies" effective from March 31, 2023, requiring domestic companies to file with the China Securities Regulatory Commission (CSRC) for overseas securities offerings and listings[24] - The company, as an "existing issuer," is not required to file for historical securities offerings but must file within three business days for any future securities offerings or listings under the new regulations[24] - The company is not currently classified as a Critical Information Infrastructure Operator (CIIO) and has not undergone any cybersecurity reviews by the Cyberspace Administration of China (CAC)[26] - The company has completed all required foreign debt issuance registrations with the National Development and Reform Commission (NDRC) as of the report date[26] - The company's ability to pay dividends and repay debts depends on dividends from its Chinese subsidiaries and service fees from its Variable Interest Entities (VIEs)[27] - Chinese subsidiaries are restricted in paying dividends or other payments to the company due to Chinese accounting standards and regulations, including mandatory reserve funds[27] - The company's future overseas securities offerings may require approval or filing with the CSRC or other Chinese government agencies, with uncertainty around the interpretation and implementation of new regulations[26] - Non-compliance with Chinese laws and regulations, including licensing requirements, could severely impact the company's operations, financial condition, and stock value[24] - The company's subsidiaries and VIEs may face limitations in transferring funds to the parent company due to debt management tools and legal restrictions[27] - The company's operations and securities offerings are subject to significant regulatory oversight and discretion by Chinese government agencies, which could lead to adverse changes in operations and stock value[26] Cash Flow and Financial Transactions - The total restrictions on cash transfers for the company's Chinese subsidiaries and variable interest entities were RMB 7.8 billion, RMB 6.5 billion, and RMB 6.2 billion (USD 900 million) as of December 31, 2020, 2021, and 2022, respectively[28] - The company provided capital contributions to its subsidiaries of RMB 903 million, zero, and RMB 580 million as of December 31, 2020, 2021, and 2022, respectively[29] - Net cash outflows from loans provided by the company to its subsidiaries were RMB 358 million, net cash inflows of RMB 1.1 billion, and net cash outflows of RMB 758 million as of December 31, 2020, 2021, and 2022, respectively[30] - Net cash inflows from loans provided by variable interest entities to subsidiaries were RMB 817 million, net cash outflows of RMB 434 million, and net cash inflows of RMB 4 billion as of December 31, 2020, 2021, and 2022, respectively[30] - Net cash outflows from loans received by variable interest entities from subsidiaries were RMB 2.2 billion, RMB 3.8 billion, and RMB 7.8 billion as of December 31, 2020, 2021, and 2022, respectively[30] - The company did not declare or pay any cash dividends as of December 31, 2020, 2021, and 2022, and has no plans to pay cash dividends for its ordinary shares in the foreseeable future[30] Investments and Acquisitions - The company consolidated the financial statements of Qunar starting from December 31, 2015, excluding Qunar's comparable operating data in certain metrics[10] - The company's expected growth strategies include future business development, operating performance, and financial conditions[12] - The company has recorded significant goodwill and indefinite-lived intangible assets from strategic acquisitions and investments, and a substantial reduction in the recoverability of these assets could result in significant impairment charges[55] - The company's strategic acquisitions and investments in complementary businesses and assets involve significant risks and uncertainties, which could adversely affect its business, reputation, financial condition, and operating results[54] - The company's inability to compete effectively with new and existing competitors could result in a loss of market share and have a material adverse effect on its business[56] - Strategic acquisitions in the Greater China region and overseas tourism industry may dilute equity securities and impact financial performance[73] - Integration of newly acquired businesses may require significant management effort and resources, potentially affecting existing operations[73] - Strategic investments in complementary businesses and assets involve risks such as high acquisition and financing costs, and potential failure to achieve expected goals[74] - Investments in competitive businesses may be adversely affected by uncertainties in the implementation and enforcement of China's Anti-Monopoly Law[74] - Fair value changes in equity investments may negatively impact the company's financial performance if stock prices fall below purchase prices[74] - The company may face liabilities, third-party claims, or litigation related to invested or acquired businesses[74] Market and Competitive Risks - The company faces increasing competition from new and existing competitors, including domestic and international travel agencies, hotels, airlines, and content platforms[80] - The company's competitive position may be affected by the growing importance of international travelers and the lack of exclusive arrangements with ecosystem partners[80] - Increased marketing and R&D investments have negatively impacted the company's operating profit margin due to intense competition[81] - The company has launched promotional plans offering selected transportation tickets, hotel rooms, travel destination activities, and e-coupons to respond to competitors' campaigns[81] - Significant resources have been allocated to enhance AI and cloud technologies to attract and retain users[81] - The company faces risks from competitors with larger active user bases, financial resources, and technological capabilities[81] - Failure to maintain or enhance brand awareness could hinder the ability to retain existing users and acquire new ones[82] - Negative publicity, whether justified or not, could harm the company's reputation and business performance[83] - The company relies on performance and brand marketing channels to generate significant traffic and business growth[83] - The company employs brand ambassadors to promote its brands and services, but their effectiveness and popularity cannot be guaranteed[83] - Negative publicity could lead to increased costs and divert management's focus from core business operations[84] Operational and Technological Risks - The company's infrastructure, including mobile platforms, websites, and systems, is critical to its success, and any system interruptions could reduce business volume and user satisfaction[85] - The company experienced a network shutdown in May 2015 and a hotel booking failure in October 2019, both of which temporarily disrupted services but did not result in data breaches[85] - The company relies on internally developed booking software systems, and failure to upgrade these systems to handle future traffic could lead to system interruptions, slower response times, and loss of users and ecosystem partners[86] - The company's future success depends on its ability to adapt products and services to changes in technology and internet user behavior, particularly with the increasing use of mobile devices and the adoption of 5G technology[87] - The company's services must be compatible with various mobile operating systems and devices, and failure to develop widely recognized and used products could hinder its penetration into the mobile internet market[87] - The company's business heavily relies on the continued efforts of its senior management, and the loss of key executives could severely disrupt operations[88] - The company may face challenges in attracting, training, and retaining key personnel and skilled employees, which could negatively impact user experience and business performance[89] International Operations and Risks - The company faces international operational risks including compliance, reputational, and operational risks, which could increase costs and impact business growth[90] - International trade tensions, particularly between the US and China, may adversely affect the company's business, financial condition, and operating results[91] - The company may struggle to protect its intellectual property globally, potentially leading to legal disputes and increased costs[92] - Reliance on third-party services for product delivery and operations could disrupt service quality and harm user retention[93] - Potential violations of foreign laws and regulations could result in fines, sanctions, and reputational damage, impacting the company's ability to operate internationally[90] - Political tensions between the US and China, including trade disputes and sanctions, may negatively impact global economic conditions and the company's performance[91] - The company's international expansion efforts may be hindered by challenges in enforcing intellectual property rights in certain foreign jurisdictions[92] - Third-party service disruptions or quality issues could lead to user dissatisfaction, reputational damage, and loss of market share[93] - Compliance with foreign laws and regulations requires significant management effort and resources, potentially diverting focus from business growth[90] - The company's reliance on third-party providers for critical services exposes it to risks of service interruptions and negative publicity[93] Payment Processing and Financial Risks - The company faces risks related to payment processing, including potential increases in fees, regulatory changes, and security vulnerabilities, which could negatively impact revenue and operational performance[96] - The company relies on hotel partners and users to provide accurate information for calculating commissions, and any false data could lead to revenue loss and inaccurate business forecasts[96] - During peak holiday seasons in China, the company faces inventory risks due to purchasing hotel rooms and transportation tickets in advance, which could result in financial losses if demand is mispredicted[97] - The company's subsidiaries in China benefit from a preferential corporate income tax rate of 15% under the "High-Tech Enterprise" status, but this status is subject to periodic review and potential revocation[98] - Several of the company's subsidiaries, including Ctrip Computer Technology and Qunar Beijing, have their High-Tech Enterprise status expiring in 2023, requiring reapplication to maintain the 15% tax rate[98] - The company's subsidiaries, such as Ctrip Business Travel Information Services and Shanghai Ctrip Information, were newly recognized as High-Tech Enterprises in 2021, enjoying the 15% tax rate until 2023[98] - The company may face reputational damage and financial losses due to third-party actions, such as anonymous complaints or regulatory investigations, which could impact market share and stock price[94] - The company is exposed to risks from fraudulent activities and regulatory non-compliance in payment processing, which could lead to fines, higher transaction fees, and loss of payment capabilities[96] - The company's ability to maintain its High-Tech Enterprise status for subsidiaries is uncertain, as it depends on periodic government reviews and potential policy changes[98] - The company's financial performance could be adversely affected if tax incentives for its Chinese subsidiaries are reduced or revoked[98] Cybersecurity and Data Protection - Trip.com Group is subject to China's Cybersecurity Law, which mandates strict data protection measures and imposes penalties for non-compliance, including fines, license revocation, or criminal liability[101] - A past security incident in 2014 exposed credit card information of 93 users, highlighting vulnerabilities in the company's data protection systems[102] - The company invests significant resources in complying with data protection laws and addressing potential security breaches to maintain user trust and avoid legal liabilities[102] - The company's business may be adversely affected if it fails to obtain or maintain necessary licenses and approvals, particularly in industries such as airline ticketing, travel agencies, and internet-related activities[104] - The company's ticketing revenue could be negatively impacted by restrictive policies adopted by regulatory bodies such as the Civil Aviation Administration of China and the National Development and Reform Commission[104] - The company must comply with the "E-Commerce Law of the People's Republic of China," which imposes joint liability on e-commerce platform operators for violations by merchants on their platforms[105] - The company is subject to the "Interim Provisions on the Administration of Online Tourism Business Services," which requires accurate information disclosure, verification of merchant credentials,

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 Trip.com Group® Trip.com Group Limited 攜程集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9961） 2022 年第三季度業績公告 攜程集團有限公司謹此公佈其2022年第三季度業績（「2022年第三季度業績公告」）。2022 年第三季度業績公告可於香港聯交所網站 www.hkexnews.hk 及本公司網站 investors.trip.com 查閱。 承董事會命 攜程集團有限公司 董事會執行主席 梁建章 香港，2022年12月15日 於本公告日期，本公司董事會包括董事梁建章先生、范敏先生、孫潔女士、李彥宏先生及何俊傑先生以及獨立董 事沈南鵬先生、季琦先生、李基培先生及甘劍平先生。 1 攜程集團有限公司發佈2022年第三季度未經審計的財務業績 中國上海，2022年12月15日，攜程集團有限公司（納斯達克：TCOM；香港聯交所：9961） ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 Trip.com Group® Trip.com Group Limited 攜程集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9961） 2022 年第二季度及上半年業績公告 攜程集團有限公司謹此公佈其2022年第二季度及上半年業績（「2022年第二季度及上半年 業績公告」）。2022年第二季度及上半年業績公告可於香港聯交所網站 www.hkexnews.hk 及 本公司網站 investors.trip.com 查閱。 承董事會命 攜程集團有限公司 董事會執行主席 梁建章 香港，2022年9月22日 於本公告日期，本公司董事會包括董事梁建章先生、范敏先生、孫潔女士、李彥宏先生及何俊傑先生以及獨立董 事沈南鵬先生、季琦先生、李基培先生及甘劍平先生。 1 攜程集團有限公司發佈2022年第二季度及上半財年未經審計的財務業績 中國上海，2022年9月22日，攜程集團有限公司（納 ...