Chinese domestic and international business continued to show robust recovery in the first quarter of 2023.

Trip.com Group Limited announced its unaudited financial results for the first quarter of 2023.

Key Highlights for the First Quarter of 2023

• Domestic hotel bookings grew by more than 100% year over year.

• Same city staycation hotel bookings grew by 150% compared to those for the same period in 2019, the pre-COVID level.

• Outbound hotel and air reservations recovered to over 40% of those for the same period in 2019, the pre-COVID level, despite a 15% recovery in the overall outbound aviation market.

• Air-ticket bookings on the Company's global OTA platforms grew by over 200% year over year, and grew by over 100% compared to those for the same period in 2019, the pre-COVID level.

The Company delivered strong results in the first quarter of 2023

• Net revenue increased by 124% year over year and exceeded that for the same period in 2019, the pre-COVID level.
• Net income for the first quarter was RMB3.4 billion (US$491 million), which improved from a net loss of RMB1.0 billion for the same period in 2022 and net income of RMB2.1 billion for the previous quarter.
• Adjusted EBITDA for the first quarter was RMB2.8 billion (US$410 million). Adjusted EBITDA margin was 31%, compared to 2% for the same period in 2022 and 6% for the previous quarter.

"During the first quarter of 2023, there has been an upsurge in both domestic and outbound travel activities in China," said James Liang, Executive Chairman. "We are encouraged to see the world becoming more open and connected at the start of 2023. We remain positive for the outlook of the global travel industry and the opportunities that lie ahead."

"We are delighted to see that our first quarter results have demonstrated the long-term growth prospects of the travel industry and the strong execution of our team," said Jane Sun, Chief Executive Officer. "Over the past three years, we have focused on strengthening our supply chain, content offerings, and service quality. Such improvements empower us to better capture the pent-up demand for travel and establish a solid foundation for sustainable growth."