Company: TCOM
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-078429
Chunk: 140

Company: Trip.com Group Ltd
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 140
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 and exchangeable senior notes recorded in other income/(expense), and (iv) changes in valuation allowance provided for deferred tax assets. 
 Equity in (Loss)/Income of Affiliates 
 Equity in income of affiliates in 2024 was RMB2.8 billion (US$387 million), compared to equity in income of affiliates of RMB1.1 billion in 2023. This was primarily due to the income incurred from our equity method investments in 2024, partially offset by other-than-temporary impairment of certain investments. 
 2023 compared to 2022 
 Revenues 
 Total revenues increased by 122% to RMB44.6
 billion in 2023 from RMB20.0 billion in 2022, primarily due to the substantial recovery of travel market. 
 
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 Accommodation Reservation. Accommodation reservation revenue increased by 133% to RMB17.3 billion in 2023 from RMB7.4 billion in 2022. This was in line with the 170% increase in accommodation reservation GMV, primarily due to the substantial recovery of travel market. 
 Transportation Ticketing. Transportation ticketing revenue increased by 123% to RMB18.4 billion in 2023 from RMB8.3 billion in 2022. This was in line with the 120% increase in transportation ticketing GMV, primarily due to the substantial recovery of travel market. 
 Packaged Tours. Packaged tours revenue increased by 294% to RMB3.1 billion in 2023 from RMB797 million in 2022, primarily due to the substantial recovery of travel market. 
 Corporate Travel. Corporate travel revenue increased by 109% to RMB2.3 billion in 2023 from RMB1.1 billion in 2022, primarily due to the substantial recovery of travel market. 
 Others. Other revenues increased to RMB3.5 billion in 2023 from RMB2.5 billion in 2022. 
 Cost of Revenues 
 Cost of revenues increased by 80% to RMB8.1 billion in 2023 from RMB4.5 billion in 2022, which was in line with the increase in our total revenues. 
 Operating Expenses 
 Operating expenses include product development expenses, sales and marketing expenses, and general and administrative expenses. 
 Product Development. Product development expenses increased by 45% to RMB12.1 billion in 2023 from RMB8.3 billion