Company: TCOM
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-078429
Chunk: 128

Company: Trip.com Group Ltd
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 128
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holders and Related Party Transactions—B. Related Party Transactions—Arrangements with the VIEs” for a description of our relationship with these entities. 
 Accommodation Reservation. Accommodation reservation revenue constitutes a significant source of our revenues. In 2022, 2023, and 2024, our accommodation reservation revenue was RMB7.4 billion, RMB17.3 billion, and RMB21.6 billion (US$3.0 billion), representing 37%, 39%, and 40% of our total revenues, respectively. 
 We generate substantially all of our accommodation reservation revenue through commissions from hotel reservation partners through our platform. We recognize revenues when the reservation becomes non-cancelable, which is the point at which we complete our performance obligation in accommodation reservation services. 
 Transportation Ticketing. In 2022, 2023, and 2024, our transportation ticketing revenue was RMB8.3 billion, RMB18.4 billion, and RMB20.3 billion (US$2.8 billion), representing 41%, 41% and 38% of our total revenues, respectively. 
 We operate our transportation ticketing business primarily through our wholly-owned subsidiaries, the VIEs and VIEs’ subsidiaries, and a network of ecosystem partners. Commissions from ticketing reservations rendered are recognized when tickets are issued as this is when our performance obligation is satisfied. Revenues from other related services are recognized at the time when the services are rendered. 
 
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 Packaged tours. In 2022, 2023, and 2024, our packaged-tour revenue was RMB797 million, RMB3.1 billion, and RMB4.3 billion (US$594 million), respectively. We bundle the packaged-tour products and services and receive referral fees from ecosystem partners for packaged-tour products and services through our platform. Referral fees are recognized on the departure date of the packaged tours as this is when our performance obligation is satisfied. 
 Corporate Travel. Our corporate travel revenue primarily includes commissions from transportation ticketing booking, accommodation reservation, and packaged-tour services rendered to corporate clients. In 2022, 2023, and 2024, revenue from our corporate travel services was RMB1.1 billion, RMB2.3 billion, and RMB2.5 billion (US$343 million), respectively. We contract with corporate clients based on a service fee model. Travel reservations are made via online and offline services for