Company: TCOM
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-078429
Chunk: 142

Company: Trip.com Group Ltd
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 142
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 (iv) changes in valuation allowance provided for deferred tax assets. 
 Equity in (Loss)/Income of Affiliates 
 Equity in income of affiliates in 2023 was RMB1.1 billion, compared to equity in loss of affiliates of RMB586 million in 2022. This was primarily due to the income incurred from our equity method investments in 2023. 
 Financial Information Relating to the VIEs 
 The following tables present the condensed consolidating schedules of financial information of Trip.com Group Limited, our subsidiaries that are the primary beneficiaries of the VIEs, our other subsidiaries, and the VIEs and their subsidiaries for the years and as of the dates indicated. 
 Condensed Consolidating Schedules of Results of Operations Data 
 

                                                                                                                 For the Year Ended December 31, 2024                                                                                                                 
                                                                                                                 Trip.com                Other                      Primary                          The VIEs           Eliminating               Consolidated        
                                                                                                                 Group                   Subsidiaries               Beneficiaries                         and           Adjustments               Totals              
                                                                                                                 Limited                                            of                                  their                                                         
                                                                                                                                                                    the VIEs                     Subsidiaries                                                         
                                                                                                                 (RMB in millions)                                                                                                                                    
Third-party net revenues                                                                                                —                          39,521                     3,648                    10,125                   —                           53,294    
Inter-company net revenues(1)                                                                                           —                880                                  6,407                     1,655                   (8,942    )                      —    
Third-party cost of revenues and operating expenses                                                                     (25      )                (28,694   )                (3,557   )                (6,841   )               —                          (39,117   )
Inter-company cost of revenues and operating expenses(1)                                                                —                          (3,116   )                (1,010   )                (4,816   )               8,942                            —    
(Loss)/Income from operations                                                                                           (25      )                  8,591                     5,488                       123                   —                           14,177    
Share of income/(loss) from subsidiaries and the VIEs(2)                                                                17,466                      5,883           628                                     —                   (23,977   )                      —    
Net interest (expense)/income and other (expense)/income                                                                (1,099   )                  3,250           448                                   227                   —                            2,826    
Income/(Loss) before income tax expense and