Company: TCOM
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-078429
Chunk: 139

Company: Trip.com Group Ltd
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 139
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 to an increase in product development personnel related expenses. 
 Sales and Marketing. Sales and marketing expenses increased by 29% to RMB11.9 billion (US$1.6 billion) in 2024 from RMB9.2 billion in 2023, primarily due to an increase in sales and marketing related activities . 
 General and Administrative. General and administrative expenses increased by 9% to RMB4.1 billion (US$560 million) in 2024 from RMB3.7 billion in 2023, primarily due to an increase in general and administrative personnel related expenses. 
 Interest Income 
 Interest income remained stable and amounted to RMB2.3 billion (US$321 million) in 2024, as compared to RMB2.1 billion in 2023 . 
 Interest Expense 
 Interest expense decreased by 16% to RMB1.7 billion (US$238 million) in 2024 from RMB2.1 billion in 2023, primarily due to the decrease in balance of borrowings and fluctuation in interest rates in 2024. 
 Other Income/(Expense) 
 Other income was RMB2.2 billion (US$304 million) in 2024, compared to other expense of RMB667 million in 2023. Other income in 2024 primarily consisted of RMB1.1 billion fair value gain of equity securities investments and exchangeable senior notes, RMB787 million government grants, RMB170 million dividend from long-term investments, partially offset by the RMB122 million impairments of long-term investments. Other expense in 2023 primarily consisted of RMB1.5 billion fair value loss of equity securities investments and exchangeable senior notes and RMB115 million impairments of long-term investments, partially offset by the RMB608 million government grants and RMB177 million dividend from long-term investments. 
 Income Tax Expense 
 Income tax expense was RMB2.6 billion (US$357 million) in 2024, compared to RMB1.8 billion in 2023. Our effective income tax rate in 2024 was 15%, compared to 16% in 2023. The change in effective tax rate was primarily due to the combined impacts of (i) changes in the respective profitability of our subsidiaries with different tax rates, (ii) changes in deferred tax liabilities relating to withholding tax, (iii) certain non-taxable income or loss resulting from the fair value changes in equity securities investments