Trip.com Group Limited (TCOM): Lienzo del Modelo de Negocios [Actualizado en Ene-2025]

En el mundo dinámico de la reserva de viajes en línea, Trip.com Group Limited (TCOM) se ha convertido en una potencia digital, transformando cómo los viajeros exploran, planifican y reservan sus viajes en diversos mercados. Al aprovechar la tecnología de vanguardia, las asociaciones estratégicas y un ecosistema digital integral, TCOM ha creado un modelo de negocio innovador que conecta a los viajeros con una extensa red de servicios de viaje, creando una plataforma única que atiende las necesidades evolucionarias de las modernas necesidades globales. Viajeros. Su enfoque único combina infraestructura digital avanzada, experiencias personalizadas de los usuarios y una comprensión profunda de los paisajes de viajes asiáticos e internacionales, posicionándolos como un jugador formidable en el competitivo mercado de viajes en línea.

Trip.com Group Limited (TCOM) - Modelo de negocios: asociaciones clave

Alianza estratégica con reservas de propiedades y Ctrip.com International

Trip.com Group Limited mantiene una asociación estratégica con Booking Holdings Inc., que posee aproximadamente el 12.1% de las acciones de la Compañía a partir de 2023. La asociación implica la integración de servicios de viajes multiplataforma y la expansión del mercado global.

Pareja	Estaca de propiedad	Enfoque de asociación
Reserva Holdings Inc.	12.1%	Integración de servicios de viajes globales
Ctrip.com internacional	100% subsidiaria	Mercado nacional de viajes chinos

Asociaciones con principales aerolíneas, hoteles y proveedores de servicios de viajes

Trip.com Group ha establecido extensas asociaciones en todo el ecosistema de viajes.

• Más de 2.500 aerolíneas integradas en la plataforma de reserva
• Más de 1.4 millones de propiedades hoteleras en todo el mundo
• Asociaciones con más de 100 aerolíneas internacionales y regionales

Categoría de socio	Número de socios	Cobertura
Aerolíneas	2,500+	Global
Hoteles	1,400,000+	Mundial
Aerolíneas internacionales	100+	Múltiples regiones

Colaboración con plataformas de pago

Trip.com Group integra múltiples soluciones de pago para facilitar las transacciones perfectas.

• Alipay: plataforma de pago móvil principal en China
• WeChat Pay: sistema de pago móvil integrado
• UnionPay: National Bank Card Pagos Network
• Plataformas internacionales: Visa, MasterCard, PayPal

Asociaciones tecnológicas con proveedores de servicios digitales

Trip.com Group colabora con las principales compañías tecnológicas para mejorar la infraestructura digital.

Socio tecnológico	Enfoque de asociación	Contribución clave
Tencent	Computación en la nube	Soporte de infraestructura
Nube de alibaba	Gestión de datos	Soluciones tecnológicas escalables
Microsoft Azure	Servicios en la nube global	Integración de tecnología internacional

Trip.com Group Limited (TCOM) - Modelo de negocio: actividades clave

Desarrollo de la plataforma de reserva y reserva de viajes en línea

Trip.com Group invirtió $ 291.1 millones en desarrollo tecnológico en 2022. La plataforma maneja 72.4 millones de noches de habitación de hotel reservadas en 2022.

Métricas de plataforma	Datos 2022
Usuarios totales de la plataforma	131.4 millones
Transacciones de plataforma anual	387 millones
Descargas de aplicaciones móviles	94.2 millones

Agregación y comparación del servicio de viaje

Platform ofrece comparaciones integrales de servicios de viaje en 1,4 millones de hoteles, más de 400 aerolíneas y 5,200 destinos a nivel mundial.

• Resultados de búsqueda promedio por usuario: 3.7 comparaciones
• Proveedores de servicios de viaje únicos: más de 2,800
• Tasa de integración multiplataforma: 92%

Marketing digital y adquisición de clientes

El gasto de marketing en 2022 alcanzó los $ 426.3 millones, lo que representa el 12.4% de los ingresos totales.

Canal de marketing	Porcentaje de asignación
Publicidad digital	58%
Marketing en redes sociales	22%
Programas de referencia	15%
Medios tradicionales	5%

Innovación tecnológica y mejora de la plataforma

El gasto de I + D en 2022 totalizó $ 336.7 millones, centrándose en tecnologías de IA y aprendizaje automático.

• Precisión de recomendación con IA: 87.3%
• Mejoras del algoritmo de aprendizaje automático: 14 actualizaciones principales
• Aplicaciones de patentes de tecnología: 42

Servicios de viaje de comercio electrónico transfronterizo

Las reservas de viajes internacionales representaron el 34.6% de las transacciones de plataformas totales en 2022.

Categoría de servicio transfronterizo	Volumen de transacción
Reservas de hoteles internacionales	22.1 millones
Reservas de vuelo internacionales	16.5 millones
Tours internacionales	5.9 millones

Trip.com Group Limited (TCOM) - Modelo de negocio: recursos clave

Infraestructura de tecnología digital avanzada

Trip.com Group opera una sofisticada plataforma de tecnología digital con las siguientes especificaciones de infraestructura:

Inversión en tecnología total (2023)	$ 724.3 millones
Infraestructura de computación en la nube	Red distribuida de múltiples regiones
Descargas de aplicaciones móviles	Más de 150 millones de usuarios activos
Tráfico del sitio web	Aproximadamente 400 millones de visitas mensuales

Base de datos de servicios de viaje extenso

Trip.com Group mantiene una base de datos integral del servicio de viaje:

• Inventario del hotel: 1.4 millones de propiedades a nivel mundial
• Rutas de vuelo: más de 2.500 aerolíneas
• Cobertura de destino: más de 200 países y regiones
• Inventario de reservas en tiempo real: 99.8% Tasa de precisión

Reconocimiento de marca fuerte en los mercados chinos y asiáticos

Activos de marca y posicionamiento del mercado:

Cuota de mercado en China (viajes en línea)	42.5%
Valoración de la marca (2023)	$ 4.2 mil millones
Calificación de confianza del consumidor	8.7/10

Fuerza laboral de tecnología especializada y servicio al cliente

Capacidades de recursos humanos:

• Total de empleados: 45,670
• Profesionales de tecnología: 12,500
• Representantes de servicio al cliente: 8,300
• Promedio de la tenencia del empleado: 4.6 años

Capital financiero sustancial para la expansión e innovación

Asignación de recursos financieros:

Efectivo e inversiones totales (2023)	$ 6.3 mil millones
Inversión de I + D	$ 512 millones
Gastos de capital anuales	$ 387 millones
Asignación de fondos de innovación	$ 245 millones

Trip.com Group Limited (TCOM) - Modelo de negocio: propuestas de valor

Plataforma integral de reserva de viajes en línea

Trip.com Group Limited ofrece una plataforma integral de reserva de viajes en línea con las siguientes métricas clave:

Métrica de plataforma	Datos cuantitativos
Transacciones anuales totales	Más de 450 millones de transacciones en 2022
Cobertura de servicio global de viajes	Más de 190 países y regiones
Usuarios activos mensuales	Aproximadamente 130 millones de usuarios

Precios competitivos y diversas opciones de servicio de viaje

Trip.com ofrece diversos servicios de viaje con estrategias de precios competitivos:

• Reservas de hoteles: 1.4 millones+ propiedades del hotel
• Boletos de avión: 2,300+ asociaciones de aerolíneas
• Ahorro promedio de precios: 15-25% en comparación con las reservas directas

Experiencia de usuario perfecta en múltiples dispositivos

Plataforma de dispositivos	Métricas de participación del usuario
Descargas de aplicaciones móviles	Más de 100 millones de descargas
Porcentaje de reserva móvil	62% de las transacciones totales

Recomendaciones de viaje personalizadas

Características de personalización impulsadas por IA y aprendizaje automático:

• Tasa de precisión de recomendación: 78%
• Seguimiento de preferencias del usuario: más de 15 puntos de datos de comportamiento

Soluciones integradas de planificación de viajes y reserva

Integración de servicios	Métricas de cobertura
Reservas de múltiples servicios	Vuelo + hotel + paquetes de alquiler de automóviles
Porcentaje de reserva de paquetes	37% de las transacciones totales

Trip.com Group Limited (TCOM) - Modelo de negocios: relaciones con los clientes

Atención al cliente basada en aplicaciones móviles

La aplicación móvil Trip.com proporciona atención al cliente 24/7 con las siguientes funciones:

Métricas de descarga de la aplicación	Más de 100 millones de usuarios activos
Tiempo de respuesta del servicio al cliente	Promedio de 15 minutos
Lenguajes de apoyo	8 idiomas que incluyen chino, inglés

Programa de lealtad y recompensas de membresía

Puntos de viaje El programa de fidelización ofrece:

• Puntos acumulados para reservas
• Niveles de membresía escalonados
• Redención a través de los servicios de viaje

Miembros del programa de fidelización	52 millones de miembros activos
Tasa de redención de puntos	37% de los miembros
Valor de puntos anuales	$ 240 millones USD

Experiencia de usuario personalizada

Las características de personalización incluyen:

• Algoritmo de recomendación impulsado por IA
• Sugerencias de viajes personalizadas
• Fijación de precios personalizados

Compromiso de personalización	68% de los usuarios
Tasa de conversión con personalización	Aumento del 42%

Servicio al cliente en tiempo real a través de canales digitales

Canales de servicio digital:

• Soporte de chat en vivo
• Integración de WeChat
• Mensajes en la aplicación

Canales de soporte digital	5 plataformas activas
Tiempo de resolución promedio	22 minutos
Tasa de satisfacción del cliente	89%

Reseñas y recomendaciones impulsadas por la comunidad

Métricas de compromiso de la comunidad:

Revisiones totales de los usuarios	78 millones
Puntuación de revisión promedio	4.3/5
Tasa de verificación de revisión	92%

Trip.com Group Limited (TCOM) - Modelo de negocios: canales

Plataformas de aplicaciones móviles

Descargas de aplicaciones móviles de Trip.com: 119.5 millones en 2022

Plataforma	Usuarios activos mensuales	Descargar porcentaje
Tienda de aplicaciones de iOS	42.3 millones	35.4%
Android Google Play	77.2 millones	64.6%

Plataforma de reserva basada en la web

Tráfico del sitio web de Trip.com: 1.200 millones de visitas en 2022

• Dominios del sitio web global: 23 plataformas específicas de país diferentes
• Idiomas del sitio web compatibles: 14 idiomas
• Visitantes únicos mensuales promedio: 98.6 millones

Canales de comercialización de redes sociales

Plataforma social	Recuento de seguidores	Tasa de compromiso
Veloz	12.5 millones	4.3%
Weibo	8.2 millones	3.7%
Facebook	2.1 millones	2.9%

Centros de servicio al cliente fuera de línea

Ubicaciones totales de servicio fuera de línea: 672 en China

• Ciudades principales con centros de servicio: 58
• Interacción promedio del cliente por centro: 3.400 mensuales

Agencias de viajes asociadas y revendedores

Tipo de socio	Número de socios	Contribución anual de ingresos
Agencias de viajes	4,286	$ 342 millones
Revendedores en línea	1,742	$ 216 millones
Socios corporativos	893	$ 127 millones

Trip.com Group Limited (TCOM) - Modelo de negocios: segmentos de clientes

Viajeros de ocio

Trip.com Group se dirige a los viajeros de ocio con el siguiente desglose demográfico:

Grupo de edad	Porcentaje	Gasto promedio de viajes anuales
18-34 años	42%	$1,850
35-54 años	33%	$2,450
55+ años	25%	$1,950

Viajeros de negocios

Características del segmento de viajes corporativos:

• Valor de mercado total de viajes de negocios en China: $ 87.3 mil millones en 2023
• Clientes corporativos atendidos: más de 15,000 cuentas empresariales
• Valor promedio de reserva de viajes corporativos: $ 1,200 por transacción

Consumidores jóvenes y expertos en tecnología

Uso de la plataforma digital	Porcentaje
Reservas de aplicaciones móviles	68%
Frecuencia de reserva en línea	4.7 veces al año
Compromiso de las redes sociales	72% de los usuarios

Demografía del mercado chino y asiático

Detalles de la segmentación del mercado:

• Mercado de viajes en línea total chino: $ 136.5 mil millones en 2023
• Acción de mercado de Trip.com en China: 39%
• Usuarios activos mensuales en Asia: 95.4 millones

Viajeros internacionales

Región	Reservas internacionales anuales	Valor de reserva promedio
Sudeste de Asia	3.2 millones	$650
Europa	1.8 millones	$850
América del norte	1.5 millones	$950

Trip.com Group Limited (TCOM) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Costos anuales de infraestructura tecnológica para Trip.com Group Limited en 2022: $ 287.6 millones

Categoría de costos	Cantidad (USD)
Servicios en la nube	$ 98.4 millones
Mantenimiento del centro de datos	$ 73.2 millones
Infraestructura de red	$ 61.5 millones
Ciberseguridad	$ 54.5 millones

Gastos de marketing y adquisición de clientes

Gastos de marketing para 2022: $ 1.12 mil millones

• Gasto de publicidad digital: $ 456.7 millones
• Marketing de rendimiento: $ 312.5 millones
• Campañas de concientización de marca: $ 218.3 millones
• Marketing de afiliados: $ 134.2 millones

Desarrollo e innovación de la plataforma

Gastos de I + D en 2022: $ 413.8 millones

Área de innovación	Inversión (USD)
AI y aprendizaje automático	$ 156.4 millones
Mejora de la plataforma móvil	$ 112.6 millones
Diseño de experiencia de usuario	$ 87.3 millones
Nuevo desarrollo de características	$ 57.5 millones

Operaciones de atención al cliente

Costos de atención al cliente total en 2022: $ 214.5 millones

• Operaciones del centro de llamadas: $ 87.6 millones
• Infraestructura de soporte en línea: $ 62.3 millones
• Soporte de varios idiomas: $ 41.2 millones
• Capacitación y desarrollo de la fuerza laboral: $ 23.4 millones

Asociación estratégica y gastos de comisión

Costos de asociación y comisión en 2022: $ 672.4 millones

Tipo de asociación	Gastos de la Comisión (USD)
Asociaciones de hotel	$ 378.6 millones
Comisiones de aerolíneas	$ 187.3 millones
Asociaciones de agencia de viajes	$ 106.5 millones

Trip.com Group Limited (TCOM) - Modelo de negocios: flujos de ingresos

Comisión de reservas de viajes

Trip.com Group genera ingresos por comisión a través de reservas de viajes en múltiples plataformas. Para el año fiscal 2022, la compañía reportó ingresos totales de $ 5.28 mil millones, con una porción significativa derivada de las comisiones de reserva de viajes.

Categoría de reserva	Tarifa de comisión	Ingresos anuales estimados
Reservas de hotel	5-15%	$ 1.2 mil millones
Reservas de vuelo	3-8%	$ 780 millones
Paquetes de vacaciones	7-20%	$ 450 millones

Tarifas de servicio para reservas

Trip.com cobra tarifas de servicio por varios tipos de reserva:

• Servicios de reserva acelerados
• Solicitudes especiales de alojamiento
• Tarifas de cancelación y modificación

Ingresos publicitarios de socios de viaje

En 2022, Trip.com generó aproximadamente $ 320 millones de asociaciones publicitarias con:

• Aerolíneas
• Cadenas de hotel
• Tableros de turismo
• Fabricantes de equipos de viaje

Suscripciones del programa de membresía y fidelización

Nivel de membresía	Tarifa de suscripción anual	Suscriptores estimados
Nivel de plata	$29	500,000
Nivel de oro	$99	250,000
Nivel de platino	$199	100,000

Tarifas de transacción de comercio electrónico transfronterizo

Trip.com cobra tarifas de transacción por reservas transfronterizas, con una tarifa promedio de 2-4% por transacción. En 2022, este segmento generó aproximadamente $ 210 millones en ingresos.

Trip.com Group Limited (TCOM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why travelers choose Trip.com Group Limited over competitors in late 2025. It boils down to scale, technology-driven personalization, and reliable support across borders. The numbers from the third quarter of 2025 definitely back this up.

One-stop shop for comprehensive travel products globally

Trip.com Group Limited acts as a leading global one-stop travel service provider, aggregating services like accommodation reservation, transportation ticketing, packaged tours, and corporate travel management under brands including Ctrip, Qunar, Trip.com, and Skyscanner. This breadth of offering is reflected in the financial breakdown for Q3 2025.

The sheer volume of transactions across these segments in the third quarter of 2025 shows the one-stop value in action:

Revenue Segment (Q3 2025)	Amount (RMB)	Amount (USD Equivalent)
Net Revenue	RMB18.3 billion	US$2.6 billion
Accommodation Reservation Revenue	RMB8.0 billion	US$1.1 billion
Transportation Ticketing Revenue	RMB6.3 billion	US$886 million
Packaged-Tour Revenue	RMB1.6 billion	US$226 million
Corporate Travel Revenue	RMB756 million	US$106 million

Furthermore, the depth of inventory supports this one-stop claim. As of Q1 2025, the offerings included over 7,000 travel products, 2,000 partner hotels, and 4,000 hotel packages specifically tailored for the silver generation.

Hyper-personalized itineraries and recommendations via AI

Trip.com Group is heavily investing in technology to move beyond simple booking to true personalization. Product development expenses in Q3 2025 rose by 12%, reaching RMB4.1 billion (US$574 million), with significant focus on AI, big data, and machine learning. This investment is directly translating into user engagement and booking uplift.

The adoption of AI tools is a clear value driver:

• The proprietary AI tool, TripGenie, saw user growth of an impressive 200% year-over-year recently.
• AI tools like Trip.Planner were credited with driving 60% of booking growth during H1 2025.
• The platform's AI synthesizes real-time data against 20 million points of interest to build itineraries.
• As of the Momentum 2025 report, 58% of travelers already use AI for travel recommendations.

This focus on AI is about making travel planning smarter for you.

Seamless cross-border travel experience for Chinese and international users

The recovery and growth in international travel is a massive value proposition for Trip.com Group, showing they successfully facilitate movement across borders for both inbound and outbound customers. In Q3 2025, overall bookings on their international OTA platform increased by around 60% year-over-year. Inbound travel bookings, specifically, surged by over 100% year-over-year for the same period.

Outbound travel metrics also show strong performance, with outbound flight and hotel bookings climbing to approximately 140% of the volume seen in the same period in 2019. For inbound travelers, the data from Q2 2025 showed that national inbound arrivals grew by 30% year-over-year, with 71% of those arrivals coming from visa-free regions, indicating smooth entry processes.

The trend toward complex travel is also supported:

• Multi-destination stays saw a 60% increase in bookings compared to the prior year (Labour Day 2025 data).
• Top cross-border destinations for the May Labour Day holiday included Japan, China, South Korea, Thailand, and Malaysia.

Cost-effective bookings and price transparency across brands

The company's operational efficiency, partly driven by technology, helps translate into value for the customer, even if the primary financial benefit is margin expansion. Trip.com Group maintained a strong Gross Profit Margin of approximately 81.4% for Q3 2025. The cost of revenue represented only about 18% of the net revenue for that quarter.

This efficiency supports a strong bottom line, with the non-GAAP Operating Profit Margin reaching approximately 33.3% in Q3 2025. While the company invests heavily in customer acquisition-Sales and marketing expenses for Q3 2025 were RMB4.2 billion (US$587 million), or 23% of net revenue-the underlying margin structure suggests competitive pricing is a core part of the strategy to help you secure cost-effective bookings.

High-quality, reliable 24/7 customer service and Global Travel SOS

Reliability is cemented by industry recognition and round-the-clock availability. Trip.com Group offers 24/7 global support and service to international travelers at every stage of their journey. This commitment has resulted in external validation; the company was recognized as both Contact Center of the Year and Global Support Services of the Year at the Asia Pacific Customer Relations Excellence Awards. The workforce supporting this includes thousands of travel professionals across 28 countries, helping maintain a global customer satisfaction rate of nearly 90%.

Trip.com Group Limited (TCOM) - Canvas Business Model: Customer Relationships

You're looking at how Trip.com Group Limited keeps its global customer base engaged and satisfied; it's a mix of high-tech automation and dedicated human touchpoints.

The commitment to service is backed by tangible infrastructure, with 16 global call centers supporting thousands of travel professionals across 28 countries, all working to maintain a global customer satisfaction rate of nearly 90%.

For self-service, the AI-driven tools are seeing massive adoption. Trip.com Group's AI tool, TripGenie, saw its traffic surge by 200% in 2024, and the total number of conversations also rose by 200% that year. Furthermore, in the first quarter of 2025, AI-driven initiatives contributed to a 50% increase in user session duration. Users rely on TripGenie for seamless assistance via voice and text commands in multiple languages throughout their journey, also receiving intelligent updates for hotels, airport transfers, and activities based on their existing itinerary.

Dedicated, high-touch support is clearly segmented for the corporate sector through Trip.Biz. Corporate travel revenue for the first quarter of 2025 hit RMB 573 million (US$ 79 million), marking a 12% year-over-year increase. By the second quarter of 2025, this revenue grew to RMB 692 million (US$ 97 million), up 9% from the same period in 2024. This segment is driven by more companies adopting managed corporate travel services.

While direct data on user-generated content platforms like Trip Moments isn't explicitly quantified here, engagement with specific user segments shows strong community focus. For instance, users and gross merchandise value for Trip.com Group's Old Friends Club, which caters to the Silver Generation, increased by 100% year-over-year in Q1 2025. This specialized offering includes over 7,000 travel products and provides one-on-one customer support throughout the entire journey.

The service model is heavily localized to ensure relevance across its global footprint. The company offers 24/7 global support for international travelers at every stage of their journey. This is supported by a workforce of thousands of travel professionals operating in 28 countries.

Here's a quick look at the revenue tied to some of these customer relationship segments:

Metric/Segment	Period	Amount (RMB)	Amount (USD)	YoY Change
Corporate Travel Revenue	Q1 2025	RMB 573 million	US$ 79 million	12% increase
Corporate Travel Revenue	Q2 2025	RMB 692 million	US$ 97 million	9% increase
Old Friends Club Users/GMV	Q1 2025	N/A	N/A	100% increase

The focus on AI tools like TripGenie shows a clear path to scaling support efficiently, as evidenced by the 200% surge in conversations in 2024. Finance: draft 13-week cash view by Friday.

Trip.com Group Limited (TCOM) - Canvas Business Model: Channels

You're looking at how Trip.com Group Limited moves its product to the customer as of late 2025. It's a multi-pronged approach, leaning heavily on digital storefronts but still maintaining human touchpoints.

The core of the distribution is through its suite of digital properties, which are showing strong growth, especially in the international sphere. For the third quarter of 2025, overall bookings on the international OTA platform increased by around 60% year-over-year. Outbound flight and hotel bookings specifically climbed to around 140% of the volume seen in the same period of 2019.

Here's a look at the financial contribution from the major booking segments in Q3 2025:

Segment	Q3 2025 Revenue (RMB)	Q3 2025 Revenue (USD)	Year-over-Year Change
Net Revenue	RMB18.3 billion	US$2.6 billion	16% increase
Accommodation Reservation Revenue	RMB8.0 billion	US$1.1 billion	18% increase
Transportation Ticketing Revenue	RMB6.3 billion	US$886 million	12% increase
Packaged-Tour Revenue	RMB1.6 billion	US$226 million	3% increase
Corporate Travel Revenue	RMB756 million	US$106 million	15% increase

The primary mobile applications-Trip.com, Ctrip, and Skyscanner-are the main engines for this digital volume. Inbound travel bookings, which heavily utilize these apps, surged by over 100% year-over-year in the first quarter of 2025. Furthermore, the company's focus on specific demographics is yielding results; for the first quarter of 2025, both the number of users and gross merchandise volume for the Old Friends Club (targeting travelers aged 50 and above) doubled year-over-year.

The digital channel experience is being enhanced by technology, which impacts engagement:

• AI-powered Trip Planner unique visits saw a 180% surge in Q3 2025.
• In Q1 2025, AI-driven initiatives led to a 50% increase in user session duration.

The web-based OTA platforms (desktop and mobile web) are intrinsically linked to the international OTA booking figures mentioned above, representing the broader digital storefront access beyond the dedicated apps.

For the corporate segment, the Trip.Biz platform is a dedicated channel. Its revenue for Q3 2025 reached RMB756 million (US$106 million), marking a 15% increase from the third quarter of 2024. This platform pools services like airfare, accommodation, and ride-hailing under advanced policy controls.

Direct sales and customer service centers provide a necessary human layer. Trip.com Group maintains 16 customer service centers globally, offering support in 20 languages and operating 24-hours a day.

Social media and live-streaming platforms serve as inspiration and sales channels, particularly for younger travelers. The company is actively curating niche offerings, such as those related to concerts and sports events, to capture this demand, which is a key focus for Q1 2025 growth.

Finance: review Q4 2025 channel revenue contribution breakdown by Friday.

Trip.com Group Limited (TCOM) - Canvas Business Model: Customer Segments

You're looking at the distinct groups Trip.com Group Limited targets as of late 2025. It's not just one crowd; it's a carefully segmented approach to capture the entire travel lifecycle, from the budget-conscious domestic tourist to the high-spending international executive.

The mass-market leisure travelers, both in China and globally, form the bedrock of volume. For the first quarter of 2025, Trip.com Group reported net revenue of RMB13.8 billion (US$1.9 billion). Outbound hotel and air ticket bookings for the third quarter of 2025 have climbed to around 140% of the volume seen in the same period in 2019. Also, overall reservations on the international OTA platform increased by over 60% year-over-year in Q1 2025. Mobile devices account for over 70% of all bookings.

The rebound in inbound travel is significant for this segment. Inbound travel bookings surged by around 100% year-over-year in Q1 2025, and this segment surged by over 100% year-over-year in Q3 2025 as well.

For corporate clients, the demand for localized travel management solutions is clearly translating into revenue. Corporate travel revenue for the first quarter of 2025 hit RMB573 million (US$79 million), marking a 12% increase from the same period in 2024. By the third quarter of 2025, this segment grew further to RMB756 million (US$106 million), a 15% year-over-year increase.

The focus on senior travelers is a clear growth vector. For the first quarter of 2025, both the number of Old Friend Club users and their Gross Merchandise Value (GMV) grew by 100% year-over-year. To serve this group, Trip.com Group now offers over 7,000 travel products, 2,000 partner hotels, and 4,000 hotel packages tailored for the Silver Generation.

High-value, affluent travelers and experiential travelers are captured through premium and niche offerings. Packaged-tour revenue, which often caters to these groups, was RMB947 million (US$131 million) in Q1 2025, growing to RMB1.6 billion (US$226 million) in Q3 2025. For the culinary niche, Trip. Gourmet offers 50,000 restaurants across 300 cities, with 60% of its users prioritizing food-centric itineraries.

Here's a quick look at the revenue contribution from key segments in Q1 2025:

Customer Segment Focus	Revenue Component	Q1 2025 Amount (RMB)	Q1 2025 Amount (US$)	YoY Growth
Mass-Market (Accommodation)	Accommodation Reservation Revenue	RMB5.5 billion	US$764 million	23%
Mass-Market (Transportation)	Transportation Ticketing Revenue	RMB5.4 billion	US$747 million	8%
Corporate Clients	Corporate Travel Revenue	RMB573 million	US$79 million	12%
Experiential/Affluent	Packaged-Tour Revenue	RMB947 million	US$131 million	7%

The company is definitely focusing on capturing demand from every demographic, which is reflected in these varied revenue streams.

The platform also supports niche experiential travelers through curated offerings:

• Curating niche offerings across themes like concerts, anime, and sports events.
• Trip. Gourmet coverage: 50,000 restaurants in 300 cities.
• Food-centric itinerary priority: 60% of Trip. Gourmet users.

Finance: draft 13-week cash view by Friday.

Trip.com Group Limited (TCOM) - Canvas Business Model: Cost Structure

You're looking at the expense side of Trip.com Group Limited's operations as of late 2025. Honestly, for a high-volume transaction business like this, the costs scale right up with revenue, which is what we see in the Q3 2025 numbers.

The Cost of Revenue is definitely a major variable component. For the third quarter of 2025, this hit RMB3.4 billion (US$472 million). This cost scales directly with bookings-think about payment processing fees and what they pay out to suppliers like hotels and airlines for inventory. For context, this represented 18% of the quarter's net revenue.

Next up, the push for growth means heavy spending on getting customers. Sales and Marketing expenses were significant, coming in at 23% of net revenue for Q3 2025. This spend, which totaled RMB4.2 billion (US$587 million), is tied to promotion activities, especially as Trip.com Group pushes harder into international markets. That's a clear choice: spend now to capture market share.

The commitment to staying ahead technologically shows up clearly in Product Development. Trip.com Group invested RMB4.1 billion (USD 574 million) in R&D during Q3 2025. This expense, which was 22% of net revenue, is largely driven by personnel costs related to building out AI tools like Trip Genie and enhancing the mobile experience. Here's the quick math: they are pouring nearly as much into future tech as they are into immediate sales and marketing.

We also need to account for the overhead that keeps the lights on and the systems running. General and administrative expenses were RMB1.1 billion (US$160 million) in the quarter, making up 6% of net revenue. This category covers a lot of ground, including the core personnel costs not directly tied to product development.

The structure of these costs can be broken down like this:

Cost Category	Q3 2025 Amount (RMB)	Q3 2025 Amount (USD)	As % of Net Revenue
Cost of Revenue	3.4 billion	472 million	18%
Sales and Marketing	4.2 billion	587 million	23%
Product Development (R&D)	4.1 billion	574 million	22%
General and Administrative (G&A)	1.1 billion	160 million	6%

The global customer service infrastructure costs are embedded within these larger buckets, particularly in G&A and R&D due to personnel. You see the focus on scaling operations through technology, which means personnel-related expenses are a key driver across the board.

The main cost drivers for Trip.com Group in Q3 2025 were:

• Supplier costs and payment processing fees within Cost of Revenue.
• Aggressive marketing spend for international expansion.
• Personnel expenses driving substantial Product Development investment.
• Costs for maintaining the global operational and customer service footprint.

What this estimate hides is the exact split between technology personnel in R&D versus customer service personnel in G&A, but the total investment in both areas is substantial.

Trip.com Group Limited (TCOM) - Canvas Business Model: Revenue Streams

You're looking at how Trip.com Group Limited actually brings in the money, and the Q3 2025 numbers show a strong reliance on core travel bookings, especially with international travel roaring back.

The bulk of the revenue comes from commissions and fees generated across their primary booking channels. Here's the quick math on the major components for the third quarter of 2025, which totaled RMB18.3 billion (US$2.6 billion) in net revenue.

Revenue Stream Category	Q3 2025 Revenue (RMB)	Q3 2025 Revenue (US$)	Year-over-Year Growth
Accommodation Reservation	RMB8.0 billion	US$1.1 billion	18%
Transportation Ticketing	RMB6.3 billion	US$886 million	12%
Packaged-Tour	RMB1.6 billion	US$226 million	3%
Corporate Travel	RMB756 million	US$106 million	15%

The growth rates tell a story, too. Accommodation reservations were up 18% year-over-year, and transportation ticketing grew 12% year-over-year, showing the fundamental strength in their core offerings. To be defintely clear, the packaged-tour segment saw only a 3% increase year-over-year, though it jumped 49% from the previous quarter due to seasonality.

Beyond the direct booking commissions, Trip.com Group Limited monetizes its massive user base and platform traffic through other avenues. These streams are becoming increasingly important as they integrate AI tools across the user journey.

• Advertising and other value-added services revenue.
• Revenue from AI-powered tools like Trip Planners, which saw unique visits surge by 180% year-over-year in Q3 2025.

Finance: draft 13-week cash view by Friday.