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Akeso Highlights Collaboration Between Its Partner Summit Therapeutics and Pfizer to Explore Ivonescimab in Combination with Pfizer’s ADCs

HONG KONG, Feb. 25, 2025 /PRNewswire/ — Akeso, Inc. (9926.HK) (“Akeso” or the “Company”) today announced that its partner on ivonescimab, Summit Therapeutics Inc. (NASDAQ: SMMT) has entered into a clinical trial collaboration with Pfizer Inc. (NYSE: PFE) to evaluate ivonescimab, a novel, investigational PD-1 / VEGF bispecific antibody, in combination with several of Pfizer’s antibody drug conjugates (ADCs) across multiple solid tumor settings.

“Rapidly developing novel mechanisms that go beyond what is currently available to patients and physicians is what we believe will make the most significant impact for those facing the greatest challenges from cancer today,” noted Bob Duggan and Dr. Maky Zanganeh, Summit’s Co-CEOs. “As we seek to accelerate the development of our potentially transformative ivonescimab across non-small cell lung cancer and other solid tumor settings, this collaboration will allow us to quickly advance beyond our promising late-stage development plan to evaluate ivonescimab in combination with some of the most innovative ADCs from Pfizer.”

The goal of the collaboration is to evaluate ivonescimab, in combination with several unique Pfizer ADCs across multiple solid tumor settings to accelerate the advancement of potentially landscape-changing combinations, which seek to improve the standards of care for patients facing serious unmet needs. Each study intends to evaluate ivonescimab plus one of Pfizer’s vedotin ADCs in individual, distinct solid tumor settings to determine the safety profile and potential anti-tumor activity of the combinations.

“We are excited to partner with Summit Therapeutics to explore the clinical synergy of our therapies,” said Megan O’Meara, M.D., Head, Oncology Early Stage Development, Pfizer. “Together, we are advancing the exploration of our ADCs in rational, differentiated combinations with a bispecific antibody designed to address the unique complexities of tumor biology. This collaboration represents the next wave of investigational targeted combinations with the potential to transform treatment options for people living with cancer.”

Under the terms of the agreement, Summit will provide ivonescimab for use in the proposed studies, and Pfizer will be responsible for conducting the operations of the studies. The studies will be overseen by both Summit and Pfizer. Both parties retain their respective rights to their products. The studies combining ivonescimab with Pfizer’s vedotin ADCs are planned to begin in the middle of this year. Further details on the clinical trials will be announced at a later date by Summit.

About Ivonescimab (AK112/SMT112)

Ivonescimab is a novel global first-in-class PD-1/VEGF bi-specific immunotherapy drug independently developed by Akeso. Ivonescimab is known as SMT112 in Summit Therapeutics’s license territories, including the United States, Canada, Europe, Japan, Central America, South America, the Middle East and Africa. Ivonescimab was granted marketing approval by NMPA for the treatment of EGFR mutated locally advanced or metastatic non-squamous NSCLC patients who have progressed after EGFR TKI treatment. Currently, ivonescimab’s first indication has been approved in China, and Akeso is conducting 6 registrational trials versus anti-PD-1/L1 therapeutics. Akeso is also conducting multiple clinical trials of ivonescimab covering 17 indications including gastrointestinal cancer, hepatocellular carcinoma and colorectal cancer.

About Akeso
Akeso (HKEX: 9926.HK) is a leading biopharmaceutical company committed to the research, development, manufacturing and commercialization of the world’s first or best-in-class innovative biological medicines. Founded in 2012, the company has created a unique integrated R&D innovation system with the comprehensive end-to-end drug development platform (ACE Platform) and bi-specific antibody drug development technology (Tetrabody) as the core, a GMP-compliant manufacturing system and a commercialization system with an advanced operation mode, and has gradually developed into a globally competitive biopharmaceutical company focused on innovative solutions. With fully integrated multi-functional platform, Akeso is internally working on a robust pipeline of over 50 innovative assets in the fields of cancer, autoimmune disease, inflammation, metabolic disease and other major diseases. Among them, 23 candidates have entered clinical trials (including 11 bispecific/multispecific antibodies and bispecific antibody-drug conjugates). Additionally, 5 new drugs are commercially available, and 5 new drugs across 7 indications are currently under regulatory review for approval. Through efficient and breakthrough R&D innovation, Akeso always integrates superior global resources, develops the first-in-class and best-in-class new drugs, provides affordable therapeutic antibodies for patients worldwide, and continuously creates more commercial and social values to become a global leading biopharmaceutical enterprise.

For more information, please visit https://www.akesobio.com/en/about-us/corporate-profile/ and follow us on Linkedin, and X (formerly Twitter).

dtcpay Launches the Digital Treasures Card for Frictionless Stablecoin-to-Fiat Spend

One Card. Infinite Possibilities

SINGAPORE, Feb. 25, 2025 /PRNewswire/ — dtcpay, a leading digital payments solutions provider, is excited to announce the official launch of the Digital Treasures Card. The first-of-its-kind Visa Infinite card is designed to offer seamless, global spending with stablecoins, enabling users to effortlessly convert their stablecoins into fiat and use them for purchases at over 150 million merchant locations worldwide. By combining the power of Visa’s vast global network with the flexibility of stablecoins, dtcpay is reshaping the way businesses and consumers spend and interact with the world.

dtcpay Launches the Digital Treasures Visa Infinite Card for the UHNW
dtcpay Launches the Digital Treasures Visa Infinite Card for the UHNW

“Today, we are proud to introduce the Digital Treasures Card, a game-changer for those looking to effortlessly use their stablecoins in the real world,” said Alice Liu, CEO and Co-Founder of dtcpay. “With this card, users can now seamlessly convert and spend with stablecoins anywhere Visa is accepted, offering both security and convenience on a global scale. It’s a monumental step forward in our mission to deliver payments of tomorrow.”

What is the Digital Treasures Card?

More than just a payment card, the Digital Treasures Card is your passport to a seamless lifestyle, offering unparalleled access to world-class experiences and bespoke services. Crafted for those who demand the finest, it opens doors to a realm where luxury, convenience, and adventure seamlessly converge.

Key Features and Benefits

  1. Seamless Stablecoin-to-Fiat Conversion: Instantly convert your stablecoins into fiat and vice versa with the dtcpay Wallet app. The convenience of real-time, competitive exchange rates ensures that you’re always in control of your finances.
  2. Global Reach: Use the Digital Treasures Card at over 150 million Visa-accepting locations worldwide, in over 200 countries and territories. This gives you the freedom to make purchases, pay bills, or access services no matter where life takes you.
  3. Security and Reliability: As part of the Visa network, your transactions are protected by Visa’s advanced security infrastructure, offering peace of mind with every purchase.

Who is the Digital Treasures Card For?

The Digital Treasures Card is designed for ultra-high-net-worth individuals (UHNW) who value the convenience of digital currencies and the security of traditional payment networks.

For individuals who want access to the flexibility of using digital currencies, the Digital Treasures Card opens the door to a wealth of possibilities. Whether you’re booking flights, paying for exclusive experiences, or simply making everyday purchases, the Digital Treasures Card allows you to do so effortlessly.

How to Apply for the Digital Treasures Card?

The Digital Treasures Card is now available on the dtcpay app. Eligible users will be able to apply for the card within the dtcpay app. Once successfully registered, they can begin managing their stablecoin-to-fiat conversions, and start using their card at millions of global merchants right away.

What’s Next for dtcpay

The launch of the Digital Treasures Card is just the beginning. As dtcpay continues to innovate and expand its services, the company aims to offer even more solutions to bridge the gap between digital payments and traditional finance. Through its partnership with Visa, dtcpay is paving the way for broader acceptance of digital currencies, ensuring that more businesses and individuals can participate in the digital economy with confidence.

“At dtcpay, our mission is to make digital payments as seamless and accessible as possible,” Alice Liu added. “The Digital Treasures Card is just one example of how we are bridging the worlds of Web3 and traditional finance. We’re excited to continue innovating and offering our users unparalleled experiences as we usher in the next generation of global payments.”

About dtcpay

dtcpay is a regulated Major Payment Institution (MPI) licensed by the Monetary Authority of Singapore (MAS) to conduct Digital Payment Token (DPT) services and other payment services under the Payment Services Act (PSA). As a leading provider of digital payment solutions, we pioneer the integration of stablecoin acceptance into traditional financial systems. With a vision to make global transactions seamless and sustainable, dtcpay empowers individuals and businesses to embrace the future of payments.

Learn more at dtcpay.com.

The Digital Treasures Card for stablecoin-to-fiat spend at 150 million Visa-acceptance locations worldwide
The Digital Treasures Card for stablecoin-to-fiat spend at 150 million Visa-acceptance locations worldwide

Pentera Announces Top Performing Channel Partner Awards

BOSTON, Feb. 25, 2025 /PRNewswire/ — Pentera, the leader in Automated Security Validation, proudly announced the winners of its 2024 Pentera Partner Awards. The awards recognize business achievements by Pentera’s global partner network in driving cybersecurity resilience through continuous testing and validation.

Pentera’s Global Partner Program was launched in early 2024. With expanded enablement programs, enhanced resources, and a focus on delivering measurable business value, Pentera’s partners are highly equipped to help customers close security gaps before they are exploited.

“A strong channel is a force multiplier for any organization, and we are proud to recognize our top partners from 2024,” said Amitai Ratzon, CEO of Pentera. “As Pentera continues to grow its global business, we remain committed to investing in our channel ecosystem through training, resources, and co-marketing. Together we are shaping the security validation market, enabling organizations to shift from reactive to proactive security.”

The Pentera Partner Awards recognize partners for their exceptional contributions to advancing cybersecurity resilience through Automated Security Validation on both the organizational and individual level. Award recipients were evaluated based on the impact they delivered to mutual customers, their role in expanding Pentera’s market presence, and their commitment to promoting proactive security practices. The winners for 2024 are:

     Europe Award winners

  • Rising Star Partner of the Year – lmbit GmbH, Germany
  • Partner to Watch – NetNordic Sweden AB
  • Top Grossing Partner of the Year – Sertalink BV, Belgium
  • Largest Partner Win of the Year – Logicalis, Spain
  • Partner Sales Champion of the Year – Jesus Sanchez, Logicalis, Spain

     Americas Award winners

  • Rising Star Partner of the Year – Trace3, USA
  • Top Performing Partner – SHI International, USA
  • Top Performing Partner – LATAM- gB InfraGroup, Mexico
  • Partner Technical Champion of the Year – Robert Sweeney, Optiv Security, Inc., USA
  • Partner Sales Champion of the Year – Karen Prosser, GuidePoint Security LLC, USA

     APAC Award winners

  • Rising Star Partner of the Year – Nexus Technologies, Inc., Philippines
  • Top Grossing Partner of the Year – Tokyo Electron Device, LTD., Japan
  • Top Sales Duo of the Year (Sales & SE) – Coco Chiu and Ou Tian, ABPSecurite Pte, Ltd., Singapore

About Pentera

Pentera is the market leader in Automated Security Validation, empowering companies to proactively test all their cybersecurity controls against the latest cyber attacks. Pentera identifies true risk across the entire attack surface, guiding remediation to effectively reduce exposure. The company’s security validation capabilities are essential for Continuous Threat Exposure Management (CTEM) operations. Thousands of security professionals around the world trust Pentera to close security gaps before threat actors can exploit them.

For more information, visit: pentera.io

Media Contact
Noam Hirsch
Senior PR Manager
Noam.Hirsch@pentera.io

 

TOYO EATERY IN MANILA WINS THE GIN MARE ART OF HOSPITALITY AWARD AS PART OF ASIA’S 50 BEST RESTAURANTS 2025

LONDON, Feb. 25, 2025 /PRNewswire/ — Manila’s Toyo Eatery has been named the winner of the Gin Mare Art of Hospitality Award 2025. Voted for by the 350-plus members of the Asia’s 50 Best Restaurants Academy who were asked to name the one establishment that has provided the best hospitality experience in the last 18 months, this is the second in the series of pre-announced special awards unveiled leading up to the Asia’s 50 Best Restaurants 2025 programme and awards ceremony, which will be held at Grand Hyatt, Seoul, on 25 March 2025.  

Manila's Toyo Eatery is named the winner of the Gin Mare Art of Hospitality Award as part of Asia's 50 Best Restaurants 2025
Manila’s Toyo Eatery is named the winner of the Gin Mare Art of Hospitality Award as part of Asia’s 50 Best Restaurants 2025

Debuting at Asia’s 50 Best Restaurants as the One To Watch Award winner in 2018, Toyo Eatery joined the list in 2019 at No.43 while holding onto the title of The Best Restaurant in the Philippines for five years, and winning the Sustainable Restaurant Award in 2023. Ranked No.24 on Asia’s 50 Best Restaurants 2024, Toyo Eatery is helmed by husband-and-wife team Jordy and May Navarra. The restaurant emphasises Filipino heritage and food culture which is a deeply personal hospitality experience akin to dining in the couple’s own home.

William Drew, Director of Content for Asia’s 50 Best Restaurants, says: “At Toyo Eatery, each guest is warmly immersed in Filipino food culture. Genuine hospitality is also evident in the personal touches from Jordy and May – from the seamless integration of interiors, floral and vegetable displays and wall art to local craftsmanship and in the way they educate diners about their food.”

Toyo Eatery is a deep dive into the culinary culture of the Philippines. Its vegetable-forward menu and mindful use of local ingredients, service ware, art, furniture and design celebrate all things Filipino while heritage elements are reimagined through fermentation and preservation. Since opening the restaurant in 2016, they have championed minimising their carbon footprint, sourcing locally and fostering relationships with farmers and artisans, while maintaining an approachable fine dining atmosphere.

Chef Jordy says, “To be welcomed into a Filipino home is to experience genuine warmth and care. We aim to convey the Filipino experience, not just through the dishes we serve, but also by creating genuine connections with our guests. This award belongs to our incredible team and to all those who have dined with us. Maraming salamat (thank you very much).”

Media Centre:
https://mediacentre.theworlds50best.com/

 

 

 

 

GENERAL LINK Inc. Launches Special Campaign for Overseas Guests at GL Terrace

TOKYO, Feb. 25, 2025 /PRNewswire/ — GENERAL LINK Inc. has announced an exciting new campaign starting March 1st, 2025, aimed at overseas travelers visiting Japan. The campaign will offer free options at GL Terrace, a luxury vacation rental property on the Boso Peninsula, as well as up to ¥10,000 cashback on rental cars for the first three groups.

In a recent survey conducted by GENERAL LINK Inc., targeting 1,019 respondents, including foreigners living in Japan and Japanese workers in the tourism industry, the following insights were revealed:

  • Key Accommodation Preferences: Foreign travelers prioritize “space” and “private space” when choosing accommodation.
  • Recommended Travel Areas: Among foreigners living in Japan, 40.20% recommended areas around Tokyo (Tokyo, Chiba, Saitama, Kanagawa) as must-visit destinations.

A survey asking 1,019 respondents what do they look for in their accommodation when travelling to Japan
A survey asking 1,019 respondents what do they look for in their accommodation when travelling to Japan

Why GL Terrace?

Located close to the center of Tokyo and Narita Airport, GL Terrace offers the perfect blend of convenience and tranquility. This exclusive villa, limited to one group per day, provides a luxurious private space for guests to enjoy.

Key features include:

  • A spacious living room giving stunning ocean views
  • Full facilities, including a basketball court for active fun.
  • A BBQ grill, fire pit, and projector (free for overseas guests during the campaign).

Views of GL Terrace
Views of GL Terrace

Campaign Details

From March 1st, 2025, the following benefits will be available to overseas guests:

  1. Free Use of Facilities:
  • BBQ Grill
  • Fire Pit
  • Projector
  • Rental Car Cashback: The first three groups will receive up to ¥10,000 cashback on rental car expenses.
  • GL Terrace is already a popular choice for tourists seeking a resort-like escape near central Tokyo, and this campaign makes it even more appealing to international visitors.

    Contact & Booking Information

    Don’t miss the opportunity to experience the best of Japanese luxury hospitality at GL Terrace this spring!

    FOUR COUNTRIES SHORTLISTED TO HOST THE GAMES OF THE FUTURE 2027

    Brazil, Serbia, South Africa, and Uzbekistan in the race to host the global phygital sports event

    DUBAI, UAE, Feb. 25, 2025 /PRNewswire/ — Phygital International (PI), the exclusive rights holders and custodians of The Games of the Future (GOTF), today announces that Brazil, Serbia, South Africa, and Uzbekistan are the shortlisted applicants to host GOTF 2027. The Games of the Future is the world’s leading phygital sports tournament, bringing together sports and esports athletes from around the world.

    Phygital athlete displaying raw passion
    Phygital athlete displaying raw passion

    With the UAE set to host GOTF 2025 and Kazakhstan in 2026, the competition for the 2027 edition has drawn significant interest from nations eager to position themselves as leaders in the world of phygital sports.

    Nis Hatt, CEO of Phygital International, said: “We received bids from right around the world which highlights the growing awareness and passion for phygital sports globally. We would like to thank all the nations who bid to host The Games of the Future 2027 and are pleased to announce that Brazil, Serbia, South Africa, and Uzbekistan have been selected as the nations shortlisted as potential hosts.”

    Following further evaluations and detailed assessments of each finalist’s proposal, the final decision on the host country for GOTF 2027 will be announced in the summer of 2025.

    Notes to Editors:

    About Phygital International:

    Phygital International is the global leader in promoting and innovating phygital sports, seamlessly blending the physical sports and digital gaming realms in competitive events. As the official custodian and operator of the global annual Games of the Future, Phygital International is redefining the sports experience for a new era. Through its role as a tournament organizer and host-nation bid overseer, Phygital International unites athletes, gamers, and communities in a unique hybrid environment, pushing the boundaries of both traditional sports and gaming worldwide.

    For more information, please visit https://phygitalinternational.com.

    About The Games of the Future:

    The Games of the Future is an annual international event that fuses the worlds of physical and digital and is the pinnacle of phygital sport. The annual tournament brings together the next generation of dynamic sporting heroes from all over the world to compete in a diverse range of phygital disciplines and challenges. The 2025 and 2026 Games of the Future will be held in UAE and Kazakhstan, respectively. For more information please visit: https://gofuture.games.

    Phygital athletes celebrate a victory in the digital segment
    Phygital athletes celebrate a victory in the digital segment

     

    For further information, please contact: press@phygitalinternational.com.

    AIM Vaccine’s mRNA Shingles Vaccine Submits Clinical Application to the U.S.

    Another Step Forward in Global Expansion

    HONG KONG, Feb. 25, 2025 /PRNewswire/ — As global capital reassesses the investment value of innovative Chinese companies, the development of innovative vaccines in China is in full swing. On February 23, PRC vaccine leader AIM Vaccine (06660.HK) announced that its self-developed mRNA shingles vaccine has recently been submitted for clinical approval to the U.S. Food and Drug Administration (FDA). Not long ago, its mRNA RSV vaccine was also submitted for U.S. clinical trials. In just one month, AIM has made rapid progress in the global rollout of two major mRNA vaccine products.

    Why have AIM’s multiple mRNA vaccines been able to push for FDA approval in such a short time? First, innovation is in AIM’s DNA. The mRNA shingles vaccine, currently submitted for U.S. clinical trials, possesses a high level of technological innovation, ensuring superior vaccine quality. According to the announcement, preclinical animal trials conducted by third-party testing units showed that the specific T cell immunity, specific IgG antibody titers, and fluorescent antibody (FAMA) titers of the mRNA shingles vaccine were significantly higher than those of internationally marketed recombinant subunit control vaccines.

    More importantly, with the support of the booming DeepSeek, AIM’s mRNA vaccine development is poised to leverage foreseeable leading advantages for rapid advancement. On February 23, AIM announced its comprehensive deployment of the DeepSeek large model, promoting its R1 version through localized strategies for application across all business scenarios, aiming to achieve “cost reduction, quality improvement, and efficiency enhancement” throughout the vaccine’s entire lifecycle. Specifically, to build an intelligent vaccine research and development system, AIM will utilize the DeepSeek large model to discover, design, and manufacture better candidate vaccines.

    Additionally, AIM boasts a strong accumulation of experience and first-mover advantage in its mRNA technology platform. As one of the earliest companies to develop mRNA vaccine products in China, AIM has streamlined the entire lifecycle processes of mRNA vaccine R&D and production, enabling rapid industrialization of mRNA vaccine products following clinical completion, thus accelerating the commercialization process.

    As noted in a recent research report by Fosun International Securities, the mRNA platform successfully validated during the COVID-19 pandemic has laid a solid foundation for future growth in both domestic and international markets. The company ensures product quality stability and supply reliability through GMP-certified high-standard production facilities, further solidifying its competitive market position. Multiple major mRNA products, including the mRNA shingles vaccine, mRNA RSV vaccine, and mRNA influenza vaccine, can leverage the company’s leading position in next-generation vaccine technology for rapid commercialization.

    In summary, the research report from Fosun International Securities indicates that AIM Vaccine, with its differentiated technological advantages and comprehensive product layout, not only shows significant leading potential in the domestic market but also has broad prospects for expansion in international markets, positioning itself to occupy an important place in the global vaccine market.

    In just one month, the two major mRNA vaccine products under development have opened the door to the U.S. FDA. AIM’s technological innovation strength and its steps toward the international market are accelerating rapidly.

    Trip.com Group Limited Reports Unaudited Fourth Quarter and Full Year of 2024 Financial Results

    SINGAPORE, Feb. 25, 2025 /PRNewswire/ — Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) (“Trip.com Group” or the “Company”), a leading one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management, today announced its unaudited financial results for the fourth quarter and full year of 2024.

    Key Highlights for the Fourth Quarter and Full Year of 2024

    • International businesses experienced robust growth across all segments in the fourth quarter of 2024
      • Outbound hotel and air ticket bookings have recovered to more than 120% of the pre-COVID level for the same period in 2019.
      • Air ticket and hotel bookings on our international OTA platform increased by over 70% year-over-year.
      • Inbound travel bookings surged by more than 100% year-over-year.
    • The Company delivered solid financial results in the fourth quarter of 2024
      • Net revenue for the fourth quarter was RMB12.7 billion (US$1.7 billion), representing a year-over-year growth of 23%.
      • Net income for the fourth quarter was RMB2.2 billion (US$300 million), compared to RMB1.3 billion for the same period in 2023.
      • Adjusted EBITDA for the fourth quarter was RMB3.0 billion (US$408 million), an improvement from RMB2.9 billion for the same period last year.

    “The travel market has shown remarkable resilience in 2024, driven by travelers’ growing desire for exploration and cultural experiences,” said James Liang, Executive Chairman. “We are committed to investing in AI and promoting inbound travel to foster innovation and enhance the overall travel experience. We anticipate another year of growth and success within the industry.”

    “We achieved solid results across market segments over the past year,” said Jane Sun, Chief Executive Officer. “With a promising market outlook, we are well-positioned to deliver outstanding travel services globally. We are confident in our ability to create value for users and succeeding with business partners through new initiatives. Together, we strive for win-win outcomes and contribute to global economic growth.”

    Fourth Quarter and Full Year of 2024 Financial Results and Business Updates

    For the fourth quarter of 2024, Trip.com Group reported net revenue of RMB12.7 billion (US$1.7 billion), representing a 23% increase from the same period in 2023, primarily driven by stronger travel demand. Net revenue for the fourth quarter of 2024 decreased by 20% from the previous quarter, primarily due to seasonality.

    For the full year of 2024, net revenue was RMB53.3 billion (US$7.3 billion), representing a 20% increase from 2023.

    Accommodation reservation revenue for the fourth quarter of 2024 was RMB5.2 billion (US$709 million), representing a 33% increase from the same period in 2023, primarily driven by an increase in accommodation reservations. Accommodation reservation revenue for the fourth quarter of 2024 decreased by 24% from the previous quarter, primarily due to seasonality.

    For the full year of 2024, accommodation reservation revenue was RMB21.6 billion (US$3.0 billion), representing a 25% increase from 2023. The accommodation reservation revenue accounted for 40% of the total revenue in 2024 and 39% of the total revenue in 2023.

    Transportation ticketing revenue for the fourth quarter of 2024 was RMB4.8 billion (US$655 million), representing a 16% increase from the same period in 2023, primarily driven by an increase in transportation reservations. Transportation ticketing revenue for the fourth quarter of 2024 decreased by 15% from the previous quarter, primarily due to seasonality.

    For the full year of 2024, transportation ticketing revenue was RMB20.3 billion (US$2.8 billion), representing a 10% increase from 2023. The transportation ticketing revenue accounted for 38% of the total revenue in 2024 and 41% of the total revenue in 2023.

    Packaged-tour revenue for the fourth quarter of 2024 was RMB870 million (US$119 million), representing a 24% increase from the same period in 2023, primarily driven by an increase in packaged-tour reservations. Packaged-tour revenue for the fourth quarter of 2024 decreased by 44% from the previous quarter, primarily due to seasonality.

    For the full year of 2024, packaged-tour revenue was RMB4.3 billion (US$594 million), representing a 38% increase from 2023. The packaged-tour revenue accounted for 8% of the total revenue in 2024 and 7% of the total revenue in 2023.

    Corporate travel revenue for the fourth quarter of 2024 was RMB702 million (US$96 million), representing an 11% increase from the same period in 2023 and a 7% increase from the previous quarter, primarily driven by an increase in corporate travel reservations.

    For the full year of 2024, corporate travel revenue was RMB2.5 billion (US$343 million), representing an 11% increase from 2023. The corporate travel revenue accounted for 5% of the total revenue both in 2024 and 2023.

    Cost of revenue for the fourth quarter of 2024 increased by 31% to RMB2.6 billion (US$362 million) from the same period in 2023 and decreased by 6% from the previous quarter, which was generally in line with the fluctuations in net revenue from the respective periods. Cost of revenue as a percentage of net revenue was 21% for the fourth quarter of 2024.

    For the full year of 2024, cost of revenue was RMB10.0 billion (US$1.4 billion), representing a 23% increase from 2023. Cost of revenue as a percentage of net revenue was 19% in 2024.

    Product development expenses for the fourth quarter of 2024 increased by 16% to RMB3.4 billion (US$465 million) from the same period in 2023 and decreased by 7% from the previous quarter, primarily due to the fluctuations in product development personnel related expenses. Product development expenses as a percentage of net revenue were 27% for the fourth quarter of 2024.

    For the full year of 2024, product development expenses increased by 8% to RMB13.1 billion (US$1.8 billion) from 2023. Product development expenses as a percentage of net revenue were 25% in 2024.

    Sales and marketing expenses for the fourth quarter of 2024 increased by 45% to RMB3.4 billion (US$462 million) from the same period in 2023, primarily due to the increase in expenses relating to sales and marketing promotion activities. Sales and marketing expenses for the fourth quarter of 2024 was flat compared to the previous quarter. Sales and marketing expenses as a percentage of net revenue were 26% for the fourth quarter of 2024.

    For the full year of 2024, sales and marketing expenses increased by 29% to RMB11.9 billion (US$1.6 billion) from 2023. Sales and marketing expenses as a percentage of net revenue were 22% in 2024.

    General and administrative expenses for the fourth quarter of 2024 increased by 19% to RMB1.0 billion (US$142 million) from the same period in 2023, primarily due to an increase in general and administrative personnel related expenses. General and administrative expenses for the fourth quarter of 2024 decreased by 1% from the previous quarter. General and administrative expenses as a percentage of net revenue were 8% for the fourth quarter of 2024.

    For the full year of 2024, general and administrative expenses increased by 9% to RMB4.1 billion (US$560 million) from 2023. General and administrative expenses as a percentage of net revenue were 8% in 2024.

    Income tax expense for the fourth quarter of 2024 was RMB526 million (US$72 million), compared to RMB399 million for the same period in 2023 and RMB721 million for the previous quarter. The change in Trip.com Group’s effective tax rate was primarily due to the combined impacts of changes in respective profitability of its subsidiaries with different tax rates, changes in deferred tax liabilities relating to withholding tax, certain non-taxable income or loss resulting from the fair value changes in equity securities investments and exchangeable senior notes recorded in other income/(expense), and changes in valuation allowance provided for deferred tax assets.

    For the full year of 2024, income tax expense was RMB2.6 billion (US$357 million), compared to RMB1.8 billion in 2023.

    Net income for the fourth quarter of 2024 was RMB2.2 billion (US$300 million), compared to RMB1.3 billion for the same period in 2023 and RMB6.8 billion for the previous quarter. Adjusted EBITDA for the fourth quarter of 2024 was RMB3.0 billion (US$408 million), compared to RMB2.9 billion for the same period in 2023 and RMB5.7 billion for the previous quarter.

    For the full year of 2024, net income was RMB17.2 billion (US$2.4 billion), compared to RMB10.0 billion in 2023.

    Net income attributable to Trip.com Group’s shareholders for the fourth quarter of 2024 was RMB2.2 billion (US$295 million), compared to RMB1.3 billion for the same period in 2023 and RMB6.8 billion for the previous quarter. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP net income attributable to Trip.com Group’s shareholders for the fourth quarter of 2024 was RMB3.0 billion (US$416 million), compared to RMB2.7 billion for the same period in 2023 and RMB6.0 billion for the previous quarter.

    For the full year of 2024, net income attributable to Trip.com Group’s shareholders was RMB17.1 billion (US$2.3 billion), compared to RMB9.9 billion in 2023. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP net income attributable to Trip.com Group’s shareholders was RMB18.0 billion (US$2.5 billion) in 2024, compared to RMB13.1 billion in 2023.

    Diluted earnings per ordinary share and per ADS was RMB3.09 (US$0.42) for the fourth quarter of 2024. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP diluted earnings per ordinary share and per ADS was RMB4.35 (US$0.60) for the fourth quarter of 2024. Each ADS currently represents one ordinary share of the Company.

    For the full year of 2024, diluted earnings per share and per ADS was RMB24.78 (US$3.39). Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP diluted earnings per share and per ADS was RMB26.20 (US$3.59).

    As of December 31, 2024, the balance of cash and cash equivalents, restricted cash, short-term investment, and held to maturity time deposit and financial products was RMB90.0 billion (US$12.3 billion).

    Recent Development

    As part of our ongoing commitment to delivering value to our shareholders and ADS holders and in line with our regular capital return policy, the Company’s board of directors has authorized to undertake new capital return measures in 2025, consisting of (i) a share repurchase program under which the Company is authorized and approved to, from time to time, acquire up to an aggregate of US$400 million of its ordinary shares and/or ADSs, and (ii) an ordinary cash dividend for the financial year of 2024 totaling approximately US$200 million. The cash dividend will be US$0.30 per ordinary share or per ADS, payable to holders of ordinary shares and ADSs of record as of the close of business on March 17, 2025, Hong Kong time and New York time, respectively. Dividends to holders of ordinary shares are expected to be paid on or around March 27, 2025. Dividends to holders of ADSs are expected to be paid on or around April 4, 2025, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder.  

    Conference Call

    Trip.com Group’s management team will host a conference call at 7:00 PM on February 24, 2025, U.S. Eastern Time (or 8:00 AM on February 25, 2025, Hong Kong Time) following this announcement.

    The conference call will be available live on Webcast and for replay at: https://investors.trip.com. The call will be archived for twelve months on our website.

    All participants must pre-register to join this conference call using the Participant Registration link below:

    https://register.vevent.com/register/BI464e7cf662634c26ab00fc2284233a50.  

    Upon registration, each participant will receive details for this conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the number provided, enter your PIN, and you will join the conference instantly.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “is/are likely to,” “confident,” or other similar statements. Among other things, quotations from management in this press release, as well as Trip.com Group’s strategic and operational plans, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, volatility in the trading price of Trip.com Group’s ADSs or shares, Trip.com Group’s reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in the relevant jurisdictions where Trip.com Group operates, failure to successfully develop Trip.com Group’s existing or future business lines, damage to or failure of Trip.com Group’s infrastructure and technology, loss of services of Trip.com Group’s key executives, adverse changes in economic and business conditions in the relevant jurisdictions where Trip.com Group operates, any regulatory developments in laws, regulations, rules, policies or guidelines applicable to Trip.com Group and other risks outlined in Trip.com Group’s filings with the U.S. Securities and Exchange Commission or the Stock Exchange of Hong Kong Limited. All information provided in this press release and in the attachments is as of the date of the issuance, and Trip.com Group does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    About Non-GAAP Financial Measures

    To supplement Trip.com Group’s consolidated financial statements, which are prepared and presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Trip.com Group uses non-GAAP financial information related to adjusted net income attributable to Trip.com Group Limited, adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted earnings per ordinary share and per ADS, each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges that are not tax deductible, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), net of tax, and other applicable items. Trip.com Group’s management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods.

    Non-GAAP information is not prepared in accordance with GAAP, does not have a standardized meaning under GAAP, and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using non-GAAP financial measures is that non-GAAP measures exclude share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects that have been and will continue to be significant recurring expenses in Trip.com Group’s business for the foreseeable future.

    Reconciliations of Trip.com Group’s non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release.

    About Trip.com Group Limited

    Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) is a leading global one-stop travel platform, integrating a comprehensive suite of travel products and services and differentiated travel content. It is the go-to destination for travelers in China, and increasingly for travelers around the world, to explore travel, get inspired, make informed and cost-effective travel bookings, enjoy hassle-free on-the-go support, and share travel experience. Founded in 1999 and listed on Nasdaq in 2003 and HKEX in 2021, the Company currently operates under a portfolio of brands, including Ctrip, Qunar, Trip.com, and Skyscanner, with the mission “to pursue the perfect trip for a better world.”

    For further information, please contact:

    Investor Relations
    Trip.com Group Limited
    Tel: +86 (21) 3406-4880 X 12229
    Email: iremail@trip.com

     

     

     

    Trip.com Group Limited

    Unaudited Consolidated Balance Sheets

    (In millions, except share and per share data)

    December 31, 2023

    December 31, 2024

    December 31, 2024

    RMB (million)

    RMB (million)

    USD (million)

    ASSETS

    Current assets:

    Cash, cash equivalents and restricted cash

    43,983

    51,093

    7,000

    Short-term investments

    17,748

    28,475

    3,900

    Accounts receivable, net 

    11,410

    12,459

    1,707

    Prepayments and other current assets 

    15,591

    20,093

    2,753

    Total current assets

    88,732

    112,120

    15,360

    Property, equipment and software

    5,142

    5,053

    692

    Intangible assets and land use rights

    12,644

    12,840

    1,759

    Right-of-use asset

    641

    755

    103

    Investments (Includes held to maturity time deposit and
    financial products of RMB15,530 million and RMB10,453
    million as of December 31,2023 and December 31,
    2024, respectively)

    49,342

    47,194

    6,466

    Goodwill

    59,372

    60,911

    8,345

    Other long-term assets

    688

    454

    62

    Deferred tax asset

    2,576

    3,254

    446

    Total assets

    219,137

    242,581

    33,233

    LIABILITIES

    Current liabilities:

    Short-term debt and current portion of long-term debt

    25,857

    19,433

    2,662

    Accounts payable

    16,459

    16,578

    2,271

    Advances from customers

    13,380

    18,029

    2,470

    Other current liabilities

    16,715

    19,970

    2,736

    Total current liabilities

    72,411

    74,010

    10,139

    Deferred tax liability

    3,825

    4,098

    561

    Long-term debt

    19,099

    20,134

    2,758

    Long-term lease liability

    477

    561

    77

    Other long-term liabilities

    319

    296

    41

    Total liabilities

    96,131

    99,099

    13,576

    MEZZANINE EQUITY

    743

    102

    SHAREHOLDERS’ EQUITY

    Total Trip.com Group Limited shareholders’ equity

    122,184

    141,807

    19,427

    Non-controlling interests

    822

    932

    128

    Total shareholders’ equity

    123,006

    142,739

    19,555

    Total liabilities, mezzanine equity and shareholders’ equity

    219,137

    242,581

    33,233

     

     

     

    Trip.com Group Limited

    Unaudited Consolidated Statements of Income

    (In millions, except share and per share data)

    Three Months Ended

    Year Ended

    December 31, 2023

    September 30, 2024

    December 31, 2024

    December 31, 2024

    December 31, 2023

    December 31, 2024

    December 31, 2024

    RMB (million)

    RMB (million)

    RMB (million)

    USD (million)

    RMB (million)

    RMB (million)

    USD (million)

    Revenue:

    Accommodation reservation 

    3,903

    6,802

    5,178

    709

    17,257

    21,612

    2,961

    Transportation ticketing 

    4,106

    5,650

    4,780

    655

    18,443

    20,301

    2,781

    Packaged-tour 

    704

    1,558

    870

    119

    3,140

    4,336

    594

    Corporate travel

    634

    656

    702

    96

    2,254

    2,502

    343

    Others

    991

    1,234

    1,238

    170

    3,468

    4,626

    634

    Total revenue

    10,338

    15,900

    12,768

    1,749

    44,562

    53,377

    7,313

    Less: Sales tax and surcharges

    (13)

    (27)

    (24)

    (3)

    (52)

    (83)

    (11)

    Net revenue

    10,325

    15,873

    12,744

    1,746

    44,510

    53,294

    7,302

    Cost of revenue

    (2,010)

    (2,800)

    (2,640)

    (362)

    (8,121)

    (9,990)

    (1,368)

    Gross profit

    8,315

    13,073

    10,104

    1,384

    36,389

    43,304

    5,934

    Operating expenses:

    Product development *

    (2,916)

    (3,640)

    (3,397)

    (465)

    (12,120)

    (13,139)

    (1,800)

    Sales and marketing *

    (2,333)

    (3,382)

    (3,373)

    (462)

    (9,202)

    (11,902)

    (1,631)

    General and administrative *

    (869)

    (1,045)

    (1,033)

    (142)

    (3,743)

    (4,086)

    (560)

    Total operating expenses

    (6,118)

    (8,067)

    (7,803)

    (1,069)

    (25,065)

    (29,127)

    (3,991)

    Income from operations

    2,197

    5,006

    2,301

    315

    11,324

    14,177

    1,943

    Interest income 

    593

    598

    517

    71

    2,090

    2,341

    321

    Interest expense

    (497)

    (399)

    (323)

    (44)

    (2,067)

    (1,735)

    (238)

    Other (expense)/income

    (903)

    1,781

    (137)

    (19)

    (667)

    2,220

    304

    Income before income tax
    expense and equity in income
    of affiliates

    1,390

    6,986

    2,358

    323

    10,680

    17,003

    2,330

    Income tax expense

    (399)

    (721)

    (526)

    (72)

    (1,750)

    (2,604)

    (357)

    Equity in income of affiliates

    351

    558

    359

    49

    1,072

    2,828

    387

    Net income

    1,342

    6,823

    2,191

    300

    10,002

    17,227

    2,360

    Net income attributable to non-
    controlling interests and mezzanine
    classified non-controlling interests

    (45)

    (58)

    (34)

    (5)

    (84)

    (160)

    (22)

    Net income attributable to
    Trip.com Group Limited

    1,297

    6,765

    2,157

    295

    9,918

    17,067

    2,338

    Earnings per ordinary share 

    – Basic

    1.99

    10.37

    3.28

    0.45

    15.19

    26.10

    3.58

    – Diluted

    1.94

    9.93

    3.09

    0.42

    14.78

    24.78

    3.39

    Earnings per ADS 

    – Basic

    1.99

    10.37

    3.28

    0.45

    15.19

    26.10

    3.58

    – Diluted

    1.94

    9.93

    3.09

    0.42

    14.78

    24.78

    3.39

    Weighted average ordinary shares
    outstanding 

    – Basic

    652,033,082

    652,719,801

    656,190,044

    656,190,044

    652,859,211

    654,035,399

    654,035,399

    – Diluted

    668,332,395

    681,411,847

    698,171,269

    698,171,269

    671,062,240

    688,704,882

    688,704,882

    * Share-based compensation included in Operating expenses above is as follows:

      Product development 

    215

    221

    219

    30

    870

    976

    134

      Sales and marketing 

    39

    38

    40

    6

    158

    171

    24

      General and administrative 

    196

    200

    200

    27

    806

    895

    123

     

     

    Trip.com Group Limited

    Unaudited Reconciliation of  GAAP and Non-GAAP Results

    (In millions, except %, share and per share data)

    Three Months Ended

    Year Ended

    December 31, 2023

    September 30, 2024

    December 31, 2024

    December 31, 2024

    December 31, 2023

    December 31, 2024

    December 31, 2024

    RMB (million)

    RMB (million)

    RMB (million)

    USD (million)

    RMB (million)

    RMB (million)

    USD (million)

    Net income

    1,342

    6,823

    2,191

    300

    10,002

    17,227

    2,360

    Less: Interest income

    (593)

    (598)

    (517)

    (71)

    (2,090)

    (2,341)

    (321)

    Add: Interest expense

    497

    399

    323

    44

    2,067

    1,735

    238

    Add: Other expense/(income)

    903

    (1,781)

    137

    19

    667

    (2,220)

    (304)

    Add: Income tax expense

    399

    721

    526

    72

    1,750

    2,604

    357

    Less: Equity in income of affiliates

    (351)

    (558)

    (359)

    (49)

    (1,072)

    (2,828)

    (387)

    Income from operations

    2,197

    5,006

    2,301

    315

    11,324

    14,177

    1,943

    Add: Share-based compensation

    450

    459

    459

    63

    1,834

    2,042

    281

    Add: Depreciation and amortization

    208

    215

    220

    30

    817

    851

    117

    Adjusted EBITDA

    2,855

    5,680

    2,980

    408

    13,975

    17,070

    2,341

    Adjusted EBITDA margin

    28 %

    36 %

    23 %

    23 %

    31 %

    32 %

    32 %

    Net income attributable to Trip.com Group Limited

    1,297

    6,765

    2,157

    295

    9,918

    17,067

    2,338

    Add: Share-based compensation

    450

    459

    459

    63

    1,834

    2,042

    281

    Add: Loss/(gain) from fair value changes of equity securities
    investments and exchangeable senior notes

    989

    (1,276)

    438

    60

    1,507

    (1,082)

    (148)

    Add: Tax effects on fair value changes of equity securities
    investments and exchangeable senior notes

    (61)

    15

    (16)

    (2)

    (188)

    14

    2

    Non-GAAP net income attributable to Trip.com Group Limited

    2,675

    5,963

    3,038

    416

    13,071

    18,041

    2,473

    Weighted average ordinary shares outstanding-
     Diluted-non GAAP 

    668,332,395

    681,411,847

    698,171,269

    698,171,269

    671,062,240

    688,704,882

    688,704,882

    Non-GAAP Diluted income per share 

    4.00

    8.75

    4.35

    0.60

    19.48

    26.20

    3.59

    Non-GAAP Diluted income per ADS 

    4.00

    8.75

    4.35

    0.60

    19.48

    26.20

    3.59

    Notes for all the condensed consolidated financial schedules presented:

    Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB7.2993 on December 31, 2024 published by the Federal Reserve Board.