# Who are Trip.com Group's customers? Who does Trip.com Group earn revenue from?
Canonical: https://valuechain.wiki/trip-com-group · Facet: customers · Updated: 2026-10-24T16:09:30.561118+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Trip.com Group discloses no named confirmed revenue counterparties; 4 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 4 revenue edges, backed by 3 dated sources, 2 of them primary filings (as of 2026-10-24).

### 호텔·숙박 파트너 (다수) (high)
- metric: Amount ¥6.6B · Q2 2026 · Trip.com accommodation segment net revenue, not a hotel-specific transaction
- note: Hotel partners pay commissions on bookings. Segment revenue is not an individual hotel payment.
- [confirms] Newsis via Financial News (KO, news, published 2026-09-17) https://www.fnnews.com/news/202609171751210533: "Q2 accommodation revenue was RMB6.576bn, up 6% year on year."
- [confirms] U.S. Securities and Exchange Commission (SEC EDGAR) (EN, filing, published 2026-09-15) https://www.sec.gov/Archives/edgar/data/1269238/000119312526392473/d167816dex991.htm: "Q2 2026 accommodation reservation revenue was RMB6.6bn."
- [confirms] U.S. Securities and Exchange Commission (SEC EDGAR) (EN, filing, published 2026-04-28) https://www.sec.gov/Archives/edgar/data/1269238/000119312526183379/d27369d20f.htm: "2025 accommodation revenue was RMB26.1bn, substantially from hotel-partner commissions."

### 항공사·교통 발권 파트너 (다수) (high)
- metric: Amount ¥5.4B · Q2 2026 · Trip.com transportation ticketing segment revenue, not an airline-specific amount
- note: Commissions and service fees from air, rail and other ticketing. Segment revenue is not an airline-specific contract value.
- [confirms] Newsis via Financial News (KO, news, published 2026-09-17) https://www.fnnews.com/news/202609171751210533: "Transportation ticketing was the only one of four segments with lower revenue."
- [confirms] U.S. Securities and Exchange Commission (SEC EDGAR) (EN, filing, published 2026-09-15) https://www.sec.gov/Archives/edgar/data/1269238/000119312526392473/d167816dex991.htm: "Q2 2026 transportation ticketing revenue was RMB5.4bn, down 1% year on year."
- [confirms] U.S. Securities and Exchange Commission (SEC EDGAR) (EN, filing, published 2026-04-28) https://www.sec.gov/Archives/edgar/data/1269238/000119312526183379/d27369d20f.htm: "2025 ticketing revenue was RMB22.489bn; ticketing commissions are recognized when tickets are issued."

### 기업 출장 고객 (다수) (high)
- metric: Amount ¥2.8B · FY2025 · Aggregate corporate travel service revenue
- note: Corporate travel clients contract on a service-fee basis.
- [confirms] U.S. Securities and Exchange Commission (SEC EDGAR) (EN, filing, published 2026-04-28) https://www.sec.gov/Archives/edgar/data/1269238/000119312526183379/d27369d20f.htm: "2025 corporate travel revenue was RMB2.829bn under a service-fee model."

### 부킹 홀딩스 (high)  → /booking-holdings.md
- metric: Amount $500M · FY2014 · Investment in a five-year senior convertible note issued by Ctrip
- note: Historical $500m 2014 convertible-note investment by Priceline Group; this does not assert a current stake.
- [confirms] SEC EDGAR (EN, filing, published 2015-02-19) https://www.sec.gov/Archives/edgar/data/1075531/000107553115000007/pcln-20141231_10k.htm: "we used $500 million of our non-U.S. cash to invest in a five-year senior convertible note issued by Ctrip.com"

### H World (화주호텔그룹) (high)
- metric: Amount ¥182M · FY2025 · Accommodation commissions H World paid Trip.com
- note: H World is a named hotel partner that paid booking commissions.
- [confirms] U.S. Securities and Exchange Commission (SEC EDGAR) (EN, filing, published 2026-04-28) https://www.sec.gov/Archives/edgar/data/1269238/000119312526183379/d27369d20f.htm: "H World paid RMB182m of commissions in 2025."

### 바이두 (high)  → /baidu.md
- metric: Market share 7 percent · FY2025 · Baidu owns approximately 7% of Trip.com; RMB23.1bn fair value is a separate valuation basis
- note: Baidu held about 7% at year-end 2025 and retained significant influence through one board seat.
- [mentions] U.S. Securities and Exchange Commission (SEC EDGAR) (EN, filing, published 2026-04-28) https://www.sec.gov/Archives/edgar/data/1269238/000119312526183379/d27369d20f.htm: "Trip.com lists Baidu at 7.3% from a September 2024 Schedule 13D; this is a different observation date."
- [confirms] Baidu Investor Relations (EN, filing, published 2026-03-17) https://ir.baidu.com/static-files/f655f8c4-bfaa-41c5-872c-005087bce94f: "At December 31, 2025, Baidu held approximately 7% of Trip, valued at RMB23.1bn."
- [confirms] SEC EDGAR (EN, filing, published 2026-03-17) https://www.sec.gov/Archives/edgar/data/1329099/000119312526109289/d38065d20f.htm: "We invested in Trip.com Group Limited; the 2032 Exchangeable Bonds reference Trip.com shares held by us."

Reverse side: https://valuechain.wiki/trip-com-group/suppliers.md · Ripple: https://valuechain.wiki/trip-com-group/ripple.md

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Full node: https://valuechain.wiki/trip-com-group.md · JSON: https://valuechain.wiki/trip-com-group.json