# Who does Trip.com Group pay? Who are its key suppliers?
Canonical: https://valuechain.wiki/trip-com-group · Facet: suppliers · 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 suppliers/cost counterparties; 4 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 4 cost edges, backed by 2 dated sources, 1 of them primary filings (as of 2026-10-24).

### 광고·고객유입 채널 (비공개 다수) (high)
- metric: Amount ¥14.9B · FY2025 · Total sales and marketing expense, not a named provider amount
- note: FY2025 sales and marketing expense was RMB14.904bn in total, not spending with any named ad provider.
- [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: "FY2025 sales and marketing expense was RMB14.904bn, about 24% of net revenue."
- [confirms] Hana Securities (KO, research, published 2025-03-07) https://stock.pstatic.net/stock-research/invest/57/20250310_invest_434769000.pdf: "Hana reported Q4 2024 sales and marketing expense up 45% year on year to 26% of revenue."

### 퉁청여행 (high)
- metric: Amount ¥7.4B · FY2025 · Carrying value of Trip.com equity-method investment in Tongcheng Travel
- note: Equity-method investment carrying amount, separate from hotel commissions and promotion service fees.
- [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: "The Tongcheng Travel equity-method stake had a RMB7.4bn carrying value at year-end 2025."

### 퉁청여행 (호텔 판매촉진) (high)
- metric: Amount ¥61M · FY2025 · Hotel promotion service fees Trip.com paid Tongcheng Travel
- note: Trip.com paid Tongcheng to promote travel suppliers’ hotel rooms on Tongcheng’s platform.
- [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: "Trip.com paid Tongcheng Travel RMB61m in service fees in 2025."

### MakeMyTrip (high)
- metric: Market share 17 percent · FY2025 · Trip.com stake in MakeMyTrip after a 34,372,221-share repurchase in 2025
- note: MakeMyTrip repurchased Trip.com-held shares for about $3.0bn in 2025, reducing the remaining stake from roughly 49% to 17%; it remains an equity-method investment.
- [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: "After a roughly $3.0bn 2025 share repurchase, Trip.com retained about 17% of MakeMyTrip."

### 여행 상품 공급사 (비공개 다수) (high)
- note: Payments to suppliers on principal travel products and tours; agency bookings are not all inventory purchases.
- [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: "Cost of revenues includes payments to travel suppliers and direct costs of principal tours."

### 결제·카드 처리업체 (비공개 다수) (high)
- note: Credit-card and online/mobile payment processing fees; provider-level amounts are undisclosed.
- [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: "Cost of revenues includes credit-card fees; suppliers include online and mobile payment providers."

Reverse side: https://valuechain.wiki/trip-com-group/customers.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