香港联交所最新资料显示，2月25日，The Capital Group Companies,Inc.减持携程集团(09961)178.9488万 股，每股均价410.2181港元，总金额约为7.34亿港元。减持后最新持股数目约为4802.04万股，最新持股 比例为6.97%。 ...

智通财经APP获悉，香港联交所最新资料显示，2月25日，The Capital Group Companies, Inc.减持携程集 团(09961)178.9488万股，每股均价410.2181港元，总金额约为7.34亿港元。减持后最新持股数目约为 4802.04万股，最新持股比例为6.97%。 ...

Core Viewpoint - Ctrip Group-S (09961) maintains a "Buy" rating by Caitong Securities, highlighting its strong competitive barriers as a leading player in the domestic OTA industry, with outbound and international business being key growth drivers for the medium to long term [1] Financial Performance - In Q4 2025, the company reported net operating revenue of 15.4 billion yuan (YoY +21%), exceeding expectations by 3.6%; adjusted EBITDA was 3.4 billion yuan (YoY +15%), and adjusted net profit attributable to shareholders was 3.5 billion yuan (YoY +15%), surpassing expectations by 7.7% [1] - Revenue projections for 2026-2028 are estimated at 71.7 billion yuan, 81.9 billion yuan, and 91.8 billion yuan respectively, with Non-GAAP net profit attributable to shareholders projected at 19.1 billion yuan, 21.9 billion yuan, and 24.8 billion yuan [1] Business Segment Performance - Q4 2025 accommodation booking revenue reached 6.3 billion yuan (YoY +21%), driven by strong demand for outbound and international hotel bookings; transportation ticketing revenue was 5.4 billion yuan (YoY +12%), with significant growth in international flight bookings; vacation revenue was 1.1 billion yuan (YoY +21%), benefiting from international service expansion; and business travel management revenue was 800 million yuan (YoY +15%), primarily due to growth in corporate clients [2] - The international OTA platform saw a year-on-year booking volume increase of approximately 60%, with Trip.com becoming a core driver of international revenue, raising its revenue share to 18% in Q4 2025; the company's internationalization strategy continues to deepen, opening up space for long-term growth [2] AI Integration - The AI Agent is not merely a "replacement for transactions" but is reshaping traffic entry points and decision-making processes; the company views AI traffic entry as a new distribution channel, efficiently directing external AI traffic through deeper Agent-to-Agent transactions [3] - The company leverages self-developed vertical Agents, utilizing years of accumulated real booking data, preferences, and high-quality reviews to continuously enhance advantages in real-time pricing, secure payments, and 24/7 global service, thereby improving conversion efficiency and service premium capabilities in the long term [3]

来源：格隆汇APP 格隆汇2月27日｜港股主要指数午后拉升，其中，恒生指数涨超1%，恒生科技指数涨近1%，国企指数 涨0.74%。恒生指数成分股中，新鸿基地产涨超6%领涨，药明生物涨超4%，石药集团、药明康德涨超 3%，网易、携程、腾讯、泡泡玛特、蒙牛乳业、中通快递涨超2%。 | 代码 | 名称 | | 涨跌幅 √ | 年初至今涨跌 | 总市值 | | --- | --- | --- | --- | --- | --- | | 00016 | 新鸿基地产 | (0) | 6.02% | 52.59% | 4187.29 Z | | 02269 | 药明生物 | | 4.81% | 27.61% | 1659.98亿 | | 01093 | 石药集团 | | 3.67% | 17.32% | 1139.57亿 | | 02359 | 药明康德 | | 3.04% | 20.36% | 3544.7 Z | | 099999 | 网易-S | | 2.74% | -16.22% | 5692.45 Z | | 09961 | 携程集团-S | | 2.60% | -25.85% | 2685亿 | | 00700 ...

Trip.com Group Ltd (TCOM) Conference Call Summary Company Overview - **Company**: Trip.com Group Ltd (TCOM.O) - **Industry**: Online Travel Agency (OTA) - **Market Cap**: US$36,956 million - **Current Stock Price**: US$53.66 - **Price Target**: US$75.00, revised from US$87.00 Key Points Financial Performance - **Revenue Growth**: TCOM reported strong revenue growth with a 4Q25 revenue beat and guidance for 1Q26 revenue growth of 12-17% [2][5] - **Booking Trends**: CNY domestic hotel bookings are growing at double-digit rates, with outbound travel also posting double-digit growth. QTD bookings are up 60% [2][3] - **Segment Performance**: - Hotel and packaged tours are growing in the high teens YoY - Corporate travel is expanding with a focus on customer base expansion - Transportation growth is in the 8-13% range [2] Operational Insights - **International Business**: International business accounted for ~40% of total revenue in 2025, up from 35% in 2024, indicating a strong trajectory towards a mid-term target of 50% [3] - **AI Development**: Management views AI as a catalyst for OTA businesses, emphasizing that TCOM's proprietary data and service capabilities mitigate potential threats from AI booking routing [4] Regulatory Environment - **Regulatory Uncertainty**: No updates on the regulatory front, but management expects business operations to remain intact despite ongoing investigations [5] - **WACC Increase**: The weighted average cost of capital (WACC) assumption was increased from 10.5% to 11.2% due to higher equity risk premiums related to regulatory concerns [5][11] Earnings Estimates - **EPS Adjustments**: 2026/27 EPS estimates were cut by 3-4% due to higher operating expenses, while revenue forecasts were raised by 1% [5][10] - **Operating Profit Margin**: Guidance for operating profit margin (OPM) is set at 28% for 1Q26, slightly lower due to a mix shift towards trip.com [2] Market Positioning - **Growth Engines**: TCOM is positioned to benefit from multiple growth engines, including domestic travel, outbound travel, and international expansion [22] - **Share Repurchase Program**: A US$5 billion share repurchase program was announced, representing over 10% of the market cap at the time of announcement [22] Risks and Considerations - **Market Competition**: Rising competition from other domestic players like Tongcheng Travel and Meituan poses a risk to market share [34] - **Macroeconomic Factors**: Potential macroeconomic slowdown and FX headwinds could impact travel demand [34] Valuation Metrics - **P/E Ratios**: The new price target implies a P/E of 18x for 2026 and 16x for 2027 [5][28] - **DCF Valuation**: Key assumptions include a WACC of 11.2% and terminal growth of 3% [16] Conclusion - TCOM is navigating a complex regulatory environment while capitalizing on strong travel demand and international expansion. The company remains focused on leveraging AI technology and enhancing operational efficiencies to maintain its competitive edge in the OTA market.

Group 1 - The core point of the article is the resignation of key executives at Ctrip, including President Fan Min and Director Ji Qi, amid an ongoing antitrust investigation by the State Administration for Market Regulation [1][2] - Fan Min has been with Ctrip since its inception in 1999, serving in various leadership roles, including Executive Vice President and Chief Operating Officer, and has been the President since 2013 [1] - Ji Qi, a co-founder of Ctrip, has held multiple positions, including CEO and Independent Director, and has been the Executive Chairman of the Board since August 2009 [1] Group 2 - Ctrip is currently under investigation for alleged monopolistic behavior, as announced by the State Administration for Market Regulation on January 14 [1] - The latest financial report indicates that Ctrip's net profit for the year 2025 is projected to be 33.294 billion yuan, a significant increase of approximately 95% compared to 17.067 billion yuan in 2024 [2]

【携程集团】2025Q4业绩交流纪要，持续推荐 核心要点 业务表现：25年住宿预订收入261亿元，同比+21%，主要受出境游和国际酒店预订强劲驱动；交通票务收入 225亿元，同比+11%，其中国际机票业务增长势头良好；旅游度假收入为47亿元，同比+8%；商旅管理收入为28 亿元，同比+13%。 春节表现：2026年春节（假期延长）期间，国内酒店预订实现两位数增长，ADR同比微增。出境游业务实现 两位数增，远程的地尤其是整个欧洲的势头强劲。 入境游：当前中国入境游对GDP贡献约0.5%，远低于泰国(>10%)及欧洲主要旅游国家(5-10%)的水平，管理层 认为有5-10倍的长期增长潜力。2025年平台服务约2,000万境游客，同比增长100%，计划在2026年将平台上入境 旅游贡献高的城市数量翻倍。 国际业务：国际OTA平台2025年总交易额同比增长约60%，成为增长重要一极。国际业务对总收入和总预订量 的贡献从2024年的约35%提升至2025年的约40%。 业务表现：25年住宿预订收入261亿元，同比+21%，主要受出境游和国际酒店预订强劲驱动；交通票务收入 225亿元，同比+11%，其中国际机票业务增长势 ...

【携程集团】2025Q4业绩交流纪要，持续推荐 有道云笔记 业务表现：25年住宿预订收入261亿元，同比+21%，主要受出境游和国际酒店预订强劲驱动；交通票务收入 225亿元，同比+11%，其中国际机票业务增长势头良好；旅游度假收入为47亿元，同比+8%；商旅管理收入为28 亿元，同比+13%。 核心要点 业务表现：25年住宿预订收入261亿元，同比+21%，主要受出境游和国际酒店预订强劲驱动；交通票务收入 225亿元，同比+11%，其中国际 【携程集团】2025Q4业绩交流纪要，持续推荐 有道云笔记 核心要点 春节表现：2026年春节（假期延长）期间，国内酒店预订实现两位数增长，ADR同比微增。出境游业务实现 两位数增，远程的地尤其是整个欧洲的势头强劲。 入境游：当前中国入境游对GDP贡献约0.5%，远低于泰国(>10%)及欧洲主要旅游国家(5-10%)的水平，管理层 认为有5-10倍的长期增长潜力。2025年平台服务约2,000万境游客，同比增长100%，计划在2026年将平台上入境 旅游贡献高的城市数量翻倍。 ...

27 Feb 2026 CMB International Global Markets | Equity Research | Company Update Trip.com (TCOM US) Trip.com (TCOM US) - Results Results beat; travel demand remains resilient Trip.com Group (TCOM) released (26 Feb) 4Q25 results: total revenue was RMB15.4bn, up 20.8% YoY, 4% better than Bloomberg consensus estimates driven by an all-round beat across segments especially in corporate travel, package tour, and Others. Non-GAAP operating income (OP) was RMB3.2bn, 2% better than consensus, thanks to the beat in r ...

Group 1 - Three companies, Jinxin Kangyang, Tianchen Biopharmaceuticals, and Hanfang Pharmaceutical, have submitted listing applications to the Hong Kong Stock Exchange, indicating strong interest in the healthcare sector [1] - Jinxin Kangyang focuses on providing integrated medical and elderly care services to the aging population in China [1] - Tianchen Biopharmaceuticals specializes in the discovery and development of biopharmaceuticals for allergic and autoimmune diseases [1] - Hanfang Pharmaceutical is engaged in the production, sales, and research of traditional Chinese medicine, particularly in treating skin and mucosal diseases [1] Group 2 - Hong Kong Exchanges and Clearing Limited reported a record revenue and other income of HKD 29.161 billion for 2025, a 30% year-on-year increase [2] - The increase in trading and settlement fees was driven by record trading volumes in the spot, derivatives, and commodities markets, with main business revenue rising by 32% [2] - Shareholder profit attributable reached HKD 17.754 billion, up 36% year-on-year, reflecting a robust trading environment [2] Group 3 - Trip.com Group reported a significant increase in net profit attributable to shareholders, rising by 95.08% year-on-year to HKD 33.294 billion for 2025 [3] - The group's net operating revenue was HKD 62.4 billion, a 17% increase compared to the previous year [3] - Basic earnings per share were HKD 0.5062, indicating strong financial performance despite management changes [3] Group 4 - Galaxy Entertainment reported a 13% year-on-year increase in net revenue, reaching HKD 49.2 billion for the year ending December 31, 2025 [4] - Adjusted EBITDA rose by 19% to HKD 14.5 billion, while profit attributable to shareholders increased by 22% to HKD 10.7 billion [4] - Basic earnings per share were HKD 2.44, benefiting from the recovery of the Macau tourism and gaming market [4]