Trip.com Group (NasdaqGS:TCOM) Q4 2025 Earnings call February 25, 2026 07:00 PM ET Company ParticipantsAlex Yao - Co-Head of Asia TMT ResearchCindy Wang - CFOJames Liang - Executive Chairman of the BoardJane Sun - CEOMichelle Qi - Senior Investor Relations DirectorParash Jain - Head of Transport ResearchSimon Cheung - Managing DirectorThomas Chong - Managing Director and Regional Head of Internet & MediaYang Liu - Executive DirectorConference Call ParticipantsBrian Gong - Equity Research AnalystJoyce Ju - E ...

Financial Data and Key Metrics Changes - For Q4 2025, Trip.com Group reported net revenue of RMB 15.4 billion, a 21% increase year-over-year, driven by robust travel demand during the winter holiday [24] - For the full year 2025, gross bookings reached RMB 1.1 trillion, with net revenue totaling RMB 62.4 billion, reflecting a 17% year-over-year increase [24][9] - Income from operations for 2025 was RMB 15.8 billion, an 11% increase year-over-year, while net income attributable to Trip.com Group Limited was RMB 13.4 billion [24][9] - Adjusted EBITDA for Q4 was RMB 3.4 billion, compared to RMB 3.0 billion in the same period last year, with full-year adjusted EBITDA at RMB 18.9 billion, an 11% growth year-over-year [28] Business Line Data and Key Metrics Changes - Accommodation reservation revenue for Q4 was RMB 6.3 billion, a 21% increase year-over-year, while full-year revenue was RMB 26.1 billion, also a 21% increase [25][26] - Transportation ticketing revenue for Q4 was RMB 5.4 billion, a 12% increase year-over-year, with full-year revenue at RMB 22.5 billion, an 11% increase [26] - Package tour revenue for Q4 was RMB 1.1 billion, a 21% increase year-over-year, and full-year revenue was RMB 4.7 billion, an 8% increase [26] - Corporate travel revenue for Q4 was RMB 808 million, a 15% increase year-over-year, with full-year revenue at RMB 2.8 billion, a 13% increase [27] Market Data and Key Metrics Changes - APAC remained the largest source of inbound travelers, with demand from Western markets expanding, reflecting rising international interest in China as a travel destination [10] - The international OTA platform saw gross bookings increase by approximately 60% year-over-year, with international business contributing about 40% of total revenue in 2025, up from around 35% in 2024 [13][53] Company Strategy and Development Direction - The company focuses on three key investment areas: inbound tourism, social responsibility initiatives, and AI innovation, viewing inbound travel as a significant growth driver [4][6] - A $100 million tourism innovation fund was launched to support commercial innovation across the travel ecosystem, alongside initiatives to enhance service quality and sustainability [6][19] - The company aims to create a seamless travel experience by integrating technology and enhancing service capabilities, particularly for inbound travelers [5][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of inbound tourism, projecting significant growth potential as it currently accounts for only about 0.5% of China's GDP [45] - The company remains committed to fostering a transparent and sustainable travel ecosystem while focusing on long-term value creation for shareholders [23][35] Other Important Information - The company is cooperating with the State Administration for Market Regulation regarding a regulatory investigation, emphasizing its commitment to compliance and transparency [23] - In 2025, the company invested approximately RMB 2.9 billion to enhance the overall travel experience, including customer protections and service enhancements [20] Q&A Session Summary Question: Update on the recent SAMR investigation - The company is actively cooperating with the State Administration for Market Regulation and remains committed to transparency and sustainable practices [32][34] Question: Impact of AI disintermediation on OTA business model - Management views AI advancements as a catalyst for their strategy, emphasizing the importance of their transactional and service layers in the travel industry [37][39] Question: Future growth trajectory for inbound tourism - Management believes inbound tourism in China is at the start of a significant growth cycle, with potential for 5-10 times growth compared to current levels [45][46] Question: Booking trends during Chinese New Year - The extended holiday stimulated strong travel demand, with double-digit growth in domestic hotel and outbound business [50][52] Question: Competition in the domestic travel market - Management acknowledges dynamic competition but emphasizes their focus on high service levels, comprehensive product offerings, and global coverage as competitive advantages [55][59] Question: Operational highlights and outlook for 2026 - The international OTA platform achieved around 60% year-over-year growth, with a focus on expanding presence in APAC and improving profitability [64][66] Question: Update on shareholder return program - The company fully utilized its share repurchase quota in 2025 and remains committed to delivering long-term shareholder value [73][74]

Core Viewpoint - Ctrip Group-S (09961) reported a significant increase in its 2025 annual performance, with net operating revenue reaching RMB 62.4 billion, representing a year-on-year growth of 17% [1] Revenue Breakdown - Accommodation booking revenue for 2025 was RMB 26.1 billion, up 21% year-on-year, accounting for 42% of total revenue [1] - Transportation ticketing revenue for 2025 was RMB 22.5 billion, an 11% increase year-on-year, making up 36% of total revenue [1] - Travel vacation business revenue for 2025 was RMB 4.7 billion, rising 8% year-on-year, contributing 7% to total revenue [1] - Business travel management revenue for 2025 was RMB 2.8 billion, up 13% year-on-year, representing 5% of total revenue [1]

Group 1 - The core viewpoint of the article highlights that Ctrip Group Limited reported a revenue of 15.43 billion RMB in the fourth quarter, representing a year-on-year growth of 21% [3] - The adjusted earnings per ADS for the fourth quarter were 4.97 RMB [3]

分业务来看，第四季度住宿预订收入52亿元，同比增长33%；交通票务收入48亿元，同比增长16%；度 假旅游收入8.7亿元，同比增长24%；商旅管理收入7.02亿元，同比增长11%。国际业务表现亮眼，出境 酒店和机票预订量恢复至2019年同期的120%以上，国际平台酒店机票预订量同比增长超70%，入境游 预订量同比增100%。全年净营收533亿元，同比增长20%，创上市以来新高；净利润172亿元，同比增 幅达547%。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 来源：观点地产网 观点网讯：2月26日，携程集团有限公司公布2024年第四季度及全年财务业绩。第四季度净营收127亿 元，同比增长23%；净利润22亿元，同比增长69%。经调整每ADS收益4.97元人民币。 ...

格隆汇2月26日丨携程集团-S(09961.HK)发布公告，2025年第四季度，携程集团净营业收入为154亿元人 民币(22亿美元)，同比上升21%，主要得益于旅游需求的韧性。2025年第四季度住宿预订营业收入为63 亿元人民币(8.99亿美元)，同比上升21%，主要得益于住宿预订的增长。2025年第四季度交通票务营业 收入为54亿元人民币(7.68亿美元)，同比上升12%，主要得益于交通票务预订的增长。2025年第四季度 旅游度假业务营业收入为11亿元人民币(1.51亿美元)，同比上升21%，主要得益于旅游度假业务预定的 增长。2025年第四季度商旅管理业务营业收入为8.80亿元人民币(1.16亿美元)，同比上升15%，环比上升 7%，主要得益于商旅订单的增长。 2025年全年，归属于携程集团股东的净利润为333亿元人民币(48亿美元)，相比2024年为171亿元人民 币。同比增加主要由于2025年全年包含在其他(支出)╱收入中的投资利得199亿元人民币(28亿美元)，相 比2024年为11亿元人民币。若不计股权报酬费用以及包含在其他(支出)╱收入中的按公允价值计量且其 变动计入损益的投资和可交换债券公允价 ...

Core Insights - Ctrip Group-S (09961) reported a net operating revenue of RMB 62.4 billion for the year 2025, representing a year-on-year increase of 17% [1] - The net profit attributable to Ctrip Group Limited reached RMB 33.294 billion, marking a significant year-on-year increase of 95.08% [1] - Basic earnings per share for ordinary shares stood at RMB 0.5062 [1] Revenue Breakdown - Accommodation booking revenue for 2025 was RMB 26.1 billion, up 21% year-on-year, accounting for 42% of total revenue [1] - Transportation ticketing revenue reached RMB 22.5 billion, reflecting an 11% year-on-year increase, making up 36% of total revenue [1] - Revenue from vacation travel business was RMB 4.7 billion, with an 8% year-on-year increase, contributing 7% to total revenue [1] - Business travel management revenue amounted to RMB 2.8 billion, up 13% year-on-year, representing 5% of total revenue [1] Strategic Insights - The Chairman of the Board, Liang Jianzhang, emphasized that tourism is not only an industry but also a key economic infrastructure that promotes connectivity and community development [1] - The CEO, Sun Jie, highlighted the resilience of the tourism market in 2025, stating that inbound tourism is a crucial growth driver for economic development and job creation [1] - The company is focused on a "globalization and high-quality" strategy, collaborating closely with local partners to explore new market opportunities and enhance long-term value [1]

智通财经APP讯，携程集团-S(09961)发布2025全年业绩，净营业收入为人民币624亿元(单位下同)，同 比上升17%;归属携程集团有限公司净利润332.94亿元，同比上升95.08%;每股普通股基本收益50.62分。 2025年全年，住宿预订营业收入为261亿元，同比上升21%。住宿预订营业收入占2025年合计营业收入 的42%。 2025年全年，交通票务营业收入为225亿元，同比上升11%。交通票务营业收入占2025年合计营业收入 的36%。 2025年全年，旅游度假业务营业收入为47亿元，同比上升8%。旅游度假业务营业收入占2025年合计营 业收入的7%。 2025年全年商旅管理业务营业收入为28亿元，同比上升13%。商旅管理业务营业收入占2025年合计营业 收入的5%。 "旅游不仅是一个产业，更是促进连结、加速流动、实现共同成长的关键经济基础设施，"携程董事会执 行主席梁建章先生表示，"入境旅游是拓宽机会、促进在地社区发展的关键力量。在以用户为核心、以 信任为基础的方法论指引下，我们持续扩大努力。通过对入境旅游、社会责任、AI创新的持续投入， 我们正为可持续的长期发展奠定坚实基础。" "旅游市场 ...

每经AI快讯，2月26日，携程集团披露，去年第四季度营收154.3亿元人民币，同比增长21%；第四季度 调整后每ADS收益4.97元人民币。 ...

另請參閱2025年第四季度及全年業績公告中「董事會組成變更」部分關於董事會組成變更 的詳情。 承董事會命 攜程集團有限公司 董事會執行主席 梁建章 新加坡，2026年2月26日 於本公告日期，本公司董事會包括董事梁建章先生、孫潔女士及羅戎先生以及獨立董事沈南鵬先生、李基培先 生、甘劍平先生、吳亦泓女士及蕭楊女士。 1 香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 Trip.com Group Limited 攜程集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9961） 2025 年第四季度及全年業績公告 攜程集團有限公司謹此公佈其2025年第四季度及全年業績（「2025年第四季度及全年業績 公告」）。2025年第四季度及全年業績公告可於香港聯交所網站www.hkexnews.hk及本公 司網站investors.trip.com查閱。 攜程集團發佈2025年第四季度及全年未經審計的財務業績 新加坡，2026年2月25日 ...