Core Viewpoint - Trip.com Group's shares fell 3% to a 17-month low amid an ongoing government anti-monopoly investigation, despite reporting significant profit increases for the fourth quarter and full year of 2025 [2][3]. Financial Performance - Trip's net profit nearly doubled to 4.3 billion yuan (approximately $614 million) in Q4 2025, with revenue increasing by 21% to 15.4 billion yuan (around $2.2 billion) [4]. - The full-year profit also nearly doubled to $4.8 billion [4]. Market Context - The travel market showed strong resilience in 2025, with inbound travel being a key growth driver for economic development and job creation [5]. - Trip.com Group maintains a market capitalization of over $30 billion, making it one of the most valuable travel companies globally, larger than Expedia but smaller than Booking and Airbnb [6]. Corporate Governance Changes - Two co-founders, Min Fan and Qi Ji, resigned from their positions on the board, with Fan also stepping down as president [7]. - The company appointed two new independent directors, May Yihong Wu and Iris Yang Xiao, to enhance board diversity and expertise [8]. Leadership Insights - CEO Jane Sun emphasized the importance of inbound travel for economic growth [5]. - Chairman James Liang expressed optimism about AI adoption and its role in sustainable long-term development [5].

1. 2月26日(周四)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.12%，标普500指数期货涨0.08%，纳指期货涨0.02%。 | ■ US 30 | 49,540.40 | 49,541.20 | 49,360.00 | +58.10 | +0.12% | | --- | --- | --- | --- | --- | --- | | ■ US 500 | 6,952.00 | 6,958.00 | 6,930.80 | +5.90 | +0.08% | | ■ US Tech 100 | 25,333.90 | 25,369.80 | 25,218.70 | +4.90 | +0.02% | 2. 截至发稿，德国DAX指数涨0.46%，英国富时100指数涨0.19%，法国CAC40指数涨0.92%，欧洲斯托克50指数涨0.37%。 伊美第三轮谈判暂停，将于晚些时候恢复。据伊朗媒体以及阿曼方面确认，伊美在瑞士日内瓦举行的新一轮间接谈判暂停，计划于当天 晚些时候继续进行。阿曼方面表示，今日在日内瓦交换了富有创意且积极的方案，希望美伊谈判能取得更多进展。据报道，一辆据信载 有美国外交官的车队已离 ...

6. Alphabet将机器人软件子公司Intrinsic重新划归至谷歌旗下，加码物理AI布局。 美股时段值得关注的事件： 1. 美国三大股指期货小幅上涨，纳指期货涨0.04%，标普500指数期货涨0.1%，道指期货涨0.11%。 2. 欧股主要指数齐涨，德国DAX指数涨0.51%，英国富时100指数涨0.12%，法国CAC指数涨0.95%，欧 洲斯托克50指数涨0.42%。 3. 英伟达Q4营收同比增长73%至681亿美元创新高，Q1业绩指引强劲；预期芯片收入将超越5000亿美元 的目标。 4. 英伟达CFO：公司获准向中国出口少量H200芯片，但尚未获得任何收入。 5. 据报苹果为iPhone 17系列敲定三星DS部门LPDDR5X订单，价格提高100%。 21:30 美国至2月21日当周初请失业金人数 (格隆汇) 7. 特斯拉中国"变相降价"，推出五年零息购车方案。 8. 礼来：在2型糖尿病试验中，Orforglipron在血糖控制和减重方面均优于司美格鲁肽。 9. AMD和Nutanix联合开发一个开放的全栈人工智能(AI)基础设施平台。 10. SK海力士携手闪迪启动高频宽快闪记忆体全球标准化进程。 ...

上海交通大学接连获校友大额捐赠。 东方财富今日（2月26日）公告称，接到公司控股股东、实际控制人其实通知，为支持教育事业发展，促进人才培养及科技创新，其实计划向上海交通大 学教育发展基金会捐赠其持有的公司2000万股无限售流通股，占公司总股本的0.13%。截至今日收盘，东方财富报22.50元/股，据此粗略估算，所捐赠的 2000万股约合4.5亿元。数据显示，截至2025年3季度末，其实位列东方财富第一大股东，持有30.62亿股，持股比例19.38%。 简历显示，其实出生于1970年10月，本科毕业于上海交通大学材料工程系，复旦大学博士研究生学历、新闻学博士学位，第十四届全国人大代表。2005年 创办东方财富。其实目前担任全国工商联常委、上海市总商会副会长、民建上海市委副主委、中国证券投资基金业协会副会长、上海市青年五十人创新创 业研究院理事长等社会职务。 另据"上海交通大学"微信公众号消息，2月26日，上海交大建校130周年之际，"全季人文发展基金"捐赠签约暨季琦校董聘任仪式在该校闵行校区举行。 "上海交通大学" 图 著名企业家、华住集团创始人，上海交大工程力学系1989届本科校友、机械工程系1992届硕士校 ...

著名企业家、华住集团创始人，上海交大工程力学系1989届本科校友、机械工程系1992届硕士校友季琦向母校捐资1亿元人民币，支持学校各项事 业发展。上海交大党委书记杨振斌，上海交大校长、中国科学院院士丁奎岭共同为季琦颁发校董聘书。 据"上海交通大学"微信公众号消息，2月26日，上海交大建校130周年之际，"全季人文发展基金"捐赠签约暨季琦校董聘任仪式在该校闵行校区举 行。 审核 | 卢长银 编辑 | 徐铉 作为中国连续创业领域的标杆人物，季琦连续创立携程、如家、华住三家上市公司。上海交通大学介绍，1985年秋天，19岁的季琦从江苏如东考 入上海交通大学，尽管选择了工程力学系，他更喜欢泡在图书馆里。作为"IT人"，他将传统酒店行业解构、再重构，把企业使命定义为"服务于 人，让人快乐，让生活美好"。季琦曾多次返校参加相关活动：在一次创新创业大讲堂分享中，他向交大同学们分享创业十年来的经历以及所走过 的不平凡的道路。2016年，季琦任上海交通大学校友会创业创投联合会第一届理事会联席会长。同年6月，季琦先后做客船舶海洋与建筑工程学 院"创新人才培养交流座谈会"和上海交大第205期"励志讲坛"。2021年，交大建校125 ...

北京时间2月26日早间，携程集团（纳斯达克：TCOM；香港联交所：9961）公布了2025年第四季度及 全年未经审计的财务业绩：2025年全年，携程净营业收入为624亿元（人民币，下同），同比上升 17%。录得归属携程集团股东的净利润为332.9亿元，同比增长95%，主要由于2025年全年包含在其他 （支出）/收入中的投资获利199亿元（该指标2024年为11亿元）。 财报发布同时，携程宣布一系列董事变动：携程联合创始人、总裁范敏已辞任携程董事兼总裁职务，携 程联合创始人季琦已辞任携程董事职务。值得一提的是，范敏在2025年曾四度减持携程公司股票，合计 套现约7.6亿元。 携程董事会任命吴亦泓及萧杨为新任独立董事。据公开资料，吴亦泓曾在如家酒店、阿里健康、 MakeMyTrip（印度主流OTA平台）有任职经历；萧杨拥有超15年的投行工作经历。"此项任命体现了董 事会持续致力于保持多元化的专业知识与创新视角，以有效指导公司不断演进的策略并监督未来的机遇 与风险。"携程方面称，该等变动自2026年2月25日起生效。 核心OTA业务成交额1.1万亿 机票占五成 2025年第四季度，得益于旅游需求的韧性，携程集团净营 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025年，中国入境游市场迎来显著复苏。免签政策扩围与国际航线恢复，推动入境外国人数量快速增 长。但需求端的反弹，也暴露了供给端的结构性短板：境内酒店、景区、旅行社长期依赖内需市场形成 的运营惯性，在多语言服务、外币结算、外籍票务等环节存在系统性缺失。 面对这一短板，多家企业均尝试突破。有的聚焦支付端改造，有的加码海外营销，有的则在供给侧的数 字化基础设施上持续投入。例如携程，将技术资源向供给侧改造倾斜。根据携程披露的数据，截至2025 年底，已完成8000家商户旅游产品的16种语言本地化，为241家景区布设支持16国语言的智能票务终 端，协助174家目的地搭建多语言官网或公众号，并上线6.3万个支持外籍游客预订的票种，覆盖国内头 部景点95%的票务品类。 在行业观察人士看来，此举不指向短期获客，而是试图补齐入境游供应链的基础缺环。从商户产品本地 化、智能票务终端铺设到目的地多语言官网搭建，表明入境游的竞争壁垒不在获客成本，而在交付能 力。 01 60亿词翻译，助供给侧数字化改造 面对入境游复苏过程中暴露的供给短板，行业层面的应对正在多 ...

Core Viewpoint - Ctrip Group reported a 17% year-on-year increase in net revenue for 2025, reaching approximately 624 billion RMB, alongside significant changes in its board of directors [1][4]. Financial Performance - In Q4 2025, Ctrip's net revenue was 154 billion RMB, a 21% increase year-on-year, driven by resilient travel demand, with a net profit of 43 billion RMB. However, there was a 16% quarter-on-quarter decline due to seasonal factors [3][4]. - For the full year 2025, Ctrip's net revenue was approximately 624.09 billion RMB, reflecting a year-on-year growth of about 17.1%. The net profit attributable to shareholders was around 332.94 billion RMB, marking a 95% increase year-on-year [4]. Revenue Breakdown - Q4 2025 revenue from accommodation bookings was approximately 63 billion RMB, up 21% year-on-year, while full-year accommodation revenue was about 261 billion RMB, also up 21% [4]. - Q4 2025 revenue from transportation ticketing was around 54 billion RMB, a 12% increase year-on-year, with full-year revenue at approximately 225 billion RMB, up 11% [4]. - Q4 2025 revenue from vacation services was about 11 billion RMB, a 21% increase year-on-year, and full-year revenue was approximately 47 billion RMB, reflecting an 8% increase [4]. - Q4 2025 revenue from business travel management was around 8.8 billion RMB, a 15% increase year-on-year, with full-year revenue at approximately 28 billion RMB, up 13% [4]. Strategic Focus - Ctrip's CEO disclosed that the core OTA business transaction volume for 2025 was about 1.1 trillion RMB, with accommodation and flight ticketing contributing approximately 280 billion RMB and 550 billion RMB, respectively [5]. - The international segments of Ctrip showed robust growth, with the international OTA platform's total bookings increasing by about 60%. The company served around 20 million inbound travelers throughout the year [6]. - Ctrip's board chairman emphasized the importance of inbound tourism as a significant growth engine and indicated future investments in this area, as well as in social responsibility and AI innovation [6]. Board Changes - Ctrip announced the resignation of Fan Min as the company's president and director, and Qi Ji as a director, effective February 25, 2026. New independent directors Wu Yihong and Xiao Yang were appointed [7][8].

Core Insights - Ctrip Group reported a net revenue of 62.4 billion yuan and a net profit of 13.4 billion yuan for the year, indicating a shift in strategy from linear growth to value reconstruction across the entire cultural tourism industry [2] - The competitive landscape has evolved from merely sharing market share to collaboratively expanding the market and benefiting a broader range of ecosystem participants [3] Industry Transformation - The online travel industry is transitioning from a focus on simple supply-demand matching to enhancing the quality and efficiency of supply, particularly for small and medium-sized hotels and local attractions [4] - Ctrip's strategy has shifted towards driving value across the entire industry chain, focusing on digital infrastructure in lower-tier markets and empowering small businesses through operational support and advanced technology [4][5] Empowerment of Small Businesses - Ctrip has partnered with over 130 attractions for investment and operational cooperation, implementing smart ticketing systems and dynamic pricing strategies to enhance visitor experiences [5] - The platform is helping local attractions transition from relying solely on ticket sales to creating comprehensive consumer experiences that include dining and accommodation [6][7] Economic Impact - The empowerment initiatives have led to the creation of over 50,000 new jobs, with more than half located in second-tier and lower-tier cities, indicating a positive impact on local economies [11] - The shift towards smaller group travel has resulted in a significant increase in consumer spending, with average spending on small group products rising by 80% [11][12] Technological Advancements - Ctrip is investing heavily in technology, including a self-developed language model that translates product information into 25 languages, facilitating international tourism [14][15] - The platform's technological investments also include a 2.9 billion yuan allocation for service guarantees, enhancing trust and safety for both consumers and small businesses [16] Strategic Shift - The core value of Ctrip is evolving from transaction volume to ecological value, emphasizing the importance of providing substantial services and support to small businesses [18] - The future success of the platform will be measured not just by financial metrics but by its ability to enhance the competitiveness and vitality of small businesses and unlock the economic and cultural value of previously underutilized tourism resources [18]

北京时间2月26日早间，携程集团（纳斯达克：TCOM；香港联交所：9961）公布了2025年第四季度及 全年未经审计的财务业绩：2025年全年，携程净营业收入为624亿元（人民币，下同），同比上升 17%。录得归属携程集团股东的净利润为332.9亿元，同比增长95%，主要由于2025年全年包含在其他 （支出）/收入中的投资获利199亿元（该指标2024年为11亿元）。 1月中旬，国家市场监管总局对携程涉嫌滥用市场支配地位实施垄断行为立案调查。携程方面在财报中 最新披露称："目前调查仍在进行中，公司正全力配合国家市场监管总局。公司将继续就合规事宜与监 管部门保持积极沟通。公司目前无法预计调查的状态和结果，并会在调查结束后提供进一步更新。公司 的业务运营维持正常。" 孙洁在财报发布后的业绩会上进一步提到，2025年，携程投入超10亿元推动入境游市场增长，相关举措 包括加强平台建设、与全球影响力人士合作推广中国旅游目的地，以及为国际旅客提供免费中转游 等。"在我们平台上，超过40个城市在入境游中的贡献率非常高，且这些入境游客也带动消费增长。我 们的目标是在2026年将这一数字翻一番。""中国入境游正处在一个显著且可 ...