Financial Performance - In Q4 2025, Ctrip Group reported a net operating revenue of 15.4 billion yuan, a year-on-year increase of 21%, driven by resilient travel demand, with a net profit of 4.3 billion yuan. However, there was a quarter-on-quarter decline of 16% due to seasonal factors [1]. - For the full year 2025, Ctrip Group's net operating revenue reached 62.4 billion yuan, up 17% year-on-year, with a net profit of 33.4 billion yuan, compared to 17.2 billion yuan in 2024. The increase was primarily attributed to investment gains of 19.9 billion yuan (2.8 billion USD) included in other income/expenses, compared to 1.1 billion yuan in 2024 [1]. Board Changes - Ctrip announced significant board changes effective February 25, 2026, with Fan Min resigning as a director and president, and Qi Ji resigning as a director. Wu Yihong and Xiao Yang were appointed as new independent directors [3][4]. - Fan Min co-founded Ctrip in 1999 and has held various executive roles, including COO and president since 2013. Qi Ji is a co-founder and has served as CEO and independent director [4]. Stock Performance - As of 15:47, Ctrip's Hong Kong stock fell over 3%, trading at 401.2 HKD per share, with a market capitalization of 286.3 billion HKD, reflecting a cumulative decline of over 27% year-to-date. In contrast, its US stock rose over 1% in pre-market trading [6].

Core Viewpoint - Ctrip Group reported its financial performance for Q4 and the full year of 2025, showing significant revenue growth year-on-year but seasonal declines in Q4 revenue [1][3]. Revenue Performance - In Q4 2025, Ctrip's net operating revenue was 15.4 billion RMB, a year-on-year increase of 21% but a quarter-on-quarter decrease of 16% due to seasonal factors [1]. - For the full year 2025, net operating revenue reached 62.4 billion RMB, reflecting a year-on-year growth of 17% [1]. Revenue Structure - Revenue sources include accommodation bookings, transportation ticketing, vacation services, business travel management, and others [3]. - In Q4 2025: - Accommodation bookings generated 6.3 billion RMB, up 21% year-on-year [3]. - Transportation ticketing revenue was 5.4 billion RMB, up 12% year-on-year [3]. - Vacation services revenue was 1.1 billion RMB, up 21% year-on-year [3]. - Business travel management revenue was 808 million RMB, up 15% year-on-year and up 7% quarter-on-quarter [3]. - For the full year 2025: - Accommodation bookings accounted for 42% of total revenue at 26.1 billion RMB, up 21% year-on-year [3]. - Transportation ticketing represented 36% of total revenue at 22.5 billion RMB, up 11% year-on-year [3]. - Vacation services made up 7% of total revenue at 4.7 billion RMB, up 8% year-on-year [3]. - Business travel management contributed 5% of total revenue at 2.8 billion RMB, up 13% year-on-year [3]. Cost and Profitability - In Q4 2025, Ctrip's operating costs were 3.2 billion RMB, a year-on-year increase of 23% but a quarter-on-quarter decrease of 4% [3]. - For the full year, operating costs totaled 12.1 billion RMB, a year-on-year increase of 21%, representing 19% of net operating revenue [3]. - Q4 2025 sales and marketing expenses were 4.4 billion RMB, up 30% year-on-year and 5% quarter-on-quarter, accounting for 29% of net revenue [4]. - For the full year, sales and marketing expenses reached 14.9 billion RMB, up 25% year-on-year, representing 24% of net operating revenue [4]. - Net profit attributable to Ctrip's shareholders for Q4 2025 was 4.3 billion RMB, while the full year net profit was 33.3 billion RMB, nearly a 95% increase compared to 17.1 billion RMB in 2024, primarily due to investment gains of 19.9 billion RMB [4]. Leadership Changes - Ctrip announced significant board changes, with Fan Min resigning as director and president, and Ji Qi resigning as a director, effective February 25, 2026 [5]. - New independent directors Wu Yihong and Xiao Yang were appointed [5][6].

#携程宣布一系列董事变动# 【携程联合创始人范敏、季琦辞任董事职务】2月26日，携程集团宣布一系 列董事变动，范敏已辞任公司董事兼总裁职务，季琦已辞任董事职务。范敏、季琦均为携程集团联合创 始人。与此同时，公司宣布任命吴亦泓及萧杨为新任独立董事。此外，李基培已被任命为董事会薪酬委 员会成员。（北京商报记者 吴其芸） 2023年5月期间,吴亦泓亦曾担任如家酒店集团董事 会顾问,并曾于2010年5月至2019年6月担任该公司 首席战略官,2006年7月至2010年4月担任首席财务 官。 萧杨于2020年6月至2025年6月期间担任Capital International Investors（香港）投资分析师。此 前，萧杨于2013年3月至2020年3月期间在Principal Global Investors工作,曾任投资组合经理及股票分 析师。在此之前,萧杨于2010年3月至2013年2月担 任平安资产管理有限公司投资组合经理。 携程集团方面表示，根据携程集团现行组织章程细 则,吴亦泓及萧杨各自将担任本公司董事,任期至其获 委任后的首届股东周年大会为止，届时将符合资格参选 连任。以上董事变动自2026年2月2 ...

花旗发布研报称，携程集团-S(09961)去年第四季收入同比增长21%至154亿元人民币(下同)，较该行及 市场预期高3%。毛利率为79%，对比去年第三季为81.7%，而该行预期为78.5%。非公认会计准则经营 利润率20.7%，非公认会计准则盈利为34.8亿元，胜市场预期的32亿元。该行目前予携程(TCOM.US)美 股目标价82美元及"买入"评级。 该行认为集团第四季业绩表现健康，当中收入显著好过预期，因携程国际平台在旺季表现强劲，以及主 要由广告和信用解决方案组成的其他收入优于预期。 ...

该行认为集团第四季业绩表现健康，当中收入显著好过预期，因携程国际平台在旺季表现强劲，以及主 要由广告和信用解决方案组成的其他收入优于预期。 智通财经APP获悉，花旗发布研报称，携程集团-S(09961)去年第四季收入同比增长21%至154亿元人民 币(下同)，较该行及市场预期高3%。毛利率为79%，对比去年第三季为81.7%，而该行预期为78.5%。非 公认会计准则经营利润率20.7%，非公认会计准则盈利为34.8亿元，胜市场预期的32亿元。该行目前予 携程(TCOM.US) 美股目标价82美元及"买入"评级。 ...

Core Viewpoint - Ctrip Group's stock experienced a decline following the announcement of its Q4 2025 financial results, which showed mixed performance indicators and significant management changes [1] Financial Performance - For Q4 2025, Ctrip Group reported a net operating revenue of 15.4 billion yuan, representing a year-on-year increase of 21% but a quarter-on-quarter decrease of 16% [1] - The net profit for Q4 2025 was 4.3 billion yuan, compared to 2.2 billion yuan in the same quarter of 2024, but down from 19.9 billion yuan in the previous quarter [1] Management Changes - Ctrip Group announced several board changes effective from February 25, 2026, including the resignation of Fan Min as the company's director and president, and the resignation of Ji Qi as a director [1] - New independent directors Wu Yihong and Xiao Yang have been appointed [1] Regulatory Investigation - In January 2026, Ctrip Group received a notification from the State Administration for Market Regulation regarding an investigation initiated under the Anti-Monopoly Law of the People's Republic of China [1] - The company is cooperating fully with the investigation and will maintain active communication with regulatory authorities regarding compliance matters [1] - Ctrip Group stated that it cannot predict the status or outcome of the investigation at this time, but its business operations remain normal [1]

Core Viewpoint - Ctrip Group's stock experienced a decline following the release of its Q4 2025 financial results, which showed mixed performance indicators and ongoing regulatory scrutiny [1] Financial Performance - For Q4 2025, Ctrip Group reported a net operating revenue of 15.4 billion yuan, representing a year-on-year increase of 21% but a quarter-on-quarter decrease of 16% [1] - The net profit for Q4 2025 was 4.3 billion yuan, compared to 2.2 billion yuan in the same quarter of 2024, but down from 19.9 billion yuan in the previous quarter [1] Corporate Governance - Ctrip Group announced several board changes effective February 25, 2026, including the resignation of Fan Min as the company's director and president, and Qi Ji as a director [1] - New independent directors Wu Yihong and Xiao Yang have been appointed [1] Regulatory Environment - In January 2026, Ctrip Group received a notification from the State Administration for Market Regulation regarding an investigation initiated under the Anti-Monopoly Law of the People's Republic of China [1] - The company is cooperating fully with the investigation and will maintain active communication with regulatory authorities regarding compliance matters [1] - Ctrip Group stated that it cannot predict the status or outcome of the investigation at this time, but its business operations remain normal [1]

本文转载自财联社 值班编辑 | 江江 视觉 | 顾芗 2月26日，携程集团公布2025年第四季度及全年未经审计的财务业绩，同时公布一系列董事变动，范敏 辞任公司董事兼总裁职务，季琦辞任公司董事职务。任命吴亦泓及萧杨为新任独立董事。 公告显示，2025年第四季度，携程集团净营业收入为154亿元，主要得益于旅游需求的韧性，净利润为 43亿元。净营业收入环比下降16%，主要归因于季节性因素。 2025年全年，携程集团净营业收入为624亿元，同比上升17%。净利润为334亿元，相比2024年净利润为 172亿元人民币。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。 此外，携程还公布了一系列董事变动，变动自2026年2月25日起生效。 公告显示，范敏已辞任公司董事兼总裁职务，季琦已辞任公司董事职务。与此同时，公司宣布任命吴亦 泓及萧杨为新任独立董事。 星标关注《盐财经》 洞察趋势，睿智人生 /// 大家都在看 /// 点 在看 把盐撒给更多的人 ...

Group 1 - Ctrip Group announced its unaudited financial performance for Q4 2025 and the entire year, along with changes in its board of directors [1] - Fan Min has resigned from the positions of director and president, while Ji Qi has stepped down as a director [1] - Wu Yihong and Xiao Yang have been appointed as new independent directors [1] Group 2 - Ctrip received a notification from the State Administration for Market Regulation regarding an investigation initiated under the Anti-Monopoly Law of the People's Republic of China [3] - The investigation is ongoing, and the company is fully cooperating with the regulatory authority [3] - Ctrip's business operations remain normal despite the investigation [3]

Core Viewpoint - Ctrip Group reported strong financial performance for Q4 2025 and the full year, despite facing an ongoing antitrust investigation by the State Administration for Market Regulation (SAMR) [2][4]. Financial Performance - In Q4 2025, Ctrip's net operating revenue reached 15.4 billion yuan, a year-on-year increase of 21%, driven by resilient travel demand. However, there was a quarter-on-quarter decline of 16% due to seasonal factors [2]. - For the full year 2025, Ctrip's net operating revenue was 62.4 billion yuan, up 17% year-on-year. The net profit for the year was 33.4 billion yuan, significantly higher than 17.2 billion yuan in 2024, largely due to investment gains of 19.9 billion yuan (approximately 2.8 billion USD) included in other income, compared to 1.1 billion yuan in 2024 [2]. International Travel and Market Expansion - In 2025, the international OTA platform saw a total booking growth of approximately 60%, serving around 20 million inbound travelers. Ctrip invested 1 billion yuan to support the inbound travel ecosystem, enabling nearly 70,000 hotels, attractions, and travel agencies to receive inbound orders from overseas platforms [3]. - The platform facilitated over 6,000 scenic spots to open to the international market for the first time, adding 63,000 new ticket types available for foreign visitors, with 95% of ticket types for major domestic attractions now supporting foreign bookings [3]. Management Changes - On February 26, 2026, Ctrip announced significant changes in its board of directors, with Fan Min resigning as president and director, and Ji Qi resigning as a director. Wu Yihong and Xiao Yang were appointed as new independent directors [4]. - The company is cooperating fully with the SAMR regarding the ongoing antitrust investigation and will maintain active communication with regulatory authorities, although it cannot predict the status or outcome of the investigation at this time [4].