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]

Core Insights - Ctrip Group Limited reported its Q4 and full-year financial results for 2024, showing significant growth in both revenue and profit [1] Financial Performance - Q4 net revenue reached 12.7 billion yuan, a year-on-year increase of 23% [1] - Q4 net profit was 2.2 billion yuan, reflecting a year-on-year growth of 69% [1] - Adjusted earnings per ADS were 4.97 yuan [1] - Full-year net revenue totaled 53.3 billion yuan, marking a 20% year-on-year increase and a record high since the company went public [1] - Full-year net profit was 17.2 billion yuan, with a remarkable year-on-year growth of 547% [1] Business Segments - Q4 accommodation booking revenue was 5.2 billion yuan, up 33% year-on-year [1] - Q4 transportation ticketing revenue reached 4.8 billion yuan, increasing by 16% year-on-year [1] - Q4 vacation travel revenue was 870 million yuan, showing a year-on-year growth of 24% [1] - Q4 business travel management revenue was 702 million yuan, reflecting an 11% year-on-year increase [1] International Business Performance - International business showed strong performance, with outbound hotel and flight bookings recovering to over 120% of 2019 levels [1] - International platform hotel and flight bookings increased by over 70% year-on-year [1] - Inbound travel bookings saw a year-on-year increase of 100% [1]

Group 1: Quarterly Performance - In Q4 2025, Ctrip Group's net operating revenue reached 15.4 billion RMB (2.2 billion USD), a year-on-year increase of 21%, driven by resilient travel demand [1] - Accommodation booking revenue in Q4 2025 was 6.3 billion RMB (899 million USD), also up 21% year-on-year, attributed to growth in accommodation bookings [1] - Transportation ticketing revenue for Q4 2025 was 5.4 billion RMB (768 million USD), reflecting a 12% year-on-year increase, mainly due to growth in ticket bookings [1] - Revenue from vacation services in Q4 2025 was 1.1 billion RMB (151 million USD), up 21% year-on-year, driven by increased vacation bookings [1] - Business travel management revenue in Q4 2025 was 880 million RMB (116 million USD), a 15% year-on-year increase and a 7% quarter-on-quarter increase, due to growth in business travel orders [1] Group 2: Annual Performance - For the full year 2025, net operating revenue totaled 62.4 billion RMB (8.9 billion USD), a 17% year-on-year increase [2] - Accommodation booking revenue for the full year 2025 was 26.1 billion RMB (3.7 billion USD), up 21% year-on-year, accounting for 42% of total revenue [2] - Transportation ticketing revenue for the full year 2025 reached 22.5 billion RMB (3.2 billion USD), a year-on-year increase of 11%, representing 36% of total revenue [2] - Vacation services revenue for the full year 2025 was 4.7 billion RMB (670 million USD), an 8% year-on-year increase, making up 7% of total revenue [2] - Business travel management revenue for the full year 2025 was 2.8 billion RMB (450 million USD), a 13% year-on-year increase, contributing 5% to total revenue [2] Group 3: Profitability - The net profit attributable to Ctrip Group shareholders for the full year 2025 was 33.3 billion RMB (4.8 billion USD), compared to 17.1 billion RMB in 2024, primarily due to investment gains included in other income totaling 19.9 billion RMB (2.8 billion USD) [3] - Excluding stock-based compensation and certain investment-related gains, the adjusted net profit for 2025 was 31.8 billion RMB (4.6 billion USD), up from 18 billion RMB in 2024 [3] - The increase in adjusted net profit was mainly driven by other investment-related gains of 15.9 billion RMB (2.3 billion USD) in 2025, compared to 61 million RMB in the same period of 2024 [3]

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]

Core Viewpoint - Ctrip Group reported a strong financial performance for the year 2025, with significant increases in revenue and net profit, indicating robust growth in the travel industry [1] Financial Performance - The total net operating revenue for 2025 was RMB 62.4 billion, a year-on-year increase of 17% [1] - The net profit attributable to Ctrip Group was RMB 33.294 billion, reflecting a substantial year-on-year increase of 95.08% [1] - Basic earnings per share for ordinary shares were RMB 0.5062 [1] Revenue Breakdown - Accommodation booking revenue reached RMB 26.1 billion, up 21% year-on-year, accounting for 42% of total revenue [1] - Transportation ticketing revenue was RMB 22.5 billion, an 11% increase year-on-year, making up 36% of total revenue [1] - Revenue from vacation services amounted to RMB 4.7 billion, rising 8% year-on-year, representing 7% of total revenue [1] - Business travel management revenue was RMB 2.8 billion, up 13% year-on-year, contributing 5% to total revenue [1] Strategic Insights - The Chairman of Ctrip emphasized that tourism is not only an industry but also a key economic infrastructure that promotes connectivity and community development [1] - The CEO highlighted the resilience of the tourism market in 2025, noting that inbound tourism is a critical growth driver for economic development and job creation [1] - Ctrip is focused on sustainable long-term development through investments in inbound tourism, social responsibility, and AI innovation [1]

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 ...

Financial Performance - For Q4 2025, Trip.com Group reported net revenue of RMB15.4 billion (US$2.2 billion), a 21% increase year-over-year, driven by resilient travel demand [3]. - For the full year 2025, net revenue reached RMB62.4 billion (US$8.9 billion), representing a 17% increase from 2024 [4]. - Accommodation reservation revenue for Q4 2025 was RMB6.3 billion (US$899 million), a 21% increase from Q4 2024, accounting for 42% of total revenue in 2025 [5]. - Transportation ticketing revenue for Q4 2025 was RMB5.4 billion (US$768 million), a 12% increase year-over-year, contributing 36% to total revenue in 2025 [7]. - Packaged-tour revenue for Q4 2025 was RMB1.1 billion (US$151 million), a 21% increase from Q4 2024, while corporate travel revenue was RMB808 million (US$116 million), a 15% increase year-over-year [9]. - For the full year 2025, net income was RMB33.4 billion (US$4.8 billion), compared to RMB17.2 billion in 2024, primarily due to gains from investments [22]. - Total revenue for the year ended December 31, 2025, was RMB 62,510 million (USD 8,939 million), an increase from RMB 53,377 million in 2024 [44]. - Net income attributable to Trip.com Group Limited for the year ended December 31, 2025, was RMB 33,294 million (USD 4,762 million), compared to RMB 17,067 million in 2024 [45]. - Earnings per diluted ADS for the year ended December 31, 2025, was USD 6.82, up from USD 4.78 in 2024 [45]. - Gross profit for the year ended December 31, 2025, was RMB 50,287 million (USD 7,192 million), compared to RMB 43,304 million in 2024 [45]. - The company reported a diluted non-GAAP income per share of RMB 45.59 (USD 6.52) for the year ended December 31, 2025 [46]. - The company’s net income for the year ended December 31, 2025, increased to RMB 33,386 million (USD 4,775 million) from RMB 17,227 million in the previous year [46]. Cash and Assets - As of December 31, 2025, the balance of cash and cash equivalents was RMB105.8 billion (US$15.1 billion) [27]. - Total current assets increased to RMB 121,050 million (USD 17,309 million) as of December 31, 2025, from RMB 112,120 million in 2024 [43]. - Total liabilities decreased to RMB 94,787 million (USD 13,554 million) as of December 31, 2025, from RMB 99,099 million in 2024 [43]. Operational Efficiency - The Company reported an adjusted EBITDA margin improvement, reflecting better operational efficiency [39]. - Adjusted EBITDA for the year ended December 31, 2025, was RMB 18,888 million (USD 2,703 million), with an adjusted EBITDA margin of 30% [46]. - The adjusted EBITDA for the fourth quarter of 2025 was RMB 3,415 million (USD 490 million), reflecting a margin of 22% [46]. Market Presence and Strategy - Overall bookings on the Company's international OTA platform increased by around 60% year-over-year [37]. - The Company served approximately 20 million inbound travelers during the year [37]. - The Company continues to focus on expanding its market presence and enhancing its technology offerings to drive future growth [38]. Corporate Governance - The company announced board composition changes, including the resignation of co-founders and the appointment of new independent directors to enhance strategic oversight [28][30]. Regulatory Matters - In January 2026, the company received a notice of investigation from the State Administration for Market Regulation regarding compliance with the PRC Anti-monopoly Law [34]. Investment and Income - Interest income for the year ended December 31, 2025, was RMB 2,603 million (USD 372 million), while interest expense was RMB 849 million (USD 121 million) [46]. - The company experienced a significant loss from fair value changes of equity securities amounting to RMB 3,954 million (USD 565 million) for the year ended December 31, 2025 [46].