Market Overview - The US stock market experienced a decline, with the Dow Jones falling by 1.07%, the S&P 500 down by 0.82%, and the Nasdaq decreasing by 1.2% [4] - European stock indices also fell, with Germany's DAX30 down by 1.77%, the UK's FTSE 100 down by 1.27%, and the Euro Stoxx 50 down by 1.9% [4] - Hong Kong's Hang Seng Index continued its downward trend, closing down 1.72% after a drop of 688 points over two days [5] - A-shares showed a mixed performance, with the Shanghai Composite Index down by 0.81%, Shenzhen Component down by 0.92%, and the ChiNext Index down by 1.16% [6] Commodity Prices - Spot gold rose by 0.54% to $4067.51 per ounce, while silver increased by 0.96% to $50.69 per ounce [7] - WTI crude oil rose by 1.39% to $60.57 per barrel, and Brent crude oil increased by 1.18% to $64.46 per barrel [7] Economic Indicators - The US dollar index rose slightly by 0.072% to 99.61 points, while US Treasury yields saw a decline, with the 10-year yield at 4.113% and the 2-year yield at 3.585% [3][7] - The ADP weekly employment report indicated an average weekly job loss of 2500 positions in the private sector [12] Corporate Developments - Nvidia's stock fell by 2.8%, and Amazon's stock decreased by 4.4% amid broader market declines [4] - Pinduoduo's shares dropped over 7%, reflecting negative sentiment in the tech sector [4] - In contrast, Alibaba's stock rose by 1.2%, and Baidu's shares increased by 2.6% [4] Upcoming Events - The US is set to release new economic data, including the Consumer Price Index (CPI) and housing starts, which may impact market sentiment [13][15]

Core Insights - Ctrip Group reported significant growth in revenue and profit for Q3 2025, driven by strong global travel demand and robust international business performance [1] - The company's net operating revenue reached 18.3 billion RMB, a 16% increase year-over-year and a 24% increase quarter-over-quarter [1] - Net profit soared to 19.9 billion RMB, up approximately 193% compared to the same period in 2024, and a substantial increase from 4.9 billion RMB in the previous quarter [1] Revenue Breakdown - International OTA platform bookings increased by about 60% year-over-year, with inbound travel bookings more than doubling [1] - Outbound hotel and flight bookings reached 140% of the levels seen in the same period of 2019 [1] - Accommodation bookings, the main revenue driver, generated 8 billion RMB, reflecting an 18% year-over-year growth [1] - Transportation ticketing revenue was 6.3 billion RMB, a 12% increase year-over-year [1] - Travel vacation business revenue was 1.6 billion RMB, showing a slight 3% year-over-year increase but a significant 49% increase quarter-over-quarter [1] - Business travel management revenue reached 756 million RMB, up 15% year-over-year [1] Strategic Focus - Ctrip's leadership emphasized the importance of leveraging artificial intelligence to optimize travel experiences and enhance service capabilities [2] - The company aims to build a vibrant and interconnected international tourism ecosystem through collaboration with partners [2]

Core Viewpoint - Trip.com Group Ltd is entering a new growth phase characterized by structural advantages rather than just post-recovery tailwinds, leading to a more durable expansion cycle [1][2] Financial Performance - In Q3 2025, Trip.com reported a 16% year-over-year increase in net revenue, reaching 18.3 billion Chinese yuan ($2.580 billion), exceeding expectations across various segments [3] - Adjusted EBITDA was 6.35 billion yuan, outperforming forecasts by over 6%, and non-GAAP EPADS was $3.87, benefiting from asset sales [4] Future Outlook - For Q4 2025, management is optimistic about domestic and outbound travel trends, raising revenue guidance with a forecast of 17% growth driven by leisure and cross-border demand [5] - International expansion is seen as a key growth catalyst for fiscal 2026 and beyond, with low online penetration in APAC markets and rising long-haul travel demand [6] Analyst Rating and Price Target - Analyst Fawne Jiang maintains a Buy rating and raises the price target to $82, based on a 16x multiple of the fiscal 2026 non-GAAP EPS estimate of $4.43, reflecting a 15-20% mid- to long-term earnings growth profile [7]

Core Insights - Ctrip Group reported significant revenue and profit growth for Q3 2025, driven by strong global travel demand and robust international business performance [1][2] Financial Performance - Net operating revenue reached 18.3 billion RMB (approximately 2.6 billion USD), a 16% increase year-over-year and a 24% increase quarter-over-quarter [1] - Net profit surged to 19.9 billion RMB (approximately 2.8 billion USD), a staggering 193% increase compared to 6.8 billion RMB in Q3 2024, and a significant rise from 4.9 billion RMB in the previous quarter [1] - Adjusted EBITDA was 6.3 billion RMB (approximately 892 million USD), showing growth both year-over-year and quarter-over-quarter [1] Business Segments - Accommodation bookings, the main revenue driver, generated 8 billion RMB (approximately 1.1 billion USD), up 18% year-over-year [2] - Transportation ticketing revenue was 6.3 billion RMB (approximately 886 million USD), reflecting a 12% year-over-year increase [2] - Travel vacation business revenue reached 1.6 billion RMB (approximately 226 million USD), a slight 3% year-over-year increase but a substantial 49% increase quarter-over-quarter [2] - Business travel management revenue was 756 million RMB (approximately 106 million USD), up 15% year-over-year [2] International Business Highlights - International OTA platform total bookings increased by approximately 60% year-over-year [1] - Inbound travel bookings more than doubled, with a year-over-year growth exceeding 100% [1] - Outbound hotel and flight bookings reached 140% of the levels seen in the same period of 2019 [1] Cost and Expenses - Operating costs rose by 20% year-over-year to 3.4 billion RMB [2] - Product development expenses increased by 12% year-over-year to 4.1 billion RMB [2] - Sales and marketing expenses grew by 24% year-over-year to 4.2 billion RMB, aligning with the trend of net operating revenue growth [2] Cash Position - As of September 30, 2025, the company had cash and cash equivalents, restricted cash, short-term investments, and held-to-maturity deposits totaling 107.7 billion RMB (approximately 15.1 billion USD) [3]

Exhibit 99.1 Trip.com Group Limited Reports Unaudited Third Quarter of 2025 Financial Results SINGAPORE, November 17, 2025 — Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) ("Trip.com Group" or the "Company"), a leading global one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management, today announced its unaudited financial results for the third quarter of 2025. Accommodation reservation revenue for the third quarter of 2025 wa ...

Summary of Trip.com Group Ltd (TCOM) Conference Call Company Overview - **Company**: Trip.com Group Ltd (TCOM) - **Industry**: China Internet and Other Services - **Market Cap**: US$48.82 billion - **Stock Rating**: Overweight - **Price Target**: US$83.00, representing a 17% upside from the current price of US$70.89 as of November 17, 2025 Key Financial Highlights - **3Q25 Revenue**: Rmb18.2 billion, up 16% YoY, 1% above Morgan Stanley estimates [2][4] - **Segment Performance**: - **Hotel Revenue**: Up 18% YoY - **Flight Revenue**: Up 12% YoY - **International OTA GTV**: Up 60% YoY - **Outbound Volume**: Recovered to 140% of pre-COVID levels [2] - **Non-GAAP Operating Profit**: Rmb6.1 billion, up 12% YoY, 4% above estimates [3] - **Non-GAAP Net Profit**: Rmb19.2 billion, up 221% YoY, primarily due to Rmb17 billion in other income from the sale of MMYT stake [3] Detailed Financial Metrics - **Operating Margin**: 33.4%, 1.2 percentage points above estimates [3] - **Net Revenue**: Rmb18.338 billion, up 16% YoY [4] - **Gross Profit**: Rmb14.979 billion, with a gross margin of 81.7% [4] - **Profit Before Tax**: Rmb23.098 billion, a 315% increase YoY [4] - **Net Income to Shareholders**: Rmb19.919 billion, up 165% YoY [4] Future Outlook - **EPS Estimates**: - FY 2025: Rmb26.62 - FY 2026: Rmb29.45 - FY 2027: Rmb33.50 [6] - **Revenue Projections**: - FY 2025: Rmb61.347 billion - FY 2026: Rmb68.881 billion - FY 2027: Rmb76.381 billion [6] Risks and Considerations - **Upside Risks**: - Rebound in macroeconomic growth and RMB - Recovery in outbound travel growth [10] - **Downside Risks**: - Rising competition from domestic players like Tongcheng Travel and Meituan - Pandemic uncertainties and macroeconomic slowdown affecting travel demand [10] Valuation Methodology - **Valuation Method**: Discounted Cash Flow (DCF) - **Key Assumptions**: - WACC of 10.5% - Terminal growth rate of 3% - FX rate of 7.15 [9] Conclusion Trip.com Group Ltd shows strong financial performance with significant growth in revenue and profit metrics, driven by recovery in travel demand. The company is well-positioned for future growth, although it faces competitive and macroeconomic risks. The stock is rated as Overweight with a favorable price target indicating potential upside.

Investment Rating - The report does not provide a specific investment rating for the industry [4] Core Insights - The U.S. Department of Energy has indicated that a significant portion of future funding will be directed towards nuclear power plant construction, highlighting the increasing importance of nuclear energy in the federal energy strategy. This shift is driven by the substantial growth in electricity demand from AI and large-scale data centers, which traditional renewable energy sources and grid expansions cannot meet in the short term. Nuclear power, known for its stability and predictability, is re-emerging as a foundational option in the U.S. energy system [4][16] - The report notes a decline in technology stocks during the week of November 10 to November 14, 2025, with the Hang Seng Technology Index falling by 0.4% and the Philadelphia Semiconductor Index dropping by 2.0% [7][9] - The cryptocurrency market experienced significant outflows, with a total market capitalization of $3.35 trillion as of November 14, 2025, down from $3.37 trillion the previous week. The total trading volume for cryptocurrencies was $219.79 billion, accounting for 6.56% of the total market capitalization [18][22] Summary by Sections 1. Overseas AI - The technology sector saw fluctuations, with the Hang Seng Technology Index closing at 5812.8, down 0.4%, and the Philadelphia Semiconductor Index at 6811.2, down 2.0% [7][9] - The top five gainers included Xpeng Motors (+12%), Cisco (+10%), AMD (+6%), Trip.com Group (+5%), and Tongcheng Travel (+5%), while the top five losers were NUSCALE POWER (-26%), NANO NUCLEAR ENERGY (-16%), CENTRUS ENERGY (-15%), OKLO (-13%), and Blue Doctor Semiconductor (-12%) [9][14] 2. Web3 and Cryptocurrency Market - The cryptocurrency market is currently in a state of panic, with the Fear and Greed Index at 22, indicating a high level of fear among investors [22] - The report highlights that the core assets in the cryptocurrency market experienced significant outflows, totaling $1.112 billion for the week, with major ETFs also recording net outflows [27][34] - The overall sentiment in the cryptocurrency market remains negative, with liquidity tightening and core asset prices dropping below $95,000 [34][36]

Market Overview - On November 18, global financial markets experienced a collective decline due to multiple factors affecting market risk sentiment, with Hong Kong's three major indices showing weakness throughout the day. The Hang Seng Index fell by 1.72%, closing below the 26,000-point mark, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index dropped by 1.65% and 1.93%, respectively [1][2]. Sector Performance - Concerns over overvaluation in artificial intelligence have led to a continued decline in technology stocks. The spot gold price briefly fell below $4,000, causing significant drops in gold and non-ferrous metal stocks, with Lingbao Gold experiencing a nearly 9% decline. The steel sector also faced notable declines due to significant price drops throughout the year [2][5]. - The steel sector led the declines, with China Hanking down over 9%, Maanshan Iron & Steel down over 7%, and several other steel companies experiencing declines of over 5%. A report from CITIC Construction indicated that the steel price is expected to decline significantly by 2025 due to supply-demand mismatches and weakened cost support [5][6]. - The gold sector saw substantial losses, with Lingbao Gold down nearly 9% and other gold mining companies also experiencing declines of over 5% [6][8]. - The lithium battery sector continued to decline, with major companies like Cai Ke New Energy and Zhong Chuang Innovation falling over 10% and 8%, respectively [10]. - The automotive sector faced a downturn, with sales data indicating a 0.8% year-on-year decline in retail sales for October, and a significant drop in November sales figures [11][12]. Investment Trends - Southbound funds recorded a net inflow of HKD 7.466 billion, with the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect seeing net purchases of HKD 2.745 billion and HKD 4.721 billion, respectively [15]. - Looking ahead, Guosen Securities noted that the upcoming Central Economic Work Conference in December will set the tone for macro policies and key tasks for the following year, influencing investment strategies and stock valuations [17].

Market Overview - The Hong Kong stock market continues to face pressure, with the Hang Seng Index opening down 0.8%, the National Enterprises Index down 0.72%, and the Hang Seng Tech Index down 1.25% [1] - Major stocks such as China Hongqiao, Hansoh Pharmaceutical, Li Auto, and NetEase experienced declines, with China Hongqiao dropping 7.74% [1] Company Performance - XPeng Motors reported a significant reduction in net loss for the three months ending September 30, 2025, with a loss of 381 million RMB, down 78.93% year-on-year. Revenue reached 20.381 billion RMB, a 101.76% increase, with automotive sales revenue at 18.054 billion RMB, up 105.27% [1] - The gross profit for XPeng Motors was 4.104 billion RMB, a 166.26% increase, with a quarterly gross margin of 20.1%, up 4.8 percentage points from the same period in 2024 [1] - Leap Motor reported a net profit of 150 million RMB for Q3 2025, with total net profit for the first three quarters reaching 180 million RMB. Q3 revenue was 19.45 billion RMB, a 97.3% increase from 9.86 billion RMB in Q4 2024 [2] - The gross margin for Leap Motor in Q3 2025 was 14.5%, up 0.9 percentage points from Q2 2025 [2] Debt Issuance - Yanzhou Coal Mining Company announced the successful issuance of its third phase of technology innovation bonds for 2025, raising 3 billion RMB with a term of 3+N years and an interest rate of 2.06% [2] Market Sentiment - Investor sentiment is cautious due to cooling interest rate cut expectations and a lack of surprises in earnings reports, leading to a downward trend in major indices [3] - The overall market is expected to maintain a volatile pattern in the short term, with significant support at 26,000 points and resistance at 27,000 points [3]

Group 1 - The core viewpoint of the report indicates that Ctrip Group's Q3 performance is robust, with revenue increasing by 16% year-on-year to 18.3 billion yuan, aligning with expectations from both Citigroup and the market [1] - The gross margin for the quarter was reported at 81.7%, slightly higher than the 81% in Q2 and above Citigroup's expectations [1] - The non-GAAP operating profit margin reached 33.4%, exceeding Citigroup's forecast of 32% [1] Group 2 - The hotel business showed steady performance, primarily driven by the recovery in Average Daily Rate (ADR) [1] - Strong growth in other income is attributed to the rapid expansion of the advertising business [1] - The solid operating profit margin benefited from better-than-expected gross margins and a reduction in administrative expenses [1] Group 3 - Citigroup has set a target price of $85 for Ctrip's U.S. stock and maintains a "Buy" rating [1]