Core Viewpoint - Ctrip Group reported its unaudited financial performance for Q4 and the full year of 2025, highlighting robust growth across international business segments and a significant increase in net profit due to investment gains [1][2][3] Financial Performance - In Q4 2025, Ctrip's net operating revenue reached 15.4 billion RMB, a year-on-year increase of 21%, driven by resilient travel demand. However, it saw a quarter-on-quarter decline of 16% due to seasonal factors [1][2] - For the full year 2025, net operating revenue totaled 62.4 billion RMB, marking a 17% year-on-year increase [1][2] Business Segment Performance - Q4 2025 accommodation booking revenue was 6.3 billion RMB, up 21% year-on-year, primarily due to growth in accommodation bookings, but down 22% quarter-on-quarter due to seasonal factors [1][3] - For the full year 2025, accommodation booking revenue amounted to 26.1 billion RMB, also a 21% year-on-year increase, accounting for 42% of total revenue [1][3] - Q4 2025 transportation ticketing revenue was 5.4 billion RMB, a 12% year-on-year increase, but down 15% quarter-on-quarter due to seasonal factors [1][3] - For the full year 2025, transportation ticketing revenue reached 22.5 billion RMB, reflecting an 11% year-on-year increase, making up 36% of total revenue [1][3] Profitability - The net profit for the full year 2025 was 33.4 billion RMB, compared to 17.2 billion RMB in 2024, with the increase largely attributed to investment gains of 19.9 billion RMB (approximately 2.8 billion USD) included in other income, compared to 1.1 billion RMB in 2024 [2][3] Strategic Focus - Ctrip's Executive Chairman Liang Jianzhang emphasized that inbound tourism is a key driver for expanding opportunities and promoting local community development, with ongoing investments in inbound tourism, social responsibility, and AI innovation to establish a solid foundation for sustainable long-term growth [2][3]

Core Insights - Ctrip Group reported a total net 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 growth 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 for 2025 amounted to RMB 22.5 billion, reflecting an 11% year-on-year increase, making up 36% of total revenue [1] - Revenue from vacation business for 2025 was RMB 4.7 billion, with an 8% year-on-year growth, contributing 7% to total revenue [1] - Business travel management revenue for 2025 reached RMB 2.8 billion, increasing by 13% year-on-year, representing 5% of total revenue [1]

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 [27] - 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 [27][28] - Income from operations for the full year 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 [27][28] - 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 [30] 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 [28] - 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 [28] - Package Tour revenue for Q4 was RMB 1.1 billion, a 21% increase year-over-year, with full-year revenue at RMB 4.7 billion, an 8% increase [28] - 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 [29] 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 [12] - In 2025, approximately 20 million inbound travelers were served, connecting demand to about 150,000 hotels, with over 63,000 hotels serving inbound travelers for the first time [12][14] - The international OTA platform saw gross bookings increase by approximately 60% year-over-year, with international business contributing about 40% of total revenue and bookings in 2025 [55] Company Strategy and Development Direction - The company focuses on three key investment areas: inbound tourism, social responsibility initiatives, and AI innovation [5][9] - A $100 million tourism innovation fund was launched to support commercial innovation across the travel ecosystem [8] - The company aims to enhance its AI capabilities to improve operational efficiency and user experience, positioning itself as a leader in the evolving travel landscape [9][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of inbound tourism, projecting a potential 5x-10x growth for inbound travel in China [47] - The company remains committed to fostering a transparent and sustainable travel ecosystem while focusing on long-term value creation for shareholders [26][37] - Travel sentiment remains strong, with leisure travel being the primary driver of market growth, and the company is strategically positioned to capture this demand [55] 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 [26] - The company has invested approximately RMB 2.9 billion to enhance the overall travel experience for users, focusing on customer protections and service quality [22] Q&A Session Summary Question: Update on the recent SAMR investigation - The company is actively cooperating with the SAMR and remains committed to fostering a transparent environment while focusing on core investment priorities [35][36] Question: Impact of AI disintermediation on OTA business model - The company views AI advancements as a catalyst for its strategy, emphasizing the importance of its transactional and service layers in the travel industry [39][40] Question: Future growth trajectory for inbound tourism - Management believes inbound travel to China is at the start of a significant growth cycle, with efforts to promote the country as a travel destination [46][47] Question: Booking trends during Chinese New Year - The extended holiday stimulated travel demand, with robust growth in domestic and outbound business, particularly in long-haul destinations [53][54] Question: Competition in the domestic travel market - The company acknowledges dynamic competition but maintains its competitive edge through high service levels, comprehensive product offerings, and global coverage [57][60] Question: Operational highlights and outlook for 2026 - The company expects continued strong growth in international bookings, particularly in the APAC region, supported by its globalization strategy [66][67] 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 [74][75]

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]