Core Insights - Ctrip Group's international business showed remarkable performance in Q3 2025, with total bookings on the international OTA platform increasing by approximately 60% year-on-year, and inbound travel bookings more than doubling, up over 100% [1] - Outbound hotel and flight bookings reached 140% of the levels seen in the same period of 2019 [1] Financial Performance - The company's net operating revenue for Q3 2025 was 183 billion RMB, representing a year-on-year growth of 16% and a quarter-on-quarter increase of 24% [3] - Accommodation booking revenue was 8 billion RMB, up 18% year-on-year and 29% quarter-on-quarter [1] - Transportation ticketing revenue reached 6.3 billion RMB, with a year-on-year increase of 12% and a quarter-on-quarter rise of 17% [1] - Vacation revenue amounted to 1.6 billion RMB, showing a year-on-year growth of 3% and a significant quarter-on-quarter increase of 49% [1] - The net profit for Q3 2025 was 19.9 billion RMB, a substantial increase compared to 6.8 billion RMB in Q4 2024 and 4.9 billion RMB in the previous quarter [1] Investment in Technology - The company continued to increase its investment in technology, with product development expenses reaching 4.1 billion RMB, a year-on-year increase of 12% and a quarter-on-quarter increase of 17%, accounting for 22% of net operating revenue [1] - Sales and marketing expenses were 4.2 billion RMB, up 24% year-on-year and 26% quarter-on-quarter, representing 23% of net operating revenue [1]

（文章来源：每日经济新闻） 每经AI快讯，11月18日，携程集团-S(09961.HK)绩后涨近4%，截至发稿，涨3.69%，报576港元，成交 额6.54亿港元。 ...

Core Viewpoint - Ctrip Group's stock rose nearly 4% following the release of its Q3 2025 earnings report, reflecting strong performance driven by increased global travel demand [1] Financial Performance - Ctrip's net operating revenue for Q3 reached 18.3 billion RMB (approximately 2.6 billion USD), marking a 16% increase compared to the same period last year [1] - The company's net profit for the quarter was 19.9 billion RMB (around 2.8 billion USD), significantly up from 6.8 billion RMB in Q3 2024 [1] International Business Growth - Ctrip's international business showed remarkable growth, with total bookings on its international OTA platform increasing by approximately 60% year-on-year [1] - Inbound tourism bookings surged by over 100% compared to the previous year [1] - Bookings for outbound hotels and flights have reached 140% of the levels seen in the same period of 2019 [1]

值得注意的是，携程的国际业务在本季度表现尤为突出。国际OTA平台的总预订量同比增长约60%，入 境旅游预订量同比增长超过100%。 同时，出境酒店和机票的预订量已攀升至2019年同期水平的140%。 消息面上，携程集团发布2025年第三季度业绩，第三季度的净营业收入达到183亿元人民币(约合26亿美 元)，与去年同期相比增长了16%。主要得益于全球旅游需求的持续增强。季度净利润达到了199亿元人 民币(约合28亿美元)，相较于2024年同期的68亿元人民币，同比大幅增长。 智通财经APP获悉，携程集团-S(09961)绩后涨近4%，截至发稿，涨3.69%，报576港元，成交额6.54亿 港元。 ...

Financial Data and Key Metrics Changes - Trip.com Group reported a net revenue of RMB 18.3 billion for Q3 2025, representing a 16% increase year-over-year and a 24% increase quarter-over-quarter [18] - Adjusted EBITDA for Q3 was RMB 6.3 billion, compared to RMB 5.7 billion in the same period last year and RMB 4.9 billion in the previous quarter [20] - Diluted earnings per ordinary share were RMB 28.61 or $4.02, elevated due to a one-time gain from the divestment of an overseas investment [21] Business Line Data and Key Metrics Changes - Accommodation reservation revenue increased by 18% year-over-year to RMB 8.0 billion, driven by strong outbound and international hotel bookings [18] - Transportation ticketing revenue rose by 12% year-over-year to RMB 6.3 billion, with international air bookings showing robust growth [18] - Package tour revenue grew by 3% year-over-year to RMB 1.6 billion, primarily due to the expansion of international offerings [19] Market Data and Key Metrics Changes - Outbound hotel and air bookings grew by close to 20% year-over-year, reaching about 140% of 2019 volumes [8] - Inbound travel bookings on the platform grew by over 100% year-over-year, reflecting robust international demand [10] - The Asia-Pacific region remains the largest source of inbound travelers, with international bookings growing around 60% year-over-year [11] Company Strategy and Development Direction - The company aims to leverage AI innovation to enhance travel experiences and improve service delivery [6][17] - Trip.com Group is focusing on expanding its international presence, particularly in the Asia-Pacific region, while also enhancing domestic services [40] - The company is committed to nurturing the broader travel ecosystem and supporting local economic development through strategic partnerships [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of travel, citing strong demand and a growing desire for immersive experiences [5][6] - The company plans to continue investing in AI and technology to enhance customer service and operational efficiency [26] - Management noted that challenges in the market present opportunities for strengthening the company's foundation and expanding its market share [40] Other Important Information - The company launched a free layover experience for travelers at Hong Kong International Airport, enhancing its offerings for international visitors [11] - The number of Old Friends Club members and their total GMV rose over 70%, indicating a growing focus on senior travelers [12] Q&A Session Summary Question: Insights on AI's role in Trip.com's strategy - Management highlighted AI as a central pillar of their strategy, with significant growth in the use of AI-driven tools like Trip Genie, which is now used in over 200 countries [24][25] Question: Consumer behavior trends during national holidays - Management noted strong trends for long stays and long-distance travel during the national holiday, with outbound bookings increasing over 30% year-over-year [30] Question: Recent trends in hotel and air ticket prices - Management indicated that hotel and air ticket prices have shown a slight decline, with domestic prices trending higher during peak travel periods [34] Question: Insights on international performance and regional highlights - Management reported a 60% year-over-year increase in international bookings, with Asia-Pacific being the largest contributor [50] Question: Updates on inbound travel business - Management shared positive feedback from inbound customers regarding safety and hospitality, highlighting the growth potential in this segment [54] Question: Marketing strategy and future plans - Management discussed the effectiveness of their marketing strategy in Q3 and plans to continue executing signature campaigns for upcoming global holidays [60] Question: Impact of competition and market dynamics - Management emphasized the favorable environment for online travel companies in the Asia-Pacific region, focusing on delivering one-stop solutions and exceptional customer service [63]

Financial Data and Key Metrics Changes - Trip.com Group reported a net revenue of RMB 18.3 billion for Q3 2025, representing a 16% increase year-over-year and a 24% increase quarter-over-quarter, driven by robust travel demand [18] - Adjusted EBITDA for Q3 was RMB 6.3 billion, compared to RMB 5.7 billion in the same period last year and RMB 4.9 billion in the previous quarter [20] - Diluted earnings per ordinary share were RMB 28.61 or $4.02, elevated primarily due to a one-time gain from the divestment of an overseas investment [21] Business Line Data and Key Metrics Changes - Accommodation reservation revenue for Q3 was RMB 8.0 billion, an 18% increase year-over-year and a 29% increase quarter-over-quarter, driven by strong outbound and international hotel bookings [18] - Transportation ticketing revenue was RMB 6.3 billion, a 12% increase year-over-year and a 17% increase quarter-over-quarter, with international air bookings showing robust growth [18] - Package tour revenue was RMB 1.6 billion, a 3% increase year-over-year and a 49% increase quarter-over-quarter, primarily due to the expansion of international offerings [19] Market Data and Key Metrics Changes - Outbound hotel and air bookings grew by close to 20% year-over-year, reaching about 140% of 2019 volumes, with Japan, South Korea, and Southeast Asia being popular destinations [8] - Inbound travel bookings grew by over 100% year-over-year, reflecting robust international demand [10] - Mobile bookings accounted for over 70% of total bookings, indicating a shift towards mobile platforms among travelers [12] Company Strategy and Development Direction - The company aims to leverage AI innovation to enhance travel experiences, with a focus on personalized services and operational efficiency [6][26] - Trip.com Group is expanding its international presence, particularly in the Asia-Pacific region, and is committed to investing in inbound travel and catering to senior and younger travelers [40][56] - The company is enhancing its product offerings and services to meet diverse traveler needs, including partnerships with live entertainment companies to drive travel experiences [15][70] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of travel, citing strong demand and a growing desire for immersive experiences among travelers [5][17] - The company is focused on sustainable growth and long-term value creation, with plans to enhance services and empower the broader travel ecosystem [22][40] - Management noted that challenges in the market present opportunities for strengthening the company's foundation and expanding its market share [40] Other Important Information - The company launched initiatives like the "Taste of China" dining experience to attract international visitors and enhance inbound travel [6] - The balance of cash and cash equivalents as of September 30, 2025, was RMB 107.7 billion or $15.1 billion, indicating a strong liquidity position [22] Q&A Session Summary Question: Insights on AI's role in Trip.com's strategy - Management emphasized that AI is a central pillar of their strategy, with significant growth in AI-driven tools and a commitment to enhancing the travel experience through technology [24][25] Question: Consumer behavior trends during national holidays - Management noted strong trends in long-haul and long-stay travel during holidays, with outbound bookings increasing significantly [30] Question: Recent trends in hotel and air ticket prices - Management indicated that hotel and air ticket prices have stabilized, with slight year-on-year declines, but are expected to remain under pressure due to expanding capacity [34] Question: Impact of competition in the travel market - Management highlighted that the travel market is evolving, and their investments in technology and customer service will help maintain a competitive edge [44] Question: Updates on international performance - Management reported a 60% year-over-year increase in international bookings, with a strong focus on the Asia-Pacific region [50] Question: Inbound travel growth catalysts - Management cited positive feedback from inbound travelers regarding safety and hospitality, along with favorable visa policies as key growth drivers [54] Question: Marketing strategy and future plans - Management discussed the effectiveness of their marketing strategy and plans to continue executing campaigns aligned with long-term growth objectives [60] Question: Margin outlook for the future - Management stated that it is too early to provide specific margin outlooks but emphasized ongoing improvements in operating efficiency [76]

Financial Data and Key Metrics Changes - Trip.com Group reported a net revenue of RMB 18.3 billion for Q3 2025, representing a 16% increase year-over-year and a 24% increase quarter-over-quarter, driven by robust travel demand [17] - Accommodation reservation revenue increased by 18% year-over-year to RMB 8.0 billion, and transportation ticketing revenue rose by 12% year-over-year to RMB 6.3 billion [17] - Adjusted EBITDA for Q3 was RMB 6.3 billion, compared to RMB 5.7 billion in the same period last year [19] Business Line Data and Key Metrics Changes - Outbound hotel and air bookings grew by close to 20% year-over-year, reaching about 140% of 2019 volumes [6] - Package tour revenue increased by 3% year-over-year to RMB 1.6 billion, with a significant 49% increase quarter-over-quarter [18] - Corporate travel revenue rose by 15% year-over-year to RMB 756 million, driven by more companies adopting managed corporate travel services [18] Market Data and Key Metrics Changes - Inbound travel bookings on the platform grew by over 100% year-over-year, reflecting robust international demand [9] - The Asia-Pacific region remains the largest source of inbound travelers, with Europe and the U.S. also seeing strong growth [9] - International bookings increased by around 60% year-over-year, with the Asia-Pacific region contributing over 50% to this growth [10] Company Strategy and Development Direction - The company aims to leverage AI innovation to enhance travel experiences and improve service delivery [5] - Trip.com Group is focusing on expanding its international presence, particularly in the Asia-Pacific region, while also enhancing its offerings for inbound travelers [48] - The company is committed to nurturing the broader travel ecosystem and supporting local economic development through strategic partnerships [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of the travel industry, emphasizing the importance of enhancing services and empowering the broader ecosystem [16] - The company remains optimistic about the future of travel, particularly with the growing demand for diverse and immersive experiences [5] - Management noted that challenges in the market present opportunities to strengthen the company's foundation and expand its market share [38] Other Important Information - The company launched a free layover experience for travelers at Hong Kong International Airport, enhancing its offerings for international visitors [10] - The number of Old Friends Club members increased by over 70%, indicating a growing focus on catering to affluent and active seniors [11] Q&A Session Summary Question: Insights on AI's role in Trip.com's strategy - Management highlighted AI as a central pillar of the company's strategy, with significant growth in the use of AI-driven tools and a focus on enhancing user experiences [24] Question: Consumer behavior trends during national holidays - Management noted strong trends in long stays and long-distance travel during the national holiday, with outbound hotel and air bookings jumping over 30% year-over-year [28] Question: Recent trends in hotel and air ticket prices - Hotel and air ticket prices have shown a narrowing decline, with domestic hotel prices trending higher during the Golden Week [33] Question: Insights on consumer sentiment and outlook for 2026 - Management observed strong travel demand and a desire for immersive experiences, with a focus on enhancing products and services for evolving traveler needs [37] Question: Impact of competition in the China market - Management emphasized the importance of technology and customer service in maintaining a competitive edge, while also investing in improving efficiency across the industry [42] Question: Updates on international performance - International bookings increased by around 60% year-over-year, with a strong focus on the Asia-Pacific region driving growth [48] Question: Inbound travel growth catalysts - Management cited positive feedback from inbound customers regarding safety and hospitality, along with the convenience of visa policies as key growth drivers [53] Question: Marketing strategy and future plans - The marketing strategy delivered solid results, with plans to continue executing signature campaigns while adapting to emerging market trends [59] Question: Dynamics in the global market and competition - Management noted the potential for growth in the Asia-Pacific market and emphasized the importance of localized products and exceptional customer service [62] Question: Long-term positioning of destination services - Management indicated that the destination service business is expected to grow significantly, focusing on enhancing user experience and customer loyalty [68] Question: Outlook for operating expenses - Management plans to manage investments with discipline, adjusting spending based on market maturity and maintaining high standards for new hires [72] Question: Margin expansion outlook - Management stated it is too early to provide specific margin outlooks but emphasized ongoing improvements in operating efficiency as a key driver for future margins [76]

Core Insights - Ctrip Group reported a net operating revenue of 18.3 billion RMB (approximately 2.6 billion USD) for Q3 2025, representing a 16% year-over-year increase, driven by sustained global travel demand [2] - The net profit for the quarter reached 19.9 billion RMB (approximately 2.8 billion USD), a significant increase from 6.8 billion RMB in the same quarter of 2024 [2] Business Segment Performance - Accommodation booking revenue was 8 billion RMB, up 18% year-over-year, attributed to an increase in booking volume [2] - Transportation ticketing revenue reached 6.3 billion RMB, a 12% increase, driven by growth in ticket bookings [2] - Vacation travel revenue amounted to 1.6 billion RMB, reflecting a 3% year-over-year growth [2] - Business travel management revenue was 756 million RMB, up 15%, mainly due to an increase in business travel orders [2] International Business Highlights - Ctrip's international business showed remarkable performance, with total bookings on the international OTA platform increasing by approximately 60% year-over-year [2] - Inbound tourism bookings more than doubled, with a year-over-year growth exceeding 100% [2] - Bookings for outbound hotels and flights reached 140% of the levels seen in the same period of 2019 [2] Executive Commentary - The Executive Chairman of Ctrip, Liang Jianzhang, noted the strong summer travel demand driven by travelers' enthusiasm for exploring the world, emphasizing the use of artificial intelligence to optimize travel processes [3] - The CEO, Sun Jie, expressed satisfaction with the strong performance in Q3, particularly in cross-border travel, and highlighted the commitment to empowering partners to enhance service capabilities and seize growth opportunities [3]

Core Insights - Trip.com reported quarterly earnings of $3.87 per share, significantly exceeding the Zacks Consensus Estimate of $1.15 per share, representing an earnings surprise of +236.52% [1] - The company generated revenues of $2.58 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.41% and showing an increase from $2.26 billion year-over-year [2] - Trip.com has outperformed consensus EPS estimates three times over the last four quarters, indicating a positive trend in earnings performance [2] Financial Performance - The earnings for the previous year were $1.25 per share, highlighting substantial growth in profitability [1] - The company has consistently exceeded revenue estimates, achieving this three times in the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is $0.76, with projected revenues of $2.02 billion, while the estimate for the current fiscal year is $3.69 on $8.56 billion in revenues [7] Market Position - Trip.com shares have increased by approximately 4.9% since the beginning of the year, underperforming compared to the S&P 500's gain of 14.5% [3] - The Zacks Rank for Trip.com is currently 3 (Hold), suggesting that the stock is expected to perform in line with the market in the near future [6] - The Leisure and Recreation Services industry, to which Trip.com belongs, is currently ranked in the top 37% of over 250 Zacks industries, indicating a favorable industry outlook [8]

Core Insights - Ctrip Group reported a strong performance in Q3 2025, with net operating revenue reaching 18.3 billion RMB (2.6 billion USD), a year-on-year increase of 16% driven by robust travel demand [1] - The company experienced significant growth in various segments, including accommodation bookings and transportation ticketing, attributed to seasonal factors [1][2] Revenue Breakdown - Accommodation booking revenue for Q3 2025 was 8 billion RMB (1.1 billion USD), up 18% year-on-year and 29% quarter-on-quarter [1] - Transportation ticketing revenue reached 6.3 billion RMB (886 million USD), reflecting a 12% year-on-year increase and a 17% quarter-on-quarter rise [1] - Revenue from vacation packages was 1.6 billion RMB (226 million USD), showing a 3% year-on-year growth and a substantial 49% increase from the previous quarter [1] Profitability Metrics - Adjusted EBITDA for Q3 2025 was 6.3 billion RMB (892 million USD), compared to 5.7 billion RMB in Q4 2024 and 4.9 billion RMB in the previous quarter [2] - Net profit attributable to Ctrip Group shareholders was 19.9 billion RMB (2.8 billion USD), significantly up from 6.8 billion RMB year-on-year and 4.8 billion RMB quarter-on-quarter [2] - Non-GAAP net profit for Q3 2025 was 19.2 billion RMB (2.7 billion USD), compared to 6 billion RMB in the same quarter of 2024 and 5 billion RMB in the previous quarter [2] Strategic Initiatives - The company is leveraging artificial intelligence to enhance various aspects of travel and is focused on redefining inbound tourism experiences through initiatives like the "Taste of China" immersive restaurant [3] - Ctrip's leadership expressed optimism about the strong performance in cross-border travel and emphasized the commitment to empowering partners to improve service capabilities and seize growth opportunities [3]