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].

Core Viewpoint - In 2026, Ctrip faces significant regulatory scrutiny, including antitrust investigations and financial misconduct allegations, highlighting the consequences of its long-standing market dominance and questionable business practices [1][2][13]. Regulatory Scrutiny - On January 14, 2026, the State Administration for Market Regulation announced an antitrust investigation into Ctrip for allegedly abusing its market dominance [11]. - On February 13, 2026, the Financial Regulatory Bureau, in conjunction with other regulatory bodies, conducted interviews with Ctrip and five other travel platforms regarding misleading advertising and inadequate consumer protection in their lending practices [3][4]. Consumer Complaints - Users have reported being unknowingly enrolled in Ctrip's financial products, such as "Naked Flower," during hotel bookings, leading to unexpected debts [5][6]. - Complaints on the Black Cat Complaint platform regarding Ctrip's financial services have exceeded 22,000, with issues primarily related to aggressive debt collection practices [9]. Business Model Critique - The current business model of Ctrip has been criticized for transforming users from "bookers" into "debtors," raising ethical concerns about its financial practices [4][10]. - The intertwining of travel services and financial products has led to a perception of exploitation rather than value creation, prompting calls for a return to service-oriented practices [10][14]. Market Position and Competition - Ctrip holds a dominant position in the online travel market, with an estimated market share of 57% in GMV for 2024, and when combined with its affiliated platform Tongcheng, it accounts for nearly 70% of the OTA market [12]. - The Yunnan Provincial Tourism Homestay Association has initiated actions against Ctrip for unfair competition practices, including "forced choice" and unilateral commission increases, which threaten the survival of smaller businesses [12].

Core Insights - The Guangdong Province online tourism market is expected to continue its strong growth during the 2026 Spring Festival, with a 23.7% increase in visitor numbers and a 21.5% increase in tourism spending compared to 2025, solidifying its position as the leading tourism province in China [1] Group 1: Visitor Trends - Guangzhou, Shenzhen, and Zhuhai are the top three cities in terms of visitor numbers, with both Guangzhou and Shenzhen experiencing over 20% growth, while Zhuhai saw a 13.7% increase [2] - The eastern Guangdong region shows significant growth, with Shantou ranking fourth in visitor numbers and fourth in spending, with increases of 26.4% and 37.8% respectively [2] - The western Guangdong region also demonstrates strong growth, with Zhanjiang and Maoming showing visitor increases of 39.8% and 35.4%, and spending increases of 49.1% and 49.8% respectively [2] Group 2: Inbound Tourism - The inbound tourism market in Guangdong is experiencing a simultaneous increase in both visitor numbers and spending, with an 8.0% rise in inbound visitors and a 26.8% rise in spending during the 2026 Spring Festival [2] - This indicates a growing consumer capacity and willingness among inbound tourists, enhancing Guangdong's attractiveness in the international tourism market [2] Group 3: Domestic Tourism Structure - The visitor structure for the online tourism market in Guangdong during the 2026 Spring Festival shows a "strong external, stable internal" pattern, with 66.7% of visitors coming from outside the province and 33.3% from within [3] - This highlights Guangdong's strong appeal as a popular travel destination, particularly for visitors from other provinces [3] Group 4: Vacation Product Demand - There is a robust demand for vacation products in Guangdong, with a 35.8% increase in bookings and a 29.9% increase in spending during the 2026 Spring Festival [4] - The vacation market is expanding, with a focus on cost-effectiveness and competitive pricing for vacation products [4] - Popular vacation routes are driven by "cultural experiences + family-friendly activities," with the top route being a cultural deep-dive in Chaoshan, accounting for 20.8% of bookings [4]

Market Overview - On February 24, 2026, U.S. stock markets experienced a significant drop, with all three major indices falling over 1%. The Dow Jones Industrial Average dropped by 821.91 points, closing at 48,804.06, a decline of 1.66%. The S&P 500 fell by 71.76 points to 6,837.75, down 1.04%. The Nasdaq Composite also declined by 258.80 points, closing at 22,627.27, a drop of 1.13% [1][2]. Sector Performance - The software services, information technology services, and financial sectors were heavily impacted, while precious metals and non-ferrous metals sectors showed resilience, indicating a shift of funds from high-risk assets to traditional safe havens like gold. The price of gold reached a critical level of $5,200 per ounce, with a daily increase of over 2% [2]. Company-Specific Impact - International Business Machines Corporation (IBM) faced a catastrophic decline, with its stock price plummeting by 13.15%, marking its largest single-day drop since March 2020. This decline was attributed to advancements in artificial intelligence, particularly a new capability from the startup Anthropic that modernizes the COBOL programming language, which is crucial for many legacy systems [3][4][5]. AI Disruption - The introduction of AI tools like Claude Code threatens traditional business models reliant on outdated technologies, as they can significantly reduce the time and resources needed for modernizing legacy systems. This has raised concerns about IBM's future, as it is a major provider of COBOL systems [5][6]. Broader Technology Sector Trends - Other major tech companies also saw declines, with Microsoft down 3.21%, Tesla dropping over 3%, and Amazon falling 2.30%. However, Nvidia and Apple managed to stay slightly positive, indicating a selective investment approach within the tech sector [8][9]. Chinese Stocks Performance - The Nasdaq Golden Dragon China Index fell by 0.95%, showing resilience compared to U.S. indices. However, individual stocks exhibited significant volatility, with declines in cloud computing and online travel sectors. Notably, NIO, a Chinese electric vehicle company, surged by 4.34% due to strong operational data [10][22]. Global Market Reaction - European markets followed the U.S. trend, with major indices like the DAX and CAC40 closing lower. The global market exhibited interconnectedness, with panic selling in the U.S. quickly affecting European stocks [13].

Group 1 - The core point of the article is that American Capital Group has reduced its stake in Trip.com Group Ltd (09961) by selling 1.819886 million shares at a price of 419.3279 HKD per share, totaling approximately 763 million HKD [1] - After the reduction, American Capital Group's remaining shareholding is approximately 54.908 million shares, representing a holding percentage of 7.96% [1]

Group 1: Traditional Travel Destinations - Major domestic travel destinations in China during the Spring Festival include Beijing, Chengdu, Shanghai, Guangzhou, Shenzhen, Harbin, Sanya, Xi'an, Chongqing, Fuzhou, Xiamen, and Wuhan, showcasing strong tourist appeal [1] - Domestic travel orders during the Spring Festival reached a new high, with ticket orders increasing by over 80% year-on-year and hotel night bookings rising by 75% [1] - There was a significant increase in travel demand during the extended holiday, with orders from the second to the fifth day of the new year growing by approximately 30% year-on-year [1] Group 2: Emerging Niche Destinations - Unique and culturally rich niche destinations saw significant growth during the Spring Festival, with orders from Yan'an in Shaanxi increasing by 70% [1] - Other niche destinations such as Tongchuan and Shangluo in Shaanxi also experienced accelerated growth, while Tai'an in Shandong and Pu'er in Yunnan saw increases of 65% and 59%, respectively [1] - Border and coastal destinations like Keke Xili in Xinjiang, Wenchang in Hainan, and Chongzuo in Guangxi achieved notable order growth of 59%, 56%, and 56% [1] - Diverse cultural and natural experiences in cities like Hohhot in Inner Mongolia, Yuxi in Yunnan, Shuanghe in Xinjiang, and Wuxi in Jiangsu all reported growth rates above 48% [1] Group 3: AI Travel Assistants - The integration of AI in the travel industry has surged, with AI helping users book meals, flights, hotels, and movie tickets becoming a new trend [2] - On travel booking platforms, AI-driven travel services have seen explosive growth, with users asking more specific and in-depth questions, averaging 17.4 words per query [2] - During the Spring Festival, AI orders on Fliggy increased by over 800% compared to the pre-holiday period, with ticket bookings via AI rising more than 24 times [2] - Popular AI booking destinations include Emei Mountain, Huangshan, and Qingming Riverside Garden, with average ticket prices exceeding 700 yuan and hotel prices nearing 300 yuan [2]

Core Insights - The article highlights the transformation of China's inbound tourism, moving from superficial sightseeing to immersive cultural experiences, as evidenced by foreign tourists participating in traditional activities during the Spring Festival [1][3]. Group 1: Inbound Tourism Trends - The "Come to China for the New Year" trend has emerged as a global tourism consumption phenomenon, with daily inbound and outbound passenger volume exceeding 2.05 million during the 2026 Spring Festival, marking a 14.1% year-on-year increase [3]. - There is a structural shift in the demand from overseas tourists, with immersive cultural experiences becoming the core demand rather than mere sightseeing [3]. Group 2: Supply Side Upgrades - The changing demand is driving the cultural tourism supply side to accelerate upgrades, with major online travel platforms like Ctrip moving beyond traditional functions to engage in detailed, on-the-ground operations around cultural resources [5]. - Ctrip has launched over 6,000 intangible cultural heritage (ICH) tourism products covering nearly 50 categories, standardizing previously scattered ICH skills into marketable products [7]. Group 3: Visitor Engagement and Economic Impact - The deep cultural experiences have led to longer visitor stays, with 42% of inbound tourists in Wuxi staying 4-7 days during the 2026 Spring Festival, a 14% increase year-on-year [7]. - The overall order volume for ICH-themed scenic spots in Jiangsu, Guangdong, Jiangxi, and Anhui increased by 43% during the Spring Festival, with overseas platform orders surging by 284% [7]. Group 4: Local Policy and Service Enhancements - Local service systems are being improved, with Jiangsu promoting inbound facilitation and Wuxi implementing ten measures for foreign tourist services, creating a seamless experience for visitors [8]. - Ctrip plans to collaborate with Wuxi on various cultural events in 2026, further integrating culture and tourism [8].

香港联交所最新资料显示，2月13日，美国资本集团减持携程集团-S(09961)181.9886万股，每股作价 419.3279港元，总金额约为7.63亿港元。减持后最新持股数目约为5490.8万股，最新持股比例为7.96%。 ...

Group 1 - The core point of the article is that American Capital Group has reduced its stake in Trip.com Group Ltd (09961) by selling 1.819886 million shares at a price of HKD 419.3279 per share, totaling approximately HKD 763 million [1] - After the reduction, American Capital Group's remaining shareholding is approximately 54.908 million shares, representing a holding percentage of 7.96% [1]