Summary of Trip.com Group (TCOM) Conference Call Company Overview - **Company**: Trip.com Group (TCOM) - **Market Cap**: $46.0 billion - **Enterprise Value**: $39.8 billion - **12-Month Price Target**: $91.00 (current price: $72.44, upside: 25.6%) [1][5][25] Key Financial Results - **3Q25 Revenue Growth**: +16% YoY to Rmb6.1 billion, slightly above estimates [1][19] - **EBIT Growth**: +12% YoY, with EBIT margin at 33.4%, slightly above guidance [1][32] - **Net Profit**: Rmb19.2 billion, significantly up from Rmb6 billion in 3Q24 due to a one-off disposal gain [1][23] - **Revenue Contribution**: Domestic business at 65%, outbound travel at 15%, and Skyscanner at 7% [1][19] Segment Performance - **Accommodation Revenue**: Grew +18% YoY, driven by a +70% increase in international bookings [1][19][26] - **Transportation Ticketing**: Revenue growth accelerated to +12% YoY, with air ticket volume growth over +60% [1][27] - **Corporate Travel**: Revenue growth accelerated to +15% YoY, driven by an expanding customer base [1][28] - **Packaged Tours**: Remained soft at +3% YoY, below guidance due to demand for personalized travel experiences [1][19] Market Trends and Outlook - **Travel Demand**: Management remains optimistic about leisure travel demand, especially during the Golden Week holidays [1][20] - **Competitive Landscape**: Despite increased competition from Agoda and Booking.com, TCOM believes the market remains fragmented, providing growth opportunities [1][20] - **Guidance for 4Q25**: Revenue growth expected at +15-20% YoY, with accommodation and transportation ticketing segments projected to grow at +17-22% and +10-15% respectively [1][22][31] Cost Management and Margins - **Cost Control**: Personnel-related expenses grew +9% YoY, below revenue growth, contributing to margin stability [1][32] - **Sales & Marketing Expenses**: Expected to increase to ~27% of revenue in 4Q25 due to heightened marketing efforts [1][32] Shareholder Returns and Cash Position - **Share Repurchase**: Completed a $400 million annual share repurchase program [1][35] - **Cash Position**: Cash and equivalents totaled Rmb107.7 billion (approximately $15.2 billion) as of September 2025 [1][36] Additional Insights - **User Growth**: Monthly active users (MAU) grew over 70% YoY in October [1][20] - **Experience Market**: Currently generates ~Rmb5 billion GMV, seen as a complement to other booking services rather than a primary focus [1][21] - **Long-term Strategy**: TCOM aims to balance revenue growth with margin management, particularly for the Trip.com platform [1][23][25] This summary encapsulates the key points from the conference call, highlighting the financial performance, market trends, and strategic outlook for Trip.com Group.

值得注意的是，携程的国际业务表现成为本季财报中最突出的亮点。国际OTA平台总预订同比增长约 60%。入境旅游预订同比增长超过100%。出境酒店和机票预订已攀升至2019年同期的140%水平。 入境游订单同比增长超100% 【深圳商报讯】（记者 范宏韬）11月17日，携程集团公布了2025年第三季度业绩公告。财报显示，受 全球旅游需求持续旺盛、国际业务强劲增长的驱动，营收与利润均实现显著提升。 2025年第三季度，携程集团净营业收入达到183亿元（人民币，下同），较2024年同期增长16%，环比 上一季度大幅上升24%。携程净利润高达199亿元，相较于2024年同期的68亿元，同比大增约193%，环 比上季度的49亿元也呈现跨越式增长。此外，经调整EBITDA（税息折旧及摊销前利润）为63亿元，同 比和环比均保持增长。 "今年夏季的旅游需求保持强劲态势，这源于旅行者探索世界的热情。"携程董事会执行主席梁建章表 示，携程正运用人工智能优化旅行的各环节，未来将持续拓展技术与服务的边界，致力于塑造一个更智 慧、更可持续的旅游业未来。 携程首席执行官孙洁表示："我们很开心看到第三季度的强劲表现，尤其是跨境旅游。我们致力 ...

□截至11月15日，十五运会特许商品销售额已达6.8亿元 □十五运会期间，各地前往广州、深圳和珠海等地的机票预订量同比增长26%；广州景区门票和酒店民 宿订单大增，带动广州文旅消费整体同比增长20% 11月17日，机器人和吉祥物喜洋洋、乐融融在广东奥体中心体育场赛跑。 新华社图 11月9日，观众在广东奥林匹克体育中心内候场。 新华社图 □十五运会吸引了来自全国的33家特许生产商与44家特许零售商参与。截至目前，已累计审批通过涵盖 20个大类的2800多款特许产品，数量与品类达历届之最 ◎记者 何治民 刘逸鹏 "喜洋洋""乐融融"网络相关话题阅读量突破5亿，多款周边产品热销、部分特许商品零售商在半个月内 销售额突破千万元……尽管第十五届全国运动会（下称"十五运会"）临近收官，但由竞赛而兴的赛事经 济正迎来"沸点"。 "喜洋洋""乐融融"，这对以中华白海豚为原型的十五运会吉祥物，被网友戏称为"大湾鸡"。截至11月15 日，以"大湾鸡"为代表的十五运会特许商品销售额已达6.8亿元。 十五运会超500万张门票所催生的"票根经济"，也引来多家企业布局。上海证券报记者多方采访获悉， 岭南控股、携程等上市公司围绕"票根经济 ...

Trip.com Group Ltd (NASDAQ:TCOM) is entering a new stage of growth, one driven less by post-recovery tailwinds and more by structural advantages taking hold across its global platform.Benchmark Equity Research analyst Fawne Jiang views the company as entering a more durable expansion cycle, which leads her to reaffirm a Buy rating and raise her price target to $82 from $80.She highlights resilient travel demand, accelerating international scale, and expanding operating leverage as the foundations of this sh ...

周二，携程网(TCOM.US)涨3%，报73.04美元。财报显示，今年第三季度，携程净营业收入约183亿 元，同比增长16%；归母净利润约199亿元，同比增长192.6%；经调整EBITDA(息税折旧及摊销前利润) 约63.46亿元。第三季度携程国际OTA平台总预订同比增长约60%，其中入境旅游预订同比增长超过 100%，出境酒店和机票预订已全面超越2019年疫情前同期140%水平。 ...

Group 1 - Trip.com (NASDAQ: TCOM) experienced a rise in trading in Hong Kong and pre-market trading in the United States following strong quarterly results [1] - There were initial bearish concerns regarding earnings potentially falling short before the quarterly release [1] - The article emphasizes the importance of observing megatrends and technological advancements for investment insights, while also highlighting the necessity of focusing on fundamentals and company details [1] Group 2 - The author has a beneficial long position in TCOM shares through various means, indicating a personal investment interest [2] - The article expresses the author's own opinions and does not involve compensation from any company mentioned [2]

携程(TCOM.US)盘初一度涨约3.7%，最高触及73.5美元。消息面上，携程集团第三季度净营业收入达到 183亿元，同比增长16%；净利润达到199亿元，相较于2024年同期的68亿元大幅增长。期内国际业务表 现亮眼，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%，出境酒店和 机票的预订量已攀升至2019年同期水平的140%。携程董事长梁建章透露，公司正通过人工智能技术优 化旅行全流程服务，从行程规划到实时预订，从智能客服到个性化推荐，技术赋能显著提升了用户体 验。(格隆汇) ...

智通财经APP获悉，周二，携程网(TCOM.US)涨3%，报73.04美元。财报显示，今年第三季度，携程净 营业收入约183亿元，同比增长16%；归母净利润约199亿元，同比增长192.6%；经调整EBITDA(息税折 旧及摊销前利润)约63.46亿元。第三季度携程国际OTA平台总预订同比增长约60%，其中入境旅游预订 同比增长超过100%，出境酒店和机票预订已全面超越2019年疫情前同期140%水平。 ...

Group 1: Stock Recommendations - Geely Automobile (175 HK) has a target price of 25.00, indicating a potential upside of 47% with a PE ratio of 9.50[5] - Luckin Coffee (LKNCY US) has a target price of 44.95, suggesting a potential upside of 12% with a PE ratio of 30.00[5] - Alibaba (BABA US) has a target price of 209.40, indicating a potential upside of 33% with a PE ratio of 22.50[5] Group 2: Market Performance - The basket of 24 long positions had an average return of -3.4%, while the MSCI China Index returned -0.8%[9] - Among the 24 stocks, only 5 outperformed the benchmark[9] Group 3: Analyst Ratings - New additions include companies like Bosideng (3998 HK) and Futu Holdings (FUTU US), both rated as "Buy"[6] - The report indicates a focus on sectors such as technology, insurance, and consumer goods, with multiple stocks receiving "Buy" ratings[5][6]

从各业务分部来看，携程的核心业务均保持了增长态势。住宿预订作为营收主力，收入达80亿元人民币 （约11亿美元），同比增长18%。交通票务收入为63亿元人民币（约8.86亿美元），同比增长12%。旅 游度假业务收入16亿元人民币（约2.26亿美元），同比小幅上升3%，但环比大幅增长49%，显示旅游套 餐产品季节性需求旺盛。商旅管理业务收入7.56亿元人民币（约1.06亿美元），同比增长15%。 深圳商报·读创客户端记者 范宏韬 11月17日，携程集团公布了2025年第三季度业绩公告。财报显示，受全球旅游需求持续旺盛，国际业务 强劲增长的驱动，营收与利润均实现显著提升。 2025年第三季度，携程集团净营业收入达到183亿元人民币（约合26亿美元），较2024年同期增长 16%，环比上一季度大幅上升24%。携程净利润高达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，同比激增约193%，环比上季度的49亿元人民币也呈现跨越式增长。此外，经调 整EBITDA（税息折旧及摊销前利润）为63亿元人民币（约合8.92亿美元），同比和环比均保持增长。 值得注意的是，携程的国际业务表现成为本季财报中 ...