November 17, 2025 11:26 PM GMT Trip.com Group Ltd | Asia Pacific M Update 3Q25 slight beat; Overseas high GTV Growth Reaction to earnings Unchanged Modest upside Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research 3Q25 revenue of Rmb18.2bn was up 16% YoY and 1% above MSe; By segment, hotel was up 18% YoY and flight was up 12% YoY, both came in 1% above MSe. International OTA GTV was up 60% YoY and ou ...

携程网(TCOM.US)盘前涨2.88%，报72.93美元。消息面上，2025年第三季度，携程集团净营业收入为 183亿元人民币(约合26亿美元)，同比增长16%，主要得益于越来越强劲的旅游需求；净营业收入环比增 长24%，主要得益于季节性因素。期内归属于股东的净利润为199亿元人民币(约合28亿美元)，而2024年 同期为68亿元人民币，上季度为48亿元人民币，主要由于部分处置某些投资。 绩后，花旗发研报指，携程集团第三季业绩稳健，毛利率81.7%，相较第二季为81%，略高于该行预 期；非通用会计准则(non-GAAP)经营利润率33.4%，高于该行预期的32%。酒店业务表现稳健，主要受 平均每日房价(ADR)复苏所推动。其他收入强劲增长归因于广告业务快速增长，而稳健的经营利润率则 受惠于毛利率好过预期及行政费用减少。该行予美股目标价85美元及"买入"评级。(格隆汇) | TCOM 携程网 | | | | --- | --- | --- | | 70.890 4 -1.140 -1.58% | | 收盘价 11/17 16:00 美东 | | 72.930 + 2.040 +2.88% | | 盘前价 11 ...

花旗发表研究报告指，携程集团第三季业绩稳健，收入按年增长16%至183亿元，大致符合该行及市场 预期；毛利率81.7%，相较第二季为81%，略高于该行预期；非通用会计准则(non-GAAP)经营利润率 33.4%，高于该行预期的32%。酒店业务表现稳健，主要受平均每日房价(ADR)复苏所推动。其他收入 强劲增长归因于广告业务快速增长，而稳健的经营利润率则受惠于毛利率好过预期及行政费用减少。该 行现予美股目标价85美元及"买入"评级。 ...

携程集团绩后上涨超2%。消息面上，携程集团近日发布2025年第三季度业绩，三季度净营业收入达183 亿元人民币，同比增16%。主要得益于全球旅游需求的持续增强。季度净利润达199亿元人民币，较 2024年同期的68亿元人民币，同比大幅增长。 11月18日早盘，港股三大指数集体下跌。盘面上，科网股普跌，汽车股走弱。主流ETF方面，A股同赛 道规模最大的恒生科技指数ETF（513180）跟随指数下跌，持仓股中，小鹏汽车、联想集团、小米集 团、蔚来、理想汽车、比亚迪（002594）股份等跌幅居前，华虹、携程集团、中芯国际等少数公司上 涨。 申万宏源指出，在线旅游公司的收入增速快于旅游大盘，受益于线上转化率的提升，以及用户大部分是 休闲用户，商旅占比少。携程和同程旅行今年没有受到近期新进入竞争玩家的影响，反而国内的营销效 率在提升，同时出境游和纯海外业务的增速更高也提供长期的业绩增长驱动力。 此外，携程本季度的国际业务表现尤为亮眼。具体来看，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%。 ...

从各业务板块表现来看，住宿预订收入80亿元，同比增长18%，环比增长29%；交通票务收入63亿元， 同比增长12%，环比增长17%；旅游度假收入16亿元，同比增长3%，环比大幅上升49%。公司盈利能力 显著提升，2025年第三季度净利润达到199亿元，相比2024年同期的68亿元和上季度的49亿元均实现大 幅增长。 （文章来源：每日经济新闻） 2025年第三季度，携程集团国际业务表现突出，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%，而出境酒店和机票预订已攀升至2019年同期140%的水平。 公司在第三季度继续加大技术投入，产品研发费用为41亿元，同比上升12%，环比上升17%，占净营业 收入的22%；销售及营销费用为42亿元，同比上升24%，环比上升26%，占净营业收入的23%。 11月18日，携程集团公布2025年第三季度未经审计的财务业绩。财报显示，公司第三季度净营业收入达 到183亿元人民币，同比增长16%，环比增长24%。 ...

（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。 ...

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%。 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。 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。 ...

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]