Core Insights - Ctrip (TCOM.US) experienced a pre-market increase of approximately 3.7%, reaching a peak of $73.5 [1] - The company reported third-quarter net operating revenue of 18.3 billion yuan, a year-on-year increase of 16% [1] - Net profit for the quarter was 19.9 billion yuan, significantly up from 6.8 billion yuan in the same period of 2024 [1] International Business Performance - Ctrip's international business showed strong performance, with total bookings on the international OTA platform increasing by approximately 60% year-on-year [1] - Inbound travel bookings surged by over 100% year-on-year [1] - Bookings for outbound hotels and flights have risen to 140% of the levels seen in the same period of 2019 [1] Technological Advancements - Ctrip's Chairman Liang Jianzhang revealed that the company is enhancing the entire travel service process through artificial intelligence technology [1] - The improvements span from itinerary planning to real-time bookings, smart customer service, and personalized recommendations [1] - The technological empowerment has significantly enhanced user experience [1]

Core Insights - Ctrip (TCOM.US) shares increased by 3%, reaching $73.04 [1] - In Q3, Ctrip reported net operating revenue of approximately 18.3 billion yuan, a year-on-year increase of 16% [1] - The company's net profit attributable to shareholders was around 19.9 billion yuan, reflecting a significant year-on-year growth of 192.6% [1] - Adjusted EBITDA for the third quarter was approximately 6.346 billion yuan [1] Business Performance - Ctrip's international OTA platform bookings grew by approximately 60% year-on-year in Q3 [1] - Inbound travel bookings saw a year-on-year increase of over 100% [1] - Outbound hotel and flight bookings have surpassed pre-pandemic levels by 140% compared to the same period in 2019 [1]

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]

Core Insights - Ctrip Group reported significant revenue and profit growth for Q3 2025, driven by strong global travel demand and robust international business performance [1][2] Financial Performance - Net operating revenue reached 18.3 billion RMB (approximately 2.6 billion USD), a 16% increase year-over-year and a 24% increase quarter-over-quarter [1] - Net profit surged to 19.9 billion RMB (approximately 2.8 billion USD), a staggering 193% increase compared to 6.8 billion RMB in Q3 2024, and a significant rise from 4.9 billion RMB in the previous quarter [1] - Adjusted EBITDA was 6.3 billion RMB (approximately 892 million USD), showing growth both year-over-year and quarter-over-quarter [1] Business Segments - Accommodation bookings, the main revenue driver, generated 8 billion RMB (approximately 1.1 billion USD), up 18% year-over-year [2] - Transportation ticketing revenue was 6.3 billion RMB (approximately 886 million USD), reflecting a 12% year-over-year increase [2] - Travel vacation business revenue reached 1.6 billion RMB (approximately 226 million USD), a slight 3% year-over-year increase but a substantial 49% increase quarter-over-quarter [2] - Business travel management revenue was 756 million RMB (approximately 106 million USD), up 15% year-over-year [2] International Business Highlights - International OTA platform total bookings increased by approximately 60% year-over-year [1] - Inbound travel bookings more than doubled, with a year-over-year growth exceeding 100% [1] - Outbound hotel and flight bookings reached 140% of the levels seen in the same period of 2019 [1] Cost and Expenses - Operating costs rose by 20% year-over-year to 3.4 billion RMB [2] - Product development expenses increased by 12% year-over-year to 4.1 billion RMB [2] - Sales and marketing expenses grew by 24% year-over-year to 4.2 billion RMB, aligning with the trend of net operating revenue growth [2] Cash Position - As of September 30, 2025, the company had cash and cash equivalents, restricted cash, short-term investments, and held-to-maturity deposits totaling 107.7 billion RMB (approximately 15.1 billion USD) [3]

Core Insights - Ctrip Group reported a net revenue of 18.338 billion yuan for Q3 2025, representing a year-on-year increase of 15.53% driven by strong travel demand [1] - The company experienced growth across all major business segments, with accommodation booking revenue increasing by 18.3%, transportation ticketing revenue by 11.61%, vacation revenue by 3.08%, and business travel management revenue by 15.24% [1] - Ctrip's international OTA platform bookings grew approximately 60% year-on-year, with inbound tourism bookings more than doubling [1] Financial Performance - Ctrip achieved a net profit of 19.919 billion yuan in Q3, significantly up from 6.823 billion yuan in the same quarter of 2024 and 4.88 billion yuan in the previous quarter [1] - Adjusted EBITDA for the quarter was 6.346 billion yuan, an increase from 5.68 billion yuan year-on-year and 4.88 billion yuan quarter-on-quarter [1] - The substantial increase in net profit was primarily due to the disposal of certain investments, with "other income" reported at 17.032 billion yuan compared to 1.781 billion yuan in the previous year [2] Cost and Investment - Operating costs for Q3 were 3.359 billion yuan, up 19.96% year-on-year, aligning with the revenue growth trend [2] - Research and development expenses rose by 12.17% to 4.083 billion yuan, while sales and marketing expenses increased by 23.63% to 4.181 billion yuan [2] - As of September 30, 2025, Ctrip held cash and cash equivalents, restricted cash, short-term investments, and term deposits totaling 107.7 billion yuan [2]

Exhibit 99.1 Trip.com Group Limited Reports Unaudited Third Quarter of 2025 Financial Results SINGAPORE, November 17, 2025 — Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) ("Trip.com Group" or the "Company"), a leading global one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management, today announced its unaudited financial results for the third quarter of 2025. Accommodation reservation revenue for the third quarter of 2025 wa ...

Summary of Trip.com Group Ltd (TCOM) Conference Call Company Overview - **Company**: Trip.com Group Ltd (TCOM) - **Industry**: China Internet and Other Services - **Market Cap**: US$48.82 billion - **Stock Rating**: Overweight - **Price Target**: US$83.00, representing a 17% upside from the current price of US$70.89 as of November 17, 2025 Key Financial Highlights - **3Q25 Revenue**: Rmb18.2 billion, up 16% YoY, 1% above Morgan Stanley estimates [2][4] - **Segment Performance**: - **Hotel Revenue**: Up 18% YoY - **Flight Revenue**: Up 12% YoY - **International OTA GTV**: Up 60% YoY - **Outbound Volume**: Recovered to 140% of pre-COVID levels [2] - **Non-GAAP Operating Profit**: Rmb6.1 billion, up 12% YoY, 4% above estimates [3] - **Non-GAAP Net Profit**: Rmb19.2 billion, up 221% YoY, primarily due to Rmb17 billion in other income from the sale of MMYT stake [3] Detailed Financial Metrics - **Operating Margin**: 33.4%, 1.2 percentage points above estimates [3] - **Net Revenue**: Rmb18.338 billion, up 16% YoY [4] - **Gross Profit**: Rmb14.979 billion, with a gross margin of 81.7% [4] - **Profit Before Tax**: Rmb23.098 billion, a 315% increase YoY [4] - **Net Income to Shareholders**: Rmb19.919 billion, up 165% YoY [4] Future Outlook - **EPS Estimates**: - FY 2025: Rmb26.62 - FY 2026: Rmb29.45 - FY 2027: Rmb33.50 [6] - **Revenue Projections**: - FY 2025: Rmb61.347 billion - FY 2026: Rmb68.881 billion - FY 2027: Rmb76.381 billion [6] Risks and Considerations - **Upside Risks**: - Rebound in macroeconomic growth and RMB - Recovery in outbound travel growth [10] - **Downside Risks**: - Rising competition from domestic players like Tongcheng Travel and Meituan - Pandemic uncertainties and macroeconomic slowdown affecting travel demand [10] Valuation Methodology - **Valuation Method**: Discounted Cash Flow (DCF) - **Key Assumptions**: - WACC of 10.5% - Terminal growth rate of 3% - FX rate of 7.15 [9] Conclusion Trip.com Group Ltd shows strong financial performance with significant growth in revenue and profit metrics, driven by recovery in travel demand. The company is well-positioned for future growth, although it faces competitive and macroeconomic risks. The stock is rated as Overweight with a favorable price target indicating potential upside.

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 ...

Group 1 - The core viewpoint of the report indicates that Ctrip Group's Q3 performance is robust, with revenue increasing by 16% year-on-year to 18.3 billion yuan, aligning with expectations from both Citigroup and the market [1] - The gross margin for the quarter was reported at 81.7%, slightly higher than the 81% in Q2 and above Citigroup's expectations [1] - The non-GAAP operating profit margin reached 33.4%, exceeding Citigroup's forecast of 32% [1] Group 2 - The hotel business showed steady performance, primarily driven by the recovery in Average Daily Rate (ADR) [1] - Strong growth in other income is attributed to the rapid expansion of the advertising business [1] - The solid operating profit margin benefited from better-than-expected gross margins and a reduction in administrative expenses [1] Group 3 - Citigroup has set a target price of $85 for Ctrip's U.S. stock and maintains a "Buy" rating [1]

Core Viewpoint - The Hong Kong stock market experienced a collective decline, with technology and automotive stocks leading the downturn, while Ctrip Group's strong quarterly performance stands out as a positive highlight in the online travel sector [1] Group 1: Market Performance - The three major indices in the Hong Kong stock market fell collectively on November 18, with technology stocks experiencing widespread declines and automotive stocks weakening [1] - The largest ETF in the A-share sector, the Hang Seng Technology Index ETF (513180), followed the index down, with significant declines in holdings such as XPeng Motors, Lenovo Group, Xiaomi Group, NIO, Li Auto, and BYD [1] Group 2: Ctrip Group's Financial Performance - Ctrip Group reported a net operating revenue of 18.3 billion RMB for Q3 2025, reflecting a year-on-year increase of 16%, driven by sustained global travel demand [1] - The company's net profit for the quarter reached 19.9 billion RMB, a substantial increase from 6.8 billion RMB in the same period of 2024 [1] Group 3: International Business Growth - Ctrip's international business showed remarkable performance, with total bookings on its international OTA platform increasing by approximately 60% year-on-year, and inbound tourism bookings more than doubling [1] - Outbound hotel and flight bookings have surged to 140% of the levels seen in the same period of 2019 [1] Group 4: Industry Insights - According to Shenwan Hongyuan, the revenue growth of online travel companies is outpacing the overall travel market, benefiting from improved online conversion rates and a predominance of leisure travelers [1] - Ctrip and Tongcheng Travel have not been adversely affected by new competitors entering the market this year; instead, domestic marketing efficiency has improved, and the growth rates for outbound travel and pure overseas business provide long-term performance growth drivers [1]