Jing Ji Guan Cha Wang·2026-02-11 22:43Core Viewpoint - Ctrip Group is facing multiple events in early 2026, including performance releases and antitrust investigations, with domestic business growth expectations and regulatory risks coexisting [1] Financial Performance - The board's audit committee plans to approve the financial results for Q4 and the full year of 2025 on February 25, 2026, with a subsequent conference call to discuss details [2] - For the first three quarters of 2025, the company reported a cumulative revenue of 47.011 billion yuan and a net profit of 29.113 billion yuan, representing year-on-year growth of 15.93% and 93.62% respectively [2] Regulatory Situation - The State Administration for Market Regulation initiated an investigation into Ctrip for suspected abuse of market dominance on January 14, 2026, leading to significant short-term stock price fluctuations [3] - Ctrip has stated it will actively cooperate with the investigation, with results and potential penalties expected in the coming months [3] Industry and Risk Analysis - The online travel market is facing competition from platforms like Douyin and Meituan, prompting Ctrip to increase its sales and marketing expenses by 24% year-on-year in Q3 2025 to address these challenges [4] - New features from tech companies like Google may have a long-term impact on the global OTA industry landscape [4] Institutional Perspectives - Institutions like UBS expect Ctrip's domestic business to maintain high double-digit growth in 2026, while international business growth may reach 40%-50% [5] Capital Movements - On February 5, 2026, American Capital Group reduced its stake in Ctrip by approximately 3.2964 million shares at an average price of 453.18 HKD per share, lowering its holding to 8.88%, which may attract market attention [6]