携程：收入韧性增长，海外扩张投资稳步推进-20250521

21 May 2025 CMB International Global Markets | Equity Research | Company Update Trip.com (TCOM US) Resilient revenue growth with investment on track for overseas expansion Trip.com Group (TCOM) released (20 May) 1Q25 results: total revenue was RMB13.9bn, up 16% YoY, inline with both our forecast and Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB4.0bn, 7% better than both our estimates and consensus, mainly thanks to more optimized- than-expected sales and marketing spend. Overall trav ...