YOUNG财经 漾财经·2026-02-26 06:15Core Viewpoint - Ctrip Group reported strong financial performance for Q4 2025 and the full year, despite facing an ongoing antitrust investigation by the State Administration for Market Regulation (SAMR) [2][4]. Financial Performance - In Q4 2025, Ctrip's net operating revenue reached 15.4 billion yuan, a year-on-year increase of 21%, driven by resilient travel demand. However, there was a quarter-on-quarter decline of 16% due to seasonal factors [2]. - For the full year 2025, Ctrip's net operating revenue was 62.4 billion yuan, up 17% year-on-year. The net profit for the year was 33.4 billion yuan, significantly higher than 17.2 billion yuan in 2024, largely due to investment gains of 19.9 billion yuan (approximately 2.8 billion USD) included in other income, compared to 1.1 billion yuan in 2024 [2]. International Travel and Market Expansion - In 2025, the international OTA platform saw a total booking growth of approximately 60%, serving around 20 million inbound travelers. Ctrip invested 1 billion yuan to support the inbound travel ecosystem, enabling nearly 70,000 hotels, attractions, and travel agencies to receive inbound orders from overseas platforms [3]. - The platform facilitated over 6,000 scenic spots to open to the international market for the first time, adding 63,000 new ticket types available for foreign visitors, with 95% of ticket types for major domestic attractions now supporting foreign bookings [3]. Management Changes - On February 26, 2026, Ctrip announced significant changes in its board of directors, with Fan Min resigning as president and director, and Ji Qi resigning as a director. Wu Yihong and Xiao Yang were appointed as new independent directors [4]. - The company is cooperating fully with the SAMR regarding the ongoing antitrust investigation and will maintain active communication with regulatory authorities, although it cannot predict the status or outcome of the investigation at this time [4].