Core Insights - Ctrip Group reported a net operating revenue of 18.3 billion RMB (approximately 2.6 billion USD) for Q3 2025, representing a 16% year-over-year increase, driven by sustained global travel demand [2] - The net profit for the quarter reached 19.9 billion RMB (approximately 2.8 billion USD), a significant increase from 6.8 billion RMB in the same quarter of 2024 [2] Business Segment Performance - Accommodation booking revenue was 8 billion RMB, up 18% year-over-year, attributed to an increase in booking volume [2] - Transportation ticketing revenue reached 6.3 billion RMB, a 12% increase, driven by growth in ticket bookings [2] - Vacation travel revenue amounted to 1.6 billion RMB, reflecting a 3% year-over-year growth [2] - Business travel management revenue was 756 million RMB, up 15%, mainly due to an increase in business travel orders [2] International Business Highlights - Ctrip's international business showed remarkable performance, with total bookings on the international OTA platform increasing by approximately 60% year-over-year [2] - Inbound tourism bookings more than doubled, with a year-over-year growth exceeding 100% [2] - Bookings for outbound hotels and flights reached 140% of the levels seen in the same period of 2019 [2] Executive Commentary - The Executive Chairman of Ctrip, Liang Jianzhang, noted the strong summer travel demand driven by travelers' enthusiasm for exploring the world, emphasizing the use of artificial intelligence to optimize travel processes [3] - The CEO, Sun Jie, expressed satisfaction with the strong performance in Q3, particularly in cross-border travel, and highlighted the commitment to empowering partners to enhance service capabilities and seize growth opportunities [3]

Group 1: Alibaba's Qwen Project - Alibaba officially announced the "Qwen" project, aiming to compete directly with ChatGPT in the AI to C market [1] - The Qwen app's public beta version has been launched, utilizing the Qwen3 model, which is claimed to outperform competitors like GPT-5 and Claude Opus 4 [1] - The Qwen series models have achieved over 600 million downloads globally, indicating strong market traction [1] Group 2: US Stock Market Overview - Major US stock indices experienced declines, with the Dow Jones down by 557.24 points (1.18%) and the S&P 500 down by 61.7 points (0.92%) [2] - Lithium mining stocks saw a collective increase, with Chilean mining companies rising over 9% [2] - Chinese concept stocks mostly fell, with Xpeng Motors down over 10% [2] Group 3: Hong Kong Regulatory Update - The Hong Kong Securities and Futures Commission urged licensed institutions to be vigilant against potential layering trading activities that could indicate money laundering [3] - There is a noted increase in suspicious fund transfers linked to layering trading activities [3] Group 4: China National Nuclear Corporation Agreement - China National Nuclear Corporation signed an intention procurement agreement for cobalt-60 irradiation sources with Brazil's National Nuclear Energy Commission, marking its first export to the Latin American market [4] Group 5: Ningde Times Share Transfer - Ningde Times announced a share transfer price of 376.12 yuan per share, reflecting a 3.8% discount from the previous closing price [5] Group 6: Geely Automobile Merger Update - Geely Automobile's CEO stated that the merger with Zeekr is expected to be completed by the end of this year, with no legal obstacles remaining [6][7] Group 7: China Software International Strategic Partnership - China Software International has formed a strategic partnership with Shenzhen Kaihong and Beijing Yiswei to build a dual open-source digital infrastructure ecosystem centered on "Open Harmony + RISC-V" [8] Group 8: Huazhu Group Financial Performance - Huazhu Group reported a third-quarter net profit of 1.5 billion yuan, a year-on-year increase of 15.4%, with total revenue reaching 7 billion yuan, up 8.1% [9] Group 9: Leap Motor Financial Results - Leap Motor achieved a revenue of 19.45 billion yuan in the third quarter, a 97.3% year-on-year increase, with a net profit of 150 million yuan [10] Group 10: Jianbei Miao Miao Mid-Year Results - Jianbei Miao Miao reported a mid-year profit of approximately 115 million HKD, a 20% increase year-on-year, with revenues of about 430 million HKD [11] Group 11: Trip.com Group Third Quarter Results - Trip.com Group reported a third-quarter net profit of 19.89 billion yuan, a significant increase of 194.01% year-on-year, with total revenue of 18.367 billion yuan [12] Group 12: Xpeng Motors Third Quarter Performance - Xpeng Motors reported a total delivery of 116,007 vehicles in the third quarter, a 149.3% year-on-year increase, with a revenue of 20.38 billion yuan [13] Group 13: Semiconductor Industry Insights - Semiconductor company SMIC reported a high capacity utilization rate of 95.8%, indicating strong demand for its products, particularly in the storage sector [15] - The industry is experiencing a supply shortage, particularly in NOR Flash, NAND Flash, and MCU products, which is expected to maintain high price levels [16]

Group 1 - The Federal Reserve Vice Chairman Jefferson emphasizes the need for cautious policy adjustments, while Governor Waller supports a 25 basis point rate cut in December [9][9][9] - The European Commission raises its GDP growth forecast for this year from 0.9% to 1.3% [9][9] - Trump's hints at potential military actions against Latin American countries, including Mexico, amid rising concerns over drug and immigration issues [11][11] Group 2 - U.S. stock markets experienced declines, with the Dow Jones falling by 1.18%, S&P 500 down by 0.9%, and Nasdaq decreasing by 0.84% [3][3] - Major European indices also fell, with Germany's DAX30 down by 1.2% and the UK's FTSE 100 down by 0.24% [3][3] - Hong Kong's Hang Seng Index closed down by 0.71%, with significant movements in sectors such as batteries, military, and semiconductors [4][4] Group 3 - A-shares opened lower, with the Shanghai Composite Index down by 0.46% and the Shenzhen Component down by 0.11%, amid a total trading volume of 1.91 trillion yuan [5][5] - The military sector showed strength, with stocks like Great Wall Military Technology hitting the daily limit [5][5] - Precious metals faced declines, with gold and silver prices dropping by 0.83% and 0.69% respectively [6][6]

Core Insights - Ctrip Group reported a strong performance in Q3 2025, with net operating revenue reaching 18.3 billion RMB (2.6 billion USD), a year-on-year increase of 16% driven by robust travel demand [1] - The company experienced significant growth in various segments, including accommodation bookings and transportation ticketing, attributed to seasonal factors [1][2] Revenue Breakdown - Accommodation booking revenue for Q3 2025 was 8 billion RMB (1.1 billion USD), up 18% year-on-year and 29% quarter-on-quarter [1] - Transportation ticketing revenue reached 6.3 billion RMB (886 million USD), reflecting a 12% year-on-year increase and a 17% quarter-on-quarter rise [1] - Revenue from vacation packages was 1.6 billion RMB (226 million USD), showing a 3% year-on-year growth and a substantial 49% increase from the previous quarter [1] Profitability Metrics - Adjusted EBITDA for Q3 2025 was 6.3 billion RMB (892 million USD), compared to 5.7 billion RMB in Q4 2024 and 4.9 billion RMB in the previous quarter [2] - Net profit attributable to Ctrip Group shareholders was 19.9 billion RMB (2.8 billion USD), significantly up from 6.8 billion RMB year-on-year and 4.8 billion RMB quarter-on-quarter [2] - Non-GAAP net profit for Q3 2025 was 19.2 billion RMB (2.7 billion USD), compared to 6 billion RMB in the same quarter of 2024 and 5 billion RMB in the previous quarter [2] Strategic Initiatives - The company is leveraging artificial intelligence to enhance various aspects of travel and is focused on redefining inbound tourism experiences through initiatives like the "Taste of China" immersive restaurant [3] - Ctrip's leadership expressed optimism about the strong performance in cross-border travel and emphasized the commitment to empowering partners to improve service capabilities and seize growth opportunities [3]

Market Overview - The Hang Seng Index (HSI) closed at 26,202.97, down by 181.31 points or 0.69% on November 17 [1] - The index's trading volume was 57.9075 million, with a daily average price of 26,284.82 [1] - The 52-week high for the index was 27,275.90, while the low was 18,856.77 [1] Major Blue-Chip Stocks Performance - Most large-cap stocks experienced declines, with HSBC Holdings closing at HKD 110.738, down 1.21% from the Hong Kong close [2] - Tencent Holdings closed at HKD 629.180, down 1.15% from the Hong Kong close [2] Stock Price Movements - Tencent Holdings (00700) saw a decrease of HKD 4.500, or 0.70%, with an ADR price of HKD 629.180, which is HKD 7.320 lower than its Hong Kong stock price [3] - HSBC Holdings (00005) dropped by HKD 0.800, or 0.71%, with an ADR price of HKD 110.738, which is HKD 1.362 lower than its Hong Kong stock price [3] - Other notable declines included AIA Group (01299) down by 1.28% and China Construction Bank (00939) down by 1.32% [3]

Group 1 - The majority of popular Chinese stocks closed lower on Monday, with the Nasdaq Golden Dragon China Index falling by 1.21% [1] - Alibaba saw an increase of over 2%, while Pinduoduo, NetEase, Ctrip, and Baidu experienced declines of over 1% [1] - Xpeng dropped by over 10%, Li Auto fell by over 4%, Manbang decreased by over 11%, and New Oriental declined by over 1% [1]

Core Viewpoint - Ctrip Group reported strong financial performance for Q3 2025, driven by robust travel demand and strategic use of technology to enhance customer experience [1] Financial Performance - The company achieved a revenue of RMB 18.367 billion, representing a year-on-year increase of 15.52% [1] - Net profit attributable to Ctrip Group reached RMB 19.89 billion, marking a significant year-on-year increase of 194.01% [1] - Basic earnings per share for ordinary shares were RMB 30.36 [1] Market Trends - The summer travel demand remained strong, fueled by travelers' enduring enthusiasm for exploring the world [1] - There was a notable increase in cross-border travel, contributing to the company's strong performance in Q3 [1] Strategic Initiatives - The company is leveraging artificial intelligence to optimize various aspects of travel [1] - Ctrip's "Taste of China" immersive dining experience is redefining inbound tourism [1] - The company aims to expand the boundaries of technology and services to shape a smarter and more sustainable future for the tourism industry [1]

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 Trip.com Group Limited 攜程集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9961） 2025 年第三季度業績公告 承董事會命 攜程集團有限公司 董事會執行主席 梁建章 新加坡，2025年11月18日 於本公告日期，本公司董事會包括董事梁建章先生、范敏先生、孫潔女士及羅戎先生以及獨立董事沈南鵬先生、 季琦先生、李基培先生及甘劍平先生。 1 攜程集團發佈2025年第三季度未經審計的財務業績 新加坡，2025年11月17日，攜程集團（納斯達克：TCOM；香港聯交所：9961）（以下稱「攜 程集團」或者「公司」），領先的全球一站式旅行服務提供商，提供包括住宿預訂、交通票 務、旅遊度假和商旅管理服務，今日公佈其2025年第三季度未經審計的財務業績。 2025年第三季度業績概要 ‧ 2025年第三季度國際各業務版塊表現強勁 — 國際OTA平台總預訂同比增長約60 ...

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. Key Highlights for the Third Quarter of 2025 • International busin ...

Core Viewpoint - The M&A market in China is experiencing an unprecedented surge in 2025, driven by private equity (PE) firms and public companies actively pursuing acquisitions [3][4]. Group 1: Recent M&A Activities - CPE Yuanfeng, a Chinese private equity firm, has partnered with RBI Group, the parent company of Burger King, to establish a joint venture for Burger King's operations in China, with CPE holding 83% of the joint venture [7]. - CPE Yuanfeng will inject $350 million (approximately 2.5 billion RMB) into the joint venture to support restaurant expansion, marketing, menu innovation, and operational improvements [7][8]. - The transaction is expected to be completed in the first quarter of 2026, pending regulatory approvals [8]. Group 2: Market Trends and Statistics - The Chinese M&A market is witnessing a significant increase, with disclosed transaction amounts exceeding $170 billion in the first half of 2025, a 45% increase compared to the same period last year [11]. - There were 29 large-scale M&A transactions (over $1 billion each) in the first half of 2025, with 20 of these being domestic strategic investments, nearly half led by state-owned enterprises [11]. - The Shanghai Stock Exchange reported over 1,000 disclosed M&A transactions since the introduction of the "Six M&A Guidelines" in September 2022, with significant growth in technology-related mergers [11][12]. Group 3: Policy and Government Support - The Chinese government is actively promoting M&A activities through various policies, including the "Six M&A Guidelines" released by the China Securities Regulatory Commission [11]. - Local governments are establishing M&A funds to provide financial support for acquisitions, with cities like Shenzhen and Nanjing announcing related policies [14][15]. - The Shenzhen government aims to complete over 200 M&A projects with a total transaction value exceeding 100 billion RMB by the end of 2027 [14]. Group 4: Future Outlook - The M&A market is evolving from a secondary exit strategy to a critical strategic tool for companies, with increasing participation from professional buyers [16][19]. - The market is expected to continue growing, driven by patient capital, institutional investment strategy transformations, and a more regulated market environment [19].