研究所： 2026 年 02 月 28 日 公司研究 评级：买入(维持) | | chenm | | --- | --- | | E券分析师: E券分析师: | 陈梦竹 张娟娟 | 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 张娟娟 S0350523110004 zhangjj02@ghzq.com.cn [Table_Title] 延续高质量增长，入境游成为强劲增长引擎 ——携程集团-S（9961.HK）2025Q4 及全年财 报点评 最近一年走势 | 相对恒生指数表现 | | | 2026/02/27 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 携程集团-S | -17.6% | -23.2% | -8.9% | | 恒生指数 | -1.8% | 2.6% | 12.3% | | 市场数据 | | | 2026/02/27 | | 当前价格（港元） | | | 411.40 | | 52 周价格区间（港元） | | | 397.20-613.00 | | 总市值（百万港元） | | | ...

针对此次人事变动的原因，携程方面表示，这是我们持续完善董事会独立性与多元化的举措之一。去年六月，携程已向股东传 达过优化董事会构成的计划，旨在确保随着公司发展，董事会能持续提供有效的治理与战略监督。作为联合创始人，范先生和 季先生仍是公司坚定的支持者。董事会经过审慎周密的遴选流程，任命了两位具备互补技能、行业经验及多元视角的新董事 ——这将通过建设性对话和科学决策，增强携程服务全体股东的能力。 （来源：大公产经晚间消息） 2月26日，携程集团发布2025年第四季度及全年未经审计财务业绩，同时宣布董事会人事变动：联合创始人范敏辞任公司董事兼 总裁，另一联合创始人季琦也同时辞任公司董事，并任命吴亦泓、萧杨为新任独立董事。 需指出的是，范敏的离开并非仓促决定，而是伴随着一系列精准的资本操作。 据携程向美国SEC递交20-F文件，截至2025年2月28日，携程创始人、董事局主席梁建章持股5.3%，CEO孙洁持股2.1%。百度持 股7%，CapitalWorldInvestors持股6.2%，BlackRock持股5.3%，而范敏持股已不足1%。 携程方面指出，公司将积极配合监管部门调查，全面落实监管要求，与行业各方携 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a net operating revenue of 15.4 billion RMB for Q4 2025, which is a year-over-year increase of 21%, exceeding expectations by 3.6% [7] - The adjusted EBITDA for the same quarter was 3.4 billion RMB, also up 15% year-over-year, surpassing expectations by 7.7% [7] - The company's internationalization strategy continues to drive growth, with international OTA platform bookings increasing by approximately 60% year-over-year [7] - The company is leveraging AI technology to enhance transaction efficiency and service quality, positioning itself for long-term growth [7] - Revenue projections for 2026-2028 are estimated at 71.7 billion RMB, 81.9 billion RMB, and 91.8 billion RMB respectively, with Non-GAAP net profits of 19.1 billion RMB, 21.9 billion RMB, and 24.8 billion RMB [7] Financial Performance - For 2024, the company expects operating revenue of 53.3 billion RMB, with a growth rate of 19.73% [6] - The projected net profit for 2024 is 17.1 billion RMB, reflecting a significant increase of 72.08% year-over-year [6] - The earnings per share (EPS) for 2024 is estimated at 26.10 RMB, with a price-to-earnings (PE) ratio of 19.03 [6] - The return on equity (ROE) for 2024 is projected to be 11.97% [6] Business Segment Performance - Accommodation booking revenue for Q4 2025 was 6.3 billion RMB, driven by strong demand for outbound and international hotel bookings [7] - Transportation ticketing revenue reached 5.4 billion RMB, with significant growth in international flight bookings [7] - The revenue from vacation services was 1.1 billion RMB, benefiting from the expansion of international services [7] - Business travel management revenue was 800 million RMB, primarily due to an increase in corporate clients [7]

Core Viewpoint - Ctrip Group-S (09961) maintains a "Buy" rating by Caitong Securities, highlighting its strong competitive barriers as a leading player in the domestic OTA industry, with outbound and international business being key growth drivers for the medium to long term [1] Financial Performance - In Q4 2025, the company reported net operating revenue of 15.4 billion yuan (YoY +21%), exceeding expectations by 3.6%; adjusted EBITDA was 3.4 billion yuan (YoY +15%), and adjusted net profit attributable to shareholders was 3.5 billion yuan (YoY +15%), surpassing expectations by 7.7% [1] - Revenue projections for 2026-2028 are estimated at 71.7 billion yuan, 81.9 billion yuan, and 91.8 billion yuan respectively, with Non-GAAP net profit attributable to shareholders projected at 19.1 billion yuan, 21.9 billion yuan, and 24.8 billion yuan [1] Business Segment Performance - Q4 2025 accommodation booking revenue reached 6.3 billion yuan (YoY +21%), driven by strong demand for outbound and international hotel bookings; transportation ticketing revenue was 5.4 billion yuan (YoY +12%), with significant growth in international flight bookings; vacation revenue was 1.1 billion yuan (YoY +21%), benefiting from international service expansion; and business travel management revenue was 800 million yuan (YoY +15%), primarily due to growth in corporate clients [2] - The international OTA platform saw a year-on-year booking volume increase of approximately 60%, with Trip.com becoming a core driver of international revenue, raising its revenue share to 18% in Q4 2025; the company's internationalization strategy continues to deepen, opening up space for long-term growth [2] AI Integration - The AI Agent is not merely a "replacement for transactions" but is reshaping traffic entry points and decision-making processes; the company views AI traffic entry as a new distribution channel, efficiently directing external AI traffic through deeper Agent-to-Agent transactions [3] - The company leverages self-developed vertical Agents, utilizing years of accumulated real booking data, preferences, and high-quality reviews to continuously enhance advantages in real-time pricing, secure payments, and 24/7 global service, thereby improving conversion efficiency and service premium capabilities in the long term [3]

证券研究报告 携程集团 (9961 HK/TCOM US) 4Q25 业绩：境外业务延续高增长 华泰研究 年报点评 2026 年 2 月 26 日│中国香港/美国 互联网 携程公布 4Q25 业绩，收入 154 亿元，yoy+20.8%，超 VA 一致预期 3.7% （简称预期）。调整后经营利润 32 亿元，高于预期 1.2%；调整后经营利润 率 20.7%，略低于预期 0.5pct，4Q25 销售与营销费用率 28.5%，高于预期 1.3pct，主要由于国际业务拓展的投入。4Q25 国内旅游需求景气，国际 OTA 平台全年总预订量同比增长 60%，全球化业务贡献营收占比提升至 40%， 成为长期结构性增长来源；银发旅游、"娱乐 + 旅游" 等细分赛道表现亮 眼。同时四季度公司宣布董事会组成变更，范敏、季琦辞任董事，任命吴亦 泓及萧杨为新任独立董事。26 年 1 月公司收到国家市场监管总局反垄断调 查，带来短期不确定性，但是我们长期看好公司国内稳健增长、全球化布局 的长期潜力。维持买入评级。 4Q25 收入增长超预期，盈利稳健彰显经营韧性 携程 4Q25 收入 154 亿元，yoy+21%，超预期 3.7%， ...

【携程集团】2025Q4业绩交流纪要，持续推荐 核心要点 业务表现：25年住宿预订收入261亿元，同比+21%，主要受出境游和国际酒店预订强劲驱动；交通票务收入 225亿元，同比+11%，其中国际机票业务增长势头良好；旅游度假收入为47亿元，同比+8%；商旅管理收入为28 亿元，同比+13%。 春节表现：2026年春节（假期延长）期间，国内酒店预订实现两位数增长，ADR同比微增。出境游业务实现 两位数增，远程的地尤其是整个欧洲的势头强劲。 入境游：当前中国入境游对GDP贡献约0.5%，远低于泰国(>10%)及欧洲主要旅游国家(5-10%)的水平，管理层 认为有5-10倍的长期增长潜力。2025年平台服务约2,000万境游客，同比增长100%，计划在2026年将平台上入境 旅游贡献高的城市数量翻倍。 国际业务：国际OTA平台2025年总交易额同比增长约60%，成为增长重要一极。国际业务对总收入和总预订量 的贡献从2024年的约35%提升至2025年的约40%。 业务表现：25年住宿预订收入261亿元，同比+21%，主要受出境游和国际酒店预订强劲驱动；交通票务收入 225亿元，同比+11%，其中国际机票业务增长势 ...

【携程集团】2025Q4业绩交流纪要，持续推荐 有道云笔记 业务表现：25年住宿预订收入261亿元，同比+21%，主要受出境游和国际酒店预订强劲驱动；交通票务收入 225亿元，同比+11%，其中国际机票业务增长势头良好；旅游度假收入为47亿元，同比+8%；商旅管理收入为28 亿元，同比+13%。 核心要点 业务表现：25年住宿预订收入261亿元，同比+21%，主要受出境游和国际酒店预订强劲驱动；交通票务收入 225亿元，同比+11%，其中国际 【携程集团】2025Q4业绩交流纪要，持续推荐 有道云笔记 核心要点 春节表现：2026年春节（假期延长）期间，国内酒店预订实现两位数增长，ADR同比微增。出境游业务实现 两位数增，远程的地尤其是整个欧洲的势头强劲。 入境游：当前中国入境游对GDP贡献约0.5%，远低于泰国(>10%)及欧洲主要旅游国家(5-10%)的水平，管理层 认为有5-10倍的长期增长潜力。2025年平台服务约2,000万境游客，同比增长100%，计划在2026年将平台上入境 旅游贡献高的城市数量翻倍。 ...

财报显示，2025年，携程的其他收入为213.21亿元，占总营收超六成；而上年同期该项仅为22.20亿元，同比大增近10倍。 对于净利润大增的原因，携程表示，2025年归属于公司股东的净利润同比增加主要由于全年包含在其他（支出）╱收入中的投资利得199亿元，2024年为 11亿元。 【导读】携程公布2025年业绩，同日官宣两位联合创始人辞职 2月26日，携程集团（以下简称携程）公布2025年第四季度及全年未经审计的财务业绩。 财报显示，2025年，携程净营业收入为624.09亿元，同比上升17.10%；归属于公司股东的净利润为332.94亿元，同比增长95.08%。同日，携程宣布，联合 创始人范敏、季琦辞去董事及管理职务。 财报发布后，携程港股股价下挫，盘中一度跌超4%。截至收盘，携程跌3.24%，最新市值为2857亿港元。 超六成收益来自其他收入 从业绩来看，携程的增长势头十分强劲，但利润暴增的背后，是其他收入这一类目的跳涨。 发布财报当日，携程同步公布了一系列董事变动，变动自2026年2月25日起生效。 | 營業利潤 | 2.301 | 5.574 | 2,534 | 364 | 14.177 | 15, ...

Core Insights - In Q4 2025, Ctrip Group reported a net revenue of 15.4 billion RMB, a year-on-year increase of 21%, but a quarter-on-quarter decrease of 16% due to seasonal factors [1] - For the full year 2025, the net revenue reached 62.4 billion RMB, reflecting a 17% year-on-year growth [1] Revenue Breakdown - In Q4 2025, revenue from accommodation bookings was 6.3 billion RMB, up 21% year-on-year; transportation ticketing revenue was 5.4 billion RMB, up 12% year-on-year; and vacation business revenue was 1.1 billion RMB, up 21% year-on-year [1] - The business travel management segment generated 808 million RMB in Q4 2025, a 15% year-on-year increase and a 7% quarter-on-quarter increase, driven by growth in business travel orders [1] - For the full year 2025, accommodation bookings accounted for 42% of total revenue at 26.1 billion RMB, transportation ticketing accounted for 36% at 22.5 billion RMB, vacation business accounted for 7% at 4.7 billion RMB, and business travel management accounted for 5% at 2.8 billion RMB [1] Cost and Expenses - In Q4 2025, operating costs were 3.2 billion RMB, a 23% year-on-year increase and a 4% quarter-on-quarter decrease, aligning with the trend of net revenue [1] - For the full year, operating costs totaled 12.1 billion RMB, a 21% year-on-year increase, representing 19% of net revenue [1] Marketing and Sales Expenses - In Q4 2025, sales and marketing expenses were 4.4 billion RMB, a 30% year-on-year increase and a 5% quarter-on-quarter increase, accounting for 29% of net revenue for the quarter [2] - For the full year, sales and marketing expenses reached 14.9 billion RMB, a 25% year-on-year increase, representing 24% of net revenue [2] Profitability - In Q4 2025, the net profit attributable to Ctrip Group shareholders was 4.3 billion RMB, while the full year net profit was 33.3 billion RMB, nearly a 95% increase compared to 17.1 billion RMB in 2024, primarily due to investment gains of 19.9 billion RMB, a 17-fold increase from 1.1 billion RMB in 2024 [4] Cash Position - As of December 31, 2025, Ctrip Group had cash and cash equivalents, restricted cash, short-term investments, and held-to-maturity deposits and financial products totaling 105.8 billion RMB [4] Management Changes - Ctrip Group announced several board changes, with Fan Min resigning as director and president, and Ji Qi resigning as a director, effective February 25, 2026 [4] - Wu Yihong and Xiao Yang were appointed as new independent directors [4][5]

2月26日，携程集团公布2025年第四季度及全年财务业绩。 2025年第四季度归属于携程集团股东的净利润为43亿元，全年归属于携程集团股东的净利润为333亿元，相比2024年的171亿元增长近95%，这一增长主 要由于2025年投资利得199亿元，相比2024年为11亿元，同比大增17倍。 蔡淑敏摄 从营收结构来看，携程集团收入来源于住宿预订、交通票务、旅游度假、商旅管理及其他。 2025年第四季度，住宿预订营收63亿元，同比上升21%；交通票务营收54亿元，同比上升12%；旅游度假业务营收11亿元，同比上升21%。上述三项业 务由于季节性原因出现营收环比下滑，而商旅管理业务当季营收8.08亿元，同比上升15%且环比上升7%，主要得益于商旅订单的增长。 2025年全年，住宿预订营收261亿元，同比上升21%，该业务营收占2025年合计营业收入的42%；交通票务营收225亿元，同比上升11%，占比为36%； 旅游度假业务营收47亿元，同比上升8%，占比为7%；商旅管理业务营收28亿元，同比上升13%，占比为5%。 2025年第四季度，携程集团营业成本为32亿元，同比上升23%，环比下降4%，与净营业收入的变动趋 ...