国内业绩稳健，海外延续高增 携程集团-S(9961) 携程集团 2025Q3 业绩点评 股票研究 /[Table_Date] 2025.11.26 2025-11-27 [Table_Industry] 社会服务业 本报告导读： 国内业绩稳健增长，海外延续份额和交易规模快速提升趋势。 投资要点： | 财务摘要(百万人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 44,562 | 53,377 | 61,892 | 71,685 | 82,154 | | (+/-)% | 122.20% | 19.78% | 15.95% | 15.82% | 14.60% | | 经调整归母净利润 | 13,071 | 18,041 | 31,862 | 20,760 | 23,156 | | (+/-)% | 910.12% | 38.02% | 76.61% | -34.84% | 11.54% | | 经调整 EBITDA | 13,975 | 17,070 | 18,893 | ...

Core Viewpoint - Trip.com Group Limited is notifying holders of its 1.50% Exchangeable Senior Notes due 2027 about their right to require the company to repurchase these notes for cash on July 1, 2025, under specific terms outlined in the Indentures [1][2][3] Group 1: Repurchase Right Details - Holders can require the company to repurchase all or a portion of their Exchangeable Notes, with a minimum amount of US$200,000 or integral multiples of US$1,000 [2][3] - The repurchase price will be 100% of the principal amount plus any accrued and unpaid interest up to July 1, 2025 [2] - The total outstanding amount of Exchangeable Notes as of May 27, 2025, is US$500,000,000, which means the total cash purchase price could reach US$500,000,000 if all notes are surrendered [2] Group 2: Timeline and Procedures - The opportunity to exercise the 2025 Repurchase Right starts on May 28, 2025, at 9:00 a.m. and ends on June 27, 2025, at 5:00 p.m. [3] - Holders must follow specific transmittal procedures outlined in the 2025 Repurchase Right Notice to exercise their rights [3] - Holders can withdraw previously tendered Exchangeable Notes until June 27, 2025 [3] Group 3: Company Overview - Trip.com Group Limited is a leading global one-stop travel platform, offering a comprehensive suite of travel products and services [7] - The company operates under various brands, including Ctrip, Qunar, Trip.com, and Skyscanner, and aims to provide cost-effective travel solutions [7] - Founded in 1999 and listed on Nasdaq in 2003 and HKEX in 2021, the company continues to expand its reach among travelers worldwide [7]