Core Viewpoint - Trip.com Group's recent financial performance indicates strong growth driven by increasing global travel demand, with significant year-over-year improvements in both revenue and net profit [1] Financial Performance - For Q3 2025, Trip.com Group reported net operating revenue of 18.3 billion RMB, a year-over-year increase of 16% [1] - The net profit for the quarter reached 19.9 billion RMB, a substantial rise from 6.8 billion RMB in the same period of 2024 [1] - The financial results exceeded market expectations, with revenue and non-GAAP operating profit growing by 16% and 12% respectively [1] Market Insights - UBS estimates that Trip.com’s overseas revenue for the last quarter will increase by over 50% year-on-year, contributing to 18% of total revenue [1] - The outbound tourism business is expected to maintain a mid-teens growth rate, estimated between 13% to 17% [1] - The impact from the Japanese market is considered limited, as leisure travelers are likely to shift their destinations [1] Domestic Business Outlook - The fourth quarter is anticipated to show resilience in domestic business revenue, benefiting from an increase in hotel occupancy rates [1] - However, the average daily room rates for hotels may experience a slight decline in the low single digits [1]

Core Viewpoint - Trip.com Group's recent financial performance indicates strong growth driven by increasing global travel demand, with significant year-over-year improvements in both revenue and net profit [1] Financial Performance - For Q3 2025, Trip.com Group reported net operating revenue of 18.3 billion RMB, a 16% increase year-over-year [1] - The net profit for the quarter reached 19.9 billion RMB, a substantial rise from 6.8 billion RMB in the same period of 2024 [1] - The financial results exceeded market expectations, with revenue and non-GAAP operating profit growing by 16% and 12% respectively [1] Market Insights - UBS estimates that Trip.com’s overseas revenue for the last quarter will increase by over 50% year-on-year, contributing to 18% of total revenue [1] - The outbound tourism business is expected to maintain a mid-teens growth rate, estimated between 13% to 17% [1] - The impact of the Japanese market is considered limited, as leisure travelers are likely to shift their destinations [1] Domestic Business Outlook - The fourth quarter is anticipated to show resilience in domestic business revenue, benefiting from an increase in hotel occupancy rates [1] - However, the average daily room rates for hotels may experience a slight decline in the low single digits [1]

Core Viewpoint - Ctrip Group's recent financial performance shows significant growth in revenue and net profit, driven by increasing global travel demand, although the stock price has declined by over 3% following the earnings report [1] Financial Performance - Ctrip Group reported a net operating revenue of 18.3 billion RMB for Q3 2025, representing a year-on-year increase of 16% [1] - The net profit for the quarter reached 19.9 billion RMB, a substantial increase compared to 6.8 billion RMB in the same period of 2024 [1] - The financial results exceeded market expectations, with revenue and non-GAAP operating profit growing by 16% and 12% year-on-year, respectively [1] Market Insights - According to Zhongyin International, Ctrip's progress in acquiring traffic in both domestic and overseas markets (Trip.com platform) has been notable [1] - UBS estimates that Trip.com's overseas revenue for the last quarter will increase by over 50% year-on-year, accounting for 18% of total revenue [1] - The outbound tourism business is expected to maintain a mid-double-digit growth rate (approximately 13% to 17%), with limited impact from the Japanese market as leisure travelers shift destinations [1] Future Outlook - The fourth quarter is anticipated to show resilience in domestic business revenue, benefiting from an increase in hotel occupancy rates, although the average daily room rate may experience a slight decline [1]

Core Viewpoint - Ctrip Group-S (09961) reported third-quarter results that exceeded market expectations, with revenue and non-GAAP operating profit increasing by 16% and 12% year-on-year, respectively, indicating significant progress in traffic acquisition in both domestic and overseas markets [1] Financial Performance - Revenue growth of 16% year-on-year in Q3 [1] - Non-GAAP operating profit increased by 12% year-on-year [1] Market Position and Strategy - Ctrip is expected to maintain good growth in its core market until Q4 2025 [1] - The stable competitive landscape in China is anticipated to allow Ctrip to focus more on expanding its overseas market [1] Analyst Rating - The firm reiterated a "Buy" rating for Ctrip and raised the target price from 630 HKD to 638 HKD [1]

Core Viewpoint - Ctrip Group-S (09961) reported third-quarter results that exceeded market expectations, with revenue and non-GAAP operating profit increasing by 16% and 12% year-on-year, respectively, indicating significant progress in traffic acquisition in both domestic and overseas markets [1] Group 1: Financial Performance - Revenue increased by 16% year-on-year [1] - Non-GAAP operating profit grew by 12% year-on-year [1] Group 2: Market Position and Strategy - The company is expected to maintain good growth in its core market until the fourth quarter of 2025 [1] - A stable competitive landscape in China will allow Ctrip to focus more on expanding its overseas market [1] Group 3: Analyst Rating and Price Target - The rating for Ctrip has been reaffirmed as "Buy" [1] - The target price has been raised from 630 HKD to 638 HKD [1]

中银国际发表报告指，携程第三季度财报超出市场预期，收入和non-GAAP营业利润按年分别增长16% 和12%，反映其在国内市场和海外市场(Trip.com平台)流量获取方面的显著进展。该行预计，国内稳定 的竞争格局将使携程能够更专注于推动海外市场扩张，重申"买入"评级，并将目标价由630港元升至638 港元。 ...