携程集团 ：2025 年第二季度全面超预期，新回购计划 50 亿美元

August 27, 2025 11:44 PM GMT Trip.com Group Ltd | Asia Pacific M Update 2Q25 all round beat; New repurchase program of US$5bn Reaction to earnings Unchanged Modest upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research 2Q25 net revenue was up 16%YoY to Rmb14.8bn and 2% above MSe, of which Non-GAAP operating profit was up 10%YoY to Rmb4.7bn, 10% above MSe with S&M 8% below our estimates. Oper ...