携程集团 - 2025 年第三季度业绩略超预期；海外交易额高增长

November 17, 2025 11:26 PM GMT Trip.com Group Ltd | Asia Pacific M Update 3Q25 slight beat; Overseas high GTV Growth Reaction to earnings Unchanged Modest upside Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research 3Q25 revenue of Rmb18.2bn was up 16% YoY and 1% above MSe; By segment, hotel was up 18% YoY and flight was up 12% YoY, both came in 1% above MSe. International OTA GTV was up 60% YoY and ou ...