携程集团-清晰的海外增长空间

November 26, 2025 10:00 PM GMT Trip.com Group Ltd | Asia Pacific A Clear Overseas Runway The bigger-than-expected benefit from Trip.com's doubling down in marketing intensity gives us more confidence in its overseas expansion journey. Reiterate OW. Trip.com aims to be No.1 in Asia (ex-China/India) in market share. We think this is a challenging but achievable target, assuming Booking.com/Agoda sustain teens CAGRs in Asia, and Trip.com GTV growth slows from >55% in 2025 towards 25% in 2030e. We think that by ...