--- title: "CITIC International: Trip.com’s quarterly results fully exceed expectations, maintaining a \"Buy\" rating" description: "CMB International released a report stating that Trip.com Group's Q4 2025 performance exceeded expectations, with total revenue of RMB 15.4 billion, a year-on-year increase of 20.8%. The non-GAAP oper" type: "news" locale: "en" url: "https://longbridge.com/en/news/277399266.md" published_at: "2026-03-02T02:55:26.000Z" --- # CITIC International: Trip.com’s quarterly results fully exceed expectations, maintaining a "Buy" rating > CMB International released a report stating that Trip.com Group's Q4 2025 performance exceeded expectations, with total revenue of RMB 15.4 billion, a year-on-year increase of 20.8%. The non-GAAP operating income was RMB 3.2 billion, both higher than market expectations. Despite facing adverse factors, Trip.com’s competitive advantage in the domestic market remains solid, and international expansion is also progressing. CMB International maintains a "Buy" rating on Trip.com, with a target price of $83 CMB International published a report stating that Trip.com Group (09961.HK) announced its Q4 2025 performance, with total revenue of RMB 15.4 billion, a year-on-year increase of 20.8%, exceeding market consensus expectations by 4%, benefiting from all business segments outperforming expectations, especially in corporate travel, packaged travel, and other businesses. Non-GAAP operating income was RMB 3.2 billion, exceeding market consensus expectations by 2%, mainly driven by revenue outperforming expectations. For the full year of 2025, total revenue and non-GAAP operating income are expected to grow by 17% and 11% year-on-year, respectively. The firm believes that despite facing some sentiment-driven adverse factors, Trip.com’s competitive advantages relative to domestic peers, including strong supply chain capabilities, high service quality, a comprehensive product portfolio, and global coverage remain solid, supporting its long-term growth trajectory. Its international expansion is also steadily progressing to explore further long-term development opportunities. CMB International maintains a "Buy" rating on Trip.com, with a target price of $83 ### Related Stocks - [BEDZ.US - AdvisorShares Hotel ETF](https://longbridge.com/en/quote/BEDZ.US.md) - [JETS.US - Us Global Jets](https://longbridge.com/en/quote/JETS.US.md) - [09961.HK - TRIP.COM-S](https://longbridge.com/en/quote/09961.HK.md) - [TCOM.US - Trip.com](https://longbridge.com/en/quote/TCOM.US.md) - [AWAY.US - ETFMG Travel Tech ETF](https://longbridge.com/en/quote/AWAY.US.md) - [PEJ.US - Invesco Leisure & ENT ETF](https://longbridge.com/en/quote/PEJ.US.md) - [FLYU.US - MicroSectors™ Travel 3X Leveraged ETNs](https://longbridge.com/en/quote/FLYU.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | 携程集团因国际和入境旅游的激增而发布了强劲的 2025 年业绩 | 携程集团有限公司报告了 2025 年第四季度和全年强劲的业绩，国际预订同比增长 60%，入境游客达到 2000 万人。公司强调旅行对经济增长的重要性，并通过对入境旅游和人工智能创新的投资，专注于全球化、质量和可持续性。分析师将该股票评级为买 | [Link](https://longbridge.com/en/news/276958051.md) | | 携程集团第四季度非 GAAP 收益和收入上升 | 2026 年 2 月 25 日东部时间下午 5:29（MT Newswires）-- 携程集团（TCOM）在周三晚间报告了第四季度非 GAAP 净收入为每股稀释后 4.97 元人民币（0.72 美元），高于去年同期的 4.35 元人民币。F | [Link](https://longbridge.com/en/news/276951645.md) | | “春晚机器人” 密集融资 | 3 月 2 日，具身智能企业银河通用完成 25 亿元新一轮融资，其中国家大基金首次出手投资具身智能企业。同日，松延动力宣布完成累计近 10 亿元的 B 轮融资并已完成股份制改革。“春晚效应” 催化下资本加速向头部集中，与此同时，面对量产重压 | [Link](https://longbridge.com/en/news/277387356.md) | | “大基金” 领衔 25 亿融资团注入银河通用 具身智能进入规模化关键期？ | 距离上次融资仅过去两个月。 | [Link](https://longbridge.com/en/news/277408388.md) | | 韩国航空公司的碳排放量在 2025 年下降了 3.3% | 韩亚航空的碳排放在 2025 年下降了 3.3% | [Link](https://longbridge.com/en/news/277137815.md) | --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.