Hotels, Resorts and Cruise Lines

TRIP.COM-S

HTHT

Financial Analysis

01179

ATAT

09961

HTGD

TCOM

With the asset-light transition advancing and the hospitality &amp; travel sector recovering, Q4 sustained the strong momentum seen in Q3. Results beat expectations.

HWORLD-S

H World

Atour

Trip.com HK SDR 50to1

Trip.com

HTHT: After the reset and rebound, how long can the poster-child status last?---

Ctrip

Conference Minutes

TRIP

K3RD

GOOG

GOOGL

GGLS

GGLL

Below is Dolphin Research's transcript summary of $Trip.com(TCOM.US) FY25 Q4 earnings call. For our earnings take, please see 'Trip.com: After the regulatory crackdown, can it stay lean and premium?'I. Review of core financial metrics. II. Detailed call notes.2.1 Management's key messages. 1) Three priority areas for investment.Inbound travel is viewed as a structural growth engine for the platform and destination economies. CSR initiatives: long-term value creation requires ongoing reinvestment in the ecosystem...

Tripadvisor

TRIP ADR US+

Alphabet - C

Alphabet

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

TCOM (Trans): No update on regulatory issues

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BYTED

In the early hours on Feb 26 in U.S. after-hours, under a regulatory overhang, $Trip.com(TCOM.US) released FY2025 Q4 results. Overall, the print was decent, with revenue growth beating prior guidance and re-accelerating.However, opex increased across the board, rising faster than revenue and dragging GAAP OP below expectations. Details follow:1) Strong, accelerating revenue growth. On revenue, total net revenue rose 21% YoY, marking a YTD high and a clear acceleration vs. last quarter. Growth across business lines was broadly ahead of prior guidance...

JD-SW

JD-SWR

JD HK SDR 10to1

JD.com

ByteDance

TCOM: After the regulatory crackdown, can it remain a lean, high-quality play?

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TCOM 4Q25 First Take: Results were solid, with both strengths and weaknesses. The highlight is revenue growth beating prior guidance across the board, with a clear acceleration. A minor weakness is expenses ramped meaningfully, especially marketing, pushing GAAP OP below expectations. Given limited disclosure in the release and the market's focus on recent regulatory issues and potential impact, please refer to the upcoming Trans for more detail. Quarter details: Key points below. 1) Total revenue rose nearly 21% YoY, a clear step-up from 15% last quarter and well ahead of guidance and Street. By biz. line, growth picked up across segments. Outperformance came mainly from package tours and Ads &amp; Other, two smaller lines that surprised on the upside. 2) Alongside strong topline, total opex growth accelerated to 23% YoY despite a tough base, outpacing revenue. The main driver was marketing spend, up 30%+.With JD and Fliggy stepping up, while unlikely to dent TCOM's share, they likely raised traffic acquisition pressure, resulting in GAAP OP coming in ~4% below expectations. More detail will be in the upcoming Trans.

Today’s Key News Recap

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0114 | Dolphin Research Focus: 🐬 Macro/Industry 1) The China Chamber of Commerce to the EU said talks on the EU's anti-subsidy probe into Chinese EVs have made solid progress, with the EU set to replace countervailing duties with price undertakings. Eligible Chinese auto exporters can apply for assessment to obtain tariff exemptions, and the framework follows WTO rules and the non-discrimination principle, giving exporters clearer visibility for shipments to Europe. This helps defuse the China‑EU auto trade dispute, benefits major exporters such as BYD and SAIC, and supports value‑chain and supply‑chain stability.2) With CSRC approval, the Shanghai, Shenzhen and Beijing exchanges issued a notice to adjust the margin requirement for margin financing. The notice adjusts the margin requirement ratio...

Science Applications

BOYD Gaming

BYD COMPANY

BYD Company Limited

BYD Company

BYD COMPANY-R

NVIDIA

Taiwan Semiconductor

SAIC Motor

Roblox

BYD HK SDR 10to1

US 'easing' on H200 chips hits a wall; TCOM tumbles late on antitrust probe | Daily News Recap

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HBUD

BIDU

1118 | Dolphin Research Focus: 🐬 Macro 1. Today, both Hong Kong and A-shares collectively declined as the market's expectation for a December rate cut by the Federal Reserve continued to decrease. According to CME's &#34;FedWatch&#34;, the probability of a 25 basis point rate cut by the Federal Reserve in December has dropped to 42.9%, previously exceeding 70%. Federal Reserve Governor Waller also stated that if the job market rebounds, the necessity for an insurance rate cut will diminish. Additionally, the sell-off pressure on tech stocks and the Japanese bond market faced a sell-off wave due to concerns that the Kishida government will implement a large-scale fiscal expansion plan. Under multiple factors, global markets collectively declined...

Luckin Coffee

XIAOMI-W

BOSS ZHIPIN-W

KUAISHOU-W

XPENG-W

LEAPMOTOR

BIDU-SW

XIAOMI-WR

Xiaomi Corporation

Kanzhun

KUAISHOU-WR

XPeng

BIDU-SWR

Xiaomi HK SDR 2to1

Baidu HK SDR 10to1

Baidu

Global Markets Hit by 'Cold Wave'; Google AI Advances in Travel Services Track | Today's Important News Recap

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EXPE

RISE

The following are the minutes of the FY25Q3 earnings call for $Trip.com(TCOM.US) organized by Dolphin Research. For an interpretation of the earnings report, please refer to &#34;Trip.com: Awaiting the Release of Overseas Profits.&#34; I. Review of Core Financial Information II. Detailed Content of the Earnings Call 2.1 Key Information from Executive Statements 1. Strong Market Demand: The global tourism industry is booming, with travel enthusiasm surging. Travel demand is skyrocketing, primarily driven by the robust vitality of domestic tourism in China and the steady recovery of outbound travel. Travelers are actively exploring new destinations, seeking authentic and in-depth cultural experiences...

Direxion Auspice Broad COM

Planet Labs

Reliance

Ameriprise Financial

Cambria Tail Risk

ING Groep

Expedia

Rise Oil & Gas, Inc.

Ctrip (Minutes): Marketing expenses will continue to rise in the peak season of 4Q

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After the US stock market closed on November 18, $Trip.com(TCOM.US) announced its financial results for the third quarter of fiscal year 2025. The performance remained stable, with both revenue and profit slightly better than expected. Specifically: 1. Overall performance remained stable: In general, Trip.com Group's net revenue for this quarter was approximately RMB 18.3 billion (excluding business tax), representing a year-on-year increase of 15.4%. The growth rate slightly slowed down compared to the previous quarter but was still slightly higher than the market expectation of 14.5%, indicating stable growth. In terms of profit, the adjusted operating profit, after adding back stock-based compensation, was RMB 6.2 billion, a year-on-year increase of 13%, slightly higher than the company's guidance of RMB 5.8-5.9 billion...

MakeMyTrip

BABA-W

BABA-WR

Alibaba

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

Alibaba HK SDR 5to1

Ctrip: Awaiting the Release of Overseas Profits

Trip.com 3Q25 Quick Interpretation: Overall, Trip.com's performance this quarter remains generally stable and better than market expectations. In terms of trends, growth remains steady, but due to relatively high expenses, profit growth still slightly lags behind revenue growth. Specifically: 1. Growth: Total revenue increased by 15.4% year-on-year to 18.34 billion, with a slight deceleration quarter-on-quarter, but still slightly better than expected. In detail, the hotel business, which accounts for the largest proportion, saw a quarter-on-quarter slowdown of about 3 percentage points, partially offset by a slight acceleration in the ticketing business. More meaningful sub-segment growth details need to be observed in the conference call discussions. 2. Gross Profit: Mainly due to the higher proportion of overseas business, which has a lower gross margin, the overall gross margin this quarter still contracted by about 0.7 percentage points year-on-year, resulting in a 14.5% year-on-year increase in gross profit, slightly lower than the revenue growth rate, but still better than Bloomberg's consensus expectations. 3. Expenses and Profit: Similarly, mainly due to the investment in overseas business, expenses this quarter also maintained relatively high growth (+16.7% yoy), exceeding the growth rates of revenue and gross profit. The main driver was a nearly 24% increase in marketing expenses. As a result, with a slight narrowing of the gross margin and expansion of expenses, adjusted operating profit grew by 13% year-on-year this quarter, still in a period of profit margin contraction. However, the trend shows that the extent of profit margin contraction has narrowed compared to the previous two quarters and is better than the company's previous guidance. $Trip.com(TCOM.US) $TRIP.COM-S(09961.HK)

The following are the minutes of the FY25 Q2 earnings call for $Trip.com(TCOM.US). For an interpretation of the earnings report, please refer to &#34;Unafraid of JD.com's Entry, Ctrip Remains a Top Performer.&#34; 1. Review of Key Financial Information: Capital Expenditure: The company is committed to continuous investment in innovation, particularly in technology fields such as artificial intelligence (AI), and provides digital tools and marketing support for small and medium-sized enterprises. A $100 million tourism innovation fund has been launched to support business innovation. Sales and marketing expenses have increased, primarily to support international business expansion plans...

Trip (Minutes): Announced a $5 billion open-ended buyback plan

Ctrip Phases Out AI Pricing Tool Amid Antitrust Investigation

Ctrip Director Liang Jianzhang Submits Stock Ownership Declaration

Trip.com Releases Insights on Female Travel: Females Travel More Frequently and Confidently

Ctrip Plans to Phase Out 'Pricing Assistant' to Address Regulatory Pressure

Ctrip Announces 2025 Yearly Performance: Revenue Growth but Profit Pressure, Board Personnel Changes

Trip.com Secures Over $200 Million for Users Amid Middle East Crisis

Guohai Securities Maintains Buy Rating for Ctrip and Sets Target Price

Morgan Stanley Upgrades Ctrip's 2026 Revenue Forecast, Adjusts Target Price to $75

Guotai Securities Maintains Buy Rating on Ctrip, Predicts International Business to Contribute 40% in 2025

Deutsche Bank Reports Positive Q4 for Trip.com but Downgrades Future Profit Projections

Tripcom Announces 2025 Financial Report, Net Profit Nearly Doubles

CICC and DBS Maintain Buy Ratings for Ctrip

Ctrip Provides Cancellation Guarantees Due to Middle East Situation

Three Departments Urge Ride-Hailing Platforms to Standardize Financial Services

CFRA Downgrades Trip.com's Target Price to $63

The Capital Group reduced holdings in Ctrip by 1,789,488 shares

CICC Downgrades Trip.com's 2026 Forecast and Target Price

Zheng Jiahua Recommends Buying Shares of Ctrip

Goldman Sachs Raises 2027 Profit Forecast for Ctrip and Maintains Buy Rating

CLSA Releases Analysis and Forecast of Trip.com Group's Earnings

PUXING ENERGY

STARCOIN GROUP

KNOWLEDGE ATLAS

EASY SMART GP

WORLD SUPER

XL2CSOPSMSN-U

PPS INT'L

LAP KEI ENGRG

CHINA FORTUNE

XL2CSOPSMSN

Ctrip (TCOM.US, 09961.HK) Q4 2025 Earnings Conference Call

Ctrip (TCOM.US, 09961.HK) Q3 2025 Earnings Conference Call

Ctrip (TCOM.US, 09961.HK) Q1 2025 Earnings Conference Call

Ctrip (TCOM.US, 09961.HK) 2024 Q4 earnings conference call

Ctrip (TCOM.US, 09961.HK) 2024 Third Quarter Earnings Conference Call

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同程旅行

途屹控股

專業旅運

華住集團-S

中國民航信息網絡

香格里拉(亞洲)

大酒店

美麗華酒店

中國文旅農業

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