Hotels, Resorts and Cruise Lines

Trip.com

Today’s Key News Recap

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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...

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Baidu HK SDR 10to1

Xiaomi HK SDR 2to1

Trip.com HK SDR 50to1

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

Ctrip

Conference Minutes

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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...

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Tripadvisor

Planet Labs

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

Financial Analysis

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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...

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KraneShares 2x Long BABA Daily ETF

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JD HK SDR 10to1

Alibaba HK SDR 5to1

Ctrip: Awaiting the Release of Overseas Profits

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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)

Two Harbors Investment

TWO HARBORS INVESTMENT CORP 8.125% FXD FLTNG RATE CUM RED PFD SER A

TWO HARBORS INVESTMENT CORP 7.625% FXD FLOAT RATE CUM RED PFD SER B

TWO HARBORS INVESTMENT CORP 7.25% CUM RED FIXED FLTG RATE PREF SER C

Two Harbors Investment Corp.

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1117 | Dolphin Research Focus: 🐬 Stocks 1. $BABA-W(09988.HK) $Alibaba(BABA.US) Alibaba announced that its personal AI assistant, Qwen APP, has officially started public testing, with simultaneous launches on the web and PC, and is available for free. The APP is built on the Qwen3 model, integrating dozens of functions such as AI photo editing and document reading, and plans to be integrated into various life scenarios. The international version will also be launched soon. On the first day of launch, due to traffic far exceeding expectations, many users reported issues such as entry congestion and unresponsive commands...

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Alibaba Qianwen App Goes Viral on Launch Day;Google Gemini 3.0 May Arrive This Week | Today's Important News Recap

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

On August 28th, after the U.S. stock market closed, $Trip.com(TCOM.US) released its financial report for the second quarter of fiscal year 2025. This quarter again demonstrated a solid and stable performance, with revenue maintaining a stable high growth rate, slightly exceeding expectations, and profit performance being even more impressive. Specifically: 1. In terms of large numbers, Trip.com Group achieved a net revenue of 14.8 billion yuan (excluding business tax) this quarter, representing a year-on-year increase of 16%. The quarter-on-quarter growth rate did not slow down compared to the previous quarter and was slightly above market expectations. In terms of profit, the adjusted operating profit, after adding back stock-based compensation, was 4.67 billion yuan, a year-on-year increase of 10.4%...

Unfazed by JD.com's entry to disrupt the market, Trip.com remains an excellent performer.

Trip.com 2Q25 Quick Interpretation: Trip.com delivered another solid and stable performance this quarter. Overall revenue maintained a stable high growth rate, slightly exceeding expectations, while actual expenses were lower than expected, resulting in a more impressive profit performance.1. Total revenue increased by 16.2% year-on-year, consistent with the previous quarter, with no deceleration. Hotel and advertising revenues maintained high growth, and ticketing revenue also rebounded from the bottom.2. Gross margin met expectations, rebounding to 81% quarter-on-quarter, but still narrowing by 0.9 percentage points year-on-year (due to the structurally higher proportion of lower-margin overseas business). Gross profit increased by 15% year-on-year, also slightly exceeding expectations.3. While growth performance was slightly better than expected, actual marketing expenses accounted for 22.4% of revenue this quarter, lower than the company's guidance of 24%. Meanwhile, administrative expenses only increased by 1.9% year-on-year (benefiting from a reduction in SBC).Excellent expense control resulted in adjusted operating profit reaching 4.67 billion, a year-on-year increase of 10%.The issue of profit growth significantly lagging behind revenue growth due to significant expansion in expenses in the previous two quarters showed a marked improvement this quarter (although it still lagged behind revenue growth). $Trip.com(TCOM.US)$TRIP.COM-S(09961.HK)

Below is the earnings call $Trip.com(TCOM.US) FY25 Q1 Minutes. For the earnings interpretation, please refer to &#34;Ctrip: Another Revenue Growth Without Profit Growth, Even Top Students Face Challenges?&#34; 1. Review of Key Earnings Information 1. Shareholder Returns and Cash Reserves: As of March 31, 2025, the total cash and cash equivalents, short-term investments, etc., amounted to RMB 92.9 billion (approximately USD 12.8 billion). As of May 16, based on the latest share repurchase plan (starting from 2024), USD 84 million has been repurchased, and further repurchase opportunities will be evaluated in 2025...

Ctrip (Minutes): Stable demand for hotel and travel, will continue to increase marketing investment

On May 20th, Beijing time, after the US stock market closed, $Trip.com(TCOM.US) announced its Q1 financial report for the fiscal year 2025, with the following key points: 1. Overall, the net revenue for this quarter was 13.8 billion yuan (excluding business tax), a year-on-year increase of 16%, which was almost completely in line with market expectations. In terms of profit, the adjusted operating profit after adding back stock incentive expenses was 4.04 billion yuan, a year-on-year increase of only 7%, slightly exceeding expectations by less than 300 million. 2. From a business perspective, bookings for inbound tourism increased by over 100% year-on-year, and bookings for outbound travel's flight and hotel exceeded 120% of the same period in 2019...

Ctrip: Another increase in revenue without profit growth, even the top student is facing challenges?

Ctrip Vice President Shares New Trends in Tourism Emotion Consumption in 2025

Yunnan Homestay Association Initiates Anti-Monopoly Legal Action Against OTA Platforms

Q3 Chinese Domestic Tourism Grows Steadily, OTA Platforms Exceed Profit Expectations

Ctrip Hosts Event Analyzing Southeast Asian Tourism Trends

Ctrip Signs Strategic Cooperation Agreement with Cambodia National Tourism Administration

Ctrip Announces Q3 2025 Earnings, Profit Growth Mainly From Investment Disposal Net Income

Goldman Sachs Recommends Buying Shares in Ctrip

Ctrip Donates 10 Million HKD to Aid Hong Kong Fire Victims

Guotai Junan Upgrades Trip.com to 'Buy' Rating

Ctrip's Q3 2025 Net Profit Surpasses Maotai

Licheng Group and Grey Whale Hotel Group Form Strategic Partnership to Create New Hotel Brand

Trip.com Group Announces 194% Q3 2025 Net Profit Growth

Guohai Securities Maintains 'Buy' Rating on Ctrip with a Target Price of HKD 678

BOA Securities Raises Trip.com's Target Price to $85

CFRA Maintains Hold Rating on Trip.com Group, with $80 Price Target

Huatai Securities Maintains Buy Rating for Trip.com, Raises Target Price to HKD 727