UB-TRIP@EC2611A

FactSet Adjusts Downward Target Price Valuation For Trip.com Group

Trip.com Reports Strong Inbound Tourism Growth in 2025 Financials

Mizuho Downgrades Trip.com's Target Price to $79

Mizuho downgrades Trip.com's target price to $79

TD Cowen Maintains Ctrip's Buy Rating with a Price Target of $68

Tuniu announces 2025 annual results with 76% net profit growth, facing antitrust investigation

Ctrip Announces Q4 and Full Year 2024 Financial Results

Ctrip's Q4 Revenue Exceeds Expectations at 1.543 Billion Yuan

Ctrip Reports 21% Q4 2025 Revenue Growth and Announces Board Changes

Hong Kong Stocks' Performance after Budget Announcement and Individual Stock Trends

Ctrip Under Investigation for Suspected Anti-monopoly Law Violations

Capital Group Reduced Holdings in Trip.com Group

Ctrip Group Predicts Earnings Per Share of 4.65 Yuan in 2025 Earnings Report

Citi Issues Positive Report on Trip.com and Tongcheng Tour

Ctrip.com Group Under Investigation For Possible Anti-monopoly Violations

Spring Festival Passenger Flow Growth, Citibank Maintains Buy Ratings for Ctrip and Tongcheng

TRIP.COM-S to Release FY2025 Q4 Earnings on February 26, 2026 Pre-Market (BJT), Forecast Revenue HKD 16.82 B, EPS HKD 4.5628

Financial Regulatory Bureau et al. Urge Six Travel Platforms to Standardize Lending Practices

Ctrip and Gaode Taxi Investigated and Interviewed by Regulators

Capital Group Reduces Position in Ctrip by HKD 1.494 Billion

CT IND GROUP

KEEN OCEAN

EPI (HOLDINGS)

MOBI DEV

MS CONCEPT

NANFANG COMM

CCOE

HK ENT INTL

IDT INT'L

PUTIAN COMM

09961

TCOM

TRIP

K3RD

09618

89618

HJDD

BYTED

HTGD

09988

89988

HBBD

BABA

KBAB

BABO

BABX

In the early hours on Feb 26 after the US close, $Trip.com(TCOM.US) released Q4 FY2025 results under a regulatory overhang.Overall, the print was solid, with revenue growth beating prior guidance and re-accelerating.However, opex climbed across the board, rising faster than revenue and resulting in a GAAP OP miss vs. expectations.1) Strong revenue, accelerating growth:Group net revenue rose 21% YoY this quarter, the highest pace this year and notably faster vs. last quarter.Revenue across business lines exceeded prior guidance...

TCOM: Regulatory Overhang — Opportunity or Risk?

---

561320

AWAY

159666

Trip.com's Profit Nearly Doubles in Q4 as Revenue Jumps 21%

marketscreener

Trip.com

Guotai CSI Mainland transport theme ETF

TRIP.COM-S

ETFMG Travel Tech ETF

ChinaAMC CSI All Share Transportation ETF

Trip.com's Profit Nearly Doubles in Q4 as Revenue Jumps 21%

JETS

FLYU

Trip.com shares fell 3.4% in Hong Kong after reporting Q4 results showing a net profit of 4.28 billion yuan, nearly double last year, and revenue up to 6.29 billion yuan. However, adjusted EBITDA margins dropped to 22% from 35%, raising concerns about profitability. The company cited aggressive international expansion and marketing costs as factors. Analysts remain cautious, with Mizuho lowering its price target but maintaining an Outperform rating, noting the challenges from competition and regulatory scrutiny. The results highlight the complexities of balancing growth and margins in the evolving travel sector.

Stock Invest

Us Global Jets

MicroSectors™ Travel 3X Leveraged ETNs

Trip.com Shares Dip After Q4 Profit Surge Masked by Shrinking Margins

HKXCY

Hong Kong Stocks Back in Red; Trip.com, HKEX Earnings Beat Estimates

Hong Kong Exchanges and Clearing (HKEX)

Hong Kong Stocks Back in Red; Trip.com, HKEX Earnings Beat Estimates

Trip.com Group's stock has been maintained with a Buy rating by analyst Kevin Kopelman from TD Cowen, who set a price target of $68.00. The company is experiencing solid revenue growth driven by strong travel demand in China, despite challenges from lower-margin international expansion and regulatory scrutiny. Kopelman notes improving unit economics and anticipates margin enhancements, justifying his positive outlook on the stock.

Tip Ranks

Invesco Leisure & ENT ETF

Trip.com Group: Solid Growth and Strengthening Global Position Support Buy Rating Despite Margin and Regulatory Headwinds

9020

9022

9021

9142

In an update from Singapore on February 25, 2026, Trip.com, an international online travel agency, announced a collaboration with major railway companies in Japan. East Japan Railway Company, Central Japan Railway Company, West Japan Railway Company, and Kyushu Railway Company have joined hands with Trip.com to introduce QR code boarding on selected routes. This partnership aims to enhance the travel experience by facilitating smoother boarding processes.

Unusual Whales

SPDR S&P Transp

East Japan Railway Company

Central Japan Railway Company

West Japan Railway Company

iShares US Transportation ETF

Kyushu Railway Company

Trip.com partners with JR Companies to offer Shinkansen tickets to international travellers, introducing QR code boarding on selected routes.

Trip.com has partnered with major Japanese railway companies to offer Shinkansen tickets to international travellers. This service allows users to purchase tickets online in multiple languages, select travel preferences, and use QR codes for boarding. The initiative aims to enhance the travel experience in Japan by reducing language barriers and simplifying ticket purchases. Additionally, travellers can book Shinkansen tickets alongside other travel products like flights and accommodations.

prnewswire

23:08 ETTrip.com Partners with JR Companies to Offer Nationwide Shinkansen Tickets to International Travellers

00780

HSBC's research report indicates that tourism demand during this year's Lunar New Year holiday in mainland China is strong, with the number of travelers reaching 596 million and tourism consumption exceeding 800 billion RMB. The average daily air passenger volume increased by 7.3%, and air capacity grew by 4.6%. Trip.com and TONGCHENGTRAVEL both received "Buy" ratings, with target prices of $90 and HKD 26, respectively. Air China and China Southern Airlines were rated as "Reduce," with target prices of HKD 4.3 and HKD 3.3

AASTOCKS

TONGCHENGTRAVEL

"Large Banks" Huizheng: Strong tourism demand during the mainland Lunar New Year holiday, recommend buying Trip.com and TONGCHENGTRAVEL

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.

Trip.com Group Ltd. reported strong fourth-quarter and full-year 2025 results, with international bookings up 60% year-over-year and 20 million inbound travelers. The company emphasizes the importance of travel for economic growth and is focusing on globalization, quality, and sustainability through investments in inbound tourism and AI innovation. Analysts rate the stock as a Buy with a target price of HK$551.00. Trip.com operates as a global online travel agency, facilitating accommodation, transportation, and corporate travel management.

Trip.com Group Posts Strong 2025 on Surging International and Inbound Travel

BEDZ

Net operating revenue for the fourth quarter was 15.4 billion yuan, a year-on-year increase of 21%; net profit was 4.3 billion yuan, a year-on-year increase of 95%

36Kr

AdvisorShares Hotel ETF

Trip.com Group releases Q4 2025 financial report

05:29 PM EST, 02/25/2026 (MT Newswires) -- Trip.com Group ( TCOM ) reported Q4 non-GAAP net income late Wednesday of 4.97 Chinese renminbi ($0.72) per diluted share, up from 4.35 Chinese renminbi a year earlier.Analysts polled by FactSet expected 4.75 Chinese renminbi.Revenue for the three months ended Dec. 31 rose to 15.4 billion Chinese renminbi from 12.8 billion Chinese renminbi a year earlier.Analysts surveyed by FactSet expected $14.86 billion in Chinese renminbi. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

fidelity

Trip.com Group Q4 Non-GAAP Earnings, Revenue Rise

In the fourth quarter, Trip.com reported revenue of RMB 15.43 billion, while analysts expected RMB 14.89 billion

Wallstreetcn

MMYT

Trip.com Group Limited reported its unaudited financial results for Q4 and full year 2025, showing a 21% increase in Q4 net revenue to RMB15.4 billion and a 17% increase for the full year to RMB62.4 billion. The company experienced solid growth in international bookings, with a 60% year-over-year increase. Key revenue segments included accommodation reservations (RMB6.3 billion), transportation ticketing (RMB5.4 billion), and corporate travel (RMB808 million). The company emphasizes its commitment to sustainable growth and collaboration with local partners.

StockTitan

MakeMyTrip

Trip.com Group Limited Reports Unaudited Fourth Quarter and Full Year of 2025 Financial Results | MMYT Stock News

Ctrip

Financial Analysis

Tripadvisor

TRIP ADR US+

JD-SW

JD-SWR

JD HK SDR 10to1

JD.com

ByteDance

Trip.com HK SDR 50to1

BABA-W

BABA-WR

Alibaba HK SDR 5to1

Alibaba

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

Loadedmind

Current rate of return reached top 50% of users
Calculated based on  your Longbridge (Singapore) A/C

Rate Of Return

Taking the chance to accumulate a good counter on weakness. Looking to scale in further.$Trip.com HK SDR 50to1(HTGD.SG)

Expensive counter to trade. Wait for it to drop more 😁

2026 Resolution-Trade like professional . Do not FOMO. Keep more cash.

Fattycat

BABA Diamond Holder

BABA Return Rate

$Trip.com(TCOM.US) $TRIP.COM-S(09961.HK) Here's what happened: Trip.com is under investigation by China's State Administration for Market Regulation over potential monopoly practices. The company has stated that it will cooperate fully with regulators, comply with all requirements, and maintain normal business operations. In terms of market share, the Trip.com Group (including Qunar) holds close to 70% of the GMV in China’s online travel market, with its main platform alone accounting for 56%. Competitors such as Tongcheng, Meituan, Fliggy, and Douyin hold market shares of 15%, 13%, 8%, and 3%, respectively. It is important to note that while holding a dominant market position is not illegal, abusing such a position violates antitrust regulations. Industry-wide scrutiny is intensifying: tourism and homestay associations in regions like Yunnan and Huangshan have launched anti-monopoly initiatives, and authorities have summoned multiple online travel platforms—including Trip.com—for discussions. Market sentiment may remain cautious as the situation evolves. However, the most significant regulatory risks appear to have been largely factored into current valuations.

Today’s Key News Recap

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

Alphabet - C

Alphabet

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

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

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

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

Conference Minutes

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

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...

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

UB-TRIP@EC2611A(25401.HK)

TCOM: Regulatory Overhang — Opportunity or Risk? ---

Trip.com's Profit Nearly Doubles in Q4 as Revenue Jumps 21%

Trip.com Shares Dip After Q4 Profit Surge Masked by Shrinking Margins

Hong Kong Stocks Back in Red; Trip.com, HKEX Earnings Beat Estimates

Trip.com Group: Solid Growth and Strengthening Global Position Support Buy Rating Despite Margin and Regulatory Headwinds