Research Reports

2025全年核心OTA gross bookings约人民币1.1万亿元，住宿及机票分别为约2800亿元和5500亿元（Jane Sun）。
集团净收入全年624亿元，同比+17%；Q4净收入154亿元，同比+21%（Cindy Wang）。
住宿预订收入：Q4 63亿元，同比+21%；全年261亿元，同比+21%（Cindy Wang）。
交通票务收入：Q4 54亿元，同比+12%；全年225亿元，同比+11%（Cindy Wang）。
打包旅游收入：Q4 11亿元，同比+21%；全年47亿元，同比+8%（Cindy Wang）。
企业旅行收入：Q4 8.08亿元，同比+15%；全年28亿元，同比+13%（Cindy Wang）。
调整后EBITDA：Q4 34亿元（上年同期30亿元）；全年189亿元，同比+11%（Cindy Wang）。
调整后销售及营销费用占净收入比重：全年24%，上年22%（Cindy Wang）。
运营收入全年158亿元，同比+11%（Cindy Wang）。
非GAAP稀释每股ADS收益：Q4 4.97元；全年45.59元（Cindy Wang）。
现金及等价物、短期投资等余额：1058亿元（151亿美元）（Cindy Wang）。
入境旅行：2025年服务约2000万人次，带动超6.3万家酒店首次接待入境游客，投资超10亿元（Jane Sun）；国际OTA平台gross bookings同比+60%（Jane Sun）。
生态投资：旅游创新基金1亿美元；用户体验提升投入约29亿元；生育补贴每孩5万元（James Liang / Jane Sun）。

官方指引：未提供下一季度或全年具体财务指引范围。

"Travel continues to be a vital pillar of the global economy, supporting consumption, employment and cross-border connectivity." (James Liang)
"We see inbound travel as a structurally important growth driver, both for our platform and for destination economies." (James Liang)
"In 2025, our core OTA business recorded gross bookings of approximately RMB 1.1 trillion with accommodation and air ticketing contributing around RMB 280 billion and RMB 550 billion, respectively." (Jane Sun)
"Inbound travel is a core pillar of our long-term strategy, reflecting our role in supporting the broader travel industry and empowering local partners." (Jane Sun)
"For the fourth quarter of 2025, Trip.com Group reported a net revenue of RMB 15.4 billion, representing a 21% increase from the same period last year." (Cindy Wang)

Topic: SAMR investigation impact assessment
Key points:
- Actively cooperating with the State Administration for Market Regulation review process; remains committed to transparency.
- Future investments focused on three pillars: inbound tourism, social responsibility initiatives, and AI innovation.
- No specific guidance on 2026 or long-term financial impact provided.
Mgmt stance: Neutral; acknowledges regulatory engagement but offers no quantified impact, instead pivoting to long-term strategic priorities.

Topic: AI agents impact on OTA business model
Key points:
- Views generative AI as a catalyst validating long-term strategy; AI agents will shift user entry points from search/social.
- Core OTA advantage lies in three hard-to-replicate areas: proprietary data/vertical AI (decades of booking data), strong supply chain (hundreds of thousands of partners), and end-to-end service/trust (24/7 global support).
- Building direct agent-to-agent transactional capabilities with leading AI partners; internally advancing native AI agent (TripGenie, Trip.Planner) for complex multi-step planning.
Mgmt stance: Bullish; believes AI reinforces OTA’s transactional/service layers, positioning Trip.com to shape AI evolution in travel, not just adapt.

Topic: Inbound tourism growth trajectory for 2026 and beyond
Key points:
- Inbound tourism currently ~0.5% of China’s GDP vs. >10% in Thailand and 5-6% in France/Italy/Spain; sees at least 5-10x growth potential.
- In 2025, served >20 million inbound travelers with ~100% YoY growth; aims to double that number in 2026.
- 63,000 hotels, >25,000 attractions, and >600 travel agencies received first inbound bookings via platform; private tour business created >30,000 agent jobs and >20,000 private driver guides.
Mgmt stance: Bullish; calls inbound travel the start of a “significant and sustainable growth cycle,” citing massive GDP share gap and strong 2025 results.

Topic: Chinese New Year booking trends, consumer sentiment, and geographic contribution
Key points:
- 2026 CNY holiday extended by 1 day vs. 2025; domestic hotel bookings had robust double-digit growth with modest ADR increase YoY.
- Outbound business achieved double-digit growth, notably in long-haul Europe; quarter-to-date, international OTA platform grew ~60% YoY.
- International business contributed ~40% of total revenue/bookings in 2025, up from ~35% in 2024, driven by Trip.com brand.
- 2025 average spending per user remained stable vs. 2024; leisure travel is primary growth driver; business travel robust.
Mgmt stance: Bullish; healthy demand dynamics, strong international momentum, and expectation of continued international mix shift fueled by Trip.com.

Topic: Domestic travel market competition and competitive edge
Key points:
- Competition in domestic travel remains dynamic; viewed as healthy sign reflecting industry growth potential.
- Competitive edge anchored in: (1) 24/7 global customer service with effective issue resolution, (2) comprehensive product offerings (flight, hotel, vacation, rental car), (3) global coverage for both domestic and international travel, with rapid emergency response (within 2 minutes for events like earthquakes).
- No specific market share or margin data provided.
Mgmt stance: Bullish; emphasizes high service standards and global support as durable moats, with continuous customer focus reinforcing advantages.

Topic: 海外业务运营亮点与2026年展望
Key points:
- 2025年国际OTA平台总预订量同比增长约60%。
- 2025年服务约2000万入境游客，增长由免签地区快速扩张驱动。
- 亚太为