结果获胜；旅行需求保持弹性

Results beat;traveldemandremainsresilient Target PriceUp/DownsideCurrent Price Trip.com Group (TCOM) released (26Feb)4Q25results: total revenue wasRMB15.4bn, up20.8% YoY,4% better thanBloomberg consensus estimatesdriven by anall-roundbeat acrosssegmentsespecially in corporate travel,package tour, and Others. Non-GAAP operating income (OP) was RMB3.2bn,2% better than consensus, thanks to the beat in revenue. For 2025, totalrevenue/non-GAAP OP grew 17/11%YoY.While TCOM is facing somesentiment-drivenheadwinds, we believe its competitive advantages relative todomestic peers—including robust supply chain capabilities, high servicequality, comprehensive product offerings, and global coverage—remain intact China Internet Saiyi HE, CFA(852) 3916 1739hesaiyi@cmbi.com.hk Ye TAO, CFA(852) 3850 5226franktao@cmbi.com.hk Wentao LU, CFAluwentao@cmbi.com.hk Domesticand outbound travel demand remains resilient.1)Fordomestic business, management noted healthy booking volume growthQTD in 1Q26, with domestic hotel booking volume growth standing at low-teens YoY, and transportation ticketing volume growthinline with industry;2)Outbound air ticket and hotel bookings on TCOM’s platform bothrecorded teenslevel of growth;3) For pure international business, Trip.com/Skyscanner&othersaccounted for18/7%%of group-level revenue in 4Q25, Driving operating efficiency improvement for international businessamid robust revenue growthtrajectory.TCOM’s non-GAAP OPM for4Q25was20.7%,0.4pptsshy of consensus,which we attribute to thestronger-than-expected revenue growthof Trip.com which is still in lossmaking stage.Despite that Trip.com is still enjoying strong revenue growth,TCOM guided to driveoperating efficiency improvement for the business, Source: FactSet Results comparison and changes in forecast We lift2026E revenue forecast by 0.7%, to account for more robust-than-expectedinternational business revenue growth, as well as more solid-than-expected revenuegrowth in package tour and corporate travelbusiness, whileour non-GAAPOPM forecast Disclosures& Disclaimers Analyst Certification The research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith respect to the securities or issuerthat the analyst coveredin this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report. Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and FuturesCommission) (1) have dealt in or traded in the stock(s)covered in this research report within 30 calendar days prior to the date of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serve as an officer ofany of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report. CMBIGM RatingsBUY : Stock with potential return of over 15% over next 12 monthsHOLD:Stock with potential return of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM OUTPERFORM:Industry expected to outperform the relevant broad market benchmark over next 12 monthsMARKET-PERFORM:Industry expected to perform in-line with the relevant broad market benchmark over next 12 monthsUNDERPERFORM:Industry expected to underperform the relevant broad marketbenchmark over next 12 months Address: 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852) 3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”) is a wholly ownedsubsidiary of CMB International Capital Corporation Limited (a wholly owned Important Disclosures There are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in thereport.The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on the or its affiliate(s) to whom it is distributed. This report is not and should not be construed as an offer or solicitation tobuy or sell any security or any interest insecurities or enter into any transaction.NeitherCMBIGMnor any of its affiliates, shareholders, agents, consultants, directors, officers or employees shall beliable for any