On September 16, TRIP.COM-S fell 3.08% in regular trading to HKD 301.8, with turnover of HKD 132 million. The decline followed the release of the company's Q2 earnings before market open, which revealed a swing to net loss driven by a massive one-time regulatory penalty.

TRIP.COM-S reported Q2 net revenue of RMB 15.66 billion, up 6% year-over-year but down 3% sequentially. The company recorded a net loss of approximately RMB 2.45 billion, compared with a net profit of RMB 4.88 billion in the same period last year, primarily due to a RMB 5.18 billion antitrust fine imposed by the State Administration for Market Regulation. Excluding the penalty, quarterly net profit was approximately RMB 2.7 billion, while non-GAAP net profit reached RMB 4.8 billion, slightly below the RMB 5.0 billion reported a year ago.

By segment, accommodation booking revenue rose 6% to RMB 6.58 billion, transportation ticketing revenue dipped 1% to RMB 5.35 billion, vacation travel revenue grew 8% to RMB 1.16 billion, and corporate travel revenue increased 11% to RMB 771 million. International platform revenue surged over 50% year-over-year, while inbound tourism revenue maintained high double-digit growth. Multiple brokerages have noted that the penalty removes a key regulatory overhang, with J.P. Morgan stating that the fine is a one-time, measurable impact that does not impair the company's long-term profitability.

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