Trip.com Group-S (09961) fell more than 3%, trading at HK$555.5 by the press time, with a turnover of HK$205 million. The decline follows the company's release of its Q3 2025 financial results, which showed net revenue of RMB18.3 billion, up 16% year-on-year, driven by sustained global travel demand. Net profit surged to RMB19.9 billion from RMB6.8 billion in the same period last year.

Bank of China International noted that Trip.com's Q3 earnings exceeded market expectations, with revenue and non-GAAP operating profit rising 16% and 12% YoY, respectively, reflecting strong progress in domestic and overseas (Trip.com platform) user acquisition. UBS estimates Trip.com's overseas Q4 revenue will grow over 50% YoY, accounting for 18% of total revenue. Outbound travel revenue is expected to maintain mid-teens growth (around 13%-17%), with limited impact from Japan's market as leisure travelers shift destinations.

Meanwhile, UBS anticipates resilient Q4 domestic revenue, supported by higher hotel room nights, though average daily rates may see a slight decline.