Trip.com Group-S (09961) reported its fourth-quarter 2025 results, with total revenue reaching RMB 15.4 billion, representing a year-on-year increase of 20.8%. This figure exceeded market consensus expectations by 4%, driven by better-than-anticipated performance across all business segments, particularly in corporate travel, packaged tours, and other services. Non-GAAP operating income was RMB 3.2 billion, surpassing market expectations by 2%, primarily due to the stronger revenue performance. For the full year 2025, total revenue and non-GAAP operating income grew by 17% and 11% year-on-year, respectively. A "Buy" rating on Trip.com was maintained, with a price target of $83 set for its U.S.-listed shares (TCOM.US). It is believed that, despite facing some sentiment-driven headwinds, Trip.com's competitive advantages over domestic peers remain solid. These include robust supply chain capabilities, high service quality, a comprehensive product portfolio, and global reach, all of which support its long-term growth trajectory. The company's international expansion is also progressing steadily, unlocking further long-term growth opportunities.