Trip.com Group-S (09961) saw its stock price rise by 6.92% before noon, currently trading at HK$417, with a turnover of HK$1.212 billion.

The company released its full-year 2025 financial results, reporting net operating revenue of RMB 62.4 billion, a 17% year-on-year increase. Net profit attributable to shareholders reached RMB 33.294 billion, up 95.08% compared to the previous year.

Guotou Securities issued a research note maintaining its "Buy" rating on Trip.com Group-S (09961). The fourth-quarter performance slightly exceeded expectations, with revenue surpassing the bank's and market forecasts by 5% and 4% respectively, while adjusted net profit beat expectations by 5% and 8%. International business contributed 40% to total revenue in 2025, with management emphasizing investments in international operations and artificial intelligence. The bank maintained its 2026 revenue forecast but lowered its adjusted net profit projection by 5%. It assigned a 16x 2026 price-to-earnings ratio valuation (unchanged) and slightly reduced the target price to HK$541 (09961.HK) / US$69 (TCOM.US).