核心观点2025Q4 携程营收154.29 亿元，同比+20.84%，Non-GAAP 净利润34.84 亿元，同比+14.68%，收入和利润端均高于彭博一致预期。本季度公司收入端略超预期，利润端受国际业务占比提升及投入加码影响，净利率同比回落，但仍好于预期。从四季度开始，Trip.com 的亏损率逐步收窄，主要依赖体量做大后的规模效应及效率提升，预计今年Trip.com 的收入占比将继续提升，...
Source Link核心观点2025Q4 携程营收154.29 亿元，同比+20.84%，Non-GAAP 净利润34.84 亿元，同比+14.68%，收入和利润端均高于彭博一致预期。本季度公司收入端略超预期，利润端受国际业务占比提升及投入加码影响，净利率同比回落，但仍好于预期。从四季度开始，Trip.com 的亏损率逐步收窄，主要依赖体量做大后的规模效应及效率提升，预计今年Trip.com 的收入占比将继续提升，...
Source LinkDisclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.