智通财经APP获悉，招银国际发布研报称，携程集团-S(09961)公布2025年第四季业绩，总收入为154亿元人民币(下同)，同比增长20.8%，较市场共识预期高出4%，受惠于各业务板块全面胜预期，尤其是企业旅游、打包旅游及其他业务。非通用会计准则经营收入为32亿元，较市场共识预期高出2%，主要受收入胜预期带动。2025年全年，总收入及非通用会计准则经营收入分别同比增长17%及11%。维持携程“买入”评级，给予美股(TCOM.US)目标价于83美元。
该行认为，尽管携程面对一些情绪主导的不利因素，但其相对国内同业的竞争优势，包括强大的供应链能力、高服务质素、全面的产品组合及全球覆盖范围依然稳固，并支持其长期增长轨迹。其国际扩张亦正稳步推进，以发掘进一步的长期发展机遇。
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