携程集团-S年报点评：4Q25业绩：境外业务延续高增长

华泰证券02-27

一、携程集团4Q25业绩超预期，国际业务增长强劲携程集团(9961HK/TCOM US)公布了其2025年第四季度的财务数据，收入达到154亿元人民币，同比增长20.8%，超出市场一致预期3.7%。调整后经营利润为32亿元，高于预期1.2%。尽管国内旅游需求持续旺盛，但公司国际化布局表现尤为亮眼，国际OTA平台全年总预订量同比增长60%，国际业务收入占比提升至40%，成为推动长期结构性增长的重要 ...

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