携程集团-S2025年报点评：国际业务高速增长，入境游战略持续深化

东吴证券03-05

投资要点事件：2026年2月26日，携程集团发布2025年第四季度及全年业绩。25Q4公司实现净收入154.3亿元(人民币，下同)，同比增长21%；2025全年净收入624.1亿元，同比增长17%。全年核心OTA业务实现总交易额(GMV)约1.1万亿元。25Q4调整后EBITDA为34.5亿元，同比增长11%。全年调整后EBITDA为189亿元，同比增长11%。全年归母净利润333亿元(含投资收益...

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