One of the world's largest online travel companies, Trip.com Group runs a one-stop booking platform for hotels, flights, trains, car rentals and tours, serving travelers worldwide through brands like Trip.com, Ctrip and Skyscanner. It began in 1999 in Shanghai when four friends founded Ctrip, whose name drew on the values Customer, Teamwork, Responsibility, Integrity and Passion. In 2019 the company renamed itself Trip.com Group, with "com" meant to evoke companions and partners coming together on a trip.
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
Trip.com posted a RMB15.4B one-off gain on investment disposal that lifted other income to RMB21.3B in 2025
A one-off gain on investment disposal reshaped Trip.com's 2025 results. rose 17% to RMB62.5B and benefited from of RMB21.3B — mainly a RMB15.4B disposal gain and RMB4.0B fair-value gain — while sales and marketing expense rose 25% to RMB14.9B. The company carries the travel recovery forward but now faces a SAMR antitrust investigation opened in January 2026.
Key takeaways
rose to RMB21.3B, mainly from a RMB15.4B gain on disposal of long-term investments and a RMB4.0B fair-value gain on equity securities, both one-off non-cash or disposal items. rose 17% to RMB62.5B as accommodation reservation grew 21% to RMB26.1B on outbound and international hotel demand and transportation ticketing increased 11% to RMB22.5B on international air . Sales and marketing expenses rose 25% to RMB14.9B, outpacing revenue and lifting the ratio to 24% of net revenues. fell to RMB14.4B from RMB19.6B, driven by higher needs including a significant increase in prepayments. totaled US$2.4B as of December 31, 2025 and remain subject to review.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
Interest income is sensitive to rate changes, while foreign exchange and investment risks are managed with limited hedging.
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A one decrease in interest rates would reduce annual interest income by RMB10 million (US$1 million) based on December 31, 2025 cash balances.
The company uses interest rate swaps to hedge floating-rate borrowings but does not hedge fixed-rate bank borrowings, which it deems not materially risky.
Most revenues are in Renminbi, but some assets, liabilities, and dividends are in U.S. dollars; foreign exchange spot, forwards, or other contracts may be used when necessary.
What changed
The $3.3B equity-method investment portfolio flagged in 2024 for ended 2025 at US$2.4B with no impairment charge stated, though review continues. rose 17% in 2025 versus 16.5% in 2024, continuing the post-recovery trajectory against the 2024 base of $7,302.0M. Sales and marketing expense ratio rose to 24% as the RMB14.9B spend (up 25%) grew faster than revenue, the trend flagged in 2024. and cash movement was not updated for 2025 in the table; 2024 cash was $6,636.0M and debt $2,758.0M. A new SAMR antitrust investigation into alleged monopolistic conduct was initiated in January 2026, not present in prior filings.
What to watch
Any charge on the US$2.4B equity-method investment portfolio in the next filing. SAMR investigation outcome — fines or business practice changes from the January 2026 antitrust probe. Sales and marketing expense ratio as RMB14.9B spend grows 25% against 17% growth. 2026 revenue trajectory in accommodation and transportation against the 2025 RMB62.5B base.
Renminbi exchange rates are set by the People’s Bank of China and have fluctuated significantly and unpredictably, influenced by global conditions and policies.
totaled US$2.4 billion as of December 31, 2025, and are periodically reviewed for , which could impact operating results.
Remaining investments are mainly equity securities at fair value and bank deposits/products, with risks considered not significant.
The company faces material risks from an ongoing anti-monopoly investigation, AI adoption challenges, VIE structure uncertainties, and global operational complexities.
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An ongoing SAMR investigation into alleged monopolistic conduct could result in significant fines, business practice changes, and reputational harm.
Adoption of AI in products like WenDao/TripGenie may produce inaccurate outputs, face evolving regulations, and expose the company to liability or competitive disadvantage.
The VIE structure creates legal and enforcement risks, as the Cayman Islands holding company has no equity ownership in key PRC operating entities.
Global operations expose the company to complex and evolving laws on data privacy, sanctions, and anti-monopoly, increasing compliance costs and potential penalties.
Dependence on ecosystem partners like hotels and airlines means loss of relationships or unfavorable contract changes could materially reduce revenues.
Trip.com Group is a global one-stop travel platform offering accommodation, transportation, packaged tours, and corporate travel management under brands including Ctrip, Qunar, Trip.com, and Skyscanner.
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Operates four main brands: Ctrip (China-focused travel services), Qunar (Chinese OTA), Trip.com (global OTA), and Skyscanner (global travel search).
Platform connects users with ~1.7M accommodation listings, flights from 680+ airlines, and 60,000+ ; over 90% of orders via mobile.
Generates primarily through commissions on accommodation and transportation , plus packaged tours, corporate travel (Trip.Biz), advertising, and financial services.
Employs an model allowing third-party partners to list directly, with quality control via screening, ratings, and user feedback.
Leverages AI for personalized recommendations, customer service (TripGenie, Trip.Planner), and operational tools for partners; holds 1,100+ patents.
Faces a SAMR antitrust investigation initiated in January 2026 regarding potential abuse of dominant market position in China.