Trip.com Group (formerly Ctrip) closed 2025 with robust top‑line growth and a near‑doubling of attributable profit, but the upbeat financials sit alongside two high‑profile leadership exits and an ongoing regulatory inquiry that cloud the near term. The company reported full‑year net revenue of RMB 62.4 billion, up about 17%, and attributable net profit of RMB 33.3 billion, roughly a 95% increase year‑on‑year. Much of the profit surge stems from a one‑off jump in “other income” tied to the sale of its stake in India’s MakeMyTrip, rather than an equivalent improvement in core operating margins. Excluding that item, Trip.com’s operating profit rose more modestly—about 11% for the year—reflecting a genuine but less dramatic recovery in its travel business.
Operationally the travel rebound is clear. Accommodation bookings and ticketing both grew strongly: accommodation revenue rose about 21% to roughly RMB 26.1 billion for the year, while transport ticketing increased about 11% to RMB 22.5 billion. The company said its core OTA gross transaction volume was about RMB 1.1 trillion, with hotels and air contributing roughly RMB 280 billion and RMB 550 billion respectively. International bookings also expanded briskly, with total international OTA reservations up roughly 60% and the platform servicing about 20 million inbound travellers for the year.
Cost lines expanded alongside revenue as Trip.com invested in product development and marketing to capture recovering travel demand. Research and development expenses rose about 15% to RMB 15.1 billion for the year, and sales and marketing climbed about 25% to RMB 14.9 billion, while operating costs increased roughly 21%. Management framed higher spending as deliberate reinvestment to consolidate market share, accelerate AI and product initiatives, and build inbound tourism offerings.
Yet the corporate calendar carried unexpected governance news. Two co‑founders, Fan Min and Ji Qi, resigned from the board effective 25 February; Fan also stepped down as president. The company named new independent directors and adjusted committee memberships at the same time, while executive chairman Liang Jianzhang and CEO Jane Sun (Sun Jie) emphasized continuity and thanked the departing founders for their contributions. That transition comes as Trip.com seeks to position itself for the next phase—greater international growth, inbound tourism development and technology investment—but it also raises questions about succession and strategic direction at one of China’s largest travel platforms.
Complicating the picture is a probe by the State Administration for Market Regulation (SAMR). Trip.com disclosed that it received a notification in January and is cooperating fully; it said the investigation is ongoing and it cannot predict the outcome. The company stressed that operations remain normal and pledged to maintain open communications with regulators. For investors and partners, the inquiry injects uncertainty: depending on SAMR’s findings, Trip.com could face remedies, fines or mandated changes to some practices, any of which would affect profitability and strategy execution.
The MakeMyTrip divestment materially boosted Trip.com’s reported results. The sale of B‑class shares in India’s leading OTA for approximately $2.5–3.0 billion furnished a large non‑operating gain that inflated “other income” to RMB 213.2 billion for the year, nearly ten times the prior period figure. Management had already recognised most of that gain in the third quarter; nevertheless, the headline profit growth for 2025 should be read with that one‑off in mind. Excluding the sale, Trip.com’s core travel business shows steady recovery but still faces higher marketing and R&D bills as it competes regionally and invests in AI capabilities.
For travellers and the wider industry, Trip.com’s results underline the resilience of demand for Chinese outbound and domestic travel and the rising importance of inbound tourism as China reopens. For investors and regulators, they illustrate the tension between strong cash‑generating opportunistic asset sales and the need for transparent governance during leadership transitions and regulatory scrutiny. How Trip.com manages the SAMR inquiry, replaces founder influence, and deploys capital from asset sales will determine whether 2026 consolidates the gains of 2025 or tests the company’s strategic balance.