Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Equity Bottom-Up

<ul><li>China holds significant opportunities in artificial intelligence (AI) applications despite the advanced capabilities of foreign foundational models, according to a Trip.com Group Ltd. executive.</li><li>Amy Wei, vice president of product at the online travel agency, shared the insights at the Caixin Summer Summit in Hong Kong on Friday.</li><li>The remarks highlight how Chinese companies are pivoting toward practical AI implementation and leveraging the country’s mature digital ecosystem to commercialize the technology.</li></ul>

China holds significant opportunities in artificial intelligence (AI) applications despite the advanced capabilities of foreign foundational models, according to a Trip.com Group Ltd. executive.Amy Wei, vice president of product at the online travel agency, shared the insights at the Caixin Summer Summit in Hong Kong on Friday.The remarks highlight how Chinese companies are pivoting toward practical AI implementation and leveraging the country’s mature digital ecosystem to commercialize the technology.

Trip.com Executive Sees Huge AI Application Opportunities in China

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Thematic (Sector/Industry)

<ul>
<li>Of the seven US metrics we track, six showed a weaker pace of Y/Y change vs July data</li>
<li>Five of the seven border crossing metrics showed Y/Y declines in August (vs only two in July)</li>
<li>As a proxy for US leisure and travel activity, the August numbers paint a bleak picture</li>
</ul>


Of the seven US metrics we track, six showed a weaker pace of Y/Y change vs July data
Five of the seven border crossing metrics showed Y/Y declines in August (vs only two in July)
As a proxy for US leisure and travel activity, the August numbers paint a bleak picture


August US Customs & Border Protection Data Confirm Softening Travel Trend in Most Segments, Regions

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Trip.com Group (TCOM) released (26 Feb) 4Q25 results: total revenue was RMB15.4bn, up 20.8% YoY, 4% better than Bloomberg consensus estimates driven by an all-round beat across segments especially in corporate travel, package tour, and Others.</li><li>Non-GAAP operating income (OP) was RMB3.2bn, 2% better than consensus, thanks to the beat in revenue.</li><li>For 2025, total revenue/non-GAAP OP grew 17/11% YoY. While TCOM is facing some sentiment-driven headwinds, we believe its competitive advantages relative to domestic peers — including robust supply chain capabilities, high service quality, comprehensive product offerings, and global coverage — remain intact and supportive of its long-term growth trajectory. unchanged at US$83.0, translating into 20x 2026E PE (non-GAAP). Maintain BUY.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Trip.com Group (TCOM) released (26 Feb) 4Q25 results: total revenue was RMB15.4bn, up 20.8% YoY, 4% better than Bloomberg consensus estimates driven by an all-round beat across segments especially in corporate travel, package tour, and Others.Non-GAAP operating income (OP) was RMB3.2bn, 2% better than consensus, thanks to the beat in revenue.For 2025, total revenue/non-GAAP OP grew 17/11% YoY. While TCOM is facing some sentiment-driven headwinds, we believe its competitive advantages relative to domestic peers — including robust supply chain capabilities, high service quality, comprehensive product offerings, and global coverage — remain intact and supportive of its long-term growth trajectory. unchanged at US$83.0, translating into 20x 2026E PE (non-GAAP). Maintain BUY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trip.com (TCOM US) - Results Beat; Travel Demand Remains Resilient

<ul>
<li>The pace of Trip.com's Net Revenue growth picked up in Q425, to just under 21% Y/Y</li>
<li>But OpInc and Adjusted EBITDA margins continued to decline in the period</li>
<li>Poor cost control, weight of ongoing investigation prompt us to AVOID the shares</li>
</ul>


The pace of Trip.com's Net Revenue growth picked up in Q425, to just under 21% Y/Y
But OpInc and Adjusted EBITDA margins continued to decline in the period
Poor cost control, weight of ongoing investigation prompt us to AVOID the shares


Trip.com Q425 Results | Strong Top-Line Growth, But Margin Compression Continues | AVOID

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>State Administration for Market Regulation (SAMR) launched an investigation into TCOM.</li>
<li>TCOM has a market share above 65% in the travel market.</li>
<li>We believe SAMR will not ruin TCOM - it just warns TCOM not to kill small companies.</li>
</ul>


State Administration for Market Regulation (SAMR) launched an investigation into TCOM.
TCOM has a market share above 65% in the travel market.
We believe SAMR will not ruin TCOM - it just warns TCOM not to kill small companies.


Trip.com (TCOM, 9961.HK): No Concern for Authorities Investigation

China

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

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Trip.com (TCOM US)

Trip.com Executive Sees Huge AI Application Opportunities in China

China holds significant opportunities in artificial intelligence (AI) applications despite the advanced capabilities of foreign foundational...

Caixin Global

August US Customs & Border Protection Data Confirm Softening Travel Trend in Most Segments, Regions

By almost every measure, August's US border crossing data look even weaker than the mediocre numbers from July. Clearly, US travel and leisure...

Tracking Traffic

Trip.com (TCOM US) - Results Beat; Travel Demand Remains Resilient

Trip.com Group (TCOM) released (26 Feb) 4Q25 results: total revenue was RMB15.4bn, up 20.8% YoY, 4% better than Bloomberg consensus estimates...

CMB International

Trip.com Q425 Results | Strong Top-Line Growth, But Margin Compression Continues | AVOID

Top-line growth accelerated in Q425, but margin compression persisted. Management's poor cost control is frustrating, and an ongoing investigation...

Tracking Traffic

Trip.com (TCOM, 9961.HK): No Concern for Authorities Investigation

SAMR launched an investigation into TCOM. TCOM has a market share above 65% in the travel market. We believe SAMR will not weaken TCOM, but just...

Ming Lu

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