On February 26, China’s travel platform giant Ctrip Group (NASDAQ: TCOM; Hong Kong Stock Exchange: 9961) announced the unaudited financial performance for the fourth quarter and full year of 2025, along with significant changes in the company’s board of directors. Fan Min has resigned from his positions as a director and CEO of the company, while Ji Qi has resigned as a director. At the same time, the company announced the appointment of Wu Yihong and Xiao Yang as new independent directors. These changes are effective as of February 25, 2026.
The announcement revealed that in the fourth quarter of 2025, Ctrip Group’s net operating income was 15.4 billion yuan, up 21% year-on-year, with a net profit of 4.3 billion yuan. However, the net operating income decreased by 16% quarter-on-quarter.
For the full year of 2025, Ctrip Group’s net operating income reached 62.4 billion yuan, a 17% increase compared to the previous year. The net profit was 33.4 billion yuan, significantly higher than the 17.2 billion yuan in 2024. The year-on-year increase was mainly due to the investment gains of 19.9 billion yuan (2.8 billion US dollars) included in other (expenses)/income for the full year of 2025, compared to 1.1 billion yuan in 2024.
On January 14, 2026, Ctrip Group was officially investigated for alleged monopoly practices, causing market turmoil. The news led to a sharp drop in Ctrip’s Hong Kong-listed stock by 6.49% on the same day. Overnight in the U.S. stock market, Ctrip’s share price also plummeted by over 17%.
On January 15, Ctrip Group opened in Hong Kong at 484.2 Hong Kong dollars, a significant decrease of 14.98%. Subsequently, the stock price further plunged to 463 Hong Kong dollars, a decrease of 18.6%, with a trading volume exceeding 7.6 billion Hong Kong dollars, turnover ratio rising to 2.4%, and a total market value of 303 billion Hong Kong dollars.
Established in 1999, Ctrip Group is a Chinese travel platform that went public on the NASDAQ in the United States in 2003 and in Hong Kong in 2021. Its brands include Ctrip, Qunar, Trip.com, and Skyscanner, making it the largest shareholder of Tongcheng Travel.
Since 2025, Ctrip Group has been summoned multiple times by regulatory authorities in Guizhou, Zhengzhou, Yunnan, and other regions due to breaches of regulations, focusing on unfair competition and technical interference in pricing by merchants.
On September 1, 2025, Ctrip Group signed a marketing cooperation agreement with the Cambodian National Tourism Authority to promote tourism in Cambodia. However, in December, Chinese users expressed strong concerns about the safety of travel in Cambodia, fearing that Ctrip might disclose personal information to the local underground industries, leading to customer exposure to online fraud.