# If Trip.com Group moves, who benefits? How far does the value-chain ripple reach?
Canonical: https://valuechain.wiki/trip-com-group · Facet: ripple · Updated: 2026-10-24T16:09:30.561118+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Per the valuechain.wiki graph, Trip.com Group is directly linked to 2 companies (0 supply, 0 revenue, 2 investment relationships) and reaches 4 companies within two hops; the links are backed by 7 dated sources, 5 of them primary filings (as of 2026-10-24).

Trip.com returned +95.8% in 2024, ahead of Booking Holdings (+41.3%) and Expedia (+22.8%). It then fell 12.2% in 2025 and was down 34.7% through October 23, 2026. Booking rose 8.6% in 2025 and Expedia 53.3%. The listed travel platforms did not move on one shared clock. Their 2026 return dates differ, so a precise cross-stock ranking would be misleading.

The operating record does not point to a simple collapse in travel demand. Q2 2026 net revenue grew 6% to RMB15.7bn and accommodation revenue also grew 6%; transportation ticketing fell 1%. The RMB2.4bn net loss was driven by a RMB5.2bn Chinese antitrust charge. Accommodation revenue also absorbed a regulator-imposed contra-revenue item. Demand can persist while revised commission terms and partner rules change the shareholders' economics.

To test propagation along the operating chain, follow commissions paid by hotel partners. Aggregate accommodation revenue rose 21% in 2025, yet commissions from named partner H World fell from RMB283m in 2024 to RMB182m in 2025. This suggests a change in mix; it does not establish a decline in H World's total room demand. Baidu's roughly 7% stake and Booking's 2014 convertible note are capital links, not operating supply flows. Their share prices cannot be treated as leading or lagging Trip.com's booking revenue. The next tests are hotel commissions at H World and Tongcheng Travel and MakeMyTrip's Indian reservation chain.

## Supply chain (benefiting)
- T1 Baidu (https://valuechain.wiki/baidu.md)
- T2 NVIDIA (https://valuechain.wiki/nvidia.md)
- T3 SK hynix (https://valuechain.wiki/sk-hynix.md)
- T3 Micron Technology (https://valuechain.wiki/micron.md)
- T3 Samsung Electronics (https://valuechain.wiki/samsung-electronics.md)
- T3 Siemens EDA (https://valuechain.wiki/siemens-eda.md)
- T3 TSMC (https://valuechain.wiki/tsmc.md)
- T3 Coherent (https://valuechain.wiki/coherent.md)
- T3 Monolithic Power (https://valuechain.wiki/monolithic-power.md)
- T3 Kioxia (https://valuechain.wiki/kioxia.md)
- T3 ASE Technology (https://valuechain.wiki/ase.md)
- T3 Nan Ya PCB (https://valuechain.wiki/nanya-pcb.md)
- T3 Synopsys (https://valuechain.wiki/synopsys.md)
- T3 Cadence Design Systems (https://valuechain.wiki/cadence.md)
- T3 Arm Holdings (https://valuechain.wiki/arm.md)
- T3 Unimicron (https://valuechain.wiki/unimicron.md)
- T3 Advantest (https://valuechain.wiki/advantest.md)
- T3 Teradyne (https://valuechain.wiki/teradyne.md)
- T3 LG Innotek (https://valuechain.wiki/lg-innotek.md)
- T3 OpenAI (https://valuechain.wiki/openai.md)
- T3 Lumentum (https://valuechain.wiki/lumentum.md)
- T3 Fabrinet (https://valuechain.wiki/fabrinet.md)
- T3 Eoptolink (https://valuechain.wiki/eoptolink.md)
- T3 Keysight Technologies (https://valuechain.wiki/keysight.md)
- T3 Amphenol (https://valuechain.wiki/amphenol.md)
- T3 Corning (https://valuechain.wiki/corning.md)
- T3 Nebius Group (https://valuechain.wiki/nebius.md)
- T3 ABB (https://valuechain.wiki/abb.md)
- T3 Murata Manufacturing (https://valuechain.wiki/murata.md)
- T3 Recursion Pharmaceuticals (https://valuechain.wiki/recursion.md)
- T3 onsemi (https://valuechain.wiki/onsemi.md)
- T3 BlackRock (https://valuechain.wiki/blackrock.md)
- T3 Analog Devices (https://valuechain.wiki/analog-devices.md)
- T3 MediaTek (https://valuechain.wiki/mediatek.md)
- T3 BYD Electronics (https://valuechain.wiki/byd-electronics.md)
- T3 Wistron (https://valuechain.wiki/wistron.md)
- T3 Pegatron (https://valuechain.wiki/pegatron.md)
- T3 Samsung Electro-Mechanics (https://valuechain.wiki/samsung-electro-mechanics.md)
- T3 Astera Labs (https://valuechain.wiki/astera-labs.md)
- T3 CoreWeave (https://valuechain.wiki/coreweave.md)
- T3 Ibiden (https://valuechain.wiki/ibiden.md)
- T3 Luxshare Precision (https://valuechain.wiki/luxshare.md)
- T3 King Yuan Electronics (KYEC) (https://valuechain.wiki/kyec.md)
- T3 InnoLight (https://valuechain.wiki/innolight.md)
- T3 Delta Electronics (https://valuechain.wiki/delta-electronics.md)
- T3 TE Connectivity (https://valuechain.wiki/te-connectivity.md)
- T3 Digital Realty (https://valuechain.wiki/digital-realty.md)
- T1 Booking Holdings Inc. (https://valuechain.wiki/booking-holdings.md)
- T2 Alphabet (Google) (https://valuechain.wiki/alphabet.md)
- T3 Broadcom (https://valuechain.wiki/broadcom.md)
- T3 Marvell (https://valuechain.wiki/marvell.md)
- T3 Intel (https://valuechain.wiki/intel.md)
- T3 Alchip Technologies (https://valuechain.wiki/alchip.md)
- T3 Foxconn (Hon Hai) (https://valuechain.wiki/foxconn.md)
- T3 Quanta Computer (https://valuechain.wiki/quanta.md)
- T3 Arista Networks (https://valuechain.wiki/arista.md)
- T3 Anthropic (https://valuechain.wiki/anthropic.md)
- T3 TeraWulf (https://valuechain.wiki/terawulf.md)
- T3 Wiwynn (https://valuechain.wiki/wiwynn.md)
- T3 Eaton (https://valuechain.wiki/eaton.md)
- T3 Schneider Electric (https://valuechain.wiki/schneider-electric.md)
- T3 GE Vernova (https://valuechain.wiki/ge-vernova.md)
- T3 NextEra Energy (https://valuechain.wiki/nextera-energy.md)
- T3 Berkshire Hathaway (https://valuechain.wiki/berkshire-hathaway.md)
- T3 Flex Ltd. (https://valuechain.wiki/flex-ltd.md)
- T3 Comcast Corporation (https://valuechain.wiki/comcast.md)
- T3 Duke Energy Corporation (https://valuechain.wiki/duke-energy.md)
- T3 Xcel Energy (https://valuechain.wiki/xcel-energy.md)
- T3 Ameren Corporation (https://valuechain.wiki/ameren.md)
- T3 Fox Corporation (https://valuechain.wiki/fox.md)

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Full node: https://valuechain.wiki/trip-com-group.md · JSON: https://valuechain.wiki/trip-com-group.json