China travel platform · Hotel and flight booking commissions

Trip.com Group

Trip.com Group brokers hotel, transportation, package and corporate travel bookings through Ctrip, Qunar, Trip.com and Skyscanner. FY2025 net revenue was RMB62.4bn, led by accommodation (42%) and transportation (36%). Q2 2026 net revenue reached RMB15.7bn (+6%), but a RMB5.2bn antitrust charge drove a RMB2.4bn net loss. It earns hotel booking commissions and pays travel suppliers, payment processors and customer acquisition channels.

Business categories Travel & Local Services Platforms · Consumer Brands & Commerce · primary

Other companies in the same category

9961.HK Updated Oct 24, 2026 6 AI consumers· 3 recurring

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).

Annual return · 2026-10-23'22+44.5%'23-3%'24+95.8%'25-12.2%YTD-34.7%
Money in ▸Hotel and accommodation partners (multiple)●Amount ¥6.6BAirline and transportation ticketing partners (multiple)●Amount ¥5.4BCorporate travel clients (multiple)●Amount ¥2.8BH World Group●Amount ¥182M
Trip.com GroupFY2025 gross revenue RMB62.510bn; net revenue RMB62.409bn. Q2 2026 net revenue RMB15.7bn.
▸ Money outAdvertising and user-acquisition channels (multiple undisclosed)●Amount ¥14.9BTongcheng Travel (hotel promotion)●Amount ¥61MTravel-product suppliers (multiple undisclosed)●Payment and card processors (multiple undisclosed)●

Financials & Segments

  • Total revenue · FY2025 gross revenue RMB62.510bn; net revenue RMB62.409bn. Q2 2026 net revenue RMB15.7bn.
  • Customer concentration · Accommodation 42%, transportation 36% in FY2025. Diversified hotel, airline and traveler base. RMB5.2bn antitrust charge caused a Q2 2026 net loss.
  • Segments · Accommodation reservation · Transportation ticketing · Packaged tours · Corporate travel · Other

Revenue from

  • Hotel and accommodation partners (multiple) High confidence· Amount ¥6.6B · Q2 2026 · Trip.com accommodation segment net revenue, not a hotel-specific transaction
    Hotel partners pay commissions on bookings. Segment revenue is not an individual hotel payment.
    Confirms KO Newsis via Financial News Published Sep 17, 2026: Trip.com Q2 2026 revenue and antitrust charge
    Confirms EN U.S. Securities and Exchange Commission (SEC EDGAR) Published Sep 15, 2026: Trip.com Group Q2 2026 Results (Form 6-K)
    Confirms EN U.S. Securities and Exchange Commission (SEC EDGAR) Published Apr 28, 2026: Trip.com Group 2025 Annual Report (Form 20-F)
  • Airline and transportation ticketing partners (multiple) High confidence· Amount ¥5.4B · Q2 2026 · Trip.com transportation ticketing segment revenue, not an airline-specific amount
    Commissions and service fees from air, rail and other ticketing. Segment revenue is not an airline-specific contract value.
    Confirms KO Newsis via Financial News Published Sep 17, 2026: Trip.com Q2 2026 revenue and antitrust charge
    Confirms EN U.S. Securities and Exchange Commission (SEC EDGAR) Published Sep 15, 2026: Trip.com Group Q2 2026 Results (Form 6-K)
    Confirms EN U.S. Securities and Exchange Commission (SEC EDGAR) Published Apr 28, 2026: Trip.com Group 2025 Annual Report (Form 20-F)
  • Corporate travel clients (multiple) High confidence· Amount ¥2.8B · FY2025 · Aggregate corporate travel service revenue
    Corporate travel clients contract on a service-fee basis.
    Confirms EN U.S. Securities and Exchange Commission (SEC EDGAR) Published Apr 28, 2026: Trip.com Group 2025 Annual Report (Form 20-F)
  • H World Group High confidence· Amount ¥182M · FY2025 · Accommodation commissions H World paid Trip.com
    H World is a named hotel partner that paid booking commissions.
    Confirms EN U.S. Securities and Exchange Commission (SEC EDGAR) Published Apr 28, 2026: Trip.com Group 2025 Annual Report (Form 20-F)

Pays to

  • Advertising and user-acquisition channels (multiple undisclosed) High confidence· Amount ¥14.9B · FY2025 · Total sales and marketing expense, not a named provider amount
    FY2025 sales and marketing expense was RMB14.904bn in total, not spending with any named ad provider.
    Confirms EN U.S. Securities and Exchange Commission (SEC EDGAR) Published Apr 28, 2026: Trip.com Group 2025 Annual Report (Form 20-F)
    Confirms KO Hana Securities Published Mar 7, 2025: Hana Global Weekly: Trip.com results and marketing costs
  • Tongcheng Travel (hotel promotion) High confidence· Amount ¥61M · FY2025 · Hotel promotion service fees Trip.com paid Tongcheng Travel
    Trip.com paid Tongcheng to promote travel suppliers’ hotel rooms on Tongcheng’s platform.
    Confirms EN U.S. Securities and Exchange Commission (SEC EDGAR) Published Apr 28, 2026: Trip.com Group 2025 Annual Report (Form 20-F)
  • Travel-product suppliers (multiple undisclosed) High confidence
    Payments to suppliers on principal travel products and tours; agency bookings are not all inventory purchases.
    Confirms EN U.S. Securities and Exchange Commission (SEC EDGAR) Published Apr 28, 2026: Trip.com Group 2025 Annual Report (Form 20-F)
  • Payment and card processors (multiple undisclosed) High confidence
    Credit-card and online/mobile payment processing fees; provider-level amounts are undisclosed.
    Confirms EN U.S. Securities and Exchange Commission (SEC EDGAR) Published Apr 28, 2026: Trip.com Group 2025 Annual Report (Form 20-F)

Investors

  • Booking Holdings High confidence· Amount $500M · FY2014 · Investment in a five-year senior convertible note issued by Ctrip
    Historical $500m 2014 convertible-note investment by Priceline Group; this does not assert a current stake.
    Confirms EN SEC EDGAR Published Feb 19, 2015: The Priceline Group Inc. 2014 Annual Report on Form 10-K
  • Baidu High confidence· Market share 7 percent · FY2025 · Baidu owns approximately 7% of Trip.com; RMB23.1bn fair value is a separate valuation basis
    Baidu held about 7% at year-end 2025 and retained significant influence through one board seat.
    Mentions EN U.S. Securities and Exchange Commission (SEC EDGAR) Published Apr 28, 2026: Trip.com Group 2025 Annual Report (Form 20-F)
    Confirms EN Baidu Investor Relations Published Mar 17, 2026: Baidu 2025 Annual Report (Form 20-F)
    Confirms EN SEC EDGAR Published Mar 17, 2026: Baidu FY2025 Annual Report (Form 20-F)

Investments

  • Tongcheng Travel High confidence· Amount ¥7.4B · FY2025 · Carrying value of Trip.com equity-method investment in Tongcheng Travel
    Equity-method investment carrying amount, separate from hotel commissions and promotion service fees.
    Confirms EN U.S. Securities and Exchange Commission (SEC EDGAR) Published Apr 28, 2026: Trip.com Group 2025 Annual Report (Form 20-F)
  • MakeMyTrip High confidence· Market share 17 percent · FY2025 · Trip.com stake in MakeMyTrip after a 34,372,221-share repurchase in 2025
    MakeMyTrip repurchased Trip.com-held shares for about $3.0bn in 2025, reducing the remaining stake from roughly 49% to 17%; it remains an equity-method investment.
    Confirms EN U.S. Securities and Exchange Commission (SEC EDGAR) Published Apr 28, 2026: Trip.com Group 2025 Annual Report (Form 20-F)

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

CompanyChain'21'22'23'24'25YTD
Trip.com Groupnode·+44.5-3+95.8-12.2-34.7
Booking Holdings Inc.benef1+7.7-16+76+41.3+8.6-9.3
Baidubenef1·-8.2-23.4-13.5+74.2-45.7
NVIDIAbenef2+125.5-50.3+239+171.2+38.9+23.2
Alphabet (Google)benef2+65.3-39.1+58.3+36+66+8.3

YTD as of 2026-10-23 · source: Yahoo Finance

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.

Analysis generated from returns as of 2026-10-23

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