• Trip.com Group Limited recently reported its full-year 2025 results, with revenue rising to CNY 62.41 billion and net income reaching CNY 33.29 billion, while also announcing board changes including the departure of co-founders Min Fan and Qi Ji and the appointment of new independent directors May Yihong Wu and Iris Yang Xiao.
• These developments came alongside disclosure of an antitrust investigation by China’s market regulator and related shareholder legal scrutiny, placing Trip.com’s governance, regulatory risk, and earnings power under increased investor focus.
• We’ll now examine how the antitrust probe and leadership changes may influence Trip.com Group’s investment narrative and long-term outlook.

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Trip.com Group Investment Narrative Recap

To stay invested in Trip.com Group, you need to be comfortable with a China-centric online travel platform that is growing revenue while managing regulatory and governance scrutiny. The antitrust investigation and co-founder departures put the near term focus squarely on regulatory outcomes as the key catalyst and on potential penalties or business practice changes as the most immediate risk, but they do not yet alter the core travel demand thesis.

Against this backdrop, the full year 2025 earnings release is especially important, as it shows revenue of CNY 62,409 million and net income of CNY 33,294 million at a time when the market is reassessing the stock after the antitrust disclosure. How investors weigh those reported profits against possible regulatory constraints and higher compliance costs could meaningfully shape sentiment around Trip.com Group’s next phase.

But while earnings have held up, the regulatory probe is a reminder that investors should be aware of...

Trip.com Group's narrative projects CN¥83.3 billion revenue and CN¥23.1 billion earnings by 2028.

Uncover how Trip.com Group's forecasts yield a $87.08 fair value, a 69% upside to its current price.

Exploring Other Perspectives

Two members of the Simply Wall St Community currently see Trip.com Group’s fair value between US$87.08 and US$148.63, underscoring how far opinions can stretch. You should weigh these against the potential impact of China focused regulatory and antitrust risks before forming your own view, and consider exploring several of these alternative perspectives in detail.

Explore 2 other fair value estimates on Trip.com Group - why the stock might be worth just $87.08!

The Verdict Is Yours

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• A great starting point for your Trip.com Group research is our analysis highlighting 5 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Trip.com Group research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Trip.com Group's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.