Guotai Junan International: Maintaining a "buy" rating for Ctrip Group-S (09961.HK) with a stable outlook for performance improvement.

According to the IPO App, Guo Zheng Guoji issued a research report stating that it maintains a "buy" rating on Ctrip Group-S (09961.HK), with its 3Q25 performance slightly exceeding expectations, with net income increasing by 16% year-on-year to 18.4 billion yuan, and operating profit margin remaining stable at 30%. Outbound and international business growth is strong, recovering to 140% and maintaining a high growth rate of over 60% respectively before the epidemic, with inbound tourism doubling year-on-year.