Trip.com Group Reports Significant Revenue Growth in 2025 Financial Results
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 25 2026
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Should l Buy NOAH?
Source: PRnewswire
- Revenue Growth: Trip.com Group reported net revenue of RMB 15.4 billion (US$2.2 billion) for Q4 2025, a 21% year-over-year increase, indicating strong travel demand despite a 16% quarter-over-quarter decline primarily due to seasonality.
- Accommodation Booking Performance: Q4 accommodation reservation revenue reached RMB 6.3 billion (US$899 million), up 21% year-over-year, accounting for 42% of total revenue, reflecting the company's sustained growth potential in the accommodation market.
- Corporate Travel Revenue: Corporate travel revenue for Q4 2025 was RMB 808 million (US$116 million), a 15% increase year-over-year, demonstrating enhanced market demand among corporate clients, which is expected to further drive long-term growth.
- Board Changes: Trip.com announced changes to its board, with co-founders Min Fan and Qi Ji resigning, while appointing May Yihong Wu and Iris Yang Xiao as new independent directors, aiming to introduce diverse expertise to support the company's future strategy.
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Analyst Views on NOAH
About NOAH
Noah Holdings Ltd is an investment holding company primarily engaged in the provision of wealth management services. The Company operates its business through three segments. The Wealth Management Business segment is engaged in offering various investment products, including primarily domestic and overseas mutual fund products, private secondary products and other products as well as providing customized value-added financial services, including investor education and trust services. The Asset Management Business segment is engaged in managing clients’ investments in private equity, real estate, public securities, multi-strategy and other investment products. The Other Businesses segment includes lending services and other services. The Company conducts its business in the domestic and overseas markets.
About the author

Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
- Strong Earnings Outlook: This week, 213 companies are set to report earnings, with aerospace and defense firm AAR (AIR) leading the pack with a quant rating of 4.84, indicating robust performance that could drive stock price increases.
- Asset Management Success: Noah Holdings (NOAH) follows closely with a rating of 4.78, reflecting solid growth in the asset management sector, which is likely to attract more investor interest.
- Weak Industry Performance: Healthcare companies are prominently featured among the lowest-rated stocks, with semiconductor firm Blaize Holdings (BZAI) scoring just 1.01, highlighting severe valuation and growth issues that may erode investor confidence.
- Other High-Profile Companies: Lithium Argentina (LAC) and pet product company Chewy (CHWY) are also reporting this week, holding ratings of 2.68 and 2.82 respectively, indicating a cautious market outlook on their future performance.
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- Earnings Release Schedule: Noah Holdings plans to report its unaudited financial results for the fourth quarter ended December 31, 2025, after U.S. market close on March 24, 2026, demonstrating the company's commitment to transparency and information disclosure.
- Conference Call Timing: The management team will hold an earnings conference call at 8:00 p.m. U.S. Eastern Time on March 24, 2026, aimed at communicating financial performance and future outlook with investors, thereby enhancing investor relations.
- Investor Participation Method: The conference call can be accessed via toll-free dial-in numbers from multiple countries, including Hong Kong, the U.S., and Mainland China, ensuring global investors can easily join and enhancing the accessibility of information.
- Assets Under Management: As of September 30, 2025, Noah Holdings managed assets totaling RMB 143.5 billion (approximately USD 20.2 billion) through its asset management business, reflecting its strong capabilities and market influence in the wealth management sector.
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- Earnings Report Schedule: Noah Holdings is set to release its unaudited financial results for the fourth quarter and full year 2025 after U.S. market close on March 24, 2026, reflecting the company's commitment to transparency and investor communication.
- Conference Call Details: The management team will hold an earnings conference call at 8:00 p.m. U.S. Eastern Time on March 24, 2026, which is expected to attract investor attention and provide insights into future business outlook, thereby enhancing market confidence.
- Investment Product Distribution: As of September 30, 2025, Noah has distributed investment products totaling RMB 50.1 billion (approximately USD 7.0 billion), indicating its strong market position among high-net-worth clients and ongoing growth potential.
- Client Base Expansion: With 466,153 registered clients as of September 30, 2025, Noah Holdings demonstrates extensive influence and trust in the wealth management sector, further solidifying its market leadership.
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- Revenue Growth: Trip.com Group reported net revenue of RMB 15.4 billion (US$2.2 billion) for Q4 2025, a 21% year-over-year increase, indicating strong travel demand despite a 16% quarter-over-quarter decline primarily due to seasonality.
- Accommodation Booking Performance: Q4 accommodation reservation revenue reached RMB 6.3 billion (US$899 million), up 21% year-over-year, accounting for 42% of total revenue, reflecting the company's sustained growth potential in the accommodation market.
- Corporate Travel Revenue: Corporate travel revenue for Q4 2025 was RMB 808 million (US$116 million), a 15% increase year-over-year, demonstrating enhanced market demand among corporate clients, which is expected to further drive long-term growth.
- Board Changes: Trip.com announced changes to its board, with co-founders Min Fan and Qi Ji resigning, while appointing May Yihong Wu and Iris Yang Xiao as new independent directors, aiming to introduce diverse expertise to support the company's future strategy.
See More

- Shift in Wealth Management: Noah Holdings' H1 2026 CIO Report indicates a strategic shift in wealth management from maximizing short-term returns to preserving long-term stability, reflecting adjustments in response to macroeconomic uncertainties.
- AI Infrastructure Investment: The report emphasizes that AI infrastructure has become a cornerstone of strategic portfolios, with expected sustained spending on energy systems and digital infrastructure over the next 10-20 years, which will lower portfolio volatility and enhance cross-cycle stability.
- Three-Layer Allocation Framework: Noah's CIO Office introduces a three-layer allocation framework designed to integrate AI infrastructure into family portfolios, highlighting the importance of maintaining direction, dignity, and autonomy across all market conditions.
- Ongoing Professional Judgment: Since 2022, Noah has published ten CIO reports, creating a reusable judgment framework to navigate global macro shifts, continuing to provide families with professional judgment and long-term vision.
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- Shift in Wealth Management Strategy: Noah Holdings' H1 2026 CIO Report indicates a fundamental shift in wealth management objectives from maximizing short-term returns to ensuring long-term stability, highlighting the importance of AI infrastructure as a critical asset class that will influence investment directions over the next 10-20 years.
- Investment Value in AI Infrastructure: The report emphasizes that the investment value of AI infrastructure lies in its physical and operational foundations, including next-generation data centers and smart grids, which will lower portfolio volatility and enhance cross-cycle stability, thereby improving long-term security in family wealth management.
- Three-Layer Allocation Framework: Noah introduces a three-layer allocation framework designed to integrate core long-term assets, liquidity and risk management layers, and legacy structures to ensure continuity of family wealth across market cycles, reflecting a commitment to long-term family development.
- Ongoing Market Insights: Since 2022, Noah's CIO Office has published ten reports, creating a reusable judgment framework that aids families in maintaining direction and decision-making capacity amid global macro shifts, further solidifying its professional standing in the wealth management sector.
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