Deutsche Bank has released a research report stating that Trip.com Group-S (09961) delivered better-than-expected performance in the fourth quarter of last year, reflecting robust demand across all business segments. The international business platform recorded approximately 60% year-on-year growth, primarily benefiting from increased online penetration in the Asia-Pacific region. The average daily rate for domestic hotels also resumed year-on-year growth. The price target has been lowered from HKD 724 to HKD 630, while the "Buy" rating is maintained. However, Deutsche Bank also cautioned that risks from the regulatory side have not yet dissipated. The investigation by the State Administration for Market Regulation and its potential operational adjustments remain the primary risks. In light of potential impacts, revenue forecasts for fiscal years 2026 and 2027 have been lowered by 1%, and adjusted net profit forecasts have been reduced by 4% and 5%, respectively.