Trip.com Group, China’s largest online travel agency, says it expects second-quarter revenue growth to be the slowest in more than three years and warns of a “significant fine” from an ongoing antitrust probe by the country’s top market regulator.

The company reported on Thursday that first-quarter revenue rose 17 per cent to 16.2 billion yuan (US$2.4 billion), but forecast growth of 3 to 8 per cent in the second quarter, the weakest since late 2022.

Profit for the March quarter dropped almost 42 per cent to 2.5 billion yuan, the lowest since late 2024.

“Rising energy prices and recent geopolitical tensions have led to higher airfares, tighter airline capacity, and disruptions on certain international routes, particularly long-haul travel, contributing to a moderation in air travel demand and changes in booking patterns,” chief financial officer Cindy Wang said on an earnings call on Thursday.

Trip.com, which operates the Ctrip and Qunar platforms in China, said the antitrust investigation, announced in January by the State Administration for Market Regulation, “could directly result in a significant fine, other financial penalties [or] changes to the company’s business practices”, which “may have a material adverse effect on the company’s consolidated financial position, results of operations, or cash flows”.

The company added it could not “predict the timing, outcome or consequences of the investigation, or estimate the possible loss”.