89677QAB3

Key takeaways

• Other income rose to RMB21.3B, mainly from a RMB15.4B gain on disposal of long-term investments and a RMB4.0B fair-value gain on equity securities, both one-off non-cash or disposal items. Revenue rose 17% to RMB62.5B as accommodation reservation grew 21% to RMB26.1B on outbound and international hotel demand and transportation ticketing increased 11% to RMB22.5B on international air bookings. Sales and marketing expenses rose 25% to RMB14.9B, outpacing revenue and lifting the ratio to 24% of net revenues. Operating cash flow fell to RMB14.4B from RMB19.6B, driven by higher working capital needs including a significant increase in prepayments. Equity method investments totaled US$2.4B as of December 31, 2025 and remain subject to impairment review.