Strong Full-Year Gross Bookings and Revenue Growth
Core OTA gross bookings of approximately RMB 1.1 trillion for FY2025; Group net revenue of RMB 62.4 billion, up 17% year-over-year.
Robust Q4 Revenue and Quarterly Growth
Fourth-quarter net revenue of RMB 15.4 billion, up 21% year-over-year, driven by winter holiday travel demand.
Profitability and Cash Strength
Income from operations of RMB 15.8 billion (up 11% YoY); adjusted EBITDA of RMB 18.9 billion for FY2025 (up 11% YoY); Q4 adjusted EBITDA RMB 3.4 billion vs RMB 3.0 billion year-ago; cash and liquid assets balance of RMB 105.8 billion (USD 15.1 billion) as of Dec 31, 2025.
Accommodation and Transportation Revenue Growth
Accommodation reservation revenue: RMB 26.1 billion for FY2025 (up 21% YoY); Q4 accommodation revenue RMB 6.3 billion (up 21% YoY). Transportation ticketing revenue: RMB 22.5 billion for FY2025 (up 11% YoY); Q4 transportation revenue RMB 5.4 billion (up 12% YoY).
International Expansion Momentum
Gross bookings on the international OTA platform grew ~60% year-over-year; international business contributed about 40% of total revenue/bookings in 2025 (up from ~35% in 2024).
Inbound Travel Surge and Supply Activation
Served approximately 20 million inbound travelers in 2025 with inbound demand described as close to ~100% YoY growth; connected inbound demand to ~150,000 hotels with over 63,000 hotels receiving inbound visitors via the platform for the first time.
Product & Segment Highlights: Private Tours, Entertainment and Corporate Travel
Private tours business grew >20% in 2025 and generated ~RMB 11 billion in transaction value for the industry; entertainment-plus-travel delivered triple-digit growth and 1,540 shows ticketed globally; corporate travel revenue RMB 2.8 billion for FY2025 (up 13% YoY) with ~28,000 Chinese enterprises served.
Strategic Investments & Recognition
Invested >RMB 1 billion in inbound travel initiatives and ~RMB 2.9 billion to enhance user experience and customer protection; launched a USD 100 million Tourism Innovation Fund; received industry awards (Best OTA in Asia, Brand of the Year in Korea).
Member & Platform Engagement Gains
Old Friends Club membership and total GMV increased over 100% YoY in Q4; Influencer 4 Biz hub now serves 500,000+ partners with commercial collaborations growing nearly 80% month-over-month.