Tongcheng is likely to report 4Q25E results ~mid-Mar, and we expect revs and adj. profit largely in line with consensus. With expectation of ADR recovery and low teens room nights growth, we maintain 4Q25E hotel revs growth at 15.8% yoy, while transportation growth could be more supported by take rates improvement. Into 2026E, expansion into lower-tier cities and outbound travel, together with further ADR improvement, likely continue to drive teens hotel revs growth as well as slight margin improvement. We ...