Overview
- Q3 net revenue rose 16% year over year to CNY 18.3 billion, beating consensus expectations.
- Adjusted EBITDA reached CNY 6.35 billion and non-GAAP EPADS came in at $3.87, with EPS aided by gains from asset sales.
- Following the guidance update, Benchmark now models roughly 17% fourth-quarter revenue growth.
- Benchmark’s Fawne Jiang reaffirmed a Buy rating and increased the price target to $82, citing international scale and operating leverage.
- Shares traded in the low $70s after the results, as a 30% Golden Week booking surge and ongoing AI investment reinforced a longer-run, international-led growth thesis.