On the whole contract, First of all, we will continue to strengthen the layout of our core cities and core business circles in China to catch up with the basic standards of high-end commercial travel and city culture. On the other hand, we are also choosing to capture the part of leisure demand to increase red power, such as the key potential market of Qiangshan County, as well as some cities in the 5A-level scenic areas with stable traffic.

May 13, 2026 / CFO / receipt, needs a key / Wu Jianfeng, CFO | earnings call 2026-05-13 | transcript 3bf3f70a-6986-4a30-9c94-1f4660778679 | chars 33874-34319 | segment 35

Hotel operating costs for the second quarter of 2025 increased by 15.1% year-over-year and 21.3% quarter-over-quarter to RMB 893 million. These increases were primarily due to the increases in variable cost, such as the supply chain cost and hotel manager cost associated with our ongoing hotel network expansion.

Aug 26, 2025 / CFO / receipt, needs a key / Wu Jianfeng, CFO | earnings call 2025-08-26 | transcript e0fd5e0a-96d6-4724-b53c-d22089ef3ab7 | chars 20414-20727 | segment 20

Technology and development expenses for the first quarter of 2024 were RMB 24 million, compared with RMB 17 million for the same period of 2023. The increase was mainly due to the increased investment in technology systems and infrastructure to support our expanding hotel network and retail business. as well as improve the customer experience.

May 23, 2024 / receipt, needs a key / Wu Jianfeng, co-CFO | earnings call 2024-05-23 | transcript cce2ecec-7330-4d42-9bbb-77b742b714ac | chars 21691-22036 | segment 22