EarningsAdjusted net profit was RMB24b, below expectations of RMB26b.
Financial PerformanceConsolidated EBITA came in light at 24bn RMB vs 26bn RMB of consensus, as other business segments saw increased investments for future growth.
ProfitabilityGrowth has a cost with F4Q segment margin declining to -15% vs. -12% margin in F3Q, with expectations of further losses in FY25 as the company leans into marketing spend.