diff --git a/src/core/render/embed.js b/src/core/render/embed.js
index d6044846d..13151ec2e 100644
--- a/src/core/render/embed.js
+++ b/src/core/render/embed.js
@@ -1,7 +1,8 @@
 import { stripIndent } from 'common-tags';
+import { getParentPath, getPath } from '../router/util.js';
 import { get } from '../util/ajax.js';
 
-const cached = {};
+const cached = new Map();
 
 /**
  * Extracts the content between matching fragment markers in the text.
@@ -132,9 +133,20 @@ function walkFetchEmbed({ embedTokens, compile, fetch, frontMatter }, cb) {
 }
 
 export function prerenderEmbed({ compiler, raw = '', fetch }, done) {
-  const hit = cached[raw];
+  // Match the base used by compileEmbed to resolve relative includes.
+  const contentDirectory = getPath(
+    compiler.contentBase,
+    getParentPath(compiler.router.getCurrentPath()),
+  );
+  let directoryCache = cached.get(contentDirectory);
+  if (!directoryCache) {
+    directoryCache = new Map();
+    cached.set(contentDirectory, directoryCache);
+  }
+
+  const hit = directoryCache.get(raw);
   if (hit) {
-    const copy = hit.slice();
+    const copy = hit.tokens.slice();
     copy.links = hit.links;
     return done(copy);
   }
@@ -271,8 +283,8 @@ export function prerenderEmbed({ compiler, raw = '', fetch }, done) {
           }
         }
       } else if (!token) {
-        cached[raw] = tokens.concat();
-        tokens.links = cached[raw].links = links;
+        directoryCache.set(raw, { tokens: tokens.concat(), links });
+        tokens.links = links;
         done(tokens);
       }
     },
diff --git a/test/e2e/embed.test.js b/test/e2e/embed.test.js
new file mode 100644
index 000000000..4c211786e
--- /dev/null
+++ b/test/e2e/embed.test.js
@@ -0,0 +1,31 @@
+import docsifyInit from '../helpers/docsify-init.js';
+import { test, expect } from './fixtures/docsify-init-fixture.js';
+
+test('resolves identical includes relative to each page directory', async ({
+  page,
+}) => {
+  const markdown = '# Example\n\n[snippet](snippet.js ":include :type=code")';
+
+  await docsifyInit({
+    markdown: {
+      homepage: '# Home',
+      sidebar: '- [First](first/)\n- [Second](second/)',
+    },
+    routes: {
+      '/first/README.md': markdown,
+      '/second/README.md': markdown,
+      '/first/snippet.js': 'const example = "first";',
+      '/second/snippet.js': 'const example = "second";',
+    },
+  });
+
+  const sidebar = page.locator('.sidebar-nav');
+  const code = page.locator('#main pre code');
+
+  await sidebar.getByRole('link', { name: 'First', exact: true }).click();
+  await expect(code).toHaveText('const example = "first";');
+  await sidebar.getByRole('link', { name: 'Second', exact: true }).click();
+  await expect(code).toHaveText('const example = "second";');
+  await sidebar.getByRole('link', { name: 'First', exact: true }).click();
+  await expect(code).toHaveText('const example = "first";');
+});
diff --git a/test/unit/embed-cache.test.js b/test/unit/embed-cache.test.js
new file mode 100644
index 000000000..1b9ee40ee
--- /dev/null
+++ b/test/unit/embed-cache.test.js
@@ -0,0 +1,37 @@
+import { prerenderEmbed } from '../../src/core/render/embed.js';
+
+test('reuses prerendered tokens across anchors without mixing content directories', () => {
+  let currentPath = '/first/?id=one';
+  let lexerCalls = 0;
+  const compiler = {
+    contentBase: '/docs/',
+    router: { getCurrentPath: () => currentPath },
+    config: {},
+    _marked: {
+      lexer: () => {
+        lexerCalls += 1;
+        return Object.assign([], { links: {} });
+      },
+    },
+  };
+  const render = target =>
+    prerenderEmbed({ compiler: target, raw: '# Example' }, () => {});
+
+  render(compiler);
+  currentPath = '/first/?id=two';
+  render(compiler);
+  currentPath = '/first/page';
+  render(compiler);
+  expect(lexerCalls).toBe(1);
+
+  currentPath = '/second/';
+  render(compiler);
+  expect(lexerCalls).toBe(2);
+
+  currentPath = '/first/';
+  render(compiler);
+  expect(lexerCalls).toBe(2);
+
+  render({ ...compiler, contentBase: '/other/' });
+  expect(lexerCalls).toBe(3);
+});