Regulatory Environment - As of December 31, 2024, a total of RMB1,455 million (US$199 million) was not distributable in the form of dividends due to PRC regulations[189]. - The share capital of RMB2,726 million (US$373 million) as of December 31, 2024, is considered restricted due to PRC regulations[189]. - Current PRC laws permit subsidiaries to pay dividends only out of accumulated profits, which are determined according to PRC accounting standards[189]. - PRC regulations may delay or prevent the company from using proceeds from offerings to make loans or additional capital contributions to PRC subsidiaries[190]. - Loans to PRC entities are subject to statutory limits based on total investment and registered capital[191]. - The company must comply with foreign exchange regulations when financing PRC entities, which may affect liquidity and business expansion[192]. - If treated as a PRC resident enterprise, the company could be subject to a 25% PRC income tax on worldwide income[197]. - Non-compliance with PRC regulations could result in fines or sanctions, affecting the ability to grant shares or share options[193]. - The Foreign Investment Law and its implementing rules may impact the company's business operations and financial condition, particularly regarding the VIE structure[219]. - The company may face substantial uncertainties regarding compliance with future regulatory changes related to foreign investments[219]. Financial Performance - In 2022, the company recorded a net loss of RMB1,821 million due to the impact of COVID-19, but operating income in 2023 rebounded to RMB4,714 million and net income reached RMB4,085 million (US$575 million)[229]. - For 2024, the company anticipates operating income of RMB5,200 million and net income of RMB3,048 million (US$418 million)[229]. - As of December 31, 2024, current liabilities exceeded current assets by US$15 million, indicating potential liquidity challenges[229]. - The company may need to seek additional capital through the sale of equity or debt securities, which could dilute existing shareholders' interests[228]. - The company has not entered into hedging transactions to mitigate dilution from the conversion of convertible senior notes due 2026[232]. Market and Trading Conditions - The market price for the company's ADSs has been volatile, ranging from a low of US$27.56 to a high of US$42.04 on the NASDAQ in 2024[220]. - The ordinary shares on the Hong Kong Stock Exchange experienced a high of HK$33.3 and a low of HK$21.0 in 2024[220]. - The trading market for the company's ordinary shares on the Hong Kong Stock Exchange may not be sustained, affecting market price and liquidity[223]. - Short selling practices may lead to significant volatility in the prices of the company's ADSs and ordinary shares[227]. - The company has had to allocate resources to investigate and respond to short seller reports, which could divert management's attention from core operations[227]. Corporate Governance and Shareholder Rights - The company is permitted to rely on exemptions from certain NASDAQ corporate governance standards, which may afford less protection to shareholders[245]. - The company's articles of association contain anti-takeover provisions that could limit opportunities for shareholders to sell their shares at a premium[246]. - There are uncertainties regarding the enforceability of U.S. and Hong Kong court judgments in the Cayman Islands, China, and Germany, which may limit shareholder rights[251]. - The company may face difficulties in protecting shareholder interests due to the legal environment in the Cayman Islands compared to jurisdictions like the U.S. or Hong Kong[253]. - There are significant legal obstacles in China for pursuing shareholder claims or regulatory investigations that are common in the U.S.[255]. Operational Structure - The company operates primarily through subsidiaries in China and Europe, and investors do not hold equity interest in the operating entities in China[203]. - The company relies on contractual arrangements with Consolidated Affiliated Entities to operate restricted businesses, which may not be as effective as direct ownership[210]. - If the contractual arrangements are deemed illegal by PRC authorities, the company may lose control over the Consolidated Affiliated Entities[208]. - The company may face substantial costs and limitations if it exercises the option to acquire equity ownership of the Consolidated Affiliated Entities[214]. - The company relies on legal representatives to execute contracts, which poses risks if they misuse their authority[218]. Audit and Inspection - The PCAOB signed a Statement of Protocol with the CSRC and the Ministry of Finance of the PRC on August 26, 2022, allowing for inspections of registered public accounting firms in Mainland China and Hong Kong[201]. - The PCAOB announced on December 15, 2022, that it could inspect and investigate audit firms in Mainland China and Hong Kong, resulting in the company not being a Commission-Identified Issuer for the fiscal years 2022 and 2023[201]. - The company was identified as a "Commission-Identified Issuer" on May 26, 2022, which could lead to trading prohibitions if audit reports are not inspected for two consecutive years[200]. - The PCAOB's ability to inspect firms may be obstructed by PRC authorities in the future, which could lead to new determinations affecting trading status[201]. - The delisting of the company's ADSs could materially and adversely affect the value of investments[201]. Shareholder Dilution and Rights - The company holds approximately 127.5 million non-vested restricted stocks and 28.0 million share options outstanding, which could lead to dilution if sold[230]. - Holders of ADSs may not receive dividends or distributions if it is deemed illegal or impractical to make them available[235]. - Hong Kong stamp duty may apply to the trading or conversion of the company's ADSs, currently set at a total rate of 0.2% of the greater of the consideration or the value of shares transferred[262]. - The trading prices of the company's ordinary shares and ADSs may be affected by the different characteristics of the capital markets in Hong Kong and the U.S.[256]. - The time required for the exchange between ordinary shares and ADSs may be longer than expected, potentially preventing investors from settling or effecting sales during delays[258].

第137届中国进出口商品交易会（广交会）将于2025年4月15日至5月5日在广州举办。伴随广交会的临 近，白云机场口岸客流呈现稳步增长态势。广州酒店业已迎来客商入住高峰，共建"一带一路"国家采购 商占比显著提升，"商务+度假"类型的客人比例增加。 广州酒店业已迎来广交会客商入住高峰 来自岭南酒店的数据显示，根据当前的预定情况，预计本届春交会期间，酒店普通散客及团队与去年同 期相比有所提升，广交会首期酒店客房收入预计同比会有一定增长；广交会第二期、第三期预计会采取 更为灵活的经营策略，以更为创新型产品及体验来吸引更多新客群，为酒店经营带来新空间。 爱群大酒店在2025年春季广交会第一期岭居创享公寓沿江路店江景双床房已订满，主要以线上渠道预订 为主。价格方面为了保持高性价比，特别推出连住优惠和连住赠餐券的超高性价比套餐，更可凭房卡到 餐厅消费享受折扣等多种实惠措施。今年爱群大酒店岭居创享公寓不仅提供优质的自助早餐，房间内洗 烘一体洗衣机，为客人多天入住清洗其衣物，更增设广交会接驳巴士服务，有望通过交通服务吸引更多 广交会的宾客入住临江房间的爱群大酒店。 另据消息，目前华住在广州拥有146家酒店，已经提前做好充分准 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7][15]. Core Views - The company reported Q4 2024 revenue of 6 billion yuan, a year-on-year increase of 7.8%, exceeding the previous guidance of 1%-5% growth. However, adjusted net profit fell by 37.9% to 320 million yuan, primarily due to a 420 million yuan impairment loss from the DH business [1]. - For 2024, the company expects revenue of 23.9 billion yuan, a year-on-year increase of 9.2%, and adjusted net profit of 3.72 billion yuan, a growth of 5.8% [1]. - The company anticipates a positive outlook for franchise growth in 2025, with expected revenue growth of 2%-6% and a focus on franchise and management income growth of 17%-21% [4]. Summary by Sections Financial Performance - Q4 2024 revenue was 6 billion yuan, with a year-on-year growth of 7.8%. Adjusted net profit was 320 million yuan, down 37.9% due to impairment losses [1]. - For 2024, revenue is projected at 23.9 billion yuan, a 9.2% increase, with adjusted net profit expected to reach 3.72 billion yuan, up 5.8% [1]. Operational Metrics - The RevPAR for Huazhu China in Q4 2024 was 222 yuan, down 3.1% year-on-year, while the DH segment saw a RevPAR of 81 euros, up 11.0% [2]. - The company plans to open 2,442 new stores in 2024, exceeding the target of 2,400, bringing the total to 11,147 hotels by year-end [3]. Future Guidance - For Q1 2025, the company expects revenue growth of 0%-4%, with franchise income projected to grow by 18%-22% [4]. - The company plans to open approximately 2,300 new stores in 2025, with a net increase of about 1,700 stores after closures [4]. Shareholder Returns - The company plans to return 770 million USD to shareholders in 2024, including 500 million USD in cash dividends and 270 million USD in share buybacks [5]. - Adjusted net profit forecasts for 2025-2027 are 4.49 billion yuan, 5.13 billion yuan, and 5.94 billion yuan, respectively, with corresponding PE ratios of 17, 15, and 13 [5].

Core Insights - The article highlights the top short-selling stocks in the Hong Kong market, indicating significant investor sentiment against these companies [1][2]. Short Selling Ratios - The top three stocks with the highest short-selling ratios are Great Wall Motors-R (89.22%), Li Ning-R (82.43%), and BYD Company-R (79.48%) [1][2]. - Other notable companies with high short-selling ratios include Baidu Group-SWR (77.03%) and Lenovo Group-R (73.78%) [2]. Short Selling Amounts - The highest short-selling amounts are recorded for Tencent Holdings (67.43 billion), Xiaomi Group-W (56.17 billion), and Alibaba-SW (52.37 billion) [1][2]. - BYD Company also appears in the top short-selling amounts with 38.64 billion [2]. Deviation Values - The stocks with the highest deviation values, indicating a significant difference from their average short-selling ratios over the past 30 days, are Hong Kong Exchanges-R (60.43%), Baidu Group-SWR (52.06%), and BYD Company-R (37.56%) [1][2]. - Great Wall Motors-R and China Bank Hong Kong-R also show notable deviation values of 35.61% and 35.39%, respectively [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a total revenue of 23.89 billion RMB in 2024, representing a year-on-year growth of 9.2%. The adjusted EBITDA was 7.45 billion RMB, up 13.9% year-on-year, indicating that despite a decline in RevPAR, rapid store openings offset significant performance pressure [4][5] - The company plans to maintain a rapid store opening pace, with a target of opening 2,300 new stores in 2025 while closing 600, resulting in a net increase of 1,700 stores. The focus will be on franchise operations and optimizing the existing self-operated store structure [5][6] Financial Performance Summary - For the fiscal year 2024, the company reported: - Revenue: 23,891 million RMB - Year-on-year growth: 9.2% - Adjusted EBITDA: 6,150 million RMB - Year-on-year growth: -10.1% - Net profit attributable to shareholders: 3,048 million RMB - Year-on-year growth: -25.4% [6][8] - Forecasted financials for 2025E, 2026E, and 2027E: - Revenue: 25,090 million RMB (5.0% growth), 26,837 million RMB (7.0% growth), 28,888 million RMB (7.6% growth) - Adjusted EBITDA: 7,227 million RMB (17.5% growth), 7,968 million RMB (10.3% growth), 8,848 million RMB (11.0% growth) - Net profit: 4,263 million RMB (39.9% growth), 4,852 million RMB (13.8% growth), 5,505 million RMB (13.5% growth) [6][8] Revenue Breakdown - In Q4 2024, the company achieved revenue of 60.2 billion RMB, a year-on-year increase of 7.8%, exceeding performance guidance. Revenue from domestic self-operated, domestic franchised, overseas self-operated, and overseas franchised segments were 21.8 billion RMB, 24.7 billion RMB, 12.0 billion RMB, and 0.3 billion RMB, respectively [5][6] RevPAR and Operational Metrics - For Q4 2024, the domestic RevPAR, ADR, and OCC were 222 RMB, 277 RMB, and 80.0%, showing year-on-year declines of 3.1%, 2.5%, and 0.5 percentage points. Conversely, overseas RevPAR, ADR, and OCC were 81 Euros, 115 Euros, and 70.5%, reflecting year-on-year increases of 10.7%, 0.2%, and 6.7 percentage points [5][6] Future Outlook - The company is expected to stabilize its RevPAR in 2025, driven by a normalized macroeconomic environment and the growth of the mid-to-high-end market. The long-term profit margin is anticipated to improve due to the ongoing light-asset strategy [5][6]

Core Insights - H World Group reported a revenue of 60 billion yuan in Q4 2024, a year-on-year increase of 7.8%, with hotel revenue reaching 237 billion yuan, up 16.5% [1] - For the full year 2024, the company achieved a total revenue of 239 billion yuan, reflecting a 9.2% increase, while hotel revenue was 928 billion yuan, marking a 15.5% growth [1] Group 1: Financial Performance - In Q4 2024, H World Group's hotel revenue was 237 billion yuan, showing a year-on-year growth of 16.5% [1] - The total revenue for the year 2024 was 239 billion yuan, which is a 9.2% increase compared to the previous year [1] - The company reported a total hotel revenue of 928 billion yuan for the year, reflecting a growth of 15.5% [1] Group 2: Operational Metrics - H World Group's occupancy rate in China was 81.2% in 2024, with a slight increase of 0.2 percentage points year-on-year [2] - The average daily rate (ADR) in China was 289 yuan, while the revenue per available room (RevPAR) was 235 yuan, indicating stable performance [2] - Internationally, key operational metrics for H World Group showed growth, with ADR increasing by 1.5%, occupancy rate rising by 2.7 percentage points, and RevPAR up by 5.9% [2] Group 3: Market Expansion - By the end of 2024, H World Group had 11,025 hotels in operation in China, covering 1,380 cities, an increase of 123 cities from the previous year [3] - The proportion of hotels in third-tier cities and below increased by 2 percentage points to 42% [3] - The company has 2,988 hotels under development, with 54% of these located in third-tier cities and below, which is 12 percentage points higher than the proportion of operating hotels [3] Group 4: Product and Brand Development - H World Group launched new hotel models, including "Hello 2.0" and "Haiyou," focusing on enhancing customer experience and operational efficiency [7][8] - The company reported that 36% of its HanTing hotels are now rated 3.5 stars and above, a 15 percentage point increase from the previous year [9] - The number of mid-to-high-end hotels in operation and under development grew by 35%, reaching 873 and 521 respectively [11] Group 5: Strategic Outlook - H World Group aims to continue its focus on high-quality development and expand its presence in lower-tier cities and untapped markets [11] - The company plans to enhance its brand and service quality, emphasizing customer-centric strategies and product upgrades [11] - H World Group is positioned as a "pathfinder" in the hotel industry, committed to improving service quality in response to government initiatives aimed at boosting consumption [12]

Investment Rating - The report assigns a "BUY" rating to the company, indicating a potential upside of 15% to 35% from the current price [6]. Core Insights - The company achieved a revenue of RMB 23.89 billion in 2024, representing a year-on-year increase of 9.2%, but net profit decreased by 25.4% to RMB 3.05 billion [6]. - The adjusted EBITDA for the year was RMB 6.8 billion, up 7.9% year-on-year, with the Huazhu segment contributing RMB 7 billion, a 12.9% increase [6]. - The company plans to maintain a rapid pace of hotel openings, targeting 2,300 new hotels in 2025 while closing 600 [6]. - The report forecasts net profits of RMB 3.47 billion, RMB 4.08 billion, and RMB 4.82 billion for 2025, 2026, and 2027, respectively, with corresponding EPS of RMB 1.11, RMB 1.30, and RMB 1.54 [8]. Summary by Sections Company Overview - The company operates in the social services industry, with a current H-share price of HKD 28.50 and a market capitalization of RMB 77.71 billion [2]. Financial Performance - The company reported total revenue of RMB 23.89 billion for 2024, with a breakdown of RMB 13.8 billion from leasing and owned hotels (up 0.3%) and RMB 9.5 billion from management and franchising (up 23.4%) [6]. - The net profit for the Huazhu segment was approximately RMB 3.6 billion, down 56.7% year-on-year, primarily due to foreign exchange losses and increased withholding tax [6]. Future Outlook - The company expects to maintain a high occupancy rate of 81.2% in 2024, with growth driven by its asset-light strategy and rapid expansion [6]. - A shareholder return plan totaling USD 2 billion over three years is set to enhance shareholder value, with an expected total of USD 770 million in dividends and share buybacks for the year [6].

Investment Rating - The report maintains a "Buy" rating for Huazhu Group-S (01179.HK) [1] Core Views - The company is expected to maintain a strong opening pace in 2025, with a focus on asset-light structural adjustments [1] - The Q4 revenue exceeded guidance, with a year-on-year increase of 7.8%, reaching 6.023 billion yuan [8] - The company plans to distribute a cash dividend of 500 million USD for 2024, with a payout ratio exceeding 100% [8] Financial Performance Summary - Total revenue for 2023 is projected at 21.882 billion yuan, with a year-on-year growth of 57.86% [1] - The net profit attributable to shareholders for 2023 is expected to be 4.085 billion yuan, reflecting a significant year-on-year increase of 324.33% [1] - The earnings per share (EPS) for 2023 is estimated at 1.27 yuan, with a price-to-earnings (P/E) ratio of 20.69 [1] Business Expansion and Guidance - As of Q4 2024, the number of stores in mainland China reached 11,025, a year-on-year increase of 19% [8] - The company plans to open 2,300 new stores in 2025 while closing 600, resulting in a net increase of 1,700 stores [8] - The revenue growth guidance for Q1 2024 is set at 0-4%, with expectations for gradual improvement in RevPAR [8] Profitability Forecast - The forecast for net profit attributable to shareholders for 2025 is 3.806 billion yuan, with a year-on-year growth of 23.20% [1] - The projected P/E ratios for 2025, 2026, and 2027 are 22, 19, and 17 respectively [1] - The report anticipates a continuous improvement in the market landscape, supported by the company's brand, traffic, and technology [8]

Exhibit 99.1 Contact Information Investor Relations Tel: +86 (21) 6195 9561 Email: ir@hworld.com https://ir.hworld.com H World Group Limited Reports Fourth Quarter and Full Year of 2024 Unaudited Financial Results Hotel turnover refers to total transaction value of room and non-room revenue from H World hotels (i.e., leased and operated, manachised and franchised hotels). The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB7.2993 on December 31, ...

Hotel Operations - As of December 31, 2024, the company operated 11,147 hotels, totaling 1,088,218 hotel rooms[6] - The company plans to open approximately 2,300 hotels and close about 600 hotels in 2025[7] - As of December 31, 2024, the company operates a total of 11,147 hotels and 1,088,218 rooms globally, including 122 hotels from Legacy-DH[8] - The company opened over 2,400 new hotels in 2024, surpassing the initial target of 1,800 hotels[12] - The total number of hotels remained unchanged at 7,163, with a total of 3,013 hotels in the pipeline as of December 31, 2024[77] Financial Performance - Hotel operating revenue for Q4 2024 increased by 16.5% year-over-year to RMB 23.7 billion, while the full year saw a 15.5% increase[6] - Q4 2024 revenue grew by 7.8% year-over-year to RMB 6 billion (approximately $825 million), exceeding previous guidance of 1% to 5% growth[6] - For the full year 2024, total revenue reached RMB 23,891 million, a 9.2% increase compared to 2023[14] - The revenue from Legacy-Huazhu for Q4 2024 was RMB 4,800 million, a year-over-year increase of 9.2%[13] - The revenue from management franchise and leasing hotels in Q4 2024 was RMB 25,000 million, a year-over-year increase of 24%[15] Profitability - Net profit attributable to the company for Q4 2024 was RMB 49 million (approximately $7 million), a decline from RMB 743 million in Q4 2023[6] - For the full year 2024, the net profit attributable to Huazhu Group Limited was RMB 3 billion (approximately $418 million), down from RMB 4.1 billion in 2023[27] - In Q4 2024, operating profit was RMB 902 million (approximately USD 123 million), compared to RMB 757 million in Q4 2023 and RMB 1.7 billion in Q3 2024[23] - For the full year 2024, operating profit reached RMB 5.2 billion (approximately USD 713 million), an increase from RMB 4.7 billion in 2023[23] Costs and Expenses - In Q4 2024, hotel operating costs amounted to RMB 4.2 billion (approximately USD 574 million), an increase from RMB 4.0 billion in Q4 2023 and RMB 3.8 billion in Q3 2024, primarily due to personnel cost increases from hotel network expansion[17] - For the full year 2024, hotel operating costs totaled RMB 15.3 billion (approximately USD 2.1 billion), compared to RMB 14.3 billion in 2023[18] - In Q4 2024, general and administrative expenses were RMB 725 million (approximately USD 99 million), an increase from RMB 644 million in Q4 2023 and RMB 672 million in Q3 2024[20] - For the full year 2024, general and administrative expenses totaled RMB 2.5 billion (approximately USD 344 million), compared to RMB 2.1 billion in 2023[21] Future Outlook - For Q1 2025, the company expects revenue growth of 0% to 4%, or 3% to 7% excluding DH[7] - For the full year 2025, the company anticipates revenue growth of 2% to 6%, or 5% to 9% excluding DH[7] - For Q1 2025, Huazhu expects revenue growth of 0% to 4%, or 3% to 7% excluding the DH segment, and management franchise revenue growth of 18% to 22%[33] - For the full year 2025, Huazhu anticipates revenue growth of 2% to 6%, or 5% to 9% excluding the DH segment, with management franchise revenue growth of 17% to 21%[33] Shareholder Returns - The company declared a cash dividend of approximately $300 million for the second half of 2024, equating to $0.097 per ordinary share[4] - Huazhu announced a shareholder return plan totaling up to USD 2 billion over three years, with approximately USD 767 million allocated for cash dividends and share repurchases in 2024[32] Non-GAAP Measures - The company utilizes non-GAAP financial measures such as adjusted net profit and adjusted EBITDA to provide meaningful supplemental information regarding its performance[37] - EBITDA is considered a useful financial indicator for assessing operational and financial performance before the impact of financing and taxes[39] - The company believes that adjusted EBITDA better reflects the financial performance capability of its hotels by excluding certain expenses[39] - The company's non-GAAP financial measures may not be comparable to similar measures used by other companies due to differences in calculation methods[41] Market Presence and Strategy - The company plans to continue expanding its management franchise and leasing models to enhance revenue streams and market presence[44] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[58] - The company is focusing on enhancing its brand and customer retention strategies to drive future growth in the hospitality sector[45] Debt and Cash Flow - The total debt and net cash balance as of December 31, 2024, were RMB 5.4 billion (approximately USD 743 million) and RMB 2.1 billion (approximately USD 288 million), respectively[30] - The operating cash inflow for Q4 2024 was RMB 2.7 billion (approximately USD 371 million), while the investment cash outflow was RMB 3.1 billion (approximately USD 424 million)[30] Operational Metrics - In Q4 2024, the average daily rate (ADR) for Legacy-Huazhu hotels was RMB 277, down from RMB 284 in Q4 2023 and RMB 301 in the previous quarter[10] - The occupancy rate for all operating Legacy-Huazhu hotels in Q4 2024 was 80.0%, compared to 80.5% in Q4 2023 and 84.9% in the previous quarter[10] - The average daily room rate for leased and owned hotels in Q4 2024 is projected to be RMB 353, a slight decrease of 0.7% compared to Q4 2023[68] - The occupancy rate for leased and owned hotels remained stable at 83.7% in Q4 2024, unchanged from the previous year[68]