品牌引领方面，顺应消费者追求高性价比产品的趋势，华住中国继续对由汉庭、全季、桔子组成的"金三角"品牌进行升级改造，截至季末，汉庭3.5及以上 产品、全季4.0及以上产品、桔子2.0及以上产品的占比分别升至了40%、78%、70%。 智通财经APP获悉，5月20日，华住集团(HTHT.US,01179)发布2025年一季度财务业绩。财报显示，今年一季度华住集团实现收入54亿元，同比增加2.2%;同 期酒店营业额为225亿元，同比增加14.3%。 华住集团首席执行官金辉表示: "虽然宏观环境依然存在一些挑战和不确定性，但华住将始终坚持长期主义，执行既定发展战略。专注优质网络扩张，强化品 牌定位及卓越服务，并以华住会为核心提升销售能力。" 韧性发展的价值密码 一季度，酒店行业发展呈现出复杂性特征：一方面，社会出行需求高企，热度传导到了酒店市场;另一方面，理性、实用等消费观念的兴起，也使得行业结 构出现了新变化，旧有发展模式亟待更新，这也对以华住为代表的大型酒店集团提出了更高的要求。 对此，华住集团继续贯彻高质量发展战略。一季度末，华住在营酒店数量为11,685家，客房数量为1,142,158间;其中，华住中国酒店数 ...

截至2025年3月31日，华住全球范围的在营酒店网络共有11685家酒店及114.22万间客房，包括Legacy- Huazhu的11564家酒店及Legacy-DH的121家酒店。于2025年第一季度内，我们的Legacy-Huazhu业务开 设694家酒店，包括2家租赁及自有酒店以及692家管理加盟及特许经营酒店，并合共关闭155家酒店，包 括7家租赁及自有酒店以及148家管理加盟及特许经营酒店。截至2025年3月31日，华住共有2888家待开 业酒店，包括来自Legacy-Huazhu业务的2865家酒店及来自Legacy-DH业务的23家酒店。 智通财经APP讯，华住集团-S(01179)发布截至2025年3月31日止第一季度财务业绩，该集团期内取得总 收入53.95亿元(人民币，下同)，同比增加2.22%;净利润8.99亿元，同比增加34.78;归属于华住集团有限 公司净利润8.94亿元，同比增加35.66%;;每股基本盈利0.29元。 于2025年第一季度，酒店营业额同比增加14.3%至人民币225亿元。不计入Steigenberger Hotels GmbH及 其附属公司，2025年第一季度的酒 ...

Financial Performance - Hotel revenue for Q1 2025 increased by 14.3% year-over-year to RMB 22.5 billion, and by 15.3% excluding Steigenberger Hotels GmbH[6] - Total revenue for Q1 2025 grew by 2.2% year-over-year to RMB 5.4 billion (approximately $744 million), aligning with previous guidance[6] - Net profit attributable to the company for Q1 2025 was RMB 894 million (approximately $123 million), compared to RMB 659 million in Q1 2024[6] - EBITDA for Q1 2025 was RMB 1.6 billion (approximately $222 million), up from RMB 1.3 billion in Q1 2024[6] - Adjusted EBITDA for Q1 2025 was RMB 1.5 billion (approximately $206 million), compared to RMB 1.4 billion in Q1 2024[6] - Operating profit for Q1 2025 was RMB 1.1 billion (approximately $149 million), a year-over-year increase of 7.9%[16] - The company recorded a net profit attributable to Huazhu Group Limited of RMB 894 million (approximately $123 million), a year-over-year increase of 35.7%[17] - The adjusted net profit (non-GAAP) for the quarter was RMB 771 million, compared to RMB 321 million in the previous quarter, indicating strong operational performance[41] - The adjusted EBITDA for the same quarter was RMB 1,421 million, up from RMB 1,246 million in the previous quarter, reflecting a strong operational performance[42] Revenue Expectations - The company expects Q2 2025 revenue to grow between 1% to 5% year-over-year, or 3% to 7% excluding DH[7] - The company expects revenue growth for Q2 2025 to be between 1% to 5% compared to Q2 2024, or between 3% to 7% excluding DH[20] - Management and franchise income is projected to increase by 18% to 22% compared to Q2 2024[20] Hotel Operations - As of March 31, 2025, the company operated 11,685 hotels with a total of 1,142,158 rooms[6] - The company opened 694 hotels in Q1 2025 and closed 155 hotels during the same period[8] - In Q1 2025, the company opened 694 new hotels in China, aiming for a total of approximately 2,300 new hotels for the year[11] - The total number of hotels as of March 31, 2025, was 11,564, with a net increase of 539 hotels during the first quarter of 2025[45] - The company has 2,865 hotels in the pipeline, indicating ongoing expansion plans[46] - The company has 2,888 hotels in the pipeline, indicating significant future expansion potential[52] Financial Position - As of March 31, 2025, the company's total cash and cash equivalents amounted to RMB 8.2 billion (approximately $1.1 billion), with restricted cash of RMB 121 million (approximately $16 million)[19] - The total debt and net cash balance as of March 31, 2025, were RMB 5.3 billion (approximately $726 million) and RMB 3.0 billion (approximately $418 million), respectively[19] - Total assets decreased from RMB 62,552 million on December 31, 2024, to RMB 61,559 million by March 31, 2025[32] - Total liabilities increased from RMB 50,281 million to RMB 50,937 million during the same period[33] - The company reported a decrease in total equity from RMB 12,271 million to RMB 10,622 million[33] - Short-term debt decreased slightly from RMB 880 million to RMB 849 million[33] - The company has a total of RMB 1,864 million in deferred revenue as of March 31, 2025[33] - Huazhu Group's goodwill increased from RMB 5,221 million to RMB 5,300 million[32] Market Strategy - The company continues to implement a light-asset strategy, focusing on quality network expansion and enhancing brand positioning[11] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and customer experience[40] 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[23] - EBITDA is considered a useful financial indicator reflecting operational and financial performance before financing and tax impacts[24] - The company believes that adjusted EBITDA better reflects its financial performance capabilities[25] - The use of EBITDA and adjusted EBITDA has certain limitations, as it does not account for depreciation, amortization, interest expenses, and income taxes[25] - The company emphasizes that non-GAAP measures should not be viewed as substitutes for GAAP financial measures[26] Hotel Segment Performance - Revenue from the Legacy-Huazhu segment in Q1 2025 was RMB 4.5 billion, a year-over-year increase of 5.5% driven by ongoing hotel network expansion[13] - The average daily rate for Legacy-Huazhu hotels in Q1 2025 was RMB 272, down from RMB 280 in Q1 2024[9] - The occupancy rate for Legacy-Huazhu hotels in Q1 2025 was 76.2%, compared to 77.2% in Q1 2024[9] - The occupancy rate for all operating Legacy-DH hotels in Q1 2025 was 61.1%, up from 55.8% in Q1 2024 but down from 70.5% in the previous quarter[12] - The revenue from management franchise and licensed hotels in Q1 2025 was RMB 2.5 billion (approximately $344 million), a year-over-year increase of 21.1%[14] - The average daily room rate for leased and owned hotels decreased by 2.2% year-over-year to RMB 346, while the occupancy rate dropped by 1.3 percentage points to 81.0%[47] - The average revenue per available room (RevPAR) for leased and owned hotels decreased by 3.8% year-over-year to RMB 280[47] Conference Call - The company will hold a conference call on May 20, 2025, to discuss its financial results[22]

Hotel Network Expansion - The company expanded its hotel network from 8,543 hotels as of December 31, 2022, to 11,147 hotels as of December 31, 2024, representing a compound annual growth rate (CAGR) of 14.2%[4] - The company is developing 3,013 new hotels, including 17 leased and owned hotels and 2,996 managed franchise hotels[4] - The hotel network covers 11,147 hotels across 1,115 cities in Greater China and 18 other countries, with an additional 3,013 hotels under development[37] Financial Performance - Total revenue for the company was RMB 13,862 million in 2022, RMB 21,882 million in 2023, and RMB 23,891 million in 2024, showing a significant recovery post-COVID-19[7] - The net profit attributable to the company was RMB 4,085 million in 2023 and RMB 3,048 million in 2024, compared to a net loss of RMB 1,821 million in 2022[7] - Adjusted EBITDA for the company was RMB 1,178 million in 2022, RMB 6,268 million in 2023, and RMB 6,820 million in 2024, indicating strong operational recovery[7] Loyalty Program - As of December 31, 2024, the company has over 266 million members in its loyalty program, with approximately 70% of room nights sold to these members[5] - As of December 31, 2024, the Huazhu loyalty program had over 266 million members, contributing to about 70% of room nights sold[73] Hotel Management and Operations - The company operates 4,139 existing HanTing hotels and has 711 HanTing hotels under development as of December 31, 2024[10] - The company’s unique hotel management approach balances scale, quality, and returns, allowing for effective expansion in a capital-light model[6] - The company provides comprehensive support to franchisees, including training, marketing, and operational assistance, to ensure product quality and consistency across its hotel network[47] Franchise and Licensing - The company has entered into a brand franchising agreement with Accor, gaining exclusive rights for several hotel brands in China and Mongolia[9] - The company charges franchise fees ranging from RMB 80,000 to RMB 1,000,000 per hotel, and monthly fees of approximately 3% to 6.5% of total revenue generated by each managed franchise hotel[48] - The company has 1,789 hotels in the conversion phase, with 1,224 hotels expected to be operational by the end of the reporting period[41] Technology and Innovation - The company has established a proprietary technology infrastructure that enhances customer experience and operational efficiency, supporting rapid growth[5] - The company utilizes a centralized revenue management system to adjust hotel room prices based on seasonal and market demand, optimizing revenue generation[59] - The company has developed a fully automated revenue management system that adjusts hotel prices in real-time based on market demand, aiming to maximize room revenue[64] Environmental Initiatives - Over 3,300 hotels are equipped with air source heat pumps, and nearly 1,000 hotels have adopted solar water heating systems as of the end of 2024[78] - The "Green Stay - No Towel Change" initiative has expanded to over 9,000 hotels, successfully avoiding the washing of over 7.8 million towels[80] - The company is actively collaborating with suppliers to develop eco-friendly materials, including straw toothbrushes and RPET bottled products[81] Regulatory Compliance - The company must comply with labor laws that protect employee rights, including the right to request non-fixed-term contracts after two consecutive fixed-term contracts[120] - The company must ensure strict confidentiality and security of personal information collected from users, as mandated by various regulations[123] - The company has established dedicated committees and centers to oversee data security, ensuring compliance with laws such as the Cybersecurity Law of the People's Republic of China and GDPR[69] Market Presence and Competition - The hotel industry is highly fragmented, with competition arising from independent hotels, other lodging facilities, and major hotel groups like Marriott and Hilton[74] - The company is expanding its market presence by entering three new countries, aiming for a 15% market share within the first year[94] Future Projections - The company provided guidance for the next quarter, projecting revenue between $1.6 billion and $1.8 billion, which reflects a growth rate of 10% to 20%[92] - The company expects continued revenue growth from managed franchise and licensed hotels due to an increase in the number of such hotels in its network[170] - The company plans to maintain a 15% preferential tax rate for its high-tech enterprises through 2026[183]

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].

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]

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]

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]

Investment Rating - Maintain "Buy" rating for the company [2][4] Core Views - The company maintains a positive store expansion pace, focusing on mid-to-high-end brands, increasing penetration in lower-tier cities, and enhancing business travel cooperation and member loyalty [4] - Domestic RevPAR is under pressure due to a high base effect from the previous year, with OCC showing resilience but ADR declining significantly [4] - The company expects 2024E/2025E/2026E revenues of 23.7/25.8/28.0 billion RMB, with YoY growth of 8.2%/9.1%/8.3%, and net profits of 3.7/4.4/4.8 billion RMB, with YoY changes of -9.3%/+17.4%/+11.2% [4] - The current stock price corresponds to 2024E/2025E/2026E P/E ratios of 19/16/15x [4] Financial Performance - 2024Q3 revenue reached 6.44 billion RMB, up 2.4% YoY, with domestic self-operated, domestic franchised, overseas self-operated, and overseas franchised revenues at 2.461, 2.568, 1.229, and 0.034 billion RMB, respectively [4] - Adjusted EBITDA for 2024Q3 was 2.11 billion RMB, down 9.5% YoY, with domestic and overseas segments contributing 2.09 and 0.02 billion RMB, respectively [4] - Adjusted EBITDA margin was 32.8%, down 4.3 ppts YoY and 0.4 ppts QoQ [4] - Adjusted net profit was 1.37 billion RMB, down 10.8% YoY [4] Operational Metrics - Domestic RevPAR, ADR, and OCC for 2024Q3 were 256 RMB, 301 RMB, and 84.9%, down 8.1%, 7.0%, and 1.0 ppts YoY, respectively [4] - Overseas RevPAR, ADR, and OCC for 2024Q3 were 82 EUR, 117 EUR, and 69.8%, up 3.7%, 2.5%, and 0.8 ppts YoY, respectively [4] - The company opened 790 new domestic stores in 2024Q3, with the full-year store opening guidance raised from 2,200 to 2,400 stores [4] - Total store count reached 10,845 by the end of 2024Q3, with over 800 new contracts signed during the quarter [4] Financial Projections - 2024E/2025E/2026E revenues are projected at 23.7/25.8/28.0 billion RMB, with YoY growth of 8.2%/9.1%/8.3% [5] - 2024E/2025E/2026E net profits are projected at 3.7/4.4/4.8 billion RMB, with YoY changes of -9.3%/+17.4%/+11.2% [5] - 2024E/2025E/2026E EBITDA is projected at 6.78/7.51/8.17 billion RMB, with YoY changes of -0.8%/+10.8%/+8.7% [5] - 2024E/2025E/2026E EPS is projected at 1.16/1.37/1.52 RMB [5]