Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 33.5, indicating a potential upside from the current price of HKD 28.70 [1][2][7]. Core Insights - The company reported Q1 2025 revenue of RMB 5.4 billion, a year-on-year increase of 2.2%, and a net profit of RMB 890 million, up 35.7% year-on-year. Adjusted EBITDA was RMB 1.5 billion, reflecting a 5.3% increase [7]. - The company is focusing on a light-asset strategy, with rental and owned income accounting for 51.7% of total revenue, while management franchise and licensing contributed 46.3% [3][7]. - The overall hotel count reached 11,685, with 11,564 under the main brand and 121 under the DH division, indicating a net addition of 539 hotels [7]. - The gross margin improved by 0.74 percentage points to 33.2%, driven by reduced operating costs due to the light-asset strategy [7]. - The report anticipates a gradual improvement in RevPAR as the peak season approaches, despite short-term pressures from competition and economic factors [7]. Financial Summary - The company is projected to achieve net profits of RMB 3.68 billion, RMB 4.22 billion, and RMB 4.84 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 20.6%, 15%, and 14.6% [9][12]. - Earnings per share (EPS) are expected to be RMB 1.20, RMB 1.38, and RMB 1.58 for the same years, with corresponding price-to-earnings (P/E) ratios of 22x, 19x, and 17x, indicating reasonable valuation [9][12]. - The company’s total revenue is forecasted to grow from RMB 25.15 billion in 2025 to RMB 29.85 billion by 2027 [12].

新华财经上海5月21日电（谈瑞）随着华住集团在5月20日晚间发布2025年第一季度财报，中国酒店业三 大头部集团——锦江酒店、华住集团、首旅如家的经营分化格局愈加明朗。 在消费需求结构性调整、行业刚需竞争加剧的背景下，三家企业分别交出截然不同的答卷：华住集团凭 借轻资产战略逆势增长，锦江酒店规模扩张难掩盈利困境，首旅如家则通过成本控制实现利润突围。 华住强势增长，锦江净利骤降超八成 "2025年第一季度，酒店行业的供给增长仍未见边际放缓，但商务需求呈改善趋势。"中信证券消费行业 首席分析师姜娅在研报中表示，一季度，酒店行业RevPAR同比下降3.6%，较上一季度降低5.2%的水平 进一步收窄，其中平均价格下降2.3个百分点，平均入住率下降0.7个百分点。截至3月底，酒店数量同比 增长9.3%，客房数量同比增长8.8%，整体供给同比增速较2024年年底略有提升。 这一趋势在三大头部集团的财报数据上得到了充分印证。在RevPAR这一核心经营指标上，三大集团均 面临下滑压力，但程度差异较为显著。 根据行业协会统计数据，截至2024年底，中国国内酒店集团中，规模排名居前的依次是锦江酒店（客房 数129.1万间、门店数 ...

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 ...

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 First Quarter of 2025 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=RMB7.2567 on March 31, 2025, as set forth ...

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]

Group 1: Travel Trends and Market Insights - The upcoming Dragon Boat Festival holiday is expected to see a steady growth in travel demand, with local and nearby travel accounting for 50% of the market share [1] - There is a significant increase in searches for cultural experience products related to the Dragon Boat Festival, with keywords like "Dragon Boat" and "Zongzi" seeing a 220% increase in search volume [1] - The trend of "central city sinking to surrounding areas" is prominent, with popular short-distance routes identified in regions like the Yangtze River Delta and Beijing-Tianjin-Hebei [1] Group 2: Family and Inbound Travel - The overlap of the Dragon Boat Festival with Children's Day has boosted family travel, with family travel orders accounting for 35% of total orders on the Ctrip platform [2] - Inbound travel is gaining traction, with hotel search heat for inbound travel exceeding 100% year-on-year, indicating a strong appeal of China as a travel destination for foreign tourists [2] - The top ten source countries for inbound tourism include Malaysia, South Korea, and the United States, with major destinations being Shanghai, Beijing, and Guangzhou [2] Group 3: Financial Performance of Travel Companies - Ctrip Group reported a net operating income of 13.8 billion RMB for Q1 2025, a 16% increase year-on-year, with a net profit of 4.3 billion RMB [4] - Tongcheng Travel is projected to achieve revenues of 19.91 billion RMB in 2025, with a target price set at 28.00 HKD per share based on strong fundamentals [4] - Huazhu Group's adjusted EBITDA for Q4 2024 is expected to grow by 10%, leading to an upward revision of its target price to 31.5 HKD [5] Group 4: Market Outlook and Recommendations - The tourism industry is anticipated to continue its recovery, supported by domestic demand policies and improving consumer confidence [3] - Key investment recommendations include focusing on leisure travel platforms and quality scenic area operators, as well as business travel recovery stocks [3] - Companies like Xiangyuan Cultural Tourism and Huangshan Tourism are highlighted as potential investment opportunities in the leisure travel sector [3]

Core Insights - The Chinese hotel industry is undergoing a significant efficiency revolution driven by AI technology, transforming service models and competitive logic [1][8] - AI is expected to replace a portion of hotel labor, potentially saving up to 30% in labor costs while shifting roles from repetitive tasks to high-value services [1][6] AI Implementation in Hotels - AI technologies such as smart front desk robots and AI digital managers are being integrated into hotel operations, enhancing efficiency and customer service [3][4] - Companies like Huazhu and Shoulv Rujia are leveraging AI for self-service check-ins and backend management, improving operational decision-making [3][4] Cost Reduction and Efficiency Gains - AI applications are reported to reduce labor costs by 30% and improve operational efficiency by 50% in processes like order inquiries and room assignments [6][4] - The use of AI digital managers has allowed hotel groups to automate 60% of repetitive tasks, freeing up human resources for more strategic roles [4][6] Market Trends and Challenges - The hotel industry is facing declining average daily rates (ADR) and occupancy rates (OCC), prompting a focus on cost reduction through AI [7][6] - Despite the benefits, challenges remain in AI adoption, including technology maturity and employee skill gaps [8][9] Future Outlook - The trend towards increased digital training and skill enhancement in the hotel workforce is expected to continue, with a shift towards a more technology-driven operational model [10][9] - The integration of AI is anticipated to evolve the hotel industry from a labor-intensive model to a human-machine collaborative approach [8][10]

Core Viewpoint - The hotel industry is undergoing a new retail revolution as major hotel groups like Huazhu and Shoulv Rujia expand into new retail, selling "hotel-style" products, which is becoming a new growth driver for the industry [1][3] Group 1: New Retail Trends - Almost all hotel groups surveyed by Deep Blue Think Tank have ventured into new retail, selling hotel-branded bedding and toiletries, making new retail a standard in the hotel industry [3] - With changing consumer habits, hotel groups are targeting new retail to enhance revenue, with Huazhu Group selling products like pillows and toiletries [3] - The retail business is becoming a second growth curve for companies like Atour Group, which reported a GMV of 2.592 billion yuan in 2024, a 127.7% increase from 2023 [4] Group 2: Market Challenges - Over 80% of hotel groups mentioned "providing incremental value to consumers" and "increasing revenue" as reasons for entering new retail [6] - The hotel market is returning to rational growth after explosive growth in 2023, with many hotel groups experiencing declines in key operational metrics [6] - The competitive landscape is becoming crowded, prompting hotels to diversify into retail to boost revenue [7] Group 3: Future Directions - The future of the hotel industry will involve integrating various business models, moving beyond traditional services to create multi-functional spaces [10][11] - Hotels need to focus on differentiation and unique experiences to avoid low-level competition, as product homogeneity is a significant challenge [9] - The integration of cross-border e-commerce with new retail is being explored by hotel groups like Shoulv Rujia to enhance consumer engagement [9]

日前，尚美数智酒店集团（后文简称"尚美数智"）携手甘肃各地文旅开启全域合作新篇章，标志着尚美 数智在西北地区重要战略布局进入新里程碑。 日前，由甘肃省文化和旅游厅指导、尚美数智酒店集团主办的"新动能·新文旅·新纪元"2025西北酒店创 新发展研讨会在甘肃兰州圆满落幕。此次活动代表了尚美数智与甘肃省全域酒店产业链战略合作正式启 动，标志着尚美数智在西北地区重要战略布局进入新的里程碑。 随着西部大开发战略的进一步深入和"西北游"的火热，以及东部酒店市场的逐渐饱和，不少酒店集团将 目光投向西部市场，用积极的行动占领市场份额。经过多年的耕耘后，这些酒店集团的西部进度如何 了？ 研讨会上，甘肃省文旅厅产业发展处副处长陆谨表示，甘肃省拥有丰富的自然风光和旅游资源，文旅厅 将积极推动住宿业态迭代，与尚美数智一起建设品质酒店产业链，共同打造甘肃文旅新名片。 随着旅游需求的复苏，以青甘为代表的西北旅游也逐渐走红，据各省区（兵团）文旅部门不完全统计， 2025年春节假期期间，西北地区接待游客超4000万人次，平均增幅达7.8%；旅游花费超220亿元，平均 增长8.55%。旅游的走红，也为西北地区带来大量酒店住宿需求，市场广阔。 ...