Core Insights - Huazhu Group Limited reported a total transaction value of hotel room and non-room revenue of 30.6 billion RMB, a year-on-year increase of 17.5% [1] - Total revenue increased by 8.1% to 7 billion RMB, with net profit attributable to shareholders reaching 1.5 billion RMB, up 15.4% compared to the same period in 2024 [1] - Adjusted net profit was approximately 1.52 billion RMB, a year-on-year growth of 10.8%, while adjusted EBITDA reached 2.5 billion RMB, increasing by 18.9% [1] Financial Performance - Huazhu's China business revenue was 5.7 billion RMB, reflecting a year-on-year growth of 10.8%, while international revenue was 1.2 billion RMB, showing a decline of 3.0% [1] - The management and franchise revenue segment saw significant growth, increasing by 27.2% to 3.3 billion RMB [1] Operational Metrics - As of September 30, 2025, Huazhu operated 12,702 hotels globally, with a total of approximately 1.246 million rooms [1] - In China, the number of operating hotels was 12,580, with around 1.22 million rooms, and there are 2,727 hotels under development [1] - In the third quarter, Huazhu opened 749 new hotels, marking a quarterly record for the year, with a total of over 2,000 new openings year-to-date and an expectation of 2,300 new hotels by year-end [1] Operational Efficiency - The average daily rate for Huazhu's China business in the third quarter was 304 RMB, showing slight increases year-on-year and quarter-on-quarter [2] - The occupancy rate was 84.1%, slightly lower than the 84.9% recorded in the same period of 2024 [2] - The blended average revenue per available room remained stable at 256 RMB [2]

Core Insights - The article emphasizes the focus on value investing in Asia, particularly in Hong Kong, targeting stocks with significant discrepancies between market price and intrinsic value [1] - It highlights two main categories of investment opportunities: deep value balance sheet bargains and wide moat stocks, which are characterized by their strong competitive advantages [1] Group 1: Investment Strategy - The research service aims to identify deep value stocks, such as net cash stocks and low price-to-book (P/B) ratio stocks, which are available at a discount [1] - It also seeks wide moat stocks, which are high-quality businesses with sustainable competitive advantages, often referred to as "Magic Formula" stocks [1] Group 2: Market Focus - The primary focus is on the Asian equity market, with a particular emphasis on Hong Kong-listed stocks [1] - The service provides monthly updates and watch lists to assist value investors in tracking potential investment opportunities [1]

Core Insights - Huazhu Group reported a hotel revenue of 30.6 billion yuan in Q3 2025, representing a year-on-year growth of 17.5% [1] - The group's total revenue reached 7 billion yuan, an increase of 8.1% year-on-year, with adjusted net profit at 1.52 billion yuan, up 10.8% [1] - Adjusted EBITDA for the quarter was 2.5 billion yuan, reflecting an 18.9% increase year-on-year [1] Financial Performance - The total number of operating hotels globally reached 12,702, a 17.1% increase year-on-year, with total rooms at 1,246,240, up 17.3% [1] - In Q3, Huazhu opened 749 new hotels in China, marking a record high for the year, bringing the total operating hotels in China to 12,580 and total rooms to 1,220,297 [1] - The number of hotels awaiting opening stands at 2,727 [1] Strategic Focus - Huazhu continues to focus on economy and mid-scale hotels, aligning with consumer trends for high cost-performance [1] - The company is enhancing its competitive advantage through a series of refined management measures, including coordinated pricing and promotional controls [1] Operational Metrics - In Q3, Huazhu's average daily rate (ADR) was 304 yuan, occupancy rate (OCC) at 84.1%, and revenue per available room (RevPAR) at 256 yuan, all showing positive trends [2] - These metrics reached 100.9%, 99.2%, and 99.9% of the levels seen in the same period of 2024, indicating a successful balance between scale and lean growth [2] Membership and Direct Sales - The Huazhu membership program saw a 17.3% year-on-year increase, surpassing 300 million members, making it the largest globally [2] - Membership bookings increased by 19.7%, totaling over 66 million nights, accounting for 74% of total bookings [2] - Future plans include enhancing member benefits, expanding points usage, and deepening cross-industry collaborations to strengthen direct sales capabilities [2]

Group 1 - The core viewpoint of the report is that Daiwa maintains an "Outperform" rating for Huazhu Group-S (01179) and raises the target price from HKD 30.5 to HKD 36.5 due to a faster-than-expected recovery in average room revenue [1] - The company’s adjusted EBITDA for Q3 shows a robust growth of 19% year-on-year, reaching RMB 2.513 billion, which exceeds market expectations of RMB 2.414 billion [1] - The adjusted EBITDA margin increased by 3.3 percentage points year-on-year to 36.1%, indicating improved operational efficiency [1] Group 2 - Daiwa believes that the temporary oversupply situation in the Chinese hotel industry has gradually eased over the past two to three months, allowing for a rebound in average room revenue [1] - The EBITDA forecasts for the company for the years 2025 to 2027 have been raised by 11% to 13% [1]

Core Viewpoint - Daiwa maintains a "Outperform" rating for Huazhu Group-S (01179) and raises the target price from HKD 30.5 to HKD 36.5, primarily due to a faster-than-expected recovery in average room revenue, leading to an 11% to 13% increase in EBITDA forecasts for 2025 to 2027 [1][1][1] Group 1: Company Performance - In Q3, the company reported robust growth with adjusted EBITDA increasing by 19% year-on-year to RMB 2.513 billion, surpassing market expectations of RMB 2.414 billion [1][1][1] - The adjusted EBITDA margin improved by 3.3 percentage points year-on-year to 36.1% [1][1][1] Group 2: Industry Outlook - The temporary oversupply situation in the Chinese hotel industry has gradually eased over the past two to three months, suggesting a potential recovery in average room revenue [1][1][1]

该行相信，中国酒店业暂时性的供过于求情况已于过去两至三个月逐渐纾缓，行业的平均客房收益将可 回升。该行表示，由于华住平均客房收益的恢复速度较预期快，因此上调公司2025至27年的EBITDA预 测11%至13%，又将目标价由30.5港元上调至36.5港元，续予"跑赢大市"评级。 大和发表研究报告指，华住集团第三季业绩稳健增长，经调整EBITDA按年增长19%至25.13亿元，高于 市场预测的24.14亿元；经调整EBITDA利润率按年增3.3个百分点至36.1%。 ...

新京报贝壳财经讯（记者曲筱艺）11月17日，华住集团发布2025年第三季度财务业绩。财报显示，今年 第三季度集团的酒店营业额为306亿元，同比增长17.5%。报告期内，集团收入达70亿元，同比增长 8.1%；经调整净利润15.2亿元，同比增长10.8%；经调整息税折旧及摊销前利润25亿元，同比增长 18.9%。 从经营指标来看，三季度华住中国日均房价、入住率和平均可出租客房收入为304元、84.1%和256元， 均延续回升向好态势，并分别达到2024年同期的100.9%、99.2%和99.9%。 （文章来源：新京报） 三季度，华住中国新开业酒店数为749家，这一数据创下年内单季度新高；截至期末，华住中国在营酒 店总数为12580家，在营客房总数约122万间，待开业酒店数量为2727家。在中高端酒店方面，截至三季 度末，华住在营及待开业的中高端门店数量超1600家，同比增长25.3%。 ...

11月17日，华住集团召开2025年第三季度业绩交流会。据悉，2025年第三季度，企业实现收入同比增加 8.1%至人民币70亿元。调整后EBITDA同比增长18.9%至人民币25亿元，利润率扩张至36.1%。 在中国市场，三季度，华住中国新开业酒店数为749家；截至期末，华住中国在营酒店总数为12580家， 在营客房总数为1220297间，待开业酒店数量为2727家。 （Wind数据、新华财经） ...

Core Insights - Huazhu Group reported a hotel revenue of 30.6 billion yuan in Q3 2025, representing a year-on-year growth of 17.5% [2] - The group's total revenue reached 7 billion yuan, an increase of 8.1% year-on-year, with adjusted net profit at 1.52 billion yuan, up 10.8% [2] - Adjusted EBITDA for the quarter was 2.5 billion yuan, reflecting an 18.9% increase compared to the previous year [2] Operational Highlights - In Q3, Huazhu opened 749 new hotels in China, marking a record high for the year, bringing the total operating hotels to 12,580 and total rooms to 1,220,297 [2] - The company maintained a stable occupancy rate while achieving a year-on-year increase in average daily rate (ADR), with Q3 figures at 304 yuan, occupancy rate at 84.1%, and revenue per available room (RevPAR) at 256 yuan [2] - Membership growth was significant, with a 17.3% year-on-year increase, surpassing 300 million members, and member bookings accounted for 74% of total room nights [2] Future Outlook - The company aims to focus on building core competencies, pursuing high-quality network growth, and enhancing market share while strengthening brand positioning and service excellence [3]

Core Insights - H World Group Limited (NASDAQ:HTHT) is a significant player in the global hotel industry, operating over 12,700 hotels with more than 1.2 million rooms, focusing on manachised and franchised hotels which have shown substantial growth [1] Financial Performance - For the quarter ending September 2025, HTHT reported earnings per share (EPS) of $0.66, surpassing the estimated $0.64, marking a 4.69% earnings surprise [2][6] - The company's revenue for the same quarter was approximately $977.7 million, exceeding the estimated $882 million, representing a 3.50% revenue surprise [3][6] - HTHT has consistently exceeded EPS estimates, achieving this in two of the last four quarters, with the previous quarter's EPS reported at $0.59, beating expectations by 5.36% [2] Growth Metrics - Revenue from manachised and franchised hotels increased by 27.2% year-over-year to RMB 3.3 billion, indicating strong demand and improved operating efficiency [4][6] - Adjusted EBITDA rose significantly to RMB 2.5 billion from RMB 2.1 billion year-over-year, reflecting the effectiveness of the asset-light model [4] Market Valuation - The company's price-to-earnings (P/E) ratio is approximately 25.39, with a price-to-sales ratio of about 3.94 [5] - The enterprise value to sales ratio stands at 5.08, and the enterprise value to operating cash flow ratio is around 16.16 [5] - The debt-to-equity ratio is approximately 3.11, and the current ratio is around 0.81, indicating potential liquidity challenges [5]