证券研究报告·海外公司点评·旅游及消闲设施(HS) 华住集团-S（01179.HK） 2023 年报点评：Q4 营收超指引，净开店将提 2024年 03月 21日 速 证券分析师 吴劲草 买入（维持） 执业证书：S0600520090006 wujc@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 证券分析师 石旖瑄 营业总收入（百万元） 13,862 21,882 24,189 26,014 27,484 执业证书：S0600522040001 同比 8.42% 57.86% 10.54% 7.55% 5.65% shiyx@dwzq.com.cn 归母净利润（百万元） -1,821 4,085 4,219 4,554 4,902 股价走势 同比 -291.61% 324.33% 3.29% 7.94% 7.64% EPS-最新摊薄（元/股） -0.56 1.25 1.29 1.39 1.50 华住集团-S 恒生指数 P/E（现价&最新摊薄） - 22.66 21.94 20.33 18.89 4% -40% % [ [TT aab ...

股 票 研 究 [Table_industryInfo] 社会服务业 [ Table_Main[华I Tnaf 住bol]e 集_Ti团tle] - S（1179） [评Tab级le_：Inv est] 增持 当前价格（港元）： 31.25 优势明显份额提升，估值有望持续修复 2024.03.21 海 ——华住集团23Q4 业绩点评 [ 交Ta易bl数e_M据a rket] 外 刘越男(分析师) 于清泰(分析师) 52周内股价区间（港元） 23.45-39.50 当前股本（百万股） 3,265 公 021-38677706 021-38022689 当前市值（百万港元） 102,045 司 liuyuenan@gtjas.com yuqingtai@gtjas.com 证书编号 S0880516030003 S0880519100001 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 2023Q4 业绩及对 2024 年指引均符合预期，华住自身竞争优势明显，将持续获取份 华住集团-S 恒生指数 额，估值修复进程将持续。 香 9% 摘要： 港 1% [T abl业e_S绩um ...

[Table_Title] 证券研究报告 华住集团-S 23 年业绩点评：全年业绩创新 公司研究 高，24 年仍有成长弹性 [Table_ReportType] 公司点评报告 [Table_ReportDate] 2024年3月21日 [华Ta住bl集e_团Sto-cSk(A1n1dR7a9n)k ] [T业ab绩le表_S现um：ma 2r 3y年] 41亿业绩创新高，23Q4体现公司穿越周期能力。公司23 投资评级 年全年实现收入219亿元（同比+58%），对应归母净利润41亿元（22年同 上次评级 期亏损18亿元）。分季度看， 23Q4实现收入56亿元（同比+51%）（Q1~Q3 分别为 45、55、63 亿元），其中境内分部实现收入 44 亿元（同比+59%）； [刘Ta嘉b仁le _社Au零th&o美r]护 首席分析师 23Q4 对应归母净利润 7.4 亿元（22 年同期亏损 1.2 亿元）（Q1~Q3 分别为 执业编号：S1500522110002 10、10、13亿元），其中境内分部净利润8.3亿元（22年同期亏损0.8亿元）。 联系电话：15000310173 考虑23Q4行业需求转弱，公司依 ...

Hotel Operations and Performance - H World Group operated a total of 9,394 hotels (or 912,444 rooms) as of December 31, 2023[2] - Legacy-Huazhu's Q4 2023 ADR was RMB 284, up from RMB 240 in Q4 2022, with an occupancy rate of 80.5%[6] - Legacy-Huazhu's Q4 2023 RevPAR was RMB 229, up from RMB 159 in Q4 2022, with a same-store RevPAR growth of 40.8% YoY[6] - Legacy-DH operated 131 hotels (26,814 rooms) as of December 31, 2023, with 37 hotels in the pipeline[6] - Average daily rate (ADR) in Q4 2023 was €115, compared to €122 in Q4 2022 and €114 in the previous quarter[7] - Occupancy rate for Legacy-DH hotels in Q4 2023 was 63.8%, up from 59.3% in Q4 2022 but down from 69.0% in the previous quarter[7] - Revenue per available room (RevPAR) in Q4 2023 was €73, compared to €72 in Q4 2022 and €79 in the previous quarter[7] - The company operates 9,394 hotels with 912,444 rooms in operation across 18 countries as of December 31, 2023[24] - 11% of the company's hotel rooms are operated under the lease and owned model, while 89% are under the managed franchise and franchise model[24] - Total number of operating hotels reached 9,394 with 912,444 rooms as of December 31, 2023[46] - Economy hotels accounted for 4,984 operating hotels with 407,657 rooms and 1,121 hotels in the pipeline[46] - Midscale hotels represented 3,543 operating hotels with 379,614 rooms and 1,503 hotels in the pipeline[46] - Upscale hotels had 704 operating hotels with 98,508 rooms and 397 hotels in the pipeline[46] - Luxury hotels included 16 operating hotels with 2,360 rooms and 2 hotels in the pipeline[46] - Intercity Hotel had 9 operating hotels and 53 hotels in the pipeline in China as of December 31, 2023[47] - Steigenberger had 11 operating hotels and 3 hotels in the pipeline in China as of December 31, 2023[47] Financial Performance - Q4 2023 hotel turnover increased by 55.0% YoY to RMB 20.4 billion, and excluding DH, it increased by 60.6% YoY[2] - Q4 2023 revenue grew by 50.7% YoY to RMB 5.6 billion (USD 786 million), exceeding the guidance of 41% to 45% growth[2] - Q4 2023 net profit attributable to H World Group was RMB 743 million (USD 105 million), compared to a net loss of RMB 124 million in Q4 2022[2] - Q4 2023 EBITDA (non-GAAP) was RMB 1.4 billion (USD 191 million), compared to RMB 529 million in Q4 2022[3] - Total revenue in Q4 2023 was RMB 5.585 billion (USD 786 million), a 50.7% YoY increase but an 11.2% QoQ decrease[9] - Legacy-Huazhu revenue in Q4 2023 was RMB 4.4 billion, a 59.0% YoY increase, exceeding the previously announced guidance of 48% to 52% growth[9] - Legacy-DH revenue in Q4 2023 was RMB 1.2 billion, a 26.6% YoY increase and a 2.2% QoQ increase[9] - Full-year 2023 revenue was RMB 21.9 billion (USD 3.1 billion), a 57.9% YoY increase[10] - Legacy-Huazhu full-year 2023 revenue was RMB 17.4 billion, a 63.7% YoY increase[10] - Legacy-DH full-year 2023 revenue was RMB 4.4 billion, a 38.6% YoY increase[10] - Management and franchised hotel revenue in Q4 2023 was RMB 2.0 billion (USD 284 million), a 74.1% YoY increase but an 11.1% QoQ decrease[11] - Hotel operating costs for Q4 2023 were RMB 4 billion (USD 563 million), a 17.6% YoY increase from RMB 3.4 billion in Q4 2022, primarily due to business recovery and smaller rent reductions[13] - Legacy-Huazhu division's hotel operating costs in Q4 2023 were RMB 2.9 billion, accounting for 67.0% of revenue, compared to 88.7% in Q4 2022[13] - Full-year 2023 hotel operating costs were RMB 14.3 billion (USD 2 billion), a 16.3% increase from RMB 12.3 billion in 2022[13] - Sales and marketing expenses for Q4 2023 were RMB 326 million (USD 46 million), a 92.9% YoY increase from RMB 169 million in Q4 2022[13] - General and administrative expenses for Q4 2023 were RMB 644 million (USD 91 million), a 46.4% YoY increase from RMB 440 million in Q4 2022[13] - Operating profit for Q4 2023 was RMB 757 million (USD 106 million), compared to an operating loss of RMB 93 million in Q4 2022[15] - Legacy-Huazhu division's operating profit for Q4 2023 was RMB 821 million, compared to an operating loss of RMB 3 million in Q4 2022[15] - Full-year 2023 operating profit was RMB 4.7 billion (USD 662 million), compared to an operating loss of RMB 294 million in 2022[15] - Operating profit margin for Q4 2023 was 13.6%, compared to -2.5% in Q4 2022[15] - Full-year 2023 operating profit margin was 21.5%, compared to -2.1% in 2022[15] - Equity securities fair value change income for 2023 was RMB 109 million (USD 15 million), compared to a loss of RMB 359 million in 2022, primarily due to gains from UBOX fair value changes and losses from Accor shares in 2022[17] - Net income attributable to Huazhu Group Limited for Q4 2023 was RMB 743 million (USD 105 million), compared to a net loss of RMB 124 million in Q4 2022 and net income of RMB 1.3 billion in the previous quarter[17] - Full-year 2023 net income attributable to Huazhu Group Limited was RMB 4.1 billion (USD 575 million), compared to a net loss of RMB 1.8 billion in 2022[17] - Q4 2023 EBITDA (non-GAAP) was RMB 1.4 billion (USD 191 million), compared to RMB 529 million in Q4 2022 and RMB 2.1 billion in the previous quarter[17] - Full-year 2023 EBITDA (non-GAAP) was RMB 6.8 billion (USD 961 million), compared to RMB 164 million in 2022[18] - Operating cash inflow for Q4 2023 was RMB 2.4 billion (USD 339 million), with full-year operating cash inflow reaching RMB 7.7 billion (USD 1.1 billion), compared to RMB 1.6 billion in 2022[19] - As of December 31, 2023, the company's cash and cash equivalents totaled RMB 6.9 billion (USD 978 million), with restricted cash at RMB 764 million (USD 108 million)[19] - Total revenue for 2023 reached RMB 21.882 billion (USD 3.082 billion), a significant increase from RMB 13.862 billion in 2022[29] - Net profit attributable to Huazhu Group Limited for 2023 was RMB 4.085 billion (USD 575 million), compared to a net loss of RMB 1.821 billion in 2022[30] - Total liabilities decreased from RMB 52.704 billion in 2022 to RMB 51.283 billion (USD 7.223 billion) in 2023[28] - Total equity increased from RMB 8.803 billion in 2022 to RMB 12.249 billion (USD 1.725 billion) in 2023[28] - Operating profit for 2023 was RMB 4.714 billion (USD 662 million), a significant improvement from an operating loss of RMB 294 million in 2022[29] - Revenue from leased and owned hotels increased to RMB 13.796 billion (USD 1.943 billion) in 2023, up from RMB 9.148 billion in 2022[29] - Revenue from managed and franchised hotels grew to RMB 7.694 billion (USD 1.084 billion) in 2023, compared to RMB 4.405 billion in 2022[29] - Total operating costs and expenses for 2023 were RMB 17.568 billion (USD 2.476 billion), up from RMB 14.705 billion in 2022[29] - Basic earnings per share for 2023 were RMB 1.28 (USD 0.18), a significant improvement from a loss of RMB 0.59 per share in 2022[30] - Total assets increased from RMB 61.507 billion in 2022 to RMB 63.532 billion (USD 8.948 billion) in 2023[28] - Net profit (loss) for the year 2023 was RMB 4,131 million (USD 582 million), a significant improvement from the net loss of RMB 1,849 million in 2022[31] - Operating cash flow for 2023 was RMB 7,674 million (USD 1,080 million), compared to RMB 1,564 million in 2022[31] - Capital expenditures for 2023 were RMB 901 million (USD 127 million), a decrease from RMB 1,053 million in 2022[31] - Net cash used in investing activities for 2023 was RMB 1,477 million (USD 207 million), compared to RMB 522 million in 2022[31] - Net cash used in financing activities for 2023 was RMB 3,720 million (USD 523 million), compared to RMB 1,394 million in 2022[32] - Adjusted net profit (non-GAAP) for 2023 was RMB 4,119 million (USD 580 million), compared to a net loss of RMB 1,375 million in 2022[33] - Basic adjusted earnings per share (non-GAAP) for 2023 were RMB 1.29 (USD 0.18), compared to a loss of RMB 0.44 in 2022[33] - Diluted adjusted earnings per share (non-GAAP) for 2023 were RMB 1.26 (USD 0.18), compared to a loss of RMB 0.44 in 2022[33] - Basic adjusted earnings per ADS (non-GAAP) for 2023 were RMB 12.94 (USD 1.82), compared to a loss of RMB 4.42 in 2022[33] - Diluted adjusted earnings per ADS (non-GAAP) for 2023 were RMB 12.65 (USD 1.78), compared to a loss of RMB 4.42 in 2022[33] - Net profit attributable to Huazhu Group Ltd. (GAAP) for the full year 2023 reached RMB 4,085 million, a significant improvement from a loss of RMB 1,821 million in 2022[34] - Adjusted EBITDA (non-GAAP) for the full year 2023 was RMB 6,874 million, compared to RMB 610 million in 2022, reflecting strong operational recovery[34] - Total revenue for Legacy-Huazhu in 2023 was RMB 17,438 million, a 63.7% increase from RMB 10,655 million in 2022[36] Future Growth and Expansion - H World Group expects Q1 2024 revenue growth of 12% to 16% YoY, and full-year 2024 revenue growth of 8% to 12% YoY[4] - H World Group plans to open approximately 1,800 hotels and close around 650 hotels in 2024[5] - For 2024, Huazhu expects revenue growth of 8% to 12% year-over-year, with plans to open approximately 1,800 hotels and close around 650 hotels[19] - Q1 2024 revenue is projected to grow between 12% to 16% compared to Q1 2023[19] - The number of hotels under development as of December 31, 2023, was 3,061, indicating strong future growth potential[38] Key Financial Metrics and Non-GAAP Measures - The company emphasizes the use of EBITDA and adjusted EBITDA as key financial metrics to evaluate operating performance, excluding depreciation, amortization, and equity incentive expenses[22] - Adjusted EBITDA is considered a better reflection of the company's hotel financial performance, excluding equity incentive expenses and gains/losses from fair value changes in equity securities[22] - The company acknowledges that EBITDA and adjusted EBITDA have limitations and should not be considered as substitutes for net income or other GAAP measures[23] - The company provides reconciliations of non-GAAP financial measures, including EBITDA and adjusted EBITDA, to GAAP financial statements[23] Hotel Revenue and Performance by Segment - Revenue from leased and owned hotels in Q4 2023 was RMB 2,288 million, a 48.9% increase from RMB 1,537 million in Q4 2022[35] - Revenue from managed and franchised hotels in Q4 2023 was RMB 1,992 million, a 76.3% increase from RMB 1,130 million in Q4 2022[35] - The average daily rate (ADR) for leased and owned hotels increased by 36.9% year-over-year to RMB 372 in 2023[40] - The occupancy rate for leased and owned hotels rose by 18.9 percentage points to 82.8% in 2023[40] - The revenue per available room (RevPAR) for leased and owned hotels surged by 77.4% year-over-year to RMB 308 in 2023[40] - The RevPAR for economy hotels increased by 44.4% year-over-year to RMB 186 in 2023[42] - The ADR for mid-scale and upper mid-scale hotels grew by 21.7% year-over-year to RMB 369 in 2023[42] - The occupancy rate for mid-scale and upper mid-scale hotels rose by 16.2 percentage points to 81.4% in 2023[42] - The total number of hotels increased by 2 to 131 in Q4 2023, with 26,814 rooms[43] - The ADR for leased hotels in Europe increased by 3.1% year-over-year to €118 in Q4 2023[44] - The occupancy rate for leased hotels in Europe rose by 4.7 percentage points to 64.7% in Q4 2023[44] - The RevPAR for leased hotels in Europe increased by 11.2% year-over-year to €76 in Q4 2023[44] - Average daily rate (ADR) for leased and owned hotels increased by 4.6% to €115 in 2023 compared to €110 in 2022[45] - Occupancy rate for leased and owned hotels rose by 8.7 percentage points to 64.7% in 2023 from 56.0% in 2022[45] - Revenue per available room (RevPAR) for leased and owned hotels grew by 20.9% to €74 in 2023 from €61 in 2022[45] Asset and Liability Management - Total assets increased from RMB 61,507 million in 2022 to RMB 63,532 million in 2023, with cash and cash equivalents rising from RMB 3,583 million to RMB 6,946 million[26] - Property and equipment net decreased from RMB 6,784 million in 2022 to RMB 6,097 million in 2023[26] - Operating lease right-of-use assets decreased from RMB 28,970 million in 2022 to RMB 25,658 million in 2023[26] - Total liabilities decreased from RMB 52.704 billion in 2022 to RMB 51.283 billion (USD 7.223 billion) in 2023[28] - Total equity increased from RMB 8.803 billion in 2022 to RMB 12.249 billion (USD 1.725 billion) in 2023[28] Brand Portfolio - The company's brands include Hi Inn, Yitel, HanTing, Ji Hotel, Starway Hotel, Orange Hotel, Orange Crystal Hotel, Manxin Hotel, and others[24]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 H World Group Limited 華 住 集 團 有 限 公 司 （英文前稱Huazhu Group Limited） （於開曼群島註冊成立的有限公司） （股份代號：1179） 2023年第三季度財務業績 公告 華住集團有限公司（「本公司」）謹此公佈其截至2023年9月30日止三個月的未經審 核財務業績。本公告於香港聯合交易所有限公司網站 www.hkexnews.hk 及本公司 網站 https://ir.hworld.com 可供閱覽。 承董事會命 華住集團有限公司 季琦 執行董事長 香港，2023年11月24日 ...

Topic 1: Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the Asia-Pacific region [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8%, primarily due to increased marketing and R&D investments [3]. Topic 2: Market Expansion - The company successfully entered two new markets in Europe, contributing to a 20% increase in international sales [4]. - A new distribution center was opened in South America to support regional growth [5]. - Strategic partnerships were formed with local retailers in Southeast Asia to enhance market penetration [6]. Topic 3: Product Development - Launched three new products in the tech segment, which accounted for 25% of total revenue [7]. - R&D spending increased by 10% to accelerate innovation and product differentiation [8]. - Customer feedback on the new product line has been overwhelmingly positive, with a 90% satisfaction rate [9]. Topic 4: Operational Efficiency - Implemented a new supply chain management system, reducing delivery times by 15% [10]. - Automation initiatives in manufacturing led to a 5% reduction in production costs [11]. - Employee training programs were expanded, resulting in a 10% increase in productivity [12]. Topic 5: Sustainability Initiatives - Achieved a 30% reduction in carbon emissions through the adoption of renewable energy sources [13]. - Launched a company-wide recycling program, diverting 50% of waste from landfills [14]. - Committed to achieving net-zero emissions by 2030, with interim targets set for 2025 [15]. Topic 6: Corporate Governance - Appointed two new independent directors to the board, enhancing oversight and strategic guidance [16]. - Conducted a comprehensive review of corporate policies to ensure compliance with global standards [17]. - Shareholder engagement initiatives were strengthened, with a 20% increase in attendance at the annual meeting [18].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 H World Group Limited 華 住 集 團 有 限 公 司 （英文前稱Huazhu Group Limited） （於開曼群島註冊成立的有限公司） （股份代號：1179） 2023年第一季度財務業績公告 華住集團有限公司（「本公司」）謹此公佈其截至2023年3月31日止三個月的未經審 核財務業績。本公告於香港聯合交易所有限公司網站www.hkexnews.hk及本公司 網站https://ir.hworld.com可供閱覽。 承董事會命 華住集團有限公司 季琦 執行董事長 香港，2023年5月29日 於本公告日期，本公司董事會包括董事季琦先生（執行董事長）及張尚稚先生；獨 ...

Hotel Network Expansion and Development - The company expanded its hotel network from 6,789 hotels as of December 31, 2020, to 8,543 hotels as of December 31, 2022, with a compound annual growth rate of 12.2%[3] - As of December 31, 2022, the company had 8,543 operating hotels, including 704 leased and owned hotels and 7,839 managed and franchised hotels, totaling 809,478 hotel rooms[3] - The company is developing 2,580 new hotels, including 40 leased and owned hotels and 2,540 managed and franchised hotels[3] - The company operates over 20 distinctive hotel brands, covering all market segments[3] - The company operates 8,543 hotels as of December 31, 2022, with 2,580 hotels under development[33] - The company's hotel network covers 882 cities across 31 provinces, autonomous regions, and municipalities in Greater China, as well as 17 other countries[33] - The company has 704 leased and owned hotels, 7,617 managed and franchised hotels, and 222 franchised hotels as of December 31, 2022[33] - The company has 9 operating hotels under the 美侖美奐 brand, with 8 under development in China[24] - The company has 53 operating hotels under the 花間堂 brand, with 49 under development[26] - The company has 54 operating hotels under the 施柏閣 brand, with 8 under development, including 11 operating hotels and 3 under development in China[27] - The company has 9 operating hotels under the 施柏閣大觀 brand, with 1 under development[30] - The company has 6 operating hotels under the 宋品 brand, with 4 under development[31] - The company has 572 hotels in China temporarily requisitioned due to COVID-19 as of December 31, 2022[34] - 40 leased and owned hotels are under development, with 34 in the pre-conversion phase and 6 in the conversion phase, with a total budgeted development cost of RMB 164 million (USD 24 million)[36] - 2,540 managed and franchised hotels are under development, with 1,790 in the pre-conversion phase and 750 in the conversion phase[36] - 695 leased hotels and 9 owned hotels are in operation, accounting for approximately 8.2% of the company's total operating hotels[38] - 7,617 managed hotels and 222 franchised hotels are in operation, accounting for approximately 89% and 3% of the company's total operating hotels, respectively[40] - The company has 628 leases for operating and under-development hotels, with 58 leases expiring in 2023 and 143 leases expiring between 2028 and 2030[39] - The company renewed 25 leases, converted 17 to managed and franchised hotels, and terminated 25 leases out of 67 leases that expired in 2022[38] - The company primarily uses management franchise and franchise models to expand its network with lower capital intensity[45] - The company's development department analyzes economic data to determine target locations in each city and regularly formulates a three-year development plan for new hotels[45] - The investment committee evaluates potential management franchise and franchise opportunities based on factors such as location attractiveness, potential franchisee quality, and product compliance with standards[45] - The company seeks properties in economically developed cities with convenient locations, typically accommodating 80 to 300 rooms[48] - The company uses a centralized procurement system to purchase most construction materials and supplies for new hotels[48] - The company provides technical expertise and recommends pre-selected qualified suppliers to franchisees, and appoints or trains hotel managers to ensure consistent service quality[47] - The company's hotel network expanded from 6,789 hotels as of December 31, 2020, to 8,543 hotels as of December 31, 2022, with a compound annual growth rate of 12.2%[116] - The company is developing an additional 2,580 new hotels, including 40 leased and owned hotels and 2,540 managed and franchised hotels[116] - Total operating hotels increased from 6,669 in 2020 to 8,411 in 2022, with Legacy Huazhu accounting for the majority[122] - Total operating hotel rooms grew from 628,135 in 2020 to 783,174 in 2022, with Legacy Huazhu contributing the most[122] Loyalty Program and Sales Channels - The company's loyalty program, Huazhu Club, had over 199 million members as of December 31, 2022, with 76% of Legacy Huazhu room nights sold to individual or corporate members of Huazhu Club in 2022[3] - In 2022, approximately 87% of room nights were sold through the company's sales channels[3] - The company's loyalty program, Huazhu Club, had over 199 million members as of December 31, 2022[58] - 76% of Legacy Huazhu's room nights in 2022 were sold to Huazhu Club members[58] - Legacy Huzahu had 87% of room nights sold through its own sales channels in 2022, with the remaining 13% sold through intermediaries[58] - The company's integrated CRM system tracks member data, including booking history, points accumulation, and prepaid balances, to enhance customer loyalty and targeted promotions[52] Financial Performance - The company's total revenue for 2022 was RMB 13,862 million (USD 2,010 million), with a net loss attributable to Huazhu Group of RMB 1,821 million (USD 264 million)[4] - The company's adjusted EBITDA (non-GAAP) for 2022 was RMB 610 million (USD 88 million)[4] - Total revenue for 2020, 2021, and 2022 was RMB 10,196 million, RMB 12,785 million, and RMB 13,862 million (USD 2,010 million), respectively[116] - Net losses attributable to Huazhu Group for 2020, 2021, and 2022 were RMB 2,192 million, RMB 465 million, and RMB 1,821 million (USD 264 million), respectively[116] - Adjusted EBITDA (non-GAAP) for 2020, 2021, and 2022 was negative RMB 244 million, RMB 1,571 million, and RMB 610 million (USD 88 million), respectively[116] - Net cash generated from operating activities for 2020, 2021, and 2022 was RMB 609 million, RMB 1,342 million, and RMB 1,564 million (USD 227 million), respectively[116] - Revenue from leased and owned hotels accounted for 66.0% of total revenue in 2022, amounting to RMB 9,148 million (USD 1,326 million)[132] - Revenue from managed and franchised hotels increased from RMB 3,136 million in 2020 to RMB 4,405 million in 2022, representing 31.8% of total revenue[132] - Total revenue grew from RMB 10,196 million in 2020 to RMB 13,862 million in 2022, with a significant contribution from other income sources[132] - The company's Legacy Huazhu business accelerated recovery from mid-November 2022 following the modification of COVID policies by Chinese authorities[121] - Legacy DH hotels' RevPAR has been rebounding since March 2022, with all temporarily closed hotels resuming operations by December 31, 2022[121] - The company's available room nights for Legacy Huazhu increased from 193.8 million as of December 31, 2020, to 229.5 million as of December 31, 2022, excluding temporarily requisitioned or closed hotels[121] - Legacy Huazhu's RevPAR (Revenue per Available Room) for all operating hotels decreased from RMB 172 in 2021 to RMB 157 in 2022, impacted by the Omicron variant[125] - Legacy DH's RevPAR for all operating hotels increased from €32 in 2021 to €62 in 2022, showing significant recovery post-COVID-19 restrictions[126] - Legacy Huazhu had 572 hotels temporarily requisitioned and 10 hotels temporarily closed as of December 31, 2022, affecting operations[123] - Legacy Huazhu's quarterly average RevPAR (RMB) for leased and owned hotels increased from 156 in Q1 2021 to 176 in Q4 2022, with a peak of 252 in Q2 2021[128] - Legacy DH's quarterly average RevPAR (EUR) for franchised hotels rose from 20 in Q1 2021 to 82 in Q4 2022, showing consistent growth[129] - The number of Legacy Huazhu hotels operating for at least 18 months increased from 4,209 in Q1 2021 to 5,296 in Q4 2022[130] - Legacy Huazhu's same-store RevPAR change (YoY) showed a significant decline of 36.2% in Q2 2022 but recovered to a 3.9% increase in Q3 2022[130] - Total revenue increased by 8.4% from RMB 12,785 million in 2021 to RMB 13,862 million (USD 2,010 million) in 2022, driven by the strong recovery of European operations following the lifting of COVID-19 restrictions[149] - Revenue from leased and owned hotels grew by 12.7% from RMB 8,118 million in 2021 to RMB 9,148 million (USD 1,326 million) in 2022, with Legacy DH contributing significantly due to the European recovery[149] - Revenue from managed and franchised hotels remained stable at RMB 4,404 million in 2021 and RMB 4,405 million (USD 639 million) in 2022, with Legacy DH showing a 30.6% increase[149] - Other income increased by 17.5% from RMB 263 million in 2021 to RMB 309 million (USD 45 million) in 2022[150] - Total operating costs and expenses rose by 8.1% from RMB 13,607 million in 2021 to RMB 14,705 million (USD 2,132 million) in 2022[150] - Hotel operating costs increased by 8.7% from RMB 11,282 million in 2021 to RMB 12,260 million (USD 1,777 million) in 2022, with cost control measures partially offsetting the rise[150] - Legacy Huazhu's hotel operating costs accounted for 86.1% of its total revenue in 2022, compared to 78.3% in 2021[150] - The company recognized negative rental expenses of RMB 281 million in 2022 due to COVID-19-related rent reductions[150] - Net loss attributable to Huazhu Group Limited was RMB 1,821 million (USD 264 million) in 2022, compared to RMB 465 million in 2021[148] - Legacy Huazhu's total revenue decreased by 5.3% to RMB 10,655 million (USD 1,545 million) in 2022, primarily due to the negative impact of COVID-19 restrictions[149] - Sales and marketing expenses decreased by 4.4% from RMB 641 million in 2021 to RMB 613 million (USD 89 million) in 2022, with the expense ratio dropping from 5.0% to 4.4% of total revenue[151] - General and administrative expenses increased by 8.4% from RMB 1,545 million in 2021 to RMB 1,675 million (USD 243 million) in 2022, maintaining a stable ratio of 12.1% of total revenue[151] - Pre-opening expenses increased by 17.3% from RMB 81 million in 2021 to RMB 95 million (USD 14 million) in 2022, with the ratio rising from 0.6% to 0.7% of total revenue[151] - Operating loss of RMB 294 million (USD 43 million) in 2022, compared to an operating profit of RMB 164 million in 2021[152] - Net interest expense of RMB 322 million (USD 46 million) in 2022, with interest income of RMB 87 million (USD 13 million) and interest expense of RMB 409 million (USD 59 million)[152] - Unrealized loss on equity securities fair value changes of RMB 359 million (USD 52 million) in 2022, primarily due to the decline in Accor share prices[153] - Foreign exchange loss of RMB 641 million (USD 93 million) in 2022, mainly due to euro-denominated investments and receivables[153] - Net loss attributable to Huazhu Group Limited increased from RMB 465 million in 2021 to RMB 1,821 million (USD 264 million) in 2022[153] - Adjusted EBITDA (non-GAAP) decreased from RMB 1,571 million in 2021 to RMB 610 million (USD 88 million) in 2022[154] - Total revenue increased by 25.4% from RMB 10,196 million in 2020 to RMB 12,785 million in 2021, driven by recovery from COVID-19[155] - Total operating costs and expenses increased by 14.1% from RMB 11,925 million in 2020 to RMB 13,607 million in 2021[156] - Hotel operating costs rose by 16.0% from RMB 9,729 million in 2020 to RMB 11,282 million in 2021, with the cost-to-revenue ratio dropping from 95.4% to 88.3%[156] - Sales and marketing expenses increased by 7.4% from RMB 597 million in 2020 to RMB 641 million in 2021, with the cost-to-revenue ratio decreasing from 5.9% to 5.0%[157] - General and administrative expenses grew by 22.7% from RMB 1,259 million in 2020 to RMB 1,545 million in 2021, with the cost-to-revenue ratio slightly decreasing from 12.3% to 12.1%[157] - Pre-opening expenses decreased by 71.9% from RMB 288 million in 2020 to RMB 81 million in 2021, with the cost-to-revenue ratio dropping from 2.8% to 0.6%[157] - Operating profit for 2021 was RMB 164 million, compared to an operating loss of RMB 1,686 million in 2020[157] - Net interest expense decreased to RMB 316 million in 2021 from RMB 414 million in 2020, due to reduced bank borrowings[157] - Other net profit for 2021 was RMB 157 million, compared to a net expense of RMB 89 million in 2020, driven by realized gains from the sale of part of Accor shares[158] - EBITDA (non-GAAP) for 2021 was RMB 1,366 million, compared to a negative RMB 631 million in 2020, with adjusted EBITDA at RMB 1,571 million[159] - The company issued USD 500 million in 2026 notes with a 3.00% annual interest rate and secured a RMB 650 million syndicated loan for headquarters construction[160] - The company secured a one-year uncommitted term loan facility of up to $123 million in October 2022, with $121 million drawn at a fixed annual interest rate of 5.4%. As of December 31, 2022, the outstanding loan amount was $121 million[161] - As of December 31, 2022, the company's total debt balance was RMB 9.9 billion ($1.4 billion), with unused credit facilities of approximately RMB 2.1 billion[161] - The company had cash and cash equivalents of RMB 3.583 billion ($520 million) as of December 31, 2022[162] - The company expects to incur capital expenditures of approximately RMB 1.487 billion ($216 million) for the renovation and equipment installation of 40 leased and owned hotels, to be spent over the next one to two years[162] - Net cash generated from operating activities in 2022 was RMB 1.564 billion ($227 million), primarily due to non-cash lease expenses of RMB 2.257 billion ($327 million) and depreciation and amortization of RMB 1.456 billion ($211 million)[164] - Net cash used in investing activities in 2022 was RMB 522 million ($76 million), a decrease from RMB 1.402 billion in 2021, mainly due to reduced acquisition costs and lower purchases of property and equipment[165] - Net cash used in financing activities in 2022 was RMB 1.394 billion ($201 million), compared to RMB 1.801 billion in 2021, primarily due to proceeds from short-term and long-term debt, partially offset by repayments of convertible preferred notes and other debts[166] - The company's cash, cash equivalents, and restricted cash decreased by RMB 55 million ($7 million) in 2022, ending the year with RMB 5.086 billion ($738 million)[163] - Capital expenditures for 2020, 2021, and 2022 were RMB 1,776 million, RMB 1,675 million, and RMB 1,053 million (USD 153 million) respectively, with 2022 including RMB 1,049 million (USD 152 million) for property and equipment and RMB 4 million (USD 1 million) for software and licenses[167] - Variable interest entities contributed less than 2% of the company's retained earnings for 2020, 2021, and 2022[168] - Subsidiaries paid approximately RMB 29 million, RMB 34 million, and RMB 30 million (USD 4 million) to variable interest entities for telecommunications and internet-related services in 2020, 2021, and 2022 respectively[169] - Variable interest entities lent approximately RMB 14 million, RMB 21 million, and RMB 2 million (USD 0.3 million) to subsidiaries in 2020, 2021, and 2022 respectively, with subsidiaries repaying RMB 3 million, RMB 7 million, and RMB 5 million (USD 1 million) in the same periods[169] - Subsidiaries borrowed approximately RMB 6,267 million, RMB 1,050 million, and RMB 750 million (USD 109 million) from the company in 2020, 2021, and

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 H World Group Limited 華 住 集 團 有 限 公 司 （英文前稱Huazhu Group Limited） （於開曼群島註冊成立的有限公司） （股份代號：1179） 2022年第四季度 及全年財務業績公告 及海外監管公告 華住集團有限公司（「本公司」）謹此公佈其截至2022年12月31日止三個月及全年 的未經審核財務業績。本公告於香港聯合交易所有限公司網站www.hkexnews.hk 及本公司網站https://ir.hworld.com可供閱覽。 本公司亦根據香港聯合交易所有限公司證券上市規則第13.10B條作出本公告。本 公司將於2023年3月27日納斯達克全球精選市場交易時段前（美國東部時間）就有 關下述公告向美國證券交易委員會遞交6-K表格。 承董事會命 華住集團有限公司 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 H World Group Limited 華住集團有限公司 （英文前稱Huazhu Group Limited） （於開曼群島註冊成立的有限公司） （股份代號：1179） 2022年第三季度財務業績 公告 華住集團有限公司（「本公司」）謹此公佈其截至2022年9月30日止三個月的未經審 核財務業績。本公告於香港聯合交易所有限公司網站www.hkexnews.hk及本公司 網站https://ir.huazhu.com可供閱覽。 承董事會命 華住集團有限公司 季琦 執行董事長 香港，2022年11月28日 於本公告日期，董事會包括董事季琦先生（執行董事長）及張尚稚先生；獨立董事 吳炯先生、趙彤彤女士、尚健先生、許廷芳先生及曹蕾女士。 1 華住集團有限公司 2022年第三季度未經審核財務業績報告 • 截至2022年9月30日，共有8,402家在營酒店（或797,489間在營酒店客房）。 • 於2022年第三 ...