于2025年第三季度，归属于华住集团有限公司净利润为人民币15亿元，相比之下2024年第三季度为人民 币13亿元及上一季度为人民币15亿元。 格隆汇11月17日丨华住集团-S(01179.HK)公布2025年第三季度未经审核财务业绩报告。于2025年第三季 度，酒店管业同比增长17.5%至人民币306亿元。不计入Steigenberger Hotels GmbH及其附属公司([DH或 ILegacy-DH|)，2025年第三季度的酒店管业额同比增长18.4%。2025年第三季度来自Legacy-DH分部的酒 店营业额则同比增长7.3%。 于2025年第三季度，收入同比增长8.1%至人民币70亿元，高于先前所公布收入较2024年第三季度增长 2%至6%的指引的上限。2025年第三季度，管理加盟及特许营收入同比增长27.2%至人民币33亿元，超 出先前所公管理加盟及特许收入较2024年第三季度增长20%至24%的指引。2025年第三季度来自Legacy- Huazhu分部的收入为人民币57亿元，同比增长10.8%，高于先前所公收入增长4%至8%的指引的上限。 2025年第三季度来自Legacy-DH分部的收入为人 ...

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2025年11月17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 季琦 執行董事長 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） 2025年第三季度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2025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。 香港，2025年11月17日 於本公告日期，董事會包括董事季琦先生（執行董事長）、鄭潔女士（執行董事） 及Ju ...

Main Points - The report highlights three main investment themes: market recovery and supply-demand balance favoring leading companies, the role of AI in enhancing efficiency and generating secondary revenue, and the complexity of tourism investment driven by resource endowment and product refinement [5][6][17]. Group 1: Market Recovery and Supply-Demand Balance - The hotel market is expected to see a slight recovery, with average daily rates (ADR) showing positive trends [18][25]. - Luxury, mid-range, and economy hotels are experiencing a rebound after supply adjustments, with an increase in chain hotel ratios and mid-range hotel market share [7][26]. - The construction of the Hainan Free Trade Port is anticipated to significantly reduce import costs for businesses, enhancing the attractiveness of the region for tourism and hospitality investments [7]. Group 2: AI Applications in Recruitment - AI applications in recruitment are not solely focused on cost reduction but are increasingly aimed at generating additional revenue through enhanced efficiency [5][45]. - AI technologies are transforming recruitment processes, including job description generation, resume screening, and video interview analysis, leading to improved matching and efficiency [46][50]. - The recruitment service market is expanding rapidly, with high growth potential in the mid-to-high-end online recruitment sector [50]. Group 3: Tourism Investment Dynamics - The tourism investment landscape is complex, requiring a combination of resource endowment and product refinement to navigate economic cycles successfully [6][17]. - The luxury cruise market is gaining traction among older demographics, with high-quality experiences driving demand despite higher pricing [8]. - Policy changes promoting school holidays and flexible work arrangements are expected to boost service consumption, particularly in the tourism sector [8][11]. Group 4: Consumer Trends and Market Potential - The service consumption market is showing structural vitality, with service retail sales growing by 5.3% year-on-year, outpacing goods consumption [11]. - The "new silver-haired" demographic is emerging as a significant consumer group, with a growing focus on travel and leisure spending [68]. - The domestic tourism market is recovering steadily, with a projected 56.2 billion domestic trips in 2024, reflecting a 14.8% year-on-year increase [62].

Group 1: Seagate Technology Holdings plc (STX) - Seagate Technology Holdings plc is a data storage devices and solutions company with a Zacks Rank 1 [1] - The Zacks Consensus Estimate for Seagate's current year earnings has increased by 7% over the last 60 days [1] - The company has a PEG ratio of 1.06, which is lower than the industry average of 1.55 [1] - Seagate possesses a Growth Score of B [1] Group 2: H World Group Limited (HTHT) - H World Group Limited is a hotel management company with a Zacks Rank 1 [2] - The Zacks Consensus Estimate for H World's current year earnings has increased by 3.1% over the last 60 days [2] - The company has a PEG ratio of 1.27, compared to the industry average of 2.03 [2] - H World possesses a Growth Score of B [2]

Group 1: Seagate Technology Holdings plc (STX) - Seagate Technology Holdings plc is a data storage devices and solutions company with a Zacks Rank 1 [1] - The Zacks Consensus Estimate for its current year earnings has increased by 7% over the last 60 days [1] - The company has a PEG ratio of 1.10 compared to the industry average of 1.53, indicating strong growth potential [1] - Seagate possesses a Growth Score of B, reflecting its favorable growth characteristics [1] Group 2: Zurn Elkay Water Solutions Corporation (ZWS) - Zurn Elkay Water Solutions Corporation is a water management solutions provider with a Zacks Rank 1 [2] - The Zacks Consensus Estimate for its current year earnings has increased by 4.2% over the last 60 days [2] - The company has a PEG ratio of 2.26 compared to the industry average of 2.67, suggesting competitive growth prospects [2] - Zurn Elkay also possesses a Growth Score of B, indicating solid growth characteristics [2] Group 3: H World Group Limited (HTHT) - H World Group Limited is a hotel management company with a Zacks Rank 1 [3] - The Zacks Consensus Estimate for its current year earnings has increased by 3.1% over the last 60 days [3] - The company has a PEG ratio of 1.25 compared to the industry average of 1.95, highlighting its growth potential [3] - H World Group possesses a Growth Score of B, reflecting its strong growth characteristics [3]

Core Insights - Huazhu Group was awarded the "Sustainable Management Golden Bull Award" at the 2025 Xiamen Industrial Development Conference, recognizing its strong operational performance, growth potential, and commitment to social responsibility [1] Company Overview - Huazhu Group is a globally recognized hotel group operating 12,137 hotels across 19 countries, with 290 million Huazhu Club members [1] - The company manages over 30 hotel and apartment brands, including Hanting, Quanjing, Juzi, Xiyue, Huajian Tang, Shibaoge, and Chengjia, focusing on providing high-quality and diverse travel experiences for global travelers [1] - With a vision to "become a world-class great enterprise," Huazhu Group has become one of the fastest-growing hotel groups in China [1] Industry Recognition - The Golden Bull Award is one of the most credible professional awards in China's capital market, emphasizing the synergy between corporate value and social value, and promoting positive interaction between industry and capital [1] - The award reflects the capital market's recognition of Huazhu Group's operational strength and its commitment to green development and social responsibility [1]

Core Insights - Jinglin Asset Management Hong Kong Company disclosed its US stock holdings as of September 30, 2025, reporting a total market value of $4.441 billion, a significant increase of 54.52% from $2.874 billion at the end of the previous quarter [1][3][5] Group 1: Portfolio Adjustments - The company actively adjusted its portfolio in Q3 2025, acquiring 9 new stocks, adding to 8 existing positions, while completely selling out of 7 stocks and reducing holdings in 6 others [5][7] - The top 10 holdings accounted for 81.9% of the total US stock portfolio, indicating a slight decrease in concentration compared to the previous quarter [5][6] - Notable increases included 174.83 million shares of NVIDIA, bringing the total to 237.88 million shares, valued at approximately $443.83 million [5][6] Group 2: Key Stock Movements - The company increased its stake in Meta by 234,600 shares, raising its total to 1.226 million shares, making it the largest holding valued at $900.32 million [5][6] - Significant purchases included 2.6842 million shares of WeRide, valued at $26.57 million, marking a strategic entry into the autonomous driving sector [8][9] - The company also increased its positions in hotel chains Atour and Huazhu, with additional purchases of 2.0794 million shares and 183,200 shares, respectively [5][6] Group 3: Market Outlook - Jinglin Asset Management maintains an optimistic view on quality Chinese assets, emphasizing the potential for structural "alpha" opportunities amid ongoing market fluctuations [2][10] - The firm believes that China's competitive advantages in cost efficiency, talent, and integrated supply chains will continue to attract international investment [10] - The expectation of a weak US dollar may lead global funds to flow into emerging markets, enhancing the appeal of undervalued Chinese stocks [10]

Core Viewpoint - Jinglin Asset Management Hong Kong Company has shown a significant increase in its US stock holdings, with a total market value of $4.44 billion as of September 30, 2025, representing a 54.52% increase from the previous quarter [2][3]. Holdings Overview - As of Q3 2025, Jinglin Hong Kong Company held 30 securities in the US market, with a total market value of $4.44 billion, up from $2.87 billion in the previous quarter [2][3]. - The company actively adjusted its portfolio, making 9 new purchases, adding to 8 existing positions, selling out of 7 stocks, and reducing holdings in 6 stocks [5][8]. Major Investments - The top ten holdings accounted for 81.9% of the total US stock portfolio, indicating a slight decrease in concentration compared to the previous quarter [5][6]. - The largest holding remains Meta Platforms, with an increase of 234,600 shares, bringing the total to 1,226,000 shares [6][7]. - Significant increases were also noted in holdings of Nvidia, with an additional 1,748,300 shares acquired, and in the hotel sector with increased positions in Atour and Huazhu Group [6][7]. New Acquisitions and Exits - Notable new purchases include 2,684,200 shares of WeRide, a leading player in China's autonomous driving sector, and positions in UnitedHealth, Uber, and New Oriental [8][9]. - The company has completely exited positions in several stocks, including Daqo New Energy, Trip.com, and BeiGene, indicating a strategic shift in its investment approach [8]. Market Outlook - Jinglin Asset Management maintains a positive outlook on quality Chinese assets, emphasizing the competitive advantages of Chinese companies in terms of cost efficiency, talent, and comprehensive capabilities across the production process [10]. - The firm believes that despite market fluctuations, there are still structural opportunities worth pursuing, particularly in the context of potential inflows of overseas capital into the Chinese market [10].

Summary of Hotel Industry Conference Call Industry Overview - The hotel industry, particularly two major groups (Huazhu and Jinjiang), has shown a strong recovery post-National Day, with RevPAR (Revenue Per Available Room) returning to positive year-on-year growth, even exceeding levels from 2024 [1][3][5]. - Business travel demand has significantly rebounded since May, with strong performance noted in July and August, surpassing last year's figures [1][6]. - The implementation of visa-free policies has led to a 120% year-on-year increase in overseas tourists spending in China, exceeding 2019 levels [1][7]. Key Performance Metrics - Huazhu's RevPAR has consistently remained between 95% and 99.6%, while Jinjiang's RevPAR improved to over 100% by the fourth week of October [1][3][4]. - Average Daily Rate (ADR) has remained stable compared to last year, indicating rational market competition among hotel groups [1][8]. - The overall hotel industry is expected to see a RevPAR growth of 3%-5% in 2026, with major hotel groups focusing on maintaining or increasing prices to meet budget targets [1][26]. Business Travel Insights - Business travel, which constitutes about 40%-42% of Huazhu's revenue, saw a decline of 6-10 percentage points in RevPAR during the first half of the year but has since recovered [1][12][6]. - The demand for business travel is anticipated to remain stable or slightly increase in the coming months [9]. Tourism Demand Analysis - The tourism market has shown significant growth, particularly in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen, with a notable increase in foreign tourist numbers [1][7]. - Despite a slight decrease in per capita spending, the overall trend in domestic tourism remains optimistic [7]. Pricing Strategy and Market Dynamics - Hotel groups have refrained from price cuts to attract customers, focusing instead on long-term growth strategies [1][8]. - The expected budget increase for 2026 is around 3%-5%, indicating that prices are unlikely to decrease [26][27]. Competitive Landscape - Huazhu is expanding into lower-tier markets through localized development and strong operational strategies, particularly in Shenzhen and Guangzhou [4][31]. - The performance of small independent hotels is declining, with many facing operational challenges unless they join larger chains [16][19]. Future Outlook - The overall growth rate of the hotel industry is expected to slow down, with a projected growth of around 2% in 2026 [17]. - The focus will shift towards enhancing operational quality and efficiency rather than rapid expansion [19]. - The long-term outlook for the domestic tourism market remains positive, while the business market is influenced by both domestic and international factors [10]. Management Changes - Recent leadership changes in Jinjiang, including the return of a familiar figure to stabilize and refocus the business, are expected to positively impact future operations [34][36]. - Huazhu's management changes are not anticipated to significantly affect the company's strategic direction [33]. Conclusion - The hotel industry is on a recovery path with strong performance metrics, particularly in business and tourism sectors. The focus on maintaining pricing strategies and enhancing operational quality will be crucial for sustained growth in the coming years.

Group 1 - The U.S. stock market experienced a collective rise on November 10, with the Nasdaq leading the gains, closing up 2.27%, while the Dow Jones and S&P 500 increased by 0.81% and 1.54% respectively [1] - The U.S. technology sector saw significant gains, with the Wind U.S. Technology Seven Giants Index rising nearly 3%, driven by strong performances from major companies like Nvidia (up over 5%), Google (up nearly 4%), and Tesla (up over 3%) [1] - Notable individual stock performance included SanDisk, which surged 11.89% to reach a historical high, marking an increase of over 400% year-to-date, attributed to AI-driven demand growth impacting traditional storage wafer manufacturers [1] Group 2 - The Nasdaq Golden Dragon China Index also performed well, rising over 2%, with significant gains from companies such as XPeng Motors (up over 16%) and Artis Solar (up nearly 14%) [1] - The strong rebound in U.S. stocks is largely attributed to progress in the U.S. government avoiding a shutdown, with a temporary funding bill advancing in the Senate [1] - According to a report by Shenwan Hongyuan, the volatility in the U.S. stock market is linked to the potential government shutdown, which has tightened dollar liquidity, and the resolution of this issue could alleviate liquidity risks [2]