Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported better-than-expected earnings, with revenue growth and a narrowing decline in RevPAR anticipated [1] - The company is positioned as a benchmark in the hotel industry, leveraging brand strength and membership systems to create competitive barriers [7] - The company has adjusted its profit forecasts upward due to exchange gains and revenue structure optimization, projecting net profits of 4.55 billion, 4.82 billion, and 4.96 billion for 2025-2027 [7] Financial Performance Summary - Total revenue for 2023 is projected at 21.88 billion, with a year-on-year growth of 57.86% [1] - Net profit attributable to shareholders for 2023 is expected to be 4.08 billion, reflecting a significant year-on-year increase of 324.33% [1] - The company plans to open 2,300 new stores in the year, with a net increase of 1,700 stores [7] - The company’s revenue for Q2 2025 reached 6.4 billion, a year-on-year increase of 4.5%, exceeding guidance [7] - The adjusted EBITDA for Q2 2025 was 2.5 billion, a year-on-year increase of 32% [7] Revenue and Profit Forecasts - Revenue forecasts for 2024, 2025, 2026, and 2027 are 23.89 billion, 24.99 billion, 27.14 billion, and 28.99 billion respectively [1] - The projected net profit for 2024, 2025, 2026, and 2027 is 3.09 billion, 4.55 billion, 4.82 billion, and 4.96 billion respectively [1] - The earnings per share (EPS) for 2023 is expected to be 1.32, increasing to 1.47 in 2025 [1] Market Data - The closing price of the stock is 26.30 HKD, with a market capitalization of approximately 74.71 billion HKD [5] - The price-to-earnings (P/E) ratio is projected to be 19.20 for 2023 and decrease to 15.82 by 2027 [1]

智通财经获悉，华住集团-S(01179)涨超6%，截至发稿，涨6.08%，报27.9港元，成交额1945.36万港元。 消息面上，华住集团发布2025年第二季度及中期未经审核财务业绩，于2025年第二季度，实现总收入 64.26亿元(人民币，下同)，同比增加4.52%；股东应占净利润15.44亿元，同比增加44.7%。2025年上半 年，实现总收入118.21亿元，同比增加3.46%；股东应占净利润24.38亿元，同比增加41.25%；拟派发 2025年上半年普通现金股息每股普通股0.081美元。 截至2025年6月30日，Legacy-Huazhu有12,016家在营酒店，包括547家租赁及自有酒店以及11,469家管理 加盟及特许经营酒店。此外，截至同日，Legacy-Huazhu有1,159,086间在营酒店客房，包括租赁及自有 模式下的80,587间酒店客房以及管理加盟及特许经营模式下的1,078,499间酒店客房。Legacy-Huazhu亦 有2,925家待开业酒店，包括8家租赁及自有酒店以及2,917家管理加盟及特许经营酒店。 本文源自智通财经网 ...

消息面上，华住集团发布2025年第二季度及中期未经审核财务业绩，于2025年第二季度，实现总收入 64.26亿元(人民币，下同)，同比增加4.52%；股东应占净利润15.44亿元，同比增加44.7%。2025年上半 年，实现总收入118.21亿元，同比增加3.46%；股东应占净利润24.38亿元，同比增加41.25%；拟派发 2025年上半年普通现金股息每股普通股0.081美元。 截至2025年6月30日，Legacy-Huazhu有12,016家在营酒店，包括547家租赁及自有酒店以及11,469家管理 加盟及特许经营酒店。此外，截至同日，Legacy-Huazhu有1,159,086间在营酒店客房，包括租赁及自有 模式下的80,587间酒店客房以及管理加盟及特许经营模式下的1,078,499间酒店客房。Legacy-Huazhu亦 有2,925家待开业酒店，包括8家租赁及自有酒店以及2,917家管理加盟及特许经营酒店。 智通财经APP获悉，华住集团-S(01179)涨超6%，截至发稿，涨6.08%，报27.9港元，成交额1945.36万港 元。 ...

8月20日，华住集团发布2025年第二季度财务业绩和中期未经审核财务业绩。 财报显示，今年二季度，华住集团的酒店营业额269亿元，同比增长15%。同期，集团收入达64亿元， 同比增长4.5%；经调整净利润13.5亿元，同比增长7.6%；经调整EBITDA（息税折旧及摊销前利润 ）23 亿元，同比增长11.3%。 截至2025年6月30日，华住集团实现总收入118.21亿元，同比增加3.46%;股东应占净利润24.38亿元，同 比增加41.25%;每股基本盈利0.79元;拟派发2025年上半年普通现金股息每股普通股0.081美元。 规模化的高质量增长，依然是本季度华住集团的鲜明底色。截至二季度末，集团在营酒店总数达12,137 家，同比增长18%；在营客房总数1,184,915间，同比增加18.3%。报告期内，集团新开业酒店597家，待 开业酒店2,947家，期末运营中及待开业酒店合计覆盖城市达1,522个。 其中，截至2025年6月30日，Legacy-Huazhu有12,016家在营酒店，包括547家租赁及自有酒店以及11,469 家管理加盟及特许经营酒店；Legacy-DH有121家在营酒店，包括65家租 ...

Core Viewpoint - Huazhu Group reported growth in revenue and profit for the first half of 2025, despite a decline in key operational metrics in the second quarter. The company remains optimistic about long-term travel demand while focusing on brand upgrades and supply chain optimization [1][6]. Financial Performance - In the first half of 2025, Huazhu Group achieved revenue of 11.8 billion RMB, a year-on-year increase of 3.5% [2]. - The net profit attributable to shareholders reached 2.4 billion RMB, up 41.2% from the previous year [2]. - Adjusted EBITDA for the first half was 3.8 billion RMB, compared to 3.5 billion RMB in the same period of 2024 [1]. Business Segmentation - Revenue from Huazhu China was 9.6 billion RMB, a 5.6% increase, while Huazhu International revenue was 2.2 billion RMB, down 4.9% due to a decrease in leased hotel numbers [2]. - The income from leased and owned hotels was 6.2 billion RMB, a decline of 8.7%, while management and franchise hotel income rose to 5.4 billion RMB, a 22.0% increase, accounting for 45.4% of total revenue [2]. Operational Metrics - In the second quarter, key metrics such as RevPAR, ADR, and occupancy rate experienced declines [4]. - The average daily rate (ADR) for leased and owned hotels was 375 RMB, down from 338 RMB in the previous quarter [5]. - The overall occupancy rate dropped to 82.6%, down from 76.2% in the previous quarter [5]. Strategic Focus - The company is undergoing a light-asset strategy transformation, reducing direct operations, which has led to a temporary decline in related revenues [2]. - The gross profit margin improved from 22.5% to 24.3% year-on-year due to the increased contribution from high-margin businesses [2]. - Huazhu Group plans to continue focusing on brand upgrades, supply chain optimization, and enhancing sales capabilities to navigate short-term uncertainties [6]. Market Outlook - The CEO indicated that despite challenges from rapid supply growth and macroeconomic factors, domestic travel demand remains stable [4]. - For the third quarter, the company expects revenue growth of 2% to 6% year-on-year, with management and franchise income projected to grow by 20% to 24% [6].

8月20日，华住集团发布2025年二季度财务业绩，报告期内，华住集团酒店营业额269亿元，同比增长 15%；收入64亿元，同比增长4.5%；经调整净利润13.5亿元，同比增长7.6%；经调整EBITDA（息税折 旧及摊销前利润）23亿元，同比增长11.3%。 聚焦华住中国业绩，财报显示，2025年二季度，在市场供给增加的压力下，华住中国的日均房价 （ADR）、入住率（OCC）和平均可出租客房收入（RevPAR）分别为290元、81%和235元，均较上季 度有所回升，并分别恢复至2024年同期的98.1%、98.4%和96.2%。同时，华住中国新开业门店数量为 595家，其中经济型酒店和中档酒店占比分别达44%、42%。期末，华住中国运营中及待开业酒店合计 覆盖城市达到1416个，较上年同期增加88个。 本文源自：金融界 财报显示，截至2025年二季度末，华住集团在营酒店总数达12137家，同比增长18%；在营客房总数 1184915间，同比增加18.3%。报告期内，集团新开业酒店597家，待开业酒店2947家，期末运营中及待 开业酒店合计覆盖城市达1522个。 ...

Core Insights - Huazhu Group reported a hotel revenue of 26.9 billion yuan in Q2, representing a year-on-year growth of 15% [1] - The group's total revenue reached 6.4 billion yuan, up 4.5% year-on-year, with adjusted net profit at 1.35 billion yuan, increasing by 7.6% [1] - Adjusted EBITDA for the quarter was 2.3 billion yuan, reflecting an 11.3% year-on-year growth [1] Operational Metrics - As of the end of Q2, Huazhu operated a total of 12,137 hotels, marking an 18% increase year-on-year, with 1,184,915 rooms, up 18.3% [1] - The company opened 597 new hotels during the quarter, with a total of 2,947 hotels in the pipeline, covering 1,522 cities [1] - Key performance indicators showed an average daily rate (ADR) of 290 yuan, an occupancy rate (OCC) of 81%, and revenue per available room (RevPAR) of 235 yuan, all showing recovery compared to the previous quarter [1] Strategic Focus - CEO Jin Hui emphasized the commitment to long-termism, high-quality development, and market penetration, particularly in core urban areas [2] - The company aims to maintain dual growth in scale and profitability despite increased market supply pressure, achieving high occupancy rates [2] - Huazhu is focused on product innovation and ecosystem development, launching the "epoch-making" Hanting 4.0 and expanding its mid-range brand, Juzi [2]

截至二季度末，华住在营酒店总数达12,137家，同比增长18%；在营客房总数1,184,915间，同比增加 18.3%。报告期内，集团新开业酒店597家，待开业酒店2,947家，期末运营中及待开业酒店合计覆盖城 市达1,522个。截至季末，华住会的会员数达到2.88亿，同比增加17.5%；报告期内，中央预定系统贡献 的间夜量达65.1%，同比增加5.2个百分点，会员预定间夜同比提升28.8%。 智通财经APP获悉，周三，华住(HTHT.US)涨逾5%，报35.11美元。财报显示，今年二季度华住集团酒 店营业额达269亿元，同比增长15%。同期，集团收入达64亿元，同比增长4.5%，经调整净利润13.5亿 元，同比增长7.6%，经调整EBITDA(息税折旧及摊销前利润)23亿元，同比增长11.3%。 ...

8月20日，华住集团发布2025年第二季度财报。数据显示，二季度集团酒店营业额同比增长15%至269亿 元；收入同比增长4.5%至64亿元；经调整净利润同比增长7.6%至13.5亿元；经调整EBITDA同比增长 11.3%至23亿元。 截至二季度末，集团在营酒店12137家，同比增长18%；在营客房1184915间，同比增加18.3%。报告期 内新开业酒店597家，待开业2947家，运营中及待开业酒店合计覆盖城市1522个。 品牌动态显示，汉庭推出4.0版本，标准化模型造价6.99万/间，营建周期缩短30天，同时汉庭位列2024 年度"全球TOP50酒店品牌"榜单第一。桔子酒店开业数突破1000家，8年增长12倍。城际酒店在营及待 开业数同比增长57.1%，RevPAR370元，开业18个月以上成熟店RevPAR441元。 华住中国方面，二季度日均房价（ADR）290元、入住率（OCC）81%、平均可出租客房收入 （RevPAR）235元，分别恢复至2024年同期的98.1%、98.4%和96.2%。期内新开业门店595家，其中经 济型、中档酒店占比分别为44%、42%；运营中及待开业酒店覆盖城市1416个， ...

（原标题：美股异动｜华住涨超5%创近两个月新高 中期纯利同比增长超41%） 华住(HTHT.US)涨超5%，最高触及35.09美元，创近两个月新高。 华住集团公布，上半年收入118.21亿元，同比增长3.5%；纯利24.38亿元，同比增长41.3%，合每股盈利 79分。单计第二季度，总收入64.26亿元，同比增长4.5%；经营利润18亿元，同比增长13.7%；经营利润 率27.8%，上升2.2个百分点，主要受惠管理加盟及特许经营业务的收入贡献增加。董事会批准每股派息 8.1美仙。(格隆汇) ...