Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECT ...

事件 3月 20 日公司公告4Q23 业绩，收入 55.9 亿元/+50.7%，经调整净 利 6.6 亿元/同比扭亏，经调整EBITDA 12.7 亿元/+219%。 点评 Q4 淡季收入好于预期，业绩符合预期。4Q23 收入增速较3Q23业 绩公告指引上限45%高4.7pct，其中 LH收入 43.8 亿元/+59.0%、 较指引上限52%高7.0pct，DH 收入12.0 亿元/+26.6%。公司收入 超预期主因境内RevPAR 恢复较好（LH、DH RevPAR 恢复至19年同 期 120%、111%）。成本费用端，4Q23 酒店经营成本占收入比71.5%/- 21.0pct，细分项中租金占收入比下降较多（18.5%/-7.3pct）；销 售费用率 5.8%/+1.3pct，费用投放力度同环比均有所加大，管理 费用率11.5%/-0.3pct；经营利润率13.6%、较 4Q19 下降 2.4pct， 主因费用投放加大及DH 盈利能力对公司整体存稀释影响。4Q23 经 美元(元) 成交金额(百万元) 调整 EBITDA 率 22.7%/+12.0pct，LH、DH 分别为29.0%、0.0%，其 54.0 ...

H World Group Limited (NASDAQ:HTHT) Q4 2023 Results Conference Call March 20, 2024 9:00 PM ET Company Participants Jason Chen - Investor Relations Director Ji Qi - Chairman Hui Jin - Chief Executive Officer Jun Zou - Executive VP & CFO Conference Call Participants Dan Xu - Morgan Stanley Simon Cheung - Goldman Sachs Ronald Leung - Bank of America Sijie Lin - CICC Lydia Ling - Citi Operator Good day, and thank you for standing by. Welcome to H World Fourth Quarter and Full Year 2023 Earnings Conference Call. ...

Full Year RevPAR in China Recovered to 122% of the 2019 LevelSINGAPORE and SHANGHAI, March 20, 2024 /PRNewswire/ -- H World Group Limited ("H World" or "the Group", NASDAQ: HTHT and HKEX: 1179) announced its unaudited financial results for the fourth quarter ("Q4 2023") and full year ended December 31, 2023.Strong Recovery Momentum in Legacy-Huazhu: RevPAR of 2023 Recovers to 122% of 2019 Levels The Interior of the Newly Launched Ji Hotel 5.0 Supported by the sustained recovery in both leisure and busi ...

H World Group (HTHT) came out with quarterly earnings of $0.33 per share, beating the Zacks Consensus Estimate of $0.31 per share. This compares to loss of $0.06 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 6.45%. A quarter ago, it was expected that this hotel operator would post earnings of $0.49 per share when it actually produced earnings of $0.56, delivering a surprise of 14.29%.Over the last four quarters, the company ...

Hotel Operations - As of December 31, 2023, H World Group operated a total of 9,394 hotels and 912,444 hotel rooms[1] - The company operates 11% of its hotel rooms under the lease and ownership model, while 89% are under the manachise and franchise model[53] - As of December 31, 2023, the total number of operational hotels reached 9,263, with an additional 3,061 hotels in the pipeline[72] - The company temporarily closed 18 hotels in Q4 2023 for brand upgrades and business model changes[71] - The company added 2 hotels in Q4 2023, bringing the total number of hotels to 131 as of December 31, 2023[85] - The total number of rooms as of December 31, 2023, was 26,814, with 37 unopened hotels in the pipeline[85] - The company has 21 unopened hotels in the pipeline for leased hotels as of December 31, 2023[85] Financial Performance - Revenue for Q4 2023 was RMB5.6 billion (US$786 million), a 50.7% year-over-year increase, surpassing the guidance of 41%-45%[2] - For the full year 2023, revenue reached RMB21.9 billion (US$3.1 billion), a 57.9% increase from 2022[18] - Net income attributable to H World in Q4 2023 was RMB743 million (US$105 million), compared to a net loss of RMB124 million in Q4 2022[3] - For the full year 2023, net income attributable to H World Group Limited was RMB4.1 billion, a recovery from a net loss of RMB1.8 billion in 2022[37] - Operating cash inflow for the full year 2023 was RMB7.7 billion, significantly higher than RMB1.6 billion in 2022, demonstrating improved cash generation capabilities[41] - Net income attributable to H World Group Limited increased significantly from a loss of RMB 124 million in 2022 to a profit of RMB 1,337 million in 2023[67] - Adjusted EBITDA rose dramatically from RMB 398 million in 2022 to RMB 2,186 million in 2023, reflecting a substantial growth of 449%[67] Revenue and Growth Expectations - H World expects revenue growth of 12%-16% for Q1 2024 and 8%-12% for the full year 2024[6] - The company plans to open approximately 1,800 hotels and close around 650 hotels in 2024[6] - The company plans to continue expanding its hotel portfolio and enhancing operational efficiency to drive future growth[60] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[64] Operating Costs and Expenses - Hotel operating costs in Q4 2023 were RMB4.0 billion, an increase from RMB3.4 billion in Q4 2022 and RMB3.6 billion in Q3 2023, with a year-over-year increase of 17.6% attributed to business recovery and less rental reduction[25] - For the full year 2023, hotel operating costs totaled RMB14.3 billion, up from RMB12.3 billion in 2022, with costs from the Legacy-Huazhu segment representing 60.4% of revenue compared to 86.1% in 2022[26] - Selling and marketing expenses in Q4 2023 were RMB326 million, compared to RMB169 million in Q4 2022, reflecting a year-over-year increase of 92.3% due to higher commissions and promotional expenses[26] - General and administrative expenses in Q4 2023 were RMB644 million, up from RMB440 million in Q4 2022, with the increase mainly due to higher personnel costs[27] Key Performance Indicators - Legacy-Huazhu's RevPAR recovered to 122% of the 2019 level in 2023, driven by strong leisure and business travel demand[15] - Legacy-DH achieved a 14.5% year-over-year RevPAR increase in 2023, with a focus on transforming to a more asset-light model[15] - Average daily room rate for leased and owned hotels improved by 36.9% year-over-year, rising from RMB 272 to RMB 372[77] - The occupancy rate for leased and owned hotels increased by 18.9 percentage points, from 63.9% in 2022 to 82.8% in 2023[77] - RevPAR for leased and owned hotels surged by 77.4%, increasing from RMB 174 in 2022 to RMB 308 in 2023[77] - Same-hotel RevPAR for the quarter ended December 31, 2023, increased by 40.8% year-over-year to $230[82] - Same-hotel occupancy rate for the quarter ended December 31, 2023, improved to 81.2%, a year-over-year increase of 13.9 percentage points[82] - Same-hotel ADR for the quarter ended December 31, 2023, was $248, reflecting a year-over-year increase of 24.1%[82] - The company reported a same-hotel occupancy rate of 84.3% for the year ended December 31, 2023, up 15.2 percentage points year-over-year[84] - The RevPAR for leased hotels increased by 20.9% year-over-year to €74 for the full year ended December 31, 2023[88] Assets and Liabilities - Total current assets increased from RMB 9,178 million in 2022 to RMB 12,056 million in 2023, representing a growth of 31%[57] - Total assets rose from RMB 61,507 million in 2022 to RMB 63,532 million in 2023, an increase of 3%[57] - Total liabilities decreased from RMB 52,704 million in 2022 to RMB 51,283 million in 2023, a reduction of 3%[57] - H World reported cash and cash equivalents of RMB 6,946 million as of December 31, 2023, up from RMB 3,583 million in 2022, a growth of 94%[57] Non-GAAP Measures - Adjusted EBITDA (non-GAAP) for Q4 2023 was RMB1.3 billion (US$178 million), up from RMB398 million in Q4 2022[5] - Adjusted EBITDA is used to assess the operating results of hotels, excluding share-based compensation expenses and gains or losses from fair value changes of equity securities[48] - H World believes that adjusted EBITDA provides a clearer picture of financial performance, as it excludes significant volatility from fair value changes of equity securities[48] - H World emphasizes the importance of non-GAAP financial measures for internal comparisons and investor transparency[50]

Core Viewpoint - H World Group Limited reported significant financial growth for the fourth quarter and full year of 2023, with substantial increases in hotel turnover, revenue, and net income, indicating a strong recovery in the hotel industry post-pandemic [1][24]. Financial Performance - Hotel turnover increased by 55.0% year-over-year to RMB20.4 billion in Q4 2023, and by 65.9% for the full year [1]. - Revenue for Q4 2023 was RMB5.6 billion (US$786 million), a 50.7% year-over-year increase, surpassing previous guidance [1][9]. - Full year revenue reached RMB21.9 billion (US$3.1 billion), representing a 57.9% increase compared to 2022 [1][9]. - Net income attributable to H World was RMB743 million (US$105 million) in Q4 2023, compared to a net loss of RMB124 million in Q4 2022 [23]. - For the full year, net income was RMB4.1 billion (US$575 million), recovering from a net loss of RMB1.8 billion in 2022 [24]. Operational Highlights - As of December 31, 2023, H World operated 9,394 hotels with 912,444 rooms, including 131 hotels from Legacy-DH [2][35]. - The Legacy-Huazhu segment opened 460 hotels in Q4 2023 and had 3,061 hotels in the pipeline [2][3]. - The average daily room rate (ADR) for Legacy-Huazhu was RMB284 in Q4 2023, up from RMB240 in Q4 2022 [4]. - The occupancy rate for Legacy-Huazhu hotels was 80.5% in Q4 2023, compared to 66.2% in Q4 2022 [4]. Segment Performance - Revenue from the Legacy-Huazhu segment in Q4 2023 was RMB4.4 billion, a 59.0% year-over-year increase [1][9]. - Legacy-DH segment revenue for Q4 2023 was RMB1.2 billion, a 26.6% year-over-year increase [1][9]. - Adjusted EBITDA for the full year 2023 was RMB6.9 billion (US$966 million), compared to RMB610 million in 2022 [26]. Future Guidance - For Q1 2024, H World expects revenue growth of 12%-16% compared to Q1 2023 [28]. - For the full year 2024, revenue growth is anticipated in the range of 8%-12% [28]. - The company plans to open around 1,800 hotels and close approximately 650 hotels in 2024 [28].

H World Group Limited (HTHT) is scheduled to report fourth-quarter 2023 results on Mar 20. In the last reported quarter, the company’s earnings beat the Zacks Consensus Estimate by 14.3%.Q4 EstimatesThe Zacks Consensus Estimate for fourth-quarter 2024 earnings is pegged at 31 cents, up 616.7% year over year. In the past 30 days, estimate revisions have been unchanged. In the last reported quarter, HTHT registered a loss of 6 cents. The consensus mark for revenues is pegged at $760 million, suggesting a 41.5 ...

SINGAPORE and SHANGHAI, China, March 08, 2024 (GLOBE NEWSWIRE) -- H World Group Limited (NASDAQ:HTHT) ("H World", "we" or "our") a key player in the global hotel industry, today announced that it will schedule to release its unaudited financial results for the fourth quarter and full year of 2023 on Wednesday, March 20, 2024 (Hong Kong time), after the trading hours of The Stock Exchange of Hong Kong Limited and before the opening of the U.S. market. H World's management will host a conference call at 9 p.m ...

SINGAPORE and SHANGHAI, China, March 08, 2024 (GLOBE NEWSWIRE) -- H World Group Limited (NASDAQ: HTHT and HKEX: 1179) (“H World”, “we” or “our”) a key player in the global hotel industry, today announced that it will schedule to release its unaudited financial results for the fourth quarter and full year of 2023 on Wednesday, March 20, 2024 (Hong Kong time), after the trading hours of The Stock Exchange of Hong Kong Limited and before the opening of the U.S. market. H World’s management will host a conferen ...