11月17日，华住集团发布2025年第三季度财报显示，第三季度华住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，同比增加8.1%；经调整净利润15.2亿元，同比增加10.8%； 经调整EBITDA(息税折旧及摊销前利润)25亿元，同比增加18.9%。截至三季度末，华住集团全球在营酒 店总数为12702家，同比增长17.1%；在营客房总数为124.6万间，同比增长17.3%。 华住集团首席执行官金辉表示："在第三季度，我们依托轻资产模式实现强劲网络扩张，以及同比保持 稳定的平均可出租客房收入，带动收入超越指引上限，并带来经营利润强劲增长。展望未来，集团将继 续专注于建立核心竞争力、追求高质量的网络增长与市场份额提升，并强化品牌定位及卓越服务。我们 对中国酒店业未来的信心始终坚定不移。" 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，在营客房总数为122万间，待开业酒店数量为2727家。在酒店网络的布局上，华住执 行以经济型和中档酒店为核心，服务大众市场的战略。 有序推进网络规模化扩张的同时，华住中国在维持入 ...

H World Group (HTHT) came out with quarterly earnings of $0.67 per share, beating the Zacks Consensus Estimate of $0.64 per share. This compares to earnings of $0.61 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +4.69%. A quarter ago, it was expected that this hotel operator would post earnings of $0.56 per share when it actually produced earnings of $0.59, delivering a surprise of +5.36%.Over the last four quarters, the com ...

Core Insights - The core viewpoint of the articles emphasizes the resilience and strategic foresight of Huazhu Group in the face of structural adjustments in the Chinese hotel industry, showcasing its strong financial performance in Q3 2025 despite overall industry pressures [1][2][10]. Financial Performance - In Q3 2025, Huazhu Group reported revenues of 7 billion yuan, an increase of 8.1% year-on-year, and adjusted net profits of 1.52 billion yuan, up 10.8% year-on-year [1][2]. - The group's hotel operating revenue grew by 17.5% to 30.6 billion yuan, with adjusted EBITDA reaching 2.5 billion yuan, reflecting significant growth across all financial metrics [2][3]. Business Model and Growth Drivers - The growth was driven by a combination of "brand empowerment and diversified layout," with management franchise and licensing income increasing by 27.2% to 3.3 billion yuan, highlighting the effectiveness of its franchise model [2][5]. - Huazhu's expansion strategy showed "lean growth," with the number of operating hotels and rooms increasing by 17.1% and 17.3% respectively, and a record 749 new hotels opened in Q3 [2][6]. Operational Efficiency - Key operational metrics remained strong, with Average Daily Rate (ADR) stabilizing, Occupancy Rate (OCC) at 84.1%, and Revenue Per Available Room (RevPAR) holding steady, indicating robust market competitiveness [3][9]. - The company’s operational empowerment system supports franchisees, ensuring high occupancy rates and stable cash flow, which enhances profitability [8][9]. Market Position and Strategic Initiatives - Huazhu's brand matrix covers both economy and mid-range markets, with significant growth in mid-to-high-end hotel signings, positioning it as a leader in the industry [6][10]. - The membership program, "Huazhu Club," has surpassed 300 million members, with a 17.3% year-on-year increase, driving customer loyalty and repeat bookings [7][8]. Future Outlook - The company is poised to benefit from supply-side reforms in the hotel industry, which are expected to create significant growth opportunities for leading brands like Huazhu [10][11]. - Huazhu's long-term vision includes enhancing product quality, expanding mid-to-high-end brand offerings, and optimizing its operational empowerment system, which collectively supports sustainable growth [11][12].

人民财讯11月17日电，11月17日晚间，华住集团发布三季报显示，第三季度华住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，同比增加8.1%；经调整净利润15.2亿元，同 比增加10.8%；经调整EBITDA为25亿元，同比增加18.9%。截至三季度末，华住集团全球在营酒店总数 为12702家，同比增长17.1%；在营客房总数为124.6万间，同比增长17.3%。 ...

Financial Data and Key Metrics Changes - The group revenue grew 8.1% year-over-year to RMB 7 billion in Q3 2025, surpassing previous guidance [19][60] - Adjusted EBITDA rose by 18.9% year-over-year to RMB 2.5 billion, with a margin improvement of 3.3 percentage points to 36.1% [19][60] - The monetized and franchised business revenue increased by 27.2% year-over-year to RMB 3.3 billion, contributing over 70% to the total gross operating profit [12][20] Business Line Data and Key Metrics Changes - The number of rooms in operation increased by 17.3% year-over-year, with group hotel GMV growing by 17.5% to RMB 30.6 billion [11][51] - Membership base exceeded 300 million, up 17.3% year-over-year, with room nights sold to members rising 19.7% [11][58] - The gross operating profit from the monetized and franchised business rose by 28.6% year-over-year to RMB 2.2 billion [12][20] Market Data and Key Metrics Changes - Domestic travel demand continues to grow steadily, particularly during the National Day and Mid-Autumn Festivals [8][47] - Supply growth has stabilized, with year-over-year growth rates moderating [8][48] - The demand for leisure travel is shifting from discretionary to necessity, supported by improved infrastructure [6][45] Company Strategy and Development Direction - The company aims to deepen its roots in the Chinese market, focusing on high-quality growth and service excellence [7][46] - Strategic focus remains on the economy and midscale segments to serve the mass market, with plans to achieve 20,000 hotels in 2,000 cities [13][54] - The launch of the new upper-midscale brand, Ji Icons, aims to meet growing consumer demand for quality living and unique experiences [14][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of China's hotel industry, driven by supply-side reform and increasing consumer demand [4][46] - The outlook for Q4 2025 anticipates revenue growth of 2%-6%, with monetized and franchised revenue expected to grow by 17%-21% [21][63] - Management noted that while leisure demand is strong, business demand remains uncertain [25][69] Other Important Information - The company generated RMB 1.7 billion in operating cash flow, with RMB 13.3 billion in cash and cash equivalents at the end of the quarter [20][62] - The company is enhancing its membership program to improve engagement and direct sales capabilities [17][37] Q&A Session Summary Question: What is the implied RevPAR assumption for Q4 and the outlook for 2026? - Management indicated that RevPAR stabilized in Q3, driven by leisure travel demand, and expects flattish to slightly positive RevPAR for Q4 [25][68] Question: What are the reasons behind the recent ADR performance? - Management attributed the ADR increase to enhanced revenue management, product upgrades, and service excellence [27][72] Question: What are the plans for the newly launched Ji Icons brand? - Management expressed strong determination to develop the Ji Icons brand, focusing on store openings and leveraging cultural preferences [31][74] Question: What is the outlook on cost control and margins? - Management highlighted ongoing efforts in cost control and margin improvement through supply chain optimization and revenue management [35][38]

Financial Data and Key Metrics Changes - The group revenue grew 8.1% year-over-year to RMB 7 billion in Q3 2025, surpassing previous guidance [19][64] - Adjusted EBITDA rose by 18.9% year-over-year to RMB 2.5 billion, with a margin improvement of 3.3 percentage points to 36.1% [19][64] - The monetized and franchised business revenue increased by 27.2% year-over-year to RMB 3.3 billion, with gross operating profit rising by 28.6% to RMB 2.2 billion [12][20] Business Line Data and Key Metrics Changes - The number of rooms in operation increased by 17.3% year-over-year, contributing to a group hotel GMV growth of 17.5% to RMB 30.6 billion [11][53] - Membership base exceeded 300 million, up 17.3% year-over-year, with room nights sold to members rising 19.7% [11][53] - The upper-midscale segment saw a 25.3% year-over-year increase in the number of hotels in operation and pipeline, exceeding 1,600 [14][58] Market Data and Key Metrics Changes - Domestic travel demand continues to grow steadily, particularly during the National Day and Mid-Autumn Festivals [8][49] - Supply growth has stabilized, with year-over-year growth rates moderating [8][50] - The demand for leisure travel is shifting from discretionary to necessity, driven by improved infrastructure and changing consumer preferences [6][46] Company Strategy and Development Direction - The company aims to deepen its roots in the China market, focusing on high-quality growth and service excellence [7][47] - Strategic focus remains on the economy and midscale segments to serve the mass market, with plans to achieve 20,000 hotels in 2,000 cities [13][56] - The launch of the new upper-midscale brand, Ji Icons, aims to meet growing consumer demand for quality living and unique experiences [14][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of China's hotel industry, citing a shortage of high-quality supply [4][47] - The company anticipates a flattish to slightly positive RevPAR for Q4 2025, with uncertainties in business demand but strong leisure demand [25][72] - Future growth will focus on enhancing membership benefits and exploring cross-industry partnerships to strengthen member engagement [17][61] Other Important Information - The company generated RMB 1.7 billion in operating cash flow, with RMB 13.3 billion in cash and cash equivalents at the end of the quarter [20][66] - Guidance for Q4 2025 expects group revenue growth of 2%-6% and monetized and franchised revenue growth of 17%-21% [21][67] Q&A Session Summary Question: What is the implied RevPAR assumption for Q4 2025? - Management indicated that RevPAR is stabilizing, driven by leisure travel demand, with a flattish to slightly positive outlook for Q4 [69][72] Question: What are the reasons behind the recent ADR performance? - The increase in ADR is attributed to enhanced revenue management, product upgrades, and service excellence, leading to improved pricing power [75][76] Question: What are the plans for the newly launched Ji Icons brand? - The Ji Icons brand aims to penetrate the upper midscale segment, with plans for store openings and a focus on cultural preferences [31][78] Question: What is the outlook on cost control and margins? - Management highlighted ongoing efforts in cost control and margin improvement through supply chain optimization and strategic investments [35][38]

Financial Data and Key Metrics Changes - The group revenue grew 8.1% year-over-year to RMB 7 billion in Q3 2025, surpassing previous guidance [42] - Adjusted EBITDA rose by 18.9% year-over-year to RMB 2.5 billion, with a margin improvement of 3.3 percentage points to 36.1% [42][43] - Operating cash flow generated in Q3 was RMB 1.7 billion, with cash and cash equivalents at RMB 13.3 billion [43] Business Line Data and Key Metrics Changes - The monetized and franchised business revenue increased by 27.2% year-over-year to RMB 3.3 billion, contributing over 70% of the group's total gross operating profit [37][43] - The number of rooms in operation grew by 17.3% year-over-year, with group hotel GMV rising 17.5% to RMB 30.6 billion [36] - Membership base exceeded 300 million, up 17.3% year-over-year, with room nights sold to members increasing by 19.7% [36][41] Market Data and Key Metrics Changes - Domestic travel demand continues to grow steadily, particularly during the National Day and Mid-Autumn Festivals [35] - Supply growth has stabilized, with year-over-year growth rates moderating [35] Company Strategy and Development Direction - The company aims to deepen its roots in the China market, focusing on high-quality growth and service excellence [34] - Strategic focus remains on the economy and midscale segments to serve the mass market, with plans to achieve 20,000 hotels in 2,000 cities [38][39] - The launch of the new upper-midscale brand, Ji Icons, aims to meet growing consumer demand for quality living and unique experiences [39][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of China's hotel industry, driven by a shift in consumer demand from discretionary to necessity [34][35] - The outlook for Q4 2025 anticipates revenue growth of 2%-6%, with monetized and franchised revenue expected to grow by 17%-21% [44] Other Important Information - The company has made significant improvements in revenue management and pricing strategies, contributing to better performance metrics [48] - The membership program is a core strategy for sustainable growth, with plans to enhance member benefits and engagement [41] Q&A Session Summary Question: What is the implied RevPAR assumption for the fourth quarter guidance? - Management indicated that RevPAR is stabilizing, driven by leisure travel demand, with expectations for flattish to slightly positive RevPAR in Q4 [46][48] Question: What are the reasons behind the recent ADR performance? - The increase in ADR is attributed to enhanced revenue management, product upgrades, and service excellence, leading to improved pricing power [50] Question: What are the plans for the newly launched Ji Icons brand? - The Ji Icons brand aims to become a core player in the upper-midscale segment, with further details to be shared after the first hotels open [27] Question: What is the outlook on cost control and margins? - Management highlighted ongoing efforts in cost control and margin improvement through supply chain optimization and strategic investments [27]

Disclaimer ⯝餓㡮僈 H World Group Limited (NASDAQ: HTHT and HKEX: 1179) H World November 17, 2025 Third Quarter of 2025 Earnings Call This presentation has been prepared by H World Group Limited (the "H World") solely for informational purposes and should not be construed to be, directly or indirectly, in whole or in part, an offer to buy or sell and/or an invitation and/or a recommendation and/or a solicitation of an offer to buy or sell any security or instrument or to participate in any investment or trading ...

Core Insights - H World Group Limited reported strong third-quarter results for 2025, driven by its asset-light expansion strategy, loyalty ecosystem, and digital capabilities [1][3] Financial Performance - Hotel GMV reached RMB 30.6 billion, an increase of 17.5% year-on-year, while total revenue grew 8.1% year-on-year to RMB 7.0 billion [1] - Revenue from manachised and franchised hotels rose 27.2% to RMB 3.3 billion, highlighting the effectiveness of the asset-light model [1] - Adjusted EBITDA increased to RMB 2.5 billion, up from RMB 2.1 billion in the same period last year, reflecting improved operating efficiency and healthier margins [2] Strategic Initiatives - The company opened over 2,000 hotels year-to-date and is on track to achieve its target of 2,300 gross openings in 2025 [3] - H Rewards, the loyalty program, surpassed 300 million members, making it one of the largest hotel loyalty ecosystems globally [3][4] - Members booked 66 million room nights in Q3, a 19.7% increase year-on-year, indicating rising engagement with the brand [4] Operational Expansion - As of September 30, 2025, H World operated 12,702 hotels with 1,246,240 rooms globally, having opened 749 hotels in Q3 and expanded into 89 additional Chinese cities year-on-year [5] - The company remains optimistic about long-term growth prospects in China and abroad, supported by strong franchise demand and a scalable digital infrastructure [5]

Core Insights - Huazhu Group-S (01179) reported Q3 2025 revenue of RMB 7 billion, an increase of 8.1% year-on-year [1] - Net profit attributable to Huazhu Group Limited was RMB 1.5 billion, reflecting a year-on-year growth of 15.4% [1] - Basic earnings per share stood at RMB 0.48 [1] Revenue Breakdown - Revenue from the Legacy-Huazhu segment reached RMB 5.7 billion, up 10.8% year-on-year, driven by the expansion of the management franchise and hotel network [1] - Revenue from the Legacy-DH segment was RMB 1.2 billion, showing a decline of 3.0% year-on-year [1] Operational Highlights - The CEO highlighted strong network expansion through a light-asset model, leading to revenue exceeding guidance and significant operating profit growth [1] - In Q3, the company opened 749 new hotels, bringing the total for the year to over 2,000, on track to meet the target of 2,300 new hotels by the end of 2025 [1] Future Outlook - For Q4 2025, the company expects revenue growth of 2% to 6% compared to Q4 2024, or 3% to 7% excluding DH [1] - Management franchise and franchise revenue is anticipated to grow by 17% to 21% compared to Q4 2024 [1] International Operations - The Legacy-DH segment recorded a 6.4% year-on-year increase in blended average revenue per available room, driven by a 4.6 percentage point increase in occupancy rate [1] - The company plans to enhance hotel operations, focus on cost reduction and efficiency, and continue developing its light-asset portfolio [1]