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华住集团-S(01179) - 2024 - 年度业绩
01179HWORLD(01179)2025-03-20 10:00

Hotel Operations - As of December 31, 2024, the company operated 11,147 hotels, totaling 1,088,218 hotel rooms[6] - The company plans to open approximately 2,300 hotels and close about 600 hotels in 2025[7] - As of December 31, 2024, the company operates a total of 11,147 hotels and 1,088,218 rooms globally, including 122 hotels from Legacy-DH[8] - The company opened over 2,400 new hotels in 2024, surpassing the initial target of 1,800 hotels[12] - The total number of hotels remained unchanged at 7,163, with a total of 3,013 hotels in the pipeline as of December 31, 2024[77] Financial Performance - Hotel operating revenue for Q4 2024 increased by 16.5% year-over-year to RMB 23.7 billion, while the full year saw a 15.5% increase[6] - Q4 2024 revenue grew by 7.8% year-over-year to RMB 6 billion (approximately 825million),exceedingpreviousguidanceof1825 million), exceeding previous guidance of 1% to 5% growth[6] - For the full year 2024, total revenue reached RMB 23,891 million, a 9.2% increase compared to 2023[14] - The revenue from Legacy-Huazhu for Q4 2024 was RMB 4,800 million, a year-over-year increase of 9.2%[13] - The revenue from management franchise and leasing hotels in Q4 2024 was RMB 25,000 million, a year-over-year increase of 24%[15] Profitability - Net profit attributable to the company for Q4 2024 was RMB 49 million (approximately 7 million), a decline from RMB 743 million in Q4 2023[6] - For the full year 2024, the net profit attributable to Huazhu Group Limited was RMB 3 billion (approximately 418million),downfromRMB4.1billionin2023[27]−InQ42024,operatingprofitwasRMB902million(approximatelyUSD123million),comparedtoRMB757millioninQ42023andRMB1.7billioninQ32024[23]−Forthefullyear2024,operatingprofitreachedRMB5.2billion(approximatelyUSD713million),anincreasefromRMB4.7billionin2023[23]CostsandExpenses−InQ42024,hoteloperatingcostsamountedtoRMB4.2billion(approximatelyUSD574million),anincreasefromRMB4.0billioninQ42023andRMB3.8billioninQ32024,primarilyduetopersonnelcostincreasesfromhotelnetworkexpansion[17]−Forthefullyear2024,hoteloperatingcoststotaledRMB15.3billion(approximatelyUSD2.1billion),comparedtoRMB14.3billionin2023[18]−InQ42024,generalandadministrativeexpenseswereRMB725million(approximatelyUSD99million),anincreasefromRMB644millioninQ42023andRMB672millioninQ32024[20]−Forthefullyear2024,generalandadministrativeexpensestotaledRMB2.5billion(approximatelyUSD344million),comparedtoRMB2.1billionin2023[21]FutureOutlook−ForQ12025,thecompanyexpectsrevenuegrowthof0418 million), down from RMB 4.1 billion in 2023[27] - In Q4 2024, operating profit was RMB 902 million (approximately USD 123 million), compared to RMB 757 million in Q4 2023 and RMB 1.7 billion in Q3 2024[23] - For the full year 2024, operating profit reached RMB 5.2 billion (approximately USD 713 million), an increase from RMB 4.7 billion in 2023[23] Costs and Expenses - In Q4 2024, hotel operating costs amounted to RMB 4.2 billion (approximately USD 574 million), an increase from RMB 4.0 billion in Q4 2023 and RMB 3.8 billion in Q3 2024, primarily due to personnel cost increases from hotel network expansion[17] - For the full year 2024, hotel operating costs totaled RMB 15.3 billion (approximately USD 2.1 billion), compared to RMB 14.3 billion in 2023[18] - In Q4 2024, general and administrative expenses were RMB 725 million (approximately USD 99 million), an increase from RMB 644 million in Q4 2023 and RMB 672 million in Q3 2024[20] - For the full year 2024, general and administrative expenses totaled RMB 2.5 billion (approximately USD 344 million), compared to RMB 2.1 billion in 2023[21] Future Outlook - For Q1 2025, the company expects revenue growth of 0% to 4%, or 3% to 7% excluding DH[7] - For the full year 2025, the company anticipates revenue growth of 2% to 6%, or 5% to 9% excluding DH[7] - For Q1 2025, Huazhu expects revenue growth of 0% to 4%, or 3% to 7% excluding the DH segment, and management franchise revenue growth of 18% to 22%[33] - For the full year 2025, Huazhu anticipates revenue growth of 2% to 6%, or 5% to 9% excluding the DH segment, with management franchise revenue growth of 17% to 21%[33] Shareholder Returns - The company declared a cash dividend of approximately 300 million for the second half of 2024, equating to $0.097 per ordinary share[4] - Huazhu announced a shareholder return plan totaling up to USD 2 billion over three years, with approximately USD 767 million allocated for cash dividends and share repurchases in 2024[32] Non-GAAP Measures - The company utilizes non-GAAP financial measures such as adjusted net profit and adjusted EBITDA to provide meaningful supplemental information regarding its performance[37] - EBITDA is considered a useful financial indicator for assessing operational and financial performance before the impact of financing and taxes[39] - The company believes that adjusted EBITDA better reflects the financial performance capability of its hotels by excluding certain expenses[39] - The company's non-GAAP financial measures may not be comparable to similar measures used by other companies due to differences in calculation methods[41] Market Presence and Strategy - The company plans to continue expanding its management franchise and leasing models to enhance revenue streams and market presence[44] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[58] - The company is focusing on enhancing its brand and customer retention strategies to drive future growth in the hospitality sector[45] Debt and Cash Flow - The total debt and net cash balance as of December 31, 2024, were RMB 5.4 billion (approximately USD 743 million) and RMB 2.1 billion (approximately USD 288 million), respectively[30] - The operating cash inflow for Q4 2024 was RMB 2.7 billion (approximately USD 371 million), while the investment cash outflow was RMB 3.1 billion (approximately USD 424 million)[30] Operational Metrics - In Q4 2024, the average daily rate (ADR) for Legacy-Huazhu hotels was RMB 277, down from RMB 284 in Q4 2023 and RMB 301 in the previous quarter[10] - The occupancy rate for all operating Legacy-Huazhu hotels in Q4 2024 was 80.0%, compared to 80.5% in Q4 2023 and 84.9% in the previous quarter[10] - The average daily room rate for leased and owned hotels in Q4 2024 is projected to be RMB 353, a slight decrease of 0.7% compared to Q4 2023[68] - The occupancy rate for leased and owned hotels remained stable at 83.7% in Q4 2024, unchanged from the previous year[68]