Financial Performance - Hotel revenue for Q3 2023 increased by 55.1% year-over-year to RMB 23.5 billion, and by 59.2% excluding Steigenberger Hotels GmbH[2] - Total revenue for Q3 2023 grew by 53.6% year-over-year to RMB 6.3 billion (approximately $861 million), exceeding previous guidance of 43% to 47% growth[2] - Net profit attributable to the company for Q3 2023 was RMB 1.3 billion (approximately $183 million), a significant recovery from a net loss of RMB 717 million in Q3 2022[2] - Adjusted EBITDA for Q3 2023 was RMB 2.2 billion (approximately $300 million), compared to RMB 491 million in Q3 2022[2] - Operating profit for Q3 2023 was RMB 1.9 billion (approximately USD 262 million), compared to RMB 500 million in Q3 2022 and RMB 1.4 billion in the previous quarter[11] - The operating profit margin was 30.4%, significantly up from 12.2% in Q3 2022 and 25.0% in the previous quarter[11] - EBITDA for Q3 2023 was RMB 2.1 billion (approximately USD 293 million), compared to RMB 149 million in Q3 2022 and RMB 1.7 billion in the previous quarter[12] - The company reported a year-over-year revenue growth of 61.8% from the Legacy-Huazhu segment, with revenue of RMB 5.1 billion in Q3 2023[7] - The company reported an adjusted net profit of RMB 1,390 million for Q3 2023, compared to an adjusted net loss of RMB 375 million in Q3 2022[25] Hotel Operations - As of September 30, 2023, the company operated 9,157 hotels with a total of 885,756 rooms[4] - The company opened 545 hotels in Q3 2023 and closed 139 hotels during the same period[4] - Legacy-DH had 129 operating hotels with an occupancy rate of 69.0% in Q3 2023, up from 66.1% in Q3 2022[6] - The total number of hotels operated by Huazhu Group as of September 30, 2023, was 9,028, with a net increase of 406 hotels during the quarter[27] - The total number of hotels as of September 30, 2023, was 9,157, with a net increase of 1 hotel during the third quarter[31] - The company temporarily closed 8 hotels in Q3 2023 for brand upgrades or business model changes[28] - The company has 24 hotels under development as of September 30, 2023[31] Revenue Breakdown - Revenue from leased and owned hotels was RMB 3.878 billion (approximately USD 531 million), a year-over-year increase of 43.9% and a quarter-over-quarter increase of 8.0%[8] - Revenue from management franchise and licensed hotels was RMB 2.268 billion (approximately USD 311 million), showing a year-over-year increase of 72.7% and a quarter-over-quarter increase of 22.2%[8] - The average daily rate (ADR) for Legacy-Huazhu hotels in Q3 2023 was RMB 324, up from RMB 254 in Q3 2022[5] - The average revenue per available room (RevPAR) for leased and owned hotels rose by 65.8% year-over-year to RMB 356 in Q3 2023[29] - The average revenue per available room (RevPAR) for economy hotels increased by 40.1% year-over-year, reaching €216 as of September 30, 2023[30] - The average daily rate (ADR) for managed and franchised hotels rose by 37.3% year-over-year, reaching €209 for the same period[30] Cash Flow and Financial Position - In Q3 2023, operating cash inflow was RMB 1.2 billion (approximately $163 million) while investment cash outflow was RMB 2 billion (approximately $282 million) primarily due to the purchase of RMB 1.8 billion in time deposits and financial products[13] - As of September 30, 2023, total cash and cash equivalents amounted to RMB 5.8 billion (approximately $790 million) with restricted cash of RMB 529 million (approximately $73 million)[13] - Total debt and net cash balance as of September 30, 2023, were RMB 5.2 billion (approximately $714 million) and RMB 1.1 billion (approximately $149 million) respectively[13] - The company holds RMB 2.8 billion in time deposits and financial products, including RMB 2 billion in short-term investments, and has available undrawn credit facilities of RMB 2.7 billion[13] - Total current assets increased from RMB 9,178 million on December 31, 2022, to RMB 10,798 million as of September 30, 2023, representing a growth of 17.6%[20] - Cash and cash equivalents rose from RMB 3,583 million to RMB 5,767 million, an increase of 60.7%[20] - Total liabilities decreased from RMB 52,704 million to RMB 48,288 million, a reduction of 8.0%[21] - Total equity increased significantly from RMB 8,803 million to RMB 14,474 million, reflecting a growth of 64.5%[21] - The company reported a short-term debt increase from RMB 3,288 million to RMB 4,234 million, a rise of 28.8%[21] Future Outlook - The company expects Q4 2023 revenue to grow between 41% to 45% year-over-year, or 48% to 52% excluding DH[3] - For Q4 2023, the company expects revenue growth between 41% to 45% compared to Q4 2022, or 48% to 52% growth excluding DH[13] - Huazhu Group plans to expand its market presence by opening 1,000 new hotels in 2024[22] - Huazhu Group plans to open 2,935 new hotels, indicating a strong pipeline for future growth[28] - Future growth strategies include expanding its hotel portfolio and enhancing brand presence in various markets[18] Key Metrics - The occupancy rate for all operating Legacy-Huazhu hotels in Q3 2023 was 85.9%, compared to 76.0% in Q3 2022[5] - The occupancy rate for leased and owned hotels improved by 14.7 percentage points year-over-year to 87.8% in Q3 2023[29] - The average daily rate for leased hotels remained stable at €113, with a year-over-year change of 0.0%[33] - The average occupancy rate for leased hotels increased by 4.0 percentage points year-over-year, reaching 71.4%[33]
华住集团-S(01179) - 2023 Q3 - 季度业绩