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].
华住集团2025年上半年营收、净利双增 但第二季度酒店三大关键经营指标均有所下滑