华住三季报，稳住了

Core Insights - Huazhu Group reported its Q3 financial performance for the period ending September 30, 2025, showing a stable foundation amid moderate macro demand recovery and deepening asset-light strategy [1] - The hotel revenue reached 30.6 billion yuan, a year-on-year increase of 17.5% [1] - Total revenue for the period was 7 billion yuan, up 8.1% year-on-year, exceeding previous performance guidance [1] - Net profit attributable to Huazhu Group was 1.5 billion yuan, reflecting a 15.4% year-on-year growth [1] Financial Performance - Huazhu China's revenue grew by 10.8% to 5.7 billion yuan, while Legacy-DH (European business) revenue was 1.2 billion yuan, down 3.0% due to exchange rate and regional market fluctuations [1] - EBITDA for Q3 was 2.5 billion yuan, remaining stable [1] - The company opened 749 new hotels in Q3, bringing the total number of operating hotels globally to 12,702, with approximately 1.246 million rooms [1] Strategic Outlook - CEO Jin Hui emphasized ongoing optimization of hotel operations, cost reduction, and efficiency improvement, focusing on the continued development of the asset-light portfolio [2] - For Q4 2025, Huazhu expects revenue growth of 2% to 6%, with domestic business remaining the main driver [2] - Management franchise and licensing revenue is projected to grow by 17% to 21% year-on-year, validating the asset-light strategy's contribution to long-term growth [2] Market Position - Huazhu maintains a leading position in scale and efficiency, with a market capitalization of 138.3 billion yuan and a price-to-earnings ratio of 24.84 [5][10] - The company continues to see strong growth in asset-light (management franchise and licensing) operations, while revenue from heavy asset (leased and owned hotels) is declining [7][9] - The occupancy rate for Huazhu China was 84.1%, with an average daily rate (ADR) of 304 yuan, indicating stabilization in market pressures [7][10]