华住：深蹲起跳，华住还是业内顶流

Core Viewpoint - Huazhu Group's Q3 2025 financial results exceeded market expectations, driven by strong leisure travel demand and the company's asset-light transformation strategy [1][2] Group 1: RevPAR Recovery - RevPAR for Huazhu in Q3 was 256 RMB per night, marking a turnaround from five consecutive quarters of year-on-year decline, and was slightly above market expectations [1][8] - The average daily rate (ADR) increased by 1% year-on-year, reaching 304 RMB, as the company shifted its focus from economy hotels to mid-range and high-end brands [1][8] - Occupancy rate (OCC) showed a narrowing decline, reaching 84.1%, indicating a recovery in the domestic leisure travel market [8][12] Group 2: Expansion and Market Position - Huazhu opened 1,554 new hotels by the end of Q3, significantly outpacing the industry average, with most new openings in mid-range and above brands [1][16] - The company is accelerating its expansion in Southeast Asia and the Middle East, aiming to establish a significant presence in these markets over the next 3-5 years [16] Group 3: Franchise Business Growth - Total revenue for Q3 reached 6.96 billion RMB, a year-on-year increase of 8.1%, surpassing the company's guidance of 2%-6% [2][19] - Franchise business growth was robust, with a 27.2% year-on-year increase in franchise agreements, contributing to 47.5% of total revenue [2][19] Group 4: Profitability and Cost Management - The company's light-asset strategy has helped maintain stable gross margins despite a decline in average transaction prices [24] - Adjusted EBITDA for Q3 reached 2.51 billion RMB, an 18% year-on-year increase, exceeding market expectations [29] - Management expenses significantly decreased due to improved operational efficiency from digitalization, despite increased marketing expenditures [29]