Core Viewpoint - The company reported a revenue of 6.961 billion yuan in Q3 2025, representing a year-on-year increase of 8.1%, exceeding the guidance of 2%-6% [1] Group 1: Financial Performance - The company's revenue from direct hotels was 3.487 billion yuan, down 5.5% year-on-year, accounting for 50.1% of total revenue [1] - Revenue from franchise and managed hotels reached 3.309 billion yuan, up 27.2% year-on-year, making up 47.5% of total revenue, with growth exceeding the guidance of 20%-24% [1] - The net profit attributable to shareholders was 1.469 billion yuan, reflecting a year-on-year increase of 15.4% [1] Group 2: RevPAR and Occupancy Rates - Domestic hotel RevPAR was 256 yuan, a slight decrease of 0.1% year-on-year, with ADR at 304 yuan (up 0.9%) and OCC at 84.1% (down 0.8 percentage points) [1] - International hotel RevPAR was 87 euros, an increase of 6.4% year-on-year, with ADR at 117 euros (down 0.2%) and OCC at 74.4% (up 4.6 percentage points) [1] Group 3: Cost Management and Profitability - Hotel operating costs were 4.1 billion yuan, up 6.9% year-on-year, but the operating cost ratio decreased by 0.6 percentage points due to a light-asset strategy [2] - SG&A expenses were 884 million yuan, down 9.3% year-on-year, partly due to a one-time restructuring cost of 81 million yuan in Q3 2024 [2] - The overall operating profit margin improved to 29.4%, up 2.7 percentage points year-on-year, driven by increased contributions from managed and franchise business revenues [2] Group 4: Expansion and New Brand Launch - As of Q3 2025, the company operated 12,702 hotels globally, with 1.246 million rooms, having opened 749 new hotels domestically and 1 internationally in Q3 [2] - The company plans to launch a new mid-to-high-end brand "All Seasons Grand View" in Q4, aimed at attracting travelers with Eastern culture [2] Group 5: Future Outlook - The company expects total revenue growth of 2%-6% year-on-year for Q4, with managed and franchise revenue projected to grow by 17%-21% [2] - Revenue forecasts for 2025-2027 are 25.28 billion, 26.70 billion, and 28.23 billion yuan, with year-on-year growth rates of 5.8%, 5.6%, and 5.7% respectively [3] - Net profit forecasts for the same period are 4.54 billion, 5.11 billion, and 5.80 billion yuan, with year-on-year growth rates of 49.1%, 12.5%, and 13.4% respectively [3]
华住集团-S(01179.HK)：RP境内同比企稳 新推中高端品牌“全季大观”