Group 1 - The core viewpoint of the report is that the hotel industry is experiencing a supply-demand flywheel effect, which is expected to lead to growth and a rebalancing of supply and demand in the current adjustment cycle [1][2] - Huazhu Group is leveraging a "product-traffic-return-scale" model to drive growth, supported by a multi-brand matrix and over 300 million members, which enhances its scale expansion [1][3] - The hotel industry is currently at a two-year adjustment bottom, with expectations for a rebalancing of supply-demand relationships, driven by steady growth in leisure travel and a decline in business travel demand [2][4] Group 2 - Huazhu has achieved a compound annual growth rate (CAGR) of over 20% in both store count and performance over the past 15 years, thanks to strategic foresight and a digitalized organization [3] - The company is expected to expand its store count to 18,000 by 2030, leading in market share, while also focusing on brand upgrades and enhancing its mid-to-high-end offerings [4] - The shift towards a light-asset model, comparable to overseas hotel models, is anticipated to support stable cash flows and shareholder returns of over 5%, potentially leading to valuation premiums [4]