万豪国际2025年业绩稳健增长，大中华区表现突出

Core Insights - Marriott International's total revenue for 2025 reached $26.186 billion, representing a 4% year-over-year increase, while net profit was $2.601 billion, up 10% [1] Financial Performance - In Q4 2025, total revenue was $6.69 billion, a 4% increase year-over-year, but net profit slightly decreased by 2% to $445 million [2] - The RevPAR in Greater China for Q4 was $80.63, showing a 3.4% increase, with occupancy rates rising to 67.8% [2] Project Development - Over 200 new projects were signed in Greater China for the year, adding more than 36,000 rooms, marking a historical high in contract volume [3] - The global development pipeline includes approximately 4,100 hotels and nearly 610,000 rooms, with 43% currently under construction, resulting in a net room growth rate exceeding 4.3% [3] Operational Status - During the 2026 Spring Festival holiday, hotel booking rates for Marriott properties in cities like Shanghai and Guangzhou exceeded 90%, with some nearing full occupancy, indicating a recovery in demand [4] Future Outlook - The company anticipates a global RevPAR growth of 1.5%-2.5% for 2026, a net room growth of 4.5%-5%, and an adjusted EBITDA growth of 8%-10%, with plans to return over $4.3 billion in capital to shareholders [5]