Investment Rating - The report maintains a "Strong Buy" rating for the company [3][6]. Core Insights - The company reported Q2 2025 revenue of 6.43 billion yuan, a year-on-year increase of 4.5%, aligning with the guidance of 0%-5% [1][6]. - Adjusted EBITDA and net profit for Q2 2025 were 2.27 billion yuan and 1.35 billion yuan, respectively, reflecting year-on-year growth of 11.3% and 7.6% [1][6]. - The company anticipates Q3 2025 revenue growth of 2%-6%, with domestic hotel revenue expected to grow by 4%-8% [1][6]. Financial Performance - The company achieved a gross margin of 41.6%, an increase of 2.3 percentage points year-on-year [6]. - The operating profit margin for Q2 2025 was 27.8%, up by 2.2 percentage points year-on-year [6]. - The company’s total revenue for 2023 is projected at 21.882 billion yuan, with a year-on-year growth of 58% [2][8]. Operational Metrics - The number of domestic hotels reached 12,016, representing an 18.4% increase year-on-year [6]. - The company has a robust pipeline with 2,947 hotels awaiting opening, sufficient to support its annual opening plan [6]. - The overall hotel occupancy rate, average daily rate, and RevPAR showed a slight decline, with year-on-year changes of -1.6 percentage points, -1.9%, and -3.8%, respectively [6]. Shareholder Information - The total share capital is 3,069 million shares, with a market capitalization of 80.7 billion HKD [3][6]. - The major shareholder, Qi Qi, holds a 31.21% stake in the company [3].
华住集团-S（01179）：开业节奏平稳，收入符合预期