华住集团：充分反映预期

Investment Rating - The report maintains a positive outlook on Huazhu Group, indicating it as a beneficiary of the RevPar upcycle in the industry [5][3]. Core Insights - Huazhu Group's revenue increased by 8.3% year-on-year to 6.5 billion yuan, driven by a 2% growth in RevPar and a 16.5% increase in hotel count [4][3]. - The adjusted EBITDA rose by 76% year-on-year to 2.2 billion yuan, aided by cost control measures from Deutsche Hospitality [4][3]. - Management has guided for revenue growth of 2-6% in 2026 [3]. Summary by Relevant Sections Revenue Growth - The revenue growth is attributed to a 2% increase in RevPar and a 16.5% increase in the number of hotels [4]. - The average room rate improved by 4.1% year-on-year due to ongoing product upgrades and recovery from price wars in the industry [4]. Market Position - Huazhu is viewed as a key player benefiting from the recovery in leisure travel demand, particularly in lower-tier cities, with 44% of its hotels located in tier-three cities and below [5]. - The company’s hotel portfolio is increasingly skewed towards mid-range and higher-end hotels, which constituted 53% of its hotel mix in 2025 [5]. Profitability Outlook - There is potential for further improvement in profitability, although the GOP margin for management franchise business contracted by 1.2 percentage points year-on-year [6]. - RevPar recovery is expected to enhance profitability, but it is crucial for RevPar growth to outpace salary increases for hotel managers [6]. Catalysts for Growth - Key catalysts include a faster-than-expected recovery in business travel, strong holiday tourism data, existing brand upgrades, and higher disposable income growth [7].