[Announcement Overview](index=1&type=section&id=Announcement%20Overview) [Important Notice and Dividend Declaration](index=1&type=section&id=Important%20Notice%20and%20Dividend%20Declaration) Huazhu Group Limited announced its unaudited financial results for the second quarter and interim period ended June 30, 2025, and declared an ordinary cash dividend totaling approximately US$250 million for the first half of 2025 - The Company has provided this earnings announcement as an interim report to shareholders for the six months ended June 30, 2025, in accordance with Rule 13.48(1) of the HKEX Listing Rules[3](index=3&type=chunk) H1 2025 Cash Dividend Declaration | Metric | Amount/Date | | :--- | :--- | | Dividend Per Ordinary Share | US$0.081 | | Dividend Per ADS | US$0.81 | | Total Dividend Amount | Approx. US$250 million | | Record Date | Close of Business on September 9, 2025 | | Ordinary Share Payment Date | On or around September 19, 2025 | | ADS Payment Date | On or around September 26, 2025 | [Q2 and Interim 2025 Performance Highlights](index=3&type=section&id=Q2%20and%20Interim%202025%20Performance%20Highlights) Huazhu Group achieved robust financial and operational growth in Q2 2025, with year-over-year increases in hotel turnover and revenue, significant improvements in net income and EBITDA, and continued hotel network expansion under its asset-light strategy Q2 2025 Key Financial and Operational Metrics | Metric | Q2 2025 | YoY Growth | | :--- | :--- | :--- | | Hotels in Operation | 12,137 | | | Hotel Turnover | **RMB 26.9 billion** | **15.0%** | | Revenue | **RMB 6.4 billion (US$897 million)** | **4.5%** | | Manachised and Franchised Revenue | **RMB 2.9 billion (US$400 million)** | **22.8%** | | Net Income Attributable to Huazhu Group Limited | **RMB 1.5 billion (US$215 million)** | **44.7% (vs. Q2 2024)** | | EBITDA (Non-GAAP) | **RMB 2.5 billion (US$344 million)** | **31.6% (vs. Q2 2024)** | | Adjusted EBITDA (Non-GAAP) | **RMB 2.3 billion (US$317 million)** | **15.0% (vs. Q2 2024)** | - Legacy-Huazhu segment revenue increased by **5.7%** year-over-year to **RMB 5.1 billion**, while Legacy-DH segment revenue remained largely flat year-over-year at **RMB 1.3 billion**[7](index=7&type=chunk) - For the first half of 2025, the Board declared a cash dividend totaling approximately **US$250 million**, or **US$0.081** per ordinary share[7](index=7&type=chunk) [Q3 2025 Performance Guidance](index=4&type=section&id=Q3%202025%20Performance%20Guidance) Huazhu Group anticipates mid-to-low single-digit revenue growth for Q3 2025, with manachised and franchised revenue expected to maintain strong growth momentum Q3 2025 Revenue Guidance | Metric | Growth Range (vs. Q3 2024) | | :--- | :--- | | Total Revenue | **2% to 6%** | | Total Revenue (Excluding DH) | **4% to 8%** | | Manachised and Franchised Revenue | **20% to 24%** | [Operating Performance Analysis](index=4&type=section&id=Operating%20Performance%20Analysis) [Hotel Network Overview](index=4&type=section&id=Hotel%20Network%20Overview) As of June 30, 2025, Huazhu Group operated over 12,000 hotels and nearly 1.2 million rooms globally, with almost 3,000 hotels in the pipeline, primarily within its Legacy-Huazhu business Hotel Network Overview as of June 30, 2025 | Metric | Count | | :--- | :--- | | Global Hotels in Operation | 12,137 | | Global Rooms in Operation | 1,184,915 | | Hotels in Pipeline | 2,947 | | Legacy-Huazhu Hotels in Operation | 12,016 | | Legacy-DH Hotels in Operation | 121 | - In Q2 2025, Legacy-Huazhu business opened **595** hotels (**594** of which were manachised and franchised hotels) and closed a total of **143** hotels[9](index=9&type=chunk)[53](index=53&type=chunk) [Legacy-Huazhu Operating Performance](index=4&type=section&id=Legacy-Huazhu%20Operating%20Performance) Legacy-Huazhu continued its hotel network expansion in Q2 2025, but experienced slight year-over-year declines in ADR, occupancy rate, and RevPAR, with same-store performance also showing a decrease Legacy-Huazhu Hotel and Room Count (as of June 30, 2025) | Metric | Count | | :--- | :--- | | Hotels in Operation | 12,016 | | Leased and Owned Hotels | 547 | | Manachised and Franchised Hotels | 11,469 | | Rooms in Operation | 1,159,086 | | Hotels in Pipeline | 2,925 | Legacy-Huazhu Q2 2025 Key Operating Metrics | Metric (RMB) | Q2 2024 | Q1 2025 | Q2 2025 | YoY Change | | :--- | :--- | :--- | :--- | :--- | | ADR | 296 | 272 | 290 | **-1.9%** | | Occupancy Rate | 82.6% | 76.2% | 81.0% | **-1.6 percentage points** | | Blended RevPAR | 244 | 208 | 235 | **-3.8%** | Legacy-Huazhu Mature Hotel Same-Store Performance (Q2 2025) | Metric | Q2 2024 | Q2 2025 | YoY Change | | :--- | :--- | :--- | :--- | | Same-Store RevPAR | RMB 253 | RMB 233 | **-7.9%** | | Same-Store ADR | RMB 300 | RMB 287 | **-4.6%** | | Same-Store Occupancy Rate | 84.1% | 81.1% | **-2.9 percentage points** | [Legacy-DH Operating Performance](index=5&type=section&id=Legacy-DH%20Operating%20Performance) Legacy-DH achieved significant RevPAR growth in Q2 2025, primarily driven by an increase in occupancy rate, despite a stable ADR Legacy-DH Hotel and Room Count (as of June 30, 2025) | Metric | Count | | :--- | :--- | | Hotels in Operation | 121 | | Leased Hotels | 65 | | Manachised and Franchised Hotels | 56 | | Rooms in Operation | 25,829 | | Hotels in Pipeline | 22 | Legacy-DH Q2 2025 Key Operating Metrics | Metric (EUR) | Q2 2024 | Q1 2025 | Q2 2025 | YoY Change | | :--- | :--- | :--- | :--- | :--- | | ADR | 120 | 107 | 120 | **-0.1%** | | Occupancy Rate | 68.3% | 61.1% | 73.9% | **+5.6 percentage points** | | Blended RevPAR | 82 | 65 | 88 | **+8.1%** | [CEO Commentary](index=5&type=section&id=CEO%20Commentary) CEO Jin Hui highlighted strong operating profit growth driven by the asset-light strategy and network expansion, expressing optimism for the long-term growth of China's travel and hospitality industry while remaining cautious about short-term macroeconomic uncertainties - The Company opened **595** hotels in Q2, on track to achieve its full-year 2025 target of opening a total of **2,300** hotels[12](index=12&type=chunk) - Despite macroeconomic uncertainties, increased supply, and weak business travel demand, the Company remains optimistic about the long-term growth of China's travel and hospitality industry[12](index=12&type=chunk) - Legacy-DH segment achieved an **8.1%** year-over-year increase in blended RevPAR in Q2 2025, primarily driven by a **5.6 percentage point** increase in occupancy rate[12](index=12&type=chunk) [Financial Performance Analysis](index=6&type=section&id=Financial%20Performance%20Analysis) [Revenue Analysis](index=6&type=section&id=Revenue%20Analysis) Huazhu Group's total revenue grew by **4.5%** year-over-year in Q2 2025, primarily driven by the strong expansion of its manachised and franchised hotel network, with this business model's revenue contribution continuously increasing Total Revenue Overview (RMB in millions) | Revenue Source | Q2 2024 | Q1 2025 | Q2 2025 | H1 2024 | H1 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Leased and Owned Hotels | 3,681 | 2,789 | 3,401 | 6,780 | 6,190 | | Manachised and Franchised Hotels | 2,334 | 2,499 | 2,865 | 4,397 | 5,364 | | Other | 133 | 107 | 160 | 249 | 267 | | **Total Revenue** | **6,148** | **5,395** | **6,426** | **11,426** | **11,821** | - Total revenue for Q2 2025 was **RMB 6.4 billion (US$897 million)**, a **4.5%** year-over-year increase. Legacy-Huazhu segment revenue grew **5.7%** year-over-year to **RMB 5.1 billion**, while Legacy-DH segment revenue remained largely flat year-over-year at **RMB 1.3 billion**[13](index=13&type=chunk)[51](index=51&type=chunk) - Total revenue for H1 2025 was **RMB 11.8 billion (US$1.7 billion)**, a **3.5%** increase compared to H1 2024. Legacy-Huazhu revenue increased by **5.6%** year-over-year, while Legacy-DH revenue decreased by **4.9%** year-over-year[14](index=14&type=chunk)[52](index=52&type=chunk) [Leased and Owned Hotel Revenue](index=6&type=section&id=Leased%20and%20Owned%20Hotel%20Revenue) Leased and owned hotel revenue decreased year-over-year in both Q2 and H1 2025, reflecting the company's ongoing strategy to reduce this business model Leased and Owned Hotel Revenue (RMB in millions) | Period | Q2 2024 | Q2 2025 | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 3,681 | 3,401 | **-7.6%** | | Legacy-Huazhu | 2,395 | 2,130 | **-11.1%** | | Legacy-DH | 1,286 | 1,271 | **-1.2%** | - Revenue from leased and owned hotels for H1 2025 was **RMB 6.2 billion (US$864 million)**, a year-over-year decrease of **8.7%**[14](index=14&type=chunk) [Manachised and Franchised Hotel Revenue](index=6&type=section&id=Manachised%20and%20Franchised%20Hotel%20Revenue) Manachised and franchised hotel revenue achieved strong growth in both Q2 and H1 2025, becoming the primary driver of the company's revenue increase, with its revenue contribution significantly rising Manachised and Franchised Hotel Revenue (RMB in millions) | Period | Q2 2024 | Q2 2025 | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 2,334 | 2,865 | **+22.8%** | | Legacy-Huazhu | 2,305 | 2,829 | **+22.7%** | | Legacy-DH | 32 | 41 | **+28.1%** | - Revenue from manachised and franchised hotels for H1 2025 was **RMB 5.4 billion (US$749 million)**, a **22.0%** year-over-year increase, accounting for **45.4%** of total revenue (compared to **38.5%** in H1 2024)[16](index=16&type=chunk) [Other Revenue](index=7&type=section&id=Other%20Revenue) Other revenue increased in both Q2 and H1 2025, primarily from businesses such as IT products and services, procurement platforms, and Huazhu Mall Other Revenue (RMB in millions) | Period | Q2 2024 | Q2 2025 | H1 2024 | H1 2025 | | :--- | :--- | :--- | :--- | :--- | | Amount | 133 | 160 | 249 | 267 | [Operating Costs and Expenses Analysis](index=7&type=section&id=Operating%20Costs%20and%20Expenses%20Analysis) In Q2 2025, Huazhu Group's total operating costs and expenses slightly increased year-over-year, but hotel operating costs as a percentage of revenue decreased due to the asset-light strategy, leading to double-digit operating profit growth Total Operating Costs and Expenses (RMB in millions) | Expense Type | Q2 2024 | Q1 2025 | Q2 2025 | H1 2024 | H1 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Hotel Operating Costs | (3,731) | (3,604) | (3,752) | (7,296) | (7,356) | | Other Operating Costs | (6) | (11) | (11) | (15) | (22) | | Selling and Marketing Expenses | (317) | (243) | (309) | (577) | (552) | | General and Administrative Expenses | (602) | (512) | (660) | (1,111) | (1,172) | | Pre-opening Expenses | (19) | (3) | (12) | (27) | (15) | | **Total Operating Costs and Expenses** | **(4,675)** | **(4,373)** | **(4,744)** | **(9,026)** | **(9,117)** | [Hotel Operating Costs](index=7&type=section&id=Hotel%20Operating%20Costs) Hotel operating costs in Q2 2025 slightly increased by **0.6%** year-over-year, but as a percentage of revenue, they decreased by **2.3 percentage points** year-over-year due to the implementation of the asset-light strategy - Hotel operating costs for Q2 2025 were **RMB 3.8 billion (US$523 million)**, a slight year-over-year increase of **0.6%**[17](index=17&type=chunk) - As the Company continues to execute its asset-light strategy, hotel operating costs as a percentage of revenue decreased by **2.3 percentage points** year-over-year[17](index=17&type=chunk) - Hotel operating costs for H1 2025 were **RMB 7.4 billion (US$1.0 billion)**, largely flat compared to **RMB 7.3 billion** in H1 2024[18](index=18&type=chunk) [Selling, General and Administrative Expenses](index=8&type=section&id=Selling%2C%20General%20and%20Administrative%20Expenses) Selling, general and administrative expenses increased by **5.4%** year-over-year in Q2 2025, primarily due to higher share-based compensation, but would have decreased by **1.0%** year-over-year excluding share-based compensation Selling, General and Administrative Expenses (RMB in millions) | Period | Q2 2024 | Q2 2025 | YoY Change | | :--- | :--- | :--- | :--- | | SG&A | 919 (317+602) | 969 (309+660) | **+5.4%** | | Excluding Share-based Compensation | | | **-1.0%** | - Selling, general and administrative expenses for H1 2025 were **RMB 1.7 billion (US$241 million)**, compared to **RMB 1.7 billion** in H1 2024[19](index=19&type=chunk) [Operating Profit](index=8&type=section&id=Operating%20Profit) Operating profit increased by **13.7%** year-over-year in Q2 2025, with the operating profit margin rising to **27.8%**, primarily due to the increased revenue contribution from manachised and franchised businesses Operating Profit (RMB in millions) | Period | Q2 2024 | Q2 2025 | YoY Change | | :--- | :--- | :--- | :--- | | Operating Profit | 1,572 | 1,787 | **+13.7%** | | Legacy-Huazhu | | | **+11.7%** | | Legacy-DH | | | **+52.7%** | - Operating profit margin (defined as operating profit as a percentage of revenue) for Q2 2025 was **27.8%**, an improvement from **25.6%** in Q2 2024[20](index=20&type=chunk) - Operating profit for H1 2025 was **RMB 2.9 billion (US$400 million)**, with an operating profit margin of **24.3%**, compared to **22.5%** in H1 2024[19](index=19&type=chunk)[21](index=21&type=chunk) [Net Income and EBITDA](index=9&type=section&id=Net%20Income%20and%20EBITDA) Huazhu Group's net income attributable to the company and EBITDA (Non-GAAP) both achieved substantial growth in Q2 2025, reflecting a significant improvement in the company's profitability Net Income and EBITDA Overview (RMB in millions) | Metric | Q2 2024 | Q1 2025 | Q2 2025 | H1 2024 | H1 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Income Attributable to Huazhu Group Limited | 1,067 | 894 | 1,544 | 1,726 | 2,438 | | EBITDA (Non-GAAP) | 1,853 | 1,615 | 2,465 | 3,162 | 4,080 | | Adjusted EBITDA (Non-GAAP) | 2,040 | 1,496 | 2,270 | 3,461 | 3,766 | [Income Tax Expense](index=9&type=section&id=Income%20Tax%20Expense) Income tax expense increased year-over-year in Q2 2025, primarily due to higher profit and increased withholding tax on dividend distribution Income Tax Expense (RMB in millions) | Period | Q2 2024 | Q2 2025 | YoY Change | | :--- | :--- | :--- | :--- | | Income Tax Expense | 423 | 565 | **+33.6%** | | H1 2025 | 702 | 942 | **+34.2%** | [Net Income Attributable to Huazhu Group Limited](index=9&type=section&id=Net%20Income%20Attributable%20to%20Huazhu%20Group%20Limited) Net income attributable to Huazhu Group Limited surged by **44.7%** year-over-year in Q2 2025, primarily driven by net income growth from Legacy-Huazhu Net Income Attributable to Huazhu Group Limited (RMB in millions) | Period | Q2 2024 | Q2 2025 | YoY Change | | :--- | :--- | :--- | :--- | | Net Income | 1,067 | 1,544 | **+44.7%** | | Legacy-Huazhu Net Income | | | **+40.9%** | - Net income attributable to Huazhu Group Limited for H1 2025 was **RMB 2.4 billion (US$340 million)**, compared to **RMB 1.7 billion** in H1 2024[22](index=22&type=chunk) [EBITDA (Non-GAAP)](index=9&type=section&id=EBITDA%20(Non-GAAP)) EBITDA (Non-GAAP) reached **RMB 2.5 billion** in Q2 2025, showing significant year-over-year growth and reflecting the strong profitability of the company's core business EBITDA (Non-GAAP) (RMB in millions) | Period | Q2 2024 | Q1 2025 | Q2 2025 | | :--- | :--- | :--- | :--- | | EBITDA | 1,853 | 1,615 | 2,465 | - EBITDA (Non-GAAP) for H1 2025 was **RMB 4.1 billion (US$569 million)**, compared to **RMB 3.2 billion** in H1 2024[22](index=22&type=chunk) [Adjusted EBITDA (Non-GAAP)](index=9&type=section&id=Adjusted%20EBITDA%20(Non-GAAP)) Adjusted EBITDA (Non-GAAP) for Q2 2025 was **RMB 2.3 billion**, with both Legacy-Huazhu and Legacy-DH segments achieving growth, indicating strong performance across all business units Adjusted EBITDA (Non-GAAP) (RMB in millions) | Metric | Q2 2024 | Q1 2025 | Q2 2025 | | :--- | :--- | :--- | :--- | | Total Adjusted EBITDA | 2,040 | 1,496 | 2,270 | | Legacy-Huazhu | 1,907 | 1,573 | 2,090 | | Legacy-DH | 133 | (77) | 180 | - Adjusted EBITDA (Non-GAAP) for H1 2025 was **RMB 3.8 billion (US$525 million)**, compared to **RMB 3.5 billion** in H1 2024[24](index=24&type=chunk) [Financial Position and Cash Flow](index=9&type=section&id=Financial%20Position%20and%20Cash%20Flow) [Balance Sheet Overview](index=10&type=section&id=Balance%20Sheet%20Overview) As of June 30, 2025, Huazhu Group's total assets and liabilities both increased, with ample cash and cash equivalents and a healthy net cash balance Balance Sheet Key Data (as of June 30, 2025) | Metric | Amount (RMB in millions) | | :--- | :--- | | Total Assets | 64,779 | | Total Liabilities | 52,486 | | Total Shareholders' Equity Attributable to Huazhu Group Limited | 12,153 | | Cash and Cash Equivalents | 10,145 | | Restricted Cash | 370 | | Total Debt | 7,410 (Short-term Debt 6,633 + Long-term Debt 777) | | Net Cash Balance | 3,100 (Cash and Cash Equivalents 10,145 + Restricted Cash 370 - Total Debt 7,410) | [Cash Flow](index=9&type=section&id=Cash%20Flow) In Q2 2025, Huazhu Group reported strong cash inflow from operating activities, positive cash inflow from investing activities, and cash outflow from financing activities primarily due to dividend payments and debt repayments Cash Flow Overview (RMB in millions) | Cash Flow Type | Q2 2024 | Q1 2025 | Q2 2025 | H1 2024 | H1 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Cash from Operating Activities | 2,235 | 580 | 2,659 | 3,121 | 3,239 | | Net Cash from Investing Activities | 346 | 757 | 239 | 694 | 996 | | Net Cash from Financing Activities | (1,105) | (628) | (709) | (3,363) | (1,337) | - Operating cash inflow for Q2 2025 was **RMB 2.7 billion (US$371 million)**, investing cash inflow was **RMB 239 million (US$34 million)**, and financing cash outflow was **RMB 709 million (US$100 million)**[24](index=24&type=chunk) - Operating cash inflow for H1 2025 was **RMB 3.2 billion (US$452 million)**, investing cash inflow was **RMB 996 million (US$139 million)**, and financing cash outflow was **RMB 1.3 billion (US$187 million)**[24](index=24&type=chunk) [Company Information and Accounting Principles](index=10&type=section&id=Company%20Information%20and%20Accounting%20Principles) [Conference Call Information](index=10&type=section&id=Conference%20Call%20Information) Huazhu Group will host a conference call on August 20, 2025, to discuss its results, with webcast and replay services available - The conference call will commence at **8:00 AM U.S. Eastern Time (8:00 PM Hong Kong Time)** on **August 20, 2025**[29](index=29&type=chunk) - All participants are required to pre-register before the call, and a webcast and replay will be available on the company's website for twelve months[29](index=29&type=chunk) [Use and Limitations of Non-GAAP Financial Measures](index=11&type=section&id=Use%20and%20Limitations%20of%20Non-GAAP%20Financial%20Measures) Huazhu Group utilizes non-GAAP financial measures like EBITDA and Adjusted EBITDA to provide a more comparable assessment of operating performance, while acknowledging their limitations and emphasizing the need for comprehensive evaluation alongside GAAP data - Non-GAAP measures (such as EBITDA and Adjusted EBITDA) provide meaningful supplemental information by excluding share-based compensation expenses, fair value changes, net foreign exchange gains/losses, and gains/losses from disposal of investments[30](index=30&type=chunk) - The Company believes EBITDA is a useful financial metric for evaluating operating and financial performance before reflecting investment and financing transactions and income tax impacts, and is widely used by other companies in the hospitality industry[31](index=31&type=chunk) - Limitations of non-GAAP measures include their failure to reflect important items such as depreciation and amortization, income tax, and interest expense, and they may not be fully comparable to those of other companies[32](index=32&type=chunk)[33](index=33&type=chunk) [About Huazhu Group Limited](index=12&type=section&id=About%20Huazhu%20Group%20Limited) Huazhu Group is a major player in the global hospitality industry, boasting a diversified brand portfolio and an asset-light business model, committed to expanding its hotel network worldwide - As of June 30, 2025, Huazhu operated **12,137** hotels with **1,184,915** rooms in operation across **19** countries[34](index=34&type=chunk) - Huazhu's brands include Hanting Hotel, Ji Hotel, Orange Hotel, Steigenberger, and it holds master franchise rights for Mercure, Ibis, and Ibis Styles in Greater China[34](index=34&type=chunk) - Huazhu's business model includes leased and owned (**8%** of hotel rooms) and manachised and franchised (**92%** of hotel rooms), with uniform standards and platforms applied across all hotels[35](index=35&type=chunk) [Reconciliation of US GAAP to IFRS](index=27&type=section&id=Reconciliation%20of%20US%20GAAP%20to%20IFRS) This report provides a reconciliation between financial statements prepared under US GAAP and IFRS, detailing significant impacts arising from accounting treatment differences such as convertible preferred notes, share-based compensation, leases, investment classification, and asset impairment - The reconciliation has been reviewed by Deloitte Touche Tohmatsu in accordance with Hong Kong Standard on Assurance Engagements 3000 (Revised) issued by the Hong Kong Institute of Certified Public Accountants[60](index=60&type=chunk) - Key differences include the classification of convertible preferred notes (liability under US GAAP vs. financial liability at fair value through profit or loss under IFRS), recognition methods for share-based compensation expenses (straight-line vs. accelerated method), and lease accounting treatment (changes in index or rate, right-of-use asset amortization, intermediate lessor classification)[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) - Measurement of investments in debt and equity securities (at cost less impairment under US GAAP vs. at fair value through profit or loss under IFRS) and long-lived asset impairment test methods (two-step vs. one-step approach) are also significant factors contributing to the differences[70](index=70&type=chunk)[74](index=74&type=chunk)

過去二十載，華住從一家漢庭酒店成長到如今遍佈19個國家經營超過12,000家酒 店的多品牌酒店集團。為慶祝此重要里程碑時刻，並勾劃我們未來的戰略方向， 華住集團有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於2025年 10月30日（星期四）在中國上海舉辦首屆華住集團資本市場日（「該活動」）。 自願公告 華住集團資本市場日 （英文前稱Huazhu Group Limited） （於開曼群島註冊成立的有限公司） （股份代號：1179） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 H World Group Limited 華住集團有限公司 如對該活動感興趣者，請於 2025 年 8 月 2 9 日（ 星 期 五 ）之 前 通 過 https://htone.feishu.cn/share/base/form/shrcnMImNPPvb8FNF2YoYkicCbh鏈接填寫 註冊表格。成功註冊的參與者將於2025年9月底前收到該活動的邀請函 ...

Financial Performance Analysis - In Q1 2025, Huazhu Group's hotel revenue increased by 14.3% year-on-year to 22.5 billion yuan, while total revenue reached 5.395 billion yuan, a 2.2% increase [1] - The net profit attributable to shareholders was 894 million yuan, reflecting a year-on-year growth of 35.7%, indicating revenue and profit growth under a light asset model [1] - Revenue from leased and owned hotels was approximately 2.8 billion yuan, showing significant declines both year-on-year and quarter-on-quarter, while management and franchise income grew by 21% to 2.5 billion yuan, accounting for over 46% of total revenue [4] Business Development Insights - By the end of Q1 2025, Huazhu operated 11,685 hotels, with a net increase of 539 hotels during the quarter, emphasizing a steady expansion strategy focused on light asset operations [8] - The company is optimizing its hotel structure by increasing its presence in lower-tier cities, with 54% of upcoming hotels located in third-tier cities and below, while also expanding its mid-to-high-end market presence [8] - The membership system has grown to nearly 280 million members, contributing to a 65.1% year-on-year increase in room nights booked through the central reservation system, supporting a 76.2% occupancy rate [9] Business Trends Overview - In Q2, Huazhu launched a digital product for GOP (Gross Operating Profit) management aimed at franchisees, enhancing operational efficiency and cost reduction [10] - The company entered the new retail space by launching "Huazhu Club M3 Memory Pillow," leveraging its supply chain advantages to meet growing consumer demand in the sleep economy [11] Development Analysis and Forecast - The recovery of leisure travel in 2025 is expected to provide short-term growth momentum for Huazhu, with significant increases in guest numbers during holiday periods [12] - The hotel industry has seen rapid expansion since 2023, leading to increased competition and pricing pressures, with core performance indicators showing declines across multiple hotel groups [14] - Long-term strategies for Huazhu include enhancing competitiveness through mid-to-high-end market positioning, digital cost reduction, and deepening the membership ecosystem [14]

Group 1 - Pinduoduo, Futu, and Huazhu Group remain heavily favored by Chinese private equity firms, while tech giants like Nvidia, Meta, and Microsoft are increasingly appearing in their portfolios [1][3] - In Q2, Hillhouse and Jinglin significantly reduced or completely sold off some Chinese concept stocks, while Li Lu re-entered Pinduoduo after a three-year hiatus, indicating differing views on the prospects of Chinese stocks among funds [1][3][6] - Hillhouse's total market value in US stocks reached $3.105 billion, with Pinduoduo as the largest holding at $730 million, accounting for 23.52% of its portfolio [3][5] Group 2 - Hillhouse's major reductions included 1 million shares of NetEase (down 37.66%), 4.5 million shares of Beike (down 37.64%), and 2.76 million shares of Alibaba (down 70.58%) [6][10] - Gao Yi's holdings decreased from $770 million to $397 million, with a significant sell-off of 13 stocks, leaving only 9 stocks in its portfolio [7][8] - Gao Yi's largest holding became Huazhu Group, which accounted for 42.19% of its portfolio after reductions in Pinduoduo and Yum China [10] Group 3 - Jinglin's total market value in US stocks was $2.874 billion, with Meta as the largest holding at 25.46%, marking the third consecutive quarter of increased investment in Meta [11][13] - Jinglin also made significant investments in Nvidia, becoming its seventh-largest holding, and reduced positions in companies like NetEase and TSMC [11][13] - Himalaya Capital, led by Li Lu, made a notable return to Pinduoduo, purchasing 4.608 million shares, making it the second-largest holding at 17.93% [14][15] Group 4 - Dongfang Hongwan's total market value reached $1.126 billion, with Nvidia as the top holding, and it also entered the cryptocurrency space by purchasing Coinbase [17][20] - The fund increased its holdings in Google, making it the second-largest position, while also investing in Tesla and Netflix [19][20] - Duan Yongping's H&H International Investment reported a total market value of $11.5 billion, with significant increases in holdings of Apple and Nvidia [21][22]

Group 1: Investment Trends in Chinese Stocks - Prominent private equity firms such as Hillhouse, Gao Yi, and Jinglin have heavily invested in Chinese concept stocks, indicating confidence in the long-term development of the Chinese economy and the investment value of these stocks [1][2][6] - Hillhouse's HHLR Advisors reported a market value of $3.105 billion in U.S. stocks as of Q2 2025, with over 90% allocated to Chinese concept stocks, highlighting a strong preference for quality Chinese assets [2] - In HHLR's top ten holdings, eight are Chinese concept stocks, with Pinduoduo being the largest, having increased by 18% this year, and Futu Holdings doubling with a 118% increase [2] Group 2: Jinglin Asset Management's Adjustments - Jinglin Asset Management disclosed a U.S. stock holding of $2.873 billion as of Q2 2025, with significant adjustments in its top ten holdings, including both Chinese and foreign internet giants [3][6] - Jinglin has notably increased its position in NVIDIA, purchasing 630,000 shares during Q2, as NVIDIA's stock rebounded significantly after a decline earlier in the year [4][5] Group 3: Gao Yi Asset Management's Strategy - Gao Yi Asset Management reported a significant reduction in its U.S. stock holdings, with a market value of $397 million as of Q2, indicating a strategic shift away from several stocks [7][9] - The largest holding for Gao Yi is Huazhu, valued at $168 million, which constitutes 42.19% of its portfolio, while Pinduoduo is the second largest at $137 million, making up 34.57% [8][9]

华住集团-S(01179)发布公告，(i)赵彤彤女士将辞任董事会独立董事，其后担任董事会观察员;及(ii)尚健 先生将辞任董事会独立董事、公司审核委员会主席及公司薪酬委员会成员(两者均自本公告日期起生 效)。 自本公告日期起，(i)Justin Martin LEVERENZ先生获委任为董事会董事;及(ii)张怿女士获委任为董事会 独立董事及获任命为审核委员会主席。此外，根据香港上市规则，张女士为公司独立非执行董事。自同 日起，曹蕾女士获任命为薪酬委员会成员。 ...

自本公告日期起，(i) Justin Martin LEVERENZ先生获委任为董事会董事；及(ii)张怿女士获委任为董事 会独立董事及获任命为审核委员会主席。此外，根据香港上市规则，张女士为公司独立非执行董事。自 同日起，曹蕾女士获任命为薪酬委员会成员。 格隆汇8月15日丨华住集团-S(01179.HK)公布，(i)赵彤彤女士将辞任董事会独立董事，其后担任董事会 观察员；及(ii)尚健先生将辞任董事会独立董事、公司审核委员会主席及公司薪酬委员会成员（两者均 自本公告日期起生效）。 ...

自本公告日期起，(i) Justin Martin LEVERENZ先生获委任为董事会董事;及(ii)张怿女士获委任为董事会 独立董事及获任命为审核委员会主席。此外，根据香港上市规则，张女士为公司独立非执行董事。自同 日起，曹蕾女士获任命为薪酬委员会成员。 智通财经APP讯，华住集团-S(01179)发布公告，(i)赵彤彤女士将辞任董事会独立董事，其后担任董事会 观察员;及(ii)尚健先生将辞任董事会独立董事、公司审核委员会主席及公司薪酬委员会成员(两者均自本 公告日期起生效)。 ...

H World Group Limited 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Leverenz先生自2007年5月至2025年7月期間擔任景順發展中市場基金*(Invesco Developing Markets Fund)的首席投資官及高級投資組合經理。彼於2019年加入景順 有限公司*(Invesco Ltd.)，當時該公司與奧本海默基金*(OppenheimerFunds)合併。 Leverenz先生自2007年5月起管理奧本海默發展中市場基金*(OppenheimerFunds Developing Markets Fund)，而該基金後更名為景順發展中市場基金。彼於2004 年開始在奧本海默基金擔任高級研究分析師，為全球證券策略(Global Equity Strategy)提供支持，並自2007年至2019年期間擔任投資組合經理一職。於加入奧 本海默基金之前，Leverenz先生曾擔任高盛在亞洲的泛亞技術研究部(Pan-Asi ...

Group 1 - The third "Vibrant · ESG" Innovation Forum is scheduled to be held in Shanghai on August 16, guided by the Southern Finance Media Group and hosted by the 21st Century Business Herald [1] - Key speakers include prominent figures from various organizations, such as Wang Zhongmin, former vice chairman of the National Social Security Fund Council, and Zhang Zhengwei, special advisor to the ISSB chairman, who will discuss the latest policy trends in green transformation and ESG practices [1][2] - The forum emphasizes the importance of ESG as a strategic choice for enterprises to overcome development bottlenecks and internal competition, highlighting the need for digital transformation in traditional energy companies and addressing uncertainties in technology routes for renewable energy firms [2] Group 2 - A session on "Building Green Supply Chains, Industrial Chains, and Value Chains" will feature representatives from major companies like Sony, Adidas, and Mars, focusing on how leading firms can drive green transformation in their supply chains [3] - The forum promotes sustainable practices by encouraging attendees to use public transportation, bring their own cups and utensils, and implement recycling initiatives at the venue, contributing to energy conservation and waste reduction [3]