Core Viewpoint - The hotel industry has shown a significant improvement in RevPAR decline since July 2025, with a continued positive trend observed post-October [1][2] Group 1: Industry Performance - The hotel industry's RevPAR decline has narrowed, indicating a clear month-on-month improvement trend since July 2025, which has continued after the National Day holiday [2] - Business travel demand has improved, as evidenced by the year-on-year increase in passenger volume on major business routes, although the sustainability of this demand remains debated [2][3] Group 2: Supply Dynamics - As of the end of October 2025, the overall hotel room supply has increased by 8.5% year-on-year, with chain hotels growing by 11.7% [2] - The growth rate of small-scale properties is significantly higher than that of large-scale properties, indicating a shift in supply dynamics [2] - The increase in supply is attributed to a greater decline in rental prices compared to room rates, maintaining investment returns [2] Group 3: Competitive Landscape - Leading hotel groups exhibit varying operational efficiencies, with Huazhu showing a significant lead in RevPAR compared to its peers [3] - Differences in channel and membership capabilities are evident, with Huazhu and Atour having more developed membership systems and multi-channel pricing strategies [3] - Operational efficiency comparisons reveal that Huazhu and Atour outperform others in terms of operating profit margins, while Jinjiang's efficiency gaps are primarily due to direct labor and operational costs [3]