5 February 2026 | 3:35PM HKT Equity Research Pony AI Inc. (PONY): Scaling up Gen-7 Robotaxi fleet with expanding partnership; 4Q25 NI turns positive on non-OP; Buy Pony AI announced a 2025 profit alert (Link), projecting a net loss of US$126m-US$143m. This suggests 4Q25 NI would turn positive to US$14m-US$31m vs. our previous estimate of a US$56m net loss. The company attributes this higher-than-expected NI in 4Q25 to gains from fair value changes in its investments in publicly traded companies. Looking ahe ...

Key Takeaways PGY runs an asset-light model, with most loans sold via ABS or forward flow deals.Capital is pre-raised and deployed only at origination, limiting PGY's credit exposure during market stress.This capital-efficient approach supports liquidity, scaling and less equity dilution.Pagaya Technologies Ltd. (PGY) operates a capital-efficient model that largely avoids holding loans on its balance sheet, significantly reducing its exposure to credit risk and market volatility. This is made possible throu ...

Core Insights - H World Group Limited reported strong third-quarter results for 2025, driven by its asset-light expansion strategy, loyalty ecosystem, and digital capabilities [1][3] Financial Performance - Hotel GMV reached RMB 30.6 billion, an increase of 17.5% year-on-year, while total revenue grew 8.1% year-on-year to RMB 7.0 billion [1] - Revenue from manachised and franchised hotels rose 27.2% to RMB 3.3 billion, highlighting the effectiveness of the asset-light model [1] - Adjusted EBITDA increased to RMB 2.5 billion, up from RMB 2.1 billion in the same period last year, reflecting improved operating efficiency and healthier margins [2] Strategic Initiatives - The company opened over 2,000 hotels year-to-date and is on track to achieve its target of 2,300 gross openings in 2025 [3] - H Rewards, the loyalty program, surpassed 300 million members, making it one of the largest hotel loyalty ecosystems globally [3][4] - Members booked 66 million room nights in Q3, a 19.7% increase year-on-year, indicating rising engagement with the brand [4] Operational Expansion - As of September 30, 2025, H World operated 12,702 hotels with 1,246,240 rooms globally, having opened 749 hotels in Q3 and expanded into 89 additional Chinese cities year-on-year [5] - The company remains optimistic about long-term growth prospects in China and abroad, supported by strong franchise demand and a scalable digital infrastructure [5]

Core Insights - Cango Inc. has established itself as a significant player in the Bitcoin mining industry, achieving a computing power of 50 EH/s by the end of Q2 2025, representing 6% of the global Bitcoin network [1][2] Financial Performance - For the three months ending June 30, 2025, Cango mined 1,404.4 Bitcoin at an average mining cost of $83,091 per Bitcoin, with all-in costs at $98,636, aligning with industry averages [2] - Revenue for Q2 2025 was reported at $139.8 million, with Bitcoin mining contributing $138.1 million; despite a loss due to one-off factors, adjusted EBITDA improved to $99.1 million [4] Strategic Transformation - The company underwent a strategic transformation over the past nine months, including a governance overhaul and a $352 million divestiture from operations in China, shifting to an "asset-light" operational model [3][4] - Cango's leadership restructuring has brought in a team with expertise in digital-asset infrastructure, finance, and energy investments, aimed at executing the next growth phase [5] Growth Initiatives - In August, Cango acquired a 50 MW mining site in Georgia, expected to reduce power costs and enhance operational stability [6] - The company is focused on maximizing the value from its 50 EH/s capacity and plans to implement efficiency upgrades while exploring renewable energy storage projects for near-zero-cost mining operations [7] Future Outlook - Cango aims to build a computing platform that balances Bitcoin mining and AI workloads, indicating a long-term vision for growth and diversification [7][8]

Core Insights - H World Group Limited reported a strong second-quarter performance for 2025, with a 22.8% year-on-year increase in asset-light revenues, driven by hotel GMV growth, loyalty engagement, and network expansion [1][2][3] Financial Performance - Hotel turnover increased by 15.0% year-on-year to RMB 26.9 billion in Q2 2025, while total adjusted EBITDA rose 11.3% year-on-year to RMB 2.3 billion [2] - Manachise and franchise gross operating profit reached RMB 1.9 billion in Q2 2025, a 23.2% increase from the previous year, accounting for 64% of total gross operating profit [3] Strategic Developments - The company opened 595 hotels in Q2 2025, on track to meet its target of 2,300 gross openings for the full year [4] - H World Group operates a total of 12,137 hotels or 1,184,915 hotel rooms globally as of June 30, 2025 [4] Brand Performance - Hanting Hotel ranked No. 1 in HOTELS Magazine's "World's Top 50 Hotel Brands" list, with 4,401 hotels or 378,569 rooms in operation [5] - The Group's presence in the upper-midscale market increased, with over 1,500 hotels in operation, and InterCity Hotel saw a 57.1% year-on-year performance increase [6] Customer Engagement - Customer loyalty strengthened, with membership reaching 288 million as of June 30, and direct bookings through H World CRS accounted for 65.1% of total reservations, a 5.2 percentage point increase from the prior year [7] Growth Outlook - H World has a total of 2,947 hotels in the development pipeline globally and remains optimistic about long-term growth in China's travel and hospitality industry [8] Shareholder Returns - The Board of Directors declared a cash dividend of approximately US$250 million for the first half of 2025, amounting to US$0.081 per ordinary share [9]

Core Viewpoint - H World Group Limited reported strong financial results for the second quarter and first half of 2025, driven by network expansion and an asset-light strategy, despite a modest decline in revenue per available room (RevPAR) [5][22]. Financial Performance - Total revenue for the second quarter of 2025 was RMB6.4 billion (US$897 million), a 4.5% year-over-year increase, with revenue from the Legacy-Huazhu segment increasing by 5.7% to RMB5.1 billion [5][8]. - Net income attributable to H World Group Limited was RMB1.5 billion (US$215 million) in Q2 2025, reflecting a 44.7% year-over-year increase [22]. - EBITDA (non-GAAP) for Q2 2025 was RMB2.5 billion (US$344 million), compared to RMB1.9 billion in Q2 2024 [23][24]. Operational Highlights - As of June 30, 2025, H World operated 12,137 hotels with 1,184,915 rooms, including 12,016 hotels from Legacy-Huazhu and 121 from Legacy-DH [2][41]. - The company opened 595 hotels in Q2 2025, contributing to a total of 2,947 hotels in the pipeline [2][5]. - The average daily room rate (ADR) for Legacy-Huazhu was RMB290, down from RMB296 in Q2 2024, while the occupancy rate was 81.0% [6]. Segment Performance - Revenue from manachised and franchised hotels in Q2 2025 was RMB2.8 billion (US$400 million), representing a 22.8% year-over-year increase [12][13]. - Revenue from the Legacy-DH segment was RMB1.3 billion, showing a slight increase of 0.1% year-over-year [5][9]. - Adjusted EBITDA from the Legacy-Huazhu segment was RMB2.1 billion in Q2 2025, compared to RMB1.9 billion in Q2 2024 [24][25]. Cash Flow and Dividend - Operating cash inflow for Q2 2025 was RMB2.7 billion (US$371 million) [26]. - The board declared a cash dividend of approximately US$250 million, equating to US$0.081 per ordinary share [29]. Guidance - For Q3 2025, H World expects revenue growth in the range of 2%-6%, or 4%-8% excluding Legacy-DH, with manachised and franchised revenue growth projected at 20%-24% [30].

Core Insights - The Coca-Cola Company is implementing a long-term refranchising strategy to shift bottling operations to local partners, allowing for a focus on brand building, marketing, and innovation while reducing capital-intensive production and distribution responsibilities [1][4] Financial Performance - In Q1 2025, Coca-Cola reported a 130-basis-point increase in comparable operating margin, indicating the effectiveness of its refranchising strategy [2][9] - The exit from the Philippines bottling operations and a local focus contributed to enhanced profitability, despite slight dilution in top-line metrics [2][9] - The Zacks Consensus Estimate for Coca-Cola's earnings implies year-over-year growth of 3.1% for 2025 and 8.3% for 2026, with earnings estimates remaining unchanged over the past 30 days [12] Operational Strategy - Coca-Cola's refranchising strategy not only improves capital efficiency but also maintains close alignment with bottling partners through joint planning and execution [4][9] - The company's local bottling system helps mitigate risks associated with trade disruptions and shifts in consumer sentiment, while also supporting local economies by creating jobs [3] Competitive Landscape - Coca-Cola's asset-light bottling model has been adopted in various forms by competitors like PepsiCo and Keurig Dr Pepper, although Coca-Cola remains more focused on local partnerships [5][6][7] - PepsiCo employs a hybrid bottling strategy that retains more control over key operations, which may limit margin expansion compared to Coca-Cola's model [6] - Keurig Dr Pepper utilizes a mix of owned operations and third-party bottlers, allowing for efficient scaling but potentially limiting direct control [7] Market Performance - Coca-Cola's shares have increased by 11.6% year-to-date, outperforming the industry growth of 5.3% [8] - The company trades at a forward price-to-earnings ratio of 22.43X, which is significantly higher than the industry's 17.98X [10]

Core Viewpoint - H World Group Limited reported its unaudited financial results for Q1 2025, showing a year-over-year revenue increase of 2.2% to RMB5.4 billion (US$744 million) and a significant net income growth of 35.7% to RMB894 million (US$123 million) [4][21][22]. Financial Performance - Total hotel turnover increased by 14.3% year-over-year to RMB22.5 billion in Q1 2025, with a 15.3% increase excluding Legacy-DH [4]. - Revenue from manachised and franchised hotels rose by 21.1% year-over-year to RMB2.5 billion (US$344 million) [12]. - Revenue from the Legacy-Huazhu segment was RMB4.5 billion, a 5.5% year-over-year increase, while the Legacy-DH segment saw a decline of 11.3% to RMB918 million [4][9]. Operational Highlights - As of March 31, 2025, H World operated 11,685 hotels with 1,142,158 rooms, including 11,564 hotels from Legacy-Huazhu and 121 from Legacy-DH [2][37]. - The company opened 694 hotels in Q1 2025, contributing to a total of 2,888 hotels in the pipeline [2][8]. - The average daily room rate (ADR) for Legacy-Huazhu hotels was RMB272, with an occupancy rate of 76.2% [5][6]. Cost and Expenses - Total operating costs and expenses in Q1 2025 were RMB4.4 billion, reflecting a slight increase of 0.5% year-over-year [14]. - Hotel operating costs were RMB3.6 billion, a 1.1% year-over-year increase, primarily due to a 4.2% increase in Legacy-Huazhu costs [14]. Cash Flow and Debt - Operating cash inflow for Q1 2025 was RMB580 million (US$80 million), while investing cash inflow was RMB757 million (US$103 million) [24]. - As of March 31, 2025, the company had total cash and cash equivalents of RMB8.2 billion (US$1.1 billion) and total debt of RMB5.3 billion (US$726 million) [25][24]. Future Guidance - For Q2 2025, H World expects revenue growth in the range of 1%-5%, or 3%-7% excluding Legacy-DH, with manachised and franchised revenue growth anticipated at 18%-22% [26].

Financial Data and Key Metrics Changes - The group-wide adjusted property EBITDA for Q4 2024 was approximately $295 million, with an adjusted EBITDA of approximately $312 million, reflecting a 5% increase from Q3 2024 [15][16] - The daily operating expenses (OpEx) in Macau during Q4 2024 increased to $3.2 million, but are expected to decline to approximately $3.1 million in Q1 2025 and further to $3.0 million by the end of Q2 2025 [16][17] - The liquidity position remains strong with available liquidity at $3.3 billion and consolidated cash on hand of approximately $1.3 billion [19][20] Business Line Data and Key Metrics Changes - The market share in Macau grew to approximately 15.6% in December 2024, with property visitation exceeding pre-pandemic levels for the first time since reopening [6][7] - City of Dreams, Manila continued to show solid performance with growth in EBITDA and market share quarter-to-quarter [12] - The casino fit-out in Sri Lanka is progressing well, on track to open in Q3 2025 [12] Market Data and Key Metrics Changes - Total gross gaming revenue (GGR) excluding junkets outpaced both 2024 and 2019 during the Chinese New Year period, with property visitation up 17% compared to the previous year [7][8] - A single day during the Chinese New Year period ranked among the top 10 all-time highs for mass drop and GGR days [8] Company Strategy and Development Direction - The company is focusing on increasing visibility and accessibility to attract and retain high-quality customers, with renovations planned for various properties [10][11] - The asset-light strategy is being explored, particularly in relation to City of Dreams, Manila, to enhance financial flexibility and support long-term growth initiatives [13][14] - The company is committed to investing in properties in Macau while also exploring capital-light investment opportunities in new markets [44][45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the start of 2025, noting strong performance in January and continued momentum into February [30][31] - The management highlighted that the business has spread throughout the month, which is seen as a healthy development for customer experience [31] - The return of the House of Dancing Water in May 2025 is expected to further drive visitation and revenue growth [8][48] Other Important Information - The company has repurchased a total of 132 million American Depositary Shares (ADSs) since the third quarter results [20][21] - Corporate expenses in Q4 2024 were $25 million, primarily due to the payment of trademark license fees [21][22] Q&A Session Summary Question: GGR growth prospects for this year and implications on Studio City - Management noted that while GGR has been choppy, January was strong, and February has shown improved performance compared to the previous year [29][30] Question: Insight into capital allocation strategy with potential proceeds from asset disposition - The primary objective remains paying down debt, but management is also considering capital-light investment opportunities and share buybacks due to undervalued shares [41][45] Question: OpEx comments and sustainability of decline - Management indicated that the decline in OpEx is expected to be sustainable, with efforts to rationalize expenses while maintaining service quality [55][60] Question: Detailed CapEx guidance for different parts of the business - For 2025, total CapEx is anticipated to be about $415 million, with $290 million allocated for Macau, including $70 million for Studio City [50][52] Question: Changes in trademark license fees and their implications - The trademark license fees are now reflected in corporate expenses, instituted at a lower percentage of revenue compared to competitors [82] Question: Future market share and quarterly run rate expectations - Management indicated that with current momentum, a quarterly run rate of around $300 million could be achievable [84]

Table of Contents As filed with the U.S. Securities and Exchange Commission on June 27, 2023 Registration No. 333-271515 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 United Homes Group, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 1531 85-3460766 (Primary standard industrial classification code number) 90 N Royal ...