Business Performance - 3Q25 RevPAR was 97.8% of 2024's level for the same period[12] - 3Q25 Same-Hotel RevPAR was 95.0% of 2024's level for the same period[15] - Retail GMV increased by 75.5% from RMB 566 million in 3Q24 to RMB 994 million in 3Q25[44] - Online channels contributed to over 90% of retail sales[46] - The number of registered individual members increased by 30% from 83 million in 3Q24 to 108 million in 3Q25[63] Hotel Network Expansion - 152 new hotels opened in 3Q25[19] - The company had 1,948 hotels in operation as of September 30, 2025[19] - The company had 754 hotels in the pipeline as of September 30, 2025[19] Financial Highlights - Net revenues increased by 38.4% year-over-year to RMB 2,627,970 thousand in 3Q25[79] - Adjusted net income increased by 27.0% year-over-year to RMB 488 million in 3Q25[91] - Adjusted EBITDA increased by 28.7% year-over-year to RMB 685 million in 3Q25[94] - The company's cash and cash equivalents were RMB 2,670 million as of September 30, 2025[98] Outlook - The company expects a total net revenues growth rate of 35% year-over-year for full year 2025[106]