Macquarie Equity Research 23 January 2026 China Lodging Focusing on quality growth to drive margins Key Points Consumer Services China Sunny Chow Linda Huang, CFA Figure 1 - Our China lodging coverage | Name Ticker | | Rec | Mkt cap | Price | | TP TP Change | TSR | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | US$m | (lcy$/sh) (lcy$/sh) | | % | (%) | | H World HTHT. US | 1179 HK OP | | 15,445 | US$50 HK$38 | US$59 HK$46 | 18% | 25% | | Atour | ATAT.US OP | | 5,219 | US$38 | US$48 | 9% | 28% | | ...