Core Viewpoint - H World Group (华住) shows stable stock performance with a recent closing price of $45.22, reflecting a slight increase of 0.62% on November 18, 2023, and a year-to-date increase of 44.7% [1] Financial Performance - The trading volume on November 18 was 1.7747 million shares, with a total transaction value of $78.9539 million, which is a decrease of 45.65% compared to the previous trading day [1] - Over the past 5 trading days, the stock has seen a cumulative increase of 0.04%, while the increase over the past 60 days is 29.79% [1] Institutional Ratings - Institutional sentiment towards H World Group remains positive, with Zacks Research and HSBC Global Research recently assigning a "Strong Buy" rating [1] Strategic Developments - The launch of the new brand "Qianji Daguan" on October 31 is a significant strategic move for H World Group, aimed at enhancing its position in the hotel supply-side reform [1] - The founder, Ji Qi, highlighted favorable factors such as a large population base and substantial infrastructure development, which are expected to create growth opportunities for the hotel industry, thereby boosting confidence in the development of "Qianji Daguan" [1] - This new brand is anticipated to become a key growth driver for H World Group in the next phase of its development [1]

Core Insights - The hotel industry faces a long-standing issue of "heavy assets, low turnover, and high debt," with approximately 30% of global hotel assets, valued over $4 trillion, remaining dormant due to liquidity constraints and valuation challenges [1][3][4]. Group 1: Challenges in the Hotel Industry - The "sleeping assets" dilemma in the hotel sector is primarily a combination of liquidity traps and value gaps [3]. - Hotel assets are diverse, including real estate, operational assets, and rights-based assets, which inherently limits liquidity [3][4]. - Real estate is hindered by complex property registration and lengthy transaction cycles, while operational assets suffer from low standardization, and rights-based assets are restricted by centralized platforms [4]. - High leverage in the hotel industry, with an average debt ratio exceeding 60%, leads to inefficient capital usage and reliance on high-cost borrowing [6][7]. Group 2: RWA's Role in Activating Dormant Assets - RWA (Real World Assets) aims to transform physical hotel assets into digital tokens on the blockchain, addressing liquidity, trust, and efficiency issues [9]. - The first step involves asset rights confirmation and standardization, creating a unique digital identity for hotel assets [10]. - The second step focuses on fragmenting assets into smaller, more accessible shares, allowing broader participation from individual investors and funds [11]. - The third step utilizes data-driven dynamic valuation, significantly reducing valuation discrepancies from 20%-30% to under 5% [12]. Group 3: Transaction Structure and Revenue Estimation - A typical transaction structure involves issuing 20,000 rights for a 300-room hotel, raising 40 million yuan, with each right providing usage and benefit rights [14]. - Estimated revenue over five years includes approximately 63.5 million yuan, with a potential annualized return of about 11.75% per right [14]. Group 4: Future Outlook and Challenges - RWA is anticipated to become a foundational element in the hotel industry, promoting a shift from heavy asset expansion to light asset appreciation [18]. - However, large-scale implementation of RWA faces three main obstacles: regulatory compliance, technological maturity, and ecosystem collaboration [19].

Core Insights - The Chinese hotel industry is transitioning from extensive growth driven by scale to a new normal focused on meticulous management and quality improvement, as indicated by the "14th Five-Year Plan" [1][2] - The industry is experiencing structural upgrades rather than a simple recovery, driven by a mismatch between supply and demand, leading to a reconfiguration of value [1][2] Industry Overview - The hotel industry's current challenges stem from the failure of old growth models rather than a lack of demand [2] - The "14th Five-Year Plan" promotes high-quality development in the service sector, creating opportunities in experience-oriented and scenario-based hotel demands, as well as in the lower-tier market [2][6] - The industry is shifting from a focus on scale to value cultivation, with leading brands leveraging standardization and efficiency to dominate market consolidation [2][6] Company Performance - Huazhu Group reported a resilient performance in Q3 2023, achieving revenue of 18.78 billion yuan and a net profit of 3.907 billion yuan, representing year-on-year growth of 5.12% and 30.28% respectively [2][3] - In Q3, Huazhu's revenue reached approximately 7 billion yuan, an increase of 8.1% year-on-year, with management and franchise income growing by 27.2% to 3.3 billion yuan [2][3] - The company's domestic revenue was 5.7 billion yuan, reflecting a year-on-year increase of 10.8% [2][3] Key Metrics - Huazhu's RevPAR (Revenue per Available Room) was 256 yuan in Q3, stable year-on-year but up 8.94% quarter-on-quarter [3] - The ADR (Average Daily Rate) was recorded at 304 yuan, showing a slight year-on-year increase of 1% and a quarter-on-quarter growth of 4.83% [3] - The occupancy rate (OCC) was 84.1%, significantly higher than that of comparable hotel groups [3] Membership and Customer Engagement - Huazhu's membership program, "Huazhu Club," has over 300 million members, with a year-on-year growth of 17.3% [3][4] - The program has enhanced customer loyalty, with a 19% increase in member bookings [3][4] Strategic Initiatives - Huazhu is focusing on supply-side reform as a key opportunity, aiming to become the "infrastructure" of China's accommodation industry [6][10] - The company is committed to enhancing its brand matrix to meet diverse consumer demands rather than merely expanding in scale [7][10] - Huazhu's long-term strategy emphasizes deep local engagement and quality improvement, aiming to redefine the hotel industry in China [10][11] Future Outlook - The company plans to leverage its scale and brand advantages to penetrate lower-tier markets and enhance its presence in the mid-to-high-end segments [5][10] - Huazhu's leadership believes that the supply-side reform in the hotel industry is just beginning, with significant opportunities ahead [8][10]

Core Insights - The article discusses how the introduction of Real World Asset (RWA) tokenization is transforming hotel financing by allowing stable cash flows to be converted into digital tokens, thus providing access to global investors [1][3]. Group 1: RWA Financing Logic - RWA financing fundamentally reconstructs the trust relationship between asset owners and funders, moving beyond traditional financing methods [3]. - The focus shifts from static collateral to dynamic, verifiable cash flows, with hotel revenues becoming the primary asset for financing [4][5]. - Real-time, immutable data on occupancy rates and average room prices can be recorded on the blockchain, reducing trust costs for investors [6]. Group 2: Technological Assurance - Smart contracts enable automatic execution of rules, such as daily revenue distribution to token holders without human intervention [7]. - Ownership and transaction records are transparently maintained on the blockchain, minimizing disputes [8]. Group 3: Market Breakthrough - RWA connects hotels to a global pool of DeFi capital, breaking geographical and qualification barriers [10]. - It allows for fractional investments by converting large assets into smaller tokens, thus lowering investment thresholds [10]. Group 4: Preconditions for Successful RWA Financing - Asset quality is crucial; not all hotels are suitable for RWA financing, and stable cash flow is essential to attract investors [11][12]. - Hotels must provide real-time, accurate operational data to build trust, as unreliable data can hinder market acceptance [13]. - The implementation of advanced technology must be secure and seamlessly integrated with existing hotel management systems [14]. - Clear legal frameworks are necessary, with tokens classified as regulated financial instruments and compliance with KYC/AML procedures [16]. - A well-designed token economic model and effective market positioning are key to attracting investors [17][18]. Group 5: Real Challenges - Regulatory uncertainty exists globally, and hotels must operate in friendly jurisdictions while maintaining communication with regulators [20]. - The costs of technology integration and compliance can be significant, and traditional investors may require time to adapt to digital assets [21]. - The liquidity depth of the RWA secondary market is still developing, which may affect the efficiency of large-scale financing exits [22]. Conclusion - RWA financing represents a significant democratization of finance, providing a more efficient and transparent path for hotels with strong cash flows [23]. - However, it is not a panacea; the success of RWA depends on the quality of hotel assets and cash flow health [23]. - The future will favor hotel groups that effectively integrate solid operational practices with cutting-edge financial technology [23].

Group 1 - The core viewpoint of the report is that Daiwa maintains an "Outperform" rating for Huazhu Group-S (01179) and raises the target price from HKD 30.5 to HKD 36.5 due to a faster-than-expected recovery in average room revenue [1] - The company’s adjusted EBITDA for Q3 shows a robust growth of 19% year-on-year, reaching RMB 2.513 billion, which exceeds market expectations of RMB 2.414 billion [1] - The adjusted EBITDA margin increased by 3.3 percentage points year-on-year to 36.1%, indicating improved operational efficiency [1] Group 2 - Daiwa believes that the temporary oversupply situation in the Chinese hotel industry has gradually eased over the past two to three months, allowing for a rebound in average room revenue [1] - The EBITDA forecasts for the company for the years 2025 to 2027 have been raised by 11% to 13% [1]

Core Viewpoint - Daiwa maintains a "Outperform" rating for Huazhu Group-S (01179) and raises the target price from HKD 30.5 to HKD 36.5, primarily due to a faster-than-expected recovery in average room revenue, leading to an 11% to 13% increase in EBITDA forecasts for 2025 to 2027 [1][1][1] Group 1: Company Performance - In Q3, the company reported robust growth with adjusted EBITDA increasing by 19% year-on-year to RMB 2.513 billion, surpassing market expectations of RMB 2.414 billion [1][1][1] - The adjusted EBITDA margin improved by 3.3 percentage points year-on-year to 36.1% [1][1][1] Group 2: Industry Outlook - The temporary oversupply situation in the Chinese hotel industry has gradually eased over the past two to three months, suggesting a potential recovery in average room revenue [1][1][1]

该行相信，中国酒店业暂时性的供过于求情况已于过去两至三个月逐渐纾缓，行业的平均客房收益将可 回升。该行表示，由于华住平均客房收益的恢复速度较预期快，因此上调公司2025至27年的EBITDA预 测11%至13%，又将目标价由30.5港元上调至36.5港元，续予"跑赢大市"评级。 大和发表研究报告指，华住集团第三季业绩稳健增长，经调整EBITDA按年增长19%至25.13亿元，高于 市场预测的24.14亿元；经调整EBITDA利润率按年增3.3个百分点至36.1%。 ...

Core Insights - Huazhu Group reported its Q3 financial performance for the period ending September 30, 2025, showing a stable foundation amid moderate macro demand recovery and deepening asset-light strategy [1] - The hotel revenue reached 30.6 billion yuan, a year-on-year increase of 17.5% [1] - Total revenue for the period was 7 billion yuan, up 8.1% year-on-year, exceeding previous performance guidance [1] - Net profit attributable to Huazhu Group was 1.5 billion yuan, reflecting a 15.4% year-on-year growth [1] Financial Performance - Huazhu China's revenue grew by 10.8% to 5.7 billion yuan, while Legacy-DH (European business) revenue was 1.2 billion yuan, down 3.0% due to exchange rate and regional market fluctuations [1] - EBITDA for Q3 was 2.5 billion yuan, remaining stable [1] - The company opened 749 new hotels in Q3, bringing the total number of operating hotels globally to 12,702, with approximately 1.246 million rooms [1] Strategic Outlook - CEO Jin Hui emphasized ongoing optimization of hotel operations, cost reduction, and efficiency improvement, focusing on the continued development of the asset-light portfolio [2] - For Q4 2025, Huazhu expects revenue growth of 2% to 6%, with domestic business remaining the main driver [2] - Management franchise and licensing revenue is projected to grow by 17% to 21% year-on-year, validating the asset-light strategy's contribution to long-term growth [2] Market Position - Huazhu maintains a leading position in scale and efficiency, with a market capitalization of 138.3 billion yuan and a price-to-earnings ratio of 24.84 [5][10] - The company continues to see strong growth in asset-light (management franchise and licensing) operations, while revenue from heavy asset (leased and owned hotels) is declining [7][9] - The occupancy rate for Huazhu China was 84.1%, with an average daily rate (ADR) of 304 yuan, indicating stabilization in market pressures [7][10]

新京报贝壳财经讯（记者曲筱艺）11月17日，华住集团发布2025年第三季度财务业绩。财报显示，今年 第三季度集团的酒店营业额为306亿元，同比增长17.5%。报告期内，集团收入达70亿元，同比增长 8.1%；经调整净利润15.2亿元，同比增长10.8%；经调整息税折旧及摊销前利润25亿元，同比增长 18.9%。 从经营指标来看，三季度华住中国日均房价、入住率和平均可出租客房收入为304元、84.1%和256元， 均延续回升向好态势，并分别达到2024年同期的100.9%、99.2%和99.9%。 （文章来源：新京报） 三季度，华住中国新开业酒店数为749家，这一数据创下年内单季度新高；截至期末，华住中国在营酒 店总数为12580家，在营客房总数约122万间，待开业酒店数量为2727家。在中高端酒店方面，截至三季 度末，华住在营及待开业的中高端门店数量超1600家，同比增长25.3%。 ...

11月17日，华住集团召开2025年第三季度业绩交流会。据悉，2025年第三季度，企业实现收入同比增加 8.1%至人民币70亿元。调整后EBITDA同比增长18.9%至人民币25亿元，利润率扩张至36.1%。 在中国市场，三季度，华住中国新开业酒店数为749家；截至期末，华住中国在营酒店总数为12580家， 在营客房总数为1220297间，待开业酒店数量为2727家。 （Wind数据、新华财经） ...