Business Performance - 2Q25 RevPAR was 95.7% of 2024's level for the same period[11] - 2Q25 Same-Hotel RevPAR was 94.4% of 2024's level for the same period[14] - The number of new hotel openings in 2Q25 was 118[18] - The number of hotels in operation reached 1,824 as of June 30, 2025[19] - The number of hotels in the pipeline reached 816 as of June 30, 2025[19] Retail Business - Retail GMV increased by 84.6% from RMB 620 million in 2Q24 to RMB 1,144 million in 2Q25[43] - 618 Shopping Festival GMV increased by 86.1% from RMB 310 million in 2024 to RMB 578 million in 2025[43] - The company ranked No 1 in sales in the pillow category on major third-party platforms[47] Membership - The number of registered individual members increased by 34.7% from 76.2 million in 2Q24 to 102.6 million in 2Q25[55] - Core CRS channel accounted for 61.5% of total room-nights sold[57] - Corporate members' contribution accounted for 20.0% of total room nights sold[57] Financial Performance - Net revenues increased by 37.4% YoY from RMB 1,797,047 thousand in 2Q24 to RMB 2,468,549 thousand in 2Q25[66] - Adjusted net income increased by 30.2% from RMB 328 million in 2Q24 to RMB 427 million in 2Q25[79] - Adjusted EBITDA increased by 37.7% from RMB 443 million in 2Q24 to RMB 610 million in 2Q25[82] Outlook - The company expects a total net revenues growth rate of 30% YoY for full year 2025[87]

Core Viewpoint - Atour Lifestyle Holdings Limited reported strong financial results for the second quarter of 2025, with significant year-over-year growth in revenues, net income, and operational metrics, despite a competitive landscape in the hospitality industry. Financial Performance - Net revenues for Q2 2025 increased by 37.4% year-over-year to RMB2,469 million (US$345 million) from RMB1,797 million in Q2 2024 [8] - Net income for Q2 2025 rose by 39.8% year-over-year to RMB425 million (US$59 million) compared to RMB304 million in Q2 2024 [15] - Adjusted net income (non-GAAP) for Q2 2025 increased by 30.2% year-over-year to RMB427 million (US$60 million) from RMB328 million in Q2 2024 [16] - EBITDA (non-GAAP) for Q2 2025 grew by 45.1% year-over-year to RMB608 million (US$85 million) from RMB419 million in Q2 2024 [17] - Adjusted EBITDA (non-GAAP) for Q2 2025 increased by 37.7% year-over-year to RMB610 million (US$85 million) from RMB443 million in Q2 2024 [17] Operational Highlights - As of June 30, 2025, Atour operated 1,824 hotels with a total of 204,784 hotel rooms, reflecting year-over-year increases of 29.2% in the number of hotels and 26.7% in hotel rooms [2] - The average daily room rate (ADR) for Q2 2025 was RMB433, a slight decrease from RMB441 in Q2 2024 [3] - The occupancy rate for Q2 2025 was 76.4%, down from 78.4% in Q2 2024 [3] - Revenue per available room (RevPAR) was RMB343 for Q2 2025, compared to RMB359 in Q2 2024 [6] Business Segments - Revenues from manachised hotels for Q2 2025 increased by 26.5% to RMB1,299 million (US$181 million) from RMB1,027 million in Q2 2024, driven by ongoing hotel network expansion [10] - Revenues from retail for Q2 2025 surged by 79.8% to RMB965 million (US$135 million) from RMB537 million in Q2 2024, attributed to growing brand recognition and effective product innovation [12] - Revenues from leased hotels decreased by 17.0% to RMB150 million (US$21 million) in Q2 2025, primarily due to a reduction in the number of leased hotels [12] Cash Flow and Debt - Operating cash inflow for Q2 2025 was RMB767 million (US$107 million) [18] - As of June 30, 2025, the company had total outstanding borrowings of RMB67 million (US$9 million) [19] Outlook - For the full year of 2025, the company expects total net revenues to increase by 30% compared to full-year 2024 [20]

Group 1 - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, with a focus on banks, telecommunications, logistics, and hotels [1] - The popularity of insurance companies in the Philippines has influenced investment strategies, leading to diversification beyond traditional savings in banks and properties [1] - The trend of investing in blue-chip companies has evolved, with a broader portfolio now including various industries and market capitalizations [1] Group 2 - The entry into the US market has been a strategic move, with insights gained from using a relative's trading account before establishing an independent account [1] - The analysis of US market stocks, particularly in banking, hotels, shipping, and logistics, has been compared to the Philippine market, indicating a cross-market investment strategy [1] - The engagement with platforms like Seeking Alpha has facilitated knowledge sharing and enhanced market analysis capabilities for investors [1]

Group 1 - Atour Lifestyle Holdings Limited (ATAT) is a China-based lifestyle brands and hotel company with a current year earnings estimate revised 1.9% downward over the last 60 days [1] - La-Z-Boy Incorporated (LZB) is a furniture company that has seen its current year earnings estimate revised 10.6% downward over the last 60 days [1] - Primo Brands Corporation (PRMB) is a beverage company with a current year earnings estimate revised 14.4% downward over the last 60 days [2]

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Core Viewpoint - Hilton Worldwide Holdings Inc. reported strong second-quarter earnings and revenues that surpassed estimates, indicating resilience in its business model despite facing some temporary headwinds [2][3]. Financial Performance - Adjusted earnings per share (EPS) for Q2 2025 were $2.20, exceeding the Zacks Consensus Estimate of $2.04, and up from $1.91 in the same quarter last year [4]. - Total revenues reached $3.14 billion, beating the consensus mark of $3.08 billion, and reflecting a year-over-year increase of 6.3% [4]. - System-wide comparable Revenue Per Available Room (RevPAR) declined by 0.5% year over year on a currency-neutral basis due to occupancy declines [6]. - Adjusted EBITDA was $1 billion, representing a 9.9% increase year over year, surpassing the estimate of $958.7 million [6]. Balance Sheet and Cash Flow - As of June 30, 2025, total cash and cash equivalents were $448 million, down from $807 million as of March 31, 2025 [7]. - Long-term debt outstanding was $10.9 billion, a decrease from $11.15 billion as of December 31, 2024 [7]. - The company repurchased 3.2 million shares at $235.36 per share and paid dividends totaling $36 million during the quarter [7][8]. Business Expansion - Hilton added 221 hotels, comprising 26,100 rooms, achieving a net room growth of 22,600 in Q2 2025 [9]. - The company expanded its luxury and lifestyle brand portfolio with key openings and new signings, including the debut of LXR Hotels & Resorts in central Paris [9][10]. - As of June 30, 2025, Hilton's development pipeline included 3,636 hotels representing 510,600 rooms across 128 countries, with an expected net unit growth of 6-7% for 2025 [11]. Future Outlook - For Q3 2025, Hilton anticipates net income between $453 million and $467 million, with adjusted EBITDA expected to be between $935 million and $955 million [12]. - The company predicts adjusted EPS for Q3 to be between $1.98 and $2.04, and expects system-wide RevPAR to remain flat year over year [12]. - For the full year 2025, net income is estimated to be in the range of $1.64 billion to $1.68 billion, with adjusted EBITDA expected between $3.65 billion and $3.71 billion [13].

Group 1 - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets [1] - Investment diversification has become a strategy for individuals, moving away from traditional savings in banks and properties [1] - The popularity of insurance companies in the Philippines has influenced investment choices since 2014 [1] Group 2 - Initial investments were made in blue-chip companies, but there has been a shift towards a diversified portfolio across various industries and market capitalizations [1] - The US market has been entered since 2020, with a focus on banks, hotels, shipping, and logistics companies [1] - The use of analytical tools and comparisons between the US and Philippine markets has enhanced investment strategies [1]

Company Overview - Comfort Hotels has been a trusted travel companion for over 40 years, operating more than 2,100 hotels worldwide, providing reliable stays with amenities such as free hot breakfast and Wi-Fi [7][12] - The brand has undergone a multiyear transformation, updating guest rooms and public spaces, and now features a new modern logo [12] Industry Insights - A recent survey indicates that 74% of U.S. travelers consider a relaxing breakfast essential for a great vacation, with 66% ranking breakfast among their favorite family travel memories [1] - The survey also reveals that 78% of respondents enjoy sharing food as a way to connect with others, and 57% associate waffles with cozy, relaxing mornings [2] Consumer Preferences - When it comes to waffles, 41% of respondents prefer crispy waffles, while the remaining 59% favor a softer, fluffier texture [4] - Despite the trend of mini-sized products, 67% of consumers prefer full-size waffles, indicating a strong preference for traditional offerings [5] Marketing and Promotions - Comfort Hotels is celebrating National Waffle Day on August 24, inviting guests to participate in festivities and highlighting the emotional connection breakfast, particularly waffles, has with hotel stays [6] - The company is running a national sweepstakes from August 21 to August 25, where guests can win a one-night stay at participating hotels by engaging on social media [10] Brand Positioning - Comfort Hotels emphasizes the importance of breakfast in creating memorable travel experiences, with over 30 million waffles made annually at its properties [3] - The brand aims to deliver a perfect start to the day for all guests, regardless of their waffle preferences, reinforcing its commitment to customer satisfaction [6]

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]

Financial Data and Key Metrics Changes - The group's revenue grew by 4.5% year over year to RMB 6.4 billion, near the high end of previous guidance [15] - Adjusted EBITDA rose by 11.3% year over year to RMB 2.3 billion, while adjusted net income increased by 7.6% year over year to RMB 1.3 billion [16] - The managed and franchised business revenue reported a robust 22.8% year over year growth to RMB 2.9 billion, with gross operating profit rising by 23.2% year over year to RMB 1.9 billion [17][18] Business Line Data and Key Metrics Changes - The hotel group's GMV grew by 15% year over year, with a member base increase of 17.5% year over year to nearly 290 million [7] - The number of rooms in operation increased by 18.3% year over year, contributing to high-quality network expansion [6] - The lease and own business revenue and gross operating profit decreased by 7.6% and 13.4% year over year, respectively [19] Market Data and Key Metrics Changes - The domestic number of travelers continues to grow steadily, but the hotel industry faces challenges due to increased hotel supply and macroeconomic factors affecting business travel [6] - The company observed a slight year-over-year decline in RevPAR for the third quarter, influenced by macro uncertainties and increased supply [24] Company Strategy and Development Direction - The company remains focused on high-quality growth, emphasizing prime locations in major cities and further penetration into lower-tier cities [6] - The launch of Hanqing 4.0 represents a significant supply chain reform aimed at achieving lower costs and higher quality [10] - The company aims to reach a strategic target of 20,000 hotels in 2,000 cities in the mid-term, with a focus on the economy and middle-scale segments [11] Management's Comments on Operating Environment and Future Outlook - Management noted that the overall performance during the summer holiday was slightly below expectations, leading to a revised outlook for RevPAR for the full year [24] - The company is actively seeking rental reductions and optimizing revenue management to maintain healthy margins in the lease and own business [35] - Management expressed confidence in the long-term growth potential of the Orange and Intercity brands, with plans for continued expansion and product upgrades [50] Other Important Information - The company declared a USD 250 million interim cash dividend, representing 74% of the first half net profit, along with a share buyback of approximately USD 62 million [20] - The company is committed to enhancing membership benefits and improving direct sales capabilities through the Edge Rewards program [13] Q&A Session Summary Question: Expectations for RevPAR in Q3 and 2025 - Management expects a slight year-over-year decline in RevPAR for Q3, with full-year performance anticipated to be slightly below previous guidance due to macro uncertainties and increased supply [24][26] Question: Impact of New Hotel Openings on Existing Hotels - Management acknowledged potential cannibalization from new hotel openings but emphasized ongoing product upgrades and rational positioning for new openings to mitigate negative impacts [28] Question: Strategic Focus on Asset-Light vs. Asset-Heavy Segments - Management highlighted the ongoing asset-light transformation, with a stable gross margin in the asset-light business and a gradual reduction in exposure to the asset-heavy segment [34][36] Question: Store Expansion and Franchise Sentiment - Management indicated a strict approach to new signings, focusing on high-quality locations and ensuring franchisee profitability, while maintaining a healthy pace of new openings [40] Question: Supply Chain Strengthening and Cost Reduction - Management detailed efforts to enhance supply chain capabilities, achieving a 10-20% cost decline in materials and a 30-day reduction in construction periods for new products [55]