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华住集团2025年二季度财报:营收、净利润迎双增长,高质量扩张筑牢增长根基
Jin Rong Jie· 2025-08-21 12:04
Core Viewpoint - The hotel industry in China faces challenges due to rapid supply increases and macroeconomic factors, but H World Group (Huazhu) demonstrates resilience and growth through strategic expansion and operational excellence [1][3]. Financial Performance - In Q2 2025, Huazhu's hotel revenue reached 26.9 billion yuan, a 15% year-on-year increase; total revenue was 6.4 billion yuan, up 4.5% [1]. - Management and franchise income grew by 22.8% to 2.9 billion yuan; adjusted net profit was 1.35 billion yuan, a 7.6% increase; adjusted EBITDA was 2.3 billion yuan, up 11.3% [1]. - The total number of operating hotels reached 12,137, an 18% increase year-on-year, with 1,184,915 rooms, up 18.3% [1]. Expansion Strategy - Huazhu opened 597 new hotels in Q2, with a focus on economy and mid-range hotels, which accounted for 44% and 42% of new openings, respectively [6]. - The company emphasizes high-quality expansion rather than blind growth, targeting underdeveloped markets, including rural areas [3][6]. - The brand matrix is diversifying, with the launch of new hotel versions catering to different market segments [8][10]. Market Position and Trends - The Chinese hotel market is experiencing structural changes, with mid-range hotels becoming the main growth driver [10]. - Huazhu's brands, including Hanting and Qianxi, are positioned to meet the rising demand for quality and affordable accommodations [11]. - The company ranks fourth globally in terms of operating rooms, surpassing InterContinental Hotels Group [8]. Membership and Customer Engagement - Huazhu upgraded its membership program to address consumer concerns about pricing, enhancing member loyalty [12]. - As of Q2, the number of Huazhu members reached 288 million, a 17.5% increase, with member bookings accounting for 65.1% of total room nights [12].
华住CEO金辉:酒店业同质化供给增加,三季度房价将继续降
Sou Hu Cai Jing· 2025-08-20 14:01
北京时间8月20日,华住集团(纳斯达克:HTHT,联交所:1179.HK)发布2025年第二季度及中期未经审 核财务业绩。财报显示:二季度,华住收入同比增长4.5%至64亿元(人民币,下同),归属于华住集团有 限公司净利润为15亿元,同比增长36.4%,环比增长67.8%;实现酒店营业额269亿元,同比增长15%。截至 2025年6月30日,华住集团共有12137家在营酒店,环比一季度净增452家,其中华住中国酒店12016家。 三大运营指标持续下行,开店速度放缓 汉庭酒店于二季度推出全新的4.0版本。 值得一提的是,华住旗下几个品牌在二季度表现亮眼:其中汉庭酒店于二季度推出全新的4.0版本。桔子酒店开业数近 日突破1000家,成为华住在竞争激烈的中档酒店市场撕开市场同质化缺口而打造出的第二增长曲线。而作为中高端品 牌代表,城际在营及待开业酒店数同比增长57.1%,RevPAR达370元。 "(今年上半年)城际酒店的同店RevPAR应该是中国唯一实现增长的品牌,而不仅是规模的快速增长。"华住首席执行 官金辉在业绩会上透露对这些品牌的定位与预期:"希望桔子酒店可以成为和全季酒店'背靠背'的中档酒店品牌—— 即' ...
华住集团-S(1179.HK):开店成长性有效对冲周期影响 DH费用进入改善通道
Ge Long Hui· 2025-05-23 18:28
Core Viewpoints - In Q1 2025, the company's revenue reached 5.395 billion yuan, a year-on-year increase of 2.2%, with Legacy-Huazhu contributing 4.481 billion yuan, up 5.5% [1] - Adjusted EBITDA for the company was 1.496 billion yuan, a 5.3% increase year-on-year, with Legacy-Huazhu at 1.573 billion yuan, up 5.8% [1] - The company opened 704 new hotels and closed 166, resulting in a net increase of 538 hotels, with a focus on mid-to-high-end segments [1][3] Financial Performance - The adjusted net profit for Q1 2025 was 775 million yuan, reflecting a 0.5% increase year-on-year [1] - The overall revenue growth rate fell within the previously guided range of 0-4%, with management franchise revenue at 2.499 billion yuan, up 21.1% [2] - SG&A expenses for Q1 were 755 million yuan, a decrease of 1.8% year-on-year, with a significant reduction of 11.1% in DH's SG&A expenses [2] Market Trends - The overall occupancy rate, ADR, and RevPAR for Q1 were 76.2%, 272 yuan, and 208 yuan, respectively, showing declines of 1.0 percentage points, 2.6%, and 3.9% year-on-year [2] - The company expects RevPAR to decline in Q2 2025 but anticipates a narrowing of the decline compared to Q1 [2] - The company has 277 million members, with CRS booking proportion increasing by 5.44 percentage points to 65.1% [3] Expansion Strategy - The company accelerated its opening of hotels, with a net increase of 539 hotels in Q1, including 59 mid-to-high-end hotels [3] - The company has completed its "Thousand Cities, Ten Thousand Stores 1.0" plan and is now advancing the 2.0 plan [3] - The current pipeline consists of 2,888 hotels, slightly down from the previous quarter, indicating a higher requirement for brand and product profitability from potential franchisees [3]