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]

5月21日，港股的酒店龙头华住集团（01179.HK）一度大跌逾7%，截至收盘，公司下跌4.7%，报27.35 港元/股，市值839.5亿港元。 华住集团是国内连锁酒店业领军企业，旗下品牌包括汉庭酒店、全季酒店、桔子酒店、桔子水晶酒店等 等，属于涵盖经济型、中高档酒店的大型集团。消息面，昨日公司发布2025年Q1未经审核财务业绩报 告。 数据显示，第一季度，华住集团酒店营业额为225亿元（人民币），同比增加14.3%。一季度华住集团 实现收入53.95亿元，同比增加2.2%。收入的同比增长，和华住集团轻资产模式下管理加盟及特许经营 收入的大幅提升有关。不过，华住集团一季度收入环比下降10.4%。 截至今年第一季度末，华住集团在营酒店数量为11685家，其中，华住中国有11564家在营酒店，包括 552家租赁及自有酒店以及11012家管理加盟及特许经营酒店。 从经营指标来看，第一季度，华住中国的日均房价为272元，而去年同期日均房价为280元，上一季度日 均房价为277元。 同时，一季度，华住中国入住率保持在76.2%，仍显著高于行业均值，体现出其品牌粘性与会员体系的 支撑作用。不过其去年同期入住率为77.2% ...