酒店专家交流 20251008 摘要 2025 年国庆期间，连锁酒店 ADR 提升主要归因于消费者对连锁品牌信 任度高、酒店集团定价策略稳定以及家庭出行偏好。中高端酒店如亚朵、 希尔顿欢朋表现突出，经济型酒店中汉庭优势明显。 国庆预订高峰集中在 10 月 1 日至 4 日，峰值较去年延长一天。行业 RevPAR 同比转正预计需等到 2026 年下半年，受签约放缓、行业出清 及需求旺盛等多重因素影响。 预计 2026 年下半年酒店供给侧将减少，单体酒店和部分连锁老旧门店 面临经营压力。华住和亚朵成翻牌首选，因其出租率稳定，吸引业主提 升流量。 商务客人需求绝对值增长，但占比下降。行业已现出清现象，单体酒店 受影响较大。全季投资回报率最佳，周期约 4 至 4.5 年，汉庭经济型酒 店表现突出。 华住、锦江等头部集团持续扩张，但全国酒店供给在华北、华东、华南 及部分西南核心城市趋于饱和，贵阳、昆明、新疆、宁夏等地仍有缺口。 Q&A 今年国庆期间酒店行业的整体表现如何？ 今年国庆期间（2025 年 10 月 1 日至 7 日），酒店行业整体表现超出预期。华 住集团的平均每日房价（ADR）为 393 元，同比去年增长 ...

Core Insights - The county-level markets in China are emerging as new engines of consumption, covering approximately 1 billion people and contributing 46.3% to the total retail sales of consumer goods [1][3] - The hotel industry is increasingly focusing on these "value-laden" markets, which are seen as the next growth frontier [2][6] Economic Growth and Consumer Behavior - The steady increase in rural residents' disposable income, which reached 11,272 yuan in the first half of 2023, growing by 6.6% year-on-year, is driving consumption capability and quality demand [3][5] - McKinsey predicts that by 2030, 66% of China's personal consumption growth will come from county-level markets, particularly in travel and tourism [3][5] Hotel Market Trends - There has been a significant shift from "budget travel" to "quality travel," with consumers now prioritizing amenities such as breakfast, airport transfers, and fitness facilities [5] - The rise of "reverse tourism" is noted, where young travelers seek unique experiences in small towns rather than crowded tourist spots, facilitated by improved transportation infrastructure [5] Competitive Landscape - Major hotel groups are implementing strategies to penetrate county-level markets, with Huazhu Group aiming for "a Huazhu in every county" and planning to open approximately 1,800 new hotels in 2024, primarily in lower-tier markets [7] - Jinjiang Hotel Group focuses on the three- and four-tier markets, with its economy and mid-range hotels contributing 97% of its revenue [7] - The introduction of a "light management" franchise model by Home Inn aims to attract local hotels for renovation, with 71.6% of its total hotels being economy and light management types [7] Differentiation Strategies - Shangmei Smart Hotel Group has carved out a niche by focusing on smaller, boutique hotels in lower-tier cities, with a unique "small but beautiful" model [8] - Local hotels are enhancing their facilities and services to compete with chain hotels, adapting to local market needs while maintaining cost-effectiveness [8] Success Factors in County-Level Markets - Successful hotel brands are adopting location strategies tailored to the characteristics of county markets, with tourism-oriented hotels near attractions and business-oriented hotels near commercial hubs [10] - Pricing strategies are crucial, with most hotels in these markets positioned in the 200-400 yuan range, and flexible requirements for franchisees to lower entry barriers [11] Future Outlook - The explosive growth of the county hotel market is just beginning, with further potential expected as urban-rural integration and transportation infrastructure improve [12] - The competition among national brands, regional chains, and local hotels will intensify, offering consumers more choices and better experiences [12]

Group 1 - The upcoming "super long golden week" during the Mid-Autumn Festival and National Day in 2025 is expected to drive increased consumer travel demand [1] - As of September 23, hotel booking rates for the "Double Festival" period have increased by 3 percentage points compared to last year, with all city tiers showing growth [1] - Beijing continues to lead in hotel booking rates among first-tier cities, surpassing Shenzhen and Shanghai by 6 percentage points [1] Group 2 - Coastal cities such as Dalian, Tianjin, Yantai, Qingdao, and Rizhao are experiencing high hotel booking rates, with Guangxi's cities like Liuzhou, Guilin, Beihai, Chongzuo, and Baise showing significant increases [1] - High-end brand hotel bookings are rising, with Huazhu Group reporting leading booking rates for brands like Huajian Tang and Songpin, while brands like Mercure and Shijia also show significant year-on-year growth [1] - Economy and national brands remain popular among guests, with Haiyou brand hotels seeing a 5 percentage point increase and Hanting brand hotels seeing a 4 percentage point increase in bookings compared to last year [1] Group 3 - Initial travel demand during the short holiday period is strongest, with hotel booking rates peaking on October 2 [2] - To prepare for the travel peak, Huazhu Group has launched a "Service Quality Assurance Action," focusing on key service areas such as check-in, hygiene, and breakfast [2] - The company is implementing a digital response system and standardized service manual to monitor potential issues like parking and lobby congestion, ensuring efficient and smooth service [2]

Core Insights - The article highlights the success of Xu Zhonghui, who has opened 14 Hanting hotels in Ningbo, all of which are profitable and expected to break even within two years, indicating a strong business model in the lower-tier market [1] Group 1: Market Strategy - Xu Zhonghui focuses on three key indicators for site selection: population base, industrial momentum, and consumer potential, which are critical for the success of Hanting hotels in lower-tier markets [1] Group 2: Investment Viability - The article raises questions about the profitability of the lower-tier market and the overall feasibility of hotel investments, suggesting that there may be significant opportunities in this sector [1]

Core Viewpoint - The article highlights the significant role of Huazhu Hotels in providing quality accommodation along the challenging G318 Sichuan-Tibet Highway, enhancing the travel experience for tourists in high-altitude regions [1][3][5]. Group 1: Company Initiatives - Huazhu has established over 300 hotels along the G318 route, ensuring comprehensive coverage for travelers from Chengdu to Tibet [3][7]. - The launch of the "Huazhu Club Hotel Sample Room RV" marks a unique initiative to engage members in a journey along the G318, celebrating the company's 20th anniversary [3][7]. - Huazhu's "Price Guarantee" program offers members assurance against price fluctuations, enhancing customer confidence in booking accommodations [16]. Group 2: Market Demand and Challenges - The G318 route is increasingly popular, with a reported 3.1272 million visitors during the 2024 National Day holiday, reflecting a 13.85% year-on-year increase [5]. - Tourists face significant challenges such as altitude sickness and inadequate accommodation options, making reliable hotels essential for a comfortable experience [8][11]. - The article emphasizes the need for improved infrastructure and services along the G318 to attract more visitors and enhance their travel experience [19][20]. Group 3: Customer Experience - Huazhu hotels provide essential amenities such as oxygen supply systems and 24-hour hot water, addressing the specific needs of travelers in high-altitude areas [11][15]. - The availability of clean and comfortable accommodations, along with nutritious breakfast options, significantly improves the overall travel experience for visitors [13][15]. - The company’s commitment to maintaining consistent service standards across its hotels ensures that travelers can expect a reliable experience regardless of location [15].

Core Viewpoint - Huazhu Group is undergoing a painful transformation while advancing its asset-light strategy, facing challenges such as aging hotel properties and declining key performance indicators [7][12]. Financial Performance - In the first half of 2025, Huazhu Group reported revenue of approximately 11.8 billion yuan, a year-on-year increase of 3.5%. Revenue from Legacy-Huazhu (mainly Huazhu's China operations) was 9.6 billion yuan, up 5.6%, while revenue from Legacy-DH (mainly Huazhu's German operations) was 2.2 billion yuan, down 4.9% [1]. - Hotel operating costs for the first half of 2025 were about 7.4 billion yuan, compared to approximately 7.3 billion yuan in the first half of 2024, indicating that costs have not significantly decreased despite the ongoing strategy [1]. Hotel Network and Renovation Needs - As of June 30, 2025, Huazhu had over 12,100 operating hotels globally, with more than 1.1849 million rooms. Many of these rooms, particularly in first- and second-tier cities, require significant renovation, which poses a substantial financial burden [1]. - The company plans to accelerate the upgrade and renovation of aging hotels, particularly older HanTing hotels, which are facing significant challenges due to outdated facilities and high renovation costs [8][9]. Expansion Plans - Huazhu Group is committed to expanding its hotel network, with plans to open a total of 2,300 hotels in 2025, as stated by CEO Jin Hui [2]. Brand and Market Position - HanTing, as Huazhu's core economy hotel brand, has a high market share but is facing challenges due to the aging of early-opening stores, particularly in first- and second-tier cities [5][6]. - The company has recognized the need to improve service quality and operational models in its existing hotels to attract younger consumers who have higher expectations for service [10][11]. Key Performance Indicators - Huazhu Group is experiencing declines in key performance indicators: - Average Daily Rate (ADR) decreased by 1.9% to 290 yuan in Q2 2025 [15]. - Occupancy Rate (OCC) fell by 1.6 percentage points to 81% [17]. - Revenue per Available Room (RevPAR) dropped by 3.8% to 235 yuan [18]. - The decline in these metrics raises concerns about the company's competitiveness and profitability, especially in a saturated market where many hotels are resorting to price cuts to attract customers [14][18]. Market Challenges - The hotel industry is facing intense competition, with a significant increase in supply over the past two years, leading to aggressive pricing strategies that have affected Huazhu's pricing and occupancy rates [15][17]. - The company's stock price has seen a significant decline, dropping 42% from its peak of 47.16 HKD per share in 2021 to 28.16 HKD as of August 26, 2023, reflecting investor concerns about its future performance [18].

Core Viewpoint - Huazhu Group reported a revenue of 11.8 billion yuan for the first half of 2025, a year-on-year increase of 3.5%, and a net profit of 2.4 billion yuan, up 41.2% year-on-year, indicating resilience despite industry challenges [1][2]. Financial Performance - In Q2 2025, Huazhu achieved a revenue of 6.4 billion yuan, a 4.5% increase year-on-year, with adjusted net profit reaching 1.35 billion yuan, up 7.6% [1][2]. - The total transaction volume (GMV) for the group reached 26.9 billion yuan, reflecting a 15% year-on-year growth [2]. - The number of hotels in operation increased to 12,137, a growth of 18% year-on-year, with total rooms reaching 1,184,915, up 18.3% [1][2]. Business Strategy - Huazhu's strategy focuses on expanding into new cities and regions, particularly in lower-tier cities, to achieve high-quality network expansion [1][2]. - The company opened 597 new hotels in Q2, with economy and mid-range hotels making up 44% and 42% of the new openings, respectively [1][2]. Revenue Breakdown - Revenue from management and franchise hotels was 5.4 billion yuan, a 22% increase, accounting for 45.4% of total revenue, up from 38.5% in the same period last year [2]. - The revenue from leased and owned hotels was 6.2 billion yuan, a decline of 8.7%, with Huazhu China specifically seeing a 10.3% drop [2]. Market Dynamics - The overall RevPAR (Revenue per Available Room) for Huazhu decreased by 7.9% to 233 yuan, with occupancy rates dropping by 2.9 percentage points to 81.1%, indicating increased market competition and weak demand [3]. - The company anticipates a slight decline in RevPAR for the full year due to increased hotel supply and weaker consumer sentiment, but aims to meet its revenue guidance through product upgrades and sales enhancements [4]. Brand Development - Huazhu's HanTing brand ranked first in the latest "Top 50 Hotel Brands" list, while its Orange Hotel brand surpassed 1,000 locations, positioning itself as a second growth engine in the mid-range market [5]. - The company is leveraging the current real estate market downturn to acquire prime properties in first and second-tier cities for new high-end hotel developments [5].

Core Insights - The economic hotel sector, previously overshadowed by mid-to-high-end and luxury hotels, is experiencing renewed interest and activity in 2023 [1] - Economic hotels are increasingly favored by diverse user groups, including job-seeking graduates, leisure travelers, and business travelers, due to their affordability and convenience [5][11] Group 1: Economic Hotel Demand - Young job seekers are utilizing economic hotels like Qinghe Yizhan for affordable accommodation during job hunts, with offerings such as free stays for applicants [2] - Travelers are returning to clean and budget-friendly economic hotels, with prices typically ranging from 300 to 400 yuan per night, highlighting their value proposition [3] - Corporate travel expenses are decreasing, with companies tightening budgets and opting for economic hotels as a cost-saving measure [4] Group 2: Hotel Brand Strategies - Hanting has positioned itself as a national brand with a focus on cleanliness and comfort, boasting over 359,475 rooms, making it the largest hotel brand globally [6][11] - Shangkeyou targets lower-tier cities, emphasizing cost reduction and affordability, with an average room price around 170 yuan [8] - City Convenience Hotel balances mid-range experiences with economic pricing, achieving a 20% reduction in construction costs while maintaining quality [9] Group 3: Market Trends and Statistics - Economic hotels account for 40% to 55% of major hotel groups' portfolios, serving as a stable revenue source [11] - As of 2023, over 70% of the accommodation market is in the mid-to-low-end segment, with economic hotels comprising over 40% of this category [11] - The chain hotel rate for economic hotels is only 29.96%, indicating significant room for growth in the market [11][16] Group 4: Digital Transformation and Brand Influence - The shift towards digitalization in hotel operations is crucial for enhancing supply chain efficiency and customer experience [14][15] - Brand influence remains a key factor in the economic hotel sector, with established brands like Hanting and Jinjiang leading the market [17] - The economic hotel segment is seen as a testing ground for hotel groups to innovate and adapt to market demands, ensuring resilience in fluctuating market conditions [18]

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].

Core Insights - Huazhu Group reported a recovery in performance for the first half of 2025, with revenue and profit both increasing after a challenging 2024 [1][2] - The company achieved a revenue of 11.8 billion yuan, a year-on-year increase of 3.5%, and a net profit of 2.4 billion yuan, up over 40% from the previous year [2][3] Financial Performance - In the first half of 2025, Huazhu's net profit exceeded the same period in 2023 by 400 million yuan [3] - The revenue structure shows that direct-operated hotels accounted for 62 billion yuan, while management and franchise hotels contributed nearly 54 billion yuan, representing 45% of total revenue [7][9] Market Dynamics - The hotel industry is experiencing oversupply, leading to intense competition and declining profitability for many listed hotel groups [2][5] - Despite a recovery in occupancy rates and average daily rates (ADR), key performance indicators such as RevPAR have shown a year-on-year decline [13][14] Strategic Focus - Huazhu maintains a focus on the economy and mid-range hotel segments, aiming to optimize existing store quality and expand in core urban areas [5][10] - The company is transitioning towards a light-asset model, with 92% of its hotels under management or franchise agreements, which is expected to enhance profitability [6][9] Brand Development - Huazhu's brand Hanting has been recognized as the largest hotel brand globally by room count, with 4,401 operating hotels and 728 in the pipeline [15][16] - The company is addressing the challenge of aging properties by upgrading older hotel models to maintain competitiveness in the market [16]