Core Insights - Japan's core Consumer Price Index (CPI) excluding fresh food rose by 3.0% year-on-year in October, marking the 50th consecutive month of increase, indicating a continued expansion in price levels [1] - The October CPI increase surpassed the previous month's rate of 2.9%, with a month-on-month rise of 0.4%, reflecting a broader trend of rising prices [1] - Key contributors to the price increase include higher costs for household durable goods, hotel accommodation, and automobile insurance [1] Detailed Summary - The core CPI reached 112.1 in October, with a year-on-year increase of 3.0% [1] - The rise in prices was driven by significant increases in specific categories: - Ordinary japonica rice prices saw a year-on-year increase of 39.6% - Chocolate and coffee bean prices rose by 36.9% and 53.4% respectively - Hotel accommodation costs increased by 8.5% year-on-year [1] - Concerns are growing among media and experts regarding the impact of active fiscal policies and loose monetary policies on the depreciation of the yen, which may further exacerbate inflation in Japan [1]

据日本名古屋一位从事旅游包车业务的工作人员李静介绍，不少原定近期访日的中国旅游团已取消行 程。"从11月21日起的用车订单陆续被取消，12月整月的中国游客订单已全部确认取消。"她说，这场突 如其来的"寒潮"使公司运营压力陡增，员工生计也受到影响。 "公司的司机几乎都处于'无单可接'的状态。"李静说，公司多辆运营车辆是通过贷款购置的，"按往年规 律，现在本该进入旺季，但眼下完全不知道该怎么办了"。 日本滨银综合研究所主任研究员白凤翔对媒体表示："预计从12月开始，团体游订单纷纷取消将对行业 产生明显影响。" 新华财经东京11月20日电（记者胡晓格）日本首相高市早苗近日在国会答辩中就日本安保法中的"存亡 危机事态"悍然发表涉台挑衅言论，中方提出严正交涉和强烈抗议。本周以来，由于投资者担心中日关 系持续恶化，日本股市入境游相关股票全面下跌，旅游从业人士纷纷表示，大量订单被取消，"日子很 难过"。 东日本国际旅行社相关负责人向记者透露，受当前局势影响，中国赴日旅游团出现"退单潮"。"17日一 天取消量约占整体订单的一成，到18日已飙升至七成。"该负责人表示，由于游客普遍持观望态度，剩 余三成订单也岌岌可危。据该旅行社 ...

里昂发表研报，认为华住集团第三季业绩是自2023年以来最佳，主要得益于行业平均每日房价(ADR)复 苏，令公司的平均可出租客房收入(RevPAR)按年持平，该行预计第四季有关指标将转为正增长。里昂 将华住的美股目标价由44美元上调至51美元，并维持"跑赢大市"评级，看好其RevPAR加速复苏。基于 对华住的RevPar预测上调，该行将其2025至2027年的经调整EBITDA分别上调2.9%、5.2%及6.6%。 ...

Core Insights - H World Group Limited (NASDAQ:HTHT) is a significant player in the global hotel industry, operating over 12,700 hotels with more than 1.2 million rooms, focusing on manachised and franchised hotels which have shown substantial growth [1] Financial Performance - For the quarter ending September 2025, HTHT reported earnings per share (EPS) of $0.66, surpassing the estimated $0.64, marking a 4.69% earnings surprise [2][6] - The company's revenue for the same quarter was approximately $977.7 million, exceeding the estimated $882 million, representing a 3.50% revenue surprise [3][6] - HTHT has consistently exceeded EPS estimates, achieving this in two of the last four quarters, with the previous quarter's EPS reported at $0.59, beating expectations by 5.36% [2] Growth Metrics - Revenue from manachised and franchised hotels increased by 27.2% year-over-year to RMB 3.3 billion, indicating strong demand and improved operating efficiency [4][6] - Adjusted EBITDA rose significantly to RMB 2.5 billion from RMB 2.1 billion year-over-year, reflecting the effectiveness of the asset-light model [4] Market Valuation - The company's price-to-earnings (P/E) ratio is approximately 25.39, with a price-to-sales ratio of about 3.94 [5] - The enterprise value to sales ratio stands at 5.08, and the enterprise value to operating cash flow ratio is around 16.16 [5] - The debt-to-equity ratio is approximately 3.11, and the current ratio is around 0.81, indicating potential liquidity challenges [5]

Core Viewpoint - H World Group-S (01179) shares have increased by over 5%, currently trading at 34.46 HKD with a transaction volume of 38.32 million HKD, following the announcement of an upcoming board meeting to review financial performance [1] Company Summary - H World Group-S will hold a board meeting on November 17, 2025, to review and approve the unaudited financial results for the three months ending September 30, 2025 [1] - Morgan Stanley noted that the decline in RevPAR (Revenue Per Available Room) for the hotel industry has narrowed, primarily driven by better-than-expected performance in September [1] - The positive momentum observed in September is expected to continue into October and potentially sustain through the fourth quarter [1] - Morgan Stanley anticipates that H World Group's third-quarter performance will exceed expectations, with a positive RevPAR trend and operational leverage benefits [1] - The firm has raised its RevPAR forecasts for H World Group for 2025 to 2027 by 1% to 2%, and expects RevPAR to turn positive in the fourth quarter [1] Industry Summary - The hotel industry's RevPAR decline has shown signs of improvement, with September's performance exceeding expectations, indicating a potential recovery trend [1] - The positive performance in September is expected to carry over into October and the fourth quarter, suggesting a favorable outlook for the industry [1]

Core Viewpoint - The hotel industry is showing signs of recovery, with a narrowing decline in RevPAR for the third quarter, driven by better-than-expected performance in September, which is expected to continue into October and possibly the fourth quarter [1] Group 1: Company Performance - Huazhu Group's stock rose nearly 6%, closing at 33.1 HKD with a trading volume of 64.37 million HKD [1] - Morgan Stanley anticipates that Huazhu Group's third-quarter performance will exceed expectations, showcasing a positive RevPAR trend and operational leverage benefits [1] Group 2: Industry Trends - According to Guosen Securities, the decline in RevPAR for the hotel industry in the third quarter has continued to narrow on a quarter-on-quarter basis, indicating a positive shift in the industry cycle and individual company operational dynamics [1] - The RevPAR stabilized in September and continued to show resilience post-National Day, primarily driven by business travel [1] - The management of Shouqi Group expects the decline in RevPAR for Q4 to be in the range of 0-3% [1] - Looking ahead, the industry supply growth is expected to become more rational, and if policies stimulate business travel demand alongside flexible arrangements for leisure travel, valuations may recover ahead of the industry cycle turning point [1]

Core Viewpoint - The hotel industry is showing signs of recovery, with a narrowing decline in RevPAR for the third quarter, driven by better-than-expected performance in September, which is expected to continue into October and possibly the fourth quarter [1] Group 1: Company Performance - Huazhu Group's stock price increased by nearly 6%, reaching HKD 33.1, with a trading volume of HKD 64.37 million [1] - Morgan Stanley anticipates that Huazhu Group's third-quarter performance will exceed expectations, showcasing a positive trend in RevPAR and operational leverage benefits [1] Group 2: Industry Trends - The hotel industry's RevPAR decline has been narrowing quarter-on-quarter, with a stable trend observed in September and continuing into the National Day holiday period [1] - Guosen Securities highlights that the RevPAR is expected to decline between 0-3% in Q4, with a gradual rationalization of supply growth anticipated next year [1] - The potential stabilization of business travel demand, combined with flexible arrangements for leisure travel during holidays, may lead to an early recovery in valuations ahead of the industry cycle turning point [1]

Financial Data and Key Metrics Changes - The third-quarter RevPAR increased by 2% compared to last year, while total RevPAR grew by 2.4% [14] - Adjusted EBITDA RE for the third quarter was $50 million, and adjusted FFO was $0.17 per diluted share [14] - For the first nine months of the year, comparable portfolio total RevPAR growth was 2.3%, with margins held within 20 basis points of the prior year [15] Business Line Data and Key Metrics Changes - Urban hotels experienced generally flat RevPAR growth, with Marriott Long Beach Downtown showing outsized growth post brand conversion [4] - Convention hotels reported better-than-expected performance with RevPAR growth of 3.5% [5] - San Francisco hotels achieved over 15% RevPAR growth, while Washington, D.C. faced weaker government-related demand [6] Market Data and Key Metrics Changes - The company booked 6% more rooms than the prior year, marking the strongest third-quarter booking volume since before the pandemic [6] - Positive group pace is anticipated for 2026, particularly in Orlando, Boston, Miami Beach, San Francisco, and Wine Country [7] - The resort portfolio faced softer performance due to weaker demand in South Florida and Maui, although there were signs of recovery in Maui [8] Company Strategy and Development Direction - The company aims to close the valuation discount and improve total shareholder returns through purposeful asset recycling [21] - Despite a challenging transaction market, the company disposed of over $600 million in lower-quality assets and acquired approximately $600 million in better real estate [22] - The company is focused on maintaining a strong balance sheet with net leverage of 3.5 times trailing earnings [16] Management's Comments on Operating Environment and Future Outlook - The operating environment remains choppy, with uncertainty from the government shutdown, but the company maintains its full-year earnings outlook [17] - The fourth quarter is projected to be the strongest for RevPAR growth, with total portfolio RevPAR growth expected in the mid-single-digit range [18] - Management is optimistic about benefiting from recent investments and delivering above-market growth in 2026 [10] Other Important Information - The company completed a renovation of the meeting space in San Antonio and is about to begin a similar project in San Diego [12] - The board has authorized a $0.09 per share common dividend for the fourth quarter [20] - The company has repurchased 11.4 million shares year-to-date at an average price of $8.83 per share, totaling $101 million [19] Q&A Session Summary Question: Thoughts on Q4 and mid-single-digit total RevPAR range - Management confirmed that Q4 was expected to be the strongest quarter for RevPAR growth, with Andaz Miami Beach contributing significantly to the growth [30] Question: Changes in the transaction market for 2026 - Management noted slight improvements in the transaction market, with expectations for continued improvement in 2026 [33] Question: Large buyers in the transaction market - Management indicated that while the market is challenging, they continue to look for opportunities to recycle assets [38] Question: EBITDA ramp for Andaz Miami Beach - Management expressed confidence in achieving the EBITDA range of $12 million-$16 million for next year, with strong bookings anticipated [41] Question: Group pace for 2026 - Management reported that they expect to have around 80% of room nights on the books for 2026, consistent with the prior year [45] Question: Ancillary spending and expense control - Management highlighted that out-of-room revenue growth has outpaced room revenue growth, contributing positively to overall performance [70] Question: G&A as a percentage of revenues - Management stated that G&A for the quarter was lower as a percentage, with guidance for the full year set at $20 million-$21 million [72]

Core Points - The 2025-2026 Harbin Ice and Snow Season officially starts on November 7, featuring ten upgraded tourism routes including fantasy ice and snow, alpine skiing, and cold spring experiences [1] - Over 200 unique ice and snow cultural activities and nearly 200 cultural performances will be held to enhance visitor experiences [1] - The "National Benefit Purchase" campaign will offer discounts and promotions in major shopping malls and supermarkets to attract shoppers [3] Tourism Development - Harbin has improved infrastructure for ice and snow tourism, upgrading 26 tourist centers and launching 10 direct bus routes to popular scenic spots for easier access [3] - The city is preparing for a busy season as hotels and attractions gear up to welcome tourists [4] - Merchants in the renowned Zhonghua Baroque Historical and Cultural Street are initiating pre-season activities to enhance visitor experiences [6] Business Readiness - Merchants have invested in two snow-making machines to provide year-round snow activities for visitors [7] - The Zhonghua Baroque Street successfully attracted 714,000 visitors during the National Day and Mid-Autumn Festival holiday, marking over 100% year-on-year growth [9] - Hotels are upgrading rooms to offer guests views of the Songhua River in anticipation of the tourism peak [12]

Financial Data and Key Metrics Changes - The company reported a third quarter REVPAR of $139, reflecting a 5.1% decline year-over-year, driven by a 3.1% drop in occupancy and a 2.1% decrease in ADR [16][21] - Third quarter occupancy was 73%, and average daily rate (ADR) was $190 [16] - Adjusted EBITDA for the third quarter was $72.6 million, with adjusted FFO per diluted share at $0.27 [18][21] - The company ended the quarter with $2.2 billion in debt, a weighted average maturity of three years, and an interest rate of 4.7% [19] Business Line Data and Key Metrics Changes - Urban hotels outperformed the broader portfolio, with REVPAR growth in San Francisco CBD at 19.4% due to strong demand from conferences and events [6][17] - Non-room revenues grew by 1.3% despite lower occupancy, indicating successful ROI initiatives [9][18] - Group revenues were impacted by the shift of Jewish holidays into September, leading to a softer citywide calendar [6] Market Data and Key Metrics Changes - The company noted a decline in government-related transient demand, which remained significantly below last year [6] - The leisure segment showed stable trends, with demand up 1% during the quarter, although some pricing sensitivity was observed [8][40] - Urban leisure markets continued to perform well, benefiting from strong demand for concerts and events [8] Company Strategy and Development Direction - The company is focused on capital allocation, with ongoing renovations in Waikiki, Key West, and Fort Lauderdale, which are now substantially complete [10][20] - The company is optimistic about the upcoming World Cup in the U.S. and other major events that will drive demand in key markets [14][72] - The company is committed to returning capital to shareholders while maintaining a healthy balance sheet [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the impact of the government shutdown on travel propensity and overall market conditions [12][60] - The outlook for the fourth quarter has been adjusted to reflect current trends, with expected REVPAR growth ranging from -1.9% to -2.6% [21] - Management remains optimistic about 2026, citing favorable economic conditions and a lack of new supply in urban markets [14][74] Other Important Information - The company has significant liquidity of approximately $1 billion, including $375 million in unrestricted cash [18] - The company is leveraging its healthy balance sheet to unlock value through renovations and conversions [19][20] Q&A Session Summary Question: Can you dive into the revenue management strategies for the quarter? - Management highlighted a shift towards leisure bookings to compensate for weaker group demand, with a focus on diversifying the mix [26][28] Question: How does the top-line outlook affect your CapEx and expected returns? - Management noted that most renovations were front-loaded, and while they expect delays in ramp-up due to market conditions, they remain optimistic about future returns [32][33] Question: What is the impact of the government shutdown on Q4 guidance? - Management indicated that the government shutdown has affected overall market sentiment and travel propensity, leading to a downward adjustment in expectations for October and the fourth quarter [58][60] Question: How is the REVPAR index share evolving? - Management reported an increase in REVPAR index, reflecting strong asset quality and market positioning [83][84] Question: What are the risks to the hotel operating model in the future? - Management expressed confidence in current labor trends and productivity improvements, despite potential future risks related to immigration policy [85][88]