Key Points Singapore-based Serenity Capital Management increased its holding in HTHT by 710,431 shares. The overall position value increased by about $30.7 million from the previous period. As of September 30, the fund reported holding nearly 1.3 million HTHT shares valued at $49.8 million, making it the fund's fourth-largest holding. These 10 stocks could mint the next wave of millionaires › Singapore-based Serenity Capital Management disclosed a significant buy of H World Group Limited (NASDAQ ...

Financial Data and Key Metrics Changes - The group revenue grew 8.1% year-over-year to RMB 7 billion in Q3 2025, surpassing previous guidance [19][60] - Adjusted EBITDA rose by 18.9% year-over-year to RMB 2.5 billion, with a margin improvement of 3.3 percentage points to 36.1% [19][60] - The monetized and franchised business revenue increased by 27.2% year-over-year to RMB 3.3 billion, contributing over 70% to the total gross operating profit [12][20] Business Line Data and Key Metrics Changes - The number of rooms in operation increased by 17.3% year-over-year, with group hotel GMV growing by 17.5% to RMB 30.6 billion [11][51] - Membership base exceeded 300 million, up 17.3% year-over-year, with room nights sold to members rising 19.7% [11][58] - The gross operating profit from the monetized and franchised business rose by 28.6% year-over-year to RMB 2.2 billion [12][20] Market Data and Key Metrics Changes - Domestic travel demand continues to grow steadily, particularly during the National Day and Mid-Autumn Festivals [8][47] - Supply growth has stabilized, with year-over-year growth rates moderating [8][48] - The demand for leisure travel is shifting from discretionary to necessity, supported by improved infrastructure [6][45] Company Strategy and Development Direction - The company aims to deepen its roots in the Chinese market, focusing on high-quality growth and service excellence [7][46] - Strategic focus remains on the economy and midscale segments to serve the mass market, with plans to achieve 20,000 hotels in 2,000 cities [13][54] - The launch of the new upper-midscale brand, Ji Icons, aims to meet growing consumer demand for quality living and unique experiences [14][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of China's hotel industry, driven by supply-side reform and increasing consumer demand [4][46] - The outlook for Q4 2025 anticipates revenue growth of 2%-6%, with monetized and franchised revenue expected to grow by 17%-21% [21][63] - Management noted that while leisure demand is strong, business demand remains uncertain [25][69] Other Important Information - The company generated RMB 1.7 billion in operating cash flow, with RMB 13.3 billion in cash and cash equivalents at the end of the quarter [20][62] - The company is enhancing its membership program to improve engagement and direct sales capabilities [17][37] Q&A Session Summary Question: What is the implied RevPAR assumption for Q4 and the outlook for 2026? - Management indicated that RevPAR stabilized in Q3, driven by leisure travel demand, and expects flattish to slightly positive RevPAR for Q4 [25][68] Question: What are the reasons behind the recent ADR performance? - Management attributed the ADR increase to enhanced revenue management, product upgrades, and service excellence [27][72] Question: What are the plans for the newly launched Ji Icons brand? - Management expressed strong determination to develop the Ji Icons brand, focusing on store openings and leveraging cultural preferences [31][74] Question: What is the outlook on cost control and margins? - Management highlighted ongoing efforts in cost control and margin improvement through supply chain optimization and revenue management [35][38]

Financial Data and Key Metrics Changes - The group revenue grew 8.1% year-over-year to RMB 7 billion in Q3 2025, surpassing previous guidance [19][64] - Adjusted EBITDA rose by 18.9% year-over-year to RMB 2.5 billion, with a margin improvement of 3.3 percentage points to 36.1% [19][64] - The monetized and franchised business revenue increased by 27.2% year-over-year to RMB 3.3 billion, with gross operating profit rising by 28.6% to RMB 2.2 billion [12][20] Business Line Data and Key Metrics Changes - The number of rooms in operation increased by 17.3% year-over-year, contributing to a group hotel GMV growth of 17.5% to RMB 30.6 billion [11][53] - Membership base exceeded 300 million, up 17.3% year-over-year, with room nights sold to members rising 19.7% [11][53] - The upper-midscale segment saw a 25.3% year-over-year increase in the number of hotels in operation and pipeline, exceeding 1,600 [14][58] Market Data and Key Metrics Changes - Domestic travel demand continues to grow steadily, particularly during the National Day and Mid-Autumn Festivals [8][49] - Supply growth has stabilized, with year-over-year growth rates moderating [8][50] - The demand for leisure travel is shifting from discretionary to necessity, driven by improved infrastructure and changing consumer preferences [6][46] Company Strategy and Development Direction - The company aims to deepen its roots in the China market, focusing on high-quality growth and service excellence [7][47] - Strategic focus remains on the economy and midscale segments to serve the mass market, with plans to achieve 20,000 hotels in 2,000 cities [13][56] - The launch of the new upper-midscale brand, Ji Icons, aims to meet growing consumer demand for quality living and unique experiences [14][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of China's hotel industry, citing a shortage of high-quality supply [4][47] - The company anticipates a flattish to slightly positive RevPAR for Q4 2025, with uncertainties in business demand but strong leisure demand [25][72] - Future growth will focus on enhancing membership benefits and exploring cross-industry partnerships to strengthen member engagement [17][61] Other Important Information - The company generated RMB 1.7 billion in operating cash flow, with RMB 13.3 billion in cash and cash equivalents at the end of the quarter [20][66] - Guidance for Q4 2025 expects group revenue growth of 2%-6% and monetized and franchised revenue growth of 17%-21% [21][67] Q&A Session Summary Question: What is the implied RevPAR assumption for Q4 2025? - Management indicated that RevPAR is stabilizing, driven by leisure travel demand, with a flattish to slightly positive outlook for Q4 [69][72] Question: What are the reasons behind the recent ADR performance? - The increase in ADR is attributed to enhanced revenue management, product upgrades, and service excellence, leading to improved pricing power [75][76] Question: What are the plans for the newly launched Ji Icons brand? - The Ji Icons brand aims to penetrate the upper midscale segment, with plans for store openings and a focus on cultural preferences [31][78] Question: What is the outlook on cost control and margins? - Management highlighted ongoing efforts in cost control and margin improvement through supply chain optimization and strategic investments [35][38]

Financial Data and Key Metrics Changes - The group revenue grew 8.1% year-over-year to RMB 7 billion in Q3 2025, surpassing previous guidance [42] - Adjusted EBITDA rose by 18.9% year-over-year to RMB 2.5 billion, with a margin improvement of 3.3 percentage points to 36.1% [42][43] - Operating cash flow generated in Q3 was RMB 1.7 billion, with cash and cash equivalents at RMB 13.3 billion [43] Business Line Data and Key Metrics Changes - The monetized and franchised business revenue increased by 27.2% year-over-year to RMB 3.3 billion, contributing over 70% of the group's total gross operating profit [37][43] - The number of rooms in operation grew by 17.3% year-over-year, with group hotel GMV rising 17.5% to RMB 30.6 billion [36] - Membership base exceeded 300 million, up 17.3% year-over-year, with room nights sold to members increasing by 19.7% [36][41] Market Data and Key Metrics Changes - Domestic travel demand continues to grow steadily, particularly during the National Day and Mid-Autumn Festivals [35] - Supply growth has stabilized, with year-over-year growth rates moderating [35] Company Strategy and Development Direction - The company aims to deepen its roots in the China market, focusing on high-quality growth and service excellence [34] - Strategic focus remains on the economy and midscale segments to serve the mass market, with plans to achieve 20,000 hotels in 2,000 cities [38][39] - The launch of the new upper-midscale brand, Ji Icons, aims to meet growing consumer demand for quality living and unique experiences [39][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of China's hotel industry, driven by a shift in consumer demand from discretionary to necessity [34][35] - The outlook for Q4 2025 anticipates revenue growth of 2%-6%, with monetized and franchised revenue expected to grow by 17%-21% [44] Other Important Information - The company has made significant improvements in revenue management and pricing strategies, contributing to better performance metrics [48] - The membership program is a core strategy for sustainable growth, with plans to enhance member benefits and engagement [41] Q&A Session Summary Question: What is the implied RevPAR assumption for the fourth quarter guidance? - Management indicated that RevPAR is stabilizing, driven by leisure travel demand, with expectations for flattish to slightly positive RevPAR in Q4 [46][48] Question: What are the reasons behind the recent ADR performance? - The increase in ADR is attributed to enhanced revenue management, product upgrades, and service excellence, leading to improved pricing power [50] Question: What are the plans for the newly launched Ji Icons brand? - The Ji Icons brand aims to become a core player in the upper-midscale segment, with further details to be shared after the first hotels open [27] Question: What is the outlook on cost control and margins? - Management highlighted ongoing efforts in cost control and margin improvement through supply chain optimization and strategic investments [27]