Financial Data and Key Metrics Changes - RevPAR grew by 1.8%, reflecting the company's geographic footprint and brand depth [6] - Gross system growth was 7.7% and net system growth was 5.4%, driven by development activity and record openings [6] - EBIT increased by 13% and adjusted EPS grew by 19% [6] - The company completed 47% of its $900 million share buyback program, returning over $1.1 billion to shareholders this year [6] Business Line Data and Key Metrics Changes - The Americas fee revenues were down about 1% despite a 1.5% RevPAR growth and around 1.5% adjusted net unit growth [10] - The company signed over 51,000 rooms across 324 hotels, a 15% increase over 2024 [6][20] - Openings in The Americas were up 40% year over year, contributing to future fee growth [24] Market Data and Key Metrics Changes - The company reported a constructive outlook for US demand and hospitality performance, with stable inflation and interest rates [14][15] - In China, the company sees the economy bottoming out, with GDP growth of about 5% in Q2 and expectations for improved RevPAR trends in the back half of the year [66][68] Company Strategy and Development Direction - The company is focused on high-growth opportunities, including investments in technology and expanding its luxury and lifestyle brands [52][54] - The company aims to grow both new builds and conversions, with a strong pipeline of openings and signings [63][110] - The branded residential segment is expected to contribute consistently to fee growth, with 30 properties currently open and more in development [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year profit and EPS consensus, despite uncertainties in the short term [15][85] - The company noted that the fundamentals for US hospitality remain strong, with job growth and corporate capital investment driving demand [14][15] - Management is optimistic about the long-term growth potential in China, despite current challenges [66][68] Other Important Information - The company has been investing in technology and process improvements to enhance operational efficiency and scalability [94] - The company expects to see continued margin growth driven by cost savings and ancillary revenue streams [95] Q&A Session Summary Question: Current trading outlook for Q3 and Q4 RevPAR in the U.S. - Management does not provide guidance but feels comfortable with full-year profit and EPS consensus, indicating a stable outlook for U.S. demand [12][15] Question: Explanation for the decline in Americas fee revenues despite RevPAR growth - Management attributed the decline to high-fee hotels exiting and renovations impacting available rooms, but does not see it as a long-term issue [20][22] Question: Insights on branded residential contribution to profitability - Management is excited about the growth trajectory in branded residential, which is expected to contribute consistently to fees [31][33] Question: Investment focus among technology pillars - Management emphasized ongoing investments in technology, particularly in PMS and RMS systems, to ensure competitiveness [34][38] Question: Update on the performance of the Garner brand - Management reported strong progress with 51 open Garners and a robust pipeline, indicating significant international demand [78][79]

Financial Performance - H1 2025 global RevPAR increased by 1.8%[15], with ADR up by 1.4%[15] and occupancy up by 0.3%pts[15] - Fee margin increased by 3.9%pts to 64.7%[15], with TTM EBITDA reaching $1.259 billion, a 10% increase[15] - Adjusted EPS increased by 19% to 242.5¢[15], and free cash flow reached $302 million[15] - The interim dividend increased by 10% to 58.6¢[15] System Growth and Development - Gross system growth increased by 7.7% YOY, and net system growth increased by 5.4% YOY[15] - A record 31.4k rooms (207 hotels) were opened in H1, a 75% increase YOY[15] - Signings reached 51.2k rooms (324 hotels), a 15% increase YOY[15] - The pipeline consists of 338k rooms (2,276 hotels), representing 34% of the current system size[16] Capital Returns - $423 million (47%) of the $900 million share buyback program has been returned, representing 2.4% of the opening share count[15] - The company expects to return >$1.1 billion in 2025, representing 5.9% of the opening market cap[15] Strategic Priorities - Loyalty enrolments increased by 22% YOY in H1[102], with ~65% of room nights booked by members[102] - Co-brand fee revenue is on track to double by 2025 and more than triple by 2028[114] Regional Performance - Americas RevPAR increased by 1.4%[184], with a fee margin of 82.7%[184] - EMEAA RevPAR increased by 4.1%[188], with a fee margin of 65.8%[188] - Greater China RevPAR decreased by 3.2%[192], with a fee margin of 57.9%[192]

Core Insights - The article illustrates the paradox of success in technology, where a highly efficient system can lead to the perception that fewer developers are needed, ultimately jeopardizing the use of that technology [1][29]. Group 1: Technical Debt - The company had a traditional tech stack and needed to develop a real-time service to support 100,000 concurrent users, displaying user activity information [2]. - The initial choice of Ruby was deemed inadequate, prompting discussions on technology selection [3]. Group 2: Technology Selection Battle - The development team proposed using Rust, but management was cautious and requested comparisons with other languages [4][5]. - Concept validation versions were created using Elixir, Rust, Ruby, and Node.js, with Rust being developed by a novice [5][6]. Group 3: Performance Results - The performance results showed Rust as the fastest and most memory-efficient option, followed by Elixir, Node.js, and Ruby [8][10]. - The final decision favored Rust not only for its performance but also for its versatility in future applications [10]. Group 4: Rapid Development - Due to time constraints, a single developer with Rust experience was tasked to lead the project, collaborating closely with the team [11][13]. - The architecture was designed to handle 100,000 connections efficiently, utilizing a WebSocket-based API and in-memory data storage [14]. Group 5: Performance Challenges - The service performed stably under the expected load, but management later decided to shift it to maintenance mode, leading to a lack of oversight [16]. - The service was initially successful, but as the company expanded, management questioned the need for Rust developers due to the service's stability [19][20]. Group 6: Management Decisions - The new director's perspective led to the departure of experienced Rust developers, as they were deemed unnecessary due to the service's lack of issues [22]. - The decision to abandon Rust in favor of more mainstream technologies raised concerns about the existing Rust service's future [23]. Group 7: Node.js Rewrite Attempt - The attempt to rewrite the service in Node.js failed due to its single-threaded nature, which could not handle the required load [24][25]. - The company resorted to using a third-party service, which also proved inadequate [26]. Group 8: Lessons Learned - The Rust service continued to operate effectively but without a dedicated maintenance team, highlighting the risks of having a highly efficient system [28][29]. - The article concludes that sometimes, a less-than-perfect system may be perceived as safer, emphasizing the impact of management changes on technical decisions [29].

还记得不久前的那篇《"因为一次成功重写，我们 CTO 彻底封杀了 Rust！"》吗？ 当时，许多读者留言称这故事"离谱"得像是由 AI 杜撰的，其中就包括了本文的主人公——一位 Reddit ID 名为 Drogus 的开发者："一篇用 AI 生成的帖子"、"明显是假的"。 话虽如此，Drogus 却不由得联想到了一段他自己的真实经历，与其中某些情节有几分相似："Rust 项目 做得太成功，反而导致这门语言在公司内部被「判了死刑」"。 项目背景：一个快速成长的独角兽初创公司 Elixir 次之； Node.js 表现还可以，但受限于单线程运行时； Ruby 最慢。 值得注意的是，Rust 版本最初存在也一个小 bug：开发者用 async futures 给客户端发消息时，会遍历所 有客户端来获取发送通道列表，这在高负载下会阻塞运行时几秒。不过这个问题属于实现细节，对熟悉 Rust 的人来说并不难修复。 这件事发生在几年前。那时，Drogus 刚加入了一家在疫情期间快速成长的独角兽初创公司，其主力应 用采用 Ruby on Rails 编写，一些视频处理相关工具则用 Node.js 实现。当时，这家公司并没有 ...

Core Viewpoint - The article discusses the emerging concept of "Vibe Coding," which allows individuals to create software applications using AI tools without extensive programming knowledge, highlighting its potential to democratize software development and enhance productivity [1][9]. Group 1: Concept of Vibe Coding - "Vibe Coding" is introduced as a method where AI assists in coding, enabling users to develop applications quickly, as demonstrated by Andrej Karpathy's example of creating an iOS app in one hour without prior knowledge of Swift [1][3]. - The rise of AI-assisted coding tools, such as Cursor and Tencent's CodeBuddy, indicates a competitive landscape in the AI programming assistant market, enhancing developers' capabilities [3][4]. Group 2: Success Stories and Frameworks - Developers are sharing their success stories using Vibe Coding, with one user reporting a monthly recurring revenue (MRR) of $7,000 within 30 days of launching an AI product solely using AI tools [5][7]. - The "Vibe Coding entrepreneurial framework" is outlined as a simple process involving one AI tool for building, another for email outreach, and ChatGPT for market insights, showcasing a streamlined approach to product development [7][8]. Group 3: Perspectives on AI in Coding - David Heinemeier Hansson (DHH) emphasizes the importance of maintaining a human touch in coding, arguing that while AI can assist, it should not replace the joy of programming [11][15]. - The article presents contrasting views from developers, with some appreciating AI for alleviating repetitive coding tasks, while others express concern about losing the essence of coding as a creative endeavor [18][21]. Group 4: Market Implications and Future of Coding - The discussion highlights that AI is not just a tool but a new layer of abstraction in programming, suggesting that the future of coding may involve a blend of human creativity and AI efficiency [22]. - The potential of Vibe Coding to lower barriers for non-programmers to engage in software development is noted, indicating a shift towards a more inclusive tech landscape [24].