"如果没有资金、没有团队，只靠一个人，是否也能开发一门编程语言？" 这是 Rust 社区资深技术专家 Steve Klabnik 很久以前就曾思考过的问题，但那时仅停留在想想而已。到了 2025 年末，他终于决定放手一试。 殊不知，借助 AI 辅助工具 Claude，他仅用 11 天时间就写下约 10 万行 Rust 代码，并打造出一门全新的实验性系统级编程语言——Rue。 谁能想到，这位《The Rust Programming Language》的合著者，还曾是一名不折不扣的人工智能怀疑论者。 "40 岁再不开始开发一门语言，真的就没时间了" 对于 Steve Klabnik 而言，想要开发一门编程语言是自己早就想干但一直没有时间做的事情。 他在 2012 年 12 月 21 日第一次接触 Rust 后，便在语言设计、社区建设和开发者体验领域深耕了 13 年。 可 Steve Klabnik 对语言设计、编译器的热爱，最早可以追溯到自己的大学时期。 "上大学的时候，我特意给自己安排了一些相关的课程，就是为了尽快接触到编译器。我想搞明白它们是怎么工作的！我写过很多语言的代码，而自己去 做语言的过程对我来说就 ...

Core Viewpoint - C has been named the Programming Language of the Year for 2025, marking its second win in three years, based on its significant ranking improvement over the past year [2]. Group 1: C Performance and Evolution - C is recognized as the fastest-growing programming language last year, evolving from a Windows-only enterprise language to a modern, cross-platform, and open-source language [4][6]. - The success of C is attributed to its continuous evolution, introducing new features ahead of mainstream languages and adapting to industry trends, including two major paradigm shifts: from Windows-only to cross-platform and from proprietary to fully open-source [6][7]. - C maintains its competitiveness without being hindered by historical baggage, allowing it to thrive in various domains [7]. Group 2: Market Position and Competition - In the realms of game development, web services, and cloud-native applications, C and Java are nearly equal in market share, with both languages showing minimal differences in their rankings [8]. - The TIOBE index indicates that Java's lengthy syntax and ownership by Oracle may hinder its ability to suppress the increasingly modern and flexible C in the long term [10]. - Microsoft is heavily investing in C, with significant projects like OpenAI, Copilot, Azure, and Unity all leveraging C [10]. Group 3: Ranking Changes and Trends - The TIOBE index for January 2026 shows Python, C, Java, C++, and C as the top five programming languages, with C holding the fifth position [22][23]. - Perl has made a surprising comeback, rising from 32nd to 11th place, while R has re-entered the top 10, reflecting the growing demand for data analysis and visualization [12][14]. - The rankings indicate that languages like Go and Ruby have fallen out of the top 10 and 20, respectively, suggesting that once a language loses its growth momentum, its decline is often irreversible [21].

Financial Data and Key Metrics Changes - Global RevPAR grew by 0.1% in Q3 2025, consistent with Q2 performance, driven by strong trading in EMEA-A and improvement in Greater China [4] - Year-to-date global RevPAR increased by 1.4% [20] - In the Americas, RevPAR decreased by 0.9% in Q3, with the U.S. down 1.6% due to slower trading conditions [4][5] - EMEA-A saw RevPAR growth of 2.8% in Q3, with year-to-date growth at 3.8% [5] - Greater China experienced a 1.8% decline in RevPAR in Q3, an improvement from previous quarters [6] Business Line Data and Key Metrics Changes - Rooms revenue for business days increased by 4% globally, while leisure and groups saw declines of 2% and 4% respectively [7] - System growth included the opening of 14,500 rooms across 99 hotels globally in Q3, marking a 17% year-on-year increase [8] - The Americas' gross system growth was 3.6% year-on-year, with 2,700 rooms opened in Q3 [9] - EMEA-A region achieved gross system growth of 10.4% year-on-year, with 4,200 rooms opened in Q3 [10] - Greater China reported gross system growth of 12.8% year-on-year, with 7,600 rooms opened in Q3 [11] Market Data and Key Metrics Changes - In EMEA-A, RevPAR growth varied by market, with the U.K. up 2.8% and the Middle East up 9.5% [6] - Greater China showed strong growth in Tier one cities, while Tier two to four cities faced declines [7] - The U.S. market continues to experience challenges with government travel down 20% compared to the previous year [5] Company Strategy and Development Direction - The company plans to launch a new collection brand focused on the premium segment, initially targeting the EMEA-A region [17][18] - The new brand aims to expand the company's offerings and attract more owners to its enterprise platform [17] - The company is optimistic about long-term demand drivers, despite short-term challenges in the U.S. market [16][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the return to growth in the U.S. as economic uncertainty subsides [5] - The company remains on track to meet full-year profit and earnings expectations, with consensus for operating profits at $1.259 billion, implying 12% growth [14][15] - Management highlighted strong fundamentals in the U.S. economy, including low unemployment and resilient consumer spending [30][32] Other Important Information - The company is 78% through its $900 million share buyback program, reducing share count by 3.9% [12] - IHG plans to change the currency of its ordinary shares traded on the London Stock Exchange from British pounds to U.S. dollars starting January 2026 [13][14] Q&A Session Summary Question: Net system growth for 2026 and RevPAR outlook - Management is comfortable with consensus expectations for net system growth at around 4% for 2026, supported by strong signings and conversions [24][26] - RevPAR is expected to remain flat in Q4, with management confident in achieving growth in 2026 based on economic fundamentals [28][30] Question: New brand launch and U.S. demand weakness - The new brand launch is focused on the EMEA region due to a larger addressable market of independent hotels [39] - Weakness in U.S. leisure demand is attributed to several factors, including lower international inbound travel and temporary market conditions [44][45] Question: Ruby brand performance and churn rates - Ruby is performing well with five signings and 20 open hotels, with plans for further expansion in the U.S. [59] - Management aims to reduce churn rates to 1.5% over time, with no immediate need for brand refreshes [63] Question: U.S. occupancy and industry dynamics - Management noted that improved revenue management strategies have led to higher rates, leaving room for occupancy growth [71] - The company is optimistic about returning to pre-COVID occupancy levels, despite current challenges in the U.S. market [73]

Financial Data and Key Metrics Changes - Global RevPAR grew by 0.1% in Q3 2025, consistent with Q2 performance, driven by strong trading in EMEAA and improvement in Greater China [4][5] - Year-to-date global RevPAR increased by 1.4% [25] - In The Americas, RevPAR decreased by 0.9% in Q3, with a 1.6% decline in the U.S. due to slower trading conditions [5][6] - EMEAA saw a RevPAR increase of 2.8% in Q3, with year-to-date growth at 3.8% [7][8] - Greater China experienced a 1.8% decline in RevPAR in Q3, an improvement from previous quarters [8][9] Business Line Data and Key Metrics Changes - Rooms revenue for business days increased by 4% globally, while leisure and groups saw declines of 2% and 4% respectively [9] - System growth included 14,500 rooms opened across 99 hotels globally in Q3, marking a 17% year-on-year increase [10] - The Americas had a gross system growth of 3.6% year-on-year, with 2,700 rooms opened in Q3 [12] - EMEAA's system growth was 10.4% year-on-year, with 4,200 rooms opened in Q3 [13] - Greater China achieved a gross system growth of 12.8% year-on-year, with 7,600 rooms opened in Q3 [14] Market Data and Key Metrics Changes - In EMEAA, RevPAR growth varied by market, with strong performance in Southern Europe and a 9.5% increase in The Middle East [8] - The U.S. market continues to face challenges with government travel down 20% compared to the previous year [6] - Demand in Greater China is supported by the growing middle class, despite a decline in RevPAR [9] Company Strategy and Development Direction - The company plans to launch a new collection brand targeting the upscale to upper upscale segment, initially focusing on the EMEAA region [22][23] - The strategy includes expanding the portfolio of world-class brands and enhancing the enterprise platform for owners [22][23] - The company aims to maintain strong development activity, with 2025 projected to be one of the largest years for openings and signings [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term demand drivers despite current slower trading conditions in the U.S. [21][22] - The outlook for 2025 includes expectations for operating profit growth of 12% and adjusted earnings per share growth of 15% [20] - Management highlighted positive economic fundamentals in the U.S., including strong employment and consumer spending [44][45] Other Important Information - The company is 78% through its $900 million share buyback program, which has reduced the share count by 3.9% [16] - A bond issuance of $4.1 billion is outstanding with a blended borrowing cost of around 4.3% [16] - The company plans to change the currency of its ordinary shares traded on the London Stock Exchange from British pounds to U.S. dollars starting January 2026 [17][18] Q&A Session Summary Question: Net system growth outlook for 2026 - Management is comfortable with the consensus of around 4% net system growth for 2026, supported by strong signings and conversions [32][36] Question: RevPAR expectations for 2026 - Management indicated that RevPAR is expected to remain flat in Q4, with a comfortable outlook for 2026 based on economic fundamentals [39][42] Question: Credit card fees increase - Management confirmed an increase of approximately $40 million in credit card fees for 2025, with a gradual increase over the next three years [52] Question: New brand launch details - Management will provide more details on the new brand launch in the coming months, including timing and projections [79] Question: Performance of Ruby brand - The Ruby brand is performing well with five signings since opening and plans for further expansion in the U.S. [89] Question: U.S. market occupancy concerns - Management acknowledged lower occupancy in the U.S. compared to pre-COVID levels but expressed optimism for recovery driven by improved revenue management and economic fundamentals [101][106]

Core Viewpoint - The competition between open-source and closed-source AI models is intensifying, with open-source models like DeepSeek and Qwen leading China's tech advancement globally. However, concerns about the profitability and economic impact of open-source models persist [1]. Group 1: Open-source vs Closed-source - Open-source software is characterized by community involvement beyond organizational boundaries, allowing for sustainable development and ecological growth [3]. - The distinction between open-source and closed-source languages is crucial, as open-source fosters broader participation and innovation [5]. - The coexistence of open-source and closed-source models is expected in the Web3.0 era, with both contributing to software development and user choice [6][9]. Group 2: Economic Impact of Open-source - Japan's experience with Ruby demonstrates that open-source languages can significantly enhance regional IT industries, allowing smaller contractors to engage in larger projects [10]. - The presence of Ruby in Shimane Prefecture has led to the establishment of a local ecosystem that attracts talent and fosters economic growth [10][11]. - The local government's support for Ruby-related projects has been successful, but there are concerns about potential complacency among companies due to guaranteed work [14]. Group 3: Lessons for China - China can learn from Japan's open-source initiatives to develop its own regional economic engines, particularly in the context of AI models like DeepSeek and Qwen [11]. - The importance of education in promoting open-source understanding and participation is emphasized, suggesting that fostering a culture of open-source can lead to better talent retention in local areas [13]. Group 4: Future of Programming Languages - The rise of AI may challenge traditional programming languages like Ruby, but the need for skilled programmers who understand both high-level and low-level languages remains critical [15]. - The potential for natural language programming through AI could lead to a divide between those who understand programming and those who rely solely on AI-generated solutions [17].

Core Viewpoint - The competition between open-source and closed-source AI models is intensifying, with open-source models like DeepSeek and Qwen leading China's tech advancement globally. However, concerns about the profitability and economic impact of open-source models persist [1]. Group 1: Open Source vs Closed Source - Open-source software allows community participation beyond organizational boundaries, which is essential for sustainable development and ecological growth [4]. - The distinction between open-source and closed-source languages is significant, with open-source languages like Ruby fostering broader collaboration and innovation [6]. - The coexistence of open-source and closed-source models is expected, with both contributing to competitive software ecosystems [7]. Group 2: Economic Impact of Open Source - Japan's experience with Ruby demonstrates that open-source languages can empower smaller contractors to engage in larger projects, enhancing local economic development [10][11]. - The presence of Ruby's creator in Shimane Prefecture has been pivotal in establishing a local ecosystem that supports larger engineering projects [11]. - The development of a robust open-source community can help retain local talent and stimulate regional economic growth, as seen in Shimane [12]. Group 3: Lessons for China - China can learn from Japan's open-source initiatives to build a new regional economic engine, especially in light of the risks associated with reliance on closed-source AI models [13]. - The importance of open-source algorithms in AI development is emphasized, advocating for a competitive landscape that includes both open-source and closed-source options [13]. - Educational initiatives to promote understanding of open-source principles are crucial for fostering a skilled workforce capable of contributing to open-source projects [16]. Group 4: Challenges and Future of Programming Languages - The rise of AI in programming may lead to a divide between those who understand programming and those who rely solely on AI-generated code, potentially impacting the future of programming languages like Ruby [19][21]. - The need for education in programming remains critical, as reliance on AI could diminish human cognitive skills in understanding IT [21]. - The balance between efficiency gained through AI and the necessity for human understanding of programming concepts is a key consideration for the future [21].

Core Points - The recent controversy in the Ruby community revolves around the management of the RubyGems and Bundler projects, with accusations of a "hostile takeover" by Ruby Central, the non-profit organization overseeing these tools [1][11][12] - Long-time maintainers, including Ellen Dash, have expressed their outrage over being removed from their roles without prior notice or explanation, leading to significant community backlash [5][10][14] - Ruby Central's justification for these actions is centered on enhancing security and governance, citing the need to protect the Ruby ecosystem from supply chain attacks [11][12] Summary by Sections Project Management and Governance - RubyGems and Bundler, essential tools for the Ruby programming language, have been maintained by a dedicated team for years without formal compensation [2] - The abrupt removal of maintainers, including Ellen Dash, was executed by Marty Haught, Ruby Central's open-source director, raising questions about governance practices [5][6][11] Community Response - The Ruby community has reacted strongly against Ruby Central's actions, with many developers expressing disappointment and anger on social media [14][16] - Critics argue that Ruby Central's actions reflect a shift towards corporate influence over community-driven projects, undermining the principles of open-source collaboration [14][16] Future Implications - The incident highlights the ongoing struggle between professional management and community autonomy in open-source governance, emphasizing the need for transparency and communication [20] - As core maintainers resign, the new management team faces scrutiny to prove their capability and maintain community trust [20]

Core Viewpoint - The emergence of large language models (LLMs) represents a transformative change in software development, comparable to the shift from assembly language to the first generation of high-level programming languages [5][10]. Group 1: Impact of LLMs on Programming - LLMs not only enhance the level of abstraction in programming but also compel a reevaluation of what it means to program with non-deterministic tools [7][10]. - The transition from deterministic to non-deterministic programming paradigms expands the dimensions of programming practices [8][10]. Group 2: Historical Context of Programming Languages - High-level programming languages (HLLs) introduced a new level of abstraction, allowing programmers to think in terms of sequences, conditions, and iterations rather than specific machine instructions [8][9]. - Despite advancements in programming languages, the fundamental nature of programming has not changed significantly until the advent of LLMs [6][9]. Group 3: Embracing Non-Determinism - The introduction of non-deterministic abstractions means that results from LLMs cannot be reliably reproduced, contrasting with the consistent outcomes from traditional programming [10][13]. - The industry is experiencing a radical transformation as developers learn to navigate this non-deterministic environment, which is unprecedented in the history of software development [13].

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]