H World Group Limited Reports First Quarter of 2025 Unaudited Financial Results
- Net income rose 35.7% YoY to RMB894 million (US$123 million) - Hotel turnover grew 14.3% YoY to RMB22.5 billion - Manachised and franchised revenue increased 21.1% YoY to RMB2.5 billion - Legacy-Huazhu segment revenue grew 5.5% YoY to RMB4.5 billion - Legacy-DH segment revenue declined 11.3% YoY to RMB918 million
The company opened 694 new hotels in Q1 2025 and maintains a pipeline of 2,888 unopened hotels. For Q2 2025, H World expects revenue growth of 1-5% YoY, or 3-7% excluding DH, with manachised and franchised revenue growth projected at 18-22%.
- L'utile netto è cresciuto del 35,7% su base annua a 894 milioni di RMB (123 milioni di dollari USA)
- Il fatturato degli hotel è aumentato del 14,3% su base annua a 22,5 miliardi di RMB
- I ricavi da manachised e franchising sono saliti del 21,1% su base annua a 2,5 miliardi di RMB
- I ricavi del segmento Legacy-Huazhu sono cresciuti del 5,5% su base annua a 4,5 miliardi di RMB
- I ricavi del segmento Legacy-DH sono diminuiti dell'11,3% su base annua a 918 milioni di RMB
La società ha aperto 694 nuovi hotel nel primo trimestre 2025 e mantiene una pipeline di 2.888 hotel non ancora aperti. Per il secondo trimestre 2025, H World prevede una crescita dei ricavi tra l'1% e il 5% su base annua, o tra il 3% e il 7% escludendo DH, con una crescita prevista dei ricavi da manachised e franchising tra il 18% e il 22%.
- La utilidad neta aumentó un 35,7% interanual a 894 millones de RMB (123 millones de dólares estadounidenses)
- La facturación hotelera creció un 14,3% interanual a 22.500 millones de RMB
- Los ingresos de manachised y franquicias aumentaron un 21,1% interanual a 2.500 millones de RMB
- Los ingresos del segmento Legacy-Huazhu crecieron un 5,5% interanual a 4.500 millones de RMB
- Los ingresos del segmento Legacy-DH disminuyeron un 11,3% interanual a 918 millones de RMB
La compañía abrió 694 nuevos hoteles en el primer trimestre de 2025 y mantiene una cartera de 2.888 hoteles aún no inaugurados. Para el segundo trimestre de 2025, H World espera un crecimiento de ingresos del 1% al 5% interanual, o del 3% al 7% excluyendo DH, con un crecimiento proyectado de ingresos de manachised y franquicias del 18% al 22%.
- 순이익은 전년 대비 35.7% 증가한 8억 9,400만 위안(1억 2,300만 달러)
- 호텔 매출은 전년 대비 14.3% 증가한 225억 위안
- 매니차이즈 및 프랜차이즈 매출은 전년 대비 21.1% 증가한 25억 위안
- Legacy-Huazhu 부문 매출은 전년 대비 5.5% 증가한 45억 위안
- Legacy-DH 부문 매출은 전년 대비 11.3% 감소한 9억 1,800만 위안
회사는 2025년 1분기에 694개의 신규 호텔을 개장했으며, 아직 개장하지 않은 2,888개의 호텔이 대기 중입니다. 2025년 2분기에는 DH를 제외할 경우 3~7%, 전체로는 1~5%의 매출 성장률을 예상하며, 매니차이즈 및 프랜차이즈 매출은 18~22% 성장할 것으로 전망됩니다.
- Le bénéfice net a augmenté de 35,7 % en glissement annuel à 894 millions de RMB (123 millions de dollars US)
- Le chiffre d'affaires hôtelier a cru de 14,3 % en glissement annuel à 22,5 milliards de RMB
- Les revenus manachisés et franchisés ont augmenté de 21,1 % en glissement annuel à 2,5 milliards de RMB
- Les revenus du segment Legacy-Huazhu ont progressé de 5,5 % en glissement annuel à 4,5 milliards de RMB
- Les revenus du segment Legacy-DH ont diminué de 11,3 % en glissement annuel à 918 millions de RMB
L'entreprise a ouvert 694 nouveaux hôtels au premier trimestre 2025 et dispose d'un pipeline de 2 888 hôtels non encore ouverts. Pour le deuxième trimestre 2025, H World prévoit une croissance du chiffre d'affaires de 1 à 5 % en glissement annuel, ou de 3 à 7 % hors DH, avec une croissance prévue des revenus manachisés et franchisés de 18 à 22 %.
- Der Nettogewinn stieg im Jahresvergleich um 35,7 % auf 894 Millionen RMB (123 Millionen US-Dollar)
- Der Hotelumsatz wuchs um 14,3 % auf 22,5 Milliarden RMB
- Die Umsätze aus Manachised und Franchise stiegen um 21,1 % auf 2,5 Milliarden RMB
- Der Umsatz des Legacy-Huazhu-Segments wuchs um 5,5 % auf 4,5 Milliarden RMB
- Der Umsatz des Legacy-DH-Segments sank um 11,3 % auf 918 Millionen RMB
Das Unternehmen eröffnete im ersten Quartal 2025 694 neue Hotels und verfügt über eine Pipeline von 2.888 noch nicht eröffneten Hotels. Für das zweite Quartal 2025 erwartet H World ein Umsatzwachstum von 1-5 % im Jahresvergleich, bzw. 3-7 % ohne DH, mit einem prognostizierten Wachstum der Manachised- und Franchise-Umsätze von 18-22 %.
- Net income increased 35.7% year-over-year to RMB894 million
- Hotel turnover grew 14.3% year-over-year to RMB22.5 billion
- Manachised and franchised revenue increased 21.1% year-over-year
- Significant network expansion with 694 new hotel openings in Q1
- Operating margin improved to 20.1% from 19.0% year-over-year
- Strong pipeline of 2,888 unopened hotels indicating future growth potential
- Legacy-DH segment revenue decreased 11.3% year-over-year
- RevPAR declined to RMB208 from RMB216 year-over-year
- Same-hotel RevPAR decreased 8.3% year-over-year
- Occupancy rate declined to 76.2% from 77.2% year-over-year
- Legacy-DH segment reported adjusted EBITDA loss of RMB77 million
Insights
H World reports 35.7% net income growth despite modest 2.2% revenue increase, showing successful asset-light transition and improved margins.
H World Group's Q1 2025 results demonstrate solid execution of its asset-light expansion strategy, with net income surging 35.7% year-over-year to
The operating margin improved to
The company's aggressive expansion continues with 694 new hotel openings in China during Q1, keeping pace with its target of approximately 2,300 gross hotel openings for the year. This expansion is achieved while maintaining a strong balance sheet with
The Legacy-Huazhu segment (China operations) showed resilience with
For Q2 2025, management projects continued growth with revenue expected to increase
- A total of 11,685 hotels or 1,142,158 hotel rooms in operation as of March 31, 2025.
- Hotel turnover1 increased
14.3% year-over-year to RMB22.5 billion in the first quarter of 2025. Excluding Steigenberger Hotels GmbH and its subsidiaries (“DH”, or “Legacy-DH”), hotel turnover increased15.3% year-over-year in the first quarter of 2025. Hotel turnover from the Legacy-DH segment increased2.9% in the first quarter of 2025. - Revenue increased
2.2% year-over-year to RMB5.4 billion (US$744 million )2 in the first quarter of 2025, within the revenue guidance previously announced of a0% to4% increase compared to the first quarter of 2024. Manachised and franchised revenue increased21.1% year-over-year to RMB2.5 billion (US$344 million ) in the first quarter of 2025, close to the high end of the manachised and franchised revenue guidance previously announced of an18% to22% increase compared to the first quarter of 2024. Revenue from the Legacy-Huazhu segment in the first quarter of 2025 was RMB4.5 billion, which increased5.5% year-over-year, slightly above the midpoint of the revenue guidance previously announced of a3% to7% increase. Revenue from the Legacy-DH segment in the first quarter of 2025 was RMB918 million, which decreased11.3% year-over-year. - Net income attributable to H World Group Limited was RMB894 million (US
$123 million ) in the first quarter of 2025, compared with RMB659 million in the first quarter of 2024 and RMB49 million in the previous quarter. - EBITDA (non-GAAP) in the first quarter of 2025 was RMB1.6 billion (US
$222 million ), compared with RMB1.3 billion in the first quarter of 2024 and RMB974 million in the previous quarter. - Adjusted EBITDA (non-GAAP), which excluded share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments from EBITDA (non-GAAP), was RMB1.5 billion (US
$206 million ) in the first quarter of 2025, compared with RMB1.4 billion in the first quarter of 2024 and RMB1.2 billion in the previous quarter. - Adjusted EBITDA is our segment measure. Adjusted EBITDA from the Legacy-Huazhu segment was RMB1.6 billion in the first quarter of 2025, compared with RMB1.5 billion in the first quarter of 2024 and RMB1.5 billion in the previous quarter. Adjusted EBITDA from the Legacy-DH segment was a loss of RMB77 million in the first quarter of 2025, compared with a loss of RMB66 million in the first quarter of 2024 and a loss of RMB247 million in the previous quarter.
- For the second quarter of 2025, H World expects its revenue growth to be in the range of
1% -5% compared to the second quarter of 2024 or in the range of3% -7% excluding DH. H World expects its manachised and franchised revenue growth to be in the range of18% -22% , compared to the second quarter of 2024.
SINGAPORE and SHANGHAI, May 20, 2025 (GLOBE NEWSWIRE) -- H World Group Limited (NASDAQ: HTHT and HKEX: 1179) (“H World”, the “Company”, “we” or “our”), a key player in the global hotel industry, today announced its unaudited financial results for the first quarter ended March 31, 2025.
As of March 31, 2025, H World’s worldwide hotel network in operation totaled 11,685 hotels and 1,142,158 rooms, including 11,564 hotels from Legacy-Huazhu and 121 hotels from Legacy-DH. During the first quarter of 2025, our Legacy-Huazhu business opened 694 hotels, including 2 leased and owned hotels, and 692 manachised and franchised hotels, and closed a total of 155 hotels, including 7 leased and owned hotels, and 148 manachised and franchised hotels. As of March 31, 2025, H World had a total of 2,888 unopened hotels in our pipeline, including 2,865 hotels from the Legacy-Huazhu business and 23 hotels from the Legacy-DH business.
Legacy-Huazhu – First Quarter of 2025 Operational Highlights
As of March 31, 2025, Legacy-Huazhu had 11,564 hotels in operation, including 552 leased and owned hotels, and 11,012 manachised and franchised hotels. In addition, as of the same date, Legacy-Huazhu had 1,116,400 hotel rooms in operation, including 81,736 rooms under the lease and ownership model, and 1,034,664 rooms under the manachise and franchise models. Legacy-Huazhu also had 2,865 unopened hotels in its pipeline, including 6 leased and owned hotels, and 2,859 manachised and franchised hotels. The following discusses Legacy-Huazhu’s revenue per available room (“RevPAR”), average daily room rate (“ADR”) and occupancy rate for its leased and owned hotels, as well as manachised and franchised hotels for the periods indicated.
- The ADR was RMB272 in the first quarter of 2025, compared with RMB280 in the first quarter of 2024 and RMB277 in the previous quarter.
- The occupancy rate for all of the Legacy-Huazhu hotels in operation was
76.2% in the first quarter of 2025, compared with77.2% in the first quarter of 2024 and80.0% in the previous quarter.
- Blended RevPAR was RMB208 in the first quarter of 2025, compared with RMB216 in the first quarter of 2024 and RMB222 in the previous quarter.
- For all of the Legacy-Huazhu hotels which had been in operation for at least 18 months, the same-hotel RevPAR was RMB205 in the first quarter of 2025, representing an
8.3% decrease from RMB224 in the first quarter of 2024, with a5.3% decrease in same-hotel ADR and a 2.5 percentage-point decrease in same-hotel occupancy rate.
Legacy-DH – First Quarter of 2025 Operational Highlights
As of March 31, 2025, Legacy-DH had 121 hotels in operation, including 65 leased hotels, and 56 manachised and franchised hotels. In addition, as of the same date, Legacy-DH had 25,758 hotel rooms in operation, including 13,749 rooms under the lease model, and 12,009 rooms under the manachise and franchise models. Legacy-DH also had 23 unopened hotels in the pipeline, including 10 leased hotels and 13 manachised and franchised hotels. The following discusses Legacy-DH’s RevPAR, ADR and occupancy rate for its leased as well as manachised and franchised hotels (excluding hotels temporarily closed) for the periods indicated.
- The ADR was EUR107 in the first quarter of 2025, compared with EUR104 in the first quarter of 2024 and EUR115 in the previous quarter.
- The occupancy rate for all Legacy-DH hotels in operation was
61.1% in the first quarter of 2025, compared with55.8% in the first quarter of 2024 and70.5% in the previous quarter.
- Blended RevPAR was EUR65 in the first quarter of 2025, compared with EUR58 in the first quarter of 2024 and EUR81 in the previous quarter.
Jin Hui, CEO of H World commented: “During the first quarter of 2025, we continued our rapid network expansion with 694 new hotel openings in China, and on track to achieve our full-year target of approximately 2,300 gross hotel openings. However, we maintain an overall cautious stance amid ongoing tariff and macroeconomic uncertainties. To achieve sustainable long-term growth, we will continue advancing our asset-light strategy, focusing on high-quality network expansion, enhancing brand positioning and 'service excellence', and strengthening sales capabilities centred around our H Rewards membership program.”
“Regarding our business outside China, our Legacy-DH segment recorded a
First Quarter of 2025 Unaudited Financial Results
| (RMB in millions) | Q1 2024 | Q4 2024 | Q1 2025 | |||
| Revenue: | ||||||
| Leased and owned hotels | 3,099 | 3,373 | 2,789 | |||
| Manachised and franchised hotels | 2,063 | 2,499 | 2,499 | |||
| Others | 116 | 151 | 107 | |||
| Total revenue | 5,278 | 6,023 | 5,395 |
Revenue in the first quarter of 2025 was RMB5.4 billion (US
Revenue from leased and owned hotels in the first quarter of 2025 was RMB2.8 billion (US
Revenue from manachised and franchised hotels in the first quarter of 2025 was RMB2.5 billion (US
Other revenue represents revenue generated from businesses other than our hotel operations, which mainly includes revenue from the provision of IT products, and services and Huazhu Mall™ and other revenue from the Legacy-DH segment, totaling RMB107 million (US
| (RMB in millions) | Q1 2024 | Q4 2024 | Q1 2025 | ||||||
| Operating costs and expenses: | |||||||||
| Hotel operating costs | (3,565 | ) | (4,190 | ) | (3,604 | ) | |||
| Other operating costs | (9 | ) | (5 | ) | (11 | ) | |||
| Selling and marketing expenses | (260 | ) | (296 | ) | (243 | ) | |||
| General and administrative expenses | (509 | ) | (725 | ) | (512 | ) | |||
| Pre-opening expenses | (8 | ) | (4 | ) | (3 | ) | |||
| Total operating costs and expenses | (4,351 | ) | (5,220 | ) | (4,373 | ) | |||
Hotel operating costs in the first quarter of 2025 were RMB3.6 billion (US
Selling, General and administrative expenses (SG&A) in the first quarter of 2025 were RMB755 million (US
Other operating income, net in the first quarter of 2025 was RMB60 million (US
Income from operations in the first quarter of 2025 was RMB1.1 billion (US
Operating margin, defined as income from operations as a percentage of revenue, was
Other income, net in the first quarter of 2025 was an income of RMB22 million (US
Gains (losses) from fair value changes of equity securities in the first quarter of 2025 were losses of RMB12 million (US
Income tax expense in the first quarter of 2025 was RMB377 million (US
Net income attributable to H World Group Limited in the first quarter of 2025 was RMB894 million (US
EBITDA (non-GAAP) in the first quarter of 2025 was RMB1.6 billion (US
Adjusted EBITDA, which excluded the following from EBITDA (non-GAAP): share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments, was RMB1.5 billion (US
Cash flow. Operating cash inflow in the first quarter of 2025 was RMB580 million (US
Cash, cash equivalents and restricted cash. As of March 31, 2025, the Company had a total balance of cash and cash equivalents of RMB8.2 billion (US
Debt financing. As of March 31, 2025, the Company had a total debt and net cash balance of RMB5.3 billion (US
Guidance
For the second quarter of 2025, H World expects its revenue growth to be in the range of
The above forecast reflects the Company’s current and preliminary view, which is subject to change.
Conference Call
H World’s management will host a conference call at 8 a.m. (U.S. Eastern time) on Tuesday, May 20, 2025 (or 8 p.m. (Hong Kong time) on Tuesday, May 20, 2025) following the announcement.
To join by phone, all participants must pre-register this conference call using the Participant Registration link of https://register-conf.media-server.com/register/BIa8086f3fd2fa4a3aa928220aab5bc4e3. Upon registration, each participant will receive details for the conference call, including dial-in numbers, conference call passcode and a unique access PIN.
A live webcast of the call can be accessed at https://edge.media-server.com/mmc/p/f5fp8ait/ or the Company’s website at https://ir.hworld.com/news-and-events/events-calendar.
A replay of the conference call will be available for twelve months from the date of the conference at the Company’s website, https://ir.hworld.com/news-and-events/events-calendar.
Use of Non-GAAP Financial Measures
To supplement the Company’s unaudited consolidated financial results presented in accordance with U.S. Generally-Accepted Accounting Principles (“GAAP”), the Company uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission (“SEC”): adjusted net income (loss) attributable to H World Group Limited excluding share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments; adjusted basic and diluted earnings (losses) per share/ADS excluding share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments; EBITDA; adjusted EBITDA excluding share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and non-GAAP Results” set forth at the end of this release. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding Company performance by excluding share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments that may not be indicative of Company operating performance. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing Company performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. The Company believes these non-GAAP financial measures are also useful to investors in allowing for greater transparency with respect to supplemental information used regularly by Company management in financial and operational decision-making. A limitation of using non-GAAP financial measures excluding share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments is that share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments have been and may continue to be significant and recurring in the Company’s business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.
The Company believes that EBITDA is a useful financial metric to assess the operating and financial performance before the impact of investing and financing transactions and income taxes, given the significant investments that the Company has made in leasehold improvements, depreciation and amortization expense that comprise a significant portion of the Company’s cost structure. In addition, the Company believes that EBITDA is widely used by other companies in the lodging industry and may be used by investors as a measure of financial performance. The Company believes that EBITDA information provides investors with a useful tool for comparability between periods because it excludes depreciation and amortization expense attributable to capital expenditures. The Company also uses adjusted EBITDA to assess operating results of its hotels in operation. The Company believes that the exclusion of share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments helps facilitate year-over-year comparisons of the results of operations as the share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments may not be indicative of Company operating performance.
Therefore, the Company believes adjusted EBITDA more closely reflects the financial performance capability of our hotels. The presentation of EBITDA and adjusted EBITDA should not be construed as an indication that the Company’s future results will be unaffected by other charges and gains considered to be outside the ordinary course of business.
The use of EBITDA and adjusted EBITDA has certain limitations. Depreciation and amortization expense for various long-term assets (including land use rights), income tax, interest expense and interest income have been and will be incurred and are not reflected in the presentation of EBITDA. Share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments have been and will be incurred and are not reflected in the presentation of adjusted EBITDA. Each of these items should also be considered in the overall evaluation of the results. The Company compensates for these limitations by providing the relevant disclosure of depreciation and amortization, interest income, interest expense, income tax expense, share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments all in the reconciliations to the U.S. GAAP financial measures and in the consolidated financial statements, all of which should be considered when evaluating the performance of the Company.
The terms EBITDA and adjusted EBITDA are not defined under U.S. GAAP, and neither EBITDA nor adjusted EBITDA is a measure of net income, operating income, operating performance or liquidity presented in accordance with U.S. GAAP. When assessing the operating and financial performance, investors should not consider these data in isolation or as a substitute for the Company’s net income, operating income or any other operating performance measure that is calculated in accordance with U.S. GAAP. In addition, the Company’s EBITDA or adjusted EBITDA may not be comparable to EBITDA or adjusted EBITDA or similarly titled measures utilized by other companies since such other companies may not calculate EBITDA or adjusted EBITDA in the same manner as the Company does.
Reconciliations of the Company’s non-GAAP financial measures, including EBITDA and adjusted EBITDA, to the consolidated statement of operations information are included at the end of this press release.
About H World Group Limited
Originated in China, H World Group Limited is a key player in the global hotel industry. As of March 31, 2025, H World operated 11,685 hotels with 1,142,158 hotel rooms in operation in 19 countries. H World’s brands include HanTing Hotel, JI Hotel, Orange Hotel, Crystal Orange Hotel, IntercityHotel, Hi Inn, Ni Hao Hotel, Elan Hotel, Zleep Hotels, Starway Hotel, CitiGo, Manxin Hotel, Madison Hotel, MAXX, Blossom House, Joya Hotel, Steigenberger Hotels & Resorts, Jaz in the City, Steigenberger Icon and Song Hotels. In addition, H World also has the rights as master franchisee for Mercure, Ibis and Ibis Styles, and co-development rights for Grand Mercure and Novotel, in the pan-China region.
H World’s business includes leased and owned, manachised and franchised models. Under the lease and ownership model, H World directly operates hotels typically located on leased or owned properties. Under the manachise model, H World manages manachised hotels through the on-site hotel managers that H World appoints, and H World collects fees from franchisees. Under the franchise model, H World provides training, reservations and support services to the franchised hotels, and collects fees from franchisees but does not appoint on-site hotel managers. H World applies a consistent standard and platform across all of its hotels. As of March 31, 2025, H World operates 8 percent of its hotel rooms under the lease and ownership model, and 92 percent under the manachise and franchise model.
For more information, please visit H World’s website: https://ir.hworld.com.
Safe Harbor Statement Under the U.S. Private Securities Litigation Reform Act of 1995: The information in this release contains forward-looking statements which involve risks and uncertainties. Such factors and risks include our anticipated growth strategies; our future results of operations and financial condition; economic conditions; the regulatory environment; our ability to attract and retain customers and leverage our brands; trends and competition in the lodging industry; the expected growth of demand for lodging; and other factors and risks detailed in our filings with the U.S. Securities and Exchange Commission. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements, which may be identified by terminology such as “may,” “should,” “will,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “forecast,” “project” or “continue,” the negative of such terms or other comparable terminology. Readers should not rely on forward-looking statements as predictions of future events or results.
H World undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.
—Financial Tables and Operational Data Follow—
| H World Group Limited | |||||||||||
| Unaudited Condensed Consolidated Balance Sheets | |||||||||||
| December 31, 2024 | March 31, 2025 | ||||||||||
| RMB | RMB | US$3 | |||||||||
| (in millions) | |||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | 7,474 | 8,184 | 1,128 | ||||||||
| Restricted cash | 50 | 121 | 16 | ||||||||
| Short-term investments | 3,603 | 2,682 | 370 | ||||||||
| Accounts receivable, net | 817 | 854 | 118 | ||||||||
| Loan receivables - current, net | 114 | 113 | 16 | ||||||||
| Amounts due from related parties, current | 297 | 298 | 41 | ||||||||
| Inventories | 60 | 58 | 8 | ||||||||
| Other current assets, net | 800 | 753 | 103 | ||||||||
| Total current assets | 13,215 | 13,063 | 1,800 | ||||||||
| Property and equipment, net | 5,682 | 5,559 | 766 | ||||||||
| Intangible assets, net | 4,776 | 4,874 | 672 | ||||||||
| Operating lease right-of-use assets | 24,992 | 24,892 | 3,430 | ||||||||
| Finance lease right-of-use assets | 2,272 | 2,323 | 320 | ||||||||
| Land use rights, net | 174 | 173 | 24 | ||||||||
| Long-term investments | 2,316 | 2,336 | 322 | ||||||||
| Goodwill | 5,221 | 5,300 | 730 | ||||||||
| Amounts due from related parties, non-current | 51 | 52 | 7 | ||||||||
| Loan receivables, net | 190 | 162 | 23 | ||||||||
| Other assets, net | 668 | 703 | 97 | ||||||||
| Deferred tax assets | 1,054 | 1,062 | 146 | ||||||||
| Assets held for sale | 1,941 | 1,060 | 146 | ||||||||
| Total assets | 62,552 | 61,559 | 8,483 | ||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Short-term debt | 880 | 849 | 117 | ||||||||
| Accounts payable | 983 | 838 | 115 | ||||||||
| Amounts due to related parties | 74 | 81 | 11 | ||||||||
| Salary and welfare payables | 1,201 | 823 | 113 | ||||||||
| Deferred revenue | 1,822 | 1,864 | 257 | ||||||||
| Operating lease liabilities, current | 3,492 | 3,386 | 467 | ||||||||
| Finance lease liabilities, current | 50 | 53 | 7 | ||||||||
| Accrued expenses and other current liabilities | 4,006 | 4,134 | 571 | ||||||||
| Dividends payable | 0 | 2,137 | 294 | ||||||||
| Income tax payable | 813 | 694 | 96 | ||||||||
| Total current liabilities | 13,321 | 14,859 | 2,048 | ||||||||
| Long-term debt | 4,546 | 4,420 | 609 | ||||||||
| Operating lease liabilities, non-current | 23,634 | 23,492 | 3,237 | ||||||||
| Finance lease liabilities, non-current | 2,843 | 2,924 | 403 | ||||||||
| Deferred revenue | 1,351 | 1,426 | 196 | ||||||||
| Other long-term liabilities | 1,472 | 1,627 | 224 | ||||||||
| Deferred tax liabilities | 919 | 934 | 129 | ||||||||
| Retirement benefit obligations | 111 | 113 | 16 | ||||||||
| Liabilities held for sale | 2,084 | 1,142 | 157 | ||||||||
| Total liabilities | 50,281 | 50,937 | 7,019 | ||||||||
| Equity: | |||||||||||
| Ordinary shares | 0 | 0 | 0 | ||||||||
| Treasury shares | (274 | ) | (690 | ) | (95 | ) | |||||
| Additional paid-in capital | 9,620 | 9,654 | 1,330 | ||||||||
| Retained earnings | 2,449 | 1,207 | 166 | ||||||||
| Accumulated other comprehensive income | 382 | 324 | 45 | ||||||||
| Total H World Group Limited shareholders' equity | 12,177 | 10,495 | 1,446 | ||||||||
| Noncontrolling interest | 94 | 127 | 18 | ||||||||
| Total equity | 12,271 | 10,622 | 1,464 | ||||||||
| Total liabilities and equity | 62,552 | 61,559 | 8,483 | ||||||||
| H World Group Limited | |||||||||||||
| Unaudited Condensed Consolidated Statements of Comprehensive Income | |||||||||||||
| Quarter Ended | |||||||||||||
| March 31, 2024 | December 31, 2024 | March 31, 2025 | |||||||||||
| RMB | RMB | RMB | US$ | ||||||||||
| (in millions, except shares, per share and per ADS data) | |||||||||||||
| Revenue: | |||||||||||||
| Leased and owned hotels | 3,099 | 3,373 | 2,789 | 385 | |||||||||
| Manachised and franchised hotels | 2,063 | 2,499 | 2,499 | 344 | |||||||||
| Others | 116 | 151 | 107 | 15 | |||||||||
| Total revenue | 5,278 | 6,023 | 5,395 | 744 | |||||||||
| Operating costs and expenses: | |||||||||||||
| Hotel operating costs: | |||||||||||||
| Rents | (1,086 | ) | (1,100 | ) | (1,027 | ) | (142 | ) | |||||
| Utilities | (192 | ) | (155 | ) | (177 | ) | (24 | ) | |||||
| Personnel costs | (1,225 | ) | (1,393 | ) | (1,371 | ) | (189 | ) | |||||
| Depreciation and amortization | (319 | ) | (305 | ) | (301 | ) | (41 | ) | |||||
| Consumables, food and beverage | (293 | ) | (336 | ) | (269 | ) | (37 | ) | |||||
| Others | (450 | ) | (901 | ) | (459 | ) | (64 | ) | |||||
| Total hotel operating costs | (3,565 | ) | (4,190 | ) | (3,604 | ) | (497 | ) | |||||
| Other operating costs | (9 | ) | (5 | ) | (11 | ) | (2 | ) | |||||
| Selling and marketing expenses | (260 | ) | (296 | ) | (243 | ) | (33 | ) | |||||
| General and administrative expenses | (509 | ) | (725 | ) | (512 | ) | (71 | ) | |||||
| Pre-opening expenses | (8 | ) | (4 | ) | (3 | ) | (0 | ) | |||||
| Total operating costs and expenses | (4,351 | ) | (5,220 | ) | (4,373 | ) | (603 | ) | |||||
| Other operating income (expense), net | 76 | 99 | 60 | 8 | |||||||||
| Income (loss) from operations | 1,003 | 902 | 1,082 | 149 | |||||||||
| Interest income | 51 | 53 | 49 | 7 | |||||||||
| Interest expense | (83 | ) | (74 | ) | (74 | ) | (10 | ) | |||||
| Other income (expense), net | 40 | (14 | ) | 22 | 3 | ||||||||
| Gain (loss) from fair value changes of equity securities | 38 | (19 | ) | (12 | ) | (2 | ) | ||||||
| Foreign exchange gain (loss) | (92 | ) | (155 | ) | 208 | 29 | |||||||
| Income (loss) before income taxes | 957 | 693 | 1,275 | 176 | |||||||||
| Income tax (expense) benefit | (279 | ) | (578 | ) | (377 | ) | (52 | ) | |||||
| Income (Loss) from equity method investments | (11 | ) | (54 | ) | 1 | 0 | |||||||
| Net income (loss) | 667 | 61 | 899 | 124 | |||||||||
| Net (income) loss attributable to noncontrolling interest | (8 | ) | (12 | ) | (5 | ) | (1 | ) | |||||
| Net income (loss) attributable to H World Group Limited | 659 | 49 | 894 | 123 | |||||||||
| Gain (loss) arising from defined benefit plan, net of tax | - | 6 | - | - | |||||||||
| Gain (loss) from fair value changes of debt securities, net of tax | - | (13 | ) | - | - | ||||||||
| Foreign currency translation adjustments, net of tax | (31 | ) | (70 | ) | (58 | ) | (8 | ) | |||||
| Comprehensive income (loss) | 636 | (16 | ) | 841 | 116 | ||||||||
| Comprehensive (income) loss attributable to noncontrolling interest | (8 | ) | (12 | ) | (5 | ) | (1 | ) | |||||
| Comprehensive income (loss) attributable to H World Group Limited | 628 | (28 | ) | 836 | 115 | ||||||||
| Earnings (Losses) per share: | |||||||||||||
| Basic | 0.21 | 0.02 | 0.29 | 0.04 | |||||||||
| Diluted | 0.21 | 0.02 | 0.28 | 0.04 | |||||||||
| Earnings (Losses) per ADS: | |||||||||||||
| Basic | 2.10 | 0.16 | 2.91 | 0.40 | |||||||||
| Diluted | 2.08 | 0.16 | 2.85 | 0.39 | |||||||||
| Weighted average number of shares used in computation: | |||||||||||||
| Basic | 3,139,466,152 | 3,080,973,793 | 3,066,765,293 | 3,066,765,293 | |||||||||
| Diluted | 3,172,770,493 | 3,123,364,616 | 3,232,049,635 | 3,232,049,635 | |||||||||
| H World Group Limited | ||||||||||||
| Unaudited Condensed Consolidated Statements of Cash Flows | ||||||||||||
| Quarter Ended | ||||||||||||
| March 31, 2024 | December 31, 2024 | March 31, 2025 | ||||||||||
| RMB | RMB | RMB | US$ | |||||||||
| (in millions) | ||||||||||||
| Operating activities: | ||||||||||||
| Net income (loss) | 667 | 61 | 899 | 124 | ||||||||
| Share-based compensation | 58 | 73 | 77 | 11 | ||||||||
| Depreciation and amortization, and other | 345 | 326 | 319 | 44 | ||||||||
| Impairment loss | - | 469 | 5 | 1 | ||||||||
| Loss (income) from equity method investments, net of dividends | 11 | 65 | (1 | ) | (0 | ) | ||||||
| Investment (income) loss and foreign exchange (gain) loss | 29 | 195 | (228 | ) | (31 | ) | ||||||
| Changes in operating assets and liabilities | (230 | ) | 1,323 | (288 | ) | (40 | ) | |||||
| Other | 6 | 192 | (203 | ) | (29 | ) | ||||||
| Net cash provided by (used in) operating activities | 886 | 2,704 | 580 | 80 | ||||||||
| Investing activities: | ||||||||||||
| Capital expenditures | (281 | ) | (205 | ) | (240 | ) | (33 | ) | ||||
| Purchase of investments | (254 | ) | (3,099 | ) | (2,065 | ) | (285 | ) | ||||
| Proceeds from maturity/sale and return of investments | 842 | 176 | 3,031 | 417 | ||||||||
| Loan advances | (52 | ) | (54 | ) | (10 | ) | (1 | ) | ||||
| Loan collections | 38 | 73 | 40 | 5 | ||||||||
| Other | 55 | 10 | 1 | 0 | ||||||||
| Net cash provided by (used in) investing activities | 348 | (3,099 | ) | 757 | 103 | |||||||
| Financing activities: | ||||||||||||
| Payment of share repurchase | (544 | ) | - | (430 | ) | (59 | ) | |||||
| Proceeds from debt | 536 | 25 | - | - | ||||||||
| Repayment of debt | (137 | ) | (49 | ) | (166 | ) | (23 | ) | ||||
| Dividend paid | (2,091 | ) | (0 | ) | - | - | ||||||
| Other | (22 | ) | (13 | ) | (32 | ) | (4 | ) | ||||
| Net cash provided by (used in) financing activities | (2,258 | ) | (37 | ) | (628 | ) | (86 | ) | ||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (17 | ) | 21 | 70 | 10 | |||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash, including cash classified within assets held for sale | (1,041 | ) | (411 | ) | 779 | 107 | ||||||
| Less: net increase (decrease) in cash and cash equivalents classified within assets held for sale | 5 | 5 | (2 | ) | (0 | ) | ||||||
| Cash, cash equivalents and restricted cash at the beginning of the period | 7,710 | 7,940 | 7,524 | 1,037 | ||||||||
| Cash, cash equivalents and restricted cash at the end of the period | 6,664 | 7,524 | 8,305 | 1,144 | ||||||||
| H World Group Limited | ||||||||||||
| Unaudited Reconciliation of GAAP and Non-GAAP Results | ||||||||||||
| Quarter Ended | ||||||||||||
| March 31, 2024 | December 31, 2024 | March 31, 2025 | ||||||||||
| RMB | RMB | RMB | US$ | |||||||||
| (in millions, except shares, per share and per ADS data) | ||||||||||||
| Net income (loss) attributable to H World Group Limited (GAAP) | 659 | 49 | 894 | 123 | ||||||||
| Share-based compensation expenses | 58 | 73 | 77 | 11 | ||||||||
| (Gain) loss from fair value changes of equity securities | (38 | ) | 19 | 12 | 2 | |||||||
| Foreign exchange (gain) loss, net | 92 | 155 | (208 | ) | (29 | ) | ||||||
| (Gain) loss on disposal of investments | - | 25 | - | - | ||||||||
| Adjusted net income (loss) attributable to H World Group Limited (non-GAAP) | 771 | 321 | 775 | 107 | ||||||||
| Adjusted earnings (losses) per share (non-GAAP) | ||||||||||||
| Basic | 0.25 | 0.10 | 0.25 | 0.03 | ||||||||
| Diluted | 0.24 | 0.10 | 0.25 | 0.03 | ||||||||
| Adjusted earnings (losses) per ADS (non-GAAP) | ||||||||||||
| Basic | 2.46 | 1.04 | 2.53 | 0.35 | ||||||||
| Diluted | 2.43 | 1.03 | 2.48 | 0.34 | ||||||||
| Weighted average number of shares used in computation | ||||||||||||
| Basic | 3,139,466,152 | 3,080,973,793 | 3,066,765,293 | 3,066,765,293 | ||||||||
| Diluted | 3,172,770,493 | 3,123,364,616 | 3,232,049,635 | 3,232,049,635 | ||||||||
| Quarter Ended | ||||||||||||
| March 31, 2024 | December 31, 2024 | March 31, 2025 | ||||||||||
| RMB | RMB | RMB | US$ | |||||||||
| (in millions) | ||||||||||||
| Net income (loss) attributable to H World Group Limited (GAAP) | 659 | 49 | 894 | 123 | ||||||||
| Interest income | (51 | ) | (53 | ) | (49 | ) | (7 | ) | ||||
| Interest expense | 83 | 74 | 74 | 10 | ||||||||
| Income tax expense | 279 | 578 | 377 | 52 | ||||||||
| Depreciation and amortization | 339 | 326 | 319 | 44 | ||||||||
| EBITDA (non-GAAP) | 1,309 | 974 | 1,615 | 222 | ||||||||
| Share-based compensation | 58 | 73 | 77 | 11 | ||||||||
| (Gain) loss from fair value changes of equity securities | (38 | ) | 19 | 12 | 2 | |||||||
| Foreign exchange (gain) loss, net | 92 | 155 | (208 | ) | (29 | ) | ||||||
| (Gain) loss on disposal of investments | - | 25 | - | - | ||||||||
| Adjusted EBITDA (non-GAAP) | 1,421 | 1,246 | 1,496 | 206 | ||||||||
| H World Group Limited | ||||||||||||||||||||||||
| Segment Financial Summary | ||||||||||||||||||||||||
| Quarter Ended March 31, 2024 | Quarter Ended December 31, 2024 | Quarter Ended March 31, 2025 | ||||||||||||||||||||||
| Legacy- Huazhu | Legacy- DH | Elimination | Legacy- Huazhu | Legacy- DH | Elimination | Legacy- Huazhu | Legacy- DH | Elimination | ||||||||||||||||
| RMB | RMB | RMB | RMB | RMB | RMB | RMB | RMB | RMB | ||||||||||||||||
| (in millions) | (in millions) | (in millions) | ||||||||||||||||||||||
| Leased and owned hotels | 2,112 | 987 | - | 2,178 | 1,195 | - | 1,913 | 876 | - | |||||||||||||||
| Manachised and franchised hotels | 2,042 | 23 | (2 | ) | 2,470 | 34 | (5 | ) | 2,472 | 31 | (4 | ) | ||||||||||||
| Others | 92 | 25 | (1 | ) | 141 | 12 | (2 | ) | 96 | 11 | - | |||||||||||||
| Revenue | 4,246 | 1,035 | (3 | ) | 4,789 | 1,241 | (7 | ) | 4,481 | 918 | (4 | ) | ||||||||||||
| Depreciation and amortization | 280 | 59 | (0 | ) | 265 | 61 | (0 | ) | 259 | 60 | (0 | ) | ||||||||||||
| Adjusted EBITDA | 1,487 | (66 | ) | (0 | ) | 1,493 | (247 | ) | (0 | ) | 1,573 | (77 | ) | 0 | ||||||||||
| From this quarter, we started to present the segment financial summary before elimination. Accordingly, comparative figures for the prior periods were updated to conform to the current period’s presentation. | ||||||||||||||||||||||||
Operating Results: Legacy-Huazhu(1)
| Number of hotels | Number of rooms | |||||||
| Opened in Q1 2025 | Closed (2) in Q1 2025 | Net added in Q1 2025 | As of March 31, 2025 | As of March 31, 2025 | ||||
| Leased and owned hotels | 2 | (7 | ) | (5 | ) | 552 | 81,736 | |
| Manachised and franchised hotels | 692 | (148 | ) | 544 | 11,012 | 1,034,664 | ||
| Total | 694 | (155 | ) | 539 | 11,564 | 1,116,400 | ||
| (1) Legacy-Huazhu refers to H World and its subsidiaries, excluding DH. (2) The reasons for hotel closures mainly included non-compliance with our brand standards, operating losses, and property-related issues. In Q1 2025, we temporarily closed 9 hotels for brand upgrade and business model change purposes. | ||||||||
| As of March 31, 2025 | ||
| Number of hotels | Unopened hotels in pipeline | |
| Economy hotels | 5,673 | 1,114 |
| Leased and owned hotels | 275 | 2 |
| Manachised and franchised hotels | 5,398 | 1,112 |
| Midscale, upper-midscale hotels and others | 5,891 | 1,751 |
| Leased and owned hotels | 277 | 4 |
| Manachised and franchised hotels | 5,614 | 1,747 |
| Total | 11,564 | 2,865 |
| For the quarter ended | ||||||||
| March 31, | December 31, | March 31, | yoy | |||||
| 2024 | 2024 | 2025 | change | |||||
| Average daily room rate (in RMB) | ||||||||
| Leased and owned hotels | 346 | 353 | 338 | -2.2 | % | |||
| Manachised and franchised hotels | 272 | 270 | 267 | -2.0 | % | |||
| Blended | 280 | 277 | 272 | -2.6 | % | |||
| Occupancy rate (as a percentage) | ||||||||
| Leased and owned hotels | 81.0 | % | 83.7 | % | 79.7 | % | -1.3p.p. | |
| Manachised and franchised hotels | 76.8 | % | 79.7 | % | 75.9 | % | -0.9p.p. | |
| Blended | 77.2 | % | 80.0 | % | 76.2 | % | -1.0p.p. | |
| RevPAR (in RMB) | ||||||||
| Leased and owned hotels | 280 | 296 | 269 | -3.8 | % | |||
| Manachised and franchised hotels | 209 | 215 | 203 | -3.1 | % | |||
| Blended | 216 | 222 | 208 | -3.9 | % | |||
| Same-hotel operational data by class | |||||||||||
| Mature hotels in operation for more than 18 months | |||||||||||
| Number of hotels | Same-hotel RevPAR | Same-hotel ADR | Same-hotel Occupancy | ||||||||
| As of March 31, | For the quarter | yoy | For the quarter | yoy | For the quarter | yoy | |||||
| ended March 31, | change | ended March 31, | change | ended March 31, | change | ||||||
| 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | (p.p.) | |||
| Economy hotels | 3,855 | 3,855 | 172 | 156 | - | 213 | 201 | - | -2.9 | ||
| Leased and owned hotels | 265 | 265 | 208 | 188 | - | 248 | 231 | - | -2.2 | ||
| Manachised and franchised hotels | 3,590 | 3,590 | 168 | 153 | - | 209 | 197 | - | -3.0 | ||
| Midscale, upper-midscale hotels and others | 3,595 | 3,595 | 266 | 245 | - | 343 | 325 | - | -2.1 | ||
| Leased and owned hotels | 250 | 250 | 344 | 321 | - | 429 | 407 | - | -1.5 | ||
| Manachised and franchised hotels | 3,345 | 3,345 | 257 | 236 | - | 333 | 315 | - | -2.2 | ||
| Total | 7,450 | 7,450 | 224 | 205 | - | 284 | 269 | - | -2.5 | ||
Operating Results: Legacy-DH(3)
| Number of hotels | Number of rooms | Unopened hotels in pipeline | ||||||||
| Opened in Q1 2025 | Closed in Q1 2025 | Net added in Q1 2025 | As of March 31, 2025 (4) | | As of March 31, 2025 | As of March 31, 2025 | ||||
| Leased hotels | - | (11 | ) | (11 | ) | 65 | 13,749 | 10 | ||
| Manachised and franchised hotels | 10 | - | 10 | 56 | 12,009 | 13 | ||||
| Total | 10 | (11 | ) | (1 | ) | 121 | 25,758 | 23 | ||
| (3) Legacy-DH refers to DH. (4) As of March 31, 2025, a total of 3 hotels were temporarily closed due to repair and renovation. | ||||||||||
| For the quarter ended | ||||||||
| March 31, | December 31, | March 31, | yoy | |||||
| 2024 | 2024 | 2025 | change | |||||
| Average daily room rate (in EUR) | ||||||||
| Leased hotels | 110 | 115 | 104 | -5.1 | % | |||
| Manachised and franchised hotels | 95 | 115 | 110 | 15.7 | % | |||
| Blended | 104 | 115 | 107 | 2.8 | % | |||
| Occupancy rate (as a percentage) | ||||||||
| Leased hotels | 55.4 | % | 70.0 | % | 61.9 | % | +6.5 p.p. | |
| Manachised and franchised hotels | 56.4 | % | 71.2 | % | 60.2 | % | +3.7 p.p. | |
| Blended | 55.8 | % | 70.5 | % | 61.1 | % | +5.3 p.p. | |
| RevPAR (in EUR) | ||||||||
| Leased hotels | 61 | 81 | 64 | 6.1 | % | |||
| Manachised and franchised hotels | 54 | 82 | 66 | 23.4 | % | |||
| Blended | 58 | 81 | 65 | 12.7 | % | |||
Hotel Portfolio by Brand
| As of March 31, 2025 | |||
| Hotels | Rooms | Unopened hotels | |
| in operation | in pipeline | ||
| Economy hotels | 5,677 | 464,841 | 1,123 |
| HanTing Hotel | 4,269 | 370,138 | 699 |
| Ni Hao Hotel | 453 | 34,145 | 118 |
| Hi Inn | 594 | 31,182 | 284 |
| Elan Hotel | 129 | 7,012 | - |
| Ibis Hotel | 228 | 21,707 | 13 |
| Zleep Hotels | 4 | 657 | 9 |
| Midscale hotels | 4,835 | 517,060 | 1,116 |
| JI Hotel | 3,092 | 351,344 | 756 |
| Orange Hotel | 913 | 97,144 | 236 |
| Starway Hotel | 722 | 58,502 | 120 |
| Ibis Styles Hotel | 108 | 10,070 | 4 |
| Upper midscale hotels | 994 | 132,474 | 527 |
| Crystal Orange Hotel | 267 | 33,501 | 142 |
| IntercityHotel(5) | 113 | 19,158 | 125 |
| CitiGO Hotel | 34 | 5,144 | 4 |
| Manxin Hotel | 175 | 16,239 | 64 |
| Madison Hotel | 157 | 18,185 | 115 |
| Mercure Hotel | 204 | 31,319 | 48 |
| Novotel Hotel | 34 | 7,349 | 23 |
| MAXX(6) | 10 | 1,579 | 6 |
| Upscale hotels | 152 | 22,016 | 112 |
| Blossom House | 78 | 3,749 | 95 |
| Joya Hotel | 7 | 1,234 | 1 |
| Grand Mercure Hotel | 9 | 1,825 | 1 |
| Steigenberger Hotels & Resorts(7) | 55 | 14,621 | 14 |
| Jaz in the City | 3 | 587 | 1 |
| Luxury hotels | 16 | 2,325 | 5 |
| Steigenberger Icon(8) | 9 | 1,804 | 3 |
| Song Hotels | 7 | 521 | 2 |
| Others | 11 | 3,442 | 5 |
| Other hotels(9) | 11 | 3,442 | 5 |
| Total | 11,685 | 1,142,158 | 2,888 |
(5) As of March 31, 2025, 56 operational hotels and 121 pipeline hotels of IntercityHotel were under Legacy-Huazhu.
(6) As of March 31, 2025, 6 operational hotels and 6 pipeline hotels of MAXX were under Legacy-Huazhu.
(7) As of March 31, 2025, 12 operational hotels and 8 pipeline hotels of Steigenberger Hotels & Resorts were under Legacy-Huazhu.
(8) As of March 31, 2025, 3 operational hotels and 2 pipeline hotels of Steigenberger Icon were under Legacy-Huazhu.
(9) Other hotels include other partner hotels and other hotel brands in Yongle Huazhu Hotel & Resort Group (excluding Steigenberger Hotels & Resorts and Blossom House).
________________________________
1 Hotel turnover refers to total transaction value of room and non-room revenue from H World hotels (i.e., leased and operated, manachised and franchised hotels).
2 The conversion of Renminbi (“RMB”) into United States dollars (“US$”) is based on the exchange rate of US
3 The conversion of Renminbi (“RMB”) into United States dollars (“US$”) is based on the exchange rate of US
Contact Information
Investor Relations
Tel: +86 (21) 6195 9561
Email: ir@hworld.com
https://ir.hworld.com
FAQ
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