H World Group Aktienkurs
Vergleich mit Peer Group
📊 Peer Group
📈 Was ist das?
Die Peer Group sind die Unternehmen mit dem ähnlichsten Geschäftsmodell. Sie dienen als Vergleichsmaßstab, um eine Aktie einzuordnen.
🧮 Wie wird sie ausgewählt?
Nach Ähnlichkeit des Geschäftsmodells, also Unternehmen aus derselben Branche, mit vergleichbaren Produkten und einer ähnlichen Kundengruppe. Nur so vergleichst du Äpfel mit Äpfeln.
🏛️ Wofür ist sie wichtig?
Ob eine Aktie günstig oder teuer ist, lässt sich am ehesten im Vergleich beurteilen. Ein KGV von 18 oder ein EV/FCF von 20 wirkt je nach Maßstab günstig oder teuer. Die Peer Group liefert dabei den treffsichersten Maßstab: Unternehmen mit ähnlichem Geschäftsmodell, die denselben Bedingungen unterliegen.
🎯 Was bedeutet das für Anleger?
Liegt eine Kennzahl unter dem Peer-Durchschnitt, ist die Aktie relativ günstiger bewertet, über dem Durchschnitt entsprechend teurer. Ein Abschlag zur Peer Group kann eine Chance sein, aber auch einen Grund haben (zum Beispiel geringeres Wachstum). Der Vergleich ist ein Startpunkt, kein Urteil.
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📘 Marktkapitalisierung
📈 Was ist das?
Die Marktkapitalisierung zeigt, wie viel ein Unternehmen laut Börse aktuell wert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft Unternehmen in Größenklassen (Large, Mid, Small Cap) einzuordnen und gibt Hinweise auf Marktmacht und Stabilität.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Große Unternehmen gelten als stabiler, zahlen oft Dividenden, wachsen aber langsamer.
- Kleine Firmen können stärker wachsen, sind aber schwankungsanfälliger.
- Die Marktkapitalisierung ist ein guter Indikator für Unternehmensgröße, aber kein Maß für Unter- oder Überbewertung.
📘 Enterprise Value (Unternehmenswert)
📈 Was ist das?
Der Enterprise Value (EV) zeigt, was ein Unternehmen tatsächlich kostet, wenn man es komplett übernehmen würde – inklusive Schulden und abzüglich Cash.
🧮 Wie wird es berechnet?
(= Marktkapitalisierung + Nettoverschuldung)
🏛️ Wofür ist es wichtig?
Der EV ist eine realistischere Bewertungsbasis als die Marktkapitalisierung, da er die Kapitalstruktur berücksichtigt. Er ist Grundlage für Kennzahlen wie EV/FCF oder EV/Sales.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Der Enterprise Value zeigt, was ein Unternehmen tatsächlich wert ist – unabhängig davon, wie es finanziert ist.
- Er ist besonders wichtig für professionelle Investoren, da er eine objektivere Grundlage für Bewertungsvergleiche bietet als die Marktkapitalisierung allein.
- Ein Unternehmen mit hoher Verschuldung erscheint im EV teurer, eines mit viel Cash günstiger – auch wenn sie an der Börse gleich viel wert sind.
📘 Nettoverschuldung
📈 Was ist das?
Die Nettoverschuldung zeigt, wie viele Schulden nach Abzug des verfügbaren Cashs tatsächlich verbleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie zeigt, wie stark ein Unternehmen von Fremdkapital abhängig ist – und wie gut es in der Lage ist, seine Schulden kurzfristig zu bedienen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige oder negative Nettoverschuldung bedeutet hohe finanzielle Stabilität.
- Unternehmen mit viel Cash und geringer Verschuldung sind besser gerüstet für Krisen.
- Eine hohe Nettoverschuldung erhöht das Risiko – besonders bei steigenden Zinsen oder konjunkturellen Schwächen.
📘 Cash
📈 Was ist das?
Der Cashbestand zeigt, wie viele liquide Mittel einem Unternehmen sofort zur Verfügung stehen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Er gibt Auskunft über die finanzielle Flexibilität: Ein hoher Cashbestand ermöglicht Investitionen, Rückkäufe oder Krisenresistenz.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Cashbestand zeigt finanzielle Stärke und Handlungsspielraum.
- Cash kann für Investitionen, Schuldentilgung oder Aktienrückkäufe genutzt werden.
- Allerdings: Zu viel ungenutztes Kapital kann auch auf mangelnde Investitionsideen hinweisen.
📘 Anzahl ausstehender Aktien
📈 Was ist das?
Die Anzahl ausstehender Aktien gibt an, wie viele Aktien eines Unternehmens aktuell im Umlauf sind und von Investoren gehalten werden.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die Grundlage für viele Kennzahlen wie Gewinn je Aktie (EPS), Marktkapitalisierung oder KGV.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Je weniger Aktien im Umlauf sind, desto höher fällt z. B. der Gewinn je Aktie aus – wichtig für Bewertung und Dividendenrendite.
- Aktienrückkäufe verringern die Anzahl ausstehender Aktien – und steigern den Wert je Aktie.
- Kapitalerhöhungen haben den gegenteiligen Effekt: mehr Aktien → Verwässerung der bestehenden Anteile.
📘 Kurs-Gewinn-Verhältnis (KGV)
📈 Was ist das?
Das KGV zeigt, wie oft der Gewinn pro Aktie im aktuellen Aktienkurs enthalten ist – also wie „teuer“ eine Aktie im Verhältnis zum Gewinn ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KGV gehört zu den bekanntesten Bewertungskennzahlen. Es hilft Anlegern einzuschätzen, ob eine Aktie im Vergleich zu ihrem Gewinn eher günstig oder teuer erscheint.
🧮 Berechnung
📊 KGV (TTM) = bezogen auf den Gewinn der letzten 12 Monate (Trailing Twelve Months):🎯 Was bedeutet das für Anleger?
- Ein niedriges KGV kann auf eine günstige Bewertung hindeuten – oder auf Probleme im Geschäftsmodell.
- Ein hohes KGV kann Wachstumserwartungen widerspiegeln – oder eine überbewertete Aktie.
📘 Kurs-Umsatz-Verhältnis (KUV)
📈 Was ist das?
Das KUV zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen – unabhängig vom Gewinn.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KUV ist besonders bei wachstumsstarken oder noch nicht profitablen Unternehmen hilfreich. Es zeigt, wie hoch der Umsatz an der Börse bewertet wird.
🧮 Berechnung
Marktkapitalisierung = 102,18 Mrd. HK$ | Umsatz (TTM) = 31,10 Mrd. HK$
Marktkapitalisierung = 102,18 Mrd. HK$ | Umsatz erwartet = 32,40 Mrd. HK$
🎯 Was bedeutet das für Anleger?
- Ein niedriges KUV kann auf Unterbewertung hindeuten – oder auf schwache Margen.
- Ein hohes KUV kann hohe Erwartungen widerspiegeln – oder übermäßigen Optimismus.
- Besonders sinnvoll bei Wachstumsunternehmen, bei denen der Gewinn oder Free Cashflow (noch) keine Aussagekraft hat.
📘 Unternehmenswert zu Umsatz (EV/Sales)
📈 Was ist das?
EV/Sales zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen, wenn man auch Schulden und Cash berücksichtigt – es ist eine kapitalstrukturbereinigte Version des KUV.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl eignet sich besonders für den Vergleich von Unternehmen mit unterschiedlicher Verschuldung – sie zeigt, wie teuer ein Unternehmen tatsächlich im Verhältnis zum Umsatz ist.
🧮 Berechnung
Enterprise Value = 92,42 Mrd. HK$ | Umsatz (TTM) = 31,10 Mrd. HK$
Enterprise Value = 92,42 Mrd. HK$ | Umsatz erwartet = 32,40 Mrd. HK$
🎯 Was bedeutet das für Anleger?
- EV/Sales ist neutral gegenüber der Kapitalstruktur und eignet sich gut für Unternehmensvergleiche.
- Ein niedriges Verhältnis kann auf eine günstig bewertete Aktie hindeuten – ein hohes Verhältnis auf hohe Erwartungen oder Überbewertung.
- Besonders nützlich bei wachstumsstarken, noch nicht profitablen Firmen.
📘 Unternehmenswert zu Free Cashflow (EV/FCF)
📈 Was ist das?
EV/FCF zeigt, wie viele Jahre es dauern würde, bis ein Unternehmen seinen Unternehmenswert durch freien Cashflow „zurückverdient”.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Unternehmen auf Basis ihrer tatsächlichen Cash-Erträge zu bewerten – unabhängig von Bilanzierungsregeln oder buchhalterischem Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriges EV/FCF deutet auf eine günstige Bewertung bei starker Cashgenerierung hin.
- Ein hohes EV/FCF kann entweder auf Optimismus oder auf temporär schwachen Cashflow hindeuten.
- Besonders hilfreich bei reifen, profitablen Unternehmen mit stabilen Cashflows.
📘 Kurs-Buchwert-Verhältnis (KBV)
📈 Was ist das?
Das KBV zeigt, wie hoch der Marktwert eines Unternehmens im Verhältnis zu seinem bilanziellen Eigenkapital ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KBV ist besonders bei Substanzwerten (z. B. Banken, Industrie) relevant. Es hilft Anlegern zu erkennen, ob ein Unternehmen unter oder über seinem buchhalterischen Vermögen bewertet ist.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein KBV unter 1 kann auf Unterbewertung oder schwache Rentabilität hindeuten.
- Ein KBV über 1 zeigt, dass der Markt dem Unternehmen Mehrwert über den Buchwert hinaus zuschreibt (z. B. Marken, Patente, Wachstum).
- Das KBV eignet sich besonders gut für Unternehmen mit stabilen, materiellen Vermögenswerten.
📘 Dividende je Aktie
📈 Was ist das?
Die Dividende je Aktie zeigt, wie viel Geld ein Unternehmen pro Aktie an seine Aktionäre ausschüttet – typischerweise jährlich oder quartalsweise.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die absolute Größe der Auszahlung je Aktie – wichtig für alle, die regelmäßige Erträge suchen oder Dividendenstrategien verfolgen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine stabile oder wachsende Dividende je Aktie ist oft ein Zeichen für ein solides Geschäftsmodell.
- Die Dividende je Aktie allein sagt aber nichts über die Rendite – dafür ist auch der Aktienkurs relevant (→ Dividendenrendite).
- Langfristig steigende Dividenden sind oft ein sehr gutes Merkmal (z. B. Dividenden-Aristokraten).
📘 Dividendenrendite
📈 Was ist das?
Die Dividendenrendite zeigt, wie hoch die Dividende eines Unternehmens im Verhältnis zum Aktienkurs ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft dabei, Dividendenaktien vergleichbar zu machen – unabhängig vom absoluten Auszahlungsbetrag.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine stabile Dividendenrendite kann auf verlässliche Ausschüttungen hinweisen.
- Ein Vergleich der 1J- und 5J-Rendite hilft zu erkennen, ob das Dividendenwachstum mit dem Kurswachstum Schritt hält.
- Eine niedrige Rendite ist nicht zwingend negativ – sie kann auf starkes Kurswachstum hindeuten.
📘 Dividendenwachstum
📈 Was ist das?
Das Dividendenwachstum zeigt, wie stark ein Unternehmen seine Dividende je Aktie über die Zeit gesteigert hat.
🧮 Wie wird es berechnet?
5J: durchschnittliche jährliche Wachstumsrate (CAGR)
🏛️ Wofür ist es wichtig?
Stetig steigende Dividenden gelten als Zeichen für finanzielle Stärke und Aktionärsorientierung – besonders interessant für langfristige Investoren.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein stabiles Dividendenwachstum ist ein Zeichen nachhaltiger Ertragskraft.
- Ein hohes Dividendenwachstum kann ein erheblicher Hebel deiner Rendite sein:
- Wenn ein Unternehmen z. B. 1 € Dividende zahlt und diese über 5 Jahre jährlich um 15 % erhöht, bekommst du im 5. Jahr bereits 2 € je Aktie – doppelt so viel wie zu Beginn!
📘 Ausschüttungsquote (Payout)
📈 Was ist das?
Die Ausschüttungsquote zeigt, wie viel Prozent des Unternehmensgewinns (pro Aktie) als Dividende an die Aktionäre ausgeschüttet wird.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Quote hilft einzuschätzen, ob eine Dividende auf Dauer tragfähig ist – besonders im Verhältnis zum erzielten Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige Ausschüttungsquote bedeutet: Das Unternehmen behält einen größeren Teil des Gewinns für Investitionen – typisch für Wachstumsunternehmen.
- Eine moderate Quote (z. B. 25–50 %) steht oft für ein gesundes Gleichgewicht zwischen Ausschüttung und Zukunftsinvestitionen.
- Hohe Ausschüttungsquoten können attraktiv wirken, sind aber riskanter, wenn die Gewinne schwanken oder sinken.
📘 Dividendensteigerungen in Folge (Erhöhungen)
📈 Was ist das?
Diese Kennzahl zeigt, wie viele Jahre in Folge ein Unternehmen seine Dividende pro Aktie erhöht hat – ohne Kürzung oder Aussetzung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Ein langer Track Record kontinuierlicher Erhöhungen spricht für Verlässlichkeit, solide Finanzen und aktionärsfreundliche Unternehmenspolitik.
🎯 Was bedeutet das für Anleger?
- Ein langer Zeitraum mit Dividendensteigerungen stärkt das Vertrauen – besonders in Krisenzeiten.
- Solche Unternehmen gelten als verlässlich und planbar für Einkommensinvestoren.
- Je länger die Serie, desto stärker das Commitment gegenüber den Aktionären.
📘 Umsatz
📈 Was ist das?
Der Umsatz zeigt, wie viel ein Unternehmen insgesamt mit seinen Produkten und Dienstleistungen verdient – also den Bruttoerlös vor Abzug von Kosten.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Umsatz ist eine der zentralen Kennzahlen zur Einschätzung der Unternehmensgröße, Marktstellung und Wachstumskraft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein wachsender Umsatz zeigt eine steigende Nachfrage und kann ein guter Frühindikator für Gewinnsteigerungen sein.
- Vergleiche von aktuellem und erwartetem Umsatz geben Hinweise auf das Marktumfeld und Analystenerwartungen.
- Wichtig: Starker Umsatz allein genügt nicht – auch Margen und Profitabilität zählen.
📘 EBITDA
📈 Was ist das?
EBITDA steht für „Earnings Before Interest, Taxes, Depreciation and Amortization“ – also Gewinn vor Zinsen, Steuern und Abschreibungen. Es zeigt das operative Ergebnis eines Unternehmens, bereinigt um bilanztechnische und finanzierungsbedingte Effekte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBITDA ist eine verbreitete Kennzahl zur Beurteilung der operativen Leistungsfähigkeit – insbesondere bei kapitalintensiven Unternehmen oder im internationalen Vergleich.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes oder wachsendes EBITDA spricht für starke operative Erträge – unabhängig von Bilanzierung oder Steuerlast.
- EBITDA ist besonders nützlich, um Unternehmen branchenübergreifend zu vergleichen.
- Wichtig: EBITDA ist keine offizielle Gewinnkennzahl – Abschreibungen und Finanzierungskosten werden ausgeklammert.
📘 EBIT
📈 Was ist das?
EBIT steht für „Earnings Before Interest and Taxes“ – also Gewinn vor Zinsen und Steuern. Es zeigt das operative Ergebnis eines Unternehmens nach Abschreibungen, aber vor Finanzierungs- und Steueraufwand.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBIT ist eine zentrale Kennzahl zur Beurteilung der Profitabilität aus dem Kerngeschäft – unabhängig von Kapitalstruktur oder Steuersystem.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes EBIT deutet auf ein profitables Kerngeschäft hin – vor Zinslasten oder steuerlichen Effekten.
- Es erlaubt objektivere Vergleiche zwischen Unternehmen mit unterschiedlicher Finanzierung.
- Im Vergleich mit EBITDA zeigt EBIT bereits den Einfluss von Abschreibungen auf das operative Ergebnis.
📘 Nettogewinn
📈 Was ist das?
Der Nettogewinn ist der verbleibende Jahresüberschuss (oder -fehlbetrag) eines Unternehmens – nach Abzug aller Kosten, Steuern, Zinsen und Abschreibungen
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Nettogewinn ist die zentrale Erfolgskennzahl – er zeigt, wie profitabel ein Unternehmen nach allen Kosten tatsächlich arbeitet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein steigender Nettogewinn zeigt, dass das Unternehmen effizient wirtschaftet – trotz aller Kosten.
- Die Entwicklung des Gewinns beeinflusst z. B. direkt das KGV und weitere Kennzahlen.
- Im Zeitverlauf lässt sich ablesen, wie stabil und profitabel ein Geschäftsmodell wirklich ist.
📘 Free Cashflow (FCF)
📈 Was ist das?
Der Free Cashflow gibt Aufschluss über die echte finanzielle Stärke eines Unternehmens – unabhängig von Bilanzierungsregeln. Er zeigt, wie viel Spielraum für Dividenden, Aktienrückkäufe oder Schuldenabbau besteht.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow bedeutet, dass ein Unternehmen echte Finanzkraft besitzt – unabhängig vom bilanzierten Gewinn.
- Er ist oft die solideste Grundlage für nachhaltige Dividenden und Aktienrückkäufe.
- Sinkender FCF kann ein Warnsignal sein – auch wenn der Gewinn stabil aussieht.
📘 Umsatzwachstum
📈 Was ist das?
Das Umsatzwachstum zeigt, wie stark sich die Erlöse eines Unternehmens im Vergleich zum Vorjahr verändert haben – tatsächlich (TTM) und auf Prognosebasis (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (Umsatz erwartet ÷ Umsatz Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein wachsender Umsatz ist ein zentrales Signal für steigende Nachfrage, Geschäftsausweitung und Marktanteilsgewinne – besonders bei Wachstumsunternehmen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachstum ist der Motor langfristiger Wertsteigerung – besonders bei Technologie- und Wachstumsaktien.
- Wichtig ist nicht nur das aktuelle Wachstum, sondern auch dessen Nachhaltigkeit.
- Prognosen zeigen, ob Analysten weiteres Potenzial erwarten – oder eine Verlangsamung.
📘 EBITDA-Wachstum
📈 Was ist das?
Das EBITDA-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens vor Zinsen, Steuern und Abschreibungen im Vergleich zum Vorjahr gestiegen oder gesunken ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBITDA ÷ EBITDA Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein steigendes EBITDA ist ein Zeichen für verbesserte operative Ertragskraft – unabhängig von Finanzierungsstruktur oder Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Starkes EBITDA-Wachstum signalisiert operative Effizienz und Skalierung – besonders relevant in Wachstumsphasen.
- EBITDA-Wachstum ist ein Frühindikator für Margen- und Gewinnentwicklung – sollte aber stets im Zusammenhang mit Umsatz und EBIT betrachtet werden.
📘 EBIT Wachstum
📈 Was ist das?
Das EBIT-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens (nach Abschreibungen, aber vor Zinsen und Steuern) im Vergleich zum Vorjahr gewachsen ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBIT ÷ EBIT Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Das EBIT-Wachstum ist ein direkter Indikator für die wirtschaftliche Entwicklung des operativen Geschäfts – unter Berücksichtigung der Kapitalintensität (Abschreibungen).
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Steigendes EBIT signalisiert wachsende operative Rentabilität – auch unter Berücksichtigung von Abschreibungen.
- Das EBIT-Wachstum ist ein wichtiges Maß zur Beurteilung von Geschäftsmodellen mit hohen Investitionskosten.
- Im Zusammenspiel mit Umsatz- und EBITDA-Wachstum ergibt sich ein umfassendes Bild zur operativen Entwicklung.
📘 Nettogewinn-Wachstum
📈 Was ist das?
Das Nettogewinn-Wachstum zeigt, wie stark der Jahresüberschuss eines Unternehmens gegenüber dem Vorjahr gestiegen oder gesunken ist – sowohl tatsächlich (TTM) als auch auf Basis von Prognosen (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (erwarteter Nettogewinn ÷ Nettogewinn Vorjahr − 1) × 100
Der erwartete Wert basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Der Gewinn ist die entscheidende Ergebnisgröße für ein Unternehmen. Ein wachsender Nettogewinn deutet auf steigende Effizienz, stabile Kostenkontrolle und nachhaltige Ertragskraft hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachsender Nettogewinn stärkt die Bewertung, Dividendenfähigkeit und Kursfantasie.
- Stagnierender oder rückläufiger Gewinn trotz Umsatzwachstum kann auf Margendruck hinweisen.
📘 Free Cashflow-Wachstum
📈 Was ist das?
Das Free-Cashflow-Wachstum zeigt, wie sich der freie Mittelzufluss eines Unternehmens im Vergleich zum Vorjahr verändert hat – also der Betrag, der nach allen operativen Ausgaben und Investitionen übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Free Cashflow ist der echte, verfügbare Geldzufluss. Wachstum in diesem Bereich ist ein Zeichen für finanzielle Stärke und steigende Flexibilität bei Dividenden, Rückkäufen oder Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Sinkender Free Cashflow kann auf steigende Investitionen, höhere Kosten oder stagnierende operative Erträge hindeuten.
- Besonders bei Dividendenwerten ist das FCF-Wachstum wichtig – denn Dividenden werden letztlich aus dem verfügbaren Cash gezahlt.
- Ein negativer Trend sollte genauer analysiert werden – er ist nicht zwangsläufig schlecht, aber potenziell ein Warnsignal.
📘 Bruttomarge
📈 Was ist das?
Die Bruttomarge zeigt, wie viel vom Umsatz nach Abzug der direkten Herstellungskosten (Material, Produktion) als Bruttogewinn übrig bleibt – also der „Rohgewinn“ eines Unternehmens.
🧮 Wie wird es berechnet?
Auch: Bruttomarge = Bruttogewinn ÷ Umsatz × 100
🏛️ Wofür ist es wichtig?
Die Bruttomarge gibt Aufschluss über die Profitabilität eines Produkts oder Geschäftsmodells vor Fixkosten, Steuern und Zinsen. Sie zeigt, wie effizient ein Unternehmen produzieren oder einkaufen kann.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Bruttomarge deutet auf starke Preissetzungsmacht und effiziente Herstellung hin.
- Sinkende Bruttomargen können auf Kostensteigerungen oder Preisdruck hindeuten.
- Besonders im Vergleich zu Wettbewerbern liefert die Bruttomarge wertvolle Einblicke in die Geschäftsqualität.
📘 EBITDA-Marge
📈 Was ist das?
Die EBITDA-Marge zeigt, wie viel vom Umsatz als operativer Gewinn vor Zinsen, Steuern und Abschreibungen (EBITDA) übrig bleibt. Sie misst die operative Effizienz – ohne Verzerrungen durch Finanzierung oder Buchwerte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBITDA-Marge hilft zu verstehen, wie viel operativer Gewinn ein Unternehmen aus jedem Euro Umsatz erzielt – unabhängig von Kapitalstruktur oder steuerlichem Umfeld.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBITDA-Marge zeigt starke operative Ertragskraft – unabhängig von Bilanzierungseffekten.
- Die Marge ermöglicht gute Vergleiche zwischen Unternehmen und Branchen.
- Ein stabiler oder wachsender Wert kann auf effiziente Kostenkontrolle und Skalierbarkeit hindeuten.
📘 EBIT-Marge
📈 Was ist das?
Die EBIT-Marge zeigt, wie viel Prozent des Umsatzes als operativer Gewinn nach Abschreibungen, aber vor Zinsen und Steuern übrig bleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBIT-Marge misst die operative Ertragskraft eines Unternehmens unter Berücksichtigung der Kapitalintensität (z. B. Maschinen, Anlagen). Sie eignet sich gut zum Vergleich von Geschäftsmodellen mit unterschiedlich hohen Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBIT-Marge zeigt, dass ein Unternehmen auch nach Abschreibungen effizient arbeitet.
- Sie ist besonders relevant in kapitalintensiven Branchen.
- Langfristig stabile oder steigende Margen sind ein Zeichen wirtschaftlicher Stärke und Preissetzungsmacht.
📘 Nettomarge
📈 Was ist das?
Die Nettomarge zeigt, wie viel vom Umsatz am Ende als „Reingewinn“ übrig bleibt – also nach Abzug aller Kosten, Zinsen, Steuern und Abschreibungen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Nettomarge gibt an, wie effizient ein Unternehmen über alle Stufen hinweg wirtschaftet. Sie zeigt, wie viel Gewinn tatsächlich je Euro Umsatz übrig bleibt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Nettomarge zeigt, dass ein Unternehmen nicht nur operativ stark ist, sondern auch seine Finanzierung und Steuerbelastung im Griff hat.
- Vergleiche mit Wettbewerbern geben Einblicke in die wirtschaftliche Qualität.
- Sinkende Nettomargen trotz Umsatzwachstum können ein Warnsignal sein – etwa für steigende Kosten oder sinkende Effizienz.
📘 Free Cashflow Marge
📈 Was ist das?
Die Free-Cashflow-Marge zeigt, wie viel vom Umsatz nach Abzug aller operativen Ausgaben und Investitionen tatsächlich als freier Mittelzufluss übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Marge misst die echte Liquidität, die ein Unternehmen erwirtschaftet – unabhängig von Bilanzierungsregeln oder Abschreibungen. Sie ist besonders relevant für Dividenden, Rückkäufe und Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Free-Cashflow-Marge zeigt, dass ein Unternehmen nachhaltig liquide Mittel erwirtschaftet.
- Sie ist ein starkes Signal für finanzielle Stabilität und Ausschüttungspotenzial.
- Wichtig ist der langfristige Trend – sinkende Werte können auf steigende Investitionen oder rückläufige operative Effizienz hindeuten.
📘 Eigenkapitalquote
📈 Was ist das?
Die Eigenkapitalquote zeigt, wie hoch der Anteil des Eigenkapitals an der Bilanzsumme eines Unternehmens ist – also wie stark es sich aus eigenen Mitteln finanziert.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Eine hohe Eigenkapitalquote steht für finanzielle Stabilität, Krisenfestigkeit und gute Bonität. Sie ist besonders relevant bei der Beurteilung der Verschuldung.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalquote signalisiert finanzielle Stabilität – besonders in Krisenzeiten.
- Ein niedriger Wert kann auf ein höheres Risiko oder eine aggressive Verschuldung hinweisen.
- Wichtig: Die Eigenkapitalquote sollte immer gemeinsam mit der Eigenkapitalrendite betrachtet werden. Nur so lässt sich beurteilen, ob ein Unternehmen nicht nur solide, sondern auch effizient wirtschaftet.
📘 Eigenkapitalrendite (ROE)
📈 Was ist das?
Die Eigenkapitalrendite zeigt, wie effizient ein Unternehmen mit dem Kapital seiner Aktionäre arbeitet – also wie viel Gewinn es pro Euro Eigenkapital erwirtschaftet.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Eigenkapitalrendite ist eine zentrale Rentabilitätskennzahl. Sie hilft Anlegern zu erkennen, ob das Unternehmen eine attraktive Verzinsung auf das eingesetzte Eigenkapital erwirtschaftet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalrendite spricht für ein starkes, effizientes Geschäftsmodell.
- Besonders interessant ist sie bei kapitalintensiven Firmen oder solchen mit hoher Eigenkapitalquote.
- Wichtig: Ein sehr hoher ROE kann auch auf hohe Schulden hinweisen – daher sollte sie immer im Kontext mit der Eigenkapitalquote betrachtet werden.
📘 Return on Capital Employed (ROCE)
📈 Was ist das?
ROCE misst die Gesamtrentabilität eines Unternehmens – also wie effizient es das eingesetzte Kapital (Eigen- und Fremdkapital) zur Gewinnerzielung nutzt.
🧮 Wie wird es berechnet?
Das eingesetzte Kapital ist das gesamte betriebsnotwendige Kapital, unabhängig von der Finanzierungsquelle.
🏛️ Wofür ist es wichtig?
ROCE eignet sich besonders gut für den Vergleich unterschiedlich finanzierter Unternehmen. Es zeigt, wie effektiv ein Unternehmen Kapital investiert – unabhängig von der Kapitalstruktur.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROCE zeigt, dass ein Unternehmen sein Kapital effizient einsetzt – unabhängig davon, ob es durch Eigen- oder Fremdkapital finanziert ist.
- Je höher der ROCE im Vergleich zu ähnlichen Unternehmen, desto mehr Wert schafft das Unternehmen mit seinem investierten Kapital.
- Besonders wichtig ist der ROCE bei Firmen mit hohen Investitionen – z. B. in Industrie, Energie oder Infrastruktur.
📘 Return on Invested Capital (ROIC)
📈 Was ist das?
ROIC zeigt, wie effizient ein Unternehmen das Kapital investiert, das langfristig im operativen Geschäft gebunden ist – unabhängig davon, ob es aus Eigen- oder Fremdkapital stammt.
🧮 Wie wird es berechnet?
- NOPAT = „Net Operating Profit After Taxes“
- Investiertes Kapital = operatives Vermögen abzüglich nicht-verzinster Schulden
🏛️ Wofür ist es wichtig?
ROIC ist eine der präzisesten Kennzahlen zur Bewertung der Kapitalrendite – besonders im Vergleich zur Eigenkapitalrendite, weil es Verzerrungen durch Schulden vermeidet. Er zeigt, ob ein Unternehmen Mehrwert für alle Kapitalgeber schafft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROIC zeigt, wie gut ein Unternehmen mit dem tatsächlich investierten (betriebsnotwendigen) Kapital wirtschaftet.
- Im Unterschied zu ROCE wird nur Kapital betrachtet, das wirklich zur Finanzierung operativer Aktivitäten dient – und verzinst werden muss.
- Besonders hilfreich, um die Kapitalrendite von Unternehmen mit viel „überschüssigem“ Kapital oder zinsfreien Verbindlichkeiten realistisch zu vergleichen.
📘 Verschuldungsgrad (Leverage Ratio)
📈 Was ist das?
Der Verschuldungsgrad zeigt, wie stark ein Unternehmen durch verzinsliche Schulden (z. B. Kredite und Anleihen) im Verhältnis zum Eigenkapital finanziert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Kennzahl hilft, das finanzielle Risiko und die Abhängigkeit von Fremdkapital zu beurteilen. Ein hoher Verschuldungsgrad kann die Eigenkapitalrendite steigern – birgt aber auch erhöhte Risiken bei Zinsanstiegen oder Liquiditätsengpässen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Verschuldungsgrad steht für finanzielle Stabilität und Unabhängigkeit.
- Ein hoher Wert kann auf erhöhte Risiken hinweisen – insbesondere bei schwankenden Zinsen oder konjunkturellen Schwächen.
- Wichtig: Immer im Kontext zur Branche und Kapitalintensität bewerten.
📘 Ergebnis je Aktie (EPS)
📈 Was ist das?
Das Ergebnis je Aktie (EPS) zeigt, wie viel Gewinn auf eine einzelne Aktie entfällt – und ist eine der wichtigsten Kennzahlen zur Bewertung von Unternehmen.
🧮 Wie wird es berechnet?
Die verwässerte Aktienanzahl berücksichtigt auch potenzielle neue Aktien, etwa durch Optionen, Wandelanleihen oder andere Umtauschrechte.
🏛️ Wofür ist es wichtig?
EPS bildet die Basis für viele Bewertungskennzahlen wie KGV, PEG oder Payout Ratio. Es macht den Gewinn für Aktionäre vergleichbar – unabhängig von der Unternehmensgröße.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- EPS hilft, die Profitabilität pro Aktie zu erfassen – und ist besonders wichtig im Zeitvergleich oder im Vergleich mit Analystenschätzungen.
- Steigendes EPS kann ein Zeichen für stabiles Wachstum oder Aktienrückkäufe sein.
- Wichtig: Verwende verwässertes EPS für realistische Bewertungen – besonders bei stark aktienbasierten Vergütungssystemen.
📘 Free Cashflow je Aktie (FCF je Aktie)
📈 Was ist das?
Der Free Cashflow je Aktie zeigt, wie viel freier Mittelzufluss einem Unternehmen pro Aktie zur Verfügung steht – nach Investitionen, aber vor Dividenden oder Schuldentilgung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der FCF je Aktie zeigt, wie viel liquide Mittel pro Aktie tatsächlich im Unternehmen verbleiben – wichtig für Dividenden, Aktienrückkäufe oder Schuldentilgung. Im Gegensatz zum Gewinn ist er schwerer manipulierbar und daher besonders aussagekräftig.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow je Aktie ist ein Zeichen für hohe finanzielle Flexibilität.
- Er zeigt, wie viel Kapital ein Unternehmen effektiv einsetzen oder ausschütten kann.
- Besonders relevant für dividendenstarke Unternehmen oder solche mit starker Kapitalrendite.
📘 Short Interest
📈 Was ist das?
Short Interest zeigt, wie viele Aktien eines Unternehmens aktuell leerverkauft wurden – also von Investoren geliehen und verkauft, in der Erwartung fallender Kurse.
🧮 Wie wird es berechnet?
Der Wert zeigt den Anteil der Aktien, der aktuell auf fallende Kurse spekuliert wird.
🏛️ Wofür ist es wichtig?
Short Interest dient als Stimmungsindikator: Ein hoher Wert deutet auf Skepsis oder negative Erwartungen gegenüber dem Unternehmen hin – kann aber auch zu einem „Short Squeeze“ führen, wenn der Kurs plötzlich steigt.
🎯 Was bedeutet das für Anleger?
- Ein niedriger Short Interest deutet auf Vertrauen in das Unternehmen hin.
- Ein hoher Wert kann ein Warnsignal sein – oder eine Chance, wenn sich die Stimmung dreht.
- Besonders spannend in volatilen Märkten oder vor wichtigen Quartalszahlen.
📘 Employees
📈 Was ist das?
Die Mitarbeiteranzahl zeigt, wie viele Personen ein Unternehmen weltweit beschäftigt – ein Indikator für Größe, Struktur und Geschäftsmodell.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft bei der Einschätzung von Skaleneffekten, Effizienz und Personalkosten. Zusammen mit Umsatz und Gewinn lassen sich Kennzahlen wie Produktivität je Mitarbeiter ableiten.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Viele Mitarbeiter bedeuten große operative Komplexität – aber auch hohes Umsatzpotenzial.
- Produktivität je Mitarbeiter ist ein wichtiger Indikator für Effizienz.
- Besonders spannend bei stark wachsenden Tech- oder Industrieunternehmen.
📘 Umsatz je Mitarbeiter
📈 Was ist das?
Der Umsatz je Mitarbeiter zeigt, wie viel Erlös ein Unternehmen durchschnittlich pro Beschäftigtem erwirtschaftet – eine Kennzahl für Effizienz und Produktivität.
🧮 Wie wird es berechnet?
Die Mitarbeiterzahl stammt in der Regel aus dem letzten verfügbaren Jahresbericht.
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Geschäftsmodelle zu vergleichen – insbesondere zwischen arbeitsintensiven und technologiegetriebenen Unternehmen. Ein hoher Wert deutet auf Automatisierung, Effizienz oder hohen Wertschöpfungsanteil hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Umsatz je Mitarbeiter spricht für ein skalierbares und margenstarkes Geschäftsmodell.
- Ein niedriger Wert kann auf arbeitsintensive Prozesse oder geringere Wertschöpfung hinweisen.
- Besonders hilfreich beim Vergleich von Tech- vs. Industrieunternehmen.
H World Group Aktie Analyse
Analystenmeinungen
23 Analysten haben eine H World Group Prognose abgegeben:
Analystenmeinungen
23 Analysten haben eine H World Group Prognose abgegeben:
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H World Group — Q2 2026 Earnings Call
1. Management Discussion
Good day, and thank you for standing by. Welcome to the H World Q2 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Ivy Luo. Please go ahead.
Thank you, operator. Good evening, and good morning, everyone. Thanks for joining us today. Welcome to Hold Group 2026 Second Quarter and First Half Earnings Conference Call. Joining us today is our Founder and Executive Chairman, Mr. Ji Qi; our CEO, Mr. Jin Hui; our CFO, Mr. Arthur Yu. Following our prepared remarks, management will be available to answer your questions.
Before we continue, please note that the discussion today will include forward-looking statements made under the safe harbor provision of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may involve inherent risks and uncertainties. As such, our results may be materially different from the views expressed today. A number of potential risks and uncertainties are online in our public filings with the SEC.
H World Group does not undertake any obligation to update any forward-looking statements, except as required under applicable laws. On the call today, we will also mention adjusted financial measures during the discussion of our performance. Reconciliation of those measures to comparable GAAP information can be found in our earnings release that was distributed earlier today. As a reminder, this conference call is being recorded. The webcast of this conference call as well as supplementary slide presentation is available at ir.hworld.com.
With that, now I will hand over the call to our CEO, Mr. Jin Hui to discuss our business performance in the second quarter of 2026. Mr. Jin, please.
[Interpreted] dear investors and analysts, good day. Thanks for joining us today. Welcome to H World Group's Second Quarter 2026 Earnings Conference Call.
During the first half of 2026, domestic culture and tourism travel in China maintained steady growth. According to the Ministry of Culture and Tourism, domestic resident trips reached RMB 3.5 billion in the first half representing a 5.4% year-over-year increase. As visa-free policy for multiple countries continue to take effect, inbound tourism gained strong momentum bringing new growth opportunities to China's lodging industry. On the consumption structure front, the growth of total domestic travel spending moderated up 2% year-over-year to RMB 3.2 trillion in the first half. This reflects new consumption characteristics among travelers, which are more frequent trips with more prudent spending decisions.
Recently, the government issued a plan to build China into a nation's strong in tourism during the 15th 5-year plan period, which laid out 2030 targets, including annual domestic resident trips exceeding RMB 8.3 billion with total consumption reaching RMB 7.7 trillion. and inbound tourist arrivals reaching 190 million with total spending exceeding USD 150 billion. The plan also outlined adjustments to the tourism regional layout and a greater supply of high-quality culture and tourism-related products. We believe the travel-related industry supply chain has great long-term growth potential. Moving forward, H1 Group will keep leveraging our multi-brand portfolio, hotel operation expertise and digital capabilities to steadily expand our brand network and capture accommodation demand brought by travelers.
Facing the current industry opportunities and challenges, H World remains committed to do the right thing for the long term. We focus on the mass market and lodging segment and emphasize high-quality development. On hotel network, we continue expanding into lower-tier cities, while at the same time, securing those prime locations in the core cities, continuously optimizing our existing hotel footprint. In the second quarter, we achieved high-quality network expansion through regional breakthroughs and lower-tier city penetration backed by a 7% year-over-year increase in the number of rooms in operation. The group's hotel GMV grew 13.2% year-over-year to RMB 30.5 billion. Room nights booked by members also achieved steady growth. More importantly, the group asset light manachised and franchise business deliver robust growth across scale, revenue and profit.
In the second quarter, manachised and franchise revenue increased 25.2% year-over-year to RMB 3.6 billion and gross operating profit grew 18.5% year-over-year to RMB 2.2 billion. With industry competition rational lighting, China achieved a 2.6% year-over-year increase in ADR in the second quarter, which was backed by our continuous product and service upgrades, revenue management and integrated marketing capabilities. This marked our fourth consecutive quarters of positive ADR growth. The ADR improvement food a 1.1% year-over-year increase in RevPAR in the same period.
We continue to steadily expand our high-quality hotel network and enhance our nationwide network presence. As of end June, we had 13,417 hotels in operation in China. Our hotel brands and the products continue to gain strong favor and recognition from franchisees and we maintain a solid signing momentum. As of end June, hotels and pipeline increased both year-over-year and quarter-over-quarter, reached 3,054. Our hotels in operation and in pipeline cover 1,468 cities in China, and we are matching towards our goal of 20,000 hotels in 2,000 cities. While expanding the lower-tier market, we also continue optimizing hotel footprint in core cities and prime commercial districts. We believe that with H World strengthened product competencies and brand new plants, we can achieve further breakthrough in China's core existing markets.
We focus on the economy and mid-scale segment activating the mass market and continuously strengthening the core competitiveness of our flagship brands. With the upgrades of HanTing and [indiscernible], we are pleased to see that the new version hotels delivered meaningful improvement in RevPAR and gained broader recognition from guests and franchisees. With the rollout of [indiscernible], we are further solidifying our leading position in the economy and mid-scale lodging markets. In the recently released Hotel 2025 global rankings for single branded room counts, JI Hotel leap from the #4 place globally to the top spot with Hunting closely following in the second place. This marks the first time Chinese hotel brands have claimed the top 2 positions on this list and underscores the effectiveness of our brand strategy.
In addition, our core mid-scale brand, Orange Hotel, climbed to 26 places globally, representing another notable milestone in our brand net expansion. We view this scale leadership as a milestone to date, and we will continue to adhere to high-quality development, focusing on product refinement and continuous iteration to improve product quality and services to better serve defy lodging demand. Looking ahead, our limited service Golden Triangle brands, namely HanTing, Ji and Orange, we will continue to unleash strong market competitiveness and serve as a key growth engine for the group 20,000 hotel in 2,000 city strategies.
Besides deepening our core mass market brand and network expansion, our upper mid-scale segment has all been making steady progress. We stick to our multi-brand strategy with distinct brand positioning and value proposition and pushing ahead with our development strategy centered on 4 flagship brands. Intercity, Grand Ji, Crystal and Mercure. As of end June, H World China upper midscale brand and 1,738 hotels in operation and in pipeline, up 13.4% year-over-year.
On the marketing front, we have always centered our strategy on our age Rewards membership program. We firmly believe that our membership program and the direct sales capability are the core competitive advantages underpinning the group's long-term sustainable growth as our hotel network expanded to more cities Rewards membership base and room nights booked by members have both achieved steady growth. In addition, to upgrade members should benefit and enhance our guest experiences. We are refining our membership centric operation, deepening cross-industry partnership and expanding diversified loyalty point consumption scenarios for our members. At the same time, we are accelerating our award international presence, optimizing our H World app to capture more inbound travel demand and empower global membership services. Going forward, we will further strengthen brand building, broaden customer acquisition channels and continuously optimizing membership benefits to enhance member conversion and strengthen member loyalty.
In addition to focusing on our internal operational management and driving steady business expansion across the group, we are also committed to proactively fulfilling our social responsibility. I would like to share 3 key areas. Firstly, it will boost local employment and create job opportunities. the continuous expansion of our hotel network enables us to recruit more employees on an ongoing basis. As of end June, the total number of employees of the group exceeded 20,000. In addition, we continue to refine our internal talent development program, providing employees with clear career paths. Secondly, we pursue energy-saving management of our hotels and have rolled out multiple initiatives. We share proven energy saving management solutions with our franchisees to help them cut border and electricity costs and secure better operating returns. Thirdly, our social welfare initiatives supported by the group's charity foundation we have launched a wide range of public welfare programs to give back to the society through educational assistance post disaster support and other initiatives.
Going forward, H World continue to push forward the social responsibility initiatives, balancing business growth with social commitment and upholding our corporate mission to guests, franchisees, employees and the wider community.
Next, let's go over our operational performance in the international market. In the second quarter, HWI's blended WebPar was affected by the Middle East conflict as well as our Southeastern Asia expansion, which were still in the ramp-up period. In the second quarter, HWI's RevPAR decreased 3.8% year-over-year with ADR up 0.9% and occupancy rate down 3.5 percentage points. Nevertheless, our Europe business delivered a solid performance. The European cement RevPAR grew 1.1% year-over-year in the second quarter, driven by an improvement in both ADR and occupancy. Going forward, we will continue to optimize HWI's operational efficiency in Europe and push forward our strategic layout in Asia Pacific market.
This concludes the business update for the second quarter of 2026. I will now hand over the call to our CFO, Mr. Arthur Yu, for financial performance for the quarter.
Thank you, Jin Hui. Good evening, and good morning to everyone. Now let's walk through our Q2 financial highlights. In the second quarter, our group revenue grew 10.8% year-over-year to RMB 7.1 billion. This was primarily driven by our China business. In the quarter, our China revenue increased 14.9% year-over-year to RMB 5.9 billion, supported by a steady and high-quality network expansion as well as continued RevPAR recovery. Our international business revenue decreasing 5.8% year-over-year to RMB 1.3 billion, which was due to the closure of leased hotels and therefore, a decline in lease revenue. We are happy to report that our group recorded another quarter of strong profit growth.
Adjusted EBITDA increased 20% year-over-year to RMB 2.7 billion with adjusted EBITDA margin expanding 3 percentage points year-over-year to 38.3%. The margin improvement was attributable to a growing profit contribution from our asset-light business coupled with well-controlled G&A expenses. In the second quarter, total operating cost increased 7.4% year-over-year, slower than our revenue growth as we became more asset-light. SG&A expenses in the quarter rose 6.1% year-over-year, which was also slower than our revenue growth, reflecting our cost management capabilities.
Adjusted net income grew 26.9% year-over-year to RMB 1.7 billion, with the adjusted net income margin improved 3 percentage points to 24%. Supported by ongoing high-quality asset-light network expansion and improved RevPAR performance. Our MNF business revenue grew a solid 24.2% year-over-year to RMB 3.6 billion. MNS gross operating profit increased 18.5% year-over-year to RMB 2.2 billion. Lastly, on shareholder returns. We are very pleased to announce that we completed our 2024 shareholder return 1 year ahead of our plan. We are committed to returning to our shareholders which will continue to be supported by our healthy operating cash flow and strong balance sheet. We, therefore, announced that the Board has approved another 3-year shareholder return plan with an aggregated amount of USD 2.5 billion effective from today. It's the first distribution under this new shareholder return plan.
The Board has also approved an ordinary cash dividend of approximately USD 275 million. With that, we conclude our financial review for the second quarter of 2026.
With that, we are ready to take your questions. Operator, please open the line for Q&A.
[Operator Instructions] We will take our first question and the question comes from Lydia Ling from Citi.
2. Question Answer
[Interpreted] Congratulations on the solid results in the second quarter. My question is mainly on the RevPAR trend. So into third quarter, we observed a volatile or travel demand affected by the extreme weather, especially during this peak summer season. So could you share the repo performance during the summer holiday and also into second half base growth are relatively higher? So what's our management latest expectation on the third quarter and also full year RevPAR trend?
[Interpreted] I will translate first. So thank you for your question. This is Jin Hui. I will answer this question. So currently, China's leisure travel demand is still steadily growing. We firmly believe that in China, consumers have treat leisure travel at one of the necessities. This has been very clear after the COVID reopening. Secondly, the government is very supportive of the culture and tourism travel. In the first half this year, we do see multiple regional government introducing spring holiday. And in early August, we also saw government encouraging public service to take holidays. And thirdly, around this round of leisure travel trends, we do see new scenarios and new customers emerging. For example, family trips, traveled by silver hairs travel by self-driving that has also -- those both have been performing very strong. Of course, inbound travel has also brought us increasing demand especially in those core cities in the Tier 1 and Tier 2 city.
So yes, as you mentioned, I mean , we do see several regions being negatively affected by the severe weather and it impacted operational results. In some of the markets for the first half of the summer holiday, the performance was below expectation. Also, on the other hand, we -- I do think that this is also partially affected by the spring holiday. In August, so far, we do see the overall trend recovering considering all the uncertainties in the macro environment, we maintain a cautiously optimistic view for the overall cement. For the full year of 2026, we maintain our view for the overall RevPAR unchanged.
Your next question comes from Dan Chee from Morgan Stanley.
[Interpreted] This is Dan from Morgan Stanley. I have 2 questions. My first question is on hotel opening. We saw growth opening in first was 1,035 hotels, although on track with Mr. King's reassurance on full year target of 2,200 to 2,300 it is 20% below first half last year. Is there any structural change in the contribution of the 2 halves in the year seasonality-wise? That was my first question.
My second question is about economy segment upgrade. Hunting product, we see that is now more than 55% version 3.5 and above. Can the management share some progress made on the latest addition of 4.0 and hunting in such as quantity or operating improvements?
[Interpreted] Thank you, Dan, for your questions. So on the overall new hotel network expansion, in the second quarter, we opened 498 hotels. The number of openings that should be in line with our plan and our expectation. And more importantly, if you look at the new signings, we also achieved solid new findings in the second quarter. at end of June, the number of hotels in our pipeline actually increased both quarter-over-quarter and year-over-year. And we always emphasize that for H World. What we want to achieve is not just a very simple quantity growth, but quality improvement. So we do have higher requirements for our new signings and new openings.
In the next few years, we will continue our sustainable, high-quality growth strategy unchanged. And for the full year of 2026, we maintain our full year opening guidance. Yes. In the first half, the opening number was impacted by the base as well as by the supply team. But I do think it's just normal volatility and there is no change in our overall opening plan.
Your second question, I'm very happy to share with you that our HanTing 4.0 version have recognized or have achieved both market and franchisees recognition. The new version of HanTing, the bankcard performance is meaningfully better than the older version. And after we rolled out [indiscernible], the number of hotels of [indiscernible] operation and in pipeline actually quickly exceeded [ 200 ]. The overall development is actually better than our expectation. The operational performance of the HanTing [indiscernible] operation is also very strong. I think both on the 2 points that I mentioned above actually shows you that too has very strong capability in high-quality development and in the economy hotel segment and we have -- we are very strong in executing.
Going forward, we will continue to upgrade our HanTing older version of hotel to go through the overall hunting hotels portfolio to improve the overall hotel portfolio quality. Meanwhile, we will also to -- with the HanTing product, we also provide the product that's available for those smaller properties for them to open under our HanTing brand. To conclude, I think under the overall economy segment, would have very big growth potential to capture the market.
The next question comes from the line of [indiscernible]
[Interpreted]. The company now has more than 1,700 of mid-scale hotel properties, also your view on this year's supply-demand balance in the upper midscale hotel segment? Will you speed up expansion? Also [indiscernible] had opened in Hangzhou, Guangzhou and Wuhan. Could you give...
Operator?
Hello. We still have the participant connected. I believe the signal was cut. Are you able to repeat your questions, please?
[Interpreted] The company has more than 1,700 upper midscale hotel properties, what's your view on this year's supply-demand balance in the upper midscale hotel segment. We will speed up expansion. Also [indiscernible] has opened in Hangzhou, Guangzhou and Wuhan. Could you give more color on its operating performance on the development road map?
[Interpreted] Let me answer your questions related to the upper midscale segment. Yes, upper midscale segment is one of H World core strategic area, and we continue to put into the brand building as well as overall development in the segment. For the upper medical market in China, we do see good development opportunities. We actually see opportunities from 2 fronts. One is that the optimal segment actually have opportunities from consumption upgrade. While at the same time, it also takes some of the demand from those traditional upscale hotels. And for H World, we will continue to insist on our multi-brand strategy.
We will be building on our Grand Ji, on Crystal or Intercity as well as Mercure. We will be using this 4-quarter flagship rent to achieve best development and market share gain in the upper midscale segment. Currently, for the Intercity hotel, it has been going very strongly, and we are very confident on the future growth for this spread. And you mentioned the Grand Ji. For the Grand Ji, we have been gradually signing and opening some hotels. As of now, the number of Grand Ji in pipeline have already exceeded 20 hotels. At this moment, we'll be really focusing on building Grand Ji at those very prime locations.
We are still refining the overall business model. So we'll be relatively cautious by developing the quantity of it. But we are very positive what Grand Ji has already achieved in terms of the customer reputation, the brand reputation and the product model. In the future, we believe Grand Ji has very big growth potential, and we are very optimistic on it. We are very confident that Grand Ji will become a flagship in China's optimal segment, and we're really working hard on that.
Your next question comes from Ronald Leung from Bank of America.
[Interpreted] Let me translate my question into English. My question is related to the membership system. Could management comment on the latest breakdown in terms of the customer acquisition channel. Also could management comment on the strategy in terms of optimizing the membership system?
[Interpreted] Sorry, let me answer the questions related to our members. Yes, member is one of our core strategy for Hot operation, and it's also one of our core competitive advantages. Right now, the overall member -- the increase of the members as well as the member contribution in the booking is in line with our expectations. Of course, as we are entering into more markets, for example, leisure market, the inbound market as well as lower-tier cities market, H World members do need to need some time to grab those traffic from those new markets for us. But meanwhile, the OTA contribution is actually quite stable at around 20% to 25%.
We do believe that when we enter these new markets, we do need OTA support, especially for inbound and lower-tier cities. And related to the overall strategy and the future strategic operations for at H World members, I will conclude it in 3 areas. Firstly, as for the H World members, we do emphasize the best benefit for our members. This one is one of the key strategies for us. This includes the best price includes breakfast and et cetera. And going forward, we are also doing more work on innovation. For example, recently, we actually launched the family card under our H1 membership and actually received quite good feedback from the market.
So secondly, on the cross-industry partnership. You may have already noted that last year, we actually partnered with EB. And this year, we're partnering with multiple airline companies as well as new energy vehicle companies really to work with those multiple business sectors. This will -- the cross-industry partnership will also be one of our important strategy. Lastly is our international or overseas member development. In the second quarter, we deepened our cooperation with Accor on the membership partnership. On the one hand, it's really to take more -- to capture more inbound demand. And also it allows Chinese consumers to be able to -- or Chinese travelers to able to stay in a course hotel when they go upward. So we are really working on that. So to conclude on the 3.1 is on the membership operation. Secondly, it's on the cross-industry partnership and certainly, it's on the international development for H World. Thank you.
Your next question comes from Simon Cheung from Goldman Sachs.
[Interpreted] So my question is in relation to the EBITDA margin trend over the last couple of quarters, they have seen a nice 3%, 4% margin expansion in China, but yet in overseas market, the margins, they see some slugs or slippage. Wondering whether management do have any guidance going into the second half and also for the full year.
[Interpreted] This is Arthur. I will answer your questions. So on the overall margin front as the group continued to push forward our SMI strategy. In the mid- to long term, we do expect company's adjusted EBITDA margin to continue to expand. On the SG&A front, we have been making really good delivery in the quarter. This is supported by our very mature and development cost control system. But at the same time, we are also very clear that in order for to achieve long-term sustainable growth, we have to make necessary strategic investments. For example, in the talent development in technology and AI in our H World membership building, a brand building, et cetera. So in those kind of those areas, we'll be making reasons and long-term and effective investments.
So for the outlook of our second half profitability and cost will remain very stable. On our international business, yes, our international business was in some way impacted by the Middle East conflict. For our HWI in the Middle East and in Egypt, we have more than 20 hotels. They are all monetized in franchise hotels. So they have limited impact actually on our HWI's revenue and profit. Despite the impact of Middle East conflict on the traffic and the overall operational cost, for H World, we are actually doing more cost control for HWI. So by doing that, the overall impact of the Middle East is actually controllable. So for the full year, we maintain our goal of achieving positive profit for our HWI business.
Thank you. This concludes today's question-and-answer session. I'll now hand the call back to Ivy Luo for closing remarks.
Thank you, everyone, for taking your time with us today. This will conclude today's call, and we look forward to seeing you in the upcoming quarter. Goodbye.
This concludes today's conference call. Thank you for participating. You may now disconnect.
[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]
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H World Group — Q2 2026 Earnings Call
H World liefert solides Q2-Wachstum bei Umsatz und Gewinn, treibt asset‑light Expansion voran und kündigt neuen Rückkauf-/Dividendplan an.
📊 Quartal auf einen Blick
- Umsatz: RMB 7,1 Mrd. (+10,8% YoY)
- Adj. EBITDA: RMB 2,7 Mrd. (+20% YoY), Marge 38,3% (+3pp)
- Adj. Netto: RMB 1,7 Mrd. (+26,9%), Marge 24% (+3pp)
- Netzwerk: 13.417 Hotels in Betrieb; Pipeline 3.054
- China RevPAR: +1,1% YoY; ADR China +2,6% YoY (internationale RevPAR -3,8%)
🎯 Was das Management sagt
- Marktfokus: Kern auf Economy/Upper‑Mid, Ausbau in unteren Städten bei gleichzeitiger Optimierung in Top‑Lagen
- Asset‑Light: Manachised/franchise‑Geschäft wächst kräftig (Revenue RMB 3,6 Mrd., +25,2%) und treibt Margen
- Mitgliedschaft: Ausbau des Rewards‑Programms, Cross‑Industry‑Partnerschaften und internationale Anbindung zur Erfassung von Inbound‑Demand
🔭 Ausblick & Guidance
- RevPAR‑Ausblick: Management hält volle Jahres‑Erwartung unverändert, bleibt "vorsichtig optimistisch"
- Eröffnungsziel: Volles Jahresziel für Neueröffnungen bestätigt (Zieljahrangaben beibehalten)
- Shareholder Returns: Neuer 3‑Jahres‑Rückkauf-/Ausschüttungsplan USD 2,5 Mrd.; sofortige Cash‑Dividende ≈ USD 275 Mio
- Risiken: Witterungsbedingte Nachfrageschwankungen und regionale Konflikte (Mittlerer Osten) belasten International
❓ Fragen der Analysten
- RevPAR‑Volatilität: Analysten fragten nach Sommerperformance; Management nannte regionale Ausfälle durch extremes Wetter, behält aber Jahresprognose
- Eröffnungs‑Tempo: Nachfrage nach H1 vs. H2‑Saisonalität; Management betont Qualität vor Quantität und bestätigt Jahresguidance, ohne H2‑Split zu quantifizieren
- Mitglieder & OTA: OTA‑Anteil stabil bei ~20–25%; Fokus auf Mitglieder‑Benefits, Partnerprogramme und internationale Verknüpfung
⚡ Bottom Line
- Fazit: Stabile operative Erholung und starke Margenentwicklung untermauern das Wachstum; Asset‑light Modell und umfangreicher Rückkauf-/Dividendplan stärken Cash‑Return an Aktionäre, während Witterungsrisiken und regionale Unsicherheiten die Kurzfrist‑Visibility einschränken.
H World Group — Q1 2026 Earnings Call
1. Management Discussion
Good day, and thank you for standing by. Welcome to H World First Quarter 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.
I'll now hand the conference over to your first speaker today, Ms. Ivy Luo, Head of Investor Relations. Please go ahead.
Thank you, operator. Good morning and good evening, everyone. Thanks for joining us today. Welcome to H World's First Quarter 2026 Earnings Conference Call. Joining us today is our Founder and Executive Chairman, Mr. Ji Qi; our CEO, Mr. Jin Hui; our CFO, Mr. Arthur Yu; our COO, Mr. Chen Hui; and our CFO, Ms. Junrui Yu. Following our prepared remarks, management will be available to answer your questions.
Before we continue, please note that the discussion today will include forward-looking statements made under the safe harbor provision of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our results may be materially different from the views expressed today. A number of potential risks and uncertainties are outlined in our public filings with the SEC.
H World Group does not undertake any obligation to update any forward-looking statements, except as required under applicable laws. On the call today, we will also mention adjusted financial measures during the discussion of our performance. Reconciliation of those measures to comparable GAAP information can be found in our earnings release that was distributed early today. As a reminder, this conference call is being recorded. The webcast of this conference call as well as supplementary slide presentation is available at ir.hworld.com.
With that, now I will hand over the call to our CEO, Mr. Jin Hui to discuss our business performance in the first quarter of 2026. Mr. Jin, please.
[Interpreted] Dear investors and analysts, good day. Thank you for joining H World's First Quarter 2026 Earnings Call. In 2026, China's domestic traveled demand in the solid momentum. The overall railway in aviation cross-region traffic, number of trips as well as tourism spending rose steadily. We also saw several regions rolling out spring breaks this year. Those spring breaks right before or after Qingming festival and May Day holidays enable Chinese consumers to enjoy 5 to 8 days of vacation, which effectively help balancing our passenger flows in between peak and off-peak periods. Meanwhile, a further step-up in the implementation of Viva policy has fueled the continued growth of inbound tourism which serve as an additional growth engine of China's hospitality industry. .
We think structurally, there is still a mismatch between the hotel supply and the consumer demand in China. Therefore, pushing forward supply side reform and hotel network optimization will remain a key strategic world. This is closely aligned with the 15 5-year plan guideline on deepening supply-side structural reform and revitalizing existing resources. Meanwhile, backed by our strong brand reputation, proven operational expertise and digitalization advantages, we aim to further expand our market share, deliver sustainable, high-quality growth and fulfill our mission of redo China's hotel industry.
As we enter 2026, H World remain committed to brand-led quality development, and we achieved solid business results across network expansion, brand building, membership ecosystem development and profitability. By breaking through into new cities and regions and deepening penetration in the lower-tier cities, we delivered another quarter of strong network expansion, driven by a 14.1% year-over-year increase in the number of rooms in operations, our group hotel GMV grew 17.4% year-over-year to RMB 26.4 billion. Night booked by members increased 10.7% year-over-year to 60 million.
Our asset-light monetized and franchise business registered another quarter of solid growth in its hotel network revenue as well as profit. Our first quarter '26 group M&F revenue rose 20.3% year-over-year to RMB 3.0 billion, and group M&F gross operating profit increased by 20.7% year-over-year to RMB 1.9 billion.
As market competition became more rational and healthier, H World China achieved 4.5% year-over-year increase in ADR, which was also supported by our continuous product upgrades and revenue management optimization. The ADR expansion drove a 3.0% year-over-year growth in the blended RevPAR, which represents a sequential improvement from the fourth quarter 2025.
We remain focused on serving the mass market using our economy and midscale hotels and solidifying the competencies of our core brands. The continuous upgrade of HanTing and JI Hotel, together with the launch of Hi Inn have further strengthened our competitiveness in the economy and midscale hotel market, reinforcing H World's absolute leadership in China's mass market hospitality segment.
We steadily expect hotel network and enhancing geographic coverage. By the end of first quarter, HWC hotel operation totaled 13,095 and we have another 2,865 hotels in the pipeline. Our city coverage increased to 1,461 cities across China. We are moving steadily towards our strategic goal of 2,000 cities, 20,000 hotels. While expanding into lower-tier cities, we are also optimizing and refining our hotel portfolio in the Tier 1 and 2 cities especially in those core business districts in the top-tier cities. We believe our premium product quality and the strong brand power will enable us to recapture opportunities in the mature Tier 1, 2 cities market.
Aside from strengthening our core mass market brands and optimizing hotel coverage, we are also making steady headway in the upper midscale segment. We are adopting our multi-brand strategy with clear brand positioning and value propositions, we are steadily pushing forward the development of our 4 key upper-midscale brands, namely Intercity, Grand Ji, Crystal and Mercure. At the end of first quarter, the number of our upper-midscale hotels in operation and in pipeline reached 1,658, up 14.4% year-over-year.
We always insist on strengthening our direct sales capability through H-Reward membership program which we believe is vital to our sustainable long-term development. As our hotel network covers more cities, our membership base and room night booked by members also achieved robust growth. Going forward, we will further strengthen brand building, diversified customer acquisition scenarios and enhanced member benefits and member stickiness. .
To better and more accurately reflect our future development prospects, we have adopted the new HWC and HWI disclosure framework and terminology beginning this quarter, where the economy HWC refers to our operations inside China and HWI includes all overseas hotel business covering Legacy-DH as well as our APAC business.
Now let's go over the operational performance of our HWI business. In the first quarter 2026, HWI achieved a 5.0% year-over-year increase in RevPAR driven by a 1.6% increase in ADR and 2.1% improvement in occupancy rate.
As you may have noticed, aside from our DH business, H-Reward International has also made initial progress and breakthroughs in the Asia Pacific market. Leveraging the development opportunities under the belt and road initiatives, that we are accelerating our strategic layout across APAC. With Singapore assets operational hub, HWI is expanding its footprint into key Southeast Asia market, including [indiscernible] To date, we have opened 6 hotels across Southeast Asia. By rolling out brand ranging from HanTing JI Hotel, Intercity and MAX, we have built covering economy, mid-scale and upper mid-scale segments, tapering to diverse get travel needs. .
We opened our first overseas HanTing Hotel in late 2025, featuring our latest HanTing 4.0 version the hotel seems in the very prime center business district of Ho Chi Minh City, Vietnam. The hotel posted strong operational results with nearly RMB 500 RevPAR in the third quarter. It's also worth mentioning that this property was invested by one of our large domestic franchisees, which shows our franchisee acknowledgment and confidence in our brand power and operational capabilities. This quarter, our first overseas JI 5.0 officially opened in Vientiane, the capital of Laos, located in a prime area of the city, the hotel continues the signature design language rooted in Eastern culture, representing the overseas expansion of one of H World's Eastern culture brand.
We believe our standardized branded hotel products, systematic and digitalized operation capabilities and supply chain advantages will enable us to empower our overseas hotels. Moving forward, we aim to build solid brand influence in Asia Pacific region, while accumulating local operational expertise in the Southeast Asian market.
This concludes the business update for the first quarter of 2026. I will now hand over the call to our CFO, Ms. Arthur Yu for financial performance for the quarter.
Thank you, Jin Hui. Good evening and good morning to everyone. Before we get into the details of our quarterly financial performance, I'd like to quickly highlight one accounting update first. Starting this quarter, we have renamed our operating segments to HWC and HWI, replacing the previous Legacy-Huazhu and Legacy-DH segment. Additionally, we made a minor business realignment between HWC and HWI effective 2026. For consistency and comparability, we have restated prior period figures to align with our current segment presentation.
Now let's walk through our quarter 1 financial highlights. Group revenue grew 11.1% year-over-year to RMB 6.0 billion. Within this, HWC revenue increased 12.4% year-over-year to RMB 5.0 billion, primarily driven by steady hotel network expansion and continued RevPAR recovery. HWI revenue rose 5.1% year-over-year in quarter 1, 2026, partially benefited by favorable foreign exchange rate.
On profitability, group adjusted EBITDA was up 24.2% year-over-year to RMB 1.9 billion, with the margin expanding 3.3 percentage points year-over-year to 31.0%. The strong EBITDA growth and margin improvement were mainly attributable to a growing profit contribution from our asset-light business.
Adjusted net income grew 38.6% year-over-year to RMB 1.1 billion with the adjusted net income margin improving 3.5 percentage points to 17.9%.
Next, on our asset-light M&F business, supported by ongoing high-quality asset-light network expansion and improved RevPAR performance. Our M&F business revenue grew a solid 20.3% year-over-year, increased 20.7% year-over-year to RMB 1.9 billion with a growth operating margin of 63.6% for the quarter.
Let's now turn to our cash flow and liquidity position. We generated RMB 233 million in operating cash flow during quarter 1. As of quarter end, the group holds RMB 15.8% -- RMB 15.8 billion in cash and cash equivalents, with a net cash position of RMB 9.6 billion on our balance sheet.
Our healthy operating cash flow and strong balance sheet provides solid support for future shareholder return arrangements. Which concludes our financial review for the first quarter of 2026.
We are ready to take your questions. Operator, please open the line for Q&A.
[Operator Instructions] We will now take our first question from the line of Dan Chee of Morgan Stanley.
2. Question Answer
[Interpreted] This is Dan from Morgan Stanley. Congratulations on another quarter of strong profit growth. My question is around recent demand and RevPAR trend. First quarter RevPAR for sequential improvement. And Mr. Jin mentioned about the demand balance during the Qingming and also May spring holiday, and several holidays in Q2. So can management share more color, especially on business demand and any impact from energy cost increase? Lastly, any comments on the occupancy stabilization?
[Interpreted] So after reopening, we actually see that for the leisure travel demand, it still has been growing steadily. A couple of reasons behind. I think one is that after reopening the leisure travel and exponential experience behavior is becoming a necessity to Chinese consumers. Secondly, we are also seeing government pushing our supportive policies such as the one that I mentioned during my prepared remarks, the spring breaks that was rolled out in multiple regions and cities this year.
Certainly, we're also seeing a rising demand or an increase in the overall inbound tourism, which is an additional growth driver to overall leisure travel market. Overall, we are seeing that in terms of the number of trips, it is growing steadily after reopening. But probably because of the consumption power, we still see some fluctuations in the overall spending. But to conclude, we do believe that overall leisure travel is still growing steadily.
The rising energy costs, we haven't been observing any impact on the overall travel demand because of the rising energy costs. We think partially, this is also because the popular new energy vehicle in China. So that is also why for the full year 2026, we still maintain our full year back half guidance of slightly.
For H1, we will continue to focus on building our own core competencies, including our hotel brands, including our operational management capability as well as membership. So given that the overall industry supply increase has been slowing down and rationalizing, we maintain cautiously optimistic on our occupancy rate outlook.
We will now take our next question from the line of Ronald Leung of Bank of America.
[Interpreted] Let me translate my question into English. So -- so my question is about the opening and closure outlook for the full year. So what is the latest outlook for the full year opening and closures? And could management also comment about the city coverage in terms of the overall openings?
[Interpreted] I will answer the opening and the city coverage question separately. So on the hotel, HWC we grossly opened 537 hotels, which is at a relatively high low compared to historical performance. Of course, in the first quarter, our net opening is kind of impacted by the late spring festival holiday this year. Overall, the number of gross openings and net openings in the quarter was in line with our overall expectation.
Our hotel opening strategies, we insist on the high-quality development of our hotel network. Since 2 years ago, we already shifted from purely focusing on quantity to focusing a high-quality growth of the hotel network. So under our brand-led high-quality growth strategy, we have high standards and high requirement on the new signings and new openings of the hotel. With that strategy, I'm happy to report that in the first quarter of overall new signings is still at housing high level.
With our healthy timing pace, we maintain our opening guidance for the full year of 2026 unchanged. On the city coverage strategy, we have 2 legs of strategies, which we are implementing at the same time. So firstly, it's still the penetration into lower-tier cities. And secondly, given the current real estate market, the current supply cycle of the real estate market, we are also returning to the Tier 1 and Tier 2 cities. We are grabbing those our emerging opportunities of those high-quality properties in both core and premium district and premium locations. We will be developing our premium hotel product in those Tier 1 and Tier 2 cities.
We are fully confident that H World will be delivering high-quality growth in both the lower tier cities as well as the Tier 1 and 2 cities.
We will now take our next question from the line of Sijie Lin of CICC.
[Interpreted] My question is about the upper midscale business development. For the first -- for the last several quarters, the upper-midscale, especially Intercity achieved quite impressive expansion speed, and we see that Grand Ji opened first hotel and has 12 new signings. So I want to know how the RevPAR performance of upper-midscale compared with economy and mid-scale? And additionally, could you please share the expansion targets and operational focus of the upper-midscale segment, especially the Intercity and Grand Ji in the coming period.
[Interpreted] The upper-midscale segment is a core strategic part of our overall H World strategy. We are actually very happy to see that in the first quarter, the overall RevPAR recovery in the upper-midscale segment is actually slightly better than our economy and midscale. This showcases our growing brand power and product quality in the upper-midscale segment. .
We adopt a multi-brand strategy in the upper-midscale segment. So namely, is the Intercity, Grand Ji, Mercure and Crystal. Overall, the total network growth in the upper-midscale is quite solid. But when we're breaking down into single brand, we do see that some of the brands still need further improvement in its overall brand power. With upper-midscale strategy, we are returning to and refocusing back to the Tier 1 and Tier 2 cities to opening flagship stores in those core districts.
At the initial phase development, H World has been spending a lot of time setting the overall brand strategy as well as the design. So we have very clear value proposition for each of our upper-midscale product. Of course, at the initial phase, you are always going to face some of the challenges. But we are very confident that in the longer term, our H World upper-midscale brand will be leading in the upper-midscale segment.
We will now take our next question from [indiscernible] of Citics.
[Interpreted] I translate my question in English. I'm [indiscernible] from Citics. Against the backdrop of fluctuating business and lateral gas mix and the increasing regulation across hotel industry, can you share the current breakdown of our customer source channels and your outlook going forward as well as the company's plans and strategies for membership marketing?
[Interpreted] Overall, our CIS as well as some of the other key metrics of our memberships have been performing quite stable. Even under the case that we've been expanding our overall network rapidly last year and opened over 500 new hotels this year. The overall CIS contribution to -- and the membership booking has been quite stable.
But at the same time, we are also observing some of the emerging trends, including the leisure travel as well as the overall increase in the inbound tourism. So how to capture those emerging traffic and the new type of consumers is one of the very important topic for H World and for our H World membership.
You may have noticed that at H World, we have been bringing in some of the new talents into the company. And we are also working with leading -- some of the leading AI companies to develop new selling marketing strategies as well as to some of the new strategy and initiatives in member conversion. And improving our capabilities in the corporate B2B channel, we are using our membership to leading corporate business travelers. We do believe that this is also showcased the improving membership capability of H World.
We will now take our next question from the line of Leah Pan of Goldman Sachs.
[Interpreted] So please allow me to translate my question into English. This is Leah from Goldman Sachs. I have a question on company's international strategy. And I think you mentioned on the business that in up in the Southeast Asia market, including the Malaysia and the entry into Cambodia with the brand hotel under Schneckenburg. So can you please share with us essentially in your Southeast Asia market and the growing target over the next few years?
And also, given companies business exposure in the Middle Eastern market, how do you see the impact from the ongoing Middle East crisis to -- on the current business and as well as the global expansion strategy?
[Interpreted] So you do see that as a first step, we successfully own hotels in Vietnam, in Laos and in Cambodia. This gives us very strong confidence that H World products management, supply chain as well as members can actually empower the hotel operation in the overseas market. So going forward, we are going to step up in the overall investment in the Southeast Asia market in terms of the network expansion, the size as well as the pace of expansion. We do think that overall, the Southeast Asia is a brand-new market that provides new opportunities to H World.
So this is also answer the second quarter related to the Middle East conflicts. Based on our first quarter results, we see very limited impact from the Middle East conflicts to our H World International. We -- in the Middle East, our HWI only have 10 manachised franchise hotels, and it has manageable and nonmaterial contribution to the revenue as well as profit.
And on the overall increase in the energy cost, we are taking efforts in controlling the increase and managing the increase in overall energy. So, so far, we think the impact of the rising energy costs are still manageable. But of course, there are still uncertainties in how the overall situation in the Middle East is going to evolve. So we will keep a close eye on the overall development there.
We will now take our next question from the line of Lydia Ling of Citi.
[Interpreted] Lydia from Citi. So my question would be on the profitability. So in first quarter, we continue to see the margin improvement and further optimization in the cost ratios. So what would be your outlook for the full year margin trend? If by region, in China, asset-light strategy continues to push forward, so what would be the upside from current high level. And we see the international part of the loss actually narrowed on year basis in first quarter. So what would be your target for the OCs profitability on a full year basis?
[Interpreted] And first quarter EBITDA, there are several things that we are doing to improve the overall EBITDA performance. So firstly, it's our asset-light strategy. As we continue pushing forward asset-light strategy, we are confident that for our H World business, the adjusted EBITDA margin will continue to improve steadily.
Secondly, also on the overall lease and owned business, we are also improving the performance of this segment by revenue management as well as cost control, including the negotiation of rental reduction.
On the overseas business, HWI especially for DH, we continue to push forward the cost reduction initiatives. We are actually looking into each item in the overall cost structure to improve the overall efficiency in the first quarter this year, and we will continue to pushing forward the cost reduction initiatives in DH.
I would like to add that aside from the cost control and cost reduction, H World is also making some investments in key areas such as digitalization, technology and AI development as well as our overall H-Reward membership building the promotion and the marketing of our core brands. For example, in the first quarter, we launched our HanTing product.
So based on the overall budget and overall planning, we do need to make necessary investment. But of course, we will be looking at the overall ROI of those investments. On a full year basis, we will have control on the cost, but we also make necessary investment to -- for our long-term sustainable growth.
We'll take the last question.
Certainly. Our last question today comes from the line of Xin Chen of UBS.
[Interpreted] Let me translate to English. This is Xin Chen from UBS. My question is on dividends. Could the management please share the 2026 shareholder return plan with us.
[Interpreted] Thank you, Xin Chen. So as you can see from our presentation, H World have a very strong balance sheet as well as stable cash flow. And going forward, as we continue pushing forward the asset-light strategy and those cost reduction initiatives, we will maintain our shareholder return plan in place. Going forward, if there's anything new, we will update with the market in time. But overall for the -- overall direction is that we will be using our own cash flow to return to the shareholders. Thank you.
That's the end of the question-and-answer session. I'd now like to turn the conference back to Ms. Ivy Luo for closing comments.
Thank you, everyone, for taking your time with us today. This will conclude today's call, and we look forward to seeing you in the upcoming quarters. Bye-bye.
Thank you for your participation in today's conference. This does conclude the program. You may now disconnect your lines.
[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]
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H World Group — Q1 2026 Earnings Call
Solide Q1: Umsatz- und Margenwachstum durch RevPAR-Erholung, Asset‑light-Expansion und starke B2C-Mitgliedsnachfrage; International still in early phase.
📊 Quartal auf einen Blick
- Umsatz: RMB 6,0 Mrd. (+11.1% YoY)
- Adj. EBITDA: RMB 1,9 Mrd. (+24.2% YoY), Marge 31.0% (+3.3 Prozentpunkte)
- Adj. Net Income: RMB 1,1 Mrd. (+38.6% YoY), Marge 17.9% (+3.5 pp)
- Rooms: 13.095 Hotels in Betrieb (+14.1% YoY), Pipe 2.865 Hotels; Ziel: 2.000 Städte, 20.000 Hotels
- M&F‑Segment: RMB 3,0 Mrd. Umsatz (+20.3% YoY), GOP RMB 1,9 Mrd., GOP‑Marge 63.6%
🎯 Was das Management sagt
- Marktposition: Fokus auf markengetriebenes, qualitatives Wachstum in Economy/Midscale; Stärkung von HanTing und JI Hotel sowie Launch von Hi Inn.
- Asset‑light & Multi‑Brand: Ausbau der Monetization‑/Franchise‑Plattform (M&F) als Margentreiber; parallele Vorstoß in Upper‑Midscale mit Intercity/Grand Ji/Crystal/Mercure.
- Internationalisierung & Digital: Early‑stage Expansion in APAC (Vietnam, Laos, Cambodia, Singapur Hub) und Investitionen in Digitalisierung/AI zur Mitglieder‑ und Direktvertriebsstärkung.
🔭 Ausblick & Guidance
- Öffnungen: Management hält die Jahres‑Öffnungsguidance unverändert; Pipeline bleibt hoch.
- Nachfrage: Vorsichtig optimistisch zur Belegung; RevPAR‑Erholung soll weitergehen, aber Saisonalität und Konsumauslastung bleiben Unsicherheitsfaktoren.
- Finanzen: Net Cash ~RMB 9,6 Mrd. unterstützt Dividendenerwartung/Share‑Returns; weiterhin Investitionen in Produkt, digital und Mitgliedschaft.
❓ Fragen der Analysten
- Nachfrage & Kosten: Analysten fragten zu RevPAR‑Trends, Business‑Travel‑Erholung und Auswirkungen steigender Energiepreise; Management sieht aktuell limitierten Effekt, beobachtet aber fortlaufend.
- Öffnungen & Coverage: Nachfrage zu Netto‑Openings und Stadt‑Penetration; Management betont Qualitätsfokus und parallele Expansion in Lower‑Tier sowie Rückkehr in Top‑Metropolen.
- Upper‑Midscale & International: Fragen zur RevPAR‑Performance der Upper‑Midscale‑Marken und zur Expansionsgeschwindigkeit in SE‑Asien; Management meldet überdurchschnittliche RevPAR‑Erholung im Upper‑Midscale, International noch am Anfang.
⚡ Bottom Line
- Implikation: H World liefert ein wachstumsstarkes Quartal mit deutlicher Margenausweitung dank Asset‑light‑Mix und RevPAR‑Erholung; starke Bilanz ermöglicht Share‑Returns und weitere Investitionen. Hauptrisiken bleiben Energiepreise, makro‑/saisonal getriebene Nachfrage und die Ausrollung neuer Upper‑Midscale/International‑Konzepte.
H World Group — Q4 2025 Earnings Call
1. Management Discussion
Good day, and thank you for standing by. Welcome to the H World Q4 and Full-Year 2025 Earnings Conference Call. [Operator Instructions] Please be advised today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Ivy. Please go ahead.
Thank you. Good morning, and good evening, everyone. Thanks for joining us today. Welcome to H World Group 2025 Fourth Quarter and Full-Year Earnings Conference Call. Joining us today is our Founder and Executive Chairman, Mr. Ji Qi; our CEO, Mr. Jin Hui; our CFO, Ms. Chen Hui; and our CSO, Ms. Jihong. Following their prepared remarks, management will be available to answer your questions. Before we continue, please note that the discussion today will include forward-looking statements made under the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve inherent risks and uncertainties. As such, our results may be materially different from the views expressed today. A number of potential risks and uncertainties are outlined in our public filings with the SEC. H World Group does not undertake any obligation to update any forward-looking statements, except as required under applicable laws. On the call today, we will also mention adjusted financial measures during the discussion of our performance. Reconciliation of those measures to comparable GAAP information can be found in our earnings release that was distributed earlier today.
As a reminder, this conference call is being recorded. The webcast of this conference call as well as supplementary slide presentation is available at ir.hld.com. With that, now I will hand over the call to our CEO, Mr. Jin Hui, to discuss our business performance in the fourth quarter and full year of 2025. Mr. Jin, please.
[Interpreted] Dear investors and analysts, good day. Thank you for joining H1's Fourth Quarter and Full-Year of 2025 Earnings Call. First, I'd like to share some observations on the overall travel market. Demand for travel is gradually shifting from discretionary demand to necessity for Chinese consumers. Data from railway, aviation and tourism all indicate a steadily growing travel demand in China. The number of trips as well as consumer spending continues rising as people increasingly pursue a better life. As China's transportation network improves, accommodation needs quickly expanded from major cities to county-level markets, making the lower-tier city a new growth engine for tourism consumption.
Strong demand for [ self-pleasure ] and experiential consumption, together with booming tourism events, exhibitions and sports competitions are driving the diversification and quality upgrades of accommodation needs. However, China's hotel industry still faces oversupply of low-quality and homogeneous products, while high-quality value for money supply remains insufficient. Therefore, supply-side reform will remain the main theme of future industry development, and this will undoubtedly bring tremendous growth opportunities for the leading domestic branded hotel groups like H World.
While focusing on our core business and driving high-quality growth, we also actively fulfill our social responsibilities to achieve a coordinated development of corporate value and social value. We focus on economy and mid-scale segments, which serve the mass market. We developed good value for money products to provide consumers with safe, cozy and affordable accommodation. Leveraging our brand value and supply chain capability, we revitalized idle assets, enhance urban supporting services and boost asset-operation efficiency. In addition, we keep expanding into the lower-tier cities and rural areas, filling the gap in quality accommodation in those markets. We create stable employment opportunities, drive the development of the surrounding industries and boost local night economy.
Looking ahead, we will continue deepening our roots in the China market, pursuing high-quality growth and delivering service excellence with a brand-led approach to redo China's hotel industry. In 2025, H World remain committed to brand-led high-quality development, and we delivered solid business results across network expansion, profitability, brand building and membership ecosystem development. We are pleased to see that supported by refined revenue management, enhanced sales and marketing capabilities and ongoing upgrades of our products and services, we kept occupancy rate stable while driving ADR recovery quarter-by-quarter.
For the fourth quarter, we achieved positive year-over-year RevPAR growth for the first time since the second quarter 2024. Our full year 2025 ADR remained largely flat year-over-year. By breaking through in new cities and regions and further penetrating in the lower-tier cities, we achieved another year of high-quality network expansion. Driven by a 16.2% year-over-year increase in the number of rooms in operation, our Group hotel GMV grew 16.4% year-over-year to RMB 108.1 billion. Meanwhile, along with our network expansion and the continuous enhancement of H-Reward membership program, room nights sold to members rose 21.5% year-over-year, exceeding 245 million in 2025.
More importantly, our asset-light monetized and franchise business delivered solid growth in its hotel network, revenue as well as profit. Our full-year 2025 Group M&F revenue rose 23.1% year-over-year to RMB 11.7 billion. The Group M&F Gross Operating Profit increased by 20.8% year-over-year to RMB 7.6 billion. In terms of hotel network expansion, we remain steadfast in focusing on the economy and midscale hotel segments to serve the mass market and strengthening our core brand competitiveness. By continuously upgrading our core products and enhancing our service excellence with a customer-centric principle, we improved the operational quality of our hotel portfolio and strengthened our brand value, which helped the group to achieve long-term sustainable growth.
By the end of 2025, the proportion of new versions of the 3 core limited-service brands, namely HanTing, JI and Orange has raised further. To further expand our footprint in the lower-tier markets, advance HanTing brand purification and meet the diversified travel needs of consumers, we have launched the HanTing brand. HanTing strikes a perfect balance between cost effectiveness and quality. We have rolled out innovative room types such as multi-bedrooms and family rooms, catering the growing scenarios such as family trips and group travel and filling in the missing piece in the economy hotel market.
In addition, we have integrated smart services such as self-check-in and self-service laundry facility, balancing guest experience and operational efficiency. Also, HanTing plays a vital role in HanTing brand purification, helping accelerate brand and product upgrades to deliver a better lodging experience for our guests. Supported by our light, fast, economical, profitable renovation model, HanTing offers franchisees who operate older HanTing hotels another great option, which has light refurbishment, quick construction, low cost and certain profitability.
Meanwhile, for our upper midscale segment, we stick to our multi-brand approach. Backed by clear brand positioning and value propositions, we are steadily pushing forward the development of 4 key brands in the segment, which are Intercity, Grand Ji, Crystal and Mercure. As of end 2025, the number of our upper-midscale hotels in operation and in pipeline exceeded 1,639, up 17.6% year-over-year. Among them, our core brand, Intercity, hit the milestone of over 100 operating hotels.
With its clear brand positioning, exceptional product quality and strong operational performance, Intercity has become one of the core growth drivers for our upper-midscale segment. We always focus on strengthening our direct sales capabilities through H-Reward membership program, which are vital to our sustainable long-term business growth. As we expand our hotel network to cover more cities, our membership base and the room night booked by members both achieved robust growth. Meanwhile, we are also proactively exploring cooperation with new sales and marketing channels such as [indiscernible] self-media to boost our presence in the inbound travel market to further broaden customer acquisition scenarios and to enhance membership-conversion efficiency.
Lastly, looking ahead into 2026, H World will continue to pursue brand-led, high-quality growth, keep strengthening our sales and marketing capabilities and embrace tech innovation with a more open and proactive mindset to leverage technology to power our underground hotel operations. At the same time, we will continue to enhance customer experience and to improve operational efficiency and investment returns for franchisees, steadily working our way to our strategic goal of 2,000 cities, 20,000 hotels. All above concludes the 2025 operational update for Legacy-Huazhu.
Now, I will hand over the call to our CSO, Ms. Jihong, to give an update on Legacy-DH.
Thank you, Jin Hui. We are very happy to report that in 2025, we achieved a successful business turnaround for our Legacy-DH business. We achieved a record level of adjusted EBITDA of around RMB 500 million. This is a significant improvement compared to the loss situation last year. The strong performance confirms the successful execution of our business-transformation plan. Hotel business cannot achieve profitability without revenue enhancement. Our RevPAR continued to grow and achieved 8.2% increase year-on-year in 2025. Despite a challenging market environment, Legacy-DH succeeded in stabilizing like-for-like hotel revenues.
We adjusted the revenue management strategy for different categories of our hotel and worked relentlessly on property-level sales performance improvement. Through disciplined efficiency programs, we significantly reduced the DH cost-base and streamlined the operations. Following a successful restructuring of headquarters and reduction of administrative costs at the end of 2024 and early 2025. The management team continued to implement ongoing cost-optimization measures across personnel, external services, and supply chain throughout the organization.
At the same time, with numerous restructuring efforts ongoing, we have been able to maintain the organizational and operational stability, ensuring a solid foundation for sustainable future performance. The most important measure we successfully undertook in 2025 was the optimization of our hotel portfolio. We renegotiated lease terms of many hotels, exited several loss-making properties, and transformed a portfolio of leased hotels into asset-light structure.
This portfolio restructuring significantly enhanced our profitability and improved resilience of our business. As everybody -- everyone remembers, H World acquired Deutsche Hospitality shortly before COVID breakout. Our business was strong into an unprecedented challenging environment. We did not give up. Instead, we started our transformation journey and brought our expertise globally. This shows the resilience of H World Group. Going forward, in 2026, we will continue to build on the momentum and enhance our performance. Continuous improvement of commercial and operational effectiveness across brands is our first priority. We are undertaking concrete measures to improve our marketing and sales across different target markets and adjust our revenue management strategy for different segments.
At the same time, we will further leverage synergies from integration with H World Group. We are working on closer integration from different aspects, such as supply chain, design and construction, technology and loyalty program. In 2026, we're expecting to see more benefit from these synergies on operational level. Another strategic initiative we will continue to undertake in 2026 is to sharpen our brand positioning. For example, we're developing Intercity next generation to make it more guest-friendly and operationally efficient. With the new brand proposition, we expect to roll out our business model to the market and accelerate growth of our network together with our partners across the region in the years to come. With this, I conclude the discussion in Legacy-DH business.
I will turn to our CFO, Ms. Chen Hui, for financial performance review.
Thank you, Jihong. Good evening, and good morning, everyone. Let me walk you through our full year 2025 financial overview. In 2025, our group revenue grew 5.9% year-over-year to RMB 25.3 billion, at the high end of our guidance, of which Legacy-Huazhu's revenue rose by 7.9% year-over-year to RMB 20.5 billion. The top-line growth was driven by our high-quality network expansion and stabilized RevPAR performance. Group Adjusted EBITDA increased 24.2% year-over-year to RMB 8.5 billion, with margin improved by 4.9 percentage points year-over-year to 33.5%.
The strong profit growth and profit margin expansion were mainly attributable to further enlarged profit contribution from our high-margin asset-light business, as well as the operational improvement and cost savings from Legacy-DH. Adjusted Net income increased by 32.9% year-over-year to RMB 4.9 billion. Looking into our asset-light manachised and franchise business. In 2025, powered by the network expansion of manachised hotels, our manachised and franchise revenue increased by a robust 23.1% year-over-year to RMB 11.7 billion.
And manachised franchise gross operating profit rose by 20.8% year-over-year to RMB 7.6 billion. Profit contribution from our manachised and franchise business rose steadily and reached 69% in 2025, representing a 5 percentage point year-over-year increase. In the full year of 2025, we generated RMB 8.4 billion operating cash flow. And at end of 2025, the group had RMB 15.4 billion cash and cash equivalents and RMB 9.6 billion net cash on the balance sheet. With support of our strong cash flow and a healthy balance sheet, we are glad to declare a USD 400 million cash dividend for the second half of 2025.
Together with USD 250 million interim dividend and around USD 110 million share repurchases, our total shareholder return amounted to around USD 760 million for the full year of 2025. In 2024, we announced USD 2 billion 3-year Total Shareholder Return Plan. We have now completed over 75% of this 3-year plan, and we are committed to continuously returning to our shareholders. Lastly, our guidance for the full year of 2026, we expect our Group Revenue to grow 2% to 6% year-over-year and 5% to 9% if excluding DH. And we expect our manachised and franchise revenue to grow 12% to 16% year-over-year. In terms of unit growth, we are expecting to open 2,200 to 2,300 hotels in 2026 and to close 600 to 700 hotels for the same year.
This represents a 12% year-over-year hotel network growth. With that, we conclude our financial review for the full-year of 2025. Today, I will step down as CFO and Mr. Arthur Yu will take the CFO role of H World. I would like to take this opportunity to thank all the investors and analysts for your continued support for H World. I will still be serving as the Chief Compliance Officer of the company. And together with our team, we will ensure stable financial management and a smooth transition. We are certain that Arthur, with his expertise and vision, will help drive our financial strategy and support our growth trajectory. Together, the team will lead H World to its next success.
I will now turn the call to Mr. Arthur Yu. Arthur, please.
Thank you, Hui, for the kind introduction. Hello, everyone, and thank you for joining the call today. It is a privilege to step into the role of CFO at such a pivotal moment for H World. I have long admired the company's resilience and its strong market position. As we look ahead, my priorities will be to build a world-class finance function, maintain rigorous control and investment oversight and ensure transparent and consistent communications with the capital markets. I look forward to getting to know many of you individually in the days ahead. And we are now ready to open the floor for questions.
[Operator Instructions] Our first question today is from Dan Chee from Morgan Stanley.
2. Question Answer
[Interpreted] The first question. I would like to congratulations to Arthur's on the new role, and we have seen the list of credentials of Arthur's expertise. So for starters, can management share very briefly the direction of Arthur's new role? And what kind of changes shall we expect on our financial and growth strategy?
[Interpreted] Thank you, Dan, for your question. Firstly, I want to -- I would like to take this opportunity to thank Ms. Hui for her dedication to the company in the past 20 years. We just had our 20-year anniversary Investor Day last year. We can see that over the 20 years with our founding team, we have built Huazhu into a very successful company. At the conference last year, while we concluded and summarized our achievement that we've made in the past 20 years, we also take the opportunity to look ahead. We had a vision that we want to create Huazhu -- create a H World into a global company, into a world-class company and to work into the world and to become a leading company in China and globally.
So with this vision, and as Huazhu is growing really into a hyperscale company, we really need world-class management, professional talent to bring those really diversified and international talent and skills to our management team. So I welcome Arthur to join H World, and we are certain that Mr. Arthur Yu, with his deep financial management expertise and together with the team, we will lead H World to the next stage and to achieve the next success.
We will now take the next question. Next question is from Ronald Leung from Bank of America.
[Interpreted] Let me ask my question in English. So regarding the 2026 revenue guidance, so what is the implied RevPAR expectations? And also, could management comment on the overall demand-supply outlook for 2026? How is the supply-growth trend? And also, how is the overall demand for the business and leisure travel?
[Interpreted] Thank you, Rona. So, in the past 3 months, we have observed that the China's hotel industry trend is actually recovering. On the demand side, we have been observing that actually in the past 1 to 2 years, the leisure travel has been growing really steadily, and also the inbound travel is recovering and coming back. So overall, demand is growing for leisure, especially.
And for business travel demand, we have also seen that the business activity and business travel has bottomed and also going on to an upward trend, especially in the Tier 1 and Tier 2 cities. So for 2026, we are cautiously optimistic on the overall RevPAR performance. And for the management and for the company, we do have the target that to deliver a flat to slightly year-over-year increase for the full year 2026 RevPAR.
We will now take the next question. This is from Simon Cheung from Goldman Sachs.
[Interpreted] The question is in relation to the hotel opening, the pace of hotel opening last year. The company has achieved a whole lot in terms of the growth, exceeded 2,400 store opening last year. Wondering whether they would have any change in the pace or expectation for this year. In particular, we noticed that they have some new hotel brand, for example, the Hanting Inn brand. I'm wondering whether they would have any target for this brand as well.
[Interpreted] Thank you, Simon, and I will answer your question on the development. So as you can see, in 2025, we achieved a record high in the hotel gross openings, exceeding 2,400 hotels. Actually, in 2023, we already adjusted our overall growth and development strategies of high-quality sustainable growth. So what we are pursuing is not just the simple quantity, but also high quality standard of the hotel network. So in 2026, while under this high-quality standard, we still expect to expand our hotel network and maintain the overall openings at a high level. And we guided to open 2,200 to 2,300 new hotels in 2026. This actually reflects our strategy of high-quality sustainable growth. And we are still very confident that to achieve our 2,000 hotel target, this strategic goal by 2023 -- 2030.
[Interpreted] And on your question on Hanting Inn, I would like to share some thoughts on this Hanting Inn brand, Hanting Inn product. So we always think that the economic sector is the core in China's consumer market, and this is also the core market for H World. What we want to achieve is that we want to achieve full coverage of high market share in this economy sector.
[Interpreted] We are seeing more and more high-quality properties that can be built into our HanTing brand. So now you can see that for our HanTing branded hotels, the quality of it is much higher and the standard is also much higher compared to a couple of years ago. So with this, we introduced Hanting Inn, which can help us to cover and serve the overall mass market. We want to stress that Hanting Inn and HanTing, together, they are one brand and HanTing will help us to cover the smart market in China. And HanTing actually takes a very important role in upgrade and replace the older HanTing product and to further purify our HanTing brand.
We will now take the next question. Question is from Xin Chen from UBS.
[Interpreted] Let me translate to English. My question is regarding DH. Could management share further details on the asset-light transformation strategy and road map for DH, as well as the targets for future hotel network expansion and financial performance.
Xin, I will take your questions. Yes, we achieved a turnaround of DH business in 2025. However, our efforts to improve business does not stop here, right? So our reorganization, efficiency improvement, cost control will still remain as part of the ongoing management. And we're also looking into our portfolio restructuring as well. We continue our effort in rental reduction, lease renegotiation, look into possibilities to exit loss-making properties and also possibility to negotiate a much, much better portfolio asset portfolio, right? So now that our business is stabilized, we are also indeed starting to look at development to expand our hotel network.
We have much more confidence now in managing international hotels. And we believe into the service and select-service hotels have really a lot of potential in overseas markets. So now that we are developing different business models, so we will have efficient, for example, next-generation Intercity and Zleep for the basis of our growth. Of course, we're also looking into possibilities to expand Steigenberger hotels as well. Europe will remain our core international markets. But at the same time, we'll also explore, for example, Middle East, North Africa, where we already have good basis. So the Legacy-DH business, in a nutshell, is expected to remain profitable in the years to come.
We will now take the next question. This is from Sijie Lin from CICC.
[Interpreted] Our shareholder return in 2025 achieved USD 760 million, exceeding 100% of Adjusted Net Profit and has completed over 75% of USD 2 billion 3-year Shareholder Return Plan. So what's our plan for the shareholder return in the upcoming years?
[Interpreted] This is Hui. I'll answer your question on the shareholder return. So benefiting from our asset-light strategy and our high-quality growth, on H World, we have generated very strong and stable cash flow, as well as we have a high-quality and very healthy balance sheet. So going forward, we will -- we are committed to continue to return to shareholders through either dividend or share repurchase. Thank you.
We'll now take our next question. This is from Lydia Ling from Citi.
[Interpreted] I have questions on the upper-midscale hotel segment and which we saw like the further step of the development in 2025. So what's your plan for this year or the longer term? And do you plan to have more aggressive or accelerate expansion in this segment?
[Interpreted] Thank you, Lydia. I will take your question on the upper-midscale segment. So the upper and upper-midscale sector is one of H World's strategic focus. So we have been focusing on this upper-midscale market in the past 2 years, and we will continue to do so going into the future. So our strategy in the upper-midscale segment is to focus on the Tier 1 and Tier 2 cities, and we were developing this segment using a multi-brand strategy, which I think is different from the other companies.
So we have 4 key brands in this segment, which are Grand Ji, Intercity, Crystal and Mercure. As you can see that these 4 brands, they actually -- they all have different target market and they have different specialties, so which covers Grand Ji, which really presents the Oriental aesthetics, and we also have the more Western design like the Intercity and the French-style Mercure. So for the -- using this multi-brand strategy, we really want to chasing ahead into -- in this segment. We will continue to upgrade and enhance our products and services. Our goal and our target is to -- in the upper-midscale sector, we also want to become a leading brand by 2030. So upper-midscale sector will be one of our core strategic focus going into the future.
[Interpreted] And also to add on, as you can already see that for the intercity over the past 2 years, it has become a very attractive and compelling brand in the upper-midscale sector, whether it's in terms of its brand value, its product, its service excellence or its RevPAR. And we have also introduced the Grand Ji Hotel, and we really welcome you guys to -- looking to Grand Ji, which is going to have its grand opening in April 1.
We -- it has a piloting phase already, but it hasn't really officially launched, and we officially opened the Grand Ji in April 1. We are confident that with our 4 core brands in the upper-midscale sector, which all have its different taste and target market, we can become a leading company in the upper-midscale sector. And we are also confident that each of our 4 key brands, they will become the leader in their own niche market. Thank you.
Thank you. I will now hand the conference back to the speakers for any closing remarks. Thank you.
Thank you, everyone, for taking your time with us today. And this will conclude today's call, and we look forward to seeing you in upcoming quarters. Bye.
Thank you. This concludes today's conference call. Thank you for participating, and you may now disconnect.
[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]
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H World Group — Q3 2025 Earnings Call
1. Management Discussion
Good day, and thank you for standing by. Welcome to H World Quarter 3, 2025 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to turn the call over to your first speaker today, Mr. Jason Chen. Thank you. Please go ahead.
Thank you. Good morning, and good evening, everyone. Thanks for joining us today. Welcome to H World Group 2025 Third Quarter Earnings Conference Call. Joining us today is our Founder and Chairman, Mr. Ji Qi; our CEO, Mr. Jin Hui; our CFO, Ms. Chen Hui; and our CSO, Ms. He Jihong. Following their prepared remarks, management will be available to answer your questions.
Before we continue, please note that the discussion today will include forward-looking statements made under the safe harbor provision of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our results may be materially different from the views expressed today. A number of potential risks and uncertainties are outlined in our public filings with the SEC. H World Group does not undertake any obligations to update any forward-looking statements, except as required under applicable laws.
On the call today, we will also mention adjusted financial measures during the discussion of our performance. Reconciliations of those measures to comparable GAAP information can be found in our earnings release that was distributed earlier today. As a reminder, this conference call is being recorded. The webcast of this conference call as well as supplementary slide presentation is available at ir.hworld.com.
With that, now I will hand over the call to our CEO, Mr. Jin Hui, to discuss our business performance in the third quarter of 2025. Mr. Jin, please.
[Interpreted] I believe many of you have noticed that 2 weeks ago, on the occasion of H World's 20th anniversary, we successfully held a partner conference being 20 years young forging ahead. Therefore, before diving into our third quarter performance review, I'd like to take a few minutes to once again share some of our thoughts on the long-term outlook of China's hotel industry and us.
In summary, we believe H World has great long-term growth potential by deeply rooted in China market. Currently, we can observe that while the industry supply is relatively ample, high-quality supply is in noticeable shortage. Compared to the mature U.S. market, China still has low hotel trend penetration and the industry remains fragmented. As a unified large singular market similar to the U.S. but with an even larger population base, the increase in churn ratio and the phase-out of low-quality supply will inevitably become a long-term trend.
More importantly, the demand for travel is gradually shifting from discretionary demand to necessity for Chinese consumers nowadays. China has the best infrastructure worldwide with extensive high-speed rail and highway network coverage. This has made traveling much easier and more convenient, facilitating the penetration of accommodation needs from major cities to country-level markets. Additionally, Chinese consumers are beginning to redefine consumption concepts and oriental aesthetics. We can see a substantial increase in the consumer desire in seeking sales pressure, which further drives the growth of experiential consumption such as tourism, exhibitions, concerts, and sports events.
Apparently, the current supply quality in China's hotel industry is unable to fully meet consumers' increasingly upgraded and diversified demand. Therefore, supply side reform will be the main theme of the future industry development and this will undoubtedly bring tremendous growth opportunities for domestic branded hotels like us. As the leading players in China's hotel industry, we will continue deepening our roots in the China market, pursuing high-quality growth and delivering service excellence with a brand-led approach to reduce industry with centering on high quality and efficiency. We are full of confidence in the future development of China's hotel industry.
After sharing our perspectives on the long-term outlook, now let's turn to our third quarter performance. We are pleased to see early signs of improvement in the overall market condition. On the demand side, data from railway, aviation and the number of tourists indicate that the domestic travel demand continuously to grow steadily with the increasing demand for travel being particularly evident during the National Day and mid-autumn festival holiday period. On the supply side, third-party data shows that the sequential supply growth has stabilized and the year-over-year growth rate has moderated. However, we still need more time to see if this trend is sustainable.
We are glad to report that H World delivered good results across several key metrics in the quarter. In the third quarter, we achieved a year-over-year increase in ADR while maintaining a relatively stable occupancy rate driven by refined revenue management initiatives, including optimizing pricing strategies across flagship hotel, newly opened hotel and a mature hotel as well as refining promotional strategies and enhancing incentive programs. As a result, our RevPAR stayed largely stable compared to the same period last year.
Breaking through in new cities and regions and further penetrating in the lower-tier cities, we achieved another quarter of high-quality network expansion driven by a 17.3% year-over-year increase in the number of rooms in operation. Our group hotel GMV grew by 17.5% year-over-year to RMB 30.6 billion. Meanwhile, along with our network expansion and the continuous enhancement of H Rewards membership program, our membership base exceeded 300 million by the end of third quarter, up 17.3% year-over-year and ranking #1 globally. In addition, room nights sold to the members rose 19.7% compared to the same period of last year, exceeding RMB 66 million and accounting for 74% of the total room nights sold, which is also a leading position in worldwide.
More importantly, our monetized and franchised business delivered strong growth in its hotel network revenue as well as profit. Our third quarter group M&F revenue rose 27.2% year-over-year to RMB 3.3 billion, and the group M&F gross operating profit increased by 28.6% year-over-year to RMB 2.2 billion, contributing over 70% of the group's total gross operating profit.
In terms of hotel network expansion, we remain steadfast in executing our strategic focus on economy and middle scale segments to serve the mass market. This strategic positioning aligns precisely with the current consumer behavior of seeking value for money products and services and can further demonstrate our competitive advantages. By continuously upgrading our core products and enhancing our excellent service with a customer-centric principle, we are enhancing the quality of our hotel portfolio and strengthening our brand positioning to achieve long-term sustainable growth. The new version of HanTing along with our middle-scale brands, Ji Hotel and Orange Hotel, will serve as the key growth engines for our expansion in the lower-tier cities and provides strong foundation for achieving our strategic goal of 20,000 hotels in 2,000 cities.
At the same time, H World has also made rapid breakthrough in the upper-midscale segment. At the end of third quarter, our number of upper-midscale hotels in operation and in pipeline exceeded 1,600, up 25.3% year-over-year. More importantly, to meet the growing consumer demand for quality living or oriental aesthetics and unique experiences, we recently launched a brand-new upper mid-scale brand, Ji Icons during our 20th anniversary. The introduction of Ji Icon further enriched our upper-midscale brand portfolio and help us to achieve comprehensive coverage from oriental to Western brands and from selected service to lifestyle hotel offerings. Ji Icon's brand embodies a combination of subtle understated and elegant oriental aesthetic, enabling a value lift from accommodation functionality to a holistic lifestyle experience.
The success of Ji Hotels has demonstrated Chinese consumers' ethnicity for oriental aesthetics and culture. We are confident that building upon Ji Hotels Foundation, Ji Icon will further deepen the expression of oriental aesthetics and the culture element. Moreover, our group's strong supply chain and modular construction capability as well as our global leading membership and direct sales capability will effectively support our Ji Icons to reach low construction cost, high operational efficiency, and high product quality. We believe Ji Icons will become one of the big driving force to support our penetration in the upper-midscale segment and has the potential to become another world-class brand after HanTing, Ji Hotel, and Orange brand.
We remain focusing on strengthening our direct sales capabilities through H Rewards membership program. Our membership program and direct sales capability are vital to our sustainable long-term business growth. Our membership base has been growing as we expand our hotel network and entering into more cities. By the end of third quarter, H Rewards membership exceeded 300 million and the room nights sold to the members grew 19.7% year-over-year with enlarging portion of contribution to the total room nights sold. Going forward, we will further enhance our membership benefits, expand loyalty points usage scenarios, and explore cross-industry partnership to strengthen member engagement and enhance direct sales capability.
This concludes the business update for H World's Third Quarter 2025. Now I will hand over the call to our CFO, Ms. Chen Hui, to present the group's financial performance for the quarter.
Thank you, Jin Hui. Good evening, and good morning, everyone. Let me walk you through our third quarter financial overview. During the quarter, our group revenue grew 8.1% year-over-year to RMB 7 billion and Legacy-Huazhu revenue grew 10.8% year-over-year to RMB 5.7 billion, both surpassed the high end of our previous guidance. It was mainly driven by better-than-expected RevPAR performance as well as hotel network expansion. Group adjusted EBITDA rose by 18.9% year-over-year to RMB 2.5 billion, with margin improved by 3.3 percentage points year-over-year to 36.1%. The faster adjusted EBITDA growth and margin expansion were mainly contributed to further enlarged profit contribution from our asset-light business. Cost savings from Legacy-DH, partially on the absence of RMB 81 million restructuring costs incurred in the third quarter last year as well as cost optimization efforts from Legacy-Huazhu.
Looking into our asset-light manachised and franchised franchise business. In the third quarter, powered by our high-quality asset-light network expansion and better-than-expected RevPAR performance. Our manachised and franchised business revenue recorded a robust 27.2% year-over-year growth to RMB 3.3 billion. More importantly, manachised and franchised business gross operating profit rose by 28.6% year-over-year to RMB 2.2 billion with a margin of 68% in the third quarter. As a result, gross operating profit contribution from our manachised and franchised business further enlarged to 70% in the third quarter, up 11.1 percentage points year-over-year.
Moving to our cash flow and liquidity position. In the third quarter, we generated RMB 1.7 billion operating cash flow. And at the quarter end, the group had RMB 13.3 billion cash and cash equivalents and RMB 6.6 billion net cash on the balance sheet. Lastly, on our guidance for the fourth quarter of 2025, we expect our group revenue to grow 2% to 6% compared to the same quarter last year and 3% to 7% if excluding DH. The manachised and franchised revenue in the fourth quarter of 2025 is expected to grow in the range of 17% to 21% compared to the fourth quarter last year.
With that, we are ready to take your questions. Operator, please open the line for Q&A.
The first question comes from the line of Dan Chee of Morgan Stanley.
2. Question Answer
My question is about RevPAR and demand trend. Firstly, on the company's fourth quarter China revenue guidance of 3% to 4% year-on-year growth, what's the implied RevPAR assumption? Can the management share any 2026 outlook for us, especially after seeing third quarter RevPAR decline turns almost flat, especially on the new experiential demand Mr. Jin mentioned versus the original business demand weakness. So which one is driving the RevPAR stabilization?
[Interpreted] So as many of you may notice that in the third quarter, our RevPAR is a bit stabilized. On a year-over-year basis, it's kind of flat. It's not further declining compared to last 2 quarters. And of course, we observed several trends during the quarter. In terms of the demand, obviously, the demand was mainly driven by the leisure travel demand, especially from the tourism activities starting from summer holiday to September and of course, the beginning of the October National Day and mid-autumn festival as well. But on the supply side, as I mentioned before, on a year-over-year basis from the third-party data, we saw the supply growth actually moderated, so it was not growing as fast as before.
So it's becoming a bit moderated, so which brings some of the benefits to the RevPAR stabilization. But more importantly, for us, S1 has been putting a lot of efforts over the last 6 months in terms to further enhance our, for example, the revenue management, as I mentioned in my prepared remarks, in terms of setting a new pricing strategy among different tiers of hotels like flagship new hotels and mature hotels. And therefore, I think -- but looking to the fourth quarter, because we are entering into the low season, there is still some of the uncertainties, so as of now, based on our revenue guidance, it implies our fourth quarter RevPAR, which is somewhere around flattish to slightly positive for the fourth quarter.
In terms of business demand and leisure demand, of course, there are still some of the macro uncertainties. So to be very frank, the business demand is not that strong yet. But on the other hand, for the leisure demand, it was continuously growing. As I mentioned previously, for the Chinese consumers nowadays, the leisure traveling demand has become -- gradually becoming a necessity instead of discretional demand and especially for some emerging new demand such as concerts, marathon, sports events, and inbound traveler as well. So the leisure remained very strong. In terms of the outlook for the next year, we think it's a bit too early. It still takes time to see whether the stabilization in terms of the RevPAR and the supply-demand equivalent is sustainable. So we will give more color for our fourth quarter earnings. Thank you.
Our next question comes from the line of Sijie Lin of CICC.
My question is about RevPAR breakdown. If we look at ADR and OCC, we see that ADR performed better recently. So trying to understand the reason behind this and the sustainability. Also, if we look at the gap between blended RevPAR and same-hotel RevPAR, the gap remained at similar level with last few quarters. So is there any chance that the gap narrows in the future? And what measures need to be taken?
[Interpreted] In terms of the ADR, of course, for 2025, the improvement of RevPAR has been a very key task for our top management team. And of course, they have been putting a lot of efforts on that. So in terms of ADR, as I mentioned earlier, so we have doing a lot of works on further enhancing our revenue management capability, especially on the pricing for different layer of the hotel and different products. And of course, on the front line, we give a lot of various incentives to our salespeople to further motivate them to do a lot of sales activities.
However, apart from these things we have been doing over the 6 months -- over the last 6 months, actually, the ADR increase in the third quarter is a result from our continuous efforts on the product upgrades, the quality improvements as well as our service excellence because we have been doing these things for many, many years and continuously doing so, and we have more and more recommendations from our customers. So that's why in certain areas or in certain regions, our products and service is definitely in a leading position, which gave us some of the pricing power, which led us to achieve a better ADR for the third quarter.
And in terms of the like-for-like hotel or mature hotels, the gap, we are glad to see the year-over-year decline was narrowed significantly in the third quarter. On one hand, we -- in terms of the pricing, we use a lot of different layer for pricing the different products. Over the last 1.5 years, we opened a lot of high-quality hotels, new hotels in some of Tier 1, Tier 2 cities, which is creating some of the cannibalization to the existing hotels. But through different pricing -- in different pricing strategy for different products, I think we are seeing some of the improvements for our mature hotels. And fourth -- and more importantly, we keep doing a lot of existing hotels upgrades to further improve the hotel quality itself in order to rise -- improve the RevPAR as a whole.
The next question will come from the line of Lydia Ling of Citi.
Lydia from Citi. So I have a question regarding the brand, especially for the newly launched upper-midscale brand, Ji Icons. So could you actually share some -- your plans for this brand and such as your store opening plan and also the store economics like the CapEx and the payback period? And how actually your advantage versus like the current other leading upper-midscale brand in the market? And how is the feedback from the franchisees so far?
[Interpreted] Okay. So in terms of the Ji Icons brand, so obviously, the launch of Ji Icons brand has shown a very strong determination for H World to break through and development in the upper-midscale segment with multi-brand strategy. This trend is very clear. And secondly, based on the current culture confidence or Chinese culture confidence and also the preference from the Chinese consumers on our oriental culture or oriental service as well as oriental lifestyle that also basically support the launch of the Ji Icons brand. And as I said before, Ji Icons is going to definitely become one of the core brands in our upper-midscale segment. And we hope this brand can be the best brand or the best hotel that Chinese customers will like the most. So in terms of the UE, in terms of the CapEx you asked, we hope we can share more information after the first hotels opened. Thank you.
Our next question comes from Simon Cheung of Goldman Sachs.
The question is related to the hotel opening. In the third quarter, they've done very well in terms of hotel opening over 700. And I think in the first 9 months, they opened more than 2,000 hotels. That's on track or even exceeded the 2,300 hotel that they have targeted for the full year. Wondering whether there's any update for that and in particular, also on the new signing as well. And then on the related questions, given the focus and the strong momentum that they have seen in the upscale segments -- upper-midscale segments where they achieved 1,600 hotels secure. And we have seen similarly HanTing, they've done like 5,000 and that Ji Hotel done 4,000. Wondering whether they have any targets for the uppermid-scale in the longer run.
[Interpreted] Benefiting from faster new signings in 2023 and 2024 post COVID as well as further improvements in terms of our supply chain capability, which resulted improvements in conversion ratio from the pipeline to new openings. So we achieved a quite good new openings for the first 9 months, which is slightly more than 2,000. So therefore, for the full year, we could possibly open a bit more than 2,300 hotels as what we guided previously. But again, so we emphasized several times over the last several quarters' earnings call. In terms of the new signings and openings, we will focus more on quality expansion instead only looking for scale. So that the never changed. So we're going to continuously implementing this strategy for high-quality sustainable growth.
In terms of the upper-mid segment, as I said, we have reached 1,600 in both pipeline and the operations, which also achieved a pretty rapid growth. But however, if you look into a longer term, for example, 2030, we're going to still focus on the mass market with the economy and the middle scale. So in terms of the proportion, economy and middle scale going to still contribute the majority. But in terms of the growth rate, we hope our upper mid segment could grow the fastest in the industry and become the leading players in China market by 2030.
Our next question comes from Ronald Leung of Bank of America.
Let me translate my questions in English. So I have two questions. My first question is about cost and margins outlook. The company has achieved very decent margin expansion in the past 2 quarters. Could management share with us the latest outlook on cost control and also margins? My second question is about the membership program. So the overall membership has grown decently to over 300 million by the end of 3Q '25. Could management share an update on the strategy on how to further enhance memberships loyalty and also marketing strategies to improve the conversion rates?
[Interpreted] Okay. So in terms of our members, so definitely, direct sales and membership is one of our core strategy. We are glad to see in terms of the member base as well as the room nights sold to our members continuously to grow. But we think that's still not enough. So that's why we have been doing quite a lot of jobs over the past several months. First of all, we introduced a price guarantee program, which is going to ensure our members to get the best price and service as also the unique experiences at the hotel.
And secondly, we're also trying to fulfill more diversified demand from the leisure travelers and some of the emerging demand, for example, as I mentioned earlier, like sports events, like inbound travelers. So basically, the H Rewards membership program is gradually shifting from only business travelers to fulfill more diversified demand. And thirdly, we are also enhancing our capability to receive more business clients and corporate clients to further enhance our exposures. And lastly, we have been experimenting a lot of cross-industry cooperation with a lot of top-tier vertical players trying to enhance members' experiences and improve their engagement.
Our last question comes from...
[Foreign Language]
Sorry, please go, continue.
[Interpreted] Okay. Let me do the translation. So overall, the adjusted EBITDA margin improvement was mainly because of our asset-light strategy. So obviously, the M&F has higher margin compared to leased and owned. In terms of the cost control, in terms of the hotel operating costs, by leveraging our strong supply chain capability, we continuously to reduce the cost per room night sold. And for our leased and owned hotels, we're continuously seeking for more rental reduction, just trying to improve the profitability level of our leased and owned hotels.
And on SG&A perspective, we're continuously optimizing our mid and back office and headquarter, just trying to control the cost. In terms of sales and marketing, we will based on ROI and do some of necessary investments on, for example, the hotel brand membership as well as the user -- new user acquisition. So as mentioned by Jin Hui, so we have been systematically improved our capability to improve our revenue management so as in the cost control side. So we are also doing a systematic capability improvement. Thank you.
Thank you. We have come to the end of the question-and-answer session. That concludes the conference call for today. Thank you for your participation. You may now disconnect your lines.
[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]
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Finanzdaten von H World Group
Umsatz
Der Umsatz stellt die Summe aller Einnahmen eines Unternehmens z. B. für dessen Produkte oder Dienstleistungen dar.
Umsatz (TTM) einfach erklärtDirekte Kosten
Direkte Kosten sind die Kosten, die direkt im Zusammenhang mit der Herstellung des Produkts oder der Dienstleistung entstehen.
Bruttoertrag
Der Bruttoertrag gibt an, wie viel vom Umsatz nach Abzug der direkten Herstellkosten im Unternehmen verbleibt. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der Bruttomarge (engl. Gross Margin).
Brutto Marge einfach erklärtVertriebs- und Verwaltungskosten
Die Vertriebs- & Verwaltungskosten (engl. Selling, General & Administrative expenses, kurz SG&A) beinhalten alle Aufwände für Marketing und den Verkauf sowie die allgemeine Verwaltung des Unternehmens.
Forschungs- und Entwicklungskosten
Die Forschungs- und Entwicklungskosten (engl. research & development costs, kurz R&D) geben Auskunft darüber, wie viel das Unternehmen in die Forschung und die Entwicklung seiner Produkte investiert. Vor allem prozentual vom Umsatz und im Vergleich zu direkten Wettbewerbern sind die Kosten interessant.
EBITDA
Das EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) ist der Gewinn des Unternehmens vor Zinsen, Steuern und Abschreibungen. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der EBITDA-Marge.
Abschreibungen
Abschreibungen stellen Wertminderungen von Vermögensgegenständen des Unternehmens dar (z.B. durch Abnutzung von Maschinen).
EBIT (Operatives Ergebnis)
Das EBIT (engl. Earnings Before Interest and Taxes) ist der Gewinn des Unternehmens vor Zinsen und Steuern, das auch als operatives Ergebnis bezeichnet wird. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von
der EBIT-Marge.
Nettogewinn
Der Nettogewinn stellt den Gewinn oder Verlust nach Abzug aller Kosten dar.
Nettogewinn einfach erklärtaktien.guide Premium
| Jun '26 |
+/-
%
|
||
| Umsatz | 31.097 31.097 |
10 %
10 %
100 %
|
|
| - Direkte Kosten | 9.646 9.646 |
3 %
3 %
31 %
|
|
| Bruttoertrag | 21.451 21.451 |
13 %
13 %
69 %
|
|
| - Vertriebs- und Verwaltungskosten | 13.037 13.037 |
1 %
1 %
42 %
|
|
| - Forschungs- und Entwicklungskosten | - - |
-
-
|
|
| EBITDA | 10.388 10.388 |
31 %
31 %
33 %
|
|
| - Abschreibungen | 1.439 1.439 |
4 %
4 %
5 %
|
|
| EBIT (Operatives Ergebnis) EBIT | 8.949 8.949 |
39 %
39 %
29 %
|
|
| Nettogewinn | 5.887 5.887 |
34 %
34 %
19 %
|
|
Angaben in Millionen HKD.
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| Hauptsitz | Cayman-Inseln |
| CEO | Mr. Jin |
| Mitarbeiter | 26.458 |
| Webseite | ir.hworld.com |


