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    Dan Chee

    Vice President in Equity Research at Morgan Stanley

    Dan Chee is a Vice President in Equity Research at Morgan Stanley, specializing in coverage of China Hotels, Hong Kong Property, conglomerates, and the gaming sector. He has specifically provided coverage of companies such as Atour Lifestyle Holdings, initiating coverage with an Overweight rating and a $36 price target in 2023, though his publicized analyst track record to date reflects a 0% success rate and an average return of -8.99%. Chee joined Morgan Stanley as Vice President prior to 2023, focusing his research primarily on the consumer discretionary sector, with particular emphasis on lodging and related industries. His professional credentials and securities licenses are not publicly detailed, and prior work experience before joining Morgan Stanley is not listed in currently available public information.

    Dan Chee's questions to Atour Lifestyle Holdings (ATAT) leadership

    Dan Chee's questions to Atour Lifestyle Holdings (ATAT) leadership • Q2 2025

    Question

    Dan Chee from Morgan Stanley noted the rapid growth of the retail segment and the high tax rate, asking for the company's latest view on the full-year adjusted net income margin and whether it could remain stable at 18%.

    Answer

    Management explained that a structural shift in revenue, with the retail business growing to 38% of total revenue in H1 2025, is impacting the overall margin. Furthermore, the adjusted comprehensive tax rate is expected to rise from 25% to 30% this year due to withholding tax associated with the new shareholder return program. Consequently, they anticipate a year-over-year decline in the full-year adjusted net profit margin from the 18% level of last year.

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    Dan Chee's questions to Atour Lifestyle Holdings (ATAT) leadership • Q2 2025

    Question

    Dan Chee from Morgan Stanley pointed out the rapid growth of the retail segment and the high tax rate, asking for the company's latest view on the full-year adjusted net income margin and whether it could remain stable at the previous year's 18%.

    Answer

    CEO Wang Haijun (via moderator) stated that a full-year decline in net profit margin is expected. This is due to two factors: a structural shift in revenue towards the fast-growing retail business, and an increase in the overall effective tax rate from 25% to an expected 30% this year, driven by withholding tax related to the new shareholder return program.

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    Dan Chee's questions to Atour Lifestyle Holdings (ATAT) leadership • Q1 2025

    Question

    Dan Chee of Haitong International questioned the outstanding 67% YoY growth in the retail business for Q1 and asked if management would update its full-year revenue growth guidance from the previous forecast of at least 35%.

    Answer

    Founder, Chairman and CEO Haijun Wang attributed the strong Q1 performance to Spring Festival marketing and the popularity of the Deep Sleep product series. Citing this momentum and strong initial sales for new products, he announced an increase in the full-year retail revenue growth forecast to 50% YoY. This also prompted an upgrade to the group's overall revenue guidance to a range of 25% to 30% growth for the full year.

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    Dan Chee's questions to Atour Lifestyle Holdings (ATAT) leadership • Q4 2024

    Question

    Dan Chee from Morgan Stanley inquired about Atour's hotel performance outlook, specifically seeking color on RevPAR trends for 2025 and the hotel business's contribution to the full-year revenue growth guidance of 25%.

    Answer

    CEO Haijun Wang acknowledged a RevPAR decline in 2024 due to a high base effect and projected a mid-to-high single-digit RevPAR decline for Q1 2025. While citing market uncertainty for a full-year RevPAR forecast, he expressed confidence in a recovery. Mr. Wang confirmed the 25% group revenue growth guidance for 2025 is supported by both the expanding hotel network and the high-quality growth of the retail business.

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    Dan Chee's questions to H World Group (HTHT) leadership

    Dan Chee's questions to H World Group (HTHT) leadership • Q2 2025

    Question

    Dan Chee from Morgan Stanley asked about the strategic message behind the new disclosure breaking down gross operating profit (GOP) by business segment. He also questioned the margin outlook for the asset-heavy leased and owned business, given its recent GOP decline.

    Answer

    Jason Chen, Head of IR, translated the answer, explaining that the new disclosure emphasizes the group's asset-light transformation, where the stable, high-margin Manachised & Franchise (M&F) business is the primary growth driver. The decline in the leased and owned segment's GOP and margin is a result of its shrinking portfolio. To support margins for the remaining leased properties, management is actively negotiating rental reductions (securing RMB 390 million in H1) and implementing enhanced revenue management and cost controls.

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    Dan Chee's questions to H World Group (HTHT) leadership • Q1 2025

    Question

    Dan Chee from Morgan Stanley questioned the Legacy-DH segment's performance, asking if SG&A costs were normalized after restructuring and why the adjusted EBITDA loss widened. He also asked for the reason behind the widening gap between blended RevPAR and like-for-like RevPAR for Legacy-Huazhu.

    Answer

    CSO Jihong He clarified that DH restructuring is ongoing, so SG&A is not yet fully normalized. The Q1 EBITDA loss was skewed by converting the highly seasonal Davos hotel to a franchise model, removing its significant Q1 profit contribution. CFO Hui Chen explained the RevPAR gap is due to continuous product upgrades and clearing older hotels, alongside regional supply pressures which are being addressed via revenue management optimization.

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    Dan Chee's questions to H World Group (HTHT) leadership • Q1 2025

    Question

    Dan Chee from Morgan Stanley questioned the Legacy-DH segment's performance, asking if SG&A costs were normalized and why the adjusted EBITDA loss widened despite cost savings. He also asked for the reason behind the widening gap between blended and like-for-like RevPAR for Legacy-Huazhu.

    Answer

    CSO Jihong He explained that DH restructuring is ongoing, so SG&A costs are not yet fully normalized. She attributed the Q1 EBITDA loss primarily to a one-time impact from converting the highly seasonal Davos hotel to a franchise model. CFO Hui Chen addressed the RevPAR gap, citing two main reasons: the continuous upgrading of products which involves clearing older hotels, and regional RevPAR pressure from increased market supply.

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    Dan Chee's questions to H World Group (HTHT) leadership • Q4 2024

    Question

    Dan Chee asked about the company's shareholder return policy, questioning if the high dividend payout ratio seen in 2024 might continue, especially if share buyback opportunities are limited.

    Answer

    CFO Hui Chen, via an interpreter, confirmed the significant 2024 shareholder return of USD 770 million was enabled by strong cash flow from the company's asset-light transformation. Looking ahead, she affirmed that H World will adhere to its existing 3-year plan to return up to USD 2 billion to shareholders, with a primary focus on cash dividends.

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    Dan Chee's questions to H World Group (HTHT) leadership • Q2 2024

    Question

    Dan Chee from Morgan Stanley asked about H World's hotel opening capacity and supply chain progress, questioning if the annual opening rate could continue to accelerate given the increased guidance and large pipeline.

    Answer

    CEO Hui Jin responded by highlighting the supply chain's critical role in achieving high-quality growth, focusing on cost leadership, quality, and efficiency. He confirmed that the upgraded full-year opening target of over 2,200 hotels is supported by localized regional strategies and supply chain improvements. However, Mr. Jin emphasized that the company's strategy prioritizes 'quality over scale,' focusing on developing flagship hotels and ensuring sustainable, high-quality growth, particularly in lower-tier cities, rather than just maximizing the number of openings.

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