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Dan Qi

Research Analyst at Morgan Stanley

Dan Qi is an Executive Director and Senior Equity Analyst at Morgan Stanley, specializing in coverage of major Asian biopharmaceutical and healthcare companies. Qi provides research and investment analysis on publicly traded firms such as BeiGene, Zai Lab, and WuXi Biologics, earning a strong reputation among institutional investor clients. Over the course of his career, he has developed a track record for accurate earnings forecasts and timely market insights and has been recognized for top sector coverage performance by industry ranking platforms. Dan Qi began his analyst career after completing advanced finance studies and has maintained active professional registrations including relevant FINRA Series 7 and 63 licenses.

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

Question · Q3 2025

Dan Qi of Morgan Stanley inquired about H World's RevPAR trends, including the implied RevPAR assumption for Q4 2025 revenue guidance, the 2026 outlook, and whether the Q3 RevPAR stabilization was driven by new experiential demand or improved business demand.

Answer

Jin Hui (CEO) and Jason Chen (Senior Vice President of Supply Chain) confirmed Q3 RevPAR stabilization, attributing it to robust leisure and tourism demand, moderated supply growth, and H World's enhanced revenue management. They projected Q4 RevPAR to be flat to slightly positive, noting continued strength in leisure travel (concerts, marathons, inbound) while business demand remains soft due to macro uncertainties. A 2026 outlook will be provided after Q4 earnings.

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Question · Q3 2025

Dan Qi asked about H World's RevPAR trends, specifically the implied RevPAR assumption for the Fourth Quarter 2025 revenue guidance (3%-7% YoY growth) and the outlook for 2026. He also inquired whether the Third Quarter RevPAR stabilization was driven by new experiential demand or an improvement in business demand.

Answer

Jin Hui (CEO, H World Group) and Jason Chen (Senior Vice President of Supply Chain, H World Group) explained that Third Quarter RevPAR stabilized due to robust leisure and tourism demand, moderated supply growth, and H World's enhanced sales and revenue management capabilities. They noted that business demand remains less strong due to macro uncertainties, while leisure demand, especially from concerts, marathons, and inbound travelers, is a necessity. For Q4 2025, RevPAR is estimated to be flattish to slightly positive, but a 2026 outlook is premature due to market uncertainties.

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