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Simon Chen

Research Analyst at Goldman Sachs

Simon Chen is an Equity Research Analyst at Goldman Sachs, specializing in the TMT (Technology, Media, and Telecom) sector with primary coverage of major companies such as Apple, Alphabet, and Netflix. Consistently ranked among the top-performing analysts on platforms like TipRanks, he maintains a success rate above 65% and has generated average annualized returns exceeding 12% on his stock recommendations. Chen began his career as an Associate at Morgan Stanley in 2013 before joining Goldman Sachs in 2017, where he has steadily advanced to his current role. He holds FINRA Series 7, 63, and 86/87 licenses and is recognized for actionable insights and leadership within his sector.

Simon Chen's questions to H World Group (HTHT) leadership

Question · Q3 2025

Simon Chen of Goldman Sachs asked for an update on H World's hotel opening pace for Q3 and year-to-date, new signings, and whether the full-year target of 2,300 hotels would be exceeded. He also inquired about the long-term proportion of upper-midscale hotels within the portfolio, given the focus on economy and midscale segments.

Answer

Jin Hui (CEO) and Jason Chen (Senior Vice President of Supply Chain) confirmed strong openings, exceeding 2,000 hotels year-to-date, and anticipate slightly surpassing the 2,300 full-year target, driven by past signings and supply chain efficiency. They reiterated a strategic focus on high-quality expansion. For the long term (by 2030), H World aims to lead the upper-midscale market, while economy and midscale segments will continue to constitute the majority of the portfolio.

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Question · Q3 2025

Simon Chen inquired about H World's hotel opening pace, noting over 700 openings in Q3 2025 and over 2,000 in the first nine months, asking for an update on the full-year target (previously 2,300) and new signings. He also asked about the long-term target for upper-midscale hotels, specifically their proportion compared to economy and midscale brands like HanTing and Ji Hotel, given the current 1,600 upper-midscale hotels.

Answer

Jin Hui (CEO, H World Group) and Jason Chen (Senior Vice President of Supply Chain, H World Group) confirmed that H World's opening pace was strong, benefiting from rapid signings in 2023-2024 and improved supply chain conversion rates. They expect to slightly exceed the 2,300 full-year opening target for 2025, emphasizing a shift towards quality expansion over mere scale. For the long term (by 2030), they aim for upper-midscale to be a leading segment with the fastest growth, though economy and midscale will still constitute the majority of the portfolio.

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