H World Group (HTHT)

H World (HTHT) reported strong financial and operational performance for Q3 2025 and provided guidance for Q4 2025.

• H World delivered strong Q3 2025 results, with group revenue and adjusted EBITDA showing significant year-over-year growth, as detailed in the table above. The monetized and franchised (M&F) business was a primary contributor, with its revenue and gross operating profit also increasing substantially.
• Operational metrics demonstrated robust expansion, including a notable rise in group hotel GMV and rooms in operation. The company's membership base surpassed 300 million, and room nights sold to members accounted for 74% of total room nights sold.
• The company achieved a year-over-year increase in ADR and a largely stable RevPAR in Q3 2025, attributed to refined revenue management, product upgrades, and service excellence.
• For Q4 2025, H World projects continued growth in group revenue and M&F revenue, with RevPAR expected to be flattish to slightly positive year-over-year.

• H World Group reported Q3 2025 revenue of RMB 7 billion, an 8.1% year-over-year increase, and adjusted EBITDA of RMB 2.5 billion, up 18.9% year-over-year, with a margin of 36.1%. Both revenue figures surpassed the high end of previous guidance.
• The company's monetized and franchised business revenue grew 27.2% year-over-year to RMB 3.3 billion in Q3 2025, with gross operating profit increasing 28.6% to RMB 2.2 billion and contributing over 70% of the group's total gross operating profit.
• H World Group's membership base exceeded 300 million by the end of Q3 2025, a 17.3% year-over-year increase, with room nights sold to members rising 19.7% to over 66 million, accounting for 74% of total room nights sold.
• For Q4 2025, the company expects group revenue growth of 2%-6% year-over-year (or 3%-7% excluding DH) and monetized and franchised revenue growth of 17%-21%. The implied RevPAR for Q4 2025 is expected to be flattish to slightly positive.
• The company launched a new upper-midscale brand, Ji Icons, and its upper-midscale hotels in operation and pipeline exceeded 1,600 by the end of Q3 2025, up 25.3% year-over-year. Full-year 2025 hotel openings are projected to be slightly more than 2,300.

• HTHT reported strong Q3 2025 financial results, with revenue increasing 8.1% year-over-year to RMB6,961 million, Adjusted EBITDA growing 18.9% year-over-year to RMB2,513 million, and Adjusted Net Income rising 10.8% year-over-year to RMB1,520 million.
• The company's membership base reached 301 million as of end-September 2025, with 66 million room nights booked by members in Q3 2025.
• Asset-light business demonstrated robust growth, with M&F Revenue up 27.2% year-over-year to RMB3,309 million and M&F Gross Operating Profit increasing 28.6% year-over-year to RMB2,237 million in Q3 2025. The contribution of manachised and franchised hotels to gross operating profit increased to 70%.
• As of September 30, 2025, HTHT maintained a strong liquidity position with a cash balance of RMB13.3 billion and net cash of RMB6.6 billion, alongside RMB1.7 billion in operating cash flow.
• For Q4 2025, the company anticipates revenue growth of 2%-6% year-over-year and M&F revenue growth of 17%-21% year-over-year.

• H World Group Limited reported Q3 2025 revenue of RMB7.0 billion (US$978 million), an 8.1% year-over-year increase, exceeding its previously announced guidance.
• Net income attributable to H World Group Limited for Q3 2025 was RMB1.5 billion (US$206 million), representing a 15.4% year-over-year increase.
• As of September 30, 2025, the company's hotel network included 12,702 hotels and 1,246,240 hotel rooms in operation, with an additional 2,748 unopened hotels in the pipeline.
• For Q4 2025, H World forecasts revenue growth between 2%-6% year-over-year, with Manachised and franchised (M&F) revenue growth projected at 17%-21%.

• H World Group Limited reported revenue of RMB7.0 billion (US$978 million) for the third quarter of 2025, marking an 8.1% year-over-year increase and surpassing its previously announced guidance of 2% to 6%.
• Net income attributable to H World Group Limited for Q3 2025 was RMB1.5 billion (US$206 million).
• As of September 30, 2025, the company's worldwide hotel network in operation comprised 12,702 hotels and 1,246,240 rooms.
• For the fourth quarter of 2025, H World anticipates revenue growth to be in the range of 2%-6% and Manachised and franchised (M&F) revenue growth to be in the range of 17%-21% year-over-year.

• H World Group Limited reported total revenues of RMB 11,821 million for the six months ended June 30, 2025, an increase from RMB 11,426 million in the prior year period. Net income attributable to H World Group Limited increased to RMB 2,438 million for the six months ended June 30, 2025, up from RMB 1,726 million in the same period.
• The company's short-term debt and current portion of long-term debt significantly increased to RMB 6,633 million as of June 30, 2025, primarily due to RMB 3,579 million of convertible senior notes becoming a current liability, as they mature in May 2026.
• Cash and cash equivalents rose to RMB 10,145 million as of June 30, 2025. The Group declared a cash dividend of US$0.097 per ordinary share on March 20, 2025, which was mostly paid in Q2 2025, and another of US$0.081 per ordinary share on August 20, 2025, expected to be paid in Q3 2025.
• Operationally, the number of manachised hotels in operation increased to 11,400 as of June 30, 2025, while leased and owned hotels decreased to 612. Additionally, assets held for sale decreased from RMB 1,941 million as of December 31, 2024, to RMB 983 million as of June 30, 2025.