-- A total of 12,137 hotels or 1,184,915 hotel rooms in operation as of June
30, 2025.
-- Hotel turnover1 increased 15.0% year-over-year to RMB26.9 billion in the
second quarter of 2025. Excluding Steigenberger Hotels GmbH and its
subsidiaries ("DH", or "Legacy-DH"), hotel turnover increased 15.6%
year-over-year in the second quarter of 2025. Hotel turnover from the
Legacy-DH segment increased 8.9% in the second quarter of 2025.
-- Revenue increased 4.5% year-over-year to RMB6.4 billion (US$897 million)2
in the second quarter of 2025, near the high end of the revenue guidance
previously announced of a 1% to 5% increase compared to the second
quarter of 2024. Manachised and franchised revenue increased 22.8%
year-over-year to RMB2.9 billion (US$400 million) in the second quarter
of 2025, exceeding the high end of the manachised and franchised revenue
guidance previously announced of an 18% to 22% increase compared to the
second quarter of 2024. Revenue from the Legacy-Huazhu3 segment in the
second quarter of 2025 was RMB5.1 billion, which increased 5.7%
year-over-year, above the midpoint of the revenue guidance previously
announced of a 3% to 7% increase. Revenue from the Legacy-DH segment in
the second quarter of 2025 was RMB1.3 billion, which increased 0.1%
year-over-year.
-- Net income attributable to H World Group Limited was RMB1.5 billion
(US$215 million) in the second quarter of 2025, compared with RMB1.1
billion in the second quarter of 2024 and RMB894 million in the previous
quarter.
-- EBITDA (non-GAAP) in the second quarter of 2025 was RMB2.5 billion
(US$344 million), compared with RMB1.9 billion in the second quarter of
2024 and RMB1.6 billion in the previous quarter.
-- Adjusted EBITDA (non-GAAP), which excluded share-based compensation
("SBC") expenses, gain (loss) from fair value changes of equity
securities, foreign exchange gain (loss), net, and gain (loss) on
disposal of investments from EBITDA (non-GAAP), was RMB2.3 billion
(US$317 million) in the second quarter of 2025, compared with RMB2.0
billion in the second quarter of 2024 and RMB1.5 billion in the previous
quarter.
-- Adjusted EBITDA is our segment measure. Adjusted EBITDA from the
Legacy-Huazhu segment was RMB2.1 billion in the second quarter of 2025,
compared with RMB1.9 billion in the second quarter of 2024 and RMB1.6
billion in the previous quarter. Adjusted EBITDA from the Legacy-DH
segment was RMB180 million in the second quarter of 2025, compared with
RMB133 million in the second quarter of 2024 and a loss of RMB77 million
in the previous quarter.
-- For the first half of 2025, the board of directors of the Company (the
"Board") declared a cash dividend in the aggregate amount of
approximately US$250 million, of US$0.081 per ordinary share, or US$0.81
per American Depositary Share ("ADS").
-- For the third quarter of 2025, H World expects the Company's revenue
growth to be in the range of 2%-6% compared to the third quarter of 2024
or in the range of 4%-8% excluding DH. H World expects the Company's
manachised and franchised revenue growth in the third quarter of 2025 to
be in the range of 20%-24%, compared to the third quarter of 2024.
SINGAPORE and SHANGHAI, China, Aug. 20, 2025 (GLOBE NEWSWIRE) -- H World Group Limited (NASDAQ: HTHT and HKEX: 1179) ("H World", the "Company", "we" or "our"), a key player in the global hotel industry, today announced its unaudited financial results for the second quarter and the first half ended June 30, 2025.
As of June 30, 2025, H World's worldwide hotel network in operation totaled 12,137 hotels and 1,184,915 rooms, including 12,016 hotels from Legacy-Huazhu and 121 hotels from Legacy-DH. During the second quarter of 2025, our Legacy-Huazhu business opened 595 hotels, including 1 leased and owned hotel, and 594 manachised and franchised hotels, and closed a total of 143 hotels, including 6 leased and owned hotels, and 137 manachised and franchised hotels. As of June 30, 2025, H World had a total of 2,947 unopened hotels in our pipeline, including 2,925 hotels from the Legacy-Huazhu business and 22 hotels from the Legacy-DH business.
Legacy-Huazhu -- Second Quarter of 2025 Operational Highlights
As of June 30, 2025, Legacy-Huazhu had 12,016 hotels in operation, including 547 leased and owned hotels, and 11,469 manachised and franchised hotels. In addition, as of the same date, Legacy-Huazhu had 1,159,086 hotel rooms in operation, including 80,587 rooms under the lease and ownership model, and 1,078,499 rooms under the manachise and franchise models. Legacy-Huazhu also had 2,925 unopened hotels in its pipeline, including 8 leased and owned hotels, and 2,917 manachised and franchised hotels. The following discusses average daily room rate ("ADR"), occupancy rate and revenue per available room ("RevPAR") for Legacy-Huazhu's leased and owned hotels as well as manachised and franchised hotels for the periods indicated.
-- The ADR for Legacy-Huazhu was RMB290 in the second quarter of 2025,
compared with RMB296 in the second quarter of 2024 and RMB272 in the
previous quarter.
-- The occupancy rate for all of the Legacy-Huazhu hotels in operation was
81.0% in the second quarter of 2025, compared with 82.6% in the second
quarter of 2024 and 76.2% in the previous quarter.
-- Blended RevPAR for Legacy-Huazhu was RMB235 in the second quarter of
2025, compared with RMB244 in the second quarter of 2024 and RMB208 in
the previous quarter.
-- For all of the Legacy-Huazhu hotels which had been in operation for at
least 18 months, the same-hotel RevPAR was RMB233 in the second quarter
of 2025, representing a 7.9% decrease from RMB253 in the second quarter
of 2024, with a 4.6% decrease in same-hotel ADR and a 2.9
percentage-point decrease in same-hotel occupancy rate.
Legacy-DH -- Second Quarter of 2025 Operational Highlights
As of June 30, 2025, Legacy-DH had 121 hotels in operation, including 65 leased hotels, and 56 manachised and franchised hotels. In addition, as of the same date, Legacy-DH had 25,829 hotel rooms in operation, including 13,797 rooms under the lease model, and 12,032 rooms under the manachise and franchise models. Legacy-DH also had 22 unopened hotels in the pipeline, including 9 leased hotels and 13 manachised and franchised hotels. The following discusses ADR, occupancy rate and RevPAR for Legacy-DH's leased as well as manachised and franchised hotels (excluding hotels temporarily closed) for the periods indicated.
-- The ADR for Legacy-DH was EUR120 in the second quarter of 2025, compared
with EUR120 in the second quarter of 2024 and EUR107 in the previous
quarter.
-- The occupancy rate for all Legacy-DH hotels in operation was 73.9% in the
second quarter of 2025, compared with 68.3% in the second quarter of 2024
and 61.1% in the previous quarter.
-- Blended RevPAR for Legacy-DH was EUR88 in the second quarter of 2025,
compared with EUR82 in the second quarter of 2024 and EUR65 in the
previous quarter.
Jin Hui, CEO of H World, commented: "Supported by our asset-light strategy, we delivered robust operating profit growth in the second quarter driven by network expansion, despite a modest year-over-year RevPAR decline. On the development front, we opened another 595 hotels in the quarter, well on track of achieving our 2,300 gross opening target for the full year of 2025. We remain cautious on the near-term industry outlook given the macro uncertainties, rising supply, and relatively soft corporate travel demand. Nevertheless, we are positive on the long-term growth for China's travel and hospitality industry. We will continue focusing on building our own core competencies, expanding our high-quality network, upgrading our supply chain, enhancing our brand positioning and 'service excellence', and strengthening our sales capabilities."
"Regarding our business outside China, our Legacy-DH segment achieved an 8.1% year-over-year blended RevPAR increase in the second quarter of 2025, driven primarily by a 5.6 percentage-point increase in occupancy rate. We will continue to enhance our hotel operations, focus on cost reduction and efficiency improvement, and continue developing our asset-light portfolio."
Second Quarter and Interim of 2025 Unaudited Financial Results
(RMB in millions) Q2 2024 Q1 2025 Q2 2025 H1 2024 H1 2025
-------------------------
Revenue:
Leased and owned hotels 3,681 2,789 3,401 6,780 6,190
Manachised and franchised
hotels 2,334 2,499 2,865 4,397 5,364
Others 133 107 160 249 267
Total revenue 6,148 5,395 6,426 11,426 11,821
------- ------- ------- ------- -------
Revenue in the second quarter of 2025 was RMB6.4 billion (US$897 million), representing a 4.5% year-over-year increase. Revenue from the Legacy-Huazhu segment in the second quarter of 2025 was RMB5.1 billion, representing a 5.7% year-over-year increase. The 5.7% year-over-year increase was mainly driven by continued manachised and franchised hotel network expansion. Revenue from the Legacy-DH segment in the second quarter of 2025 was RMB1.3 billion, which was largely flattish year-over-year.
Revenue in the first half of 2025 was RMB11.8 billion (US$1.7 billion), representing an increase of 3.5% from the first half of 2024. Revenue from Legacy-Huazhu in the first half of 2025 was RMB9.6 billion, representing a 5.6% year-over-year increase. Revenue from Legacy-DH in the first half of 2025 was RMB2.2 billion, which was a 4.9% year-over-year decrease due to the decrease in the number of leased hotels.
Revenue from leased and owned hotels in the second quarter of 2025 was RMB3.4 billion (US$475 million), representing a 7.6% year-over-year decrease. Revenue from leased and owned hotels from the Legacy-Huazhu segment in the second quarter of 2025 was RMB2.1 billion, representing an 11.1% year-over-year decrease, as we continue reducing exposure to leased and owned hotels. Revenue from leased and owned hotels from the Legacy-DH segment in the second quarter of 2025 was RMB1.3 billion, representing a 1.2% year-over-year decrease.
In the first half of 2025, revenue from our leased and owned hotels was RMB6.2 billion (US$864 million), representing an 8.7% year-over-year decline. Revenue from our Legacy-Huazhu's leased and owned hotels in the first half of 2025 was RMB4.0 billion, representing a 10.3% year-over-year decrease. Revenue from our Legacy-DH's leased hotels in the first half of 2025 was RMB2.2 billion, representing a 5.5% year-over-year decrease.
Revenue from manachised and franchised hotels in the second quarter of 2025 was RMB2.8 billion (US$400 million), representing a 22.8% year-over-year increase and a 14.6% quarter-over-quarter increase. Revenue from our Legacy-Huazhu segment from manachised and franchised hotels in the second quarter of 2025 was RMB2.8 billion, representing a 22.7% year-over-year increase, driven by strong hotel network expansion. Revenue from manachised and franchised hotels from the Legacy-DH segment in the second quarter of 2025 was RMB41 million, representing a 28.1% year-over-year increase.
In the first half of 2025, revenue from manachised and franchised hotels was RMB5.4 billion (US$749 million), representing a 22.0% year-over-year increase. These hotels accounted for 45.4% of revenue in the first half of 2025, compared to 38.5% of revenue in the first half of 2024. Revenue from our Legacy-Huazhu's manachised and franchised hotels in the first half of 2025 was RMB5.3 billion, representing a 21.9% year-over-year increase. Revenue from our Legacy-DH's manachised and franchised hotels in the first half of 2025 was RMB72 million, representing a 30.9% year-over-year increase.
Other revenue represents revenue generated from businesses other than our hotel operations, which mainly includes revenue from the provision of IT products and services, procurement platform and Huazhu Mall$(TM)$, and other revenue from the Legacy-DH segment, totaling RMB160 million (US$22 million) in the second quarter of 2025, compared to RMB133 million in the second quarter of 2024.
In the first half of 2025, other revenue was RMB267 million (US$37 million), compared to RMB249 million in the first half of 2024.
Q2 Q1 Q2 H1 H1
(RMB in millions) 2024 2025 2025 2024 2025
-------------------
Operating costs and
expenses:
Hotel operating
costs (3,731) (3,604) (3,752) (7,296) (7,356)
Other operating
costs (6) (11) (11) (15) (22)
Selling and
marketing
expenses (317) (243) (309) (577) (552)
General and
administrative
expenses (602) (512) (660) (1,111) (1,172)
Pre-opening
expenses (19) (3) (12) (27) (15)
-------- -------- -------- -------- --------
Total operating
costs and
expenses (4,675) (4,373) (4,744) (9,026) (9,117)
Hotel operating costs in the second quarter of 2025 were RMB3.8 billion (US$523 million), reflecting a slight 0.6% year-over-year increase. As we continue to pursue an asset-light strategy, our hotel operating costs as a percentage of revenue have decreased by 2.3 percentage points year-over-year.
In the first half of 2025, hotel operating costs were RMB7.4 billion (US$1.0 billion), which were largely flat compared to RMB7.3 billion in the first half of 2024.
Selling, General and administrative expenses (SG&A) in the second quarter of 2025 were RMB969 million (US$135 million), reflecting a 5.4% year-over-year increase due mainly to an increase in SBC. SG&A excluding SBC decreased 1.0% year-over-year.
In the first half of 2025, SG&A expenses were RMB1.7 billion (US$241 million), compared to RMB1.7 billion in the first half of 2024.
Other operating income, net in the second quarter of 2025 was RMB105 million (US$15 million), compared to RMB99 million in the second quarter of 2024.
Other operating income, net in the first half of 2025 was RMB165 million (US$23 million), compared to RMB175 million in the first half of 2024.
Income from operations in the second quarter of 2025 was RMB1.8 billion (US$250 million), reflecting a 13.7% year-over-year increase, and driven by an 11.7% year-over-year increase in Legacy-Huazhu and a 52.7% year-over-year increase in Legacy-DH.
Income from operations in the first half of 2025 was RMB2.9 billion (US$400 million), compared to income from operations of RMB2.6 billion in the first half of 2024.
Operating margin, defined as income from operations as a percentage of revenue, was 27.8% in the second quarter of 2025, which has improved from 25.6% in the second quarter of 2024. The margin improvement was mainly due to a higher revenue contribution from our manachised and franchised business, which was in line with our asset-light expansion strategy.
Operating margin in the first half of 2025 was 24.3%, compared with 22.5% in the first half of 2024.
Income tax expense in the second quarter of 2025 was RMB565 million (US$79 million), compared to RMB423 million in the second quarter of 2024. The year-over-year increase in income tax expense was due to both rising income and a higher withholding tax related to dividend distributions.
In the first half of 2025, income tax expense was RMB942 million (US$131 million), compared to RMB702 million in the first half of 2024.
Net income attributable to H World Group Limited in the second quarter of 2025 was RMB1.5 billion (US$215 million), reflecting a 44.7% year-over-year increase, supported by a 40.9% year-over-year increase in Legacy-Huazhu.
Net income attributable to H World Group Limited in the first half of 2025 was RMB2.4 billion (US$340 million), compared with RMB1.7 billion in the first half of 2024.
EBITDA (non-GAAP) in the second quarter of 2025 was RMB2.5 billion (US$344 million), compared with RMB1.9 billion in the second quarter of 2024 and RMB1.6 billion in the previous quarter.
EBITDA (non-GAAP) in the first half of 2025 was RMB4.1 billion (US$569 million), compared with RMB3.2 billion in the first half of 2024.
Adjusted EBITDA (non-GAAP), which excluded the following from EBITDA (non-GAAP): SBC expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments, was RMB2.3 billion (US$317 million) in the second quarter of 2025, compared with RMB2.0 billion in the second quarter of 2024 and RMB1.5 billion in the previous quarter. Adjusted EBITDA is our segment measure. Adjusted EBITDA from the Legacy-Huazhu segment was RMB2.1 billion in the second quarter of 2025, compared with RMB1.9 billion in the second quarter of 2024 and RMB1.6 billion in the previous quarter. Adjusted EBITDA from the Legacy-DH segment was RMB180 million in the second quarter of 2025, compared with RMB133 million in the second quarter of 2024 and a loss of RMB77 million in the previous quarter.
Adjusted EBITDA (non-GAAP) in the first half of 2025 was RMB3.8 billion (US$525 million), compared with RMB3.5 billion in the first half of 2024. Adjusted EBITDA from Legacy-Huazhu was RMB3.7 billion in the first half of 2025, compared with RMB3.4 billion in the first half of 2024. Adjusted EBITDA from Legacy-DH was RMB103 million in the first half of 2025, compared with RMB67 million in the first half of 2024.
Cash flow. Operating cash inflow in the second quarter of 2025 was RMB2.7 billion (US$371 million). Investing cash inflow in the second quarter of 2025 was RMB239 million (US$34 million). Financing cash outflow in the second quarter of 2025 was RMB709 million (US$100 million).
Operating cash inflow in the first half of 2025 was RMB3.2 billion (US$452 million), compared to RMB3.1 billion in the first half of 2024. Investing cash inflow in the first half of 2025 was RMB996 million (US$139 million), compared to RMB694 million in the first half of 2024. Financing cash outflow in the first half of 2025 was RMB1.3 billion (US$187 million), compared to RMB3.4 billion in the first half of 2024.
Cash, cash equivalents and restricted cash. As of June 30, 2025, the Company had a total balance of cash and cash equivalents of RMB10.1 billion (US$1.4 billion) and restricted cash of RMB370 million (US$52 million).
Debt financing. As of June 30, 2025, the Company had a total debt and net cash balance of RMB7.4 billion (US$1.0 billion) and RMB3.1 billion (US$434 million), respectively.
Cash Dividend
The Board has approved the declaration and payment of an ordinary cash dividend (the "Cash Dividend") for the first half of 2025 in the aggregate amount of approximately US$250 million, of US$0.081 per ordinary share, or US$0.81 per ADS. Holders of the Company's ordinary shares or ADSs as of the close of business on September 9, 2025 will be entitled to receive the Cash Dividend. Dividends to holders of the Company's ordinary shares are expected to be distributed on or about September 19, 2025. Citibank, N.A. ("Citi"), depositary bank for the Company's ADS program, expects to pay out dividends to ADS holders on or about September 26, 2025. Dividends to be paid to the Company's ADS holders through Citi will be subject to the terms of the deposit agreement by and among the Company and Citi, and the holders and beneficial owners of ADSs issued thereunder, including the fees and expenses payable thereunder.
Guidance
For the third quarter of 2025, H World expects the Company's revenue growth to be in the range of 2%-6% compared to the third quarter of 2024, or in the range of 4%-8% excluding DH. H World expects the Company's manachised and franchised revenue growth in the third quarter of 2025 to be in the range of 20%-24%, compared to the third quarter of 2024.
The above forecast reflects the Company's current and preliminary view, which is subject to change.
Conference Call
H World's management will host a conference call at 8 a.m. (U.S. Eastern time) on Wednesday, August 20, 2025 (or 8 p.m. (Hong Kong time) on Wednesday, August 20, 2025) following the announcement.
To join by phone, all participants must pre-register this conference call using the Participant Registration link of https://register-conf.media-server.com/register/BI43be1b1c38d54616b79b4ac227dd1612. Upon registration, each participant will receive details for the conference call, including dial-in numbers, conference call passcode and a unique access PIN.
A live webcast of the call can be accessed at https://edge.media-server.com/mmc/p/vht2kbe3 or the Company's website at https://ir.hworld.com/news-and-events/events-calendar.
A replay of the conference call will be available for twelve months from the date of the conference at the Company's website, https://ir.hworld.com/news-and-events/events-calendar.
Use of Non-GAAP Financial Measures
To supplement the Company's unaudited consolidated financial results presented in accordance with U.S. Generally-Accepted Accounting Principles ("GAAP"), the Company uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission ("SEC"): adjusted net income (loss) attributable to H World Group Limited excluding share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments; adjusted basic and diluted earnings (losses) per share/ADS excluding share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments; EBITDA; adjusted EBITDA excluding share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliation of GAAP and non-GAAP Results" set forth at the end of this release. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding Company performance by excluding share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments that may not be indicative of Company operating performance. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing Company performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to the Company's historical performance. The Company believes these non-GAAP financial measures are also useful to investors in allowing for greater transparency with respect to supplemental information used regularly by Company management in financial and operational decision-making. A limitation of using non-GAAP financial measures excluding share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments is that share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments have been and may continue to be significant and recurring in the Company's business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.
The Company believes that EBITDA is a useful financial metric to assess the operating and financial performance before the impact of investing and financing transactions and income taxes, given the significant investments that the Company has made in leasehold improvements, depreciation and amortization expense that comprise a significant portion of the Company's cost structure. In addition, the Company believes that EBITDA is widely used by other companies in the lodging industry and may be used by investors as a measure of financial performance. The Company believes that EBITDA information provides investors with a useful tool for comparability between periods because it excludes depreciation and amortization expense attributable to capital expenditures. The Company also uses adjusted EBITDA to assess operating results of its hotels in operation. The Company believes that the exclusion of share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments helps facilitate year-over-year comparisons of the results of operations as the share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments may not be indicative of Company operating performance.
Therefore, the Company believes adjusted EBITDA more closely reflects the financial performance capability of our hotels. The presentation of EBITDA and adjusted EBITDA should not be construed as an indication that the Company's future results will be unaffected by other charges and gains considered to be outside the ordinary course of business.
The use of EBITDA and adjusted EBITDA has certain limitations. Depreciation and amortization expense for various long-term assets (including land use rights), income tax, interest expense and interest income have been and will be incurred and are not reflected in the presentation of EBITDA. Share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments have been and will be incurred and are not reflected in the presentation of adjusted EBITDA. Each of these items should also be considered in the overall evaluation of the results. The Company compensates for these limitations by providing the relevant disclosure of depreciation and amortization, interest income, interest expense, income tax expense, share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments all in the reconciliations to the U.S. GAAP financial measures and in the consolidated financial statements, all of which should be considered when evaluating the performance of the Company.
The terms EBITDA and adjusted EBITDA are not defined under U.S. GAAP, and neither EBITDA nor adjusted EBITDA is a measure of net income, operating income, operating performance or liquidity presented in accordance with U.S. GAAP. When assessing the operating and financial performance, investors should not consider these data in isolation or as a substitute for the Company's net income, operating income or any other operating performance measure that is calculated in accordance with U.S. GAAP. In addition, the Company's EBITDA or adjusted EBITDA may not be comparable to EBITDA or adjusted EBITDA or similarly titled measures utilized by other companies since such other companies may not calculate EBITDA or adjusted EBITDA in the same manner as the Company does.
Reconciliations of the Company's non-GAAP financial measures, including EBITDA and adjusted EBITDA, to the consolidated statement of operations information are included at the end of this press release.
About H World Group Limited
Originated in China, H World Group Limited is a key player in the global hotel industry. As of June 30, 2025, H World operated 12,137 hotels with 1,184,915 hotel rooms in operation in 19 countries. H World's brands include HanTing Hotel, JI Hotel, Orange Hotel, Crystal Orange Hotel, IntercityHotel, Hi Inn, Ni Hao Hotel, Elan Hotel, Zleep Hotels, Starway Hotel, CitiGO, Manxin Hotel, Madison Hotel, MAXX, Blossom House, Joya Hotel, Steigenberger Hotels & Resorts, Jaz in the City, Steigenberger Icon and Song Hotels. In addition, H World also has the rights as master franchisee for Mercure, Ibis and Ibis Styles, and co-development rights for Grand Mercure and Novotel, in the pan-China region.
H World's business includes leased and owned, manachised and franchised models. Under the lease and ownership model, H World directly operates hotels typically located on leased or owned properties. Under the manachise model, H World manages manachised hotels through the on-site hotel managers that H World appoints, and H World collects fees from franchisees. Under the franchise model, H World provides training, reservations and support services to the franchised hotels, and collects fees from franchisees but does not appoint on-site hotel managers. H World applies a consistent standard and platform across all of its hotels. As of June 30, 2025, H World operates 8 percent of its hotel rooms under the lease and ownership model, and 92 percent under the manachise and franchise model.
For more information, please visit H World's website: https://ir.hworld.com.
Safe Harbor Statement Under the U.S. Private Securities Litigation Reform Act of 1995: The information in this release contains forward-looking statements which involve risks and uncertainties. Such factors and risks include our anticipated growth strategies; our future results of operations and financial condition; economic conditions; the regulatory environment; our ability to attract and retain customers and leverage our brands; trends and competition in the lodging industry; the expected growth of demand for lodging; and other factors and risks detailed in our filings with the U.S. Securities and Exchange Commission. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements, which may be identified by terminology such as "may," "should," "will," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," "forecast," "project" or "continue," the negative of such terms or other comparable terminology. Readers should not rely on forward-looking statements as predictions of future events or results.
H World undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.
--Financial Tables and Operational Data Follow--
H World Group Limited
Unaudited Condensed Consolidated Balance Sheets
December 31, 2024 June 30, 2025
--------------------- -----------------
RMB RMB US$4
(in millions)
ASSETS
Current assets:
Cash and cash
equivalents 7,474 10,145 1,416
Restricted cash 50 370 52
Short-term investments 3,603 2,305 322
Accounts receivable, net 817 846 118
Loan receivables -
current, net 114 103 14
Amounts due from related
parties, current 297 255 36
Inventories 60 62 9
Other current assets,
net 800 1,582 220
----------------- ------ -----
Total current assets 13,215 15,668 2,187
Property and equipment, net 5,682 5,524 771
Intangible assets, net 4,776 5,113 714
Operating lease right-of-use
assets 24,992 25,073 3,500
Finance lease right-of-use
assets 2,272 2,490 348
Land use rights, net 174 171 24
Long-term investments 2,316 2,301 321
Goodwill 5,221 5,476 764
Amounts due from related
parties, non-current 51 51 7
Loan receivables, net 190 145 20
Other assets, net 668 716 100
Deferred tax assets 1,054 1,068 149
Assets held for sale 1,941 983 137
----------------- ------ -----
Total assets 62,552 64,779 9,042
================= ====== =====
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt 880 6,633 926
Accounts payable 983 841 117
Amounts due to related
parties 74 86 12
Salary and welfare
payables 1,201 1,002 140
Deferred revenue 1,822 1,885 263
Operating lease
liabilities, current 3,492 3,375 471
Finance lease
liabilities, current 50 58 8
Accrued expenses and
other current
liabilities 4,006 4,627 646
Dividends payable 0 0 0
Income tax payable 813 874 122
----------------- ------ -----
Total current liabilities 13,321 19,381 2,705
Long-term debt 4,546 777 108
Operating lease liabilities,
non-current 23,634 23,775 3,319
Finance lease liabilities,
non-current 2,843 3,151 440
Deferred revenue 1,351 1,485 207
Other long-term liabilities 1,472 1,750 245
Deferred tax liabilities 919 961 134
Retirement benefit
obligations 111 122 17
Liabilities held for sale 2,084 1,084 151
----------------- ------ -----
Total liabilities 50,281 52,486 7,326
----------------- ------ -----
Equity:
Ordinary shares 0 0 0
Treasury shares (274) (630) (88)
Additional paid-in
capital 9,620 9,770 1,364
Retained earnings 2,449 2,751 384
Accumulated other
comprehensive income 382 262 36
----------------- ------ -----
Total H World Group Limited
shareholders' equity 12,177 12,153 1,696
Noncontrolling interest 94 140 20
----------------- ------ -----
Total equity 12,271 12,293 1,716
----------------- ------ -----
Total liabilities and equity 62,552 64,779 9,042
================= ====== =====
H World Group Limited
Unaudited Condensed Consolidated Statements of Comprehensive
Income
Quarter Ended Six Months Ended
-------------------------------------------------------------- ------------------------------------------------
June 30, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
-------------- -------------- ------------------------------ -------------- --------------------------------
RMB RMB RMB US$ RMB RMB US$
(in millions, except shares, per share and per ADS
data)
Revenue:
Leased and owned
hotels 3,681 2,789 3,401 475 6,780 6,190 864
Manachised and
franchised
hotels 2,334 2,499 2,865 400 4,397 5,364 749
Others 133 107 160 22 249 267 37
------------- ------------- ------------- ------------- ------------- ------------- -------------
Total revenue 6,148 5,395 6,426 897 11,426 11,821 1,650
------------- ------------- ------------- ------------- ------------- ------------- -------------
Operating costs and
expenses:
Hotel operating
costs:
Rents (1,091) (1,027) (1,047) (146) (2,177) (2,074) (290)
Utilities (149) (177) (142) (20) (341) (319) (45)
Personnel
costs (1,337) (1,371) (1,435) (200) (2,562) (2,806) (392)
Depreciation
and
amortization (315) (301) (296) (41) (634) (597) (83)
Consumables,
food and
beverage (327) (269) (301) (42) (620) (570) (80)
Others (512) (459) (531) (74) (962) (990) (137)
------------- ------------- ------------- ------------- ------------- ------------- -------------
Total hotel
operating
costs (3,731) (3,604) (3,752) (523) (7,296) (7,356) (1,027)
Other operating
costs (6) (11) (11) (2) (15) (22) (3)
Selling and
marketing
expenses (317) (243) (309) (43) (577) (552) (77)
General and
administrative
expenses (602) (512) (660) (92) (1,111) (1,172) (164)
Pre-opening
expenses (19) (3) (12) (2) (27) (15) (2)
Total operating
costs and
expenses (4,675) (4,373) (4,744) (662) (9,026) (9,117) (1,273)
------------- ------------- ------------- ------------- ------------- ------------- -------------
Other operating
income
(expense), net 99 60 105 15 175 165 23
------------- ------------- ------------- ------------- ------------- ------------- -------------
Income (loss) from
operations 1,572 1,082 1,787 250 2,575 2,869 400
Interest income 56 49 52 7 107 101 14
Interest expense (84) (74) (91) (13) (167) (165) (23)
Other income
(expense), net 24 22 15 2 64 37 5
Gains (losses) from
fair value changes
of equity
securities (51) (12) (1) (0) (13) (13) (2)
Foreign exchange
gains (losses) (24) 208 366 51 (116) 574 80
------------- ------------- ------------- ------------- ------------- ------------- -------------
Income (loss)
before income
taxes 1,493 1,275 2,128 297 2,450 3,403 474
Income tax
(expense) benefit (423) (377) (565) (79) (702) (942) (131)
Income (Loss) from
equity method
investments 12 1 (4) (1) 1 (3) (0)
------------- ------------- ------------- ------------- ------------- ------------- -------------
Net income (loss) 1,082 899 1,559 217 1,749 2,458 343
Net (income) loss
attributable to
noncontrolling
interest (15) (5) (15) (2) (23) (20) (3)
------------- ------------- ------------- ------------- ------------- ------------- -------------
Net income (loss)
attributable to H
World Group
Limited 1,067 894 1,544 215 1,726 2,438 340
============= ============= ============= ============= ============= ============= =============
Gain (loss) arising
from defined
benefit plan, net
of tax - - (0) (0) - (0) (0)
Gains(losses) from
fair value changes
of debt
securities, net of
tax (25) - 4 1 (25) 4 1
Foreign currency
translation
adjustments, net
of tax 1 (58) (66) (9) (30) (124) (17)
------------- ------------- ------------- ------------- ------------- ------------- -------------
Comprehensive
income (loss) 1,058 841 1,497 209 1,694 2,338 327
Comprehensive
(income) loss
attributable to
noncontrolling
interest (15) (5) (15) (2) (23) (20) (3)
------------- ------------- ------------- ------------- ------------- ------------- -------------
Comprehensive
income (loss)
attributable to H
World Group
Limited 1,043 836 1,482 207 1,671 2,318 324
============= ============= ============= ============= ============= ============= =============
Earnings (Losses)
per share:
Basic 0.34 0.29 0.50 0.07 0.55 0.79 0.11
Diluted 0.33 0.28 0.48 0.07 0.54 0.77 0.11
Earnings (Losses)
per ADS:
Basic 3.40 2.91 5.03 0.70 5.50 7.94 1.11
Diluted 3.32 2.85 4.85 0.68 5.41 7.69 1.07
Weighted average number of shares used in
computation:
Basic 3,137,722,145 3,066,765,293 3,071,789,285 3,071,789,285 3,138,594,148 3,069,285,390 3,069,285,390
Diluted 3,303,934,814 3,232,049,635 3,241,412,875 3,241,412,875 3,300,316,153 3,238,797,601 3,238,797,601
H World Group Limited
Unaudited Condensed Consolidated Statements of Cash
Flows
Quarter Ended Six Months Ended
------------------------------------ --------------------------
June June
30, March 31, 30,
2024 2025 June 30, 2025 2024 June 30, 2025
------- ---------- --------------- ------- -----------------
RMB RMB RMB US$ RMB RMB US$
(in millions)
Operating
activities:
Net income
(loss) 1,082 899 1,559 217 1,749 2,458 343
Share-based
compensation
expenses 112 77 170 24 170 247 34
Depreciation
and
amortization
, and other 337 319 317 44 682 636 89
Impairment
loss 36 5 33 5 36 38 5
Loss (Income)
from equity
method
investments,
net of
dividends 30 (1) 58 8 41 57 8
Investment
(income)
loss and
foreign
exchange
(gain) loss 41 (228) (435) (61) 70 (663) (93)
Changes in
operating
assets and
liabilities 750 (288) 924 130 520 636 89
Other (153) (203) 33 4 (147) (170) (23)
Net cash provided
by (used in)
operating
activities 2,235 580 2,659 371 3,121 3,239 452
------ ------ ------ ----- ------ ------ -----
Investing
activities:
Capital
expenditures (203) (240) (189) (26) (484) (429) (60)
Purchase of
investments (632) (2,065) (713) (100) (886) (2,778) (388)
Proceeds from
maturity/sale and
return of
investments 1,139 3,031 1,099 154 1,981 4,130 576
Loan advances (12) (10) (14) (2) (64) (24) (3)
Loan
collections 53 40 42 6 91 82 12
Other 1 1 14 2 56 15 2
Net cash provided
by (used in)
investing
activities 346 757 239 34 694 996 139
------
Financing
activities:
Payment of
share
repurchase (132) (430) (13) (2) (676) (443) (62)
Proceeds from
debt 53 - 2,195 306 589 2,195 306
Repayment of
debt (292) (166) (757) (106) (429) (923) (129)
Dividend paid - - (2,136) (298) (2,091) (2,136) (298)
Purchase of
prepaid put
option (710) - - - (710) - -
Other (24) (32) 2 0 (46) (30) (4)
Net cash provided
by (used in)
financing
activities (1,105) (628) (709) (100) (3,363) (1,337) (187)
------ ------ ------ ----- ------ ------ -----
Effect of exchange
rate changes on
cash, cash
equivalents and
restricted cash 10 70 20 4 (7) 90 14
------ ------ ------ ----- ------ ------ -----
Net increase
(decrease) in
cash, cash
equivalents and
restricted cash 1,486 779 2,209 309 445 2,988 418
Less: net increase
(decrease) in cash
and cash
equivalents
classified within
assets held for
sale (15) (2) (1) (0) (10) (3) (0)
Cash, cash
equivalents and
restricted cash at
the beginning of
the period 6,664 7,524 8,305 1,159 7,710 7,524 1,050
------ ------ ------ ----- ------ ------ -----
Cash, cash
equivalents and
restricted cash at
the end of the
period 8,165 8,305 10,515 1,468 8,165 10,515 1,468
====== ====== ====== ===== ====== ====== =====
H World Group Limited
Unaudited Reconciliation of GAAP and Non-GAAP Results
Quarter Ended Six Months Ended
-------------------------------------------------------------------------- ---------------------------------------------------------
June 30, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
----------------- ----------------- ------------------------------------ ----------------- --------------------------------------
RMB RMB RMB US$ RMB RMB US$
(in millions, except shares, per share and per ADS
data)
Net income
(loss)
attributable
to H World
Group
Limited
(GAAP) 1,067 894 1,544 215 1,726 2,438 340
Share-based
compensation
expenses 112 77 170 24 170 247 34
(Gain) loss
from fair
value
changes of
equity
securities 51 12 1 0 13 13 2
Foreign
exchange
(gain) loss,
net 24 (208) (366) (51) 116 (574) (80)
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
Adjusted net
income
(loss)
attributable
to H World
Group
Limited
(non-GAAP) 1,254 775 1,349 188 2,025 2,124 296
================ ================ ================ ================ ================ ================ ================
Adjusted earnings (losses) per share (non-GAAP)
Basic 0.40 0.25 0.44 0.06 0.65 0.69 0.10
Diluted 0.39 0.25 0.42 0.06 0.63 0.67 0.09
Adjusted earnings (losses) per ADS (non-GAAP)
Basic 3.99 2.53 4.39 0.61 6.45 6.92 0.97
Diluted 3.88 2.48 4.24 0.59 6.31 6.72 0.94
Weighted average number of shares used in
computation
Basic 3,137,722,145 3,066,765,293 3,071,789,285 3,071,789,285 3,138,594,148 3,069,285,390 3,069,285,390
Diluted 3,303,934,814 3,232,049,635 3,241,412,875 3,241,412,875 3,300,316,153 3,238,797,601 3,238,797,601
Quarter Ended Six Months Ended
-------------------------------------------------------------------------- ---------------------------------------------------------
June 30, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025
----------------- ----------------- ------------------------------------ ----------------- --------------------------------------
RMB RMB RMB US$ RMB RMB US$
(in millions, except per share and per ADS data)
Net income
(loss)
attributable
to H World
Group
Limited
(GAAP) 1,067 894 1,544 215 1,726 2,438 340
Interest
income (56) (49) (52) (7) (107) (101) (14)
Interest
expense 84 74 91 13 167 165 23
Income tax
expense 423 377 565 79 702 942 131
Depreciation
and
amortization 335 319 317 44 674 636 89
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
EBITDA
(non-GAAP) 1,853 1,615 2,465 344 3,162 4,080 569
Share-based
compensation
expenses 112 77 170 24 170 247 34
(Gain) loss
from fair
value
changes of
equity
securities 51 12 1 0 13 13 2
Foreign
exchange
(gain) loss,
net 24 (208) (366) (51) 116 (574) (80)
Adjusted
EBITDA
(non-GAAP) 2,040 1,496 2,270 317 3,461 3,766 525
================ ================ ================ ================ ================ ================ ================
H World Group Limited
Segment Financial Summary
Quarter Ended June 30, 2024 Quarter Ended March 31, 2025 Quarter Ended June 30, 2025
------------------------------- --------------------------------- -------------------------------
Legacy- Legacy- Legacy- Legacy- Legacy- Legacy-
Huazhu DH Elimination Huazhu DH Elimination Huazhu DH Elimination
------- ------- ------------- ------- --------- ------------- ------- ------- -------------
RMB RMB RMB RMB RMB RMB RMB RMB RMB
(in millions) (in millions) (in millions)
Leased and
owned
hotels 2,395 1,286 - 1,913 876 - 2,130 1,271 -
Manachised
and
franchised
hotels 2,305 32 (3) 2,472 31 (4) 2,829 41 (5)
Others 130 5 (2) 96 11 - 148 12 -
Revenue 4,830 1,323 (5) 4,481 918 (4) 5,107 1,324 (5)
------- ------- ----- ----- ------- ---- --- ----- ----- ------- ------- ----- -----
Depreciation
and
amortization 279 56 (0) 259 60 (0) 255 62 (0)
Adjusted
EBITDA 1,907 133 (0) 1,573 (77) 0 2,090 180 0
From 1Q25, we started to present the segment financial
summary before elimination. Accordingly, comparative
figures for the prior periods were updated to conform
to the current period's presentation.
H World Group Limited
Segment Financial Summary
Six Months Ended June 30, 2024 Six Months Ended June 30, 2025
------------------------------- -------------------------------
Legacy- Legacy- Legacy- Legacy-
Huazhu DH Elimination Huazhu DH Elimination
------- ------- ------------- ------- ------- -------------
RMB RMB RMB RMB RMB RMB
(in millions) (in millions)
Leased and
owned
hotels 4,507 2,273 - 4,043 2,147 -
Manachised
and
franchised
hotels 4,347 55 (5) 5,301 72 (9)
Others 222 30 (3) 244 23 -
------- ------- ----- ----- ------- ------- ----- ------
Revenue 9,076 2,358 (8) 9,588 2,242 (9)
------- ------- ----- -----
Depreciation
and
amortization 559 115 (0) 514 122 -
Adjusted
EBITDA 3,394 67 (0) 3,663 103 0
From 1Q25, we started to present the segment financial
summary before elimination. Accordingly, comparative
figures for the prior periods were updated to conform
to the current period's presentation.
Operating Results: Legacy-Huazhu(1)
Number of
Number of hotels rooms
As of
Opened in Closed (2) Net added As of June June 30,
Q2 2025 in Q2 2025 in Q2 2025 30, 2025 2025
---------- ------------- ------------- ---------- ---------
Leased and
owned
hotels 1 (6) (5) 547 80,587
Manachised
and
franchised
hotels 594 (137) 457 11,469 1,078,499
Total 595 (143) 452 12,016 1,159,086
=========== ========== ========= ========= ========== =========
(1) Legacy-Huazhu refers to H World and its subsidiaries,
excluding DH.
(2) The reasons for hotel closures mainly included
non-compliance with our brand standards, operating
losses, and property-related issues. In Q2 2025, we
temporarily closed 13 hotels for brand upgrade and
business model change purposes.
As of June 30, 2025
Number of hotels Unopened hotels in pipeline
----------------
Economy hotels 5,842 1,110
Leased and owned hotels 270 2
Manachised and franchised
hotels 5,572 1,108
Midscale, upper-midscale hotels
and others 6,174 1,815
Leased and owned hotels 277 6
Manachised and franchised
hotels 5,897 1,809
Total 12,016 2,925
=============================== ================ ===========================
For the quarter ended
June 30, March 31, June 30, yoy
2024 2025 2025 change
---------------------------- ------- ------ --- ------ ----------
Average daily room rate (in RMB)
Leased and owned hotels 375 338 365 -2.7%
Manachised and
franchised hotels 288 267 285 -1.2%
Blended 296 272 290 -1.9%
---------------------------- ------- ------ --- ------ ------
Occupancy rate (as a
percentage)
Leased and owned hotels 85.6% 79.7% 83.3% -2.3p.p.
Manachised and
franchised hotels 82.3% 75.9% 80.8% -1.4p.p.
Blended 82.6% 76.2% 81.0% -1.6p.p.
---------------------------- ------- ------ ------ ----------
RevPAR (in RMB)
Leased and owned hotels 321 269 304 -5.3%
Manachised and
franchised hotels 237 203 230 -2.9%
Blended 244 208 235 -3.8%
============================ ======= ====== === ====== ======
Same-hotel operational data by class
Mature hotels in operation for more than 18 months
Number of
hotels Same-hotel RevPAR Same-hotel ADR Same-hotel Occupancy
------------- ------------------------ -------------------- --------------------------
As of For the For the
June 30, quarter yoy quarter yoy For the quarter yoy
ended ended ended
June 30, change June 30, change June 30, change
2024 2025 2024 2025 2024 2025 2024 2025 (p.p.)
--------------- ----- ------ -------- ---- -------- ---- ---- -------- ---- ---- ------
Economy hotels 3,958 3,958 194 178 -8.2% 227 216 -4.8% 85.3% 82.2% -3.1
Leased and
owned
hotels 258 258 238 215 -9.8% 270 253 -6.4% 88.1% 84.9% -3.2
Manachised
and
franchised
hotels 3,700 3,700 189 174 -8.0% 222 212 -4.6% 85.0% 82.0% -3.0
---- ---- ---- ---- ------
Midscale,
upper-midscale
hotels and
others 3,832 3,832 299 275 -7.8% 359 343 -4.5% 83.1% 80.3% -2.8
Leased and
owned
hotels 251 251 391 362 -7.5% 460 440 -4.4% 85.0% 82.3% -2.7
Manachised
and
franchised
hotels 3,581 3,581 289 266 -7.9% 348 332 -4.6% 82.9% 80.0% -2.8
---- ---- ------
Total 7,790 7,790 253 233 -7.9% 300 287 -4.6% 84.1% 81.1% -2.9
=============== ===== ====== ======== ==== ==== ==== ==== ==== ==== ==== ======
Operating Results: Legacy-DH((3) ()
Unopened
Number hotels
of in
Number of hotels rooms pipeline
As of
June As of
Opened Net 30, June As of
in Q2 Closed added in 2025 30, June 30,
2025 in Q2 2025 Q2 2025 (4) 2025 2025
-------- ------------- -------- ------- ------- --------
Leased
hotels 1 (1) - 65 13,797 9
Manachised
and
franchised
hotels 1 (1) - 56 12,032 13
Total 2 (2) - 121 25,829 22
=========== ======== ======== ======== ======= ======= ========
(3) Legacy-DH refers to DH.
(4) As of June 30, 2025, a total of 3 hotels were
temporarily closed due to repair and renovation.
For the quarter ended
June 30, March 31, June 30, yoy
2024 2025 2025 change
--------------------------- ------- ------ --- ------ -----------
Average daily room rate (in
EUR)
Leased hotels 124 104 118 -5.2%
Manachised and
franchised hotels 112 110 122 8.7%
Blended 120 107 120 -0.1%
--------------------------- ------- ------ --- ------ ------
Occupancy rate (as a
percentage)
Leased hotels 71.2% 61.9% 76.3% +5.1 p.p.
Manachised and
franchised hotels 63.8% 60.2% 71.0% +7.1 p.p.
Blended 68.3% 61.1% 73.9% +5.6 p.p.
--------------------------- ------- ------ ------ -----------
RevPAR (in EUR)
Leased hotels 88 64 90 1.5%
Manachised and
franchised hotels 72 66 86 20.8%
Blended 82 65 88 8.1%
=========================== ======= ====== === ====== ======
Hotel Portfolio by Brand
As of June 30, 2025
Hotels Rooms Unopened hotels
in operation in pipeline
-------------------------------------- -----------------
Economy hotels 5,847 476,378 1,118
HanTing Hotel 4,401 378,569 728
Ni Hao Hotel 477 36,316 114
Hi Inn 641 33,529 260
Elan Hotel 95 5,405 -
Ibis Hotel 228 21,727 8
Zleep Hotels 5 832 8
Midscale hotels 5,055 541,091 1,157
JI Hotel 3,253 369,328 786
Orange Hotel 968 102,854 250
Starway Hotel 729 59,264 114
Ibis Styles Hotel 105 9,645 7
Upper midscale hotels 1,050 139,243 552
Crystal Orange Hotel 284 35,621 124
IntercityHotel(5) 119 20,128 128
CitiGO Hotel 34 5,056 3
Manxin Hotel 184 16,932 60
Madison Hotel 170 19,872 124
Mercure Hotel 211 31,907 76
Novotel Hotel 38 8,119 29
MAXX(6) 10 1,608 8
Upscale hotels 160 23,471 111
Blossom House 85 4,956 94
Joya Hotel 7 1,234 -
Grand Mercure Hotel 10 1,891 -
Steigenberger Hotels & Resorts(7) 55 14,803 16
Jaz in the City 3 587 1
Luxury hotels 18 2,722 4
Steigenberger Icon(8) 11 2,201 2
Song Hotels 7 521 2
Others 7 2,010 5
Other hotels(9) 7 2,010 5
Total 12,137 1,184,915 2,947
====================================== ====== ========= ===============
(5) As of June 30, 2025, 63 operational hotels and 124 pipeline hotels of IntercityHotel were under Legacy-Huazhu.
(6) As of June 30, 2025, 6 operational hotels and 8 pipeline hotels of MAXX were under Legacy-Huazhu.
(7) As of June 30, 2025, 12 operational hotels and 10 pipeline hotels of Steigenberger Hotels & Resorts were under Legacy-Huazhu.
(8) As of June 30, 2025, 5 operational hotels and 1 pipeline hotels of Steigenberger Icon were under Legacy-Huazhu.
(9) Other hotels include other partner hotels and other hotel brands in Yongle Huazhu Hotel & Resort Group (excluding Steigenberger Hotels & Resorts and Blossom House).
___________________________________
1 Hotel turnover refers to total transaction value of room and non-room revenue from H World hotels (i.e., leased and operated, manachised and franchised hotels).
2 The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB7.1636 on June 30, 2025, as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at http://www.federalreserve.gov/releases/h10/hist/dat00_ch.htm.
3 Legacy-Huazhu refers to H World Group Limited and its subsidiaries, excluding DH.
4 The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB7.1636 on June 30, 2025, as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at http://www.federalreserve.gov/releases/h10/hist/dat00_ch.htm.
Contact Information
Investor Relations
Tel: +86 (21) 6195 9561
Email: ir@hworld.com
https://ir.hworld.com
(END) Dow Jones Newswires
August 20, 2025 06:15 ET (10:15 GMT)