华住集团:加盟业务利润稳健增长;关注同店改善进程

中金公司
Aug 21, 2025

华住2Q25 业绩略高于我们此前预期公司公布2Q25 业绩:收入64.26 亿元、同比+4.5%,其中管理加盟及特许经营收入约28.65 亿元,同比+22.8%,调整EBITDA 为22.70 亿元,同比增长11.27%,调整后净利润13.49 亿元、同比+7.6%,利润略超我们此前预期,主要系酒店经营成本的节省(CRS 占比提升带来营销成本减少、供应链能力提升带来采购成本下降、租金进一步优化等)...

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