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华住H World Group Limited (HTHT) 2025年第四季度及全年财务业绩投资者会议演示材料「NASDAQ」(英文版)(28页).pdf

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1、H WorldH WorldMarch 18,2026March 18,2026(NASDAQ:HTHT and HKEX:1179)(NASDAQ:HTHT and HKEX:1179)H World Group LimitedH World Group LimitedFourth Quarter and Full Year of 2025 Earnings CallFourth Quarter and Full Year of 2025 Earnings CallH World2H World2DisclaimerDisclaimer?This presentation has been

2、prepared by H World Group Limited(the“H World”)solely for informational purposes and should not be construed to be,directly or indirectly,in whole or in part,an offer to buy or sell and/or an invitation and/or a recommendation and/or a solicitation of an offer to buy or sell any security or instrume

3、nt or to participate in any investment or trading strategy,nor shall any part of it form the basis of,or be relied on in connection with,any contract or investment decision in relation to any securities or otherwise.No representations,warranties or undertakings,express or implied,are made by H World

4、 or any of its affiliates,advisers or representatives as to,and no reliance should be placed upon,the accuracy,fairness,completeness or correctness of the information or opinions presented or contained in this presentation.None of H World nor any of its affiliates,advisers,or representatives accept

5、any responsibility whatsoever(in negligence or otherwise)for any loss howsoever arising from any information presented or contained in this presentation or otherwise arising in connection with the presentation.This presentation does not contain all relevant information relating to H World or its sec

6、urities,particularly with respect to the risks and special considerations involved with an investment in the securities of H World.You acknowledge that any assessment of H World that may be made by you will be independent of this document and that you will be solely responsible for your own assessme

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1. **2025年业绩表现**:华住集团(H World)2025年营收253.07亿元(+5.9%),调整后EBITDA 84.73亿元(+24.2%);管理及特许经营(M&F)收入117亿元(+23.1%),毛利75.86亿元(+20.8%)。 2. **网络扩张**:在营酒店房间数达126.4万间(+16.2%),GMV 1081亿元(+16.4%),会员预订间夜数2.45亿(+21.5%)。 3. **品牌与市场策略**:聚焦经济及中端市场,升级汉庭3.5+、季季4.0+、桔子2.0+等高端产品线;下沉至低线城市,在营酒店中低线城市占比52%(2024年54%)。 4. **财务健康**:净现金96亿元,现金余额154亿元,2025年股东回报7.6亿美元(含分红6.5亿+回购1.1亿)。 5. **2026年指引**:总营收目标增长2%-6%,M&F收入增长12%-16%,计划新开2200-2300家酒店。
**华住2026增长点?** **轻资产业务占比多少?** **会员预订量增长多少?**
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