Huazhu Group Ltd
F:CL4A
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Huazhu Group Ltd
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Huazhu Group Ltd
Huazhu Group is one of China’s major hotel operators. It runs a portfolio of hotel brands that serve budget, midscale, and upper-midscale travelers, including business guests and leisure travelers. The company earns money mainly by renting out rooms at its own hotels and by collecting franchise and management fees from independently owned hotels that use its brands and operating system. The company’s main customers are people booking short stays in Chinese cities and travel hubs, plus hotel owners who want a recognized brand, reservation network, and operating playbook. Huazhu also sells related services such as membership programs, catering, and other hotel-side services that support room sales and guest spending. Its business depends on keeping hotels full, managing brand quality, and driving bookings through direct channels and travel partners. What makes Huazhu different is that it is not just a hotel owner; it is also a brand manager and franchise platform for hotels. That lets it grow with less capital than a pure property owner, because many hotels are financed and owned by third parties while Huazhu earns recurring fees for using its brands and systems. This mix of owned, leased, and franchised hotels gives it exposure to both hotel operations and the broader hotel-franchising market in China.
Huazhu Group is one of China’s major hotel operators. It runs a portfolio of hotel brands that serve budget, midscale, and upper-midscale travelers, including business guests and leisure travelers. The company earns money mainly by renting out rooms at its own hotels and by collecting franchise and management fees from independently owned hotels that use its brands and operating system.
The company’s main customers are people booking short stays in Chinese cities and travel hubs, plus hotel owners who want a recognized brand, reservation network, and operating playbook. Huazhu also sells related services such as membership programs, catering, and other hotel-side services that support room sales and guest spending. Its business depends on keeping hotels full, managing brand quality, and driving bookings through direct channels and travel partners.
What makes Huazhu different is that it is not just a hotel owner; it is also a brand manager and franchise platform for hotels. That lets it grow with less capital than a pure property owner, because many hotels are financed and owned by third parties while Huazhu earns recurring fees for using its brands and systems. This mix of owned, leased, and franchised hotels gives it exposure to both hotel operations and the broader hotel-franchising market in China.
Revenue: Group revenue was RMB 25.3 billion, up 5.9% YoY and at the high end of guidance.
Profitability: Group Adjusted EBITDA rose to RMB 8.5 billion (up 24.2% YoY) and adjusted net income was RMB 4.9 billion (up 32.9% YoY), driven by asset-light growth and Legacy-DH cost cuts.
DH Turnaround: Legacy‑DH delivered a successful turnaround with adjusted EBITDA of around RMB 500 million and RevPAR +8.2% YoY.
Network growth: Rooms in operation grew 16.2% YoY; hotel GMV rose to RMB 108.1 billion (+16.4% YoY); management guides 2,200–2,300 openings and 600–700 closures in 2026 (about 12% net network growth).
Asset-light strength: Manachised & franchise revenue climbed to RMB 11.7 billion (+23.1% YoY) and contributed ~69% of profit; H World expects this revenue to grow 12%–16% in 2026.
Shareholder returns: Declared USD 400 million H2 dividend; total shareholder return in 2025 ~USD 760 million (includes USD 250 million interim dividend and ~USD 110 million buybacks); >75% of the USD 2 billion 3‑year TSR plan completed.
2026 outlook: Management expects group revenue growth of 2%–6% YoY (5%–9% ex‑DH) and a flat to slightly positive RevPAR for full‑year 2026.
