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H World Group (HTHT) investor relations material

H World Group Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary20 Aug, 2025

Executive summary

  • Operated 12,137 hotels with 1,184,915 rooms as of June 30, 2025, across 19 countries, with 595 hotels opened and a pipeline of 2,947 unopened hotels in Q2 2025.

  • Achieved 18.3% year-over-year increase in rooms in operation and 15.0% growth in hotel GMV, focusing on economy and midscale segments.

  • Membership base grew 17.5% year-over-year to nearly 290 million, with direct bookings through CRS rising to 65.1%.

  • Launched Hanqing 4.0 and surpassed 1,000 Orange Hotels, strengthening the Golden Triangle brand strategy.

  • Declared a US$250 million cash dividend for H1 2025.

Financial highlights

  • Q2 2025 revenue rose 4.5% year-over-year to RMB6.4 billion (US$897 million), near the high end of guidance.

  • Net income attributable to shareholders was RMB1.5 billion (US$215 million), up 44.7% year-over-year.

  • Adjusted EBITDA (non-GAAP) reached RMB2.3 billion (US$317 million), up 11.3% year-over-year.

  • Manachised and franchised revenue grew 22.8% year-over-year to RMB2.9 billion (US$400 million); gross operating profit up 23.2% to RMB1.9 billion.

  • Lease and own revenue and gross operating profit declined 7.6% and 13.4% year-over-year, respectively.

Outlook and guidance

  • Q3 2025 revenue growth expected at 2%–6% year-over-year, or 4%–8% excluding DH.

  • Manachised and franchised revenue growth for Q3 2025 projected at 20%–24% year-over-year.

  • RevPAR for Q3 expected to see a slight year-over-year decline, with full-year RevPAR slightly below previous guidance due to macro uncertainties and increased supply.

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Frequently asked questions

H World Group Limited is a company active in the global hospitality industry. With a focus on a diverse range of market segments including economy, upper midscale, upscale, and midscale hotel offerings, the company operates a significant portfolio encompassing leased and owned hotels, franchised hotels, and manachised hotels primarily within China. Its suite of hotel brands includes Joya Hotel, Manxin Hotels, Starway Hotel, Hi Inn, Crystal Orange Hotel, Orange Hotel, Blossom House, Madison Hotel brands, and Ni Hao Hotel. Furthermore, H World Group holds the position of master franchisee for the Ibis, Mercure, and Ibis Styles brands in the Pan-China region, alongside co-development rights for Novotel and Grand Mercure, underlining its expansive operational footprint. The company is headquartered in Shanghai, China, and its shares are listed on the Nasdaq.

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