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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.
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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