H World Group (HTHT) Q3 2025 earnings summary

Executive summary

• Achieved strong year-over-year growth in Q3 2025, with hotel GMV up 17.5% to RMB30.6 billion and rooms in operation rising 17.3% to 1,246,240.

• Membership base exceeded 301 million, with member bookings up 19.7% year-over-year and member room nights accounting for 74% of total.

• Asset-light, monetized, and franchised business drove profit growth, now contributing 70% of group gross operating profit.

• Launched new upper-midscale brand Ji Icons, enhancing brand portfolio and targeting lifestyle and oriental aesthetics demand.

• Opened over 2,000 hotels in the first nine months, on track to exceed 2,300 openings for the year.

Financial highlights

• Q3 2025 revenue grew 8.1% year-over-year to RMB7.0 billion, surpassing guidance.

• Adjusted EBITDA rose 18.9% year-over-year to RMB2.5 billion, with margin up 3.3 percentage points to 36.1%.

• Net income attributable to shareholders was RMB1.5 billion, up 15.4% year-over-year.

• Monetized and franchised revenue up 27.2% year-over-year to RMB3.3 billion; gross operating profit up 28.6% to RMB2.2 billion.

• Operating cash flow reached RMB1.7 billion; cash and equivalents at quarter end were RMB13.3 billion, with net cash of RMB6.6 billion.

Outlook and guidance

• Q4 2025 group revenue expected to grow 2%-6% year-over-year, or 3%-7% excluding DH.

• Monetized and franchised revenue for Q4 2025 projected to increase 17%-21% year-over-year.

• RevPAR for Q4 expected to be flat to slightly positive year-over-year, with leisure demand offsetting weak business demand.

• Management will provide further 2026 outlook after Q4, citing ongoing macro uncertainties.