Financial Overview
H World Group Limited (NASDAQ: HTHT and HKEX: 1179) has showcased a strong performance in the third quarter of 2025. As of September 30, 2025, the company operates a total of 12,702 hotels, which comprise approximately 1,246,240 hotel rooms globally. In this quarter, the hotel turnover reached RMB30.6 billion, marking a year-over-year increase of 17.5%. Notably, excluding the Steigenberger Hotels GmbH segment, hotel turnover saw a considerable rise of 18.4% compared to the previous year.
Revenue Growth
The revenue for H World in Q3 2025 increased by 8.1% year-over-year, amounting to RMB7.0 billion (approximately US$978 million). This surpassed the previous revenue guidance, which estimated growth between 2% to 6% from Q3 2024. The manachised and franchised revenue significantly drove this growth, increasing by 27.2% to RMB3.3 billion (US$465 million). Revenue from the Legacy-Huazhu segment reached RMB5.7 billion, a 10.8% growth compared to last year.
Net Income and EBITDA Results
Net income attributable to H World Group Limited in Q3 2025 amounted to RMB1.5 billion (US$206 million), reflecting an increase from RMB1.3 billion reported in the same quarter of the previous year. The company's EBITDA — a crucial indicator of operating performance — stood at RMB2.5 billion (US$346 million), consistent with the previous quarter, showing resilience in earnings despite fluctuating market conditions.
Operational Highlights
During this quarter, the Legacy-Huazhu segment expanded its portfolio by opening 749 hotels and closing 185. This brings the total number of unopened hotels in the pipeline to 2,748, indicating a robust growth strategy. The occupancy rate for Legacy-Huazhu hotels was noted at 84.1%, slightly down from 84.9% the previous year but improving from 81.0% in the prior quarter. The average daily room rate (ADR) for these hotels reached RMB304, up from RMB301 year-over-year.
Looking Ahead
H World Group anticipates continued growth heading into the fourth quarter of 2025, projecting revenue growth between 2%-6%, with M&F revenue expected to rise by 17%-21%. The focus remains on enhancing the core competencies and achieving high-quality network growth while strengthening the brand position
Fostering Investor Relations
Jin Hui, CEO of H World, expressed confidence in the company's operational strategies which emphasize responsible expansion, market share gains, and innovative service enhancements. The company's diversified approach to hospitality, including both leased and franchised models, underpins its robust operational framework.
Frequently Asked Questions
What is the total number of hotels operated by H World Group Limited?
As of September 30, 2025, H World operates a total of 12,702 hotels.
How much was the revenue generated in Q3 2025?
The revenue for Q3 2025 was RMB7.0 billion (approximately US$978 million).
What was the year-over-year growth for manachised and franchised revenue?
The manachised and franchised revenue saw a growth of 27.2% year-over-year.
What is the expected revenue growth for H World Group in Q4 2025?
H World expects revenue growth in the range of 2%-6% in Q4 2025.
What was the occupancy rate for Legacy-Huazhu hotels in Q3 2025?
The occupancy rate for Legacy-Huazhu hotels in Q3 2025 stood at 84.1%.
