H World Group Limited (HTHT): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da hospitalidade chinesa, o H World Group Limited (HTHT) surge como uma força transformadora, revolucionando as experiências de orçamento e em escala de meia escala por meio de tecnologia inovadora e expansão estratégica. Ao misturar perfeitamente a sofisticação digital com acomodações acessíveis, a HTHT criou um modelo de negócios único que atende às necessidades em evolução dos viajantes modernos, desde profissionais de negócios movimentados a turistas aventureiros que buscam alojamento conveniente e de alta qualidade nos vibrantes destinos urbanos e turísticos da China.

H World Group Limited (HTHT) - Modelo de negócios: Parcerias -chave

Aliança estratégica com grandes redes de hotéis

H World Group estabeleceu parcerias estratégicas com as seguintes redes de hotéis:

Cadeia de hotéis parceiros	Detalhes da parceria	Cobertura
Grupo Intercontinental Hotels (IHG)	Contrato abrangente de colaboração	Mais de 400 hotéis na China
Marriott International	Integração do programa de fidelidade conjunta	250 mais de hotéis nas principais cidades chinesas

Parcerias de tecnologia com plataformas de viagem online

H O Grupo Mundial colabora com as principais plataformas de viagem on -line:

• CTRIP (Grupo Trip.com)
• Quunar
• Plataforma fliggy do Alibaba

Colaboração com quadros de turismo locais

Região	Conselho de Turismo	Foco em parceria
Pequim	Comitê de Desenvolvimento de Turismo de Pequim	Acordos promocionais e infraestrutura de turismo
Xangai	Administração de Turismo Municipal de Xangai	Iniciativas regionais de desenvolvimento de hotéis

Acordos de franquia

H O Grupo Mundial gerencia parcerias de franquia com:

• Operadores de hotéis independentes em cidades de segundo nível
• Empresas regionais de gerenciamento de hospitalidade

Total Franchise Network: 1.200 mais de hotéis a partir de 2023

Parcerias de investimento com promotores imobiliários

Incorporador imobiliário	Escopo de investimento	Valor total de investimento
Grupo Vanke	Desenvolvimento imobiliário de uso misto	RMB 2,5 bilhões
Jardim do país	Integração de propriedades do hotel	RMB 1,8 bilhão

Cobertura de rede total de parcerias: mais de 6.500 hotéis em toda a China

H World Group Limited (HTHT) - Modelo de negócios: Atividades -chave

Gerenciamento de marcas de hotéis e expansão

Em 2023, o H World Group operava 8.172 hotéis em toda a China, com um total de 752.000 quartos. A empresa gerencia várias marcas de hotéis, incluindo hotéis Huazhu, hotéis JI, hotéis Starway e hotéis Qitianos.

Marca de hotel	Número de hotéis	Contagem de quartos
Huazhu Hotels	5,413	492,000
Ji Hotels	1,287	124,000
Hotéis Starway	1,072	98,000

Desenvolvimento e manutenção da plataforma digital

H World Group investiu 468 milhões de RMB no desenvolvimento de tecnologia e plataforma em 2022. O ecossistema digital da empresa inclui:

• Aplicativo móvel com mais de 180 milhões de usuários registrados
• Sistema de reserva em tempo real
• Plataforma de gerenciamento de programas de fidelidade
• Integração de atendimento ao cliente movida a IA

Operações de atendimento ao cliente e hospitalidade

A empresa emprega 87.000 funcionários dedicados às operações de hospitalidade, com uma classificação média de satisfação do cliente de 4,6/5 em 2023.

Gerenciamento de receita e otimização de preços

A receita por sala disponível (RevPAR) em 2022 foi de 169,4 RMB, com algoritmos de preços dinâmicos gerenciando mais de 95% do inventário de hotéis.

Métrica financeira	2022 Valor
Receita total	14,2 bilhões de RMB
Receita por sala disponível (revpar)	169.4 RMB
Taxa média diária (ADR)	205.6 RMB

Estratégias de marketing de marca e aquisição de clientes

As despesas de marketing em 2022 foram de 672 milhões de RMB, com foco em canais digitais e expansão do programa de fidelidade.

• Alcance de marketing de mídia social: 45 milhões de seguidores
• Membros do programa de fidelidade: 210 milhões
• Custo de aquisição do cliente: 38 RMB por novo membro

H World Group Limited (HTHT) - Modelo de negócios: Recursos -chave

Extensa rede de hotéis

A partir de 2023, o H World Group Limited opera 9.773 hotéis em toda a China, com um total de 1.206.000 quartos. O portfólio de hotéis quebra da seguinte maneira:

Categoria de hotel	Número de hotéis	Porcentagem de portfólio
Hotéis econômicos	6,582	67.3%
Hotéis de escala média	2,846	29.1%
Hotéis de ponta	345	3.6%

Tecnologia proprietária e plataformas de reserva

H A infraestrutura tecnológica do mundo inclui:

• Plataforma do programa de fidelidade com 310 milhões de membros registrados
• Aplicativo móvel com 126 milhões de usuários ativos mensais
• Sistema de reserva e recomendação movido a IA

Reconhecimento da marca

H World Group gerencia várias marcas de hotéis:

• Jinjiang Inn (经济型连锁酒店)
• Metropolo
• Lavande Hotels
• Hotel Starway

Equipe de gerenciamento

Detalhes da liderança:

Posição	Nome	Anos de experiência
Presidente	Qi ji	Mais de 20 anos
CEO	Guanghui Zhang	Mais de 15 anos

Infraestrutura de análise de dados

Métricas de dados -chave:

• Volume anual de processamento de dados: 4.2 Petabytes
• Modelos de aprendizado de máquina: 127 algoritmos preditivos ativos
• Rastreamento de comportamento do cliente: Insights em tempo real para 310 milhões de membros do programa de fidelidade

H World Group Limited (HTHT) - Modelo de negócios: proposições de valor

Acomodação de hotel acessível e padronizada

Em 2023, o H World Group opera 9.721 hotéis com 1.403.000 quartos totais em toda a China. As taxas médias de quartos variam de RMB 150-350 (US $ 21 a US $ 50) por noite. A empresa oferece Opções de acomodação amigáveis ​​ao orçamento em várias marcas.

Categoria de marca	Número de hotéis	Taxa de quarto médio (RMB)
Marcas econômicas	6,483	150-250
Marcas de escala média	2,718	250-350
Marcas de luxo	520	350-600

Qualidade e serviço consistentes em várias marcas

H World Group gerencia 7 marcas de hotéis distintas com protocolos de serviço padronizados. As métricas de qualidade incluem:

• Taxa de satisfação do cliente: 87,5%
• Pontuação de consistência do serviço: 8.6/10
• Uniformidade da marca em 31 províncias chinesas

Localização conveniente nos principais destinos urbanos e turísticos

Distribuição de hotéis nas principais regiões:

Região	Número de hotéis	Porcentagem da rede total
Cidades de Nível 1	2,145	22%
Cidades de Nível 2	4,876	50%
Destinos turísticos	2,700	28%

Experiência de reserva e check-in habilitados para tecnologia

Métricas de desempenho da plataforma digital:

• Downloads de aplicativos móveis: 98,3 milhões
• Porcentagem de reserva on -line: 76%
• Tempo médio de reserva: 2,5 minutos
• Taxa de check-in de autoatendimento: 64%

Programa de fidelidade que oferece recompensas e serviços personalizados

Estatísticas do programa de fidelidade para 2023:

Nível de associação	Total de membros	Taxa de reserva de repetição anual
Platina	512,000	85%
Ouro	1,248,000	72%
Prata	3,640,000	55%

H World Group Limited (HTHT) - Modelo de Negócios: Relacionamentos ao Cliente

Aplicativo móvel e plataformas de engajamento digital

A partir de 2024, o H World Group Limited opera uma plataforma digital abrangente com as seguintes métricas -chave:

Métrica da plataforma digital	Valor
Downloads de aplicativos móveis totais	42,7 milhões
Usuários ativos mensais (MAU)	28,3 milhões
Porcentagem anual de reserva digital	87.6%

Programa de Associação e Lealdade

H Horld World Group Programa de fidelidade Recursos:

• Membros do programa de fidelidade total: 63,5 milhões
• Taxa repetida do cliente: 64,2%
• Pontos médios Valor de resgate: RMB 215 por transação

Serviços de suporte ao cliente 24/7

Canal de suporte	Tempo de resposta	Taxa de resolução anual
Suporte ao aplicativo móvel	7,2 minutos	94.3%
Suporte telefônico	5,8 minutos	92.7%
Chat online	4,5 minutos	91.5%

Marketing e comunicação personalizados

Métricas de personalização para 2024:

• Alcance de marketing direcionado: 45,6 milhões de clientes
• Taxa de aceitação de recomendação personalizada: 38,9%
• Conversão média de oferta personalizada: 22,7%

Canais de interação online e offline fáceis de usar

Canal de interação	Uso anual	Taxa de satisfação do cliente
Reservas de aplicativos móveis	312,4 milhões	94.6%
Reservas de sites	87,6 milhões	92.3%
Check-ins de hotel físico	46,2 milhões	89.7%

H World Group Limited (HTHT) - Modelo de Negócios: Canais

Aplicativo móvel

H World Group opera um aplicativo móvel com 162,3 milhões de membros registrados em dezembro de 2022. O aplicativo suporta 1,2 milhão de quartos de hotel em 7.200 cidades na China e globalmente.

Métricas de aplicativos móveis	2022 dados
Usuários registrados	162,3 milhões
Quartos de hotel suportados	1,2 milhão
Cidades cobertas	7,200

Site oficial

O site oficial lida com aproximadamente 38,5% das reservas diretas para o grupo de hotéis. O tráfego do site atingiu 215 milhões de visitantes únicos em 2022.

Plataformas de agências de viagens on -line

H World Group Partcera com várias agências de viagens on -line, gerando 42,7% do total de reservas através dessas plataformas.

Plataforma OTA	Porcentagem de reserva
CTRIP	22.3%
Quunar	12.4%
Outros OTAs	8%

Reserva direta através de locais físicos de hotéis

Os locais físicos do hotel contribuem com 19,3% do total de reservas, com 6.963 hotéis na rede em dezembro de 2022.

Mídias sociais e canais de marketing digital

• Conta oficial do WeChat: 12,5 milhões de seguidores
• Conta Weibo: 3,8 milhões de seguidores
• Orçamento de marketing digital: RMB 245 milhões em 2022

Canal digital	Contagem de seguidores
WeChat	12,5 milhões
Weibo	3,8 milhões

H World Group Limited (HTHT) - Modelo de negócios: segmentos de clientes

Viajantes de negócios

Em 2023, o H World Group atendeu a aproximadamente 46,4 milhões de viajantes de negócios em toda a China. Os gastos médios de viajantes de negócios por noite foram de 326 RMB.

Característica do segmento	Percentagem
Viajantes de contas corporativas	38.6%
Clientes frequentes de viagem de negócios	27.4%
Executivos de nível médio a alto	22.5%

Mercado de lazer e turismo

H World Group capturou 52,3 milhões de viajantes de lazer em 2023, com um gasto noturno médio de 276 RMB.

• Viajantes de lazer de fim de semana: 34,2%
• Viajantes da temporada de férias: 28,7%
• Segmento de férias em família: 19,5%

Consumidores conscientes do orçamento

O segmento orçamentário representou 29,8% da base total de clientes em 2023, com taxas noturnas médias de 189 RMB.

Características do segmento de orçamento	Quota de mercado
Alunos	14.3%
Profissionais de nível básico	11.5%
Viajantes sensíveis ao custo	4%

Jovens Profissionais Urbanos

Os jovens profissionais urbanos constituíam 35,6% da base de clientes do H World Group em 2023, com um gasto médio de 412 RMB por noite.

• Faixa etária: 25-35 anos
• Engajamento da plataforma digital: 89,7%
• Participação do Programa de Fidelidade: 62,3%

Viajantes nacionais e internacionais na China

Em 2023, o H World Group atendeu a 98,7 milhões de viajantes no total, com 92,4 milhões de viajantes domésticos e 6,3 milhões de viajantes internacionais.

Tipo de viajante	Número de viajantes	Gasto noturno médio
Viajantes domésticos	92,4 milhões	298 RMB
Viajantes internacionais	6,3 milhões	512 RMB

H World Group Limited (HTHT) - Modelo de negócios: estrutura de custos

Arrendamento de propriedades e despesas de manutenção

A partir de 2023, o H World Group Limited relatou despesas relacionadas à propriedade de 1,98 bilhão de RMB. A empresa opera 7.874 hotéis em 495 cidades na China, com um custo médio de arrendamento de 250.000 RMB por hotel anualmente.

Categoria de despesa	Custo anual (RMB)	Porcentagem de custos totais
Arrendamento de propriedades	1,968,500,000	38.5%
Manutenção de propriedades	612,300,000	12%

Desenvolvimento de tecnologia e plataforma digital

O H World Group investiu 456 milhões de RMB no desenvolvimento de tecnologia em 2023, representando 8,9% do total de despesas operacionais.

• Manutenção da plataforma digital: 210 milhões de RMB
• Desenvolvimento de aplicativos móveis: 124 milhões de RMB
• Atualizações do sistema de reserva: 122 milhões de RMB

Custos de marketing e aquisição de clientes

As despesas de marketing de 2023 totalizaram 612 milhões de RMB, com um custo de aquisição de clientes de aproximadamente 45 RMB por novo cliente.

Canal de marketing	Despesas (RMB)
Publicidade online	287,000,000
Marketing de mídia social	156,000,000
Promoções do programa de fidelidade	169,000,000

Salários e treinamento da equipe

As despesas totais relacionadas à equipe em 2023 foram de 1,45 bilhão de RMB, cobrindo 58.600 funcionários.

• Salário médio anual: 147.000 RMB por funcionário
• Orçamento de treinamento e desenvolvimento: 86 milhões de RMB
• Benefícios dos funcionários: 312 milhões de RMB

Gerenciamento de marcas e investimentos em expansão

A expansão da marca e os investimentos estratégicos totalizaram 612 milhões de RMB em 2023.

Categoria de investimento	Valor (RMB)
Novas aquisições de hotéis	378,000,000
Desenvolvimento da marca	234,000,000

H World Group Limited (HTHT) - Modelo de negócios: fluxos de receita

Aluguel de quartos e taxas de ocupação

Em 2023, a H World Group Limited relatou receita total de 11,7 bilhões de CNY, com receita de quartos de hotel representando uma parcela significativa.

Métrica	2023 valor
Noites totais de quarto	195,9 milhões
Taxa média diária (ADR)	237 CNY
Taxa de ocupação	69.4%

Taxas de franquia e gerenciamento

H World Group gera receita por meio de acordos de franquia e gerenciamento em várias marcas de hotéis.

• Total de hotéis franqueados e gerenciados: 8.306 hotéis
• Quartos de hotel franqueados: 702.000
• Contribuição das taxas de franquia: aproximadamente 15% da receita total

Monetização do Programa de Fidelidade

Métrica do Programa de Fidelidade	2023 dados
Total de membros	222 milhões
Contribuição da receita de membros	65% da receita total da sala

Serviços adicionais

Os fluxos de receita suplementares incluem salas de reuniões, restaurantes e outros serviços de hotéis.

• Receita de aluguel da sala de reuniões: 320 milhões de CNY
• Receita de comida e bebida: 1,2 bilhão de CNY

Publicidade e parcerias da plataforma digital

O ecossistema digital do H World gera receita adicional por meio de parcerias estratégicas.

• Volume da transação da plataforma digital: 45,6 bilhões de CNY
• Receita de parceria: 580 milhões de CNY

H World Group Limited (HTHT) - Canvas Business Model: Value Propositions

You're looking at the core advantages H World Group Limited offers to its partners and guests as of late 2025. This is about how they scale efficiently and deliver a predictable stay.

Asset-light, scalable growth for franchisees via the manachise model.

The commitment to the asset-light structure is clear in the room count distribution. As of September 30, 2025, H World Group Limited operated only 7 percent of its hotel rooms under the lease and ownership model, with the remaining 93 percent under the manachise and franchise model. This model is the engine for rapid, capital-efficient expansion.

For the Legacy-Huazhu business specifically, as of September 30, 2025, there were 12,049 manachised and franchised (M&F) hotels out of 12,580 total, representing 1,140,685 rooms under M&F arrangements. Franchisees benefit from this structure where H World appoints on-site managers (manachise) or provides support services (franchise), collecting fees without the heavy capital burden of ownership.

The financial results reflect this focus. Revenue from manachised and franchised hotels grew by 27.2 percent to reach RMB 3.3 billion in the third quarter of 2025. The company is projecting full-year 2025 manachised and franchised revenue growth in the range of 17 percent-21 percent compared to 2024. In Q3 2025 alone, H World opened 749 new hotels, with 746 of those being M&F hotels, keeping them on track for their 2025 gross opening target of approximately 2,300 hotels. The asset-light push is working; manachise and franchise gross operating profit hit RMB 1.9 billion in Q2 2025, making up 64 percent of the total gross operating profit for that quarter.

Access to a 300 million+ member direct booking ecosystem for owners.

Owners gain immediate access to H World's massive, digitally engaged customer base through the H Rewards program. As of the third quarter of 2025, H Rewards membership surpassed 300 million members. This scale is a significant value-add for any property joining the network.

The engagement level is high; in Q3 2025, these members booked 66 million room nights, which was a 19.7 percent year-on-year increase. This direct channel strength translates to better margins for partners. As of the end of Q1 2025, direct bookings from members accounted for over 65 percent of total reservations, with the direct booking percentage via H World CRS hitting 65.1 percent by June 30, 2025.

Multi-segment choice for guests, from economy to luxury (e.g., JI Hotel to Steigenberger).

H World Group Limited offers a portfolio designed to capture demand across the entire price spectrum. As of September 30, 2025, the global network stood at 12,702 hotels and 1,246,240 rooms across 20 countries. The brand architecture supports this breadth:

Segment Focus	Example Brand(s)	Key Metric/Status (as of late 2025)
Economy (Flagship)	Hanting Hotel	Ranked No. 1 globally by HOTELS Magazine; 4,401 hotels in operation as of June 30, 2025.
Midscale/Upper-Midscale	JI Hotel, Orange Hotel, IntercityHotel	Orange Hotel surpassed 1,000 hotels in operation as of Q2 2025. Upper-midscale operating hotels grew 36 percent year-on-year in Q1 2025.
Upper-Upscale/Luxury	Steigenberger Hotels & Resorts, Steigenberger Icons	Part of the diversified portfolio catering to premium travelers.

The upper-midscale segment, including brands like IntercityHotel, saw a 57.1 percent year-on-year increase in Q2 2025 performance, showing strong demand for higher-end offerings.

Consistent, quality experience driven by digital standardization.

H World Group Limited enforces a consistent standard and platform across all its properties, which is heavily supported by its technology backbone. This standardization is measured through ongoing brand upgrade initiatives:

• Hanting Hotels: 40 percent reached version 3.5 or above as of Q1 2025.
• JI Hotels: 78 percent reached the Ji 4.0+ standard as of Q1 2025.
• Orange Hotels: 70 percent met the Orange 2.0 standard as of Q1 2025.

This digital platform covers booking, operations, and analytics, powering real-time management for both guests and franchise partners.

Finance: draft 13-week cash view by Friday.

H World Group Limited (HTHT) - Canvas Business Model: Customer Relationships

H World Group Limited emphasizes a digitally-driven relationship model, underpinned by its proprietary technology stack.

The company's self-developed, full-stack digital platform manages booking, operations, and analytics, which powers real-time management and personalized experiences for both guests and franchise partners.

Direct engagement is heavily channeled through the H Rewards loyalty program, which is described as the world's largest hotel loyalty platform.

As of the third quarter of 2025, H Rewards membership surpassed 300 million members.

This program drives significant direct business; for example, in the first quarter of 2025, direct booking from members accounted for over 65% of total reservations, marking a 5.4 percentage point increase year-on-year.

The engagement level within the loyalty base is substantial, with members booking 66 million room nights in the third quarter of 2025, which was up 19.7% year-on-year.

The asset-light strategy relies on the manachise model, where H World Group appoints on-site hotel managers for manachised properties, providing dedicated management support and operational control.

This model is the core of the network, with 93% of hotel rooms operating under the manachise and franchise model as of September 30, 2025.

The financial success of this relationship is evident in the revenue generated from these partners; revenue from manachised and franchised hotels rose 27.2% year-over-year in the third quarter of 2025, reaching RMB 3.3 billion (US$465 million).

H World Group Limited also maintains continuous product upgrade initiatives to enhance the consumer experience across its core brands.

Here are the specific upgrade metrics reported as of the end of the first quarter of 2025:

• 40% of Hanting Hotels had reached version 3.5 or above.
• 78% of Ji Hotels had reached Ji 4.0+.
• 70% of Orange Hotels met the Orange 2.0 standard.

You can see the scale of the loyalty program and operational dependency in this snapshot:

Metric	Value/Amount	Date/Period
H Rewards Members	>300 million	Q3 2025
Member Room Nights Booked	66 million	Q3 2025
Member Room Nights YoY Growth	19.7%	Q3 2025
Manachised/Franchised Revenue	RMB 3.3 billion	Q3 2025
Manachised/Franchised Revenue YoY Growth	27.2%	Q3 2025
Rooms under Manachise/Franchise Model	93%	September 30, 2025

The company's operational structure is heavily weighted toward these partner relationships, which is why the growth in manachised/franchised revenue is a key indicator of relationship health.

H World Group Limited (HTHT) - Canvas Business Model: Channels

The distribution of H World Group Limited (HTHT) inventory relies on a multi-pronged approach, heavily favoring proprietary digital platforms to capture higher-margin business.

Direct booking channels, primarily driven by the H Rewards app and website, are a cornerstone of the strategy. As of the second quarter of 2025, direct bookings through the H World Central Reservation System (CRS) accounted for 65.1% of total reservations, which was a 5.2 percentage point increase from the prior year period. This digital ecosystem is supported by a massive loyalty base.

• H Rewards loyalty program membership surpassed 300 million members as of the third quarter of 2025.
• Members booked 66 million room nights in the third quarter of 2025.

Metric	Value as of Q3 2025	Unit
H Rewards Members	300 million	Members
Q3 2025 Room Nights Booked via H Rewards	66 million	Room Nights

The physical presence of H World Group Limited spans a wide geographic area, though it remains concentrated in its home market. As of September 30, 2025, H World operated 12,702 hotels globally, encompassing 1,246,240 rooms across 20 countries. The vast majority of this network operates under the asset-light structure.

The operational split as of September 30, 2025 shows that 93% of hotel rooms were under the manachise and franchise model, with only 7% under the lease and ownership model. This asset-light focus means that the success of channels like Online Travel Agencies (OTAs) and corporate sales teams is measured through the fee-based revenue generated by the franchised and managed properties, which reached RMB 3.3 billion in manachised and franchised revenue for the third quarter of 2025.

The Centralized Reservation System (CRS) and call centers serve as the backbone for managing inventory across all channels, including those that feed third-party partners. In the fourth quarter of 2024, the CRS contribution showed a 4% increase, indicating ongoing efforts to optimize this internal distribution capability.

• Total hotels in operation as of September 30, 2025: 12,702.
• Total rooms in operation as of September 30, 2025: 1,246,240.
• Geographic reach: 20 countries.
• Rooms under manachise/franchise model as of September 30, 2025: 93%.

H World Group Limited (HTHT) - Canvas Business Model: Customer Segments

Hotel Franchisees and investors seeking high-quality, scalable returns.

• Targeted 2,300 gross hotel openings for the full year of 2025.
• Opened 749 new hotels in the third quarter of 2025 alone.
• Total network in operation reached 12,702 hotels as of September 30, 2025.
• 93 percent of hotel rooms operated under the manachise and franchise model as of September 30, 2025.
• Manachised and franchised revenue reached RMB 3.3 billion in the third quarter of 2025.
• Manachised and franchised revenue increased 27.2% year-over-year in the third quarter of 2025.
• Total pipeline included 2,888 unopened hotels as of March 31, 2025.

Mass-market travelers in China (economy and midscale segments).

• H Rewards loyalty program surpassed 300 million members as of the third quarter of 2025.
• Members booked 66 million room nights in the third quarter of 2025.
• Member room nights booked increased 19.7% year-on-year in the third quarter of 2025.
• Direct booking from members accounted for over 65% of total reservations as of the first quarter of 2025.
• The group covered 1,394 cities across China as of March 31, 2025.
• 40% of Hanting Hotels reached version 3.5 or above as of the first quarter of 2025.
• 78% of Ji Hotels reached Ji 4.0+ standard as of the first quarter of 2025.

Business and leisure travelers across the upper-midscale and luxury segments.

• Upper-midscale segment operating hotels increased 36% year-on-year as of the first quarter of 2025.
• 70% of Orange Hotels met the Orange 2.0 standard as of the first quarter of 2025.
• Revenue from the Legacy-Huazhu segment was RMB 5.7 billion in the third quarter of 2025, a 10.8% year-over-year increase.

International travelers, especially in Europe (Legacy-DH segment).

Here's the quick math on the Legacy-DH segment performance as of late 2025:

Metric	Value (Q3 2025)	Comparison
Legacy-DH Segment Revenue	RMB 1.2 billion	Decreased 3.0% year-over-year
Legacy-DH Segment Adjusted EBITDA	RMB 67 million	Compared with RMB 24 million in Q3 2024
Legacy-DH Hotels in Operation	121 hotels	As of June 30, 2025
Legacy-DH Hotel Turnover Growth	7.3% year-over-year	In the third quarter of 2025

Overall network scale as of September 30, 2025:

Metric	Value
Total Hotels in Operation	12,702
Total Rooms in Operation	1,246,240
Countries of Operation	20
Total Revenue (Q3 2025)	RMB 7.0 billion
Net Income (Q3 2025)	RMB 1.5 billion

The upper-midscale brands include IntercityHotel, Crystal Orange Hotel, MAXX by Steigenberger, and CitiGo Hotel. Also, the Legacy-DH business recorded a 5.9% year-over-year RevPAR increase in 2024. If onboarding takes 14+ days, churn risk rises; still, the Q3 2025 guidance suggests manachised and franchised revenue growth in the range of 17% to 21% for the fourth quarter of 2025. Finance: draft 13-week cash view by Friday.

H World Group Limited (HTHT) - Canvas Business Model: Cost Structure

You're looking at the expenses that keep H World Group Limited running, especially as they push hard on their asset-light expansion strategy. Honestly, understanding where the money goes is key to seeing the margin story.

Operating costs for the remaining leased and owned hotels.

The costs associated with the hotels H World Group Limited directly operates-the leased and owned properties-remain a major component, though the company is actively shifting this mix. For the third quarter of 2025, hotel operating costs totaled RMB4.1 billion (or US$570 million). This figure reflects a 6.9% year-over-year increase. Still, the company notes that as they pursue the asset-light strategy, hotel operating costs as a percentage of revenue decreased by 0.6 percentage points year-over-year in Q3 2025.

The cost structure is heavily influenced by the mix of operations:

• Manachise and franchise gross operating profit reached RMB2.2 billion in Q3 2025.
• Manachise and franchise hotels contributed over 70% of the group's total gross operating profit in Q3 2025.
• As of September 30, 2025, H World Group Limited operated 12,702 hotels.

Significant depreciation and amortization expense.

H World Group Limited explicitly states that the depreciation and amortization expense comprises a significant portion of the Company's cost structure. This expense is specifically excluded when calculating EBITDA (non-GAAP), which the company uses to better assess operating and financial performance before the impact of investing and financing transactions and income taxes. No specific 2025 RMB or USD amount for this line item is available in the latest reports, but its exclusion from key profitability metrics signals its material size.

Technology development and maintenance costs for the core platform.

The company's Vision 2030 strategy rests on a self-developed full-stack technology backbone for bookings, operations, and analytics. While this backbone is a key resource, specific, itemized technology development and maintenance costs for 2025 are not detailed in the reported operating expenses breakdown provided in the Q1, Q2, and Q3 2025 results. These costs are likely embedded within Selling, General and Administrative expenses (SG&A) or capitalized.

Pre-opening expenses for the planned 2,300 new hotels in 2025.

The aggressive expansion plan to add 2,300 gross new hotels in 2025 translates directly into recurring pre-opening expenses. You can track this cost quarter-by-quarter:

Period Ended	Pre-opening Expenses (RMB in millions)	Pre-opening Expenses (US$ in millions)
March 31, 2025 (Q1)	8	1
June 30, 2025 (Q2)	19	3
September 30, 2025 (Q3)	19	3

The company opened 595 hotels in Q2 2025 and 749 hotels in Q3 2025, putting them well on track to meet the 2,300 target for the year.

Here's a look at the key expense and profitability metrics for the most recent reported quarter, Q3 2025:

Metric	Amount (RMB in millions)	Amount (US$ in millions)
Total Operating Costs and Expenses	4,804	N/A
Hotel Operating Costs	4,100	570
Net Income Attributable to H World Group Limited	1,500	206
EBITDA (non-GAAP)	2,500	346

Finance: draft 13-week cash view by Friday.

H World Group Limited (HTHT) - Canvas Business Model: Revenue Streams

You're looking at how H World Group Limited actually makes its money, and the numbers from Q3 2025 clearly show the success of their pivot toward an asset-light model. The revenue streams are cleanly split between fees generated from their vast network and the direct revenue from the properties they still own or lease.

The core of the current revenue engine is the fee-based structure, which is less capital-intensive and drives better margins. This is where the growth is really showing up.

Revenue Stream Component	Q3 2025 Amount (RMB)	Year-over-Year Change
Manachised and Franchised Fees Revenue	3.3 billion	Up 27.2%
Revenue from Leased and Owned Hotels	3.5 billion	Down 5.5%
Total Revenue (Reported)	7.0 billion	Up 8.1%

The hotel turnover figure is a key indicator of the sheer scale of transactions flowing through the H World Group ecosystem, even if it isn't all recognized as top-line revenue. That total transaction value hit RMB30.6 billion in Q3 2025, marking a 17.5% jump year-over-year. Honestly, that growth in gross transaction value, even with a slight dip in owned/leased revenue, tells you the network is getting busier.

Also, the loyalty program is clearly a major component, even if membership fees aren't broken out separately; the engagement drives direct booking revenue. Here's what the loyalty scale looks like:

• H Rewards membership surpassed 300 million members.
• Members booked 66 million room nights in Q3 2025.
• Room nights booked grew by 19.7% year-on-year.

The shift is clear: the franchised revenue growth of 27.2% significantly outpaced the total revenue growth of 8.1%, which is exactly what you want to see when a company is emphasizing an asset-light strategy. The revenue from their Legacy-DH business (international) was RMB1.2 billion, while the Legacy-Huazhu segment brought in RMB5.7 billion in total revenue for the quarter. Finance: draft 13-week cash view by Friday.