HWLDFNasdaqHotels & MotelsUS GAAP · USD

H World Group Ltd

H World Group Ltd is a hotel company with roots in China that operates a broad portfolio of hotel brands across the economy, midscale, upscale and premium segments. Its business combines leased-and-operated hotels with manachise and franchise models, and it also holds master franchise and co-development rights for selected international brands in China.

Kysy yhtiöstä
Liikevaihto25,3mrd USD
+5,9 %v/v
Liikevoitto (EBIT)6 819milj. USD
+31,1 %v/v
EBIT-marginaali26,9%
+5,2 %-yks.v/v
Nettotulos5 080milj. USD
+66,7 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−100102030mrd USD2020: 10,2 mrd USD2020: EBIT −1,7 mrd USD20202021: 12,8 mrd USD2021: EBIT 0,16 mrd USD20212022: 13,9 mrd USD2022: EBIT −0,29 mrd USD20222023: 21,9 mrd USD2023: EBIT 4,7 mrd USD20232024: 23,9 mrd USD2024: EBIT 5,2 mrd USD20242025: 25,3 mrd USD2025: EBIT 6,8 mrd USD202525,36,8
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: H World Group Ltd

Liiketoiminta

Osuus liikevaihdosta
L&O hotels7 %

Hotels directly operated by H World on leased or owned properties.

Manachise hotels55 %

Hotels managed by appointed local hotel managers under H World standards.

Franchise services38 %

Training, reservations and support services provided to franchised hotels.

Tuotteet

Raportoitu · osuus liikevaihdosta
51,2%46,2%FY2025100 %
  • Leased and Owned Hotels51,2 %
  • Manachised and Franchised Hotels46,2 %
  • Services and other2,6 %

Lähde: 20-F FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

H World's customers are travelers who stay in its branded hotels, spanning budget, midscale, upscale and premium lodging needs. On the business side, the company also serves hotel owners and franchisees who pay for brand access, operating standards, reservation systems and management support. Its model depends on both end guests and property operators, with demand shaped by domestic travel, business travel and regional tourism flows.

Hotel guests

Travelers staying in H World-branded hotels for business or leisure.

Franchisees and hotel owners

Third-party operators that use H World brands, standards and support services.

Property lessors and landlords

Owners of leased hotel properties used in the L&O model.

Brand partners in China

Operators using master franchise and co-development rights for selected Accor brands.

Strategia

H World’s strategy centers on expanding its asset-light hotel network while keeping brand standards and operating systems consistent across the portfolio. The company uses manachise and franchise models to grow room count without relying only on leased hotels, and it complements domestic brands with selected international brand rights in China. Brand breadth, distribution scale and operating leverage are central to how it competes in the hotel market.

Grow the M&F hotel baseLyhyt aikaväli

The model allows room growth with less capital tied up in owned or leased properties.

Protect brand consistencyKeskipitkä aikaväli

A common standard and platform supports repeat customer experience and franchise economics.

Deepen multi-brand coverageKeskipitkä aikaväli

Different brands address different traveler segments and price points.

Maantiede

H World is anchored in China but operates hotels in 21 countries, giving it a mix of domestic scale and international reach. The company’s branded network includes both mainland China flags and select overseas brands such as Zleep and Steigenberger, while its master franchise rights are focused on the pan-China region. Geography matters because the business is exposed to local travel demand, labor availability, lease structures and brand execution across multiple markets.

Riskit

H World is exposed to cyclical travel demand, especially in business and domestic leisure markets, because hotel occupancy and pricing depend on broader economic conditions. Its asset-light model reduces property intensity but increases dependence on franchisees, standards enforcement and the ability to keep hotel partners aligned across a large network. The company also faces lease, labor and execution risks in direct-operated hotels, plus cross-border operating complexity from its multi-country footprint.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Cyclical hotel demand1Franchisee and manachise execution2Lease and fixed-cost exposure3Cross-border operating complexity4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Cyclical hotel demandVaikutus: KorkeaTodennäköisyys: Korkea

    Hotel occupancy and room rates move with business travel, consumer spending and tourism trends.

    Kohdistuu: China and overseas hotel network

  2. Franchisee and manachise executionVaikutus: KorkeaTodennäköisyys: Korkea

    A large share of rooms are operated by third parties, so service quality depends on partner compliance.

    Kohdistuu: M&F model

  3. Lease and fixed-cost exposureVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Directly operated hotels on leased properties can face margin pressure when occupancy declines.

    Kohdistuu: L&O model

  4. Cross-border operating complexityVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Running hotels in 21 countries requires local compliance, staffing and brand coordination.

    Kohdistuu: International operations

Kysy Clarifolta: H World Group Ltd

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition by business model

Different models include direct hotel operations, management fees and franchise support services.

Vaikutus: Affects timing and classification of revenue across segments

Lease accounting

Leased properties are central to the L&O model and create recurring lease liabilities.

Vaikutus: Affects operating expenses, EBITDA bridge and balance sheet leverage

Non-GAAP adjustments

Adjusted EBITDA excludes share-based compensation, FX and investment gains or losses.

Vaikutus: Can materially change the picture of operating performance

Seasonality

Hotel demand varies by travel season and holiday periods.

Vaikutus: Quarterly comparability can be uneven

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Päivitetty: 28.9.2026

H World Group Ltd (Nasdaq) – Hotels & Motels | Analyysi – Clarifo