Q4 2024 H World Group Ltd Earnings Call Transcript
Key Points
- H World Group Ltd (HTHT) achieved a milestone of 10,000 hotels in 1,000 cities and counties in 2024.
- The company opened a record high of 2,442 new hotels during 2024, with significant contributions from Legacy-Huazhu.
- The upper-mid segment hotel network grew by 35% year-over-year in 2024, driven by strong development of Intercity and Crystal Orange brands.
- Asset-light revenue contribution exceeded 50% for the business in 2024, supporting stable and sustainable development.
- The company's membership base increased to nearly 270 million, with room nights generated through the central reservation system accounting for 66.4% of total bookings.
- Legacy-Huazhu's blended RevPAR decreased slightly by 3% to RMB235 in 2024.
- ADR was down 3.2% to RMB289 due to a high base last year and increased supply.
- The number of motel closures in 2024 was 668, although lower than in 2023.
- Legacy-DH operating loss widened due to impairment loss and restructuring costs.
- The company expects a low single-digit decline in RevPAR for the first quarter of 2025 due to seasonality and weak performance in early March.
Good day, and thank you for standing by. Welcome to the H World Q4 full year 2024 earnings conference call. (Operator Instructions) Please be advised today's conference is being recorded.
I'd now like to hand the conference over to your first speaker today, Jason Chen, Head of IR. Please go ahead.
Thank you, Sarah. Good morning, and good evening, everyone. Thanks for joining us today. Welcome to H World 2024 fourth quarter and full year earnings conference call.
Joining us today is our Founder and Chairman, Mr. Ji Qi; our CEO, Mr. Jin Hui; our CFO, Ms. Chen Hui; and our CSO, Mr. He Jihong. Following their prepared remarks, management will be available to answer your questions.
Before we continue, please note that the discussion today will include forward-looking statements made under the safe harbor provision of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our results may be
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