H World Group Ltd (HTHT)

H World Group Limited (formerly Huazhu Group) is a multi-brand hotel group with international operations, headquartered in Shanghai. It began with the first HanTing Hotel in Kunshan, Suzhou, and has grown through brand launches and acquisitions, including Starway, Crystal Orange, Blossom House, Steigenberger/Deutsche Hospitality and CitiGO, plus an alliance with Accor. Its ADSs are listed on NASDAQ and its ordinary shares on the Hong Kong Stock Exchange. As of December 31, 2025, it had 12,858 hotels in operation with 1,264,419 rooms, and another 2,906 hotels under development. Total revenue was RMB25,307 million in 2025, with net income attributable to the company of RMB5,080 million.

The company operates more than 20 brands across the market spectrum. Economy brands include HanTing Hotel, Ni Hao Hotel, Hi Inn, Elan Hotel, Zleep Hotels and Ibis Hotel. Midscale brands are JI Hotel, Orange Hotel, Starway Hotel and Ibis Styles Hotel. Upper midscale brands are Crystal Orange, IntercityHotel, Grand JI, Manxin, Mercure, Madison, Novotel, CitiGO and MAXX. Upscale brands are Joya, Blossom House, Steigenberger Hotels & Resorts, Jaz in the City and Grand Mercure. The luxury brands are Steigenberger Icons and Song Hotels. HanTing is the largest brand, with 4,556 hotels in operation, followed by JI Hotel with 3,565. It holds franchise rights from Accor for Mercure, Ibis, Ibis Styles, Grand Mercure and Novotel in the PRC, Taiwan and Mongolia, and rights to the Jaz in the City brand through the Deutsche Hospitality acquisition. Hotels run under three models: leased and owned (573 hotels), manachised (managed by on-site managers the company appoints, with fees collected from franchisees), and franchised (fees collected, no on-site managers). Manachised and franchised hotels total 12,285.

The hotels serve guests ranging from budget and young travelers to business, leisure, resort and luxury customers. The network spans 1,222 cities in 31 provinces and municipalities across greater China and 20 other countries, including Europe, the Middle East, Southeast Asia and Korea. The H Rewards loyalty program has more than 311 million members. In 2025, about 73% of legacy Huazhu room nights were sold to H Rewards members and about 77% through the company's own sales channels. Franchisees are a second customer group, paying fees and using the company's technology and customer base.

Operationally, the company relies on proprietary technology, including a cloud-based property management system and centralized reservation, procurement and revenue management systems. It also has a centralized shared service center, smart-hotel and self-check-in initiatives, and its "Easy" digitalization series. Innovations are tested in leased and owned hotels and then offered to franchisees, supporting an asset-light expansion. Its principal executive offices are at No. 1299 Fenghua Road, Jiading District, Shanghai, and its registered office is in the Cayman Islands.