Below are Dolphin Research's notes from H World's FY26 Q1 earnings call.

For our full take on the results, please see 'H World: Shedding Burdens, Going Lean—Still a Top Student in Hotels!'

RevPAR up further YoY

Below is Dolphin Research's Trans of HTHT's FY25 Q4 and full-year earnings call. For the earnings analysis, please refer to 'HTHT: After a reset and rebound, how long can the 'top student' status last?'

With the asset-light transition advancing and the hospitality & travel sector recovering, Q4 sustained the strong momentum seen in Q3. Results beat expectations.

The following are the minutes of Huazhu's 3Q25FY earnings conference call organized by Dolphin Research. For a review of the financial report, please refer to 'Huazhu: Deep Squat and Jump! Huazhu is still the industry leader.'

On 17 November 2025 Beijing time, prior to the US market open, Huazhu (1179.HK/HTHT.O) $HWORLD-S(01179.HK) $H World(HTHT.US) released its Q3 2025 financial report. Driven by robust leisure travel demand and the advancement of its asset-light transformation strategy, the company's overall performance continued to improve, exceeding market expectations. Key highlights include: 1. RevPAR showed sequential recovery. Examining the core operational metric of revenue per available room (RevPAR)...

The following are the minutes of Huazhu's Q2 2025 earnings call. For an interpretation of the financial report, please refer to "Huazhu: Strengthening Internal Skills, Is Huazhu Ready to 'Squat and Jump'? -"

On August 20, 2025, before the U.S. stock market opened, Huazhu (1179.HK/HTHT.O) released its Q2 2025 financial report. Overall, the most striking aspect is the company's asset-light transformation strategy, which has significantly improved the company's core operating profit. Specifically:

Below is the earnings call minutes for Huazhu Group FY25 Q1. For the earnings interpretation, please refer to

On May 20, 2025, before the U.S. market opened, Huazhu (1179.HK/HTHT.O) released its Q1 2025 financial report. Overall, against the backdrop of a continued downturn in the hotel and tourism industry, Huazhu's core operational metrics continued to deteriorate. However, the highlight was the company's effective cost control through organizational streamlining and an increased proportion of the asset-light franchising model.