Hotels, Resorts and Cruise Lines

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0319 | Dolphin Research Watchlist: 🐬 Macro/Industry 1) On Mar 18 (ET), the Fed kept the benchmark rate unchanged at 3.50%-3.75%. The latest dot plot now points to just one cut in 2026 (25bps), a sharp pullback from the prior 2–3 cuts.Powell struck a hawkish tone at the presser, saying the oil spike driven by Middle East tensions is feeding into core inflation. He also confirmed that if a successor is not confirmed by Congress in time, he would stay on as 'acting chair'...

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Coinbase

Xiaomi MiMo model scores a hat-trick; COIN targets AI payments with stablecoins | Daily News Recap

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Conference Minutes

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?'

Definitive Healthcare

HTHT (Trans): Continuing to pursue brand-led, high-quality growth---

Financial Analysis

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

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Trip.com HK SDR 50to1

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HTHT: After the reset and rebound, how long can the poster-child status last?---

H World 4Q25 First Take: Overall, Q4 sustained the strong Q3 momentum, with revenue beating the top end of guidance. On profitability, a higher franchise mix and digital-driven efficiency lifted core OP well above market expectations. 1) Revenue: total revenue rose 8.3% YoY, exceeding the prior 2%–6% guide and showing a modest QoQ acceleration. From an expectations lens, the market already anticipated rapid franchise growth, so self-operated hotels were the key driver of the revenue beat. Dolphin Research believes Tier-1 business activity recovered, with higher ADR pushing RevPAR up sharply. 2) Profit: with franchise revenue mix up materially vs. last year, GPM expanded by 950bps. Q4 saw a tactical push to raise mid-to-upscale brand exposure via social media seeding and ads, lifting the sales expense ratio. However, the rising franchise mix drove a sharp decline in the management expense ratio, and Adj. EBITDA came in well above market expectations. 3) Guidance: for 2026, the company guided revenue growth of 2%–6%. Franchise revenue is expected to grow 12%–16%, a step-down vs. 2025, but new openings are still brisk at 2,200–2,300. $HWORLD-S(01179.HK) $H World(HTHT.US)

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0318 | Dolphin Research Watchlist: 🐬 Macro/Industry 1) The Fed kicked off its two-day FOMC meeting on Mar. 17 local time. The market broadly expects the policy rate to stay at 3.50%–3.75%.However, sticky inflation (PPI at 2.9%) and a Middle East-driven oil spike (WTI above $100) are tightening expectations for 2026 cuts. Investors are dialing back the number of cuts priced in. If the dot plot due on the 18th indicates just one cut in 2026—or none at all...

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Tencent Music

MiniMax debuts M2.7, shows a 'self-evolving' model; META trims 'metaverse' again | Daily News Recap

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0317 | Dolphin Research Focus: 🐬 Stock #1, $NVIDIA(NVDA.US) — NVIDIA's GTC 2026 officially kicked off, and founder &amp; CEO Jensen Huang delivered the keynote.He announced a Vera Rubin Space Module under the next-gen Vera Rubin architecture, designed for orbital data centers, delivering 25x performance vs. H100.He also unveiled a partnership with Groq to co-develop new LPU chips...

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Apple Group

NVDA GTC in focus; Alibaba 'Token strategy' ramps up | Daily News Recap

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In China's cutthroat hotel market, ATAT stands out as a brand competitors both envy and fail to decode. It lacks the sheer scale of H World or Jin Jiang, and it does not play in the luxury league of Marriott or Hilton.On the surface, it sits awkwardly in a mid-to-upscale gap where brands often fall between two stools. Conventional wisdom says this positioning is a recipe for mediocrity.Yet in 2024, amid an industry slump marked by price wars and a wave of closures, the company broke out with 50%+ revenue growth and 70%+ profit growth. It emerged as the sector's lone high-growth benchmark.What exactly enables this puzzling, much-envied brand to carve out growth in the gap? And what disruptive logic underpins its 'lodging + retail' dual-engine model?This time, Dolphin Research takes a closer look at how ATAT's biz. model differs. We'll unpack what truly sets it apart.---

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Miniso

ATAT: How the 'Haidilao' of Hotels Was Built?

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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.'

Icon Energy

Eagle Materials

Huazhu (Minutes): Experiential consumption shows significant growth

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)...

Optical Cable

Ameriprise Financial

Huazhu: Deep Squat and Jump! Huazhu Remains the Industry Leader

The following are the minutes of Huazhu's Q2 2025 earnings call. For an interpretation of the financial report, please refer to &#34;Huazhu: Strengthening Internal Skills, Is Huazhu Ready to 'Squat and Jump'? -&#34;

Huazhu Club FY25Q2 Minutes: Hanting 4.0 Signing Strong

Citibank Adds Huazhu Group to Upward Catalyst Watchlist and Gives Buy Rating

H World Group Limited Reports Strong Profit Growth in Q4

H World's light-asset strategy yields positive results, with significant growth in EBITDA and revenue

Huazhu Group Reports Strong Growth in Hotel Industry

Huazhu Group Releases 2025 Financial Report and 2026 Expansion Plan

FactSet Analysts Upgrading Huazhu Group's 2026 EPS Forecast to $2.67

GF Securities Maintains Buy Rating on Huazhu Group With a Target Price of HKD 49.89

Huazhu Group Q4 Revenue Growth Exceeds Expectations, Jefferies Maintains Buy Rating

Macquarie Raises Huazhu Group's Target Price to HKD 48

Nomura Raises Huazhu Group Target Price to HKD43.7, Maintains 'Outperform' Rating

Goldman Sachs Maintains Huazhu Group's 'Buy' Rating, Raises Target Price to 48 Yuan

Huazhu Group Announces Ambitions for Upper-Midrange Hotel Market

FactSet Survey: Analysts Up EPS Forecast for Huazhu Group in 2026

Huazhu Group's Management Outlines Light Asset Transformation Plan for Deutsches Haus

Huazhu Group Reports Q4 and Full Year 2025 Financial Results and Outlines 2026 Plans

Huazhu Group Anticipates 2026 Full-Year Revenue Growth of 2% to 6%

HWORLD-S released FY2025 annual earnings on March 18 Pre-Market (BJT), actual revenue HKD 27.66 B (forecast HKD 28 B), actual EPS HKD 1.7487 (forecast HKD 1.7006)

HWORLD-S released FY2025 Q4 earnings on March 18 Pre-Market (BJT), actual revenue HKD 7.256 B (forecast HKD 7.109 B), actual EPS HKD 0.4121 (forecast HKD 0.3855)

Goldman Sachs Releases Research Report on Chinese Tourism Industry

HWORLD-S to Release FY2025 Earnings on March 18 Pre-Market (BJT), Forecast Revenue HKD 28.53 B, EPS HKD 1.7186

LING YUI

FLOWING CLOUD

SANDMARTIN RTS

NU ENVIRO

LAI SUN DEV

BEST FOOD HLDG

TRANSTECH

QUALI-SMART

AB BUILDERS

ASIA TELE-NET

Ordinary dividend (cash)

Ex Date: 2026.04.29, Cash dividend 1.0189 HKD

Huazhu (HTHT.US/ 01179.HK) Q3 2025 Earnings Conference Call

Huazhu (HTHT.US/ 01179.HK) Q2 2025 Earnings Conference Call

Huazhu (HTHT.US/ 01179.HK) Q1 2025 Earnings Conference Call

Huazhu (HTHT.US/ 01179.HK) Q4 2024 Earnings Conference Call

Huazhu (HTHT.US/ 01179.HK) Q3 2024 Earnings Conference Call

TONGCHENGTRAVEL

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CN CULTURAL T&A

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