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小红书(XHS.NA)

Huazhu 1Q26 First Take: Overall revenue held up well in Q1, and operating metrics kept recovering after turning positive in H2 last year. That said, with a softer corporate travel rebound, Huazhu stepped up sales spend, which partially weighed on margin release. 1) Revenue growth ticked up QoQ. Total revenue was RMB 6.0bn, up 11% YoY, with a modest sequential acceleration vs. Q4. Franchise revenue rose 20% YoY to RMB 3.0bn, driven by more rooms and RevPAR back in positive territory, lifting single-hotel GMV. Self-operated revenue was ~RMB 2.8bn, down 1.4% YoY with a narrower decline QoQ. Dolphin Research estimates a pickup in Tier-1 city business travel, with premium self-operated brands (e.g., Xiyue, Huajiantang) performing better. 2) RevPAR expanded further YoY. RevPAR rose 2.9% YoY to RMB 214 per night. ADR increased 4.8% YoY, the key driver, helped by mix upgrade from newer versions such as Hanting 3.5/4.0 and All Seasons 5.0. OCC was 75.1%, down 110bps YoY, suggesting robust leisure demand but still-weak corporate travel dragging occupancy. 3) Solid openings with higher-quality growth focus. Net adds were 357 hotels in Q1 (537 openings, 180 closures), keeping a fast pace. Mid-to-upscale brands (Intercity, Orange Crystal, Mercure) remained the core growth engines, while economy brands focused more on refurbishments. Notably, Huazhu accelerated the cleanup of poorly located, aging, loss-making stores to pursue higher-quality growth. 4) Step-up in sales spend: With a higher franchise mix YoY, GPM expanded 580bps to 39%. Amid soft corporate travel and intensifying competition, Huazhu appears to have increased placements on Douyin/Xiaohongshu, lifting the S&M ratio by 30bps to 4.8%, while G&A stayed broadly stable. Adj. EBITDA reached RMB 1.86bn, up 24% YoY. $HWORLD-S(01179.HK)

05/15/2026 21:36

05/15/2026 21:36

Xiaohongshu's affiliated company increased its capital to 19.8 million yuan

36Kr·04/21/2026 14:16

36Kr·04/21/2026 14:16

When Code No Longer Competes: How HarmonyOS Becomes the "Innovation Safe Haven" for the New Generation of Developers?

PingWest·04/15/2026 12:05

PingWest·04/15/2026 12:05

Xiaohongshu Open Sources Large Model Reinforcement Learning Training Engine Relax

Wallstreetcn·04/15/2026 11:49

Wallstreetcn·04/15/2026 11:49

After reviewing the 59 passionate teams from the Xiaohongshu Hackathon, we would like to recommend these 6 | This week's AI project recommendations

PingWest·04/12/2026 17:20

PingWest·04/12/2026 17:20

Xiaohongshu: The platform has 39 million users generating product purchase requests every day

36Kr·04/08/2026 19:41

36Kr·04/08/2026 19:41

Mixue Group (Trans): GPM and NPM expected to decline in 2026---

03/24/2026 20:55

03/24/2026 20:55

Xiaohongshu officially announced the first "Hackathon Summit Competition"

Wallstreetcn·03/20/2026 13:07

Wallstreetcn·03/20/2026 13:07

Atour 4Q25 First Take: Overall, a solid quarter. With revenue in line, rapid growth in retail and operating leverage drove a profit beat versus the Street. Specifically: 1) Hotel biz.: OCC fell seasonally in the off-peak quarter and was mediocre. With promotions scaled back and a higher mix of premium S/X lines, ADR turned positive after two years of declines, lifting RevPAR slightly above market expectations. From the franchise expansion angle, implied net signings rebounded QoQ from Q3. Based on channel checks, Dolphin Research believes franchisees accelerated Atour 4.0 (见野) signings at year-end to capture next spring’s business-travel demand. 2) Retail biz.: Q4 retail grew 50% YoY. Channel checks indicate Atour Planet posted a record conversion rate on Douyin Live and Xiaohongshu, reaching a large non-guest audience. With Q4 being peak season for duvets and temperature-control quilts, we infer temp-control quilts took a larger share of retail GMV. 3) Profit: Fueled by strong sales of high-ticket, high-margin retail SKUs, Q4 GPM expanded 130bps YoY. S&M and G&A declined as operating leverage kicked in, and core OP reached RMB 700 mn (+71% YoY), beating market expectations.$Atour(ATAT.US)

03/17/2026 19:53

03/17/2026 19:53

Xiaohongshu: Firmly uphold the authentic essence of the community and strictly crack down on AI-managed accounts

36Kr·03/10/2026 17:15

36Kr·03/10/2026 17:15