---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/43433285.md"
description: "HTHT 2Q26 First Take: Overall, the company delivered a strong print for the quarter, with revenue beating and guidance raised across the board, alongside a new $2.5bn three-year shareholder return plan. The caveat: same-store RevPAR for mature hotels turned negative for the first time in three quarters, and overseas growth swung to a decline.1) Revenue beat; guidance raised across the board. 2Q revenue was RMB 7.1bn (+10.8% YoY vs. cons. +5.5%), accelerating QoQ.Franchise revenue rose 25.2% YoY to RMB 3.6bn, driven by sustained room growth. It was the fastest pace in four quarters and the key driver of the beat.Owned-and-operated revenue was ~RMB 3.2bn, down 4.9% YoY. The decline reflects ongoing closures of older leased hotels and lower overseas leased-hotel revenue.On 1H results, the company raised its full-year revenue growth guide to 4-8% from 2-6%. Franchise revenue guidance moved to 16-20% from 12-16%.2) RevPAR growth cooled, with same-store turning negative. China RevPAR rose 1.3% YoY to RMB 238 per night.ADR increased 2.8% YoY to RMB 298, with mix-driven premium remaining the core driver. OCC was 79.8%, down 120bps YoY.Notably, same-store RevPAR for mature hotels (≥18 months) fell 3.0% YoY. Same-store ADR was broadly flat, while OCC dropped 240bps, indicating broad-based occupancy softness at legacy stores. Dolphin Research estimates this reflects a pre-summer demand cooldown and cannibalization from new openings.Overseas (HWI) RevPAR declined 3.8% YoY. We attribute this to Middle East geopolitics and low pricing during early ramp in Southeast Asia.3) Openings slowed modestly, but the pipeline remains ample. HTHT added a net 324 hotels in 2Q (501 openings, 177 closures), slightly below 357 in 1Q.Net adds reached ~681 in 1H. Against the full-year guide of 2,200-2,300 openings, 2H will need to pick up. The pipeline stands at 3,089, skewed to mid-to-upscale, and management reaffirmed the full-year opening target.4) Profit delivery across the board, with asset-light benefits continuing to accrue. With franchise mix rising further (50.3% in 1H, +490bps YoY), GPM expanded 180bps to 43.4%.OpEx was broadly stable, lifting OPM by 330bps to 31.1%. Adj. EBITDA reached RMB 2.73bn, +20% YoY. For more details, follow Dolphin Research for subsequent commentary and Trans. $H World(HTHT.US)$HWORLD-S(01179.HK)"
datetime: "2026-08-17T11:21:04.000Z"
locales:
  - [en](https://longbridge.com/en/topics/43433285.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/43433285.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/43433285.md)
author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)"
---

# HTHT 2Q26 First Take: Overall, the company deliver…


### Related Stocks

- [01179.HK](https://longbridge.com/en/quote/01179.HK.md)
- [HTHT.US](https://longbridge.com/en/quote/HTHT.US.md)