H World

HTHT · Nasdaq

Hotels & Motels · Fiscal year ends Dec 31 · Reports in CNY

H World reported revenue of CNY 25.3B in the fiscal year ended Dec 2025, up 5.9% from the year before. Operating income was CNY 6.8B, an operating margin of 26.9%, and net income was CNY 5.1B. It held more cash than debt (net cash CNY 4.6B).

Last 5 fiscal years

Revenue and net income

RevenueNet income

Income statement

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	CNY 12.8B	CNY 13.9B	CNY 21.9B	CNY 23.9B	CNY 25.3B
Operating income	CNY 164M	−CNY 294M	CNY 4.7B	CNY 5.2B	CNY 6.8B
Interest expense	CNY 405M	CNY 409M	CNY 385M	CNY 318M	CNY 337M
Pre-tax income	−CNY 408M	−CNY 1.6B	CNY 5.3B	CNY 4.8B	CNY 7.3B
Income tax	CNY 12M	CNY 207M	CNY 1.2B	CNY 1.7B	CNY 2.2B
Net income	−CNY 465M	−CNY 1.8B	CNY 4.1B	CNY 3B	CNY 5.1B
Diluted EPS	−0.15	−0.59	1.25	0.96	1.60
Diluted shares	3,114M	3,111M	3,351M	3,278M	3,247M

Balance sheet

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash & equivalents	CNY 5.1B	CNY 3.6B	CNY 6.9B	CNY 7.5B	CNY 10.4B
Receivables	CNY 521M	CNY 1.1B	CNY 755M	CNY 817M	CNY 723M
Inventory	CNY 88M	CNY 70M	CNY 59M	CNY 60M	CNY 57M
Current assets	CNY 9.6B	CNY 9.2B	CNY 12.1B	CNY 13.2B	CNY 17.4B
Net PP&E	CNY 7.1B	CNY 6.8B	CNY 6.1B	CNY 5.7B	CNY 5.2B
Goodwill	CNY 5.1B	CNY 5.2B	CNY 5.3B	CNY 5.2B	CNY 5.4B
Total assets	CNY 63.3B	CNY 61.5B	CNY 63.5B	CNY 62.6B	CNY 64.8B
Payables	CNY 968M	CNY 1.2B	CNY 1B	CNY 983M	CNY 1B
Deferred revenue	CNY 1.4B	CNY 1.3B	CNY 1.6B	CNY 1.8B	CNY 1.8B
Current liabilities	CNY 15.3B	CNY 13.1B	CNY 17.4B	CNY 13.3B	CNY 19.1B
Short-term debt	CNY 6.2B	CNY 3.3B	CNY 4B	CNY 880M	CNY 5.3B
Long-term debt	CNY 3.6B	CNY 6.6B	CNY 1.3B	CNY 4.5B	CNY 479M
Total liabilities	CNY 52.2B	CNY 52.7B	CNY 51.3B	CNY 50.3B	CNY 51.8B
Shareholders' equity	CNY 10.9B	CNY 8.7B	CNY 12.1B	CNY 12.2B	CNY 12.8B

Cash flow

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating cash flow	CNY 1.3B	CNY 1.6B	CNY 7.7B	CNY 7.5B	CNY 8.4B
Depreciation & amortisation	CNY 1.5B	CNY 1.5B	CNY 1.4B	CNY 1.3B	CNY 1.3B
Stock-based compensation	CNY 109M	CNY 87M	CNY 143M	CNY 322M	CNY 420M
Acquisitions	CNY 742M	CNY 57M	CNY 0	–	–
Share buybacks	CNY 0	CNY 334M	CNY 848M	CNY 1.2B	CNY 783M
Dividends paid	–	CNY 416M	–	CNY 3.5B	CNY 3.9B

Key ratios

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue growth (YoY)	–	8.4%	57.9%	9.2%	5.9%
Operating income growth (YoY)	–	−279.3%	–	10.3%	31.1%
EPS growth (YoY)	–	–	–	−23.2%	66.7%
Operating margin	1.3%	−2.1%	21.5%	21.8%	26.9%
Net margin	−3.6%	−13.1%	18.7%	12.8%	20.1%
Return on equityBlank when equity is negative	−4.3%	−20.9%	33.7%	25.0%	39.7%
ROCEEBIT ÷ (assets − current liabilities)	0.3%	−0.6%	10.2%	10.6%	14.9%
Cash conversion (CFO ÷ net income)	−2.89x	−0.86x	1.88x	2.47x	1.65x
Receivable days	15	29	13	12	10
Interest cover	0.40x	−0.72x	12.2x	16.4x	20.2x
Debt ÷ equity	0.90x	1.14x	0.44x	0.45x	0.45x
Net debtDebt − cash & equivalents; excludes investments; negative = net cash	CNY 4.7B	CNY 6.3B	−CNY 1.6B	−CNY 2B	−CNY 4.6B
Current ratio	0.63x	0.70x	0.69x	0.99x	0.91x

Recent filings

More in Hotels & Motels

Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.