H World Group Ltd

We are a leading, fast-growing multi-brand hotel group with international operations. Our hotels operate under three models: leased and owned, franchised, and "manachised" (franchised hotels that we operate under management contracts). We expanded our hotel network from 9,394 hotels as of December 31, 2023, to 12,858 hotels as of December 31, 2025, representing a compound annual growth rate (CAGR) of 17.0%. As of December 31, 2025, we had 12,858 hotels in operation, comprising 573 leased and owned hotels and 12,285 manachised and franchised hotels, with a total of 1,264,419 hotel rooms. On the same date, we were developing an additional 2,906 hotels, including 19 leased and owned hotels and 2,887 manachised and franchised hotels. We operate a portfolio of over 20 distinct hotel brands, covering the full spectrum of market segments. Our H Rewards loyalty program covers all our brands and had more than 311 million members as of December 31, 2025. In 2025, approximately 73% of our room nights under legacy Huazhu were sold to individual or corporate H Rewards members. In the same year, approximately 77% of our room nights under legacy Huazhu were sold through our own sales channels. We utilize proprietary technology infrastructure to enhance customer experience, increase operational efficiency, and support growth.