H World Group (HTHT US & 1179 HK) Global China Summit Takeaways: Long-term growth algo remains intact

研报英文原文证据摘录

H World Group (HTHT US & 1179 HK) Global China Summit Takeaways: Long-term growth algo remains intact

J P M O R G A N Asia Pacific Equity Research

22 May 2026

H World Group (HTHT US & 1179

HK) Overweight

HTHT, HTHT US

Global China Summit Takeaways: Long-term growth Price (21 May 26):$46.35

algo remains intact Price Target (Dec-26):$60.00

We met with H World's CFO (Mr. Arthur Yu) and Head of IR (Ms. Ivy Luo) at our Overweight

Global China Summit. The overarching message was: the market is over-indexing

1179.HK, 1179 HK

on RevPAR volatility when the structural earnings driver has already shifted to unit Price (21 May 26):HK$35.64

growth and brand mix. Management remains confident on the long-term growth

Price Target (Dec-26):HK$47.00

runway, with a cautiously optimistic tone on the FY26 outlook (unchanged from

previous tone). Key takeaways below.

Head of Asia Gaming/Leisure and

China Software/SaaS Research

Demand, trading and outlook DS Kim AC

(852) 2800-8597

• Recent performance. Management dismissed short-term/weekly data as ds.kim@jpmorgan.comJ.P. Morgan Securities (Asia Pacific) Limited/ J.P.

too noisy, despite investor concerns around recent high-frequency Morgan Broking (Hong Kong) Limited

volatility. 2QTD trends appear in-line with expectations – April/Qingming Nancy Liu

came in slightly above, while May/Labour Day was slightly below on (86 21) 6106 6343

weaker spending (volumes were solid). Management interprets this as nancy.liu@jpmorgan.com

SAC Registration Number: S1730524090001

demand redistribution between the two holidays rather than underlying J.P. Morgan Securities (China) Company Limited

weakness. Full-year guidance is unchanged at low-single-digit RevPAR

growth, implying a modest deceleration into 2H26 against tougher comps

– no change.

• Demand mix.