0001104659-26-048058 | 20-F | XBRL Viewer

Years Ended December 31,

Balance at the beginning of the year

Addition for tax positions

Balance at the end of the year

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RELATED PARTY TRANSACTIONS AND BALANCES (Details) € in Millions, ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 EUR (€)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
RELATED PARTY TRANSACTIONS AND BALANCES
Other Receivable, after Allowance for Credit Loss, Related Party [Extensible Enumeration]		srt:AffiliatedEntityMember		srt:AffiliatedEntityMember
Total revenues	€ 750	¥ 25,307	$ 3,618	¥ 23,891	¥ 21,882
Related party
RELATED PARTY TRANSACTIONS AND BALANCES
Allowance for expected credit losses		(37)		(64)
Total		314		348
Amounts due to related parties		129		74
Related party \| Trip.com
RELATED PARTY TRANSACTIONS AND BALANCES
Amounts due from related parties		265		284
Amounts due to related parties		60		41
Related party \| Trip.com \| Commission expenses
RELATED PARTY TRANSACTIONS AND BALANCES
Expenses with related parties		307		297	260
Related party \| Trip.com \| Lease expenses
RELATED PARTY TRANSACTIONS AND BALANCES
Expenses with related parties		19		19	19
Related party \| Trip.com \| Service fee
RELATED PARTY TRANSACTIONS AND BALANCES
Total revenues		116		146	112
Related party \| Lianquan
RELATED PARTY TRANSACTIONS AND BALANCES
Amounts due from related parties		19		49
Related party \| Lianquan \| Sublease income
RELATED PARTY TRANSACTIONS AND BALANCES
Total revenues				11	10
Related party \| Huamai
RELATED PARTY TRANSACTIONS AND BALANCES
Amounts due from related parties		16		26
Related party \| Zhuchuang
RELATED PARTY TRANSACTIONS AND BALANCES
Amounts due from related parties		14		14
Related party \| Cjia Group
RELATED PARTY TRANSACTIONS AND BALANCES
Amounts due from related parties		12		15
Amounts due to related parties		20		14
Related party \| Cjia Group \| Lease expenses
RELATED PARTY TRANSACTIONS AND BALANCES
Expenses with related parties		38		36	37
Related party \| Cjia Group \| Goods sold and service provided
RELATED PARTY TRANSACTIONS AND BALANCES
Total revenues		28		32	17
Related party \| Cjia Group \| Sublease income
RELATED PARTY TRANSACTIONS AND BALANCES
Total revenues		5		6	5
Related party \| Others
RELATED PARTY TRANSACTIONS AND BALANCES
Amounts due from related parties		25		24
Amounts due to related parties		49		19
Related party \| Azure \| Service fee
RELATED PARTY TRANSACTIONS AND BALANCES
Total revenues		¥ 21		¥ 21	¥ 17

DEBT - Convertible Senior Notes (Details) - Convertible Debt - 2026 Notes $ / shares in Units, ¥ in Millions	1 Months Ended	12 Months Ended
	May 31, 2020 USD ($) $ / shares	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
DEBT
Aggregate principal amount	$ 500,000,000
Fixed interest rate (as a percent)	3.00%
Proceeds from issuance of debt		¥ 3,499	$ 493,000,000
Debt issuance costs		¥ 49		$ 7,000,000
Initial conversion price \| $ / shares	$ 23.971
Increment used for debt conversion	$ 1,000
Initial conversion rate per ADS	41.72
Repurchase price as a percentage of principal amount	100.00%

SEGMENT (Tables)

12 Months Ended

Dec. 31, 2025

SEGMENT

Summary of segment information after elimination of intercompany transactions


	Years Ended December 31,
	2023				2024				2025
	Legacy	Legacy			Legacy	Legacy			Legacy	Legacy
	Huazhu	DH	Elimination	Total	Huazhu	DH	Elimination	Total	Huazhu	DH	Elimination	Total
Leased and owned hotels	9,522	4,286	(12)	13,796	9,146	4,697	—	13,843	8,371	4,572	—	12,943
Manachised and franchised hotels	7,596	107	(9)	7,694	9,385	126	(13)	9,498	11,542	176	(22)	11,696
Others	326	72	(6)	392	498	58	(6)	550	622	46	—	668
Total revenues	17,444	4,465	(27)	21,882	19,029	4,881	(19)	23,891	20,535	4,794	(22)	25,307
Adjusted hotel operating costs	(9,419)	(3,569)	—	—	(9,888)	(4,125)	—	—	(10,476)	(3,662)	—	—
Adjusted selling and marketing expenses	(641)	(429)	—	—	(723)	(451)	—	—	(769)	(493)	—	—
Adjusted general and administrative expenses	(1,405)	(505)	—	—	(1,573)	(575)	—	—	(1,433)	(383)	—	—
Other segment items (primarily include other operating income, net)	206	122	—	—	129	116	—	—	117	243	—	—
Adjusted EBITDA	6,185	84	(1)	6,268	6,974	(154)	—	6,820	7,974	499	—	8,473
Interest income	—	—	—	248	—	—	—	210	—	—	—	223
Interest expense	—	—	—	(385)	—	—	—	(318)	—	—	—	(337)
Income tax expense	—	—	—	(1,204)	—	—	—	(1,662)	—	—	—	(2,161)
Depreciation and amortization	—	—	—	(1,414)	—	—	—	(1,332)	—	—	—	(1,257)
Share-based compensation	—	—	—	(143)	—	—	—	(322)	—	—	—	(420)
Gain (loss) from fair value changes of equity securities, net	—	—	—	109	—	—	—	(66)	—	—	—	(10)
Foreign exchange gain (loss), net	—	—	—	90	—	—	—	(272)	—	—	—	569
Gain (loss) on disposal of investments	—	—	—	516	—	—	—	(10)	—	—	—	—
Net income attributable to H World Group Limited	—	—	—	4,085	—	—	—	3,048	—	—	—	5,080

Schedule of revenues and property and equipment, net, intangible assets, net, right-of-use assets, land use rights, net and goodwill by geographical region

Revenues:


	Years Ended December 31,
	2023	2024	2025
PRC	17,393	18,984	20,499
Germany	3,324	3,544	3,400
All others	1,165	1,363	1,408
Total	21,882	23,891	25,307

Property and equipment, net, intangible assets, net, right - of - use assets, land use rights, net and goodwill:


		As of December 31,
		2024		2025
PRC		27,461		26,101
Germany		11,940		13,131
All others		3,716		3,986
Total		43,117		43,218

SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY - CONDENSED BALANCE SHEETS (Parenthetical) (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
CONDENSED BALANCE SHEETS
Ordinary shares, par value (in dollars per share)	$ 0.00001	$ 0.00001
Ordinary shares, shares authorized	80,000,000,000	80,000,000,000
Ordinary shares, shares issued	3,098,323,810	3,105,094,690
Ordinary shares, shares outstanding	3,071,525,690	3,083,916,600
Treasury shares, shares	26,798,120	21,178,090
Parent Company
CONDENSED BALANCE SHEETS
Ordinary shares, par value (in dollars per share)	$ 0.00001	$ 0.00001
Ordinary shares, shares authorized	80,000,000,000	80,000,000,000
Ordinary shares, shares issued	3,098,323,810	3,105,094,690
Ordinary shares, shares outstanding	3,071,525,690	3,083,916,600
Treasury shares, shares	26,798,120	21,178,090

INCOME TAXES - Deferred income tax assets and liabilities (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Deferred tax assets:
Net loss carryforward	¥ 1,105	¥ 1,091
Deferred revenue	674	562
Long-term assets	377	485
Bad debt provision	92	80
Accrued payroll	97	110
Others	150	121
Valuation allowance	(655)	(718)	¥ (675)
Total deferred tax assets, net of valuation allowance	1,840	1,731
Deferred tax liabilities:
Fair value adjustment for Building, land use rights and identified intangible assets due to acquisition	1,548	1,405
Withholding tax	322	191
Total deferred tax liabilities	1,870	1,596
Net deferred tax assets		135
Net deferred tax liabilities	(30)
Analysis as:
Deferred tax assets	1,157	1,054		$ 165
Deferred tax liabilities	1,187	919		$ 170
Net deferred tax assets		135
Net deferred tax liabilities	(30)
Movement of the valuation allowance
Balance at the beginning of the year	(718)	(675)	(731)
Provided	(28)	(271)	(145)
Reversed	17	177	165
Written off	74	51	36
Balance at the end of the year	¥ (655)	¥ (718)	¥ (675)

ORGANIZATION AND PRINCIPAL ACTIVITIES

12 Months Ended

Dec. 31, 2025

ORGANIZATION AND PRINCIPAL ACTIVITIES

ORGANIZATION AND PRINCIPAL ACTIVITIES

1.ORGANIZATION AND PRINCIPAL ACTIVITIES

H World Group Limited (the “Company”) was incorporated in the Cayman Islands under the laws of the Cayman Islands on January 4, 2007. The principal business activities of the Company and its subsidiaries and consolidated variable interest entities (the “Group”) are to develop and operate leased and owned, manachised and franchised hotels mainly in the People’s Republic of China (“PRC” or “PRC Mainland”, excluding, for the purposes of this consolidated financial statements only, Taiwan, the Hong Kong Special Administrative Region and the Macao Special Administrative Region), Europe and other countries and areas.

On January 2, 2020, the Group completed the acquisition of 100% equity interest of Steigenberger Hotels Aktiengesellschaft (“Deutsche Hospitality” or “DH”) which was renamed as Steigenberger Hotels GmbH. Deutsche Hospitality was engaged in the business of leasing, franchising, operating and managing hotels in the midscale and upscale market in Europe, the Middle East and Africa. After the acquisition, “legacy DH” refers to Deutsche Hospitality and its subsidiaries and “legacy Huazhu” refers to the Group excluding Deutsche Hospitality.

Leased and owned hotels

The Group leases hotel properties from lessors or purchases properties directly and is responsible for all aspects of hotel operations and management, including hiring, training and supervising the managers and employees required to operate the hotels. In addition, the Group is responsible for hotel development and customization to conform to the standards of the Group brands at the beginning of the lease or the construction, as well as repairs and maintenance, operating expenses and management of properties over the term of the lease or the land and building certificate.

As of December 31, 2024 and 2025, the Group had 633 and 573 leased and owned hotels in operation, respectively.

Manachised and franchised hotels

The Group enters into franchise and management arrangements with franchisees for which the Group is responsible for providing branding, quality assurance, training, reservation, hiring and appointing of the hotel general manager and various other support services relating to hotel renovation and operations. Those hotels are classified as manachised hotels. Under the typical franchise and management agreements, the franchisee is required to pay an initial franchise fee and ongoing franchise and management service fees, which typically equal to a certain percentage of the revenues of the hotel. The franchisee is responsible for the costs of hotel development, renovation and the costs of its operations. There are also some franchised hotels for which the Group does not provide a hotel general manager. The franchise and management agreements typically range from eight to ten years under legacy Huazhu, and 15 to 20 years for manachised hotels and 10 to 15 years for franchised hotels under legacy DH. These agreements are renewable upon mutual agreement between the Group and the franchisees. As of December 31, 2024 and 2025, the Group had 10,380 and 12,170 manachised hotels in operation and 134 and 115 franchised hotels in operation, respectively.

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Operating activities:
Net income	¥ 5,115	$ 731	¥ 3,102	¥ 4,131
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation	420	60	322	143
Depreciation and amortization	1,257	180	1,332	1,414
Amortization of issuance cost of convertible senior notes and upfront fee on bank borrowings			5	34
Deferred income taxes	147	21	113	29
Credit loss	(18)	(3)	3	89
Impairment loss	242	35	537	516
Loss from equity method investments, net of dividends	81	12	97	72
Foreign currency exchange (gain) loss	(566)	(81)	263	(119)
Investment income	(98)	(14)	(13)	(806)
Noncash lease expense	2,233	319	2,300	2,163
Others	(131)	(18)	23	48
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable	117	17	(95)	296
Salary and welfare payables	(38)	(5)	121	402
Deferred revenue	231	33	467	576
Accrued expenses and other current liabilities	936	134	752	1,133
Operating lease liabilities	(2,383)	(341)	(2,453)	(2,548)
Income tax payable	378	53	251	62
Other long-term liabilities	435	62	382	84
Others, net	21	3	9	(45)
Net cash provided by operating activities	8,379	1,198	7,518	7,674
Investing activities:
Purchases of property and equipment	(828)	(119)	(883)	(894)
Purchases of intangible asset	(10)	(1)	(15)	(7)
Purchases of investments	(8,134)	(1,163)	(4,017)	(3,509)
Proceeds from maturity/sale and return of investments	7,777	1,112	2,563	2,972
Origination of loan receivables	(69)	(10)	(178)	(226)
Collection of loan receivables	153	22	217	137
Other investing activities	69	10	74	50
Net cash used in investing activities	(1,042)	(149)	(2,239)	(1,477)
Financing activities:
Proceeds from issuance of ordinary shares				1,973
Net proceeds from issuance of ordinary shares upon exercise of options	38	5
Payment of repurchases of ordinary shares	(783)	(112)	(1,172)	(848)
Proceeds from short-term debt	3,595	514	77	745
Repayment of short-term debt	(2,272)	(325)	(367)	(3,436)
Proceeds from long-term debt			490	350
Repayment of long-term debt	(850)	(122)	(140)	(2,336)
Proceeds from long-term finance liabilities	28	4	72	74
Repayment of long-term finance liabilities	(66)	(9)	(73)	(66)
Dividends paid	(3,907)	(559)	(3,480)
Principal payments of finance lease	(57)	(8)	(65)	(82)
Purchase of prepaid put option			(710)
Other financing activities	(32)	(4)	(136)	(94)
Net cash used in financing activities	(4,306)	(616)	(5,504)	(3,720)
Effect of exchange rate changes on cash and cash equivalents, and restricted cash	(30)	(4)	30	164
Net increase (decrease) in cash, cash equivalents and restricted cash, including cash and cash equivalents classified within assets held for sale	3,001	429	(195)	2,641
Less: net increase (decrease) in cash and cash equivalents classified within assets held for sale	(7)	(1)	(9)	17
Cash, cash equivalents and restricted cash at the beginning of the year	7,524	1,076	7,710	5,086
Cash, cash equivalents and restricted cash at the end of the year	10,532	1,506	7,524	7,710
Cash and cash equivalents	10,386		7,474	6,946
Restricted cash	146		50	764
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	10,532		7,524	7,710
Supplemental disclosure of cash flow information:
Interest paid, net of amounts capitalized	169	24	166	263
Income taxes paid	1,632	233	1,310	1,127
Supplemental schedule of non-cash investing and financing activities:
Purchases of property and equipment included in payables	¥ 336	$ 48	¥ 437	¥ 477

EARNINGS PER SHARE - Computation of diluted earnings (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Outstanding employee options and nonvested restricted stocks
EARNINGS PER SHARE
Securities which could potentially dilute basic earnings per share which were excluded from the computation of diluted earnings per share	10,265,860	45,194,870	53,132,230

REVENUE - Contract Balances - Contract liabilities (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Contract with Customer, Liability
Revenue recognized	¥ 860	¥ 800

ASSETS AND LIABILITIES HELD FOR SALE (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥) tranche	Dec. 31, 2024 CNY (¥)
Liabilities held for sale:
Number of tranche completed \| tranche	2
Impairments	¥ 13	¥ 27
HELD FOR SALE - Continuing operations \| Lease and owned hotels
Assets held for sale:
Cash and cash equivalents and restricted cash	0	8
Property and equipment, net	17	82
Operating lease right-of-use assets	552	1,732
Finance lease right-of-use assets	70	67
Other assets	30	52
Total	669	1,941
Liabilities held for sale:
Accrued expenses and other current liabilities	39	62
Operating lease liabilities, current	21	69
Operating lease liabilities, non-current	510	1,785
Finance lease liabilities	74	71
Other liabilities	27	97
Total	¥ 671	¥ 2,084

CASH DIVIDEND (Details) ¥ in Millions		3 Months Ended
CASH DIVIDEND (Details) ¥ in Millions	Mar. 18, 2026 CNY (¥) $ / shares	Sep. 30, 2025 CNY (¥) $ / shares	Mar. 31, 2025 CNY (¥) $ / shares	Sep. 30, 2024 CNY (¥) $ / shares	Dec. 31, 2023 CNY (¥) $ / shares
2023 Q4 dividends
CASH DIVIDEND
Declaration date					Nov. 29, 2023
Cash dividends declared (in $ per share)					$ 0.093
Record date					Jan. 10, 2024
Dividends payable \| ¥					$ 2,091
2024 Q3 dividends
CASH DIVIDEND
Declaration date				Jul. 23, 2024
Cash dividends declared (in $ per share)				$ 0.063
Record date				Aug. 14, 2024
Dividends payable \| ¥				$ 1,389
2025 Q1 dividends
CASH DIVIDEND
Declaration date			Mar. 20, 2025
Cash dividends declared (in $ per share)			$ 0.097
Record date			Apr. 09, 2025
Dividends payable \| ¥			$ 2,136
O2025 Q3 dividends
CASH DIVIDEND
Declaration date		Aug. 20, 2025
Cash dividends declared (in $ per share)		$ 0.081
Record date		Sep. 09, 2025
Dividends payable \| ¥		$ 1,771
O2026 Q1 Dividends \| Subsequent Event
CASH DIVIDEND
Declaration date	Mar. 18, 2026
Cash dividends declared (in $ per share)	$ 0.13
Record date	May 04, 2026
Dividends payable \| ¥	$ 400
ADS \| 2023 Q4 dividends
CASH DIVIDEND
Cash dividends declared (in $ per share)					$ 0.93
ADS \| 2024 Q3 dividends
CASH DIVIDEND
Cash dividends declared (in $ per share)				$ 0.63
ADS \| 2025 Q1 dividends
CASH DIVIDEND
Cash dividends declared (in $ per share)			$ 0.97
ADS \| O2025 Q3 dividends
CASH DIVIDEND
Cash dividends declared (in $ per share)		$ 0.81
ADS \| O2026 Q1 Dividends \| Subsequent Event
CASH DIVIDEND
Cash dividends declared (in $ per share)	$ 1.3

HOTEL OPERATING COSTS (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
HOTEL OPERATING COSTS
Rents	¥ 4,179		¥ 4,365	¥ 4,290
Utilities	656		690	685
Personnel costs	5,761		5,326	4,684
Depreciation and amortization	1,190		1,254	1,329
Consumable, food and beverage	1,221		1,293	1,327
Others	2,332		2,357	2,026
Total	¥ 15,339	$ 2,194	¥ 15,285	¥ 14,341

COMMITMENTS AND CONTINGENCIES (Details) ¥ in Millions	Dec. 31, 2025 CNY (¥)
COMMITMENTS AND CONTINGENCIES
Purchase commitments expected to be incurred within one to two year related to leasehold improvements and installation of equipment for hotel operations	¥ 119
Accrued contingent liabilities	¥ 16

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

LEASES

Schedule of supplemental information related to operating leases


	Years Ended December 31,
	2024		2025
Lease cost:
Operating fixed lease cost	4,166		4,017
Finance lease cost
— Amortization of ROU assets	91		98
— Interest on lease liabilities	129		135
Variable lease cost	290		262
Total lease cost	4,676		4,512

Other information:
Weighted average remaining lease term
Operating leases	14 years		14 years
Finance leases	27 years		26 years
Weighted average discount rate
Operating leases	5.97	%	5.45	%
Finance leases	4.30	%	4.31	%

Schedule of maturities of operating and finance lease liabilities

As of December 31, 2025, the maturities of lease liabilities, excluding lease liabilities classified in liabilities held for sale (Note 8), in accordance with ASC 842 in each of the next five years and thereafter are as follows:


		Total Operating		Total Finance
Year Ending December 31,		Leases		Leases
2026		3,976		190
2027		3,814		194
2028		3,638		197
2029		3,413		198
2030		3,143		198
Thereafter		21,223		4,288

Total minimum lease payments		39,207		5,265

Less: amount representing interest		12,076		2,143

Present value of minimum lease payments		27,131		3,122

As of December 31, 2024, the maturities of lease liabilities, excluding lease liabilities classified in liabilities held for sale (Note 8), in accordance with ASC 842 in each of the next five years and thereafter were as follows:


	Total Operating	Total Finance
Year Ending December 31,	Leases	Leases
2025	4,028	171
2026	3,845	174
2027	3,746	177
2028	3,565	180
2029	3,358	181
Thereafter	21,480	4,086

Total minimum lease payments	40,022	4,969

Less: amount representing interest	12,896	2,076

Present value of minimum lease payments	27,126	2,893

Schedule of supplemental cash flow information related to leases


		Years Ended December 31,
		2024		2025
Cash paid for amounts included in the measurement of operating lease liabilities		4,212		4,057
Cash paid for amounts included in the measurement of finance lease liabilities		109		139
Non-cash right-of-use assets obtained in exchange for operating lease liabilities		2,076		1,176
Non-cash right-of-use assets obtained in exchange for finance lease liabilities, net of reassessment of finance lease payments		78		0

INVESTMENTS

12 Months Ended

Dec. 31, 2025

INVESTMENTS

INVESTMENTS

6.INVESTMENTS

The investments as of December 31, 2024 and 2025 were as follows:


	As of December 31,
	2024	2025
Short-term investments
Equity securities with readily determinable fair values:
Marketable securities	81	69
Held to maturity investments
Bank time deposits and financial products	3,522	4,825
Total	3,603	4,894

Long-term investments
Equity securities without readily determinable fair values	86	89
Equity-method investments:
AAPC LUB	495	488
Hotel related funds	404	374
Other investments	214	233
Subtotal	1,113	1,095
Available-for-sale debt securities:
Cjia Group-convertible notes	230	175
Held to maturity investments
Bank time deposits	887	10
Total	2,316	1,369

INCOME TAXES

12 Months Ended

Dec. 31, 2025

INCOME TAXES

INCOME TAXES

17.INCOME TAXES

The Group is subject to different income tax rates in various countries and jurisdictions under laws and relevant interpretations depending on the place of formation. The Group’s principal operations and geographic markets are in PRC mainland.

Under the Law of the People’s Republic of China on Enterprise Income Tax (“EIT Law”), which was effective from January 1, 2008, domestically-owned enterprises and foreign-invested enterprises are subject to a uniform tax rate of 25%, and the industries and projects that are encouraged and supported by the State may enjoy tax preferential treatment. Jizhu Information and Technology (Shanghai) Co., Ltd. (“Jizhu Shanghai”), which formerly known as Mengguang Information and Technology (Shanghai) Co., Ltd, is a recognized software development entity located in Shanghai of PRC. Jizhu Shanghai was certified as a high and new technology enterprise in November 2018, December 2021 and December 2024, and accordingly was entitled to a reduced tax rate of 15% for the years from 2018 to 2026. Huazhu Cloud (Shanghai) Information and Technology Co., Ltd. (“Huazhu Cloud”) (formerly known as H-World Information and Technology Co., Ltd.) was certified as high and new tech enterprise in December 2019, December 2022 and December 2025, and accordingly was entitled to a reduced tax rate of 15% for the years from 2019 to 2027.

Pursuant to the relevant regulations applicable to small and micro businesses, several PRC subsidiaries enjoy a preferential tax rate of 20% with a discount to taxable income. From January 1, 2022 to December 31, 2022, for taxable income less than RMB 1, 87.5% of the taxable income would be exempted in tax computation, and for taxable income over RMB1 but less than RMB3, the discount would be 75%. From January 1, 2023 to December 31, 2027, for taxable income less than RMB3, 75% of the taxable income would be exempted in tax computation. Entities qualified as small and micro businesses shall be engaged in industries not restricted or prohibited by the state, who also meet all three following conditions: annual taxable income does not exceed RMB3, no more than 300 employees, and the total assets does not exceed RMB50.

Under the current tax laws in Germany, companies are subject to income tax at a standard rate of 15% (15.825% including solidarity surcharge), plus municipal trade tax of 7%-21%. In other major jurisdictions, including Austria, Netherlands and Belgium, the Group is subject to a range from 9% to 25% of the statutory income tax rate, respectively. The income tax rates in other countries and jurisdictions are of little effect on the financial statements due to relative small in size of operation.

Income before income taxes consists of:


		Year Ended December 31,
		2025
PRC Mainland		7,134
Germany		52
Others		116
Total		7,302

Income before income taxes of prior years consists of:


	Years Ended December 31,
	2023	2024
PRC Mainland, Hong Kong and Taiwan	5,833	5,414
Germany	(463)	(857)
Others	(21)	248
Total	5,349	4,805

Income tax expense (benefit) is comprised of the following:


		Years Ended December 31,
		2023		2024		2025
Current Tax		1,175		1,549		2,014
Deferred Tax		29		113		147
Total		1,204		1,662		2,161

A reconciliation between the effective income tax rate and the PRC Mainland statutory income tax rate after the adoption of ASU 2023-09 is as follows:


		Year Ended December 31,
		2025
		Amount		Percent
Tax at PRC Mainland statutory tax rate		1,825		25.00	%
Foreign Tax Effects
Hong Kong
Statutory tax rate difference		(214)		(2.93)	%
Germany
Changes in Valuation Allowance		(139)		(1.91)	%
Effect of tax rate adjustment		131		1.79	%
Other		24		0.33	%
Other foreign jurisdictions		70		0.96	%
Effect of cross-border tax laws
Withholding Tax		313		4.29	%
Research and development expenses super deduction		(84)		(1.15)	%
Valuation allowance		131		1.80	%
Nontaxable or nondeductible items
Share based compensation		105		1.44	%
Other nontaxable nondeductible items		4		0.06	%
Other		(5)		(0.08)	%
Effective tax rate		2,161		29.60	%

A reconciliation between the effective income tax rate and the PRC Mainland statutory income tax rate for years prior to the adoption of ASU 2023-09 is as follows:


		Years Ended December 31,
		2023		2024
PRC Mainland statutory tax rate		25	%	25	%
Tax effect of non-deductible expenses and non-taxable income in determining taxable profit		2	%	4	%
Effect of different tax rate of group entities operating in other jurisdictions		(4)	%	(2)	%
Effect of change in valuation allowance		(0)	%	1	%
Effect of tax holiday		(1)	%	(1)	%
Effect of cash dividends		1	%	8	%
Effective tax rate		23	%	35	%

The amounts of income taxes paid by the Company were as follows:


		Year Ended December 31,
		2025
PRC Mainland		1,631
Foreign		1
Income taxes, net of amounts refunded		1,632

The aggregate amount and per share effect of the tax credits are as follows:


		Years Ended December 31,
		2023		2024		2025
Aggregate amount		60		47		98
Per share effect—basic		0.02		0.02		0.03
Per share effect—diluted		0.02		0.02		0.03

The principal components of the Group’s deferred income tax assets and liabilities as of December 31, 2024 and 2025 are as follows:


		As of December 31,
		2024		2025
Deferred tax assets:
Net loss carryforward		1,091		1,105
Deferred revenue		562		674
Long-term assets		485		377
Bad debt provision		80		92
Accrued payroll		110		97
Others		121		150
Valuation allowance		(718)		(655)
Total deferred tax assets, net of valuation allowance		1,731		1,840
Deferred tax liabilities:
Fair value adjustment for building, land use rights and identified intangible assets due to acquisition		1,405		1,548
Withholding tax		191		322
Total deferred tax liabilities		1,596		1,870
Net deferred tax assets (liabilities)		135		(30)
Analysis as:
Deferred tax assets		1,054		1,157
Deferred tax liabilities		919		1,187
Net deferred tax assets (liabilities)		135		(30)

Deferred tax assets and liabilities have been offset where the Group has a legally enforceable right to do so, and intends to settle on a net basis.

The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carryforward periods, the Group’s experience with tax attributes expiring unused and tax planning alternatives. Valuation allowances have been established for deferred tax assets based on a more likely than not threshold. The Group’s ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the carryforward periods provided for in the tax law. Movement of the valuation allowance is as follows:


	Years Ended December 31,
	2023	2024	2025
Balance at the beginning of the year	(731)	(675)	(718)
Provided	(145)	(271)	(28)
Reversed	165	177	17
Written off	36	51	74
Balance at the end of the year	(675)	(718)	(655)

As of December 31, 2025, the Group’s PRC subsidiaries had tax loss carryforwards of RMB1,734, which will expire between 2026 and 2030 if not used. Companies under Legacy DH had tax loss carry forwards of RMB2,720, which can be offset in the future without anytime restriction.

The Group determines whether or not a tax position is “more-likely-than-not” of being sustained upon audit based solely on the technical merits of the position. At December 31, 2024 and 2025, the Group had recorded liabilities for uncertain tax benefit of approximately RMB85 and RMB90 mainly associated with the interests on intercompany loans and other permanent differences related to Corporate Income and Trade Taxes, respectively. No interest or penalty expense was recorded for the years ended December 31, 2023, 2024 and 2025. In 2026, the Group will decrease its income tax liability by RMB0.2 for unrecognized tax benefits previously recorded in 2016 as the statute of limitations for the tax liabilities of certain tax positions will expire under the PRC Tax Administration and Collection Law.

In accordance with the EIT Law, dividends, which arise from profits of foreign invested enterprises (“FIEs”) earned after January 1, 2008, are subject to a 10% withholding income tax. If there is a favorable tax treaty between PRC Mainland and the jurisdiction of the foreign holding company, the income tax rate may be reduced. For example, holding companies in Hong Kong that are also tax residents in Hong Kong are eligible for a 5% withholding tax on dividends under the Tax Memorandum between PRC Mainland and the Hong Kong Special Administrative Region if the holding company is the beneficial owner of the dividends and holds more than 25% of the PRC company. Under applicable accounting principles, a deferred tax liability should be recorded for taxable temporary differences attributable to the excess of financial reporting basis over tax basis in a domestic subsidiary. To facilitate this dividend distribution and meet the oversea treasury demand, certain amount of dividends from the Group’s PRC subsidiaries to its oversea subsidiaries was planned. In 2023, the Group revised its dividend policy that it may make a dividend distribution every year up to 45% of its current year net income starting from 2023. PRC dividend withholding tax of RMB75 was accrued as of December 31, 2023. In 2024, the Group announced an amended three - year dividend policy that, the board of directors has the sole discretion to declare and distribute ordinary dividends semi - annually, the aggregate amount of which for each financial year shall be no less than 60% of the Group’s net income in such financial year.

As of December 31, 2025, the Group has accrued a total of RMB322 in PRC dividend withholding tax on undistributed earnings, which the Group plans to distribute from PRC subsidiaries to its oversea subsidiaries. Other than these planned dividends distributions, the Group intends to indefinitely reinvest the remaining undistributed earnings of PRC subsidiaries, of which, no provision for PRC dividend withholding tax has been accrued.

According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of income taxes is due to computational errors made by the taxpayer. The statute of limitations will be extended to five years under special circumstances, which are not clearly defined, but an underpayment of income tax liability exceeding RMB0.1 is specifically listed as a special circumstance. In the case of a transfer pricing related adjustment, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion. The Group’s PRC subsidiaries are therefore subject to examination by the PRC tax authorities from inception to 2025.

According to the German General Fiscal Code, the statute of limitations for the assessment and collection of taxes is four years. The four-year period usually starts at the end of the year in which the tax return is filed. If no tax return is filed, the statute of limitations starts with the end of the third year following the year in which the tax arose. Extended limitations of 5 and 10 years will apply in the event of tax evasion or tax fraud. The statute of limitations may be suspended for a variety of reasons, for example, appeal of assessment by taxpayers, announcement or start of a tax audit, obvious mistake in tax assessment, etc.

The Organisation for Economic Co-operation and Development (OECD) developed a Global Anti-Base Erosion Rules (Pillar Two) to ensure a 15% global minimum tax paid by large multinational enterprises with consolidated revenue over EUR 750 million. In December 2022, the EU Minimum Tax Directive entered into force and led to member states to enact legislation to implement Pillar Two rules effective for fiscal years starting on or after December 31,2023.

On 1 January 2025, Singapore’s Multinational Enterprise Top - up Tax Act came into effect. Hong Kong, China, gazetted the Inland Revenue (Amendment) (Minimum Tax for Multinational Enterprise Groups) Bill 2024 on 27 December 2024, which will come into operation for financial years commencing on or after 1 January 2025.

Some other major jurisdictions have either enacted certain parts of the Pillar Two rules or begun the process of enacting such rules, with varying effective dates.

Based on current enacted legislation effective in 2025, group’s structure and assessment, the Group does not expect Pillar Two to have a material impact on the effective tax rate, consolidation results of operation, financial position, and cash flows in near term. The Group will continue to closely monitor Pillar Two global implementation process and executive the assessment.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY

12 Months Ended

Dec. 31, 2025

SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY

SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY

ADDITIONAL FINANCIAL INFORMATION — FINANCIAL STATEMENTS SCHEDULE I

H WORLD GROUP LIMITED

FINANCIAL INFORMATION FOR PARENT COMPANY

CONDENSED BALANCE SHEETS

(Renminbi in millions, except share and per share data, or otherwise stated)


		As of December 31,
		2024		2025		2025
						US$’ in millions
						(Note 2)
Assets
Current assets:
Cash and cash equivalents		1,869		1,836		263
Short-term investments		863		850		122
Other current assets		2		3		0
Total current assets		2,734		2,689		385
Investment in and amount due from subsidiaries		18,103		21,061		3,012
Total assets		20,837		23,750		3,397
Liabilities and equity
Current liabilities:
Short-term debt		—		3,514		503
Amount due to subsidiaries		4,990		7,246		1,036
Accrued expenses and other current liabilities		76		186		27
Total current liabilities		5,066		10,946		1,566
Long-term debt		3,594		—		—
Total liabilities		8,660		10,946		1,566
Equity:
Ordinary shares (US$0.00001 par value per share; 80,000,000,000 shares authorized; 3,105,094,690 and 3,098,323,810 shares issued as of December 31, 2024 and 2025, and 3,083,916,600 and 3,071,525,690 shares outstanding as of December 31, 2024 and 2025, respectively)		0		0		0
Treasury shares (21,178,090 and 26,798,120 shares as of December 31, 2024 and 2025, respectively)		(274)		(662)		(95)
Additional paid-in capital		9,620		9,653		1,381
Retained earnings		2,449		3,614		517
Accumulated other comprehensive income		382		199		28
Total equity		12,177		12,804		1,831
Total liabilities and equity		20,837		23,750		3,397

ADDITIONAL FINANCIAL INFORMATION — FINANCIAL STATEMENTS SCHEDULE I

H WORLD GROUP LIMITED

FINANCIAL INFORMATION FOR PARENT COMPANY

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

(Renminbi in millions, or otherwise stated)


		Years Ended December 31,
		2023		2024		2025		2025
								US$’ in millions
								(Note 2)
Operating costs and expenses:
General and administrative expenses		154		340		438		63
Total operating costs and expenses		154		340		438		63
Loss from operations		(154)		(340)		(438)		(63)
Interest income		69		64		49		7
Interest expense		122		112		127		18
Foreign exchange loss		(108)		(23)		(57)		(8)
Other income, net		61		93		71		10
(Loss) gain from fair value changes of equity securities, net		(15)		4		(8)		(1)
Income in investment in subsidiaries		4,354		3,362		5,590		799
Net income attributable to H World Group Limited		4,085		3,048		5,080		726

Other comprehensive income (loss), net of tax		154		(4)		(183)		(26)
Comprehensive income		4,239		3,044		4,897		700

ADDITIONAL FINANCIAL INFORMATION — FINANCIAL STATEMENTS SCHEDULE I

H WORLD GROUP LIMITED

FINANCIAL INFORMATION FOR PARENT COMPANY

CONDENSED STATEMENTS OF CASH FLOWS

(Renminbi in millions, or otherwise stated)


		Years Ended December 31,
		2023		2024		2025		2025
								US$’ in millions
								(Note 2)
Net cash (used in) provided by operating activities		(133)		17		94		14
Investing activities:
Loans to subsidiaries		(987)		(0)		(1,465)		(209)
Repayment of loans by subsidiaries		2,061		1,000		3,678		526
Purchase of investments		(803)		(1,188)		(1,000)		(143)
Proceeds from maturity/sale of investments		301		917		1,006		144
Dividends received		—		19		—		—
Net cash provided by investing activities		572		748		2,219		318
Financing activities:
Proceeds from issuance of ordinary shares in Hong Kong public offering		1,973		—		—		—
Net proceeds from issuance of ordinary shares upon exercise of options		—		—		38		5
Payment of ordinary share issuance costs		(9)		—		—		—
Payment of repurchases of ordinary shares		(848)		(1,172)		(783)		(112)
Loans from subsidiaries		2,574		2,553		2,608		374
Repayment of loans from subsidiaries		(540)		(457)		(347)		(50)
Repayment of short-term bank borrowings		(439)		—		—		—
Dividends paid		—		(3,480)		(3,907)		(559)
Purchase of prepaid put option		—		(710)		—		—
Net cash provided by (used in) financing activities		2,711		(3,266)		(2,391)		(342)
Effect of exchange rate changes on cash and cash equivalents		28		(12)		45		6
Net increase (decrease) in cash and cash equivalents		3,178		(2,513)		(33)		(4)
Cash, cash equivalents at the beginning of the year		1,204		4,382		1,869		267
Cash, cash equivalents at the end of the year		4,382		1,869		1,836		263

The accompanying notes are an integral part of these consolidated financial statements

ADDITIONAL FINANCIAL INFORMATION — FINANCIAL STATEMENTS SCHEDULE I

H WORLD GROUP LIMITED

FINANCIAL INFORMATION FOR PARENT COMPANY

Note to Schedule I

Schedule I has been provided pursuant to the requirements of Rule 12-04(a) and 5-04-(c) of Regulation S-X, which require condensed financial information as to the financial position, change in financial position and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year.

The condensed financial information has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements except that the equity method has been used to account for investments in its subsidiaries. Such investments in subsidiaries are presented on the balance sheets as investment in subsidiaries and the profit of the subsidiaries is presented as income in investment in subsidiaries.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. The footnote disclosures contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the accompanying consolidated financial statements.

As of December 31, 2025, there are no material contingencies, mandatory dividend, and significant provision of long-term obligation or guarantee of the Company, except for those which have separately disclosed in the consolidated financial statements.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Schedule of accrued expenses and other current liabilities


		As of December 31,
		2024		2025
Payables to franchisees		1,606		1,762
Other payables		1,426		1,801
Accrued utilities and other accrued expenses		275		461
Liabilities related to customer loyalty program		332		455
Value-added tax, other tax and surcharge payables		301		359
Advance from noncontrolling interest holders		66		64
Total		4,006		4,902

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

Schedule of expected useful lives of property and equipment


Leasehold improvements		Shorter of the lease term or their estimated useful lives
Buildings		20-40 years
Furniture, fixtures and equipment		1-20 years
Motor vehicles		5 years

Schedule of estimated useful lives of intangible assets


Franchise or manachise agreements		Remaining contract terms from 10 to 20 years
Purchased software		3 - 10 years based on the estimated usage period
Other intangible assets including trademark, licenses and other rights		2 - 15 years based on the contractual term, the length of license agreements and the effective terms of other legal rights

Schedule of information about inputs into the fair value measurements of the assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition


As of December 31, 2024	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active	Significant Other	Significant
	Markets for Identical	Observable Inputs	Unobservable
Description	Assets (Level 1)	(Level 2)	Inputs (Level 3)
Short term investments
Equity securities with readily determinable fair values	81	—	—
Long term investments
Available-for-sale debt securities	—	—	230
Employee benefit plan assets	5	—	—


As of December 31, 2025	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active	Significant Other	Significant
	Markets for Identical	Observable Inputs	Unobservable
Description	Assets (Level 1)	(Level 2)	Inputs (Level 3)
Short term investments
Equity securities with readily determinable fair values	69	—	—
Long term investments
Available-for-sale debt securities	—	—	175
Employee benefit plan assets	8	—	—

Schedule of assets measured at fair value and lossess recognized


As of December 31, 2024		Fair Value Measurements at Reporting Date Using
		Significant Unobservable	Total Loss for
Description	Fair Value	Inputs (Level 3)	the Year
Property and equipment	23	23	56
Operating lease right-of-use assets	21	21	33
Intangible assets	2,102	2,102	391
Long-term investment	11	11	30
Assets held for sale	1,795	1,795	27


As of December 31, 2025		Fair Value Measurements at Reporting Date Using
		Significant Unobservable	Total Loss for
Description	Fair Value	Inputs (Level 3)	the Year
Property and equipment	13	13	136
Operating lease right-of-use assets	47	47	31
Land use rights	—	—	13
Intangible assets	—	—	2
Long-term investment	175	175	47
Assets held for sale	583	583	13

GOODWILL (Tables)

12 Months Ended

Dec. 31, 2025

GOODWILL.

Schedule of changes in the carrying amount of goodwill


	Legacy Huazhu	Legacy DH	Total
Balance at January 1, 2024
Goodwill	3,036	2,721	5,757
Accumulated impairment loss	(4)	(435)	(439)
	3,032	2,286	5,318
Net foreign exchange-goodwill	—	(115)	(115)
Net foreign exchange-impairment loss	—	18	18
Balance at December 31, 2024
Goodwill	3,036	2,606	5,642
Accumulated impairment loss	(4)	(417)	(421)
	3,032	2,189	5,221
Net foreign exchange-goodwill	—	246	246
Net foreign exchange-impairment loss	—	(39)	(39)
Balance at December 31, 2025
Goodwill	3,036	2,852	5,888
Accumulated impairment loss	(4)	(456)	(460)
	3,032	2,396	5,428

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2025

PROPERTY AND EQUIPMENT, NET

Schedule of property and equipment, net


	As of December 31,
	2024	2025
Cost:
Buildings	791	782
Leasehold improvements	11,187	10,872
Furniture, fixtures and equipment	2,363	2,490
Motor vehicles	2	3
	14,343	14,147
Less: Accumulated depreciation	8,769	9,121
	5,574	5,026
Construction in progress	108	204
Property and equipment, net	5,682	5,230

SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY - CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Operating costs and expenses:
General and administrative expenses	¥ 2,262	$ 321	¥ 2,508	¥ 2,086
Total operating costs and expenses	18,973	2,712	19,050	17,568
Loss from operations	6,819	975	5,200	4,714
Interest income	223	32	210	248
Interest expense	337	48	318	385
Foreign exchange loss	569	81	(272)	90
Other income, net	38	5	51	573
Net income attributable to H World Group Limited	5,080	726	3,048	4,085
Other comprehensive income
Foreign currency translation adjustments	(184)	(26)	28	175
Comprehensive income attributable to H World Group Limited	4,897	700	3,044	4,239
Parent Company
Operating costs and expenses:
General and administrative expenses	438	63	340	154
Total operating costs and expenses	438	63	340	154
Loss from operations	(438)	(63)	(340)	(154)
Interest income	49	7	64	69
Interest expense	127	18	112	122
Foreign exchange loss	(57)	(8)	(23)	(108)
Other income, net	71	10	93	61
(Loss) gain from fair value changes of equity securities, net	(8)	(1)	4	(15)
Income in investment in subsidiaries	5,590	799	3,362	4,354
Net income attributable to H World Group Limited	5,080	726	3,048	4,085
Other comprehensive income
Foreign currency translation adjustments	(183)	(26)	(4)	154
Comprehensive income attributable to H World Group Limited	¥ 4,897	$ 700	¥ 3,044	¥ 4,239

REVENUE (Tables)

12 Months Ended

Dec. 31, 2025

REVENUE

Schedule of disaggregated revenues


	Years Ended December 31,
	2023	2024	2025
Room revenues	11,789	11,806	11,002
Food and beverage revenues	1,333	1,342	1,319
Others	674	695	622
Leased and owned hotel revenues	13,796	13,843	12,943
Central reservation system usage fees, other system maintenance and support fees	2,628	3,318	4,301
On-going management and service/royalty fees	2,785	3,306	3,957
Reimbursements for hotel manager fees	1,400	1,752	2,179
Initial one-time license/franchise fee	114	137	181
Other fees	767	985	1,078
Manachised and franchised hotel revenues	7,694	9,498	11,696
Other revenues	392	550	668
Total revenues	21,882	23,891	25,307

Schedule of contract balances


	As of December 31,
	2024	2025
Current contract liabilities	1,822	1,823
Long-term contract liabilities	1,351	1,602
Total contract liabilities	3,173	3,425

SHARE-BASED COMPENSATION - Significant assumptions used to estimate the fair value of stock options (Details) - Employee Stock Option	12 Months Ended
	Dec. 31, 2025 ¥ / shares
SHARE-BASED COMPENSATION
Suboptimal exercise factor	2.8
Risk-free interest rate	4.68%
Volatility	51.75%
Dividend yield	4.60%
Life of option	8 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

2.SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Basis of consolidation

The consolidated financial statements include the financial statements of the Company, its majority-owned subsidiaries and consolidated variable interest entities (the “VIEs”). All intercompany transactions and balances are eliminated on consolidation.

Variable Interest Entities

The Group evaluates the need to consolidate certain variable interest entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. Those entities were established to conduct business in internet-based services and international travel agency, and their operations so far have been immaterial to the Group.

Use of estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Group bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Group’s consolidated financial statements include the impairment of goodwill and intangible assets with indefinite lives of legacy DH.

Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and demand deposits, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less when purchased.

Restricted cash

Restricted cash mainly represents deposits used as security against borrowings, deposits restricted due to contract disputes or lawsuit and cash restricted for special purposes.

Investments

The Group uses the equity method of accounting to account for equity investment with significant influence, no control over the investee. Equity-method investment is reviewed for impairment by assessing whether there is an indication that a loss in value has occurred and whether a decline is deemed to be other-than-temporary. In making this determination, factors are evaluated in determining whether a loss in value should be recognized. These include consideration of the intent and ability of the Group to hold investment and the ability of the investee to sustain an earnings capacity, justifying the carrying amount of the investment.

Held to maturity investments are stated at amortized cost.

Investments in equity securities that have readily determinable fair values (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) are measured at fair value, with gains and losses from fair value changes recognized in net income in the consolidated statements of comprehensive income.

Equity investments without readily determinable fair values are measured at cost, less impairment, plus or minus observable price changes.

The Group classifies debt securities for which it does not have an intent to hold till maturity or may sell the security in response to the changes in economic conditions are classified as available-for-sale debt securities. These securities are carried at estimated fair value with unrealized holding gains and losses, net of tax impact, if any, reported as a net amount in a separate component of shareholders’ equity, accumulated other comprehensive income, until realized. In determining the allowance for credit losses, the Group evaluates available-for-sale debt securities at the individual security level and considers the Group’s investment strategy, current market conditions, financial strength of the underlying investments, term to maturity, and the Group’s intent and ability to sell the securities. If the Group does not have the intention to sell a security and it is not more likely than not that it will be required to sell before recovery of the amortized cost basis, and it determines that the decline in fair value below the amortized cost basis is entirely or partially due to credit-related factors, a credit loss is recognized in the consolidated statements of comprehensive income.

Allowances for Losses on Certain Financial Assets

The Group establishes allowances for credit losses on accounts receivable, loans receivables and certain other similar financial assets. For accounts receivables and other financial assets, the adequacy of these allowances is assessed regularly for pools of assets with similar risk characteristics by evaluating of factors such as historical levels of credit losses, current economic condition that may affect a customer’s ability to pay, customer credit ratings, and age of the receivable. When specific customers are identified as no longer sharing the same risk profile as their current pool, they are removed from the pool and evaluated separately.

For loan receivables, the Group estimate current expected credit losses based on the expectation of future economic conditions, historical collection experience and a loss-rate approach whereby the allowance is calculated using the probability of default and recovery rates and multiplying it by the asset’s amortized cost at the balance sheet date.

Property and equipment, net

Property and equipment, net are stated at cost less accumulated depreciation, and impairment, if any. The renovations, betterments and interest cost incurred during construction are capitalized. Depreciation of property and equipment is provided using the straight line method over their expected useful lives. The expected useful lives are as follows:


Leasehold improvements		Shorter of the lease term or their estimated useful lives
Buildings		20-40 years
Furniture, fixtures and equipment		1-20 years
Motor vehicles		5 years

Construction in progress represents leasehold improvements and property under construction or being installed and is stated at cost. Cost comprises original cost of property and equipment, installation, construction and other direct costs. Construction in progress is transferred to the cost of property and equipment, and depreciation commences when the asset is ready for its intended use.

Expenditures for repairs and maintenance are expensed as incurred. Gain or loss on disposal of property and equipment, if any, is recognized in the consolidated statements of comprehensive income as the difference between the net sales proceeds and the carrying amount of the underlying asset.

Intangible assets, net

Intangible assets with finite useful lives are amortized using the straight-line method over their respective estimated useful lives over which the assets are expected to contribute directly or indirectly to the future cash flows of the Group. These estimated useful lives are generally as follows:


Franchise or manachise agreements		Remaining contract terms from 10 to 20 years
Purchased software		3 - 10 years based on the estimated usage period
Other intangible assets including trademark, licenses and other rights		2 - 15 years based on the contractual term, the length of license agreements and the effective terms of other legal rights

Almost all the brand names and master brand agreement acquired by the Group are considered to have indefinite useful lives since there are no legal, regulatory, contractual, competitive, economic or other factors that limit the useful lives of these brands and these brands can be renewed at nominal cost. The Group evaluates the brand name and master brand agreement each reporting period to determine whether events and circumstances continue to support an indefinite useful life.

Land use rights, net

The land use rights represent the operating lease prepayments for the rights to use the land in the PRC under ASC 842, Leases, which are amortized on a straight-line basis over the remaining term of the land certificates, between 30 to 50 years.

Impairment of long-lived assets

The Group evaluates its long-lived assets including property and equipment, net, right-of-use assets and finite lived intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When these events occur, the Group measures impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss equal to the difference between the carrying amount and fair value of these assets.

The Group performed a recoverability test of its long-lived assets associated with certain hotels due to the sequential underperformance relative to the projected operating results, of which the carrying amount of the long-lived assets exceeded the future undiscounted net cash flows, and recognized an impairment loss of RMB286, RMB89 and RMB180 during the years ended December 31, 2023, 2024 and 2025, respectively.

Fair value of the long-lived assets was determined by the Group based on the income approach using the discounted cash flow associated with the underlying assets, which incorporated certain assumptions including projected hotels’ revenue, growth rates and projected operating costs based on current economic condition, expectation of management and projected trends of current operating results.

Goodwill

Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired. The Group performs a one-step impairment test in which it compares the fair value of a reporting unit with its carrying amount and recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any. The goodwill impairment testing was performed at each reporting unit level. If the carrying amount of a reporting unit exceeds its fair value, an impairment amounts to that excess should be recognized in the consolidated statements of comprehensive income.

Revenue recognition

Revenue are primarily derived from products and services in leased and owned hotels, contracts of manachised and franchised hotels with third-party franchisees as well as activities other than the operation of hotel businesses.

Leased and owned hotel revenues

Leased and owned hotel revenues are primarily derived from the rental of rooms, sales of food, beverage and other ancillary goods and services, including but not limited to souvenir, laundry, parking and conference reservation. Each of these products and services represents an individual performance obligation and, in exchange for these services, the Group receives fixed amounts based on published rates or negotiated contracts. Payment is due in full at the time when the services are rendered or the goods are provided. Room rental revenue is recognized on a daily basis when rooms are occupied. Food and beverage revenue and other goods and services revenue are recognized when they have been delivered or rendered to the guests as the respective performance obligations are satisfied.

Manachised and franchised hotel revenues

Manachised and franchised hotel revenues are derived from franchise or manachise agreements where the franchisees are required to pay (i) an initial one-time franchise fee, and (ii) continuing franchise fees, which mainly consist of (a) primarily on-going management and franchise service fees, (b) central reservation system usage fees, system maintenance and support fees and (c) reimbursements for hotel manager fees.

Initial one-time license/franchise fee: For the manachised and franchised hotel, the Group is entitled to an initial one-time franchise fee, which is typically fixed and collected upfront. Initial franchise fee is recognized as revenue on a straight-line basis over the term of the franchise agreements.

On-going management and franchise service/royalty fees: On-going management and franchise service/royalty fees for Group’s manachised and franchised hotels are variable and generally calculated as a percentage of the room revenues of the hotels as defined by each contract. Generally, on-going management and franchise service/royalty fees are recognized on a monthly basis over the term of the agreements as these amounts became payable. For the manachised hotel under Deutsche Hospitality, the franchisees are generally required to pay the Group an on-going management fees consisting of a base fee as a percentage of the hotel’s gross revenues and an incentive fee as a percentage of the hotel’s gross adjusted profit. Based fee is recognized on a monthly basis over the term of the agreement when the amounts become payable. Incentive fee are recognized on a monthly basis over the term of the agreement based on each hotel’s financial results.

Central reservation system usage fees, other system maintenance and support fees: The group also charges a monthly system maintenance and support fees as part of the contracts. These fees are recognized on a monthly basis over the term of the agreements as these amount become payable.

Reimbursements for hotel manager fees: Under the management and franchise agreements, the Group is entitled to be reimbursed for payroll related for the appointed hotel general managers and other out-of-pocket expenses the Group incurs on behalf of the manachised hotels. The Group is entitled to reimbursement in the period the Group incurs the related reimbursable costs, which are recognized within manachised and franchised hotels revenue.

Other revenues

Other revenues mainly include revenues from technical services, procurement platform and commissions from suppliers for goods sold through Huazhu Mall. Revenue from technical services are recognized when services are rendered. The Group acts as an agent for certain e-commerce platforms, recognizing commission revenue on a net basis when suppliers deliver goods to end customers and its performance obligation is satisfied.

Loyalty Program

H Rewards loyalty program members earn loyalty points based on nights and other consumptions that they spent at the Group’s hotels and Huazhu Mall. These loyalty points can be redeemed for future products and services. Points earned by loyalty program members represent a material right to free or discounted goods or services in the future. The loyalty program has one performance obligation that consists of marketing and managing the program and arranging for award redemptions by members. The Group is responsible for arranging for the redemption of points, but the Group does not directly fulfill the redemption obligation except at leased and owned hotels. Therefore, the Group is the agent with respect to this performance obligation for manachised and franchised hotels, and is the principal with respect to leased and owned hotels.

For leased and owned hotels, a portion of the leased and owned revenues is deferred until a member redeems points. The amount of revenue the Group recognizes upon point redemption is impacted by the estimate of the “breakage” for points that members will never redeem in the Group’s owned and leased hotels.

For manachised and franchised hotels, the Group receives monthly cash contributions from manachised and franchised hotels determined based on the value of qualified spend when the points are earned. The Group recognizes these contributions into revenue as the Group provides the related service. The amount of revenue recognized is based on a blend of historical funding rates and is impacted by the Group’s estimate of the “breakage” for points that members will never redeem.

Membership fees from the Group’s customer loyalty program are earned and recognized on a straight-line basis over the expected membership duration of the different membership levels. The membership duration is estimated to be two to five years which reflects the expected membership retention. Revenues recognized from membership fees were RMB288, RMB338 and RMB411 for the years ended December 31, 2023, 2024 and 2025, respectively, which amount were included in revenues from leased and owned hotel or revenues from manachised and franchised hotels depending on the type of hotels the membership was sold at.

Advertising and promotional expenses

Advertising related expenses, including promotion expenses and production costs of marketing materials, are charged to the consolidated statements of comprehensive income as incurred, and amounted to RMB255, RMB256 and RMB271 for the years ended December 31, 2023, 2024 and 2025, respectively.

Leases

The Group determines if an arrangement is a lease or contains a lease at the inception of the contract. A lease arrangement is evaluated for classification as operating or financing upon lease commencement. Lease liabilities, which represent the Group’s obligation to make lease payments arising from the lease, and corresponding right of-use assets, which represent the Group’s right to use an underlying asset for the lease term, are recognized at the commencement date of the lease based on the present value of fixed future payments and variable lease payments that depend on an index or a rate (initially measured using the index or rate as at the commencement date) over the lease term, calculated using the discount rate implicit in the lease, if available, or the Group’s incremental borrowing rate. For operating leases, lease expense relating to fixed payments is recognized on a straight-line basis over the lease term and lease expense relating to variable payments is expensed as incurred. For finance leases, the amortization of the asset is recognized over the shorter of the lease term or useful life of the underlying asset.

Most leases have initial terms ranging from 10 to 20 years for legacy Huazhu, and from 20 to 30 years for legacy DH. The lease term includes lessee’s options to extend or to early terminate the lease, and lease extension options are included in operating lease ROU assets and lease liabilities only to the extent that it is reasonably certain that the Group will exercise such extension options and will not exercise early termination options, respectively. The Group’s lease agreements may include nonlease components, mainly common area maintenance, which are combined with the lease components as the Group elects to account for these components as a single lease component, as permitted. The Group elected the practical expedient of not to separate land components outside PRC from leases of specified property and equipment at the ASC842 transition date. Besides, the Group’s lease payments are generally fixed and certain agreements contain variable lease payments based on the operating performance of the leased property and the changes in the index of consumer pricing index (“CPI”). Almost all the lease agreements with variable lease payments based on the changes in CPI are held by legacy DH.

For operating leases, the Group recognizes lease expense on a straight-line basis over the lease term and variable lease payments that depend on an index or a rate are initially measured using the index or rate at the commencement date, otherwise variable lease payments are recognized in the period in which the obligation for those payments is incurred. The operating lease expense is recognized as hotel operating costs, general and administrative expenses and pre-opening expenses in the consolidated statements of comprehensive income. For finance leases, lease expense is front-loaded, because ROU asset is depreciated on a straight-line basis over the shorter of the lease term or useful life of the underlying asset, and the lease liability is measured at amortized cost using the effective interest method, and the interest expense declines as the balance of lease liability declines; the depreciation of ROU assets and interest expenses on lease liabilities are respectively classified as hotel operating costs and interest expense in the consolidated statements of comprehensive income. Additionally, the Group elected not to recognize leases with lease terms of 12 months or less at the commencement date. Lease payments on short-term leases are recognized as an expense on a straight-line basis over the lease term, and are not included in lease liabilities. The Group’s lease agreements do not contain any significant residual value guarantees or restricted covenants.

The Group reassesses of a contract is or contains a leasing arrangement and re-measures ROU assets and liabilities upon modification of the contract. The Group will derecognize ROU assets and liabilities, with difference recognized in the consolidated statements of comprehensive income on the contract termination.

Income taxes

Current income taxes are provided for in accordance with the relevant statutory tax laws and regulations.

Deferred income taxes are recognized for temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. Net operating losses are carried forward and credited by applying enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of the Group, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. For a particular tax-paying component of an entity and within a particular tax jurisdiction, all deferred tax liabilities and assets, as well as any related valuation allowance, shall be offset and presented as a single noncurrent amount. However, an entity shall not offset deferred tax liabilities and assets attributable to different tax-paying components of the entity or to different tax jurisdictions.

Foreign currency translation

The reporting currency of the Group is the Renminbi (“RMB”). The functional currency of the Company is the United States dollar (“US$”). Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured in functional currency at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing on the day transactions occurred. Transaction gains and losses are recognized in the statements of comprehensive income.

Assets and liabilities are translated into RMB at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of comprehensive income.

The financial records of the Group’s subsidiaries are maintained in local currencies, which are the functional currencies.

Fair value

The established fair value hierarchy by U.S. GAAP has three levels based on the reliability of the inputs used to measure fair value:

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The financial instruments of the Group not measured at fair value include cash and cash equivalent, restricted cash, loan receivables, receivables, held to maturity investments in short-term investments and long-term investments, payables, short-term debts, and long-term debts. The carrying amounts of the short-term financial instruments approximates their fair value due to their short-term nature. The long-term debts, long-term loan receivables and held to maturity investments in long-term investments approximate their fair values, because the bearing interest rates approximate market interest rate, and market interest rates have not fluctuated significantly since the commencement of loan contracts signed. Convertible senior notes are measured at amortized costs of RMB3,537, RMB3,594 and RMB3,514 and the corresponding fair value estimated based on quoted market price were RMB3,768, RMB3,815 and RMB4,587 as of December 31, 2023, 2024 and 2025, respectively.

The following table presents Group’s assets that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy.


As of December 31, 2024	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active	Significant Other	Significant
	Markets for Identical	Observable Inputs	Unobservable
Description	Assets (Level 1)	(Level 2)	Inputs (Level 3)
Short term investments
Equity securities with readily determinable fair values	81	—	—
Long term investments
Available-for-sale debt securities	—	—	230
Employee benefit plan assets	5	—	—


As of December 31, 2025	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active	Significant Other	Significant
	Markets for Identical	Observable Inputs	Unobservable
Description	Assets (Level 1)	(Level 2)	Inputs (Level 3)
Short term investments
Equity securities with readily determinable fair values	69	—	—
Long term investments
Available-for-sale debt securities	—	—	175
Employee benefit plan assets	8	—	—

Equity securities with readily determinable fair value and employee benefit plan assets are valued using a market approach based on the quoted market prices or broker/dealer quotes of identical or comparable instruments.

Level 3 fair value of available-for-sale debt securities is determined based on market approach using various unobservable inputs. The determination of the fair value required significant judgement by management with respect to the assumptions and estimates for duration, dividend yield, lack of marketability discounts, expected volatility and probability in equity allocation.

Certain assets are measured at a non-recurring basis. The following table presents the asset classification, the fair value and losses recognized for the years ended December 31, 2024 and 2025 due to impairment of the related assets.


As of December 31, 2024		Fair Value Measurements at Reporting Date Using
		Significant Unobservable	Total Loss for
Description	Fair Value	Inputs (Level 3)	the Year
Property and equipment	23	23	56
Operating lease right-of-use assets	21	21	33
Intangible assets	2,102	2,102	391
Long-term investment	11	11	30
Assets held for sale	1,795	1,795	27


As of December 31, 2025		Fair Value Measurements at Reporting Date Using
		Significant Unobservable	Total Loss for
Description	Fair Value	Inputs (Level 3)	the Year
Property and equipment	13	13	136
Operating lease right-of-use assets	47	47	31
Land use rights	—	—	13
Intangible assets	—	—	2
Long-term investment	175	175	47
Assets held for sale	583	583	13

Property and equipment, operating lease right-of-use assets and intangible assets were primarily valued using the income approach based on discounted cash flows associated with the underlying assets, which incorporate certain assumptions including projected hotels’ revenue, growth rates and projected operating costs based on current economic condition, expectation of future trends. The revenue growth rate, royalty saving rate and the discount rate were the significant unobservable input used in the fair value measurement, which are ranged between 1% to 2%, 1.5% to 3%, and 9.2% to 12% respectively, for the years ended December 31, 2023, 2024 and 2025.

Assets and liabilities held for sale

The Group recognizes the assets and liabilities of a disposal group as held for sale in the period (i) it has approved and committed to a plan to sell the disposal group, (ii) the disposal group is available for immediate sale in its present condition, (iii) an active program to locate a buyer and other actions to sell the disposal group have been initiated, (iv) it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Group measures a disposal group that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a disposal group until closing. Long-lived assets are not depreciated or amortized while they are classified as held for sale. If the criteria are no longer met, a long-lived asset classified as held for sale shall be reclassified as held and used and measured individually at the lower of its carrying amount before the asset was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the asset been continuously classified as held and used and its fair value at the date of the subsequent decision not to sell.

Share-based compensation

The Group recognizes share-based compensation in the consolidated statements of comprehensive income based on the fair value of equity awards on the date of the grant, with compensation expenses recognized over the period in which the grantee is required to provide service to the Group in exchange for the equity award. Vesting of certain equity awards are based on the performance conditions for a period of time following the grant date. Share-based compensation expense is recognized according to the Group’s judgement of likely future performance and will be adjusted in future periods based on the actual performance.

Treasury shares

Treasury shares represent ordinary shares repurchased by the Company that are no longer outstanding and are held by the Company. The repurchase of ordinary shares is accounted for under the cost method whereby the total acquisition cost is recorded as treasury shares.

Earnings per share

Basic earnings per share is computed by dividing income attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised or converted into ordinary shares, which consist of the ordinary shares issuable upon the conversion of the convertible senior notes (using the if-converted method) and ordinary shares issuable upon the exercise of stock options and vesting of nonvested restricted stocks (using the treasury stock method).

Recently Issued Accounting Pronouncements

Adopted Accounting Standards

On December 14, 2023, the FASB issued ASU 2023-09, which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. The ASU amends ASC 740-10-50-12 to require a public business entity to disclose a reconciliation between the amount of reported income tax expense (or benefit) from continuing operations and the amount computed by multiplying the income (or loss) from continuing operations before income taxes by the applicable statutory federal (national) income tax rate of the jurisdiction (country) of domicile. If the public business entities is not domiciled in the United States, the federal (national) income tax rate in such entity’s jurisdiction (country) of domicile shall normally be used in the rate reconciliation. The amendments prohibit the use of different income tax rates for subsidiaries or segments. Further, public business entities that use an income tax rate in the rate reconciliation that is other than the U.S. income tax rate must disclose the rate used and the basis for using it. The ASU also adds ASC 740-10-50-12A, which requires entities to annually disaggregate the income tax rate reconciliation between the following eight categories by both percentages and reporting currency amounts: 1. State and local income tax, net of federal (national) income tax effect, 2. Foreign tax effects, 3. Effect of changes in tax laws or rates enacted in the current period, 4. Effect of cross-border tax laws, 5. Tax credits, 6. Changes in valuation allowances, 7. Nontaxable or nondeductible items, 8. Changes in unrecognized tax benefits. Public business entities must apply the ASU’s guidance to annual periods beginning after December 15, 2024. Early adoption is permitted. Entities may apply the amendments prospectively or may elect retrospective application. The Group adopted this ASU prospectively for the year ended December 31, 2025. See Note 17. Income taxes.

Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03 (“ASU 2024-03”), Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires, among other things, the following for public business entities: (i) tabular disclosure of amounts for the following categories that are included in each expense caption within continuing operations on the statement of operations, with each expense caption that includes one of these expense categories deemed a relevant expense caption: (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization and (e) depreciation, depletion, and amortization recognized as part of oil-and gas-producing activities; (ii) disclosure of certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements; (iii) qualitative description of the amount remaining in relevant expense captions that are not separately disaggregated quantitatively; and (iv) disclosure of the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. In January 2025, the FASB issued ASU 2025-01, which clarifies the effective date of ASU 2024-03. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Group does not expect the adoption of this ASU will have a significant impact on the consolidated financial statements.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which requires an entity involved in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a VIE that meets the definition of a business to consider specific factors to determine the accounting acquirer and removes the requirement that the primary beneficiary always is the acquirer for certain transactions. Under the amendments, acquisition transactions in which the legal acquiree is a VIE will, in more instances, result in the same accounting outcomes as economically similar transactions in which the legal acquiree is a voting interest entity. The amendments do not change the accounting for a transaction determined to be a reverse acquisition or a transaction in which the legal acquirer is not a business and is determined to be the accounting acquiree. The new guidance is required to be applied prospectively to any acquisition transaction that occurs after the initial application date. This guidance is effective for the year ending March 31, 2028. Early adoption is permitted. The Group does not expect the adoption of this ASU will have a significant impact on the consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which introduces a practical expedient and an accounting policy election for estimating expected credit losses on current accounts receivable and current contract assets arising from revenue transactions with customers. The amendments are effective for annual periods beginning after December 15, 2025, with early adoption permitted. The Group does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40), which removes the prescriptive “project stage” model for software development and requires capitalization of software costs once management has authorized and committed to funding the project and it is probable the project will be completed and used as intended. The guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact, if any, that the adoption of this standard will have on its Consolidated Financial Statements and disclosures.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which provides updated guidance on how to recognize, measure, and present government grants. The ASU will be effective for annual reporting periods beginning after December 15, 2028, including interim periods within those fiscal years with early adoption permitted. The Group is currently assessing the impact, if any, that the adoption of this standard will have on its Consolidated Financial Statements and disclosures.

Translation into United States Dollars

The financial statements of the Group are stated in RMB. Translations of amounts from RMB into United States dollars are solely for the convenience of the readers and were calculated at the rate of US$1 = RMB6.9931, on December 31, 2025, as set forth in H.10 statistical release of the Federal Reserve Board. The translation is not intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into United States dollars at that rate on December 31, 2025, or at any other rate.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

ASSETS AND LIABILITIES HELD FOR SALE (Tables)

12 Months Ended

Dec. 31, 2025

ASSETS AND LIABILITIES HELD FOR SALE

Schedule of total assets and liabilities of the disposal group that were classified as held for sale on the Group's Consolidated Balance Sheet


		As of December 31,
		2024		2025
Assets held for sale:
Cash and cash equivalents and restricted cash		8		0
Property and equipment, net		82		17
Operating lease right-of-use assets		1,732		552
Finance lease right-of-use assets		67		70
Other assets		52		30
Total		1,941		669

Liabilities held for sale:
Accrued expenses and other current liabilities		62		39
Operating lease liabilities, current		69		21
Operating lease liabilities, non-current		1,785		510
Finance lease liabilities		71		74
Other liabilities		97		27
Total		2,084		671

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

EARNINGS PER SHARE

Schedule of computation of basic and diluted earnings per share


		Years Ended December 31,
		2023		2024		2025
Net income attributable to ordinary shareholders — basic		4,085		3,048		5,080
Eliminate the dilutive effect of interest expense of convertible senior notes		120		112		107
Net income attributable to ordinary shareholders — diluted		4,205		3,160		5,187
Weighted average ordinary shares outstanding — basic		3,183,163,131		3,115,130,107		3,070,939,457
Incremental weighted-average ordinary shares from assumed exercise of share options and nonvested restricted stocks using the treasury stock method		44,331,080		36,507,943		42,938,410
Dilutive effect of convertible senior notes		123,927,000		126,670,240		133,616,230
Weighted average ordinary shares outstanding — diluted		3,351,421,211		3,278,308,290		3,247,494,097
Basic earnings per share		1.28		0.98		1.65
Diluted earnings per share		1.25		0.96		1.60

Schedule of outstanding securities excluded from the computation of diluted earnings per share


		As of December 31,
		2023		2024		2025
Outstanding employee options and nonvested restricted stocks		53,132,230		45,194,870		10,265,860

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

21.	COMMITMENTS AND CONTINGENCIES

(a) Commitments

As of December 31, 2025, the Group’s commitments related to leasehold improvements and installation of equipment for hotel operations was RMB119, which is expected to be incurred within one to two years.

(b) Contingencies

The Group is subject to periodic legal or administrative proceedings in the ordinary course of the Group’s business, including lease contract terminations and disputes, management agreement disputes and other disputes. The Group does not believe that any currently pending legal or administrative proceeding to which the Group is a party will have a material adverse effect on the financial statements. As of December 31, 2025, the accrued contingent liability was RMB16.

LEASES - Narratives (Details) ¥ in Millions	12 Months Ended
LEASES - Narratives (Details) ¥ in Millions	Dec. 31, 2025 CNY (¥) contract	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
LEASES
Sublease income	¥ 148	¥ 163	¥ 143
Negative lease expense recognized under the relief using variable lease expense approach			¥ 98
Number of lease contracts \| contract	16
Non-cancellable lease contracts not reflected in consolidate balance sheets	¥ 5,044

REVENUE - Contract Balances (Details) ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Contract with Customer, Liability
Current contract liabilities	¥ 1,823	$ 261	¥ 1,822
Long-term contract liabilities	1,602	$ 229	1,351
Total contract liabilities	¥ 3,425		¥ 3,173

INTANGIBLE ASSETS, NET (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥) item	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
INTANGIBLE ASSETS, NET
Intangible assets, gross	¥ 6,269	¥ 5,898
Less: Accumulated amortization	263	228
Less: Accumulated impairment loss	978	894
Total	5,028	4,776		$ 719
Amortization expense of intangible assets	¥ 38	39	¥ 45
Legacy DH
INTANGIBLE ASSETS, NET
Number of brand names acquired \| item	3
Franchise or manachise agreements
INTANGIBLE ASSETS, NET
Intangible assets, gross	¥ 249	248
Purchased software
INTANGIBLE ASSETS, NET
Intangible assets, gross	159	149
Other intangible assets
INTANGIBLE ASSETS, NET
Intangible assets, gross	76	74
Brand names
INTANGIBLE ASSETS, NET
Intangible assets, gross	5,593	5,235
Impairment loss recognized	¥ 0	¥ 391	¥ 160
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net
Master brand agreement
INTANGIBLE ASSETS, NET
Intangible assets, gross	¥ 192	¥ 192

LEASES

12 Months Ended

Dec. 31, 2025

LEASES

LEASES

16.LEASES

The Group’s leases mainly related to buildings and the rights to use the land. The total expense related to short-term leases was insignificant for the years ended December 31, 2023, 2024 and 2025, and sublease income of the Group which was recognized in revenues in the consolidated statements of comprehensive income was RMB143, RMB163 and RMB148 for the years ended December 31, 2023, 2024 and 2025, respectively. The Group recognized a negative lease expense of RMB98 for the year ended December 31, 2023 under the relief of lease concession from COVID-19 as the Group elects using the variable lease expense approach. For the year ended December 31, 2024 and 2025, the impact under the relief of lease concession from COVID-19 was immaterial.

A summary of supplemental information related to operating leases in 2024 and 2025 is as follows:


	Years Ended December 31,
	2024		2025
Lease cost:
Operating fixed lease cost	4,166		4,017
Finance lease cost
— Amortization of ROU assets	91		98
— Interest on lease liabilities	129		135
Variable lease cost	290		262
Total lease cost	4,676		4,512

Other information:
Weighted average remaining lease term
Operating leases	14 years		14 years
Finance leases	27 years		26 years
Weighted average discount rate
Operating leases	5.97	%	5.45	%
Finance leases	4.30	%	4.31	%


		Total Operating		Total Finance
Year Ending December 31,		Leases		Leases
2026		3,976		190
2027		3,814		194
2028		3,638		197
2029		3,413		198
2030		3,143		198
Thereafter		21,223		4,288

Total minimum lease payments		39,207		5,265

Less: amount representing interest		12,076		2,143

Present value of minimum lease payments		27,131		3,122

As of December 31, 2025, the Group has entered 16 lease contracts that the Group expects to account for as operating or finance leases, the future undiscounted lease payments for these non-cancellable lease contracts are RMB5,044, which is not reflected in the consolidated balance sheets.


	Total Operating	Total Finance
Year Ending December 31,	Leases	Leases
2025	4,028	171
2026	3,845	174
2027	3,746	177
2028	3,565	180
2029	3,358	181
Thereafter	21,480	4,086

Total minimum lease payments	40,022	4,969

Less: amount representing interest	12,896	2,076

Present value of minimum lease payments	27,126	2,893

Supplemental cash flow information related to leases for the years ended December 31, 2024 and 2025 are as follows:


		Years Ended December 31,
		2024		2025
Cash paid for amounts included in the measurement of operating lease liabilities		4,212		4,057
Cash paid for amounts included in the measurement of finance lease liabilities		109		139
Non-cash right-of-use assets obtained in exchange for operating lease liabilities		2,076		1,176
Non-cash right-of-use assets obtained in exchange for finance lease liabilities, net of reassessment of finance lease payments		78		0

INCOME TAXES - Narratives (Details) ¥ in Millions, $ in Millions		1 Months Ended						12 Months Ended					60 Months Ended
	Jan. 01, 2008	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019	Nov. 30, 2018	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022	Dec. 31, 2027
Income tax
Effective tax rate (in %)								25.00%	25.00%	25.00%	25.00%
Percentage of reduction for the first RMB 3 million of taxable income (in %)													75.00%
(Loss) income before income taxes
Income before income taxes								¥ 7,302	$ 1,044	¥ 4,805	¥ 5,349
CHINA
Income tax
Effective tax rate (in %)	25.00%
Preferential income tax rate (in %)								20.00%	20.00%
Percentage of reduction for the first RMB 1 million of taxable income (in %)												87.50%
Percentage of reduction for annual taxable income between RMB 1 million and 3 million (in %)												75.00%
(Loss) income before income taxes
PRC Mainland								¥ 7,134		5,414	5,833
Germany
Income tax
Effective tax rate (in %)								15.00%	15.00%
Effective income tax rate including solidarity surcharge (in %)								15.825%	15.825%
(Loss) income before income taxes
Income taxes foreign								¥ 52		(857)	(463)
Germany \| Minimum
Income tax
Municipal Trade Tax (in %)								7.00%	7.00%
Germany \| Maximum
Income tax
Municipal Trade Tax (in %)								21.00%	21.00%
All others
(Loss) income before income taxes
Income taxes foreign								¥ 116		¥ 248	¥ (21)
All others \| Minimum
Income tax
Effective tax rate (in %)								9.00%	9.00%
All others \| Maximum
Income tax
Effective tax rate (in %)								25.00%	25.00%
Jizhu Shanghai \| CHINA
Income tax
Effective tax rate (in %)			15.00%		15.00%		15.00%
Huazhu Cloud \| CHINA
Income tax
Effective tax rate (in %)		15.00%		15.00%		15.00%

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

INVESTMENTS

Schedule of investments


	As of December 31,
	2024	2025
Short-term investments
Equity securities with readily determinable fair values:
Marketable securities	81	69
Held to maturity investments
Bank time deposits and financial products	3,522	4,825
Total	3,603	4,894

Long-term investments
Equity securities without readily determinable fair values	86	89
Equity-method investments:
AAPC LUB	495	488
Hotel related funds	404	374
Other investments	214	233
Subtotal	1,113	1,095
Available-for-sale debt securities:
Cjia Group-convertible notes	230	175
Held to maturity investments
Bank time deposits	887	10
Total	2,316	1,369

PROPERTY AND EQUIPMENT, NET (Details) ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Cost:
Property and equipment, gross	¥ 14,147		¥ 14,343
Less: Accumulated depreciation	9,121		8,769
Property and equipment net excluding construction in process	5,026		5,574
Construction in progress	204		108
Property and equipment, net	5,230	$ 748	5,682
Buildings
Cost:
Property and equipment, gross	782		791
Leasehold improvements
Cost:
Property and equipment, gross	10,872		11,187
Furniture, fixtures and equipment
Cost:
Property and equipment, gross	2,490		2,363
Motor vehicles
Cost:
Property and equipment, gross	¥ 3		¥ 2

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2025

EMPLOYEE BENEFIT PLANS

Schedule of amounts recognized in the consolidated balance sheets


		As of December 31,
		2024		2025
Salary and welfare payables		9		10
Retirement benefit obligation		111		109
Liability in the balance sheet		120		119

DEBT

12 Months Ended

Dec. 31, 2025

DEBT

DEBT

9.DEBT

The short-term and long-term debt as of December 31, 2024 and 2025 were as follows:


		As of December 31,
		2024		2025
Short-term debt and current portion of long-term debt:
Long-term bank borrowings, current portion		791		371
Short-term bank borrowings		38		1,400
Convertible senior notes, current portion		—		3,514
FF&E liability, current portion		51		52
Total		880		5,337

Long-term debt:
Long-term bank borrowings, non-current portion		730		268
Convertible senior notes, non-current portion		3,594		—
FF&E liability, non-current portion		209		198
Others		13		13
Total		4,546		479

Bank borrowings

In August 2022, the Group entered into a 3-year long-term facility of EUR220 million and RMB-equivalent of EUR110 million term facility, and EUR70 million revolving credit facility agreement with several banks. As of December 31, 2024, the outstanding loan amount was RMB equivalent of EUR99 million in long-term bank borrowings, current portion. This amount was fully repaid by December 31, 2025.

In March 2024, the Group entered into a five-year syndicated loan contract with facility amount of RMB400 expiring in March 2029. As of December 31, 2024 and December 31, 2025, buildings with a net book value of RMB510 and RMB478, respectively, and land use rights with a net book value of RMB69 and RMB67, respectively, were pledged as collateral for the loan. The loan was intended for the operation of headquarters buildings and refinancing existing obligations. The interest rate reset every year, and was based on the People’s Bank of China one-year benchmark LPR minus 55 basis points on the pricing date. There are some financial covenants including revenue and profit related to this facility. The Group was fully in compliance with the covenants for the year ended December 31, 2024 and 2025. In 2024, the Group had drawn down RMB340 under the facility agreement and repaid RMB15. In 2025, the Group repaid RMB40. As of December 31, 2024 and 2025, the outstanding loan amount was RMB325 and RMB285, respectively. As of December 31, 2024 and 2025, the interest rates of borrowings drawn under this agreement were 2.90% and 2.55%, respectively.

In July 2025, the Group entered into a one-year loan facility of up to RMB2,000 or its equivalent in other currencies. The Group had drawn down RMB1,400 under this agreement and the interest rate was fixed at 1.8% per annum. As of December 31, 2025, the outstanding loan amount was RMB1,400 and total bank deposits of RMB1,406 in short-term investments were pledged as collateral.

In November 2025, the Group entered into a term loan and revolving credit facility agreement of up to US$300 million (or its RMB equivalent) with several banks. The term loan and revolving credit facility is available for 12 months after the utilization date and is expected to be extended to 36 months, subject to satisfaction of certain conditions. There are some financial covenants including interest cover, leverage and book equity related to this facility. As of December 31, 2025, the Group did not draw down the loan. In March 2026, the Group drew down RMB-equivalent of US$180 million.

In the fourth quarter of 2025, the Group entered into two uncommitted one-year revolving loan facility agreements respectively of up to US$100 million (or the RMB equivalent) and up to US$50 million (or the equivalent in RMB or EUR or HKD). The revolving credit facilities were available for 12 months after the utilization date and was expected to be extended to 36 months, subject to satisfaction of certain conditions. As of December 31, 2025, the Group did not draw down any of the facilities. In March 2026, the Group drew down RMB833.

Convertible Senior Notes due 2026

In May 2020, the Company issued US$500 million Convertible Senior Notes (the “2026 Notes”). The 2026 Notes will mature on May 1, 2026 and bear interest at a rate of 3.00% per annum, payable in arrears semi-annually on May 1 and November 1 of each year, beginning on November 1, 2020. In 2020, proceeds to the Company were RMB3,499 (equivalently US$493 million), net of issuance costs of RMB49 (equivalently US$7 million).

Holders of the 2026 Notes have the option to convert their Notes at any time prior to the close of business on the second business day immediately preceding the maturity date. The 2026 Notes can be converted into the Company’s ADSs at an initial conversion rate of 23.971 of the Company’s ADSs per US$1,000 principal amount of the 2026 Notes (equivalent to an initial conversion price of US$41.72 per ADS).

The holders may require the Company to repurchase all or portion of the 2026 Notes for cash on May 1, 2024, or in the event of certain fundamental changes, at a repurchase price equal to 100% of the principal amount, plus accrued and unpaid interest. As of December 31, 2024, the Group classified the 2026 Notes as long-term debt as the put option had expired. As of December 31, 2025, the Group reclassified the 2026 Notes as short-term debt as the 2026 Notes will mature on May 1, 2026.

Debt Maturities

The contractual maturities of the Group’s debt as of December 31, 2025 were as follows:


Year Ending December 31,		Principal Amounts
2026		5,337
2027		183
2028		159
2029		42
2030		28
Thereafter		67
Total		5,816

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

HOTEL OPERATING COSTS (Tables)

12 Months Ended

Dec. 31, 2025

HOTEL OPERATING COSTS

Schedule of hotel operating costs


		Years Ended December 31,
		2023		2024		2025
Rents		4,290		4,365		4,179
Utilities		685		690		656
Personnel costs		4,684		5,326		5,761
Depreciation and amortization		1,329		1,254		1,190
Consumable, food and beverage		1,327		1,293		1,221
Others		2,026		2,357		2,332
Total		14,341		15,285		15,339

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Fair value (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Fair value
Property and equipment, impairment loss	¥ 136	¥ 56
Operating lease right-of-use assets, impairment loss	31	33
Land use rights, impairment loss	13
Intangible assets, impairment loss	¥ 2	¥ 391
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net
Long-term investment, impairment loss	¥ 47	¥ 30
Assets held for sale, impairment loss	13	27
Short term investments
Equity securities with readily determinable fair values	69	81
Long term investments
Available-for-sale debt securities	175	230
Convertible Debt
Long term investments
Carrying amounts of convertible senior notes	3,514	3,594	¥ 3,537
Fair value of convertible senior notes	4,587	3,815	¥ 3,768
Recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Short term investments
Equity securities with readily determinable fair values	69	81
Long term investments
Employee benefit plan assets	8	5
Recurring basis \| Significant Unobservable Inputs (Level 3)
Long term investments
Available-for-sale debt securities	175	230
Non-recurring basis
Fair value
Property and equipment	13	23
Operating lease right-of-use assets	47	21
Intangible assets		2,102
Long-term investment	175	11
Assets held for sale	583	1,795
Non-recurring basis \| Significant Unobservable Inputs (Level 3)
Fair value
Property and equipment	13	23
Operating lease right-of-use assets	47	21
Intangible assets		2,102
Long-term investment	175	11
Assets held for sale	¥ 583	¥ 1,795
Minimum \| Measurement Input, Long-Term Revenue Growth Rate
Long term investments
Measurement input			0.01
Minimum \| Measurement Input, Royalty Saving Rate
Long term investments
Measurement input		0.015
Minimum \| Measurement Input, Discount Rate
Long term investments
Measurement input	0.092
Maximum \| Measurement Input, Long-Term Revenue Growth Rate
Long term investments
Measurement input			0.02
Maximum \| Measurement Input, Royalty Saving Rate
Long term investments
Measurement input		0.03
Maximum \| Measurement Input, Discount Rate
Long term investments
Measurement input	0.12

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Intangible assets (Details)	Dec. 31, 2025
Minimum \| Franchise or manachise agreements
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Remaining contract terms	10 years
Minimum \| Purchased software
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Remaining contract terms	3 years
Minimum \| Other intangible assets including trademark, licenses and other rights
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Remaining contract terms	2 years
Maximum \| Franchise or manachise agreements
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Remaining contract terms	20 years
Maximum \| Purchased software
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Remaining contract terms	10 years
Maximum \| Other intangible assets including trademark, licenses and other rights
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Remaining contract terms	15 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

RESTRICTED NET ASSETS (Details) - CNY (¥) ¥ in Millions	12 Months Ended
RESTRICTED NET ASSETS (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
RESTRICTED NET ASSETS
Minimum required percentage of after tax profit appropriated to general reserve fund	10.00%
Threshold percentage of general reserve fund to registered capital	50.00%
Reserve funds not distributed as cash dividends	¥ 1,574	¥ 1,455	¥ 1,029
Restricted share capital	2,695
Restricted net assets not available for distribution to the Company in the form of dividends, loans or advances	¥ 4,269

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Advertising and promotional expenses (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Advertising related expenses	¥ 271	¥ 256	¥ 255

ORGANIZATION AND PRINCIPAL ACTIVITIES (Details) - item	12 Months Ended
ORGANIZATION AND PRINCIPAL ACTIVITIES (Details) - item	Dec. 31, 2025	Dec. 31, 2024	Jan. 02, 2020
Legacy Huazhu \| Minimum
ORGANIZATION AND PRINCIPAL ACTIVITIES
Term of franchise and management agreement	8 years
Legacy Huazhu \| Maximum
ORGANIZATION AND PRINCIPAL ACTIVITIES
Term of franchise and management agreement	10 years
Leased and owned hotels
ORGANIZATION AND PRINCIPAL ACTIVITIES
Number of hotels	573	633
Manachised hotels
ORGANIZATION AND PRINCIPAL ACTIVITIES
Number of hotels	12,170	10,380
Manachised hotels \| Legacy DH \| Minimum
ORGANIZATION AND PRINCIPAL ACTIVITIES
Term of franchise and management agreement	15 years
Manachised hotels \| Legacy DH \| Maximum
ORGANIZATION AND PRINCIPAL ACTIVITIES
Term of franchise and management agreement	20 years
Franchised hotels
ORGANIZATION AND PRINCIPAL ACTIVITIES
Number of hotels	115	134
Franchised hotels \| Legacy DH \| Minimum
ORGANIZATION AND PRINCIPAL ACTIVITIES
Term of franchise and management agreement	10 years
Franchised hotels \| Legacy DH \| Maximum
ORGANIZATION AND PRINCIPAL ACTIVITIES
Term of franchise and management agreement	15 years
Deutsche Hospitality
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percent of ownership acquired (as percent)			100.00%

ASSETS AND LIABILITIES HELD FOR SALE

12 Months Ended

Dec. 31, 2025

ASSETS AND LIABILITIES HELD FOR SALE

ASSETS AND LIABILITIES HELD FOR SALE

8.ASSETS AND LIABILITIES HELD FOR SALE

In the fourth quarter of 2023, the Group committed to a plan to sell certain lease-and-owned hotels (the “disposal group”) included in legacy DH. In February 2024, the Group entered into a Share and Asset Purchase and Transfer Agreement with an unaffiliated third party, and the transaction was expected to be closed in 2024, subject to certain customary closing conditions. As of December 31, 2024, the Group remained actively pursuing the sale of the business, with the transaction expected to be completed in phases throughout 2025. According to the amendment signed in early 2025, two tranches were successively completed in 2025. Further negotiations for the residual tranche are anticipated in 2026, with the Group’s ongoing commitment to advancing the disposal. For the year ended December 31, 2024 and 2025, impairments of RMB27 and RMB13, respectively, were recorded as the fair value of certain assets fell below their carrying value.

The total assets and liabilities of the disposal group that were classified as held for sale on the Group’s consolidated balance sheet as of December 31, 2024 and 2025, were as follows:


		As of December 31,
		2024		2025
Assets held for sale:
Cash and cash equivalents and restricted cash		8		0
Property and equipment, net		82		17
Operating lease right-of-use assets		1,732		552
Finance lease right-of-use assets		67		70
Other assets		52		30
Total		1,941		669

Liabilities held for sale:
Accrued expenses and other current liabilities		62		39
Operating lease liabilities, current		69		21
Operating lease liabilities, non-current		1,785		510
Finance lease liabilities		71		74
Other liabilities		97		27
Total		2,084		671

LEASES - Supplemental Information Related to Operating Leases (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Lease cost:
Operating fixed lease cost	¥ 4,017	¥ 4,166
- Amortization of ROU assets	98	91
- Interest on lease liabilities	135	129
Variable lease cost	262	290
Total lease cost	¥ 4,512	¥ 4,676
Other information:
Weighted average remaining lease term, Operating leases (in years)	14 years	14 years
Weighted average remaining lease term, Finance leases (in years)	26 years	27 years
Weighted average discount rate, Operating leases (in %)	5.45%	5.97%
Weighted average discount rate, Finance leases (in %)	4.31%	4.30%

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2025 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Document Shell Company Report	false
Securities Act File Number	001-34656
Entity Registrant Name	H World Group Ltd
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	No. 1299 Fenghua Road
Entity Address, City or Town	Shanghai
Entity Address, Postal Zip Code	201803
Entity Address, Country	CN
Entity Common Stock, Shares Outstanding	3,071,525,690
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Auditor Name	Deloitte Touche Tohmatsu Certified Public Accountants LLP
Auditor Firm ID	1113
Auditor Location	Shanghai, China
Entity Central Index Key	0001483994
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
American Depositary Shares
Document and Entity Information
Title of 12(b) Security	American Depositary Shares
Trading Symbol	HTHT
Security Exchange Name	NASDAQ
Business contact
Document and Entity Information
Contact Personnel Name	Arthur Yu
Entity Address, Address Line One	No. 1299 Fenghua Road
Entity Address, City or Town	Shanghai
Entity Address, Postal Zip Code	201803
Entity Address, Country	CN
Country Region	86
City Area Code	21
Local Phone Number	6195-2011
Contact Personnel Email Address	yujunrui@hworld.com

EMPLOYEE BENEFIT PLANS (Details) - CNY (¥) ¥ in Millions	12 Months Ended
EMPLOYEE BENEFIT PLANS (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
EMPLOYEE BENEFIT PLANS
Total contribution for employee benefits	¥ 990	¥ 835	¥ 699
Contributions recognized as expense	¥ 111	¥ 108	¥ 90

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

INCOME TAXES

Summary of income before income taxes


		Year Ended December 31,
		2025
PRC Mainland		7,134
Germany		52
Others		116
Total		7,302


	Years Ended December 31,
	2023	2024
PRC Mainland, Hong Kong and Taiwan	5,833	5,414
Germany	(463)	(857)
Others	(21)	248
Total	5,349	4,805

Schedule of tax expense (benefit)


		Years Ended December 31,
		2023		2024		2025
Current Tax		1,175		1,549		2,014
Deferred Tax		29		113		147
Total		1,204		1,662		2,161

Schedule of a reconciliation between the effective income tax rate and PRC statutory income tax rate


		Year Ended December 31,
		2025
		Amount		Percent
Tax at PRC Mainland statutory tax rate		1,825		25.00	%
Foreign Tax Effects
Hong Kong
Statutory tax rate difference		(214)		(2.93)	%
Germany
Changes in Valuation Allowance		(139)		(1.91)	%
Effect of tax rate adjustment		131		1.79	%
Other		24		0.33	%
Other foreign jurisdictions		70		0.96	%
Effect of cross-border tax laws
Withholding Tax		313		4.29	%
Research and development expenses super deduction		(84)		(1.15)	%
Valuation allowance		131		1.80	%
Nontaxable or nondeductible items
Share based compensation		105		1.44	%
Other nontaxable nondeductible items		4		0.06	%
Other		(5)		(0.08)	%
Effective tax rate		2,161		29.60	%


		Years Ended December 31,
		2023		2024
PRC Mainland statutory tax rate		25	%	25	%
Tax effect of non-deductible expenses and non-taxable income in determining taxable profit		2	%	4	%
Effect of different tax rate of group entities operating in other jurisdictions		(4)	%	(2)	%
Effect of change in valuation allowance		(0)	%	1	%
Effect of tax holiday		(1)	%	(1)	%
Effect of cash dividends		1	%	8	%
Effective tax rate		23	%	35	%

Schedule of income taxes paid by the company


		Year Ended December 31,
		2025
PRC Mainland		1,631
Foreign		1
Income taxes, net of amounts refunded		1,632

Schedule of the aggregate amount and per share effect of the tax credits


		Years Ended December 31,
		2023		2024		2025
Aggregate amount		60		47		98
Per share effect—basic		0.02		0.02		0.03
Per share effect—diluted		0.02		0.02		0.03

Schedule of the principal components of the Group's deferred income tax assets and liabilities


		As of December 31,
		2024		2025
Deferred tax assets:
Net loss carryforward		1,091		1,105
Deferred revenue		562		674
Long-term assets		485		377
Bad debt provision		80		92
Accrued payroll		110		97
Others		121		150
Valuation allowance		(718)		(655)
Total deferred tax assets, net of valuation allowance		1,731		1,840
Deferred tax liabilities:
Fair value adjustment for building, land use rights and identified intangible assets due to acquisition		1,405		1,548
Withholding tax		191		322
Total deferred tax liabilities		1,596		1,870
Net deferred tax assets (liabilities)		135		(30)
Analysis as:
Deferred tax assets		1,054		1,157
Deferred tax liabilities		919		1,187
Net deferred tax assets (liabilities)		135		(30)

Summary of movement of the valuation allowance


	Years Ended December 31,
	2023	2024	2025
Balance at the beginning of the year	(731)	(675)	(718)
Provided	(145)	(271)	(28)
Reversed	165	177	17
Written off	36	51	74
Balance at the end of the year	(675)	(718)	(655)

Schedule of unrecognized tax benefits

HOTEL OPERATING COSTS

12 Months Ended

Dec. 31, 2025

HOTEL OPERATING COSTS

HOTEL OPERATING COSTS

11.HOTEL OPERATING COSTS

Hotel operating costs include all direct costs incurred in the operation of the leased and owned hotels, manachised and franchised hotels and consist of the following:


		Years Ended December 31,
		2023		2024		2025
Rents		4,290		4,365		4,179
Utilities		685		690		656
Personnel costs		4,684		5,326		5,761
Depreciation and amortization		1,329		1,254		1,190
Consumable, food and beverage		1,327		1,293		1,221
Others		2,026		2,357		2,332
Total		14,341		15,285		15,339

SHARE-BASED COMPENSATION - Recognized share-based compensation expenses (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SHARE-BASED COMPENSATION
Recognized share-based compensation expenses	¥ 420	¥ 322	¥ 143
Hotel operating costs
SHARE-BASED COMPENSATION
Recognized share-based compensation expenses	33	31	31
Selling and marketing expenses
SHARE-BASED COMPENSATION
Recognized share-based compensation expenses	7	6	6
General and administrative expenses
SHARE-BASED COMPENSATION
Recognized share-based compensation expenses	¥ 380	¥ 285	¥ 106

RELATED PARTY TRANSACTIONS AND BALANCES (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of related parties


Related Party		Nature of the Party		Relationship with the Group
Trip.com Group Limited (“Trip.com”)		Online travel services provider		Mr. Qi Ji is a director; Shareholder of the Group; One officer of Trip.com is a family member of the Group’s director
China Cjia Group Limited (“Cjia Group”)		Apartment Management Group		Equity method investee of the Group
Shanghai Zhuchuang Enterprise Management Co., Ltd. (“Zhuchuang”)		Staged office space company		Equity method investee of the Group
Shanghai Lianquan Hotel Management Co., Ltd. (“Lianquan”)		Hotel management company		Equity method investee of the Group
Huamai (Guangzhou) Hotel Management Co., Ltd. (“Huamai”)		Hotel management company		Equity method investee of the Group
Azure Hospitality Fund I Limited Partnership (LLP) (“Azure”)		Fund		Equity method investee of the Group

Schedule of amounts due from related parties


		As of December 31,
		2024		2025
Trip.com		284		265
Lianquan		49		19
Huamai		26		16
Cjia Group		15		12
Zhuchuang		14		14
Others		24		25
Allowance for expected credit losses		(64)		(37)
Total		348		314

Schedule of amounts due to related parties


		As of December 31,
		2024		2025
Trip.com		41		60
Cjia Group		14		20
Others		19		49
Total		74		129

Schedule of significant related party transactions


		Years Ended December 31,
		2023		2024		2025
Commission expenses to Trip.com		260		297		307
Lease expenses to Trip.com		19		19		19
Lease expenses to Cjia Group		37		36		38
Goods sold and service provided to Cjia Group		17		32		28
Service fee from Trip.com		112		146		116
Service fee from Azure		17		21		21
Sublease income from Lianquan		10		11		—
Sublease income from Cjia Group		5		6		5

CASH DIVIDEND

12 Months Ended

Dec. 31, 2025

CASH DIVIDEND

CASH DIVIDEND

15.CASH DIVIDEND

On November 29, 2023, the Group approved and declared a cash dividend of US$0.093 per ordinary share, or US$0.93 per ADS, on its outstanding shares as of the close of trading on January 10, 2024. Such dividend of RMB2,091 was fully paid in 2024.

On July 23, 2024, the Group approved and declared a cash dividend of US$0.063 per ordinary share, or US$0.63 per ADS, on its outstanding shares as of the close of trading on August 14, 2024. Such dividend of RMB1,389 was mostly paid in 2024.

On March 20, 2025, the Group approved and declared a cash dividend of US$0.097 per ordinary share, or US$0.97 per ADS, on its outstanding shares as of the close of trading on April 9, 2025. Such dividend of RMB2,136 was fully paid in 2025.

On August 20, 2025, the Group approved and declared a cash dividend of US$0.081 per ordinary share, or US$0.81 per ADS, on its outstanding shares as of the close of trading on September 9, 2025. Such dividend of RMB1,771 was mostly paid in 2025.

On March 18, 2026, the Group approved and declared a cash dividend of US$0.13 per ordinary share, or US$1.30 per ADS, on its outstanding shares as of the close of trading on May 4, 2026. Such dividend of approximately US$400 million is expected to be paid in the second quarter of 2026.

DEBT (Tables)

12 Months Ended

Dec. 31, 2025

DEBT

Schedule of short-term and long-term debt


		As of December 31,
		2024		2025
Short-term debt and current portion of long-term debt:
Long-term bank borrowings, current portion		791		371
Short-term bank borrowings		38		1,400
Convertible senior notes, current portion		—		3,514
FF&E liability, current portion		51		52
Total		880		5,337

Long-term debt:
Long-term bank borrowings, non-current portion		730		268
Convertible senior notes, non-current portion		3,594		—
FF&E liability, non-current portion		209		198
Others		13		13
Total		4,546		479

Schedule of contractual maturities of the group's long-term debt

The contractual maturities of the Group’s debt as of December 31, 2025 were as follows:


Year Ending December 31,		Principal Amounts
2026		5,337
2027		183
2028		159
2029		42
2030		28
Thereafter		67
Total		5,816

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

SHARE-BASED COMPENSATION

Summary of significant assumptions used to estimate the fair value of stock options


		2025
Suboptimal exercise factor		2.80
Risk-free interest rate		4.68	%
Volatility		51.75	%
Dividend yield		4.60	%
Life of option		8 years

Summary of the Group's share option activity under the option plans


						Weighted
				Weighted		Average		Aggregate
		Number of		Average		Remaining		Intrinsic
		Options		Exercise Price		Contractual Life		Value
				US$		Years		US$’million
Share options outstanding at January 1, 2025		28,019,660		2.80		—		—
Granted		888,210		2.80		—		—
Forfeited		(2,410,610)		2.80		—		—
Exercised		(1,911,860)		2.80		—		—
Adjusted for performance conditions		(179,370)		2.80		—		—
Share options outstanding at December 31, 2025		24,406,030		2.80		7.40		46
Share options vested or expected to vest at December 31, 2025		22,471,610		2.80		7.40		43
Share options exercisable at December 31, 2025		1,716,960		2.80		7.41		3

Summary of the Group's nonvested restricted stock activity


				Weighted Average
		Number of		Grant Date
		Restricted Stocks		Fair Value
				US$
Nonvested restricted stocks outstanding at January 1, 2025		127,537,010		2.78
Granted		7,619,230		3.09
Forfeited		(4,319,980)		2.93
Vested		(17,714,260)		2.40
Adjusted for performance conditions		215,790		3.22
Nonvested restricted stocks outstanding at December 31, 2025		113,337,790		2.86

Schedule of share-based compensation expense recognized


	Years Ended December 31,
	2023	2024	2025
Hotel operating costs	31	31	33
Selling and marketing expenses	6	6	7
General and administrative expenses	106	285	380
Total	143	322	420

LEASES - Schedule of Maturities of Lease Liabilities (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2025	Dec. 31, 2024
Total Operating Leases
2026	¥ 3,976	¥ 4,028
2027	3,814	3,845
2028	3,638	3,746
2029	3,413	3,565
2030	3,143	3,358
Thereafter	21,223	21,480
Total minimum lease payments	39,207	40,022
Less: amount representing interest	12,076	12,896
Present value of minimum lease payments	27,131	27,126
Total Finance Leases
2026	190	171
2027	194	174
2028	197	177
2029	198	180
2030	198	181
Thereafter	4,288	4,086
Total minimum lease payments	5,265	4,969
Less: amount representing interest	2,143	2,076
Present value of minimum lease payments	¥ 3,122	¥ 2,893

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

12.SHARE-BASED COMPENSATION

In September 2009, the Group adopted the 2009 Share Incentive Plan which allows the Group to offer incentive awards to employees, officers, directors and consultants or advisors (the “Participants”). In March 2015, the Group increased the maximum number of incentive awards available under the 2009 Share Incentive Plan to 430,000,000. In June 2023, the Group adopted the 2023 Share Incentive Plan (collectively with 2009 Share Incentive Plan, the “Incentive Award Plans”), which allows the Group to offer incentive awards up to 20,000,000 ordinary shares to Participants. In June 2024, the Group increased the maximum number of incentive awards available under the 2023 Share Incentive Plan to 300,000,000. The Group either uses treasury shares or issues shares upon the exercise of share options and the vesting of nonvested restricted stocks. The incentive awards granted under the Incentive Award Plans typically have a maximum life of ten years and vest in typical ways as listed below:

a.)Vest 50% on the second anniversary of the stated vesting commencement date with the remaining 50% vesting ratably over the following two years;

b.)Vest over a period of ten years in equal yearly installments;

As of December 31, 2025, the Group had granted 274,684,560 options and 358,769,850 nonvested restricted stocks, some of which were subject to adjustment on performance condition.

Share options

In 2023, the Group granted 28,625,350 share options to senior officers, which was in five tranches with performance conditions, and the vesting of each of the five tranches commences respectively at the first, second, third, fourth, and fifth anniversary of grant date. Each tranche is accounted for as a separate award with the same grant date, the same service inception date and its own requisite service period. The actual number of share options that could be exercised is contingent on certain financial performance of the year when vesting of share option commences. The Group reassesses the performance condition at each reporting period for true up. For each tranche, 50% vests on the second anniversary of the stated vesting commencement date with the remaining 50% vesting ratably over the following two years and will become exercisable if certain performance conditions are met for the five - year period ending December 31, 2027.

In 2025, the Group granted 888,210 share options to senior officers, which was in three tranches with performance conditions, and the vesting of each of the three tranches commences respectively at the first, second and third anniversary of grant date. Each tranche is accounted for as a separate award with the same grant date, the same service inception date and its own requisite service period. The actual number of share options that could be exercised is contingent on certain financial performance of the year when vesting of share option commences. The Group reassesses the performance condition at each reporting period for true up. For each tranche, 50% vests on the first anniversary of the stated vesting commencement date with the remaining 50% vesting ratably over the following two years and will become exercisable if certain performance conditions are met for the three-year period ending December 31, 2027.

The weighted-average grant date fair value for options granted in 2025 was US$1.34 per share, computed using the binomial option pricing model. The binomial option pricing model required the input of subjective assumptions including the expected stock price volatility and the expected price multiple at which employees were likely to exercise stock options. The Group used historical data to estimate forfeiture rate. Expected volatility was based on the average historical equity volatility of the Group. The risk-free rate for periods within the contractual life of the option was based on the U.S. Treasury yield curve in effect at the time of grant.

The fair value of stock options was estimated using the following significant assumptions:


		2025
Suboptimal exercise factor		2.80
Risk-free interest rate		4.68	%
Volatility		51.75	%
Dividend yield		4.60	%
Life of option		8 years

The following table summarized the Group’s share option activity under the option plans:


						Weighted
				Weighted		Average		Aggregate
		Number of		Average		Remaining		Intrinsic
		Options		Exercise Price		Contractual Life		Value
				US$		Years		US$’million
Share options outstanding at January 1, 2025		28,019,660		2.80		—		—
Granted		888,210		2.80		—		—
Forfeited		(2,410,610)		2.80		—		—
Exercised		(1,911,860)		2.80		—		—
Adjusted for performance conditions		(179,370)		2.80		—		—
Share options outstanding at December 31, 2025		24,406,030		2.80		7.40		46
Share options vested or expected to vest at December 31, 2025		22,471,610		2.80		7.40		43
Share options exercisable at December 31, 2025		1,716,960		2.80		7.41		3

Given the actual number of share options that could be exercised is contingent on certain financial performance of the year when vesting commences, the share - based compensation expenses related to these options would be recognized when the financial performance is expected to be met. The Group didn’t record any compensation expenses relating to options awarded indexed to financial performance beyond the year ended December 31, 2025. The total share based compensation expenses relating to these options were RMB172.

As of December 31, 2025, there was RMB111 in total unrecognized compensation expense, net of estimated forfeitures, related to the option arrangements, which was expected to be recognized over a weighted - average period of 2.56 years.

During the year ended December 31, 2025, 1,911,860 share options were exercised having an aggregate intrinsic value of RMB15.

Nonvested restricted stocks

The fair value of nonvested restricted stock with service conditions or performance conditions is based on the fair market value of the underlying ordinary shares on the date of grant.

In 2023, the Group granted 28,625,350 nonvested restricted stocks to senior officers, with the same terms of the options granted in 2023. The share-based compensation expenses related to these nonvested restricted stocks would be recognized when the financial performance is expected to be met. In 2025, the Group granted 888,210 nonvested restricted stocks to senior officers, with the same terms of the options granted in 2025. The Group didn’t record any compensation expenses relating to incentive shares which are indexed to financial performance beyond the year ended December 31, 2025. The total share based compensation expenses relating to these nonvested restricted stocks were RMB281.

The following table summarized the Group’s nonvested restricted stock activities during the year ended December 31, 2025.


				Weighted Average
		Number of		Grant Date
		Restricted Stocks		Fair Value
				US$
Nonvested restricted stocks outstanding at January 1, 2025		127,537,010		2.78
Granted		7,619,230		3.09
Forfeited		(4,319,980)		2.93
Vested		(17,714,260)		2.40
Adjusted for performance conditions		215,790		3.22
Nonvested restricted stocks outstanding at December 31, 2025		113,337,790		2.86

As of December 31, 2025, there was RMB1,520 in total unrecognized compensation costs, net of estimated forfeitures, related to unvested restricted stocks, which was expected to be recognized over a weighted-average period of 5.66 years.

The total fair value of nonvested restricted stocks vested in 2023, 2024 and 2025 was RMB286, RMB224 and RMB490, respectively.

For the years ended December 31, 2023, 2024 and 2025, the Group recognized share-based compensation expenses of RMB143, RMB322 and RMB420, respectively, which were classified as follows:


	Years Ended December 31,
	2023	2024	2025
Hotel operating costs	31	31	33
Selling and marketing expenses	6	6	7
General and administrative expenses	106	285	380
Total	143	322	420

Pay vs Performance Disclosure ¥ in Millions, $ in Millions	12 Months Ended
Pay vs Performance Disclosure ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Pay vs Performance Disclosure
Net Income (Loss)	¥ 5,080	$ 726	¥ 3,048	¥ 4,085

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

INCOME TAXES - Reconciliation (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Amount
Tax at PRC Mainland statutory tax rate	¥ 1,825
Research and development expenses super deduction	(84)
Share based compensation	105
Other nontaxable nondeductible items	4
Withholding Tax	313
Total	¥ 2,161	$ 309	¥ 1,662	¥ 1,204
Tax Jurisdiction of Domicile [Extensible Enumeration]	CHINA	CHINA
Percent
Tax at PRC statutory tax rate	25.00%	25.00%	25.00%	25.00%
Nontaxable or nondeductible items			4.00%	2.00%
Statutory tax rate difference			(2.00%)	(4.00%)
Changes in Valuation Allowance			1.00%	0.00%
Research and development expenses super deduction	(1.15%)	(1.15%)
Share based compensation	1.44%	1.44%
Other nontaxable nondeductible items	0.06%	0.06%
Withholding Tax	4.29%	4.29%
Effect of tax holiday			(1.00%)	(1.00%)
Effect of cash dividends			8.00%	1.00%
Effective tax rate	29.60%	29.60%	35.00%	23.00%
CHINA
Amount
Changes in Valuation Allowance	¥ 131
Others	¥ (5)
Percent
Changes in Valuation Allowance	1.80%	1.80%
Others	(0.08%)	(0.08%)
Hong Kong
Amount
Statutory tax rate difference	¥ (214)
Percent
Statutory tax rate difference	(2.93%)	(2.93%)
Germany
Amount
Changes in Valuation Allowance	¥ (139)
Effect of tax rate adjustment	131
Others	¥ 24
Percent
Changes in Valuation Allowance	(1.91%)	(1.91%)
Effect of tax rate adjustment	1.79%	1.79%
Others	0.33%	0.33%
Other foreign jurisdictions
Amount
Others	¥ 70
Percent
Others	0.96%	0.96%

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2025

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

4.PROPERTY AND EQUIPMENT, NET

Property and equipment, net consist of the following:


	As of December 31,
	2024	2025
Cost:
Buildings	791	782
Leasehold improvements	11,187	10,872
Furniture, fixtures and equipment	2,363	2,490
Motor vehicles	2	3
	14,343	14,147
Less: Accumulated depreciation	8,769	9,121
	5,574	5,026
Construction in progress	108	204
Property and equipment, net	5,682	5,230

Depreciation expense was RMB1,276, RMB1,195 and RMB1,114 for the years ended December 31, 2023, 2024 and 2025, respectively.

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
PROPERTY AND EQUIPMENT, NET
Depreciation expense	¥ 1,114	¥ 1,195	¥ 1,276

EARNINGS PER SHARE (Details) ¥ / shares in Units, ¥ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 $ / shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
EARNINGS PER SHARE
Net income attributable to ordinary shareholders - basic \| ¥	¥ 5,080		¥ 3,048	¥ 4,085
Eliminate the dilutive effect of interest expense of convertible senior notes \| ¥	107		112	120
Net income attributable to ordinary shareholders - diluted \| ¥	¥ 5,187		¥ 3,160	¥ 4,205
Weighted average ordinary shares outstanding - basic	3,070,939,457		3,115,130,107	3,183,163,131
Incremental weighted-average ordinary shares from assumed exercise of share options and nonvested restricted stocks using the treasury stock method	42,938,410		36,507,943	44,331,080
Dilutive effect of convertible senior notes	133,616,230		126,670,240	123,927,000
Weighted average ordinary shares outstanding - diluted	3,247,494,097		3,278,308,290	3,351,421,211
Basic earnings per share \| (per share)	¥ 1.65	$ 0.24	¥ 0.98	¥ 1.28
Diluted earnings per share \| (per share)	¥ 1.6	$ 0.23	¥ 0.96	¥ 1.25

SEGMENT - Segment information (Details) € in Millions, ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 EUR (€)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
SEGMENT
Total revenues	€ 750	¥ 25,307	$ 3,618	¥ 23,891	¥ 21,882
Adjusted EBITDA		8,473		6,820	6,268
Interest income		223	32	210	248
Interest expense		(337)	(48)	(318)	(385)
Income tax expense		(2,161)	(309)	(1,662)	(1,204)
Depreciation and amortization		(1,257)	(180)	(1,332)	(1,414)
Share-based compensation		(420)	(60)	(322)	(143)
Gain (loss) from fair value changes of equity securities, net		(10)	(1)	(66)	109
Foreign exchange gain (loss), net		569	81	(272)	90
Gain (loss) on disposal of investments				(10)	516
Net income attributable to H World Group Limited		5,080	726	3,048	4,085
Leased and owned hotels
SEGMENT
Total revenues		12,943	1,851	13,843	13,796
Manachised and franchised hotels
SEGMENT
Total revenues		11,696	1,672	9,498	7,694
Others
SEGMENT
Total revenues		668	$ 95	550	392
Elimination
SEGMENT
Total revenues		(22)		(19)	(27)
Adjusted EBITDA					(1)
Elimination \| Leased and owned hotels
SEGMENT
Total revenues					(12)
Elimination \| Manachised and franchised hotels
SEGMENT
Total revenues		(22)		(13)	(9)
Elimination \| Others
SEGMENT
Total revenues				(6)	(6)
Legacy Huazhu \| Operating Segments
SEGMENT
Total revenues		20,535		19,029	17,444
Adjusted hotel operating costs		(10,476)		(9,888)	(9,419)
Adjusted selling and marketing expenses		(769)		(723)	(641)
Adjusted general and administrative expenses		(1,433)		(1,573)	(1,405)
Other segment items (primarily include other operating income, net)		(117)		(129)	(206)
Adjusted EBITDA		7,974		6,974	6,185
Legacy Huazhu \| Operating Segments \| Leased and owned hotels
SEGMENT
Total revenues		8,371		9,146	9,522
Legacy Huazhu \| Operating Segments \| Manachised and franchised hotels
SEGMENT
Total revenues		11,542		9,385	7,596
Legacy Huazhu \| Operating Segments \| Others
SEGMENT
Total revenues		622		498	326
Legacy DH \| Operating Segments
SEGMENT
Total revenues		4,794		4,881	4,465
Adjusted hotel operating costs		(3,662)		(4,125)	(3,569)
Adjusted selling and marketing expenses		(493)		(451)	(429)
Adjusted general and administrative expenses		(383)		(575)	(505)
Other segment items (primarily include other operating income, net)		(243)		(116)	(122)
Adjusted EBITDA		499		(154)	84
Legacy DH \| Operating Segments \| Leased and owned hotels
SEGMENT
Total revenues		4,572		4,697	4,286
Legacy DH \| Operating Segments \| Manachised and franchised hotels
SEGMENT
Total revenues		176		126	107
Legacy DH \| Operating Segments \| Others
SEGMENT
Total revenues		¥ 46		¥ 58	¥ 72

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Property and equipment, net (Details)	Dec. 31, 2025
Leasehold improvements
Property and equipment, net
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Buildings \| Minimum
Property and equipment, net
Property and equipment, estimated useful life	20 years
Buildings \| Maximum
Property and equipment, net
Property and equipment, estimated useful life	40 years
Furniture, fixtures and equipment \| Minimum
Property and equipment, net
Property and equipment, estimated useful life	1 year
Furniture, fixtures and equipment \| Maximum
Property and equipment, net
Property and equipment, estimated useful life	20 years
Motor vehicles
Property and equipment, net
Property and equipment, estimated useful life	5 years

INTANGIBLE ASSETS, NET - Amortization (Details) - Intangible assets excluding brand names and master brand agreement ¥ in Millions	Dec. 31, 2025 CNY (¥)
Estimated amortization expense
2026	¥ 29
2027	25
2028	21
2029	20
2030	17
Thereafter	94
Total	¥ 206

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Land use rights, net (Details) - Land use rights	Dec. 31, 2025
Minimum
Accounting policies
Remaining contractual term	30 years
Maximum
Accounting policies
Remaining contractual term	50 years

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Impairment of long-lived assets (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Long-lived asset impairment loss	¥ 180	¥ 89	¥ 286
Impairment Long Lived Asset Held For Use Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag	true

CONSOLIDATED BALANCE SHEETS ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 10,386	$ 1,485	¥ 7,474
Restricted cash	146	21	50
Short-term investments, including marketable securities measured at fair value of RMB 81 and RMB 69 as of December 31, 2024 and 2025, respectively	4,894	700	3,603
Accounts receivable, net	723	104	817
Loan receivables - current, net	87	12	114
Amounts due from related parties - current, net	¥ 272	$ 39	¥ 297
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Inventories	¥ 57	$ 8	¥ 60
Other current assets, net	870	124	800
Total current assets	17,435	2,493	13,215
Property and equipment, net	5,230	748	5,682
Intangible assets, net	5,028	719	4,776
Operating lease right-of-use assets	24,983	3,573	24,992
Finance lease right-of-use assets	2,394	342	2,272
Land use rights, net	155	22	174
Long-term investments, including available-for-sale debt securities measured at fair value of RMB230 and RMB175 as of December 31, 2024 and 2025, respectively	1,369	196	2,316
Goodwill	5,428	776	5,221
Amounts due from related parties, net	¥ 42	$ 6	¥ 51
Other Receivable, after Allowance for Credit Loss, Noncurrent, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Loan receivables, net	¥ 132	$ 19	¥ 190
Other assets, net	752	108	668
Deferred income tax assets	1,157	165	1,054
Assets held for sale	669	96	1,941
Total assets	64,774	9,263	62,552
Current liabilities:
Short-term debt and current portion of long-term debt	5,337	763	880
Accounts payable	1,020	146	983
Amounts due to related parties	¥ 129	$ 18	¥ 74
Other Liability, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Salary and welfare payables	¥ 1,188	$ 170	¥ 1,201
Deferred revenue	1,823	261	1,822
Operating lease liabilities, current	3,478	497	3,492
Finance lease liabilities, current	59	8	50
Accrued expenses and other current liabilities	4,902	702	4,006
Income tax payable	1,191	170	813
Total current liabilities	19,127	2,735	13,321
Long-term debt	479	68	4,546
Operating lease liabilities, non-current	23,653	3,382	23,634
Finance lease liabilities, non-current	3,063	438	2,843
Deferred revenue	1,602	229	1,351
Other long-term liabilities	1,925	276	1,472
Retirement benefit obligations	109	16	111
Deferred income tax liabilities	1,187	170	919
Liabilities held for sale	671	96	2,084
Total liabilities	51,816	7,410	50,281
Commitments and contingencies (Note 21)
Equity:
Ordinary shares (US$0.00001 par value per share; 80,000,000,000 shares authorized; 3,105,094,690 and 3,098,323,810 shares issued as of December 31, 2024 and 2025, and 3,083,916,600 and 3,071,525,690 shares outstanding as of December 31, 2024 and 2025, respectively)	0	0	0
Treasury shares (21,178,090 and 26,798,120 shares as of December 31, 2024 and 2025, respectively)	(662)	(95)	(274)
Additional paid-in capital	9,653	1,381	9,620
Retained earnings	3,614	517	2,449
Accumulated other comprehensive income	199	28	382
Total H World Group Limited shareholders' equity	12,804	1,831	12,177
Noncontrolling interest	154	22	94
Total equity	12,958	1,853	12,271
Total liabilities and equity	¥ 64,774	$ 9,263	¥ 62,552

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Leases (Details)	Dec. 31, 2025
Minimum \| Legacy Huazhu
Accounting policies
Initial lease term	10 years
Minimum \| Legacy DH
Accounting policies
Initial lease term	20 years
Maximum \| Legacy Huazhu
Accounting policies
Initial lease term	20 years
Maximum \| Legacy DH
Accounting policies
Initial lease term	30 years

GOODWILL - Changes in carrying amount (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2023 CNY (¥)
GOODWILL
Gross carrying values	¥ 5,888	¥ 5,642		¥ 5,757
Accumulated impairment loss	(460)	(421)		(439)
Goodwill	5,428	5,221	$ 776	5,318
Net foreign exchange-goodwill	246	(115)
Net foreign exchange-impairment loss	¥ (39)	¥ 18
Hypothetical decline in projected cash flow or increase in the discount rate (as a percent)	5.00%	5.00%	5.00%
Legacy Huazhu
GOODWILL
Gross carrying values	¥ 3,036	¥ 3,036		3,036
Accumulated impairment loss	(4)	(4)		(4)
Goodwill	¥ 3,032	¥ 3,032		3,032
Percentage of fair value exceeded the carrying value	100.00%	100.00%	100.00%
Legacy DH
GOODWILL
Gross carrying values	¥ 2,852	¥ 2,606		2,721
Accumulated impairment loss	(456)	(417)		(435)
Goodwill	2,396	2,189		¥ 2,286
Net foreign exchange-goodwill	246	(115)
Net foreign exchange-impairment loss	¥ (39)	¥ 18
Percentage of fair value exceeded the carrying value	70.00%	36.00%	70.00%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME € in Millions, ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Revenues:
Total revenues	¥ 25,307	$ 3,618	¥ 23,891	¥ 21,882
Operating costs and expenses:
Hotel operating costs	15,339	2,194	15,285	14,341
Other operating costs	61	9	31	34
Selling and marketing expenses	1,270	182	1,176	1,072
General and administrative expenses	2,262	321	2,508	2,086
Pre-opening expenses	41	6	50	35
Total operating costs and expenses	18,973	2,712	19,050	17,568
Goodwill impairment loss	0	0	0	4
Other operating income, net	485	69	359	404
Income from operations	6,819	975	5,200	4,714
Interest income	223	32	210	248
Interest expense	337	48	318	385
Other income, net	38	5	51	573
Gain (loss) from fair value changes of equity securities, net	(10)	(1)	(66)	109
Foreign exchange gain (loss), net	569	81	(272)	90
Income before income taxes	7,302	1,044	4,805	5,349
Income tax expense	2,161	309	1,662	1,204
Loss from equity method investments	(26)	(4)	(41)	(14)
Net income	5,115	731	3,102	4,131
Less: net income attributable to noncontrolling interest	35	5	54	46
Net income attributable to H World Group Limited	5,080	726	3,048	4,085
Other comprehensive income
(Loss) gain arising from defined benefit plan, net of tax of RMB(3), RMB0 and RMB2 for the year ended 2023, 2024 and 2025, respectively	9	1	6	(9)
Loss from fair value changes of debt securities, net of tax of RMB3, RMB13 and RMB3 for 2023, 2024 and 2025, respectively	(8)	(1)	(38)	(12)
Foreign currency translation adjustments, net of tax of nil for the years ended 2023, 2024 and 2025, respectively	(184)	(26)	28	175
Comprehensive income	4,932	705	3,098	4,285
Less: comprehensive income attributable to the noncontrolling interest	35	5	54	46
Comprehensive income attributable to H World Group Limited	¥ 4,897	$ 700	¥ 3,044	¥ 4,239
Earnings per share:
Basic \| (per share)	¥ 1.65	$ 0.24	¥ 0.98	¥ 1.28
Diluted \| (per share)	¥ 1.6	$ 0.23	¥ 0.96	¥ 1.25
Weighted average number of shares used in computation:
Basic (in shares)	3,070,939,457	3,070,939,457	3,115,130,107	3,183,163,131
Diluted (in shares)	3,247,494,097	3,247,494,097	3,278,308,290	3,351,421,211
Leased and owned hotels
Revenues:
Total revenues	¥ 12,943	$ 1,851	¥ 13,843	¥ 13,796
Manachised and franchised hotels
Revenues:
Total revenues	11,696	1,672	9,498	7,694
Others
Revenues:
Total revenues	¥ 668	$ 95	¥ 550	¥ 392

GOODWILL

12 Months Ended

Dec. 31, 2025

GOODWILL.

GOODWILL

7.GOODWILL

The changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2025 were as follows:


	Legacy Huazhu	Legacy DH	Total
Balance at January 1, 2024
Goodwill	3,036	2,721	5,757
Accumulated impairment loss	(4)	(435)	(439)
	3,032	2,286	5,318
Net foreign exchange-goodwill	—	(115)	(115)
Net foreign exchange-impairment loss	—	18	18
Balance at December 31, 2024
Goodwill	3,036	2,606	5,642
Accumulated impairment loss	(4)	(417)	(421)
	3,032	2,189	5,221
Net foreign exchange-goodwill	—	246	246
Net foreign exchange-impairment loss	—	(39)	(39)
Balance at December 31, 2025
Goodwill	3,036	2,852	5,888
Accumulated impairment loss	(4)	(456)	(460)
	3,032	2,396	5,428

As of December 31, 2024 and 2025, the estimated fair value of legacy Huazhu exceeded over 100% of its carrying value. As of December 31, 2024 and 2025, the estimated fair value of legacy DH exceeded its carrying value by 36% and 70%, respectively. A 5% decline in the underlying projected cash flows or increase in the discount rate would not result in an impairment loss in 2024 and 2025.

- Definition

The entire disclosure for goodwill.

+ References + Details

SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY - CONDENSED BALANCE SHEETS (Details) ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 10,386	$ 1,485	¥ 7,474	¥ 6,946
Short-term investments	4,894	700	3,603
Other current assets	870	124	800
Total current assets	17,435	2,493	13,215
Total assets	64,774	9,263	62,552
Current liabilities:
Short-term debt	5,337	763	880
Amount due to subsidiaries	129	18	74
Accrued expenses and other current liabilities	4,902	702	4,006
Total current liabilities	19,127	2,735	13,321
Long-term debt	479	68	4,546
Total liabilities	51,816	7,410	50,281
Equity:
Ordinary shares (US$0.00001 par value per share; 80,000,000,000 shares authorized; 3,105,094,690 and 3,098,323,810 shares issued as of December 31, 2024 and 2025, and 3,083,916,600 and 3,071,525,690 shares outstanding as of December 31, 2024 and 2025, respectively)	0	0	0
Treasury shares (21,178,090 and 26,798,120 shares as of December 31, 2024 and 2025, respectively)	(662)	(95)	(274)
Additional paid-in capital	9,653	1,381	9,620
Retained earnings	3,614	517	2,449
Accumulated other comprehensive income	199	28	382
Total equity	12,804	1,831	12,177
Total liabilities and equity	64,774	9,263	62,552
Parent Company
Current assets:
Cash and cash equivalents	1,836	263	1,869
Short-term investments	850	122	863
Other current assets	3	0	2
Total current assets	2,689	385	2,734
Investment in and amount due from subsidiaries	21,061	3,012	18,103
Total assets	23,750	3,397	20,837
Current liabilities:
Short-term debt	3,514	503	0
Amount due to subsidiaries	7,246	1,036	4,990
Accrued expenses and other current liabilities	186	27	76
Total current liabilities	10,946	1,566	5,066
Long-term debt	0	0	3,594
Total liabilities	10,946	1,566	8,660
Equity:
Ordinary shares (US$0.00001 par value per share; 80,000,000,000 shares authorized; 3,105,094,690 and 3,098,323,810 shares issued as of December 31, 2024 and 2025, and 3,083,916,600 and 3,071,525,690 shares outstanding as of December 31, 2024 and 2025, respectively)	0	0	0
Treasury shares (21,178,090 and 26,798,120 shares as of December 31, 2024 and 2025, respectively)	(662)	(95)	(274)
Additional paid-in capital	9,653	1,381	9,620
Retained earnings	3,614	517	2,449
Accumulated other comprehensive income	199	28	382
Total equity	12,804	1,831	12,177
Total liabilities and equity	¥ 23,750	$ 3,397	¥ 20,837

DEBT - Contractual maturities of the group's long-term debt (Details) ¥ in Millions	Dec. 31, 2025 CNY (¥)
Contractual maturities
2026	¥ 5,337
2027	183
2028	159
2029	42
2030	28
Thereafter	67
Total	¥ 5,816

SHARE-BASED COMPENSATION - Share options (Details) $ / shares in Units, ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥) tranche shares	Dec. 31, 2025 CNY (¥) $ / shares shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2023 CNY (¥) tranche shares	Dec. 31, 2025 USD ($) $ / shares shares
Number of Options
Share options outstanding at the beginning of the period (in shares) \| shares	28,019,660
Granted (in shares) \| shares	888,210
Forfeited (in shares) \| shares	(2,410,610)
Exercised (in shares) \| shares	(1,911,860)
Adjusted for performance conditions (in shares) \| shares	(179,370)
Share options outstanding at the end of the period (in shares) \| shares	24,406,030		28,019,660
Share options vested or expected to vest (in shares) \| shares	22,471,610	22,471,610			22,471,610
Share options exercisable (in shares) \| shares	1,716,960	1,716,960			1,716,960
Weighted Average Exercise Price
Share options outstanding at the beginning of the period (in dollars per shares) \| $ / shares		$ 2.8
Granted (in dollars per shares) \| $ / shares		2.8
Forfeited (in dollars per shares) \| $ / shares		2.8
Exercised (in dollars per shares) \| $ / shares		2.8
Adjusted for performance conditions (in dollars per shares) \| $ / shares		2.8
Share options outstanding at the end of the period (in dollars per shares) \| $ / shares		2.8
Share options vested or expected to vest (in dollars per shares) \| $ / shares					$ 2.8
Share options exercisable (in dollars per shares) \| $ / shares					$ 2.8
Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value
Share options outstanding, Weighted Average Remaining Contractual Life (in years)	7 years 4 months 24 days
Share options vested or expected to vest, Weighted Average Remaining Contractual Life (in years)	7 years 4 months 24 days
Share options exercisable, Weighted Average Remaining Contractual Life (in years)	7 years 4 months 28 days
Aggregate Intrinsic Value
Share options outstanding, Aggregate intrinsic value \| $					$ 46
Share options vested or expected to vest, Aggregate intrinsic value \| $					43
Share options exercisable, Aggregate intrinsic value \| $					$ 3
Recognized share-based compensation expenses \| ¥	¥ 420		¥ 322	¥ 143
Aggregate intrinsic value of options exercised \| ¥	15
Employee Stock Option
Aggregate Intrinsic Value
Weighted-average grant date fair value \| $ / shares		$ 1.34
Total unrecognized compensation expense \| ¥	¥ 111	$ 111
Weighted-average recognition period of compensation expense (in years)	2 years 6 months 21 days
Share options
Aggregate Intrinsic Value
Recognized share-based compensation expenses \| ¥	¥ 172
Senior officers \| Employee Stock Option
Number of Options
Granted (in shares) \| shares	888,210			28,625,350
Aggregate Intrinsic Value
Number of tranches \| tranche	3			5
Period for remaining percentage vested	2 years			2 years
Second anniversary of the stated vesting commencement date \| Senior officers \| Employee Stock Option
Aggregate Intrinsic Value
Share-based payment award, vesting percentage	50.00%			50.00%
Vesting ratably over the following two years \| Senior officers \| Employee Stock Option
Aggregate Intrinsic Value
Share-based payment award, vesting percentage	50.00%			50.00%

INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2025

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET

5.INTANGIBLE ASSETS, NET

Intangible assets, net consist of the following:


	As of December 31,
	2024	2025
Intangible assets with indefinite lives:
Brand names	5,235	5,593
Master brand agreement	192	192
Intangible assets with finite lives:
Franchise or manachise agreements	248	249
Purchased software	149	159
Other intangible assets	74	76
Total	5,898	6,269
Less: Accumulated amortization	228	263
Less: Accumulated impairment loss(Note2)	894	978
Total	4,776	5,028

Amortization expense of intangible assets for the years ended December 31, 2023, 2024 and 2025 amounted to RMB45, RMB39, and RMB38, respectively.

There were 3 brand names with indefinite lives acquired in DH acquisition. Impairment recognized relating to these brand names were RMB160, RMB391 and nil, respectively for the years ended December 31, 2023, 2024 and 2025.

The annual estimated amortization expense for the above intangible assets excluding brand names and master brand agreement for the following years is as follows:


		Amortization for
		Intangible Assets
2026		29
2027		25
2028		21
2029		20
2030		17
Thereafter		94
Total		206

INCOME TAXES - Income tax expense (benefit) and tax credits (Details) ¥ / shares in Units, ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥) ¥ / shares	Dec. 31, 2023 CNY (¥) ¥ / shares
Tax expense (benefit)
Current Tax \| ¥	¥ 2,014		¥ 1,549	¥ 1,175
Deferred Tax	147	$ 21	113	29
Total	2,161	$ 309	1,662	1,204
Aggregate amount and per share effect of the tax holidays
Aggregate amount \| ¥	¥ 98		¥ 47	¥ 60
Per share effect-basic \| ¥ / shares	¥ 0.03		¥ 0.02	¥ 0.02
Per share effect-diluted \| ¥ / shares	¥ 0.03		¥ 0.02	¥ 0.02

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

SEGMENT

12 Months Ended

Dec. 31, 2025

SEGMENT

SEGMENT

14. SEGMENT

The Group’s chief operating decision maker (“CODM”) has been identified as the chief executive officer. The Group has two operating segments which are legacy Huazhu and legacy DH according to the way management intends to evaluate results and allocate resources within the Group. In identifying its reportable segments, the Group assesses the nature of operating segments and evaluates the operating results of each reporting segment. Both operating segments meet the quantitative thresholds and should be considered as two reportable segments. The CODM uses revenue and Adjusted EBITDA to evaluate the trends of the segments over time and monitor budget-to-actual variances to assess the performance and determine how to allocate capital resources. To better reflect the profitability of core business, the Group has redefined Adjusted EBITDA starting in 2024, with comparative figures for 2023 recast accordingly. Adjusted EBITDA is defined as net income attributable to H World Group Limited excluding income tax expense, interest expense, interest income, depreciation and amortization, share-based compensation expenses, gain(loss) from fair value changes of equity securities, foreign exchange gain(loss) and gain(loss) on disposal of investments. Significant segment expenses include adjusted hotel operating costs, adjusted selling and marketing expenses, adjusted general and administrative expenses, all of which exclude depreciation and amortization and share-based compensation expenses. The CODM does not use assets by operating segment when assessing performance or making operating segment resource allocations.

The following table provides a summary of the Group’s operating segment results and reconciliation of Adjusted EBITDA to net income attributable to H World Group Limited for the years ended December 31, 2023, 2024 and 2025.


	Years Ended December 31,
	2023				2024				2025
	Legacy	Legacy			Legacy	Legacy			Legacy	Legacy
	Huazhu	DH	Elimination	Total	Huazhu	DH	Elimination	Total	Huazhu	DH	Elimination	Total
Leased and owned hotels	9,522	4,286	(12)	13,796	9,146	4,697	—	13,843	8,371	4,572	—	12,943
Manachised and franchised hotels	7,596	107	(9)	7,694	9,385	126	(13)	9,498	11,542	176	(22)	11,696
Others	326	72	(6)	392	498	58	(6)	550	622	46	—	668
Total revenues	17,444	4,465	(27)	21,882	19,029	4,881	(19)	23,891	20,535	4,794	(22)	25,307
Adjusted hotel operating costs	(9,419)	(3,569)	—	—	(9,888)	(4,125)	—	—	(10,476)	(3,662)	—	—
Adjusted selling and marketing expenses	(641)	(429)	—	—	(723)	(451)	—	—	(769)	(493)	—	—
Adjusted general and administrative expenses	(1,405)	(505)	—	—	(1,573)	(575)	—	—	(1,433)	(383)	—	—
Other segment items (primarily include other operating income, net)	206	122	—	—	129	116	—	—	117	243	—	—
Adjusted EBITDA	6,185	84	(1)	6,268	6,974	(154)	—	6,820	7,974	499	—	8,473
Interest income	—	—	—	248	—	—	—	210	—	—	—	223
Interest expense	—	—	—	(385)	—	—	—	(318)	—	—	—	(337)
Income tax expense	—	—	—	(1,204)	—	—	—	(1,662)	—	—	—	(2,161)
Depreciation and amortization	—	—	—	(1,414)	—	—	—	(1,332)	—	—	—	(1,257)
Share-based compensation	—	—	—	(143)	—	—	—	(322)	—	—	—	(420)
Gain (loss) from fair value changes of equity securities, net	—	—	—	109	—	—	—	(66)	—	—	—	(10)
Foreign exchange gain (loss), net	—	—	—	90	—	—	—	(272)	—	—	—	569
Gain (loss) on disposal of investments	—	—	—	516	—	—	—	(10)	—	—	—	—
Net income attributable to H World Group Limited	—	—	—	4,085	—	—	—	3,048	—	—	—	5,080

The following tables represent revenues and property and equipment, net, intangible assets, net, right-of-use assets, land use rights, net and goodwill by geographical region.

Revenues:


	Years Ended December 31,
	2023	2024	2025
PRC	17,393	18,984	20,499
Germany	3,324	3,544	3,400
All others	1,165	1,363	1,408
Total	21,882	23,891	25,307

Property and equipment, net, intangible assets, net, right - of - use assets, land use rights, net and goodwill:


		As of December 31,
		2024		2025
PRC		27,461		26,101
Germany		11,940		13,131
All others		3,716		3,986
Total		43,117		43,218

Other than PRC and Germany, there were no countries that individually represented more than 10% of the total revenue for the years ended December 31, 2023, 2024 and 2025.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

REVENUE - Disaggregated Revenues (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
REVENUE FROM CONTRACTS WITH CUSTOMERS
Total revenues	¥ 25,307	¥ 23,891	¥ 21,882
Leased and owned hotels revenue
REVENUE FROM CONTRACTS WITH CUSTOMERS
Total revenues	12,943	13,843	13,796
Room revenues
REVENUE FROM CONTRACTS WITH CUSTOMERS
Total revenues	11,002	11,806	11,789
Food and beverage revenues
REVENUE FROM CONTRACTS WITH CUSTOMERS
Total revenues	1,319	1,342	1,333
Others
REVENUE FROM CONTRACTS WITH CUSTOMERS
Total revenues	622	695	674
Manachised and franchised hotels
REVENUE FROM CONTRACTS WITH CUSTOMERS
Total revenues	11,696	9,498	7,694
Central reservation system usage fees, other system maintenance and support fees
REVENUE FROM CONTRACTS WITH CUSTOMERS
Total revenues	4,301	3,318	2,628
On-going management and service/royalty fees
REVENUE FROM CONTRACTS WITH CUSTOMERS
Total revenues	3,957	3,306	2,785
Reimbursements for hotel manager fees
REVENUE FROM CONTRACTS WITH CUSTOMERS
Total revenues	2,179	1,752	1,400
Initial one-time license/franchise fee
REVENUE FROM CONTRACTS WITH CUSTOMERS
Total revenues	181	137	114
Other fees
REVENUE FROM CONTRACTS WITH CUSTOMERS
Total revenues	1,078	985	767
Others
REVENUE FROM CONTRACTS WITH CUSTOMERS
Total revenues	¥ 668	¥ 550	¥ 392

INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2025

INTANGIBLE ASSETS, NET

Schedule of intangible assets with indefinite life


	As of December 31,
	2024	2025
Intangible assets with indefinite lives:
Brand names	5,235	5,593
Master brand agreement	192	192
Intangible assets with finite lives:
Franchise or manachise agreements	248	249
Purchased software	149	159
Other intangible assets	74	76
Total	5,898	6,269
Less: Accumulated amortization	228	263
Less: Accumulated impairment loss(Note2)	894	978
Total	4,776	5,028

Schedule of annual estimated amortization expense for intangible assets and unfavorable lease excluding brand name and master brand agreement


		Amortization for
		Intangible Assets
2026		29
2027		25
2028		21
2029		20
2030		17
Thereafter		94
Total		206

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Basis of consolidation

Variable Interest Entities

Use of estimates

Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and demand deposits, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less when purchased.

Restricted cash

Restricted cash mainly represents deposits used as security against borrowings, deposits restricted due to contract disputes or lawsuit and cash restricted for special purposes.

Investments

Held to maturity investments are stated at amortized cost.

Equity investments without readily determinable fair values are measured at cost, less impairment, plus or minus observable price changes.

Allowances for Losses on Certain Financial Assets

Property and equipment, net


Leasehold improvements		Shorter of the lease term or their estimated useful lives
Buildings		20-40 years
Furniture, fixtures and equipment		1-20 years
Motor vehicles		5 years

Intangible assets, net


Franchise or manachise agreements		Remaining contract terms from 10 to 20 years
Purchased software		3 - 10 years based on the estimated usage period
Other intangible assets including trademark, licenses and other rights		2 - 15 years based on the contractual term, the length of license agreements and the effective terms of other legal rights

Land use rights, net

Impairment of long-lived assets

Goodwill

Revenue recognition

Leased and owned hotel revenues

Manachised and franchised hotel revenues

Other revenues

Loyalty Program

Advertising and promotional expenses

Leases

Income taxes

Current income taxes are provided for in accordance with the relevant statutory tax laws and regulations.

Foreign currency translation

The financial records of the Group’s subsidiaries are maintained in local currencies, which are the functional currencies.

Fair value

The established fair value hierarchy by U.S. GAAP has three levels based on the reliability of the inputs used to measure fair value:

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The following table presents Group’s assets that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy.


As of December 31, 2024	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active	Significant Other	Significant
	Markets for Identical	Observable Inputs	Unobservable
Description	Assets (Level 1)	(Level 2)	Inputs (Level 3)
Short term investments
Equity securities with readily determinable fair values	81	—	—
Long term investments
Available-for-sale debt securities	—	—	230
Employee benefit plan assets	5	—	—


As of December 31, 2025	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active	Significant Other	Significant
	Markets for Identical	Observable Inputs	Unobservable
Description	Assets (Level 1)	(Level 2)	Inputs (Level 3)
Short term investments
Equity securities with readily determinable fair values	69	—	—
Long term investments
Available-for-sale debt securities	—	—	175
Employee benefit plan assets	8	—	—


As of December 31, 2024		Fair Value Measurements at Reporting Date Using
		Significant Unobservable	Total Loss for
Description	Fair Value	Inputs (Level 3)	the Year
Property and equipment	23	23	56
Operating lease right-of-use assets	21	21	33
Intangible assets	2,102	2,102	391
Long-term investment	11	11	30
Assets held for sale	1,795	1,795	27


As of December 31, 2025		Fair Value Measurements at Reporting Date Using
		Significant Unobservable	Total Loss for
Description	Fair Value	Inputs (Level 3)	the Year
Property and equipment	13	13	136
Operating lease right-of-use assets	47	47	31
Land use rights	—	—	13
Intangible assets	—	—	2
Long-term investment	175	175	47
Assets held for sale	583	583	13

Assets and liabilities held for sale

Share-based compensation

Treasury shares

Earnings per share

Recently Issued Accounting Pronouncements

Adopted Accounting Standards

Accounting Standards Not Yet Adopted

Translation into United States Dollars

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Payables to franchisees	¥ 1,762		¥ 1,606
Other payables	1,801		1,426
Accrued utilities and other accrued expenses	461		275
Liabilities related to customer loyalty program	455		332
Value-added tax, other tax and surcharge payables	359		301
Advance from noncontrolling interest holders	64		66
Total	¥ 4,902	$ 702	¥ 4,006

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Treasury shares (Details)	Dec. 31, 2025 $ / ¥
Translation into United States Dollars
Foreign exchange rate used to translate amounts denominated in RMB to US dollar	6.9931

SHARE-BASED COMPENSATION - Nonvested restricted stocks (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 CNY (¥) $ / shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2023 CNY (¥) shares
Weighted Average Grant Date Fair Value
Recognized share-based compensation expenses \| ¥	¥ 420		¥ 322	¥ 143
Restricted stocks
Number of Restricted Stocks
Nonvested restricted stocks outstanding at the beginning of the period (in shares)	127,537,010
Granted (in shares)	7,619,230
Forfeited (in shares)	(4,319,980)
Vested (in shares)	(17,714,260)
Adjusted for performance conditions (in shares)	215,790
Nonvested restricted stocks outstanding at the end of the period (in shares)	113,337,790		127,537,010
Weighted Average Grant Date Fair Value
Nonvested restricted stocks outstanding at the beginning of the period (in dollars per shares) \| $ / shares		$ 2.78
Granted (in dollars per shares) \| $ / shares		3.09
Forfeited (in dollars per shares) \| $ / shares		2.93
Vested (in dollars per shares) \| $ / shares		2.4
Adjusted for performance conditions (in dollars per share) \| $ / shares		3.22
Nonvested restricted stocks outstanding at the end of the period (in dollars per shares) \| $ / shares		$ 2.86
Recognized share-based compensation expenses \| ¥	¥ 281
Total unrecognized compensation expense \| ¥	¥ 1,520	$ 1,520
Weighted-average period for recognition of unrecognized compensation costs	5 years 7 months 28 days
Total fair value of nonvested restricted stocks, vested \| ¥	¥ 490		¥ 224	¥ 286
Restricted stocks \| Performance Condition \| Senior officers
Number of Restricted Stocks
Granted (in shares)	888,210			28,625,350

REVENUE

12 Months Ended

Dec. 31, 2025

REVENUE

REVENUE

3.REVENUE

Disaggregated Revenues

The following tables present the Group’s revenues disaggregated by the nature of the product or service:


	Years Ended December 31,
	2023	2024	2025
Room revenues	11,789	11,806	11,002
Food and beverage revenues	1,333	1,342	1,319
Others	674	695	622
Leased and owned hotel revenues	13,796	13,843	12,943
Central reservation system usage fees, other system maintenance and support fees	2,628	3,318	4,301
On-going management and service/royalty fees	2,785	3,306	3,957
Reimbursements for hotel manager fees	1,400	1,752	2,179
Initial one-time license/franchise fee	114	137	181
Other fees	767	985	1,078
Manachised and franchised hotel revenues	7,694	9,498	11,696
Other revenues	392	550	668
Total revenues	21,882	23,891	25,307

Contract Balances

The Group’s contract assets are insignificant at December 31, 2024 and 2025.


	As of December 31,
	2024	2025
Current contract liabilities	1,822	1,823
Long-term contract liabilities	1,351	1,602
Total contract liabilities	3,173	3,425

The contract liabilities balances above represent deferred revenue on the consolidated balance sheets, as of December 31, 2024 and 2025.

The Group recognized revenues that were previously deferred as contract liabilities of RMB800 and RMB860 during the years ended December 31, 2024 and 2025, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Loss from fair value changes of debt securities, net of tax	¥ (3)	¥ (13)	¥ (3)
Foreign currency translation adjustments, net of tax	0	0	0
(Loss) gain arising from defined benefit plan, net of tax	¥ 2	¥ 0	¥ (3)

LEASES - Supplemental cash flow information related to leases (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Supplemental disclosure of cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	¥ 4,057	¥ 4,212
Cash paid for amounts included in the measurement of finance lease liabilities	139	109
Non-cash right-of-use assets obtained in exchange for operating lease liabilities	1,176	2,076
Non-cash right-of-use assets obtained in exchange for finance lease liabilities, net of reassessment of finance lease payments	¥ 0	¥ 78

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY ¥ in Millions, $ in Millions	Ordinary Shares CNY (¥) shares	Treasury Shares CNY (¥) shares	Additional Paid-in Capital CNY (¥)	Retained Earnings CNY (¥)	Accumulated Other Comprehensive Income CNY (¥)	Noncontrolling Interest CNY (¥)	CNY (¥) shares	USD ($) shares
Balance at beginning outstanding (in shares) at Dec. 31, 2022 \| shares	3,112,413,730
Balance at beginning at Dec. 31, 2022	¥ 0	¥ (441)	¥ 10,138	¥ (1,200)	¥ 232	¥ 74	¥ 8,803
Treasury shares, balance at beginning (in shares) at Dec. 31, 2022 \| shares		153,019,860
Increase (Decrease) in Stockholders' Equity
Issuance of ordinary shares upon exercise of options and vesting of restricted stocks	¥ 0	¥ 0	0	0	0	0	0
Issuance of ordinary shares upon exercise of options and vesting of restricted stocks (in shares) \| shares	6,793,560
Vesting of restricted stock in Treasury Shares	¥ 0	¥ 11	(11)	0	0	0	0
Vesting of restricted stock in Treasury Shares (in shares) \| shares	3,239,790	(3,239,790)
Conversion of Convertible Senior Notes due 2022	¥ 0	¥ 0	0	0	0	0	0
Conversion of Convertible Senior Notes due 2022 (in shares) \| shares	240
Share-based compensation	¥ 0	0	143	0	0	0	143
Net income	0	0	0	4,085	0	46	4,131
Dividends to noncontrolling interest holders	0	0	0	0	0	(2)	(2)
Issuance of ordinary shares	¥ 0	0	1,963	0	0	0	1,963
Issuance of ordinary shares (in shares) \| shares	71,185,000
Capital contribution from noncontrolling interest holders	¥ 0	0	0	0	0	0	0
Acquisition of noncontrolling interest	0	0	0	0	0	(4)	(4)
Loss from fair value changes of debt securities, net of tax	0	0	0	0	(12)	0	(12)
Foreign currency translation adjustments	0	0	0	0	175	0	175
Repurchase of ordinary shares	¥ 0	¥ (848)	0	0	0	0	(848)
Repurchase of ordinary shares (in shares) \| shares	(34,585,970)
Repurchase of treasury shares (in shares) \| shares		34,585,970
Cash dividends declared	¥ 0	¥ 0	0	(2,091)	0	0	(2,091)
Cancellation of ordinary shares (in Shares) \| shares		(133,019,860)
Cancellation of ordinary shares	0	¥ 372	(372)	0	0	0	0
Gain (Losses) arising from defined benefit plan, net of tax	¥ 0	0	0	0	(9)	0	(9)
Balance at ending outstanding (in shares) at Dec. 31, 2023 \| shares	3,159,046,350
Balance at ending at Dec. 31, 2023	¥ 0	¥ (906)	11,861	794	386	114	12,249
Treasury shares, balance at ending (in shares) at Dec. 31, 2023 \| shares		51,346,180
Increase (Decrease) in Stockholders' Equity
Issuance of ordinary shares upon exercise of options and vesting of restricted stocks	¥ 0	¥ 0	0	0	0	0	0
Issuance of ordinary shares upon exercise of options and vesting of restricted stocks (in shares) \| shares	1,497,730
Vesting of restricted stock in Treasury Shares	¥ 0	¥ 25	(25)	0	0	0	0
Vesting of restricted stock in Treasury Shares (in shares) \| shares	7,167,980	(7,167,980)
Share-based compensation	¥ 0	¥ 0	322	0	0	0	322
Net income	0	0	0	3,048	0	54	3,102
Dividends to noncontrolling interest holders	0	0	0	0	0	(4)	(4)
Capital contribution from noncontrolling interest holders	0	0	0	0	0	0	0
Acquisition of noncontrolling interest	0	0	(49)	0	0	(70)	(119)
Loss from fair value changes of debt securities, net of tax	0	0	0	0	(38)	0	(38)
Foreign currency translation adjustments	0	0	0	0	28	0	28
Repurchase of ordinary shares	¥ 0	¥ (1,172)	0	0	0	0	(1,172)
Repurchase of ordinary shares (in shares) \| shares	(52,761,410)
Repurchase of treasury shares (in shares) \| shares		52,761,410
Purchase of prepaid put option	¥ 0	¥ 0	(710)	0	0	0	(710)
Repurchase of ordinary shares upon exercise of prepaid put option	¥ 0	¥ (710)	710	0	0	0	0
Repurchase of ordinary shares upon exercise of prepaid put option (in shares) \| shares	(31,034,050)	31,034,050
Cash dividends declared	¥ 0	¥ 0	0	(1,393)	0	0	(1,393)
Cancellation of ordinary shares (in Shares) \| shares		(106,795,570)
Cancellation of ordinary shares	0	¥ 2,489	(2,489)	0	0	0	0
Gain (Losses) arising from defined benefit plan, net of tax	¥ 0	0	0	0	6	0	¥ 6
Balance at ending outstanding (in shares) at Dec. 31, 2024 \| shares	3,083,916,600						3,083,916,600	3,083,916,600
Balance at ending at Dec. 31, 2024	¥ 0	¥ (274)	9,620	2,449	382	94	¥ 12,271
Treasury shares, balance at ending (in shares) at Dec. 31, 2024 \| shares		21,178,090					21,178,090	21,178,090
Increase (Decrease) in Stockholders' Equity
Issuance of ordinary shares upon exercise of options and vesting of restricted stocks	¥ 0	¥ 0	16	0	0	0	¥ 16
Issuance of ordinary shares upon exercise of options and vesting of restricted stocks (in shares) \| shares	5,246,150
Exercise of share options and vesting of restricted stocks in Treasury Shares	¥ 0	¥ 172	(150)	0	0	0	22
Exercise of share options and vesting of restricted stocks in Treasury Shares (in shares) \| shares	14,379,970	(14,379,970)
Share-based compensation	¥ 0	¥ 0	420	0	0	0	420
Net income	0	0	0	5,080	0	35	5,115	$ 731
Dividends to noncontrolling interest holders	0	0	0	0	0	(4)	(4)
Capital contribution from noncontrolling interest holders	0	0	0	0	0	1	1
Acquisition of noncontrolling interest	0	0	(30)	0	0		(2)
Acquisition of noncontrolling interest						28
Loss from fair value changes of debt securities, net of tax	0	0	0	0	(8)	0	(8)	(1)
Foreign currency translation adjustments	0	0	0	0	(184)	0	(184)	(26)
Repurchase of ordinary shares	¥ 0	¥ (783)	0	0	0	0	(783)
Repurchase of ordinary shares (in shares) \| shares	(32,017,030)	32,017,030
Repurchase of treasury shares (in shares) \| shares		0
Cash dividends declared	¥ 0	¥ 0	0	(3,915)	0	0	(3,915)
Cancellation of ordinary shares (in Shares) \| shares		(12,017,030)
Cancellation of ordinary shares	0	¥ 223	(223)	0	0	0	0
Gain (Losses) arising from defined benefit plan, net of tax	¥ 0	0	0	0	9	0	¥ 9	$ 1
Balance at ending outstanding (in shares) at Dec. 31, 2025 \| shares	3,071,525,690						3,071,525,690	3,071,525,690
Balance at ending at Dec. 31, 2025	¥ 0	¥ (662)	¥ 9,653	¥ 3,614	¥ 199	¥ 154	¥ 12,958	$ 1,853
Treasury shares, balance at ending (in shares) at Dec. 31, 2025 \| shares		26,798,120					26,798,120	26,798,120

DEBT - Bank borrowings (Details) € in Millions, ¥ in Millions, $ in Millions	1 Months Ended						3 Months Ended	12 Months Ended
	Mar. 31, 2026 CNY (¥)	Mar. 31, 2026 USD ($)	Nov. 30, 2025 CNY (¥)	Jul. 31, 2025 CNY (¥)	Mar. 31, 2024 CNY (¥)	Aug. 31, 2022 EUR (€)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2024 CNY (¥)
Long-term facility entered in August 2022
DEBT
Term of debt instrument						3 years
Maximum borrowing amount \| €						€ 220
Long-term debt, current portion \| €											€ 99
Term facility entered in August 2022 \| RMB
DEBT
Maximum borrowing amount \| €						110
Revolving credit facility entered in August 2022
DEBT
Maximum borrowing amount \| €						€ 70
Syndicated loan contract entered in march 2024
DEBT
Term of debt instrument					5 years
Maximum borrowing amount					¥ 400
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]								us-gaap:PrimeRateMember
Percentage points added to the reference rate								0.55%
Credit facility drew down amount									¥ 340
Repayment of line of credit facility								¥ 40	¥ 15
Outstanding loan amount							¥ 285	¥ 285				¥ 325
Interest rate (as a percent)							2.55%	2.55%		2.55%	2.90%	2.90%
Syndicated loan contract entered in march 2024 \| Buildings
DEBT
Amount pledged as collateral for the loan							¥ 478	¥ 478				¥ 510
Syndicated loan contract entered in march 2024 \| Land use rights
DEBT
Amount pledged as collateral for the loan							67	67				¥ 69
Loan facility entered in July 2025
DEBT
Term of debt instrument				1 year
Maximum borrowing amount				¥ 2,000
Credit facility drew down amount				¥ 1,400
Interest rate (as a percent)				1.80%
Long-term debt							1,400	1,400
Loan facility entered in July 2025 \| Deposits
DEBT
Amount pledged as collateral for the loan							¥ 1,406	1,406
Term loan and revolving credit facility entered in November 2025
DEBT
Term of debt instrument			12 months
Maximum borrowing amount			¥ 300
Expected extension term			36 months
Credit facility drew down amount								0
Term loan and revolving credit facility entered in November 2025 \| Subsequent Event
DEBT
Credit facility drew down amount \| $		$ 180
Uncommitted revolving loan facility
DEBT
Term of debt instrument							1 year
Expected extension term							36 months
Credit facility drew down amount								¥ 0
Uncommitted revolving loan facility one
DEBT
Maximum borrowing amount \| $										$ 100
Uncommitted revolving loan facility two
DEBT
Maximum borrowing amount \| $										$ 50
Uncommitted revolving loan facility three \| Subsequent Event
DEBT
Credit facility drew down amount	¥ 833

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Millions	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 $ / shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2024 $ / shares
CONSOLIDATED BALANCE SHEETS
Marketable securities measured at fair value \| ¥	¥ 69		¥ 81
Available-for-sale debt securities measured at fair value \| ¥	¥ 175		¥ 230
Ordinary shares, par value (in dollars per share) \| $ / shares		$ 0.00001		$ 0.00001
Ordinary shares, shares authorized	80,000,000,000		80,000,000,000
Ordinary shares, shares issued	3,098,323,810		3,105,094,690
Ordinary shares, shares outstanding	3,071,525,690		3,083,916,600
Treasury shares, shares	26,798,120		21,178,090

RELATED PARTY TRANSACTIONS AND BALANCES

12 Months Ended

Dec. 31, 2025

RELATED PARTY TRANSACTIONS AND BALANCES

20.RELATED PARTY TRANSACTIONS AND BALANCES

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Related parties may be individuals or corporate entities.

The following entities are considered to be related parties to the Group. The related parties mainly act as service providers or service recipients to the Group. The Group is not obligated to provide any type of financial support to these related parties.


Related Party		Nature of the Party		Relationship with the Group
Trip.com Group Limited (“Trip.com”)		Online travel services provider		Mr. Qi Ji is a director; Shareholder of the Group; One officer of Trip.com is a family member of the Group’s director
China Cjia Group Limited (“Cjia Group”)		Apartment Management Group		Equity method investee of the Group
Shanghai Zhuchuang Enterprise Management Co., Ltd. (“Zhuchuang”)		Staged office space company		Equity method investee of the Group
Shanghai Lianquan Hotel Management Co., Ltd. (“Lianquan”)		Hotel management company		Equity method investee of the Group
Huamai (Guangzhou) Hotel Management Co., Ltd. (“Huamai”)		Hotel management company		Equity method investee of the Group
Azure Hospitality Fund I Limited Partnership (LLP) (“Azure”)		Fund		Equity method investee of the Group

(a) Related party balances

Amounts due from related parties consist of the following:


		As of December 31,
		2024		2025
Trip.com		284		265
Lianquan		49		19
Huamai		26		16
Cjia Group		15		12
Zhuchuang		14		14
Others		24		25
Allowance for expected credit losses		(64)		(37)
Total		348		314

Amounts due to related parties consist of the following:


		As of December 31,
		2024		2025
Trip.com		41		60
Cjia Group		14		20
Others		19		49
Total		74		129

(b) Related party transactions

During the years ended December 31, 2023, 2024 and 2025, significant related party transactions were as follows:


		Years Ended December 31,
		2023		2024		2025
Commission expenses to Trip.com		260		297		307
Lease expenses to Trip.com		19		19		19
Lease expenses to Cjia Group		37		36		38
Goods sold and service provided to Cjia Group		17		32		28
Service fee from Trip.com		112		146		116
Service fee from Azure		17		21		21
Sublease income from Lianquan		10		11		—
Sublease income from Cjia Group		5		6		5

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2025

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

18.EMPLOYEE BENEFIT PLANS

a. Defined Benefit Plans

The Group maintains a German pension plan after the completion of the acquisition of DH.

As of December 31, 2024 and 2025, accumulated benefit obligation net of plan assets recognized in the consolidated balance sheets consist of the following:


		As of December 31,
		2024		2025
Salary and welfare payables		9		10
Retirement benefit obligation		111		109
Liability in the balance sheet		120		119

b. Defined Contribution Plans

Full time employees of the Group in the PRC participate in a government-mandated defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. PRC labor regulations require the Group to accrue for these benefits based on a certain percentage of the employees’ salaries. The total contribution for such employee benefits were RMB699, RMB835 and RMB990 for the years ended December 31, 2023, 2024 and 2025, respectively. The Group has no ongoing obligation to its employees subsequent to its contribution to the PRC plan.

Furthermore, the Group pays contribution to governmental and private pension insurance organizations based on legal regulations in some countries out of PRC. The contributions are recognized as expense and amount RMB90, RMB108 and RMB111 for the years ended December 31, 2023, 2024 and 2025.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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+ Details

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2025

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

10.ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


		As of December 31,
		2024		2025
Payables to franchisees		1,606		1,762
Other payables		1,426		1,801
Accrued utilities and other accrued expenses		275		461
Liabilities related to customer loyalty program		332		455
Value-added tax, other tax and surcharge payables		301		359
Advance from noncontrolling interest holders		66		64
Total		4,006		4,902

RESTRICTED NET ASSETS

12 Months Ended

Dec. 31, 2025

RESTRICTED NET ASSETS

RESTRICTED NET ASSETS

19.RESTRICTED NET ASSETS

Pursuant to laws applicable to entities incorporated in the PRC, our subsidiaries in the PRC must make appropriations from after-tax profit to non-distributable reserve funds. In particular, subject to certain cumulative limits, the statutory reserve fund requires an annual appropriation of 10% of after-tax profit (as determined under accounting principles generally accepted in the PRC at each year-end) until the accumulative amount of such reserve fund reaches 50% of a PRC subsidiary’s registered capital. These reserve funds can only be used for such specific purposes as provided in PRC laws, and are not distributable as cash dividends, amounted to RMB1,029, RMB1,455 and RMB1,574 as of December 31, 2023, 2024 and 2025, respectively. In addition, due to restrictions on the distribution of share capital from the Group’s PRC subsidiaries, the PRC subsidiaries share capital of RMB2,695 at December 31, 2025 is considered restricted. As a result of these PRC laws and regulations, as of December 31, 2025, approximately RMB4,269 is not available for distribution to the Company by its PRC subsidiaries in the form of dividends, loans or advances.

INCOME TAXES - Income taxes paid (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
INCOME TAXES
PRC Mainland	¥ 1,631
Foreign	1
Income taxes, net of amounts refunded	¥ 1,632	$ 233	¥ 1,310	¥ 1,127

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Loss) gain arising from defined benefit plan, net of tax	¥ 2	¥ 0	¥ (3)
Loss from fair value changes of debt securities, net of tax	(3)	(13)	(3)
Foreign currency translation adjustments, net of tax	¥ 0	¥ 0	¥ 0

SHARE-BASED COMPENSATION - Plan (Details) - shares	12 Months Ended
SHARE-BASED COMPENSATION - Plan (Details) - shares	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2015
Incentive Award Plans
SHARE-BASED COMPENSATION
Vesting period	10 years
Incentive Award Plans \| Maximum
SHARE-BASED COMPENSATION
Share-based payment award, contractual term	10 years
Incentive Award Plans \| Share options
SHARE-BASED COMPENSATION
Share-based payment award, option granted (in shares)	274,684,560
Incentive Award Plans \| Restricted stocks
SHARE-BASED COMPENSATION
Share-based payment award, nonvested restricted stocks (in shares)	358,769,850
Incentive Award Plans \| Vesting ratably over the following two years
SHARE-BASED COMPENSATION
Share-based payment award, vesting percentage	50.00%
Vesting period	2 years
Incentive Award Plans \| Second anniversary of the stated vesting commencement date
SHARE-BASED COMPENSATION
Share-based payment award, vesting percentage	50.00%
2009 Global Share Plan
SHARE-BASED COMPENSATION
Share-based payment award, maximum number of incentive award available (in shares)				430,000,000
2023 Share Incentive Plan
SHARE-BASED COMPENSATION
Share-based payment award, maximum number of incentive award available (in shares)		300,000,000	20,000,000

SEGMENT (Details)	12 Months Ended
SEGMENT (Details)	Dec. 31, 2025 segment
SEGMENT
Number of operating segments	2
Number of reportable segments	2

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We have implemented procedures for assessing, identifying, and managing material risks from cybersecurity threats and for prevention, detection, mitigation and remediation of material cybersecurity incidents. We have also integrated cybersecurity risk management into our overall enterprise risk management system. The framework of our cybersecurity risk management process mainly includes four steps: (i) identifying cybersecurity threats, assessing the severity, identifying the source and whether the threat is associated with a third-party service provider; (ii) reporting material cybersecurity incidents to management and our board of directors; (iii) implementing safeguards, countermeasures and mitigation strategies; and (iv) remediation and restoration of the affected systems. We have established processes to oversee and identify risks from cybersecurity threats associated with our use of third-party services providers. We have also developed a comprehensive cybersecurity threat defense system to address both internal and external threats. This system encompasses various levels, including network, host and application security, and incorporates systematic security capabilities for threat defense, monitoring, analysis, response, deception, and countermeasures. We strive to manage cybersecurity risks and protect sensitive information through various methods, including technical safeguards, procedural requirements, an intensive monitoring program on our corporate network, continuous testing of our security posture both internally and with outside vendors, a robust incident response program, a review of the effectiveness of our security system with reference to applicable security standards by qualified third parties and regular cybersecurity awareness training for employees. Our Operation and Maintenance Security Department continuously monitor the performance of our platforms and infrastructure to enable us to respond quickly to potential problems, including potential cybersecurity threats. In addition, we regularly engage third-party assessors, consultants and auditors in connection with our cybersecurity risk management processes, and the audit committee of our Board of Directors has the necessary resources and authority to select, retain, terminate and approve the fees and other retention terms for such assessors, consultants, auditors or other third parties, as it deems necessary or appropriate. As of the date of this annual report, we have not experienced any material cybersecurity incidents or identified any material cybersecurity threats that have affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have also integrated cybersecurity risk management into our overall enterprise risk management system. The framework of our cybersecurity risk management process mainly includes four steps: (i) identifying cybersecurity threats, assessing the severity, identifying the source and whether the threat is associated with a third-party service provider; (ii) reporting material cybersecurity incidents to management and our board of directors; (iii) implementing safeguards, countermeasures and mitigation strategies; and (iv) remediation and restoration of the affected systems. We have established processes to oversee and identify risks from cybersecurity threats associated with our use of third-party services providers.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	audit committee of our Board of Directors
Cybersecurity Risk Role of Management [Text Block]	We place a strong emphasis on data security. We have established an information security committee and an information security and privacy protection working group consisting of heads of various departments. To further ensure data security, we have also set up a special data security committee to ensure the security of customer data and prevent data leakage by setting data security guidelines and coordinating data security planning. We also have a dedicated information security center equipped with personnel specialized in data security, compliance, and risk management. This center is involved in key aspects of our business operations and provides other departments with professional data security and risk management services. Our information security committee is responsible for the oversight of risks from cybersecurity threats, including full authority in monitoring, resolving, disclosing, and otherwise handling matters related to or arising out any cybersecurity incidents. Members of our information security committee are responsible for monitoring the prevention, detection, mitigation and remediation of cybersecurity incidents and shall report risks from cybersecurity threats on a regular basis and promptly reporting any material cybersecurity incidents to the management of the information security committee. Mr. Hui Jin, our chief executive officer, serves as the chairman of our information security committee. Mr. Jin is authorized to make decisions with regard to the cybersecurity matters of our company.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Mr. Hui Jin, our chief executive officer, serves as the chairman of our information security committee.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Members of our information security committee are responsible for monitoring the prevention, detection, mitigation and remediation of cybersecurity incidents and shall report risks from cybersecurity threats on a regular basis and promptly reporting any material cybersecurity incidents to the management of the information security committee.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

DEBT - Total (Details) ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
DEBT
Short-term debt	¥ 5,337	$ 763	¥ 880
Total	5,337		880
Long-term debt, non-current portion	479	$ 68	4,546
Bank borrowings
DEBT
Long-term debt, current portion	371		791
Long-term debt, non-current portion	268		730
Convertible Debt
DEBT
Long-term debt, current portion	3,514
Long-term debt, non-current portion			3,594
FF&E liability
DEBT
Long-term debt, current portion	52		51
Long-term debt, non-current portion	198		209
Others
DEBT
Long-term debt, non-current portion	13		13
Bank borrowings
DEBT
Short-term debt	¥ 1,400		¥ 38

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Loyalty Program (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting policies
Net revenues	¥ 25,307	¥ 23,891	¥ 21,882
Minimum
Accounting policies
Estimated Membership Duration	2 years
Maximum
Accounting policies
Estimated Membership Duration	5 years
Loyalty program
Accounting policies
Net revenues	¥ 411	¥ 338	¥ 288

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY - CONDENSED STATEMENTS OF CASH FLOWS (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Adjustments to reconcile net income to net cash used in operating activities:
Net cash (used in) provided by operating activities	¥ 8,379	$ 1,198	¥ 7,518	¥ 7,674
Investing activities:
Proceeds from maturity/sale of investments	7,777	1,112	2,563	2,972
Net cash provided by investing activities	(1,042)	(149)	(2,239)	(1,477)
Financing activities:
Proceeds from issuance of ordinary shares in Hong Kong public offering				1,973
Net proceeds from issuance of ordinary shares upon exercise of options	38	5
Payment of repurchases of ordinary shares	(783)	(112)	(1,172)	(848)
Repayment of short-term bank borrowings	(2,272)	(325)	(367)	(3,436)
Dividends paid	(3,907)	(559)	(3,480)
Purchase of prepaid put option			(710)
Net cash used in financing activities	(4,306)	(616)	(5,504)	(3,720)
Effect of exchange rate changes on cash and cash equivalents	(30)	(4)	30	164
Net increase (decrease) in cash and cash equivalents	3,001	429	(195)	2,641
Cash, cash equivalents and restricted cash at the beginning of the year	7,524	1,076	7,710	5,086
Cash, cash equivalents and restricted cash at the end of the year	10,532	1,506	7,524	7,710
Parent Company
Adjustments to reconcile net income to net cash used in operating activities:
Net cash (used in) provided by operating activities	94	14	17	(133)
Investing activities:
Loans to subsidiaries	(1,465)	(209)	0	(987)
Repayment of loans by subsidiaries	3,678	526	1,000	2,061
Purchase of investments	(1,000)	(143)	(1,188)	(803)
Proceeds from maturity/sale of investments	1,006	144	917	301
Dividends received			19
Net cash provided by investing activities	2,219	318	748	572
Financing activities:
Proceeds from issuance of ordinary shares in Hong Kong public offering				1,973
Net proceeds from issuance of ordinary shares upon exercise of options	38	5	0	0
Payment of ordinary share issuance costs				(9)
Payment of repurchases of ordinary shares	(783)	(112)	(1,172)	(848)
Loans from subsidiaries	2,608	374	2,553	2,574
Repayment of loans from subsidiaries	(347)	(50)	(457)	(540)
Repayment of short-term bank borrowings				(439)
Dividends paid	(3,907)	(559)	(3,480)
Purchase of prepaid put option			(710)
Net cash used in financing activities	(2,391)	(342)	(3,266)	2,711
Effect of exchange rate changes on cash and cash equivalents	45	6	(12)	28
Net increase (decrease) in cash and cash equivalents	(33)	(4)	(2,513)	3,178
Cash, cash equivalents and restricted cash at the beginning of the year	1,869	267	4,382	1,204
Cash, cash equivalents and restricted cash at the end of the year	¥ 1,836	$ 263	¥ 1,869	¥ 4,382

INVESTMENTS - Schedule of Investments (Details) ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
INVESTMENTS
Equity securities with readily determinable fair values	¥ 69		¥ 81
Bank time deposits and financial products	4,825		3,522
Total short-term investments	4,894	$ 700	3,603
Equity securities without readily determinable fair values	89		86
Equity-method investments	1,095		1,113
Available-for-sale debt securities	175		230
Bank time deposits	10		887
Total long-term investments	1,369	$ 196	2,316
Marketable Securities
INVESTMENTS
Equity securities with readily determinable fair values	69		81
Cjia Group-preferred shares
INVESTMENTS
Available-for-sale debt securities	175		230
AAPC LUB
INVESTMENTS
Equity-method investments	488		495
Hotel related funds
INVESTMENTS
Equity-method investments	374		404
Other investments
INVESTMENTS
Equity-method investments	¥ 233		¥ 214

SEGMENT - Revenues and property and equipment, net, intangible assets, net, right-of-use assets, land use rights, net and goodwill (Details) € in Millions, ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 EUR (€)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
SEGMENT
Revenues	€ 750	¥ 25,307	$ 3,618	¥ 23,891	¥ 21,882
Property and equipment, net, intangible assets, net, right-of-use assets, land use rights, net and goodwill		43,218		43,117
China
SEGMENT
Revenues		20,499		18,984	17,393
Property and equipment, net, intangible assets, net, right-of-use assets, land use rights, net and goodwill		26,101		27,461
Germany
SEGMENT
Revenues		3,400		3,544	3,324
Property and equipment, net, intangible assets, net, right-of-use assets, land use rights, net and goodwill		13,131		11,940
All others
SEGMENT
Revenues		1,408		1,363	¥ 1,165
Property and equipment, net, intangible assets, net, right-of-use assets, land use rights, net and goodwill		¥ 3,986		¥ 3,716

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

EMPLOYEE BENEFIT PLANS - Amounts recognized in the consolidated balance sheets (Details) ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Salary and welfare payables	¥ 10		¥ 9
Retirement benefit obligation	109	$ 16	111
Liability in the balance sheet	¥ 119		¥ 120

INCOME TAXES - Valuation allowance (Details) € in Millions, ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2026 CNY (¥)	Dec. 31, 2025 EUR (€)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Uncertain tax benefits
Interest or penalty expense			¥ 0.0		¥ 0.0	¥ 0.0
Roll-forward of the unrecognized tax benefits
Balance at the beginning of the year	¥ 90.0		85.0		67.0	65.0
Addition for tax positions			5.0		18.0	2.0
Balance at the end of the year			¥ 90.0		¥ 85.0	67.0
Withholding income tax rate (in %)		10.00%	10.00%	10.00%
Withholding income tax rate with Hong Kong as holding company (in %)		5.00%	5.00%	5.00%
Percentage holding of the PRC company (in %)		25	25	25
PRC dividend withholding tax accrued			¥ 322.0			¥ 75.0
Percentage of dividend distribution on current year net income						45.00%
Minimum percentage of sole discretion and distribute ordinary dividends					60.00%
Provision for dividend withholding tax accrued			¥ 0.0
Period of statute of limitations (in years)		3 years	3 years	3 years
Period of statute of limitations, if the underpayment is more than the specified amount (in years)		5 years	5 years	5 years
Minimum amount of underpayment of taxes for statute of limitations to be extended to five years			¥ 0.1
Period of statute of limitations for transfer pricing issues (in years)		10 years	10 years	10 years
Tax paid by large multination enterprises		15.00%	15.00%	15.00%
Revenues		€ 750	¥ 25,307.0	$ 3,618	¥ 23,891.0	¥ 21,882.0
Forecast
Roll-forward of the unrecognized tax benefits
Tax liability reduction due to unrecognized tax benefits	¥ 0.2
GERMANY
Valuation allowance
Tax loss carryforwards			2,720.0
Roll-forward of the unrecognized tax benefits
Revenues			3,400.0		3,544.0	3,324.0
CHINA
Valuation allowance
Tax loss carryforwards, expire between 2026 and 2030			1,734.0
Roll-forward of the unrecognized tax benefits
Revenues			¥ 20,499.0		¥ 18,984.0	¥ 17,393.0
Maximum
Roll-forward of the unrecognized tax benefits
Extended limitation tax evasion period (in years)		10 years	10 years	10 years
Minimum
Roll-forward of the unrecognized tax benefits
Extended limitation tax evasion period (in years)		5 years	5 years	5 years

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - Allowance for doubtful accounts of accounts receivables and other receivables: - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Valuation And Qualifying Accounts
Balance at Beginning of Year	¥ 273	¥ 287	¥ 203
Provision (reversal) of credit loss	(18)	3	89
Write off	(33)	(17)	(5)
Balance at End of Year	¥ 222	¥ 273	¥ 287

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

EARNINGS PER SHARE

EARNINGS PER SHARE

13.EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share for the years indicated:


		Years Ended December 31,
		2023		2024		2025
Net income attributable to ordinary shareholders — basic		4,085		3,048		5,080
Eliminate the dilutive effect of interest expense of convertible senior notes		120		112		107
Net income attributable to ordinary shareholders — diluted		4,205		3,160		5,187
Weighted average ordinary shares outstanding — basic		3,183,163,131		3,115,130,107		3,070,939,457
Incremental weighted-average ordinary shares from assumed exercise of share options and nonvested restricted stocks using the treasury stock method		44,331,080		36,507,943		42,938,410
Dilutive effect of convertible senior notes		123,927,000		126,670,240		133,616,230
Weighted average ordinary shares outstanding — diluted		3,351,421,211		3,278,308,290		3,247,494,097
Basic earnings per share		1.28		0.98		1.65
Diluted earnings per share		1.25		0.96		1.60

For the years ended December 31, 2023, 2024 and 2025, the Group had securities which could potentially dilute basic earnings per share in the future, but which were excluded from the computation of diluted earnings per share as their effects would have been anti-dilutive. Such outstanding securities consist of the following at non-weighted basis:


		As of December 31,
		2023		2024		2025
Outstanding employee options and nonvested restricted stocks		53,132,230		45,194,870		10,265,860