0001104659-26-109789 | 6-K | XBRL Viewer

LEASES - Narratives (Details) ¥ in Millions	6 Months Ended
LEASES - Narratives (Details) ¥ in Millions	Jun. 30, 2026 CNY (¥) contract	Jun. 30, 2025 CNY (¥)
LEASES
Sublease income	¥ 75	¥ 76
Number of lease contracts \| contract	11
Non-cancellable lease contracts not reflected in consolidate balance sheets	¥ 3,450

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Treasury shares (Details)	Jun. 30, 2026 $ / ¥
Translation into United States Dollars
Foreign exchange rate used to translate amounts denominated in RMB to US dollar	6.7851

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2026

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 HWI.

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.

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 continued 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 RMB38 and RMB49 during the six months ended June 30, 2025 and 2026, 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.

Leases

The Group determines if an arrangement is a lease or contains a lease at the inception of the contract. A lease arrangement is being 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 HWC, and from 20 to 25 years for HWI. 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 ASC 842 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 HWI.

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 lease, 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.

According to ASC 740-270 Interim Reporting, an estimated annual effective tax rate (AETR) on full year estimated ordinary income should first be determined by the Company and the estimated AETR is then applied to year-to-date ordinary income to compute the interim tax provision on ordinary income.

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.

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


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 June 30, 2026	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 value	57	—	—
Long term investments
Available-for-sale debt securities	—	—	158
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 year ended December 31, 2025 and for the six months ended June 30, 2026 due to impairment of the related assets.


As of December 31, 2025		Fair Value Measurements at Reporting Date Using
		Significant
		Unobservable	Total
		Inputs	Loss for
Description	Fair Value	(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


As of June 30, 2026				Fair Value Measurements at Reporting Date Using
				Significant		Total
				Unobservable		Loss for
				Inputs		the Six Months
Description		Fair Value		(Level 3)		Ended
Property and equipment		7		7		32
Operating lease right-of-use assets		23		23		17
Intangible assets		—		—		4
Long-term investment		158		158		13

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.

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 period. 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 vest of nonvested restricted stocks (using the treasury stock method).

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 reader and were calculated at the rate of US$1 = RMB6.7851, on June 30, 2026, 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 June 30, 2026, or at any other rate.

ORGANIZATION AND PRINCIPAL ACTIVITIES	6 Months Ended
Jun. 30, 2026
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 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. From the first quarter of 2026, the operating segments were relabeled to H World China (“HWC”) and H World International (“HWI”), replacing the previous legacy designations. HWC comprises all hotels operating inside China, while HWI comprises all hotels operating outside China. 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, 2025 and June 30, 2026, the Group had 573 and 547 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 8 to 10 years under HWC, and 10 to 20 years under HWI. These agreements are renewable upon mutual agreement between the Group and the franchisee. As of December 31, 2025 and June 30, 2026, the Group had 12,170 and 12,892 manachised hotels in operation and 115 and 100 franchised hotels in operation, respectively.

ORGANIZATION AND PRINCIPAL ACTIVITIES

6 Months Ended

Jun. 30, 2026

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 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. From the first quarter of 2026, the operating segments were relabeled to H World China (“HWC”) and H World International (“HWI”), replacing the previous legacy designations. HWC comprises all hotels operating inside China, while HWI comprises all hotels operating outside China.

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, 2025 and June 30, 2026, the Group had 573 and 547 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 8 to 10 years under HWC, and 10 to 20 years under HWI. These agreements are renewable upon mutual agreement between the Group and the franchisee. As of December 31, 2025 and June 30, 2026, the Group had 12,170 and 12,892 manachised hotels in operation and 115 and 100 franchised hotels in operation, respectively.

SHARE-BASED COMPENSATION - Significant assumptions used to estimate the fair value of stock options (Details) - Share options	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
SHARE-BASED COMPENSATION
Suboptimal exercise factor	2.8	2.8
Risk-free interest rate	4.21%	4.68%
Volatility	48.86%	51.75%
Dividend yield	5.10%	4.60%
Life of option	6 years 11 months 4 days	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

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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SEGMENT - Segment information (Details) ¥ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2026 CNY (¥)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 CNY (¥)
SEGMENT
Total revenues	¥ 13,117	$ 1,934	¥ 11,821
Adjusted EBITDA	4,583		3,766
Interest income	120	17	101
Interest expense	(139)	(20)	(165)
Income tax expense	(1,168)	(172)	(942)
Depreciation and amortization	(610)		(636)
Share-based compensation	(265)	(39)	(247)
Losses from fair value changes of equity securities, net	(10)	(1)	(13)
Foreign exchange gain (loss), net	(117)	(18)	574
Net income attributable to H World Group Limited	2,394	353	2,438
Leased and owned hotels
SEGMENT
Total revenues	5,983	882	6,190
Manachised and franchised hotels
SEGMENT
Total revenues	6,592	972	5,364
Others
SEGMENT
Total revenues	542	$ 80	267
Elimination
SEGMENT
Total revenues	(15)		(23)
Elimination \| Manachised and franchised hotels
SEGMENT
Total revenues	(15)		(9)
Elimination \| Others
SEGMENT
Total revenues			(14)
HWC \| Operating Segments
SEGMENT
Total revenues	10,907		9,588
Adjusted hotel operating costs	(5,375)		(4,988)
Adjusted selling and marketing expenses	(370)		(307)
Adjusted general and administrative expenses	(784)		(715)
Other segment items (primarily include other operating income, net)	130		103
Adjusted EBITDA	4,508		3,681
HWC \| Operating Segments \| Leased and owned hotels
SEGMENT
Total revenues	3,869		4,030
HWC \| Operating Segments \| Manachised and franchised hotels
SEGMENT
Total revenues	6,529		5,301
HWC \| Operating Segments \| Others
SEGMENT
Total revenues	509		257
HWI \| Operating Segments
SEGMENT
Total revenues	2,225		2,256
Adjusted hotel operating costs	(1,739)		(1,762)
Adjusted selling and marketing expenses	(247)		(242)
Adjusted general and administrative expenses	(184)		(207)
Other segment items (primarily include other operating income, net)	20		40
Adjusted EBITDA	75		85
HWI \| Operating Segments \| Leased and owned hotels
SEGMENT
Total revenues	2,114		2,160
HWI \| Operating Segments \| Manachised and franchised hotels
SEGMENT
Total revenues	78		72
HWI \| Operating Segments \| Others
SEGMENT
Total revenues	¥ 33		¥ 24

LEASES - Supplemental cash flow information related to leases (Details) - CNY (¥) ¥ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Supplemental disclosure of cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	¥ 1,991	¥ 2,108
Cash paid for amounts included in the measurement of finance lease liabilities	95	92
Non-cash right-of-use assets obtained in exchange for operating lease liabilities	¥ 1,086	¥ 406

REVENUE FROM CONTRACTS WITH CUSTOMERS - Disaggregated Revenues (Details) - CNY (¥) ¥ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
REVENUE FROM CONTRACTS WITH CUSTOMERS
Leased and owned hotels revenues	¥ 13,117	¥ 11,821
Leased and owned hotels revenue
REVENUE FROM CONTRACTS WITH CUSTOMERS
Leased and owned hotels revenues	5,983	6,190
Room revenues
REVENUE FROM CONTRACTS WITH CUSTOMERS
Leased and owned hotels revenues	5,072	5,249
Food and beverage revenues
REVENUE FROM CONTRACTS WITH CUSTOMERS
Leased and owned hotels revenues	639	637
Others
REVENUE FROM CONTRACTS WITH CUSTOMERS
Leased and owned hotels revenues	272	304
Manachised and franchised hotels
REVENUE FROM CONTRACTS WITH CUSTOMERS
Leased and owned hotels revenues	6,592	5,364
Central reservation system usage fees, other system maintenance and support fees
REVENUE FROM CONTRACTS WITH CUSTOMERS
Leased and owned hotels revenues	1,275	1,029
On-going management and service/royalty fees
REVENUE FROM CONTRACTS WITH CUSTOMERS
Leased and owned hotels revenues	2,147	1,792
Reimbursements for hotel manager fees
REVENUE FROM CONTRACTS WITH CUSTOMERS
Leased and owned hotels revenues	80	78
Initial one-time license/franchise fee
REVENUE FROM CONTRACTS WITH CUSTOMERS
Leased and owned hotels revenues	2,394	1,931
Other fees
REVENUE FROM CONTRACTS WITH CUSTOMERS
Leased and owned hotels revenues	696	534
Others
REVENUE FROM CONTRACTS WITH CUSTOMERS
Leased and owned hotels revenues	¥ 542	¥ 267

ASSETS AND LIABILITIES HELD FOR SALE

6 Months Ended

Jun. 30, 2026

ASSETS AND LIABILITIES HELD FOR SALE

ASSETS AND LIABILITIES HELD FOR SALE

7.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 HWI. 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. According with the amendment signed in early 2025, two tranches were successively completed in 2025. As of December 31, 2025, further negotiations for the residual tranche were anticipated in 2026, with the Group’s ongoing commitment to advancing the disposal. Given the progress as of June 30, 2026, the remaining disposal group no longer met the criteria for classification as held for sale, and its assets and liabilities were reclassified as held for use on the balance sheet as of June 30, 2026.

For the year ended December 31, 2025, impairment of RMB13 was 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, 2025 were as follows:


		As of December
		31, 2025
Assets held for sale:
Property and equipment, net		17
Operating lease right-of-use assets		552
Finance lease right-of-use assets		70
Other assets		30
Total		669

Liabilities held for sale:
Accrued expenses and other current liabilities		39
Operating lease liabilities, current		21
Operating lease liabilities, non-current		510
Finance lease liabilities		74
Other liabilities		27
Total		671

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2026

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

18.	COMMITMENTS AND CONTINGENCIES

(a) Commitments

As of June 30, 2026, the Group’s commitments related to leasehold improvements and installation of equipment for hotel operations was RMB238, 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, and management agreement 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 June 30, 2026, the accrued contingent liability was RMB5.

PROPERTY AND EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2026

PROPERTY AND EQUIPMENT, NET

Schedule of property and equipment, net


	As of
	December 31,	June 30,
	2025	2026
Cost:
Buildings	782	736
Leasehold improvements	10,872	10,733
Furniture, fixtures and equipment	2,490	2,474
Motor vehicles	3	3
	14,147	13,946
Less: Accumulated depreciation	9,121	9,178
	5,026	4,768
Construction in progress	204	221
Property and equipment, net	5,230	4,989

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Intangible assets (Details)	Jun. 30, 2026
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

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2026

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Schedule of accrued expenses and other current liabilities


		As of
		December 31,		June 30,
		2025		2026
Payable to franchisees		1,762		1,782
Other payables		1,801		1,794
Accrued rental, utilities and other accrued expenses		461		518
Liabilities related to customer loyalty program		455		418
Value-added tax, other tax and surcharge payables		359		365
Advance from noncontrolling interest holders		64		35
Total		4,902		4,912

LEASES (Tables)

6 Months Ended

Jun. 30, 2026

LEASES

Schedule of supplemental information related to operating leases


		Six Months Ended June 30,
		2025		2026
Lease cost:
Operating fixed lease cost		1,990		1,957
Finance lease cost
— Amortization of ROU assets		48		57
— Interest on lease liabilities		65		66
Variable lease cost		114		134
Total lease cost		2,217		2,214

Other information:
Weighted average remaining lease term
Operating leases		14	years	13	years
Finance leases		26	years	25	years
Weighted average discount rate
Operating leases		5.68	%	5.42	%
Finance leases		4.30	%	4.31	%

Schedule of maturities of operating and finance lease liabilities


	Total Operating	Total Finance
	Leases	Leases
Remainder of 2026	2,210	93
2027	3,625	188
2028	3,458	191
2029	3,292	193
2030	3,099	193
Thereafter	21,736	4,126

Total minimum lease payments	37,420	4,984

Less: amount representing interest	10,405	1,991

Present value of minimum lease payments	27,015	2,993

Schedule of supplemental cash flow information related to leases


		Six Months Ended June 30,
		2025		2026
Cash paid for amounts included in the measurement of operating lease liabilities		2,108		1,991
Cash paid for amounts included in the measurement of finance lease liabilities		92		95
Non-cash right-of-use assets obtained in exchange for operating lease liabilities		406		1,086

SHARE-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2026

SHARE-BASED COMPENSATION

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


		2025		2026
Suboptimal exercise factor		2.80		2.80
Risk-free interest rate		4.68	%	4.21	%
Volatility		51.75	%	48.86	%
Dividend yield		4.60	%	5.10	%
Life of option		8	years	6.93	years

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


						Weighted Average
		Number of		Weighted Average		Remaining		Aggregate Intrinsic
		Options		Exercise Price		Contractual Life		Value
				US$		Years		US$’million
Share options outstanding at January 1, 2026		24,406,030		2.80
Granted		128,720		2.80
Exercised		(98,140)		2.80
Share options outstanding at June 30, 2026		24,436,610		2.80		6.90		34
Share options vested or expected to vest at June 30, 2026		22,460,850		2.80		6.90		31
Share options exercisable at June 30, 2026		4,498,510		2.80		6.92		6

Summary of the Group's nonvested restricted stock activity


				Weighted
		Number of		Average Grant
		Restricted Stocks		Date Fair Value
				US$
Nonvested restricted stocks outstanding at January 1, 2026		113,337,790		2.86
Granted		2,199,840		4.60
Forfeited		(4,159,740)		2.10
Vested		(10,537,210)		2.52
Nonvested restricted stocks outstanding at June 30, 2026		100,840,680		2.96

Schedule of share-based compensation expense recognized


		Six Months Ended June 30,
		2025		2026
Hotel operating costs		16		16
Selling and marketing expenses		4		6
General and administrative expenses		227		243
Total		247		265

HOTEL OPERATING COSTS (Tables)

6 Months Ended

Jun. 30, 2026

HOTEL OPERATING COSTS

Schedule of hotel operating costs


		Six Months Ended
		June 30,
		2025		2026
Rents		2,074		2,033
Utilities		319		301
Personnel costs		2,806		2,955
Depreciation and amortization		597		570
Consumable, food and beverage		570		528
Others		990		1,298
Total		7,356		7,685

RELATED PARTY TRANSACTIONS AND BALANCES (Details) ¥ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2026 CNY (¥)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 CNY (¥)	Aug. 31, 2026 CNY (¥)	Dec. 31, 2025 CNY (¥)
RELATED PARTY TRANSACTIONS AND BALANCES
Total revenues	¥ 13,117	$ 1,934	¥ 11,821
Related party
RELATED PARTY TRANSACTIONS AND BALANCES
Allowance for expected credit losses	(37)				¥ (37)
Total	¥ 139				¥ 314
Other Receivable, after Allowance for Credit Loss, Related Party [Extensible Enumeration]	srt:AffiliatedEntityMember				srt:AffiliatedEntityMember
Amounts due to related parties	¥ 96				¥ 129
Related party \| Trip.com
RELATED PARTY TRANSACTIONS AND BALANCES
Amounts due from related parties	94				265
Amounts due to related parties	52				60
Related party \| Trip.com \| Commission expenses
RELATED PARTY TRANSACTIONS AND BALANCES
Expenses with related parties	132		148
Related party \| Trip.com \| Lease expenses
RELATED PARTY TRANSACTIONS AND BALANCES
Expenses with related parties	10		10
Related party \| Trip.com \| Service fee
RELATED PARTY TRANSACTIONS AND BALANCES
Total revenues	56		61
Related party \| Lianquan
RELATED PARTY TRANSACTIONS AND BALANCES
Amounts due from related parties	19				19
Related party \| Huamai
RELATED PARTY TRANSACTIONS AND BALANCES
Amounts due from related parties	8				16
Related party \| Cjia Group
RELATED PARTY TRANSACTIONS AND BALANCES
Amounts due from related parties	12				12
Amounts due to related parties	22				20
Related party \| Cjia Group \| Lease expenses
RELATED PARTY TRANSACTIONS AND BALANCES
Expenses with related parties	20		18
Related party \| Cjia Group \| Goods sold and service provided
RELATED PARTY TRANSACTIONS AND BALANCES
Total revenues	12		15
Related party \| Cjia Group \| Sublease income
RELATED PARTY TRANSACTIONS AND BALANCES
Total revenues	2		3
Related party \| Zhuchuang
RELATED PARTY TRANSACTIONS AND BALANCES
Amounts due from related parties	14				14
Related party \| Others
RELATED PARTY TRANSACTIONS AND BALANCES
Amounts due from related parties	29				25
Amounts due to related parties	22				¥ 49
Related party \| Azure Fund \| Service fee
RELATED PARTY TRANSACTIONS AND BALANCES
Total revenues	¥ 9		¥ 10
Related party \| Huazhu Azure Capital Partners Inc. \| Subsequent Event
RELATED PARTY TRANSACTIONS AND BALANCES
Total offering amount				¥ 1,239

REVENUE FROM CONTRACTS WITH CUSTOMERS

6 Months Ended

Jun. 30, 2026

REVENUE FROM CONTRACTS WITH CUSTOMERS

REVENUE FROM CONTRACTS WITH CUSTOMERS

3.REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregated Revenues

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


	Six Months Ended
	June 30,
	2025	2026
Room revenues	5,249	5,072
Food and beverage revenues	637	639
Others	304	272
Leased and owned hotels revenues	6,190	5,983
Central reservation system usage fees, other system maintenance and support fees	1,931	2,394
On-going management and service/royalty fees	1,792	2,147
Reimbursements for hotel manager fees	1,029	1,275
Initial one-time license/franchise fee	78	80
Other fees	534	696
Manachised and franchised hotels revenues	5,364	6,592
Other revenues	267	542
Total revenues	11,821	13,117

Contract Balances

The Group’s contract assets are insignificant at December 31, 2025 and June 30, 2026.


	As of
	December 31,	June 30,
	2025	2026
Current contract liabilities	1,823	2,004
Long-term contract liabilities	1,602	1,674
Total contract liabilities	3,425	3,678

The contract liabilities balances above are classified as deferred revenue on the consolidated balance sheet, as of December 31, 2025 and June 30, 2026.

The Group recognized revenues that were previously deferred as contract liabilities of RMB503 and RMB512 during the six months ended June 30, 2025 and 2026, 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

INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2026

INVESTMENTS

Schedule of investments


	As of
	December 31,	June 30,
	2025	2026
Short-term investments
Equity securities with readily determinable fair values:
Marketable securities	69	57
Held to maturity investments
Bank time deposits and financial products	4,825	1,258
Total	4,894	1,315

Long-term investments
Equity securities without readily determinable fair values:	89	87
Equity-method investments:
AAPC LUB	488	510
Hotel related funds	374	371
Other investments	233	216
Subtotal	1,095	1,097
Available-for-sale debt securities:
Cjia Group-convertible notes	175	158
Held to maturity investments
Bank time deposits	10	10
Total	1,369	1,352

RELATED PARTY TRANSACTIONS AND BALANCES (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of related parties


Related Party		Nature of the Party		Relationship with the Group
Trip.com Group Limited (“Trip.com”)		Online travel services provider		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 (“Azure Fund”)		Fund		Equity method investee of the Group
Huazhu Azure Capital Partners Inc. (“Azure Capital”)		Investment company		Equity method investee of the Group

Schedule of amounts due from related parties


		As of
		December 31,		June 30,
		2025		2026
Trip.com		265		94
Lianquan		19		19
Huamai		16		8
Zhuchuang		14		14
Cjia Group		12		12
Others		25		29
Allowance for expected credit losses		(37)		(37)
Total		314		139

Schedule of amounts due to related parties


		As of
		December 31,		June 30,
		2025		2026
Trip.com		60		52
Cjia Group		20		22
Others		49		22
Total		129		96

Schedule of significant related party transactions


		Six Months Ended June 30,
		2025		2026
Commission expenses to Trip.com		148		132
Lease expenses to Trip.com		10		10
Lease expenses to Cjia Group		18		20
Goods sold and service provided to Cjia Group		15		12
Service fee from Trip.com		61		56
Service fee from Azure Fund		10		9
Sublease income from Cjia Group		3		2

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Fair value (Details) - CNY (¥) ¥ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Short term investments
Equity securities with readily determinable fair values	¥ 57	¥ 69
Long term investments
Available-for-sale debt securities	158	175
Property and equipment, impairment loss	32	136
Operating lease right-of-use assets, impairment loss	17	31
Intangible assets, impairment loss	¥ 4	¥ 2
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	¥ 13	¥ 47
Land use rights, impairment loss		13
Assets held for sale, impairment loss		13
Recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Short term investments
Equity securities with readily determinable fair values	57	69
Long term investments
Employee benefit plan assets	8	8
Recurring basis \| Significant Unobservable Inputs (Level 3)
Long term investments
Available-for-sale debt securities	158	175
Non-recurring basis
Long term investments
Property and equipment	7	13
Operating lease right-of-use assets	23	47
Long-term investment	158	175
Assets held for sale		583
Non-recurring basis \| Significant Unobservable Inputs (Level 3)
Long term investments
Property and equipment	7	13
Operating lease right-of-use assets	23	47
Long-term investment	¥ 158	175
Assets held for sale		¥ 583

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

6 Months Ended

Jun. 30, 2026

REVENUE FROM CONTRACTS WITH CUSTOMERS

Schedule of disaggregated revenues


	Six Months Ended
	June 30,
	2025	2026
Room revenues	5,249	5,072
Food and beverage revenues	637	639
Others	304	272
Leased and owned hotels revenues	6,190	5,983
Central reservation system usage fees, other system maintenance and support fees	1,931	2,394
On-going management and service/royalty fees	1,792	2,147
Reimbursements for hotel manager fees	1,029	1,275
Initial one-time license/franchise fee	78	80
Other fees	534	696
Manachised and franchised hotels revenues	5,364	6,592
Other revenues	267	542
Total revenues	11,821	13,117

Schedule of contract balances


	As of
	December 31,	June 30,
	2025	2026
Current contract liabilities	1,823	2,004
Long-term contract liabilities	1,602	1,674
Total contract liabilities	3,425	3,678

SHARE-BASED COMPENSATION - Plan (Details) - shares	6 Months Ended
SHARE-BASED COMPENSATION - Plan (Details) - shares	Jun. 30, 2026	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)	274,633,910
Incentive Award Plans \| Restricted stocks
SHARE-BASED COMPENSATION
Share-based payment award, nonvested restricted stocks (in shares)	360,969,690
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

SHARE-BASED COMPENSATION - Recognized share-based compensation expenses (Details) - CNY (¥) ¥ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
SHARE-BASED COMPENSATION
Recognized share-based compensation expenses	¥ 265	¥ 247
Hotel operating costs
SHARE-BASED COMPENSATION
Recognized share-based compensation expenses	16	16
Selling and marketing expenses
SHARE-BASED COMPENSATION
Recognized share-based compensation expenses	6	4
General and administrative expenses
SHARE-BASED COMPENSATION
Recognized share-based compensation expenses	¥ 243	¥ 227

RELATED PARTY TRANSACTIONS AND BALANCES

6 Months Ended

Jun. 30, 2026

RELATED PARTY TRANSACTIONS AND BALANCES

17.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 and service recipients to the Group.


Related Party		Nature of the Party		Relationship with the Group
Trip.com Group Limited (“Trip.com”)		Online travel services provider		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 (“Azure Fund”)		Fund		Equity method investee of the Group
Huazhu Azure Capital Partners Inc. (“Azure Capital”)		Investment company		Equity method investee of the Group

(a) Related party balances

Amounts due from related parties consist of the following:


		As of
		December 31,		June 30,
		2025		2026
Trip.com		265		94
Lianquan		19		19
Huamai		16		8
Zhuchuang		14		14
Cjia Group		12		12
Others		25		29
Allowance for expected credit losses		(37)		(37)
Total		314		139

Amounts due to related parties consist of the following:


		As of
		December 31,		June 30,
		2025		2026
Trip.com		60		52
Cjia Group		20		22
Others		49		22
Total		129		96

(b) Related party transactions

During the six months ended June 30, 2025 and June 30, 2026, significant related party transactions were as follows:


		Six Months Ended June 30,
		2025		2026
Commission expenses to Trip.com		148		132
Lease expenses to Trip.com		10		10
Lease expenses to Cjia Group		18		20
Goods sold and service provided to Cjia Group		15		12
Service fee from Trip.com		61		56
Service fee from Azure Fund		10		9
Sublease income from Cjia Group		3		2

In 2026, a subsidiary of Azure Capital, acting as the originator (the “Originator”), initiated the public offering of a real estate investment trust (the “REIT”). The Group, together with another equity shareholder of Azure Capital, undertook that if it is substantiated that the Originator or Azure Capital has committed any material violation of laws or regulations in the documents and materials submitted in connection with the REIT issuance application, including concealing material facts or fabricating materially false information, the Group and that equity shareholder shall require the Originator or Azure Capital to repurchase, at its own expense, all units of the REIT or the equity interests in the underlying real estate projects. If the Originator or Azure Capital is unable to fully perform the repurchase undertaking due to insufficient financial resources, the Group and that equity shareholder shall provide funding support to enable it to fulfill the repurchase undertaking. By the end of August 2026, the REIT’s offering remained ongoing, with a total offering size of approximately RMB1,239.

- 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
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: 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)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-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
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

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

+ Details

SEGMENT (Tables)

6 Months Ended

Jun. 30, 2026

SEGMENT

Summary of segment information after elimination of intercompany transactions


		Six Months Ended June 30,
		2025				2026
		HWC	HWI	Elimination	Total	HWC	HWI	Elimination	Total
Leased and owned hotels		4,030	2,160	—	6,190	3,869	2,114	—	5,983
Manachised and franchised hotels		5,301	72	(9)	5,364	6,529	78	(15)	6,592
Others		257	24	(14)	267	509	33	—	542
Total revenues		9,588	2,256	(23)	11,821	10,907	2,225	(15)	13,117
Adjusted hotel operating costs		(4,988)	(1,762)			(5,375)	(1,739)
Adjusted selling and marketing expenses		(307)	(242)			(370)	(247)
Adjusted general and administrative expenses		(715)	(207)			(784)	(184)
Other segment items (primarily include other operating income, net)		103	40			130	20
Adjusted EBITDA		3,681	85	—	3,766	4,508	75	—	4,583
Interest income					101				120
Interest expense					(165)				(139)
Income tax expense					(942)				(1,168)
Depreciation and amortization					(636)				(610)
Share-based compensation					(247)				(265)
Losses from fair value changes of equity securities, net					(13)				(10)
Foreign exchange gain (loss), net					574				(117)
Net income attributable to H World Group Limited					2,438				2,394

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:		Six Months Ended June 30,
		2025		2026
PRC		9,568		10,904
Germany		1,596		1,578
All others		657		635
Total		11,821		13,117

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


		As of
		December 31,		June 30,
		2025		2026
PRC		26,101		25,924
Germany		13,131		12,841
All others		3,986		3,685
Total		43,218		42,450

SHARE-BASED COMPENSATION - Share options (Details) $ / shares in Units, ¥ in Millions, $ in Millions	6 Months Ended			12 Months Ended
	Jun. 30, 2026 CNY (¥) tranche shares	Jun. 30, 2026 CNY (¥) $ / shares shares	Jun. 30, 2025 CNY (¥)	Dec. 31, 2025 tranche $ / shares shares	Dec. 31, 2023 tranche shares	Jun. 30, 2026 USD ($) $ / shares shares
Number of Options
Share options outstanding at the beginning of the period (in shares) \| shares	24,406,030
Granted (in shares) \| shares	128,720
Exercised (in shares) \| shares	(98,140)
Share options outstanding at the end of the period (in shares) \| shares	24,436,610			24,406,030
Share options vested or expected to vest (in shares) \| shares	22,460,850	22,460,850				22,460,850
Share options exercisable (in shares) \| shares	4,498,510	4,498,510				4,498,510
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
Exercised (in dollars per shares) \| $ / shares		2.8
Share options outstanding at the end of the period (in dollars per shares) \| $ / shares		2.8		$ 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)	6 years 10 months 24 days
Share options vested or expected to vest, Weighted Average Remaining Contractual Life (in years)	6 years 10 months 24 days
Share options exercisable, Weighted Average Remaining Contractual Life (in years)	6 years 11 months 1 day
Aggregate Intrinsic Value
Share options outstanding, Aggregate intrinsic value \| $						$ 34
Share options vested or expected to vest, Aggregate intrinsic value \| $						31
Share options exercisable, Aggregate intrinsic value \| $						$ 6
Recognized share-based compensation expenses \| ¥	¥ 265.0		¥ 247.0
Aggregate intrinsic value of options exercised \| ¥	1.0
Share options
Aggregate Intrinsic Value
Weighted-average grant date fair value \| $ / shares		$ 1.33		$ 1.34
Total unrecognized compensation expense \| ¥	¥ 131.0	$ 131.0
Weighted-average recognition period of compensation expense (in years)	2 years 9 months 7 days
Share options
Aggregate Intrinsic Value
Recognized share-based compensation expenses \| ¥	¥ 84.0
Senior officers \| Share options
Number of Options
Granted (in shares) \| shares	128,720			888,210	28,625,350
Aggregate Intrinsic Value
Number of tranches \| tranche	2			3	5
Period for remaining percentage vested	2 years			2 years	2 years
Second anniversary of the stated vesting commencement date \| Senior officers \| Share options
Aggregate Intrinsic Value
Share-based payment award, vesting percentage	50.00%			50.00%	50.00%
Vesting ratably over the following two years \| Senior officers \| Share options
Aggregate Intrinsic Value
Share-based payment award, vesting percentage	50.00%			50.00%	50.00%

REVENUE FROM CONTRACTS WITH CUSTOMERS - Contract Balances - Contract liabilities (Details) - CNY (¥) ¥ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Contract with Customer, Liability
Revenue recognized	¥ 512	¥ 503

HOTEL OPERATING COSTS

6 Months Ended

Jun. 30, 2026

HOTEL OPERATING COSTS

HOTEL OPERATING COSTS

10.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:


		Six Months Ended
		June 30,
		2025		2026
Rents		2,074		2,033
Utilities		319		301
Personnel costs		2,806		2,955
Depreciation and amortization		597		570
Consumable, food and beverage		570		528
Others		990		1,298
Total		7,356		7,685

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Impairment of long-lived assets (Details) - CNY (¥) ¥ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Long-lived asset impairment loss	¥ 49	¥ 38
Impairment Long Lived Asset Held For Use Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag	true

DEBT - Contractual maturities of the group's long-term debt (Details) ¥ in Millions	Jun. 30, 2026 CNY (¥)
Contractual maturities
Remainder of 2026	¥ 87
2027	910
2028	274
2029	2,870
2030	24
Thereafter	61
Total	¥ 4,226

INTANGIBLE ASSETS, NET - Amortization for Intangible Assets (Details) - Intangible assets excluding brand names and master brand agreement ¥ in Millions	Jun. 30, 2026 CNY (¥)
Estimated amortization expense
Remainder of 2026	¥ 14
2027	24
2028	20
2029	19
2030	16
Thereafter	86
Total	¥ 179

DEBT - Bank borrowings (Details) € in Millions, ¥ in Millions, $ in Millions	1 Months Ended							6 Months Ended		12 Months Ended
	Aug. 31, 2026 CNY (¥)	Jun. 30, 2026 CNY (¥)	Dec. 31, 2025 CNY (¥)	Nov. 30, 2025 USD ($)	Oct. 31, 2025 USD ($)	Jul. 31, 2025 CNY (¥)	Mar. 31, 2024 EUR (€)	Jun. 30, 2026 CNY (¥)	Jun. 30, 2026 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Jun. 30, 2026 USD ($)	Jun. 30, 2026 EUR (€)	Dec. 31, 2025 EUR (€)
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	us-gaap:PrimeRateMember
Percentage points added to the reference rate								0.55%	0.55%
Credit facility drew down amount												¥ 340
Repayment of line of credit facility								¥ 25		¥ 40		¥ 15
Outstanding loan amount		¥ 260	¥ 285					¥ 260		¥ 285
Interest rate (as a percent)		2.45%	2.55%					2.45%		2.55%			2.45%	2.45%	2.55%
Syndicated loan contract entered in march 2024 \| Buildings
DEBT
Amount pledged as collateral for the loan \| €														€ 471	€ 478
Syndicated loan contract entered in march 2024 \| Land use rights
DEBT
Amount pledged as collateral for the loan \| €														€ 66	€ 67
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%
Uncommitted revolving loan facility entered in October 2025
DEBT
Term of debt instrument					1 year
Maximum borrowing amount \| $					$ 100
Credit facility drew down amount								¥ 693			$ 0
Expected extension term					36 months
Interest rate (as a percent)		1.90%						1.90%					1.90%	1.90%
Uncommitted revolving loan facility entered in November 2025
DEBT
Term of debt instrument				1 year
Maximum borrowing amount \| $				$ 50
Credit facility drew down amount								¥ 335			0
Expected extension term				36 months
Interest rate (as a percent)		1.90%						1.90%					1.90%	1.90%
Uncommitted revolving loan facility entered in December 2025
DEBT
Term of debt instrument			1 year
Maximum borrowing amount			¥ 450							¥ 450
Credit facility drew down amount								¥ 0
Expected extension term			36 months
Uncommitted revolving loan facility entered in December 2025 \| Subsequent Event
DEBT
Credit facility drew down amount	¥ 100
Uncommitted revolving loan facility entered in June 2026
DEBT
Term of debt instrument		1 year
Maximum borrowing amount \| $													$ 100
Credit facility drew down amount								¥ 660
Expected extension term		36 months
Interest rate (as a percent)		1.90%						1.90%					1.90%	1.90%
Term loan and revolving credit facility entered in November 2025
DEBT
Term of debt instrument				12 months
Maximum borrowing amount \| $				$ 300
Credit facility drew down amount \| $									$ 300		$ 0
Expected extension term				36 months
Term loan and revolving credit facility entered in November 2025 \| Minimum
DEBT
Interest rate (as a percent)		1.82%						1.82%					1.82%	1.82%
Term loan and revolving credit facility entered in November 2025 \| Maximum
DEBT
Interest rate (as a percent)		2.39%						2.39%					2.39%	2.39%

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - CNY (¥) ¥ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
PROPERTY AND EQUIPMENT, NET
Depreciation expense	¥ 532	¥ 564

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

6 Months Ended

Jun. 30, 2026

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

9.ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


		As of
		December 31,		June 30,
		2025		2026
Payable to franchisees		1,762		1,782
Other payables		1,801		1,794
Accrued rental, utilities and other accrued expenses		461		518
Liabilities related to customer loyalty program		455		418
Value-added tax, other tax and surcharge payables		359		365
Advance from noncontrolling interest holders		64		35
Total		4,902		4,912

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2026
Document and Entity Information
Document Type	6-K
Document Period End Date	Jun. 30, 2026
Entity Registrant Name	H World Group Ltd
Entity Central Index Key	0001483994
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

REVENUE FROM CONTRACTS WITH CUSTOMERS - Contract Balances (Details) ¥ in Millions, $ in Millions	Jun. 30, 2026 CNY (¥)	Jun. 30, 2026 USD ($)	Dec. 31, 2025 CNY (¥)
Contract with Customer, Liability
Current contract liabilities	¥ 2,004	$ 296	¥ 1,823
Long-term contract liabilities	1,674	$ 247	1,602
Total contract liabilities	¥ 3,678		¥ 3,425

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2026

EARNINGS PER SHARE

EARNINGS PER SHARE

12. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share for the six months ended June 30, 2025 and 2026 indicated:


		Six Months Ended June 30,
		2025		2026
Net income attributable to ordinary shareholders — basic		2,438		2,394
Eliminate the dilutive effect of interest expense of convertible senior notes		54		34
Net income attributable to ordinary shareholders — diluted		2,492		2,428
Weighted average ordinary shares outstanding — basic		3,069,285,390		3,113,494,317
Incremental weighted-average ordinary shares from assumed exercise of share options and nonvested restricted stocks using the treasury stock method		38,725,481		60,537,797
Dilutive effect of convertible senior notes		130,786,730		88,585,346
Weighted average ordinary shares outstanding — diluted		3,238,797,601		3,262,617,460
Basic earnings per share		0.79		0.77
Diluted earnings per share		0.77		0.74

For the six months ended June 30, 2025 and 2026, 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
		June 30,		June 30,
		2025		2026
Outstanding employee options and nonvested restricted stocks		39,413,700		5,132,930

PROPERTY AND EQUIPMENT, NET (Details) ¥ in Millions, $ in Millions	Jun. 30, 2026 CNY (¥)	Jun. 30, 2026 USD ($)	Dec. 31, 2025 CNY (¥)
Cost:
Property and equipment, gross	¥ 13,946		¥ 14,147
Less: Accumulated depreciation	9,178		9,121
Property and equipment net excluding construction in process	4,768		5,026
Construction in progress	221		204
Property and equipment, net	4,989	$ 735	5,230
Buildings
Cost:
Property and equipment, gross	736		782
Leasehold improvements
Cost:
Property and equipment, gross	10,733		10,872
Furniture, fixtures and equipment
Cost:
Property and equipment, gross	2,474		2,490
Motor vehicles
Cost:
Property and equipment, gross	¥ 3		¥ 3

EMPLOYEE BENEFIT PLANS

6 Months Ended

Jun. 30, 2026

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

16.EMPLOYEE BENEFIT 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 RMB468 and RMB547 for the six months ended June 30, 2025 and 2026. 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 RMB46 and RMB65 for the six months ended June 30, 2025 and 2026.

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

ORGANIZATION AND PRINCIPAL ACTIVITIES (Details) - item	6 Months Ended
ORGANIZATION AND PRINCIPAL ACTIVITIES (Details) - item	Jun. 30, 2026	Dec. 31, 2025	Jan. 02, 2020
HWC \| Minimum
ORGANIZATION AND PRINCIPAL ACTIVITIES
Term of franchise and management agreement	8 years
HWC \| Maximum
ORGANIZATION AND PRINCIPAL ACTIVITIES
Term of franchise and management agreement	10 years
HWI \| Minimum
ORGANIZATION AND PRINCIPAL ACTIVITIES
Term of franchise and management agreement	10 years
HWI \| Maximum
ORGANIZATION AND PRINCIPAL ACTIVITIES
Term of franchise and management agreement	20 years
Leased and owned hotels
ORGANIZATION AND PRINCIPAL ACTIVITIES
Number of hotels	547	573
Manachised hotels
ORGANIZATION AND PRINCIPAL ACTIVITIES
Number of hotels	12,892	12,170
Franchised hotels
ORGANIZATION AND PRINCIPAL ACTIVITIES
Number of hotels	100	115
Deutsche Hospitality
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percent of ownership acquired (as percent)			100.00%

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Leases (Details)	Jun. 30, 2026
Minimum \| HWC
Accounting policies
Initial lease term	10 years
Minimum \| HWI
Accounting policies
Initial lease term	20 years
Maximum \| HWC
Accounting policies
Initial lease term	20 years
Maximum \| HWI
Accounting policies
Initial lease term	25 years

SEGMENT

6 Months Ended

Jun. 30, 2026

SEGMENT

SEGMENT

13.SEGMENT

The Group’s chief operating decision maker (“CODM”) has been identified as the chief executive officer. As of December 31, 2025, the Group had two operating segments which were Legacy Huazhu and Legacy DH according to the way management intends to evaluate results and allocate resources within the Group. In 2026, the operating segments were relabeled to HWC and HWI, replacing the previous legacy designations. Additionally, a minor realignment between these two segments was made in 2026, and comparative figures for prior periods were updated to conform to the current presentation. 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. Adjusted EBITDA is defined as net income attributable to H World Group Limited excluding income tax expense (benefit), 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 six months ended June 30, 2025 and 2026.


		Six Months Ended June 30,
		2025				2026
		HWC	HWI	Elimination	Total	HWC	HWI	Elimination	Total
Leased and owned hotels		4,030	2,160	—	6,190	3,869	2,114	—	5,983
Manachised and franchised hotels		5,301	72	(9)	5,364	6,529	78	(15)	6,592
Others		257	24	(14)	267	509	33	—	542
Total revenues		9,588	2,256	(23)	11,821	10,907	2,225	(15)	13,117
Adjusted hotel operating costs		(4,988)	(1,762)			(5,375)	(1,739)
Adjusted selling and marketing expenses		(307)	(242)			(370)	(247)
Adjusted general and administrative expenses		(715)	(207)			(784)	(184)
Other segment items (primarily include other operating income, net)		103	40			130	20
Adjusted EBITDA		3,681	85	—	3,766	4,508	75	—	4,583
Interest income					101				120
Interest expense					(165)				(139)
Income tax expense					(942)				(1,168)
Depreciation and amortization					(636)				(610)
Share-based compensation					(247)				(265)
Losses from fair value changes of equity securities, net					(13)				(10)
Foreign exchange gain (loss), net					574				(117)
Net income attributable to H World Group Limited					2,438				2,394

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:		Six Months Ended June 30,
		2025		2026
PRC		9,568		10,904
Germany		1,596		1,578
All others		657		635
Total		11,821		13,117

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


		As of
		December 31,		June 30,
		2025		2026
PRC		26,101		25,924
Germany		13,131		12,841
All others		3,986		3,685
Total		43,218		42,450

Other than PRC and Germany, there were no countries that individually represented more than 10% of the total revenue for the six months ended June 30, 2025 and 2026.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

INTANGIBLE ASSETS, NET (Tables)

6 Months Ended

Jun. 30, 2026

INTANGIBLE ASSETS, NET

Schedule of intangible assets with indefinite life


	As of
	December 31,	June 30,
	2025	2026
Intangible assets with indefinite lives:
Brand names	5,593	5,359
Master brand agreement	192	192
Intangible assets with finite lives:
Franchise or manachise agreements	249	228
Purchased software	159	160
Other intangible assets	76	73
Total	6,269	6,012
Less: Accumulated amortization	263	268
Less: Accumulated impairment loss	978	923
Total	5,028	4,821

Schedule of estimated amortization expense


		Amortization for
		Intangible Assets
Remainder of 2026		14
2027		24
2028		20
2029		19
2030		16
Thereafter		86
Total		179

INTANGIBLE ASSETS, NET

6 Months Ended

Jun. 30, 2026

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET

5.INTANGIBLE ASSETS, NET

Intangible assets, net consist of the following:


	As of
	December 31,	June 30,
	2025	2026
Intangible assets with indefinite lives:
Brand names	5,593	5,359
Master brand agreement	192	192
Intangible assets with finite lives:
Franchise or manachise agreements	249	228
Purchased software	159	160
Other intangible assets	76	73
Total	6,269	6,012
Less: Accumulated amortization	263	268
Less: Accumulated impairment loss	978	923
Total	5,028	4,821

Amortization expense of intangible assets for the six months ended June 30, 2025 and 2026 amounted to RMB21 and RMB18, respectively.

There were 3 brand names with indefinite lives acquired in DH acquisition. No impairment was recognized on these brand names for the six months ended June 2025 and 2026.

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
Remainder of 2026		14
2027		24
2028		20
2029		19
2030		16
Thereafter		86
Total		179

SHARE-BASED COMPENSATION - Nonvested restricted stocks (Details) ¥ in Millions	6 Months Ended			12 Months Ended
	Jun. 30, 2026 CNY (¥) shares	Jun. 30, 2026 CNY (¥) $ / shares	Jun. 30, 2025 CNY (¥)	Dec. 31, 2025 $ / shares shares	Dec. 31, 2023 shares
Weighted Average Grant Date Fair Value
Recognized share-based compensation expenses \| ¥	¥ 265		¥ 247
Restricted stocks
Number of Restricted Stocks
Nonvested restricted stocks outstanding at the beginning of the period (in shares)	113,337,790
Granted (in shares)	2,199,840
Forfeited (in shares)	(4,159,740)
Vested (in shares)	(10,537,210)
Nonvested restricted stocks outstanding at the end of the period (in shares)	100,840,680			113,337,790
Weighted Average Grant Date Fair Value
Nonvested restricted stocks outstanding at the beginning of the period (in dollars per shares) \| $ / shares		$ 2.86
Granted (in dollars per shares) \| $ / shares		4.6
Forfeited (in dollars per shares) \| $ / shares		2.1
Vested (in dollars per shares) \| $ / shares		2.52
Nonvested restricted stocks outstanding at the end of the period (in dollars per shares) \| $ / shares		$ 2.96		$ 2.86
Recognized share-based compensation expenses \| ¥	¥ 137
Total unrecognized compensation expense \| ¥	¥ 1,462	$ 1,462
Weighted-average period for recognition of unrecognized compensation costs	5 years 3 months 21 days
Total fair value of nonvested restricted stocks, vested \| ¥	¥ 343		¥ 283
Restricted stocks \| Performance Condition \| Senior officers
Number of Restricted Stocks
Granted (in shares)	128,720			888,210	28,625,350

INTANGIBLE ASSETS, NET (Details) ¥ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2026 CNY (¥) item	Jun. 30, 2025 CNY (¥) item	Jun. 30, 2026 USD ($)	Dec. 31, 2025 CNY (¥)
INTANGIBLE ASSETS, NET
Intangible assets, gross	¥ 6,012			¥ 6,269
Less: Accumulated amortization	268			263
Less: Accumulated impairment loss	923			978
Total	4,821		$ 711	5,028
Amortization expense of intangible assets	¥ 18	¥ 21
Legacy DH
INTANGIBLE ASSETS, NET
Number of brand names acquired \| item	3	3
Franchise or manachise agreements
INTANGIBLE ASSETS, NET
Intangible assets, gross	¥ 228			249
Purchased software
INTANGIBLE ASSETS, NET
Intangible assets, gross	160			159
Other intangible assets
INTANGIBLE ASSETS, NET
Intangible assets, gross	73			76
Brand names
INTANGIBLE ASSETS, NET
Intangible assets, gross	5,359			5,593
Impairment loss recognized	¥ 0	¥ 0
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
Master brand agreement
INTANGIBLE ASSETS, NET
Intangible assets, gross	¥ 192			¥ 192

EARNINGS PER SHARE (Details) ¥ / shares in Units, ¥ in Millions	6 Months Ended
	Jun. 30, 2026 CNY (¥) ¥ / shares shares	Jun. 30, 2026 $ / shares	Jun. 30, 2025 CNY (¥) ¥ / shares shares
EARNINGS PER SHARE
Net income attributable to ordinary shareholders - basic \| ¥	¥ 2,394		¥ 2,438
Eliminate the dilutive effect of interest expense of convertible senior notes \| ¥	34		54
Net income attributable to ordinary shareholders - diluted \| ¥	¥ 2,428		¥ 2,492
Weighted average ordinary shares outstanding - basic	3,113,494,317		3,069,285,390
Incremental weighted-average ordinary shares from assumed exercise of share options and nonvested restricted stocks using the treasury stock method	60,537,797		38,725,481
Dilutive effect of convertible senior notes	88,585,346		130,786,730
Weighted average ordinary shares outstanding - diluted	3,262,617,460		3,238,797,601
Basic earnings per share \| (per share)	¥ 0.77	$ 0.11	¥ 0.79
Diluted earnings per share \| (per share)	¥ 0.74	$ 0.11	¥ 0.77

INVESTMENTS - Schedule of Investments (Details) ¥ in Millions, $ in Millions	Jun. 30, 2026 CNY (¥)	Jun. 30, 2026 USD ($)	Dec. 31, 2025 CNY (¥)
INVESTMENTS
Equity securities with readily determinable fair values	¥ 57		¥ 69
Bank time deposits and financial products	1,258		4,825
Total short-term investments	1,315	$ 194	4,894
Equity securities without readily determinable fair values	87		89
Equity-method investments	1,097		1,095
Available-for-sale debt securities	158		175
Bank time deposits	10		10
Total long-term investments	1,352	$ 199	1,369
Marketable Securities
INVESTMENTS
Equity securities with readily determinable fair values	57		69
AAPC LUB
INVESTMENTS
Equity-method investments	510		488
Hotel related funds
INVESTMENTS
Equity-method investments	371		374
Other investments
INVESTMENTS
Equity-method investments	216		233
Cjia Group-preferred shares
INVESTMENTS
Available-for-sale debt securities	¥ 158		¥ 175

ASSETS AND LIABILITIES HELD FOR SALE (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥) tranche
Assets held for sale:
Property and equipment, net	¥ 17
Operating lease right-of-use assets	552
Finance lease right-of-use assets	70
Other assets	30
Total	669
Liabilities held for sale:
Accrued expenses and other current liabilities	39
Operating lease liabilities, current	21
Operating lease liabilities, non-current	510
Finance lease liabilities	74
Other liabilities	27
Total	¥ 671
Number of tranche completed \| tranche	2
Impairments	¥ 13

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS ¥ in Millions, $ in Millions	Jun. 30, 2026 CNY (¥)	Jun. 30, 2026 USD ($)	Dec. 31, 2025 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 14,249	$ 2,100	¥ 10,386
Restricted cash	142	21	146
Short-term investments, including marketable securities measured at fair value of RMB69 and RMB57 as of December 31, 2025 and June 30, 2026, respectively	1,315	194	4,894
Accounts receivable, net of allowance of RMB116 and RMB105 as of December 31, 2025 and June 30, 2026, respectively	839	124	723
Loan receivables - current, net of allowance of RMB45 and RMB45 as of December 31, 2025 and June 30, 2026, respectively	74	11	87
Amounts due from related parties, net of allowance of RMB36 and RMB36 as of December 31, 2025 and June 30, 2026, respectively	¥ 104	$ 15	¥ 272
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Inventories	¥ 52	$ 8	¥ 57
Other current assets, net of allowance of RMB8 and RMB8 as of December 31, 2025 and June 30, 2026, respectively	986	145	870
Total current assets	17,761	2,618	17,435
Property and equipment, net	4,989	735	5,230
Intangible assets, net	4,821	711	5,028
Operating lease right-of-use assets	24,922	3,673	24,983
Finance lease right-of-use assets	2,275	335	2,394
Land use rights, net	152	22	155
Long-term investments, including available-for-sale debt securities measured at fair value of RMB175 and RMB158 as of December 31, 2025 and June 30, 2026, respectively	1,352	199	1,369
Goodwill	5,291	780	5,428
Amounts due from related parties, net of allowance of RMB1 and RMB1 as of December 31, 2025 and June 30, 2026, respectively	¥ 35	$ 5	¥ 42
Other Receivable, after Allowance for Credit Loss, Noncurrent, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Loan receivables, net of allowance of RMB3 and RMB2 as of December 31, 2025 and June 30, 2026, respectively	¥ 113	$ 17	¥ 132
Other assets, net of allowance of RMB13 and RMB13 as of December 31, 2025 and June 30, 2026, respectively	761	113	752
Deferred income tax assets	1,143	168	1,157
Assets held for sale			669
Total assets	63,615	9,376	64,774
Current liabilities:
Short-term debt and current portion of long-term debt	911	134	5,337
Accounts payable	1,040	153	1,020
Amounts due to related parties	¥ 96	$ 14	¥ 129
Other Liability, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Salary and welfare payables	¥ 991	$ 146	¥ 1,188
Deferred revenue	2,004	296	1,823
Operating lease liabilities, current	3,563	525	3,478
Finance lease liabilities, current	62	9	59
Accrued expenses and other current liabilities	4,912	725	4,902
Income tax payable	1,122	165	1,191
Total current liabilities	14,701	2,167	19,127
Long-term debt	3,315	489	479
Operating lease liabilities, non-current	23,452	3,456	23,653
Finance lease liabilities, non-current	2,931	432	3,063
Deferred revenue	1,674	247	1,602
Other long-term liabilities	2,082	306	1,925
Retirement benefit obligations	100	15	109
Deferred income tax liabilities	1,125	166	1,187
Liabilities held for sale			671
Total liabilities	49,380	7,278	51,816
Commitments and contingencies (Note 18)
Equity:
Ordinary shares (US$0.00001 par value per share; 80,000,000,000 shares authorized; 3,098,323,810 and 3,233,044,130 shares issued as of December 31, 2025 and June 30, 2026, 3,071,525,690 and 3,154,059,870 shares outstanding as of December 31, 2025 and June 30, 2026, respectively)	0	0	0
Treasury shares (26,798,120 and 78,984,260 shares as of December 31, 2025 and June 30, 2026, respectively)	(2,303)	(339)	(662)
Additional paid-in capital	13,132	1,935	9,653
Retained earnings	3,133	462	3,614
Accumulated other comprehensive income	118	17	199
Total H World Group Limited shareholders' equity	14,080	2,075	12,804
Noncontrolling interest	155	23	154
Total equity	14,235	2,098	12,958
Total liabilities and equity	¥ 63,615	$ 9,376	¥ 64,774

DEBT - Convertible Senior Notes (Details) - Convertible Debt - 2026 Notes - USD ($) shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2026	May 31, 2020
DEBT
Aggregate principal amount		$ 500.0
Debt Conversion, Converted Instrument, Amount	$ 499.6
Redeemed principal balance	$ 0.4
ADS
DEBT
Debt conversion in shares	13

- 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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
-Subparagraph (b)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/exampleRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

SEGMENT (Details) - segment	6 Months Ended	12 Months Ended
SEGMENT (Details) - segment	Jun. 30, 2026	Dec. 31, 2025
SEGMENT
Number of operating segments	2	2
Number of reportable segments	2

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ¥ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2026 CNY (¥) ¥ / shares shares	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025 CNY (¥) ¥ / shares shares
Revenues:
Total revenues	¥ 13,117	$ 1,934	¥ 11,821
Operating costs and expenses:
Hotel operating costs	7,685	1,133	7,356
Other operating costs	42	6	22
Selling and marketing expenses	623	92	552
General and administrative expenses	1,251	184	1,172
Pre-opening expenses	29	4	15
Total operating costs and expenses	9,630	1,419	9,117
Other operating income, net	219	32	165
Income from operations	3,706	547	2,869
Interest income	120	17	101
Interest expense	139	20	165
Other income (expense), net	(28)	(4)	37
Losses from fair value changes of equity securities, net	(10)	(1)	(13)
Foreign exchange gain (loss), net	(117)	(18)	574
Income before income taxes	3,532	521	3,403
Income tax expense	1,168	172	942
(Loss) gain from equity method investments	36	5	(3)
Net income	2,400	354	2,458
Less: net income attributable to noncontrolling interest	6	1	20
Net income attributable to H World Group Limited	2,394	353	2,438
Other comprehensive income (loss)
Gain from fair value changes of debt securities, net of tax of RMB1 and nil for the six months ended June 30, 2025 and 2026, respectively \| ¥			4
Foreign currency translation adjustments, net of tax of nil for the six months ended June 30, 2025 and 2026	(81)	(12)	(124)
Comprehensive income	2,319	342	2,338
Less: comprehensive income attributable to the noncontrolling interest	6	1	20
Comprehensive income attributable to H World Group Limited	¥ 2,313	$ 341	¥ 2,318
Earnings per share:
Basic \| (per share)	¥ 0.77	$ 0.11	¥ 0.79
Diluted \| (per share)	¥ 0.74	$ 0.11	¥ 0.77
Weighted average number of shares used in computation:
Basic (in shares)	3,113,494,317	3,113,494,317	3,069,285,390
Diluted (in shares)	3,262,617,460	3,262,617,460	3,238,797,601
Leased and owned hotels
Revenues:
Total revenues	¥ 5,983	$ 882	¥ 6,190
Manachised and franchised hotels
Revenues:
Total revenues	6,592	972	5,364
Others
Revenues:
Total revenues	¥ 542	$ 80	¥ 267

DEBT

6 Months Ended

Jun. 30, 2026

DEBT

DEBT

8.DEBT

The short-term and long-term debt as of December 31, 2025 and June 30, 2026 were as follows:


		As of
		December 31,		June 30,
		2025		2026
Short-term debt and current portion of long-term debt:
Long-term bank borrowings, current portion		371		205
Short-term bank borrowings		1,400		660
Convertible senior notes, current portion		3,514		—
FF&E liability, current portion		52		46
Total		5,337		911

Long-term debt:
Long-term bank borrowings, non-current portion		268		3,137
FF&E liability, non-current portion		198		167
Others		13		11
Total		479		3,315

Bank borrowings

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, 2025 and June 30, 2026, buildings with a net book value of RMB478 and RMB471, respectively, and land use rights with a net book value of RMB67 and RMB66, 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, 2025 and for the six months ended June 30, 2026. In 2024, the Group had drawn down RMB340 under the facility agreement and repaid RMB15. In 2025, the Group repaid RMB40. The Group repaid RMB25 during the six months ended June 30, 2026. As of December 31, 2025 and June 30, 2026, the outstanding loan amount was RMB285 and RMB260, and the interest rates of borrowings drawn under this agreement were at 2.55% and 2.45%, respectively.

In July 2025, the Group entered into a one-year loan facility agreement 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. This amount was fully repaid by June 30, 2026.

In October 2025, the Group entered into an uncommitted one-year revolving loan facility agreement of up to US$100 million (or the RMB equivalent). The credit facility was available for 12 months after the utilization date and was subsequently extended to 36 months in 2026. As of December 31, 2025, the Group did not draw down the loan. As of June 30, 2026, the Group had drawn down RMB693 under this agreement, with an interest rate of 1.9% per annum.

In November 2025, the Group entered into an uncommitted one-year revolving loan facility agreement of up to US$50 million (or the equivalent in RMB or EUR or HKD). The credit facility was available for 12 months after the utilization date and was subsequently extended to 36 months in 2026. As of December 31, 2025, the Group did not draw down the loan. As of June 30, 2026, the Group had drawn down RMB335 under this agreement, with an interest rate of 1.9% per annum.

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 was available for 12 months after the utilization date and was subsequently extended to 36 months in 2026. There were some financial covenants including interest cover, leverage and book equity related to this facility. The Group was fully in compliance with the covenants for the year ended December 31, 2025 and for the six months ended June 30, 2026. As of December 31, 2025, the Group did not draw down the loan. As of June 30, 2026, the Group had drawn down RMB-equivalent of US$300 million under this agreement, with interest rates ranging from 1.82% to 2.39%.

In December 2025, the Group entered into an uncommitted one-year revolving loan facility agreement of up to RMB450 (or its equivalent in USD). The credit facility was available for 12 months after the utilization date and was subsequently extended to 36 months in 2026. As of June 30, 2026, the Group did not draw down the loan. In August 2026, the Group drew down RMB100.

In June 2026, the Group entered into an uncommitted one-year revolving loan facility agreement of up to US$100 million (or the equivalent in RMB or EUR). The credit facility was 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 June 30, 2026, the Group had drawn down RMB660 under this agreement, with an interest rate of 1.9% per annum.

Convertible Senior Notes due 2026

In May 2020, the Company issued US$500 million of Convertible Senior Notes (the “2026 Notes”). The 2026 Notes matured on May 1, 2026, upon which an aggregate principal of US$499.6 million under the notes was converted into 13 million ADSs. The Company redeemed the remaining principal balance of US$0.4 million of the 2026 Notes.

Debt Maturities

The contractual maturities of the Group’s debt as of June 30, 2026 were as follows:


		Principle Amounts
Remainder of 2026		87
2027		910
2028		274
2029		2,870
2030		24
Thereafter		61
Total		4,226

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

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
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-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LEASES - Supplemental Information Related to Operating Leases (Details) - CNY (¥) ¥ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Lease cost:
Operating fixed lease cost	¥ 1,957	¥ 1,990
- Amortization of ROU assets	57	48
- Interest on lease liabilities	66	65
Variable lease cost	134	114
Total lease cost	¥ 2,214	¥ 2,217
Other information:
Weighted average remaining lease term, Operating leases (in years)	13 years	14 years
Weighted average remaining lease term, Finance leases (in years)	25 years	26 years
Weighted average discount rate, Operating leases (as a percent)	5.42%	5.68%
Weighted average discount rate, Finance leases (as a percent)	4.31%	4.30%

COMMITMENTS AND CONTINGENCIES (Details) ¥ in Millions	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) ¥ in Millions	Jun. 30, 2026 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	¥ 238
Accrued contingent liabilities	¥ 5
Minimum
COMMITMENTS AND CONTINGENCIES
Purchase obligation expectation period	1 year
Maximum
COMMITMENTS AND CONTINGENCIES
Purchase obligation expectation period	2 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
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

INVESTMENTS

6 Months Ended

Jun. 30, 2026

INVESTMENTS

INVESTMENTS

6.INVESTMENTS

The investments as of December 31, 2025 and June 30, 2026 were as follows:


	As of
	December 31,	June 30,
	2025	2026
Short-term investments
Equity securities with readily determinable fair values:
Marketable securities	69	57
Held to maturity investments
Bank time deposits and financial products	4,825	1,258
Total	4,894	1,315

Long-term investments
Equity securities without readily determinable fair values:	89	87
Equity-method investments:
AAPC LUB	488	510
Hotel related funds	374	371
Other investments	233	216
Subtotal	1,095	1,097
Available-for-sale debt securities:
Cjia Group-convertible notes	175	158
Held to maturity investments
Bank time deposits	10	10
Total	1,369	1,352

LEASES

6 Months Ended

Jun. 30, 2026

LEASES

LEASES

15.LEASES

The Group’s leases mainly related to building and the rights to use the land. The total expense related to short-term leases was insignificant for the six months ended June 30, 2025 and 2026, and sublease income of the Group which was recognized in revenues in the consolidated statements of comprehensive income was RMB76 and RMB75 for the six months ended June 30, 2025 and 2026, respectively.

A summary of supplemental information related to operating leases for the six months ended June 30, 2025 and 2026 is as follows:


		Six Months Ended June 30,
		2025		2026
Lease cost:
Operating fixed lease cost		1,990		1,957
Finance lease cost
— Amortization of ROU assets		48		57
— Interest on lease liabilities		65		66
Variable lease cost		114		134
Total lease cost		2,217		2,214

Other information:
Weighted average remaining lease term
Operating leases		14	years	13	years
Finance leases		26	years	25	years
Weighted average discount rate
Operating leases		5.68	%	5.42	%
Finance leases		4.30	%	4.31	%

As of June 30, 2026, the maturities of lease liabilities in accordance with ASC 842 in each of the next five years and thereafter are as follows:


	Total Operating	Total Finance
	Leases	Leases
Remainder of 2026	2,210	93
2027	3,625	188
2028	3,458	191
2029	3,292	193
2030	3,099	193
Thereafter	21,736	4,126

Total minimum lease payments	37,420	4,984

Less: amount representing interest	10,405	1,991

Present value of minimum lease payments	27,015	2,993

As of June 30, 2026, the Group has entered 11 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 RMB3,450, which is not reflected in the consolidated balance sheets.

Supplemental cash flow information related to leases for the six months ended June 30, 2025 and 2026 are as follows:


		Six Months Ended June 30,
		2025		2026
Cash paid for amounts included in the measurement of operating lease liabilities		2,108		1,991
Cash paid for amounts included in the measurement of finance lease liabilities		92		95
Non-cash right-of-use assets obtained in exchange for operating lease liabilities		406		1,086

HOTEL OPERATING COSTS (Details) ¥ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2026 CNY (¥)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 CNY (¥)
HOTEL OPERATING COSTS
Rents	¥ 2,033		¥ 2,074
Utilities	301		319
Personnel costs	2,955		2,806
Depreciation and amortization	570		597
Consumable, food and beverage	528		570
Others	1,298		990
Total	¥ 7,685	$ 1,133	¥ 7,356

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2026

EARNINGS PER SHARE

Schedule of computation of basic and diluted earnings per share


		Six Months Ended June 30,
		2025		2026
Net income attributable to ordinary shareholders — basic		2,438		2,394
Eliminate the dilutive effect of interest expense of convertible senior notes		54		34
Net income attributable to ordinary shareholders — diluted		2,492		2,428
Weighted average ordinary shares outstanding — basic		3,069,285,390		3,113,494,317
Incremental weighted-average ordinary shares from assumed exercise of share options and nonvested restricted stocks using the treasury stock method		38,725,481		60,537,797
Dilutive effect of convertible senior notes		130,786,730		88,585,346
Weighted average ordinary shares outstanding — diluted		3,238,797,601		3,262,617,460
Basic earnings per share		0.79		0.77
Diluted earnings per share		0.77		0.74

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


		As of
		June 30,		June 30,
		2025		2026
Outstanding employee options and nonvested restricted stocks		39,413,700		5,132,930

DEBT (Tables)

6 Months Ended

Jun. 30, 2026

DEBT

Schedule of short-term and long-term debt


		As of
		December 31,		June 30,
		2025		2026
Short-term debt and current portion of long-term debt:
Long-term bank borrowings, current portion		371		205
Short-term bank borrowings		1,400		660
Convertible senior notes, current portion		3,514		—
FF&E liability, current portion		52		46
Total		5,337		911

Long-term debt:
Long-term bank borrowings, non-current portion		268		3,137
FF&E liability, non-current portion		198		167
Others		13		11
Total		479		3,315

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


		Principle Amounts
Remainder of 2026		87
2027		910
2028		274
2029		2,870
2030		24
Thereafter		61
Total		4,226

LEASES - Schedule of Maturities of Lease Liabilities (Details) ¥ in Millions	Jun. 30, 2026 CNY (¥)
Total Operating Leases
Remainder of 2026	¥ 2,210
2027	3,625
2028	3,458
2029	3,292
2030	3,099
Thereafter	21,736
Total minimum lease payments	37,420
Less: amount representing interest	10,405
Present value of minimum lease payments	27,015
Total Finance Leases
Remainder of 2026	93
2027	188
2028	191
2029	193
2030	193
Thereafter	4,126
Total minimum lease payments	4,984
Less: amount representing interest	1,991
Present value of minimum lease payments	¥ 2,993

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) ¥ in Millions, $ in Millions	Jun. 30, 2026 CNY (¥)	Jun. 30, 2026 USD ($)	Dec. 31, 2025 CNY (¥)
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Payables to franchisees	¥ 1,782		¥ 1,762
Other payables	1,794		1,801
Accrued rental, utilities and other accrued expenses	518		461
Liabilities related to customer loyalty program	418		455
Value-added tax, other tax and surcharge payables	365		359
Advance from noncontrolling interest holders	35		64
Total	¥ 4,912	$ 725	¥ 4,902

SUBSEQUENT EVENTS (Details) - Subsequent Event - Senior unsecured bonds ¥ in Millions	Sep. 30, 2026 CNY (¥)
SUBSEQUENT EVENTS
Aggregate principal amount	¥ 3,350
Interest rate (as a percent)	2.25%

PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2026

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,	June 30,
	2025	2026
Cost:
Buildings	782	736
Leasehold improvements	10,872	10,733
Furniture, fixtures and equipment	2,490	2,474
Motor vehicles	3	3
	14,147	13,946
Less: Accumulated depreciation	9,121	9,178
	5,026	4,768
Construction in progress	204	221
Property and equipment, net	5,230	4,989

Depreciation expense was RMB564 and RMB532 for the six months ended June 30, 2025 and 2026, respectively.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2026 CNY (¥)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 CNY (¥)	Jun. 30, 2026 USD ($)
Operating activities:
Net income	¥ 2,400	$ 354	¥ 2,458
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation	265	39	247
Depreciation and amortization and other	610	90	636
Impairment loss	66	10	38
Loss from equity method investments, net of dividends	(7)	(1)	57
Investment (income) loss and foreign currency exchange (gain) loss	316	47	(663)
Changes in operating assets and liabilities	113	17	636
Others	(122)	(20)	(170)
Net cash provided by operating activities	3,641	536	3,239
Investing activities:
Capital expenditures	(349)	(51)	(429)
Purchases of investments	(2,891)	(426)	(2,778)
Proceeds from maturity/sale and return of investments	6,463	953	4,130
Loan advances	(32)	(5)	(24)
Loan collections	67	10	82
Others	5	1	15
Net cash provided by investing activities	3,263	482	996
Financing activities:
Payment of share repurchase	(1,857)	(274)	(443)
Proceeds from debt	3,746	552	2,195
Repayment of debt	(1,813)	(267)	(923)
Dividend paid	(2,844)	(419)	(2,136)
Other	(39)	(6)	(30)
Net cash used in financing activities	(2,807)	(414)	(1,337)
Effect of exchange rate changes on cash and cash equivalents, and restricted cash	(239)	(35)	90
Net increase in cash and cash equivalents, and restricted cash, including cash classified within assets held for sale	3,858	569	2,988
Less: net decrease in cash and cash equivalents classified within assets held for sale	(1)		(3)	$ 0
Cash, cash equivalents and restricted cash at the beginning of the period	10,532	1,552	7,524
Cash, cash equivalents and restricted cash at the end of the period	14,391	2,121	10,515
Cash and cash equivalents	14,249		10,145	2,100
Restricted cash	142		370	21
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	14,391		10,515	$ 2,121
Supplemental disclosure of cash flow information:
Interest paid	88	13	78
Income taxes paid	1,267	187	889
Supplemental schedule of non-cash investing and financing activities:
Purchases of property and equipment included in payables	¥ 308	$ 45	¥ 343

INTERIM CONDENSED 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, 2024 \| shares	3,083,916,600
Balance at beginning at Dec. 31, 2024	¥ 0	¥ (274)	¥ 9,620	¥ 2,449	¥ 382	¥ 94	¥ 12,271
Treasury shares, balance at beginning (in shares) at Dec. 31, 2024 \| shares		21,178,090
Increase (Decrease) in Stockholders' Equity
Exercise of share options and vesting of restricted stocks in Treasury Shares		¥ 87	(84)				3
Exercise of share options and vesting of restricted stocks in Treasury Shares (in shares) \| shares	10,227,580	(10,227,580)
Issuance of ordinary shares upon exercise of options and vesting of restricted stocks	¥ 0		16				16
Issuance of ordinary shares upon exercise of options and vesting of restricted stocks (in shares) \| shares	1,826,840
Share-based compensation			247				247
Net income				2,438		20	2,458
Dividends paid to noncontrolling interest holders						(3)	(3)
Capital contribution from noncontrolling interest holders						0	0
Acquisition of noncontrolling interest			(29)			29	0
Gains from fair value changes of debt securities, net of tax					4		4
Foreign currency translation adjustments					(124)		(124)
Repurchase of ordinary shares		¥ (443)					(443)
Repurchase of ordinary shares (in shares) \| shares	(19,289,850)
Repurchase of treasury shares (in shares) \| shares		19,289,850
Cash dividends declared				(2,136)			(2,136)
Losses arising from defined benefit plan, net of tax					0		0
Balance at ending outstanding (in shares) at Jun. 30, 2025 \| shares	3,076,681,170
Balance at ending at Jun. 30, 2025	¥ 0	¥ (630)	9,770	2,751	262	140	¥ 12,293
Treasury shares, balance at ending (in shares) at Jun. 30, 2025 \| shares		30,240,360
Balance at beginning outstanding (in shares) at Dec. 31, 2025 \| shares	3,071,525,690						3,071,525,690	3,071,525,690
Balance at beginning at Dec. 31, 2025	¥ 0	¥ (662)	9,653	3,614	199	154	¥ 12,958
Treasury shares, balance at beginning (in shares) at Dec. 31, 2025 \| shares		26,798,120					26,798,120	26,798,120
Increase (Decrease) in Stockholders' Equity
Exercise of share options and vesting of restricted stocks in Treasury Shares		¥ 216	(214)				¥ 2
Exercise of share options and vesting of restricted stocks in Treasury Shares (in shares) \| shares	9,411,920	(9,411,920)
Issuance of ordinary shares upon exercise of options and vesting of restricted stocks	¥ 0		0
Issuance of ordinary shares upon exercise of options and vesting of restricted stocks (in shares) \| shares	1,223,430
Conversion of Convertible Senior Notes	¥ 0		3,428				3,428
Conversion of Convertible Senior Notes (in shares) \| shares	133,496,890
Share-based compensation			265				265
Net income				2,394		6	2,400	$ 354
Dividends paid to noncontrolling interest holders						(2)	(2)
Foreign currency translation adjustments					(81)		(81)	$ (12)
Repurchase of ordinary shares		¥ (1,857)					(1,857)
Repurchase of ordinary shares (in shares) \| shares	(61,598,060)
Repurchase of treasury shares (in shares) \| shares		61,598,060
Redemption of noncontrolling interest						(3)	(3)
Cash dividends declared				(2,875)			¥ (2,875)
Balance at ending outstanding (in shares) at Jun. 30, 2026 \| shares	3,154,059,870						3,154,059,870	3,154,059,870
Balance at ending at Jun. 30, 2026	¥ 0	¥ (2,303)	¥ 13,132	¥ 3,133	¥ 118	¥ 155	¥ 14,235	$ 2,098
Treasury shares, balance at ending (in shares) at Jun. 30, 2026 \| shares		78,984,260					78,984,260	78,984,260

CASH DIVIDEND (Details) $ / shares in Units, ¥ in Millions, $ in Millions	2 Months Ended	3 Months Ended
	Aug. 17, 2026 USD ($) $ / shares	Mar. 31, 2026 $ / shares	Sep. 30, 2025 CNY (¥) $ / shares	Mar. 31, 2025 CNY (¥) $ / shares	Jun. 30, 2026 CNY (¥)
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
CASH DIVIDEND
Declaration date		Mar. 18, 2026
Cash dividends declared (in $ per share)		$ 0.13
Record date		May 04, 2026
Dividends payable \| ¥					¥ 2,844
O2026 Q3 Dividends \| Subsequent Event
CASH DIVIDEND
Declaration date	Aug. 17, 2026
Cash dividends declared (in $ per share)	$ 0.087
Record date	Sep. 08, 2026
Dividends payable \| $	$ 275
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
CASH DIVIDEND
Cash dividends declared (in $ per share)		$ 1.3
ADS \| O2026 Q3 Dividends \| Subsequent Event
CASH DIVIDEND
Cash dividends declared (in $ per share)	$ 0.87

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Millions	Jun. 30, 2026 CNY (¥) shares	Jun. 30, 2026 $ / shares	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 $ / shares
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
Marketable securities measured at fair value	¥ 57		¥ 69
Accounts receivable, allowance	105		116
Loan receivables - current, allowance	45		45
Amounts due from related parties current, allowance	36		36
Other current assets, allowance	8		8
Available-for-sale debt securities measured at fair value	158		175
Amounts due from related parties, allowance	1		1
Loan receivables, allowance	2		3
Other assets, allowance	¥ 13		¥ 13
Ordinary shares par value (in dollars per share) \| $ / shares		$ 0.00001		$ 0.00001
Ordinary shares authorized (in shares) \| shares	80,000,000,000		80,000,000,000
Ordinary shares issued (in shares) \| shares	3,233,044,130		3,098,323,810
Ordinary shares, shares outstanding (in shares) \| shares	3,154,059,870		3,071,525,690
Treasury shares (in shares) \| shares	78,984,260		26,798,120

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2026

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

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, 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 June 30, 2026	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 value	57	—	—
Long term investments
Available-for-sale debt securities	—	—	158
Employee benefit plan assets	8	—	—

Schedule of assets measured at fair value and lossess recognized


As of December 31, 2025		Fair Value Measurements at Reporting Date Using
		Significant
		Unobservable	Total
		Inputs	Loss for
Description	Fair Value	(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


As of June 30, 2026				Fair Value Measurements at Reporting Date Using
				Significant		Total
				Unobservable		Loss for
				Inputs		the Six Months
Description		Fair Value		(Level 3)		Ended
Property and equipment		7		7		32
Operating lease right-of-use assets		23		23		17
Intangible assets		—		—		4
Long-term investment		158		158		13

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2026

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

19.SUBSEQUENT EVENTS

In September 2026, the Group completed the offering of RMB3,350 aggregate principal amount of RMB-denominated senior unsecured bonds (the “Bonds”). The Bonds were offered in offshore transactions outside the United States to non-U.S. persons (the “Bond Offering”) in reliance on Regulation S under the United States Securities Act of 1933, as amended. The Bond Offering consists of RMB3,350 of 2.25% bonds due 2031.

SHARE-BASED COMPENSATION

6 Months Ended

Jun. 30, 2026

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

11.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 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 June 30, 2026, the Group had granted 274,633,910 options and 360,969,690 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.

In 2026, the Group granted 128,720 share options to senior officers, which was in two tranches with performance conditions, and the vesting of each of the two tranches commences respectively at the first, second 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 two-year period ending December 31, 2027.

The weighted-average grant date fair values for options granted in 2025 and 2026 were US$1.34 and US$1.33 per share, respectively, 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 volatilities were 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		2026
Suboptimal exercise factor		2.80		2.80
Risk-free interest rate		4.68	%	4.21	%
Volatility		51.75	%	48.86	%
Dividend yield		4.60	%	5.10	%
Life of option		8	years	6.93	years

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


						Weighted Average
		Number of		Weighted Average		Remaining		Aggregate Intrinsic
		Options		Exercise Price		Contractual Life		Value
				US$		Years		US$’million
Share options outstanding at January 1, 2026		24,406,030		2.80
Granted		128,720		2.80
Exercised		(98,140)		2.80
Share options outstanding at June 30, 2026		24,436,610		2.80		6.90		34
Share options vested or expected to vest at June 30, 2026		22,460,850		2.80		6.90		31
Share options exercisable at June 30, 2026		4,498,510		2.80		6.92		6

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 which are indexed to financial performance beyond the year ended December 31, 2026. The total share based compensation expenses relating to these options were RMB84.

As of June 30, 2026, there was RMB131 in total unrecognized compensation expense, net of estimated forfeitures, related to the option arrangements, which is expected to be recognized over a weighted-average period of 2.77 years.

During the six months ended June 30, 2026, 98,140 share options were exercised having an aggregate intrinsic value of RMB1.

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. In 2026, the Group granted 128,720 nonvested restricted stocks to senior officers, with the same terms of the options granted in 2026. The Group didn’t record any compensation expenses relating to options which are indexed to financial performance beyond the year ended December 31, 2026. The total share based compensation expenses relating to these nonvested restricted stocks were RMB137.

The following table summarized the Group’s nonvested restricted stock activities during the six months ended June 30, 2026.


				Weighted
		Number of		Average Grant
		Restricted Stocks		Date Fair Value
				US$
Nonvested restricted stocks outstanding at January 1, 2026		113,337,790		2.86
Granted		2,199,840		4.60
Forfeited		(4,159,740)		2.10
Vested		(10,537,210)		2.52
Nonvested restricted stocks outstanding at June 30, 2026		100,840,680		2.96

As of June 30, 2026, there was RMB1,462 in unrecognized compensation costs, net of estimated forfeitures, related to unvested restricted stocks, which is expected to be recognized over a weighted-average period of 5.31 years.

The total fair value of nonvested restricted stocks vested was RMB283 and RMB343 for the six months ended June 30, 2025 and 2026, respectively.

For the six months ended June 30, 2025 and 2026, the Group recognized share-based compensation expenses of RMB247 and RMB265, respectively, which were classified as follows:


		Six Months Ended June 30,
		2025		2026
Hotel operating costs		16		16
Selling and marketing expenses		4		6
General and administrative expenses		227		243
Total		247		265

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2026

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

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

Impairment of long-lived assets

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 our assets that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy.


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 June 30, 2026	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 value	57	—	—
Long term investments
Available-for-sale debt securities	—	—	158
Employee benefit plan assets	8	—	—


As of December 31, 2025		Fair Value Measurements at Reporting Date Using
		Significant
		Unobservable	Total
		Inputs	Loss for
Description	Fair Value	(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


As of June 30, 2026				Fair Value Measurements at Reporting Date Using
				Significant		Total
				Unobservable		Loss for
				Inputs		the Six Months
Description		Fair Value		(Level 3)		Ended
Property and equipment		7		7		32
Operating lease right-of-use assets		23		23		17
Intangible assets		—		—		4
Long-term investment		158		158		13

Share-based compensation

Earnings per share

Translation into United States Dollars

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - CNY (¥) ¥ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Loss from fair value changes of debt securities, net of tax	¥ 0	¥ 1
Foreign currency translation adjustments, net of tax	¥ 0	¥ 0

EMPLOYEE BENEFIT PLANS (Details) - CNY (¥) ¥ in Millions	6 Months Ended
EMPLOYEE BENEFIT PLANS (Details) - CNY (¥) ¥ in Millions	Jun. 30, 2026	Jun. 30, 2025
EMPLOYEE BENEFIT PLANS
Total contribution for employee benefits	¥ 547	¥ 468
Contributions recognized as expense	¥ 65	¥ 46

ASSETS AND LIABILITIES HELD FOR SALE (Tables)

6 Months Ended

Jun. 30, 2026

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, 2025
Assets held for sale:
Property and equipment, net		17
Operating lease right-of-use assets		552
Finance lease right-of-use assets		70
Other assets		30
Total		669

Liabilities held for sale:
Accrued expenses and other current liabilities		39
Operating lease liabilities, current		21
Operating lease liabilities, non-current		510
Finance lease liabilities		74
Other liabilities		27
Total		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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
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-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 11
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 205
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+ Details

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	6 Months Ended
	Jun. 30, 2026 CNY (¥)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 CNY (¥)	Dec. 31, 2025 CNY (¥)
SEGMENT
Revenues	¥ 13,117	$ 1,934	¥ 11,821
Property and equipment, net, intangible assets, net, right-of-use assets, land use rights, net and goodwill	42,450			¥ 43,218
PRC
SEGMENT
Revenues	10,904		9,568
Property and equipment, net, intangible assets, net, right-of-use assets, land use rights, net and goodwill	25,924			26,101
Germany
SEGMENT
Revenues	1,578		1,596
Property and equipment, net, intangible assets, net, right-of-use assets, land use rights, net and goodwill	12,841			13,131
All others
SEGMENT
Revenues	635		¥ 657
Property and equipment, net, intangible assets, net, right-of-use assets, land use rights, net and goodwill	¥ 3,685			¥ 3,986

- 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

DEBT - Total (Details) ¥ in Millions, $ in Millions	Jun. 30, 2026 CNY (¥)	Jun. 30, 2026 USD ($)	Dec. 31, 2025 CNY (¥)
DEBT
Short-term debt	¥ 911	$ 134	¥ 5,337
Total	911		5,337
Long-term debt	3,315	$ 489	479
Bank borrowings
DEBT
Long-term debt, current portion	205		371
Long-term debt	3,137		268
Convertible Debt
DEBT
Long-term debt, current portion			3,514
FF&E liability
DEBT
Long-term debt, current portion	46		52
Long-term debt	167		198
Others
DEBT
Long-term debt	11		13
Bank borrowings
DEBT
Short-term debt	¥ 660		¥ 1,400

EARNINGS PER SHARE - Computation of diluted earnings (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
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	5,132,930	39,413,700

CASH DIVIDEND

6 Months Ended

Jun. 30, 2026

CASH DIVIDEND

CASH DIVIDEND

14.CASH DIVIDEND

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 approximately 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 approximately 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 RMB2,844 was mostly paid in the second quarter of 2026.

On August 17, 2026, the Group approved and declared a cash dividend of US$0.087 per ordinary share, or US$0.87 per ADS, on its outstanding shares as of the close of trading on September 8, 2026. Such dividend of approximately US$275 million was mostly paid in the third quarter of 2026.