H World Group Ltd 6-K, filed Sep 23, 2026

H World Group Ltd (HTHT)

6-K 2026-09-23 For: 2026-06-30

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Added on September 23, 2026

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H World Group Ltd filed this 6-K on September 23, 2026.

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Number		Description of Document
Exhibit 99.1		Unaudited Condensed Consolidated Financial Statements for the Six Months Ended June 30, 2025 and 2026
101.INS		Inline XBRL Taxonomy Instance Document — the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Presentation Linkbase Document
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

		H World Group Limited
		(Registrant)

Date: September 23, 2026	By:	/s/ Qi Ji
	Name:	Qi Ji
	Title:	Executive Chairman of the Board of Directors


Unaudited Interim Condensed Consolidated Balance Sheets as of December 31, 2025 and June 30, 2026		F-2

Unaudited Interim Condensed Consolidated Statements of Comprehensive Income for the Six Months Ended June 30, 2025 and 2026		F-3

Unaudited Interim Condensed Consolidated Statements of Changes in Equity for the Six Months Ended June 30, 2025 and 2026		F-4

Unaudited Interim Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2026		F-5

Notes to Unaudited Interim Condensed Consolidated Financial Statements		F-6


	As of
	December 31, 2025	June 30, 2026	June 30, 2026
			US$’ in million
			(Note 2)
ASSETS
Current assets:
Cash and cash equivalents	10,386	14,249	2,100
Restricted cash	146	142	21
Short-term investments, including marketable securities measured at fair value of RMB69 and RMB57 as of December 31, 2025 and June 30, 2026, respectively	4,894	1,315	194
Accounts receivable, net of allowance of RMB116 and RMB105 as of December 31, 2025 and June 30, 2026, respectively	723	839	124
Loan receivables - current, net of allowance of RMB45 and RMB45 as of December 31, 2025 and June 30, 2026, respectively	87	74	11
Amounts due from related parties, net of allowance of RMB36 and RMB36 as of December 31, 2025 and June 30, 2026, respectively	272	104	15
Inventories	57	52	8
Other current assets, net of allowance of RMB8 and RMB8 as of December 31, 2025 and June 30, 2026, respectively	870	986	145
Total current assets	17,435	17,761	2,618

Property and equipment, net	5,230	4,989	735
Intangible assets, net	5,028	4,821	711
Operating lease right-of-use assets	24,983	24,922	3,673
Finance lease right-of-use assets	2,394	2,275	335
Land use rights, net	155	152	22
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	1,369	1,352	199
Goodwill	5,428	5,291	780
Amounts due from related parties, net of allowance of RMB1 and RMB1 as of December 31, 2025 and June 30, 2026, respectively	42	35	5
Loan receivables, net of allowance of RMB3 and RMB2 as of December 31, 2025 and June 30, 2026, respectively	132	113	17
Other assets, net of allowance of RMB13 and RMB13 as of December 31, 2025 and June 30, 2026, respectively	752	761	113
Deferred income tax assets	1,157	1,143	168
Assets held for sale	669	—	—
Total assets	64,774	63,615	9,376

LIABILITIES AND EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt	5,337	911	134
Accounts payable	1,020	1,040	153
Amounts due to related parties	129	96	14
Salary and welfare payables	1,188	991	146
Deferred revenue	1,823	2,004	296
Operating lease liabilities, current	3,478	3,563	525
Finance lease liabilities, current	59	62	9
Accrued expenses and other current liabilities	4,902	4,912	725
Income tax payable	1,191	1,122	165
Total current liabilities	19,127	14,701	2,167

Long-term debt	479	3,315	489
Operating lease liabilities, non-current	23,653	23,452	3,456
Finance lease liabilities, non-current	3,063	2,931	432
Deferred revenue	1,602	1,674	247
Other long-term liabilities	1,925	2,082	306
Retirement benefit obligations	109	100	15
Deferred income tax liabilities	1,187	1,125	166
Liabilities held for sale	671	—	—
Total liabilities	51,816	49,380	7,278
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)	(662)	(2,303)	(339)
Additional paid-in capital	9,653	13,132	1,935
Retained earnings	3,614	3,133	462
Accumulated other comprehensive income	199	118	17
Total H World Group Limited shareholders’ equity	12,804	14,080	2,075
Noncontrolling interest	154	155	23
Total equity	12,958	14,235	2,098
Total liabilities and equity	64,774	63,615	9,376


	Six Months Ended June 30,
	2025	2026	2026
			US$’ in million
			(Note 2)
Revenues:
Leased and owned hotels	6,190	5,983	882
Manachised and franchised hotels	5,364	6,592	972
Others	267	542	80
Total revenues	11,821	13,117	1,934
Operating costs and expenses:
Hotel operating costs	7,356	7,685	1,133
Other operating costs	22	42	6
Selling and marketing expenses	552	623	92
General and administrative expenses	1,172	1,251	184
Pre-opening expenses	15	29	4
Total operating costs and expenses	9,117	9,630	1,419
Other operating income, net	165	219	32
Income from operations	2,869	3,706	547
Interest income	101	120	17
Interest expense	165	139	20
Other income (expense), net	37	(28)	(4)
Losses from fair value changes of equity securities, net	(13)	(10)	(1)
Foreign exchange gain (loss), net	574	(117)	(18)
Income before income taxes	3,403	3,532	521
Income tax expense	942	1,168	172
(Loss) gain from equity method investments	(3)	36	5
Net income	2,458	2,400	354
Less: net income attributable to noncontrolling interest	20	6	1
Net income attributable to H World Group Limited	2,438	2,394	353

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	(124)	(81)	(12)
Comprehensive income	2,338	2,319	342
Less: comprehensive income attributable to the noncontrolling interest	20	6	1
Comprehensive income attributable to H World Group Limited	2,318	2,313	341

Earnings per share:
Basic	0.79	0.77	0.11
Diluted	0.77	0.74	0.11
Weighted average number of shares used in computation:
Basic	3,069,285,390	3,113,494,317	3,113,494,317
Diluted	3,238,797,601	3,262,617,460	3,262,617,460


	Ordinary Shares		Treasury Shares				Accumulated Other
	Outstanding				Additional Paid-in	Retained	Comprehensive	Noncontrolling
	shares	Amount	Shares	Amount	Capital	Earnings	Income	Interest	Total Equity
Balance at January 1, 2025	3,083,916,600	0	21,178,090	(274)	9,620	2,449	382	94	12,271
Exercise of share options and vesting of restricted stocks in Treasury Shares	10,227,580	—	(10,227,580)	87	(84)	—	—	—	3
Issuance of ordinary shares upon exercise of options and vesting of restricted stocks	1,826,840	0	—	—	16	—	—	—	16
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	(19,289,850)	—	19,289,850	(443)	—	—	—	—	(443)
Cash dividends declared	—	—	—	—	—	(2,136)	—	—	(2,136)
Losses arising from defined benefit plan, net of tax	—	—	—	—	—	—	(0)	—	(0)
Balance at June 30, 2025	3,076,681,170	0	30,240,360	(630)	9,770	2,751	262	140	12,293

Balance at January 1, 2026	3,071,525,690	0	26,798,120	(662)	9,653	3,614	199	154	12,958
Exercise of share options and vesting of restricted stocks in Treasury Shares	9,411,920	—	(9,411,920)	216	(214)	—	—	—	2
Issuance of ordinary shares upon exercise of options and vesting of restricted stocks	1,223,430	0	—	—	0	—	—	—	—
Conversion of Convertible Senior Notes	133,496,890	0	—	—	3,428	—	—	—	3,428
Share-based compensation	—	—	—	—	265	—	—	—	265
Net income	—	—	—	—	—	2,394	—	6	2,400
Dividends paid to noncontrolling interest holders	—	—	—	—	—	—	—	(2)	(2)
Capital contribution from noncontrolling interest holders	—	—	—	—	—	—	—	—	—
Acquisition of noncontrolling interest	—	—	—	—	—	—	—	—	—
Gains from fair value changes of debt securities, net of tax	—	—	—	—	—	—	—	—	—
Foreign currency translation adjustments	—	—	—	—	—	—	(81)	—	(81)
Repurchase of ordinary shares	(61,598,060)	—	61,598,060	(1,857)	—	—	—	—	(1,857)
Redemption of noncontrolling interest	—	—	—	—	—	—	—	(3)	(3)
Cash dividends declared	—	—	—	—	—	(2,875)	—	—	(2,875)
Balance at June 30, 2026	3,154,059,870	0	78,984,260	(2,303)	13,132	3,133	118	155	14,235

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


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	—	—


	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


	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


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


		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


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


						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


	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


	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


		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


		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


				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


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


	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


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