H World Group Limited

Good day and thank you for standing by. Welcome to the H-World Q4 and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 and 1 again. Please be advised today's conference is being recorded. We'd now like to hand the conference over to your first speaker today, Ivy. Please go ahead.

Thank you. Good morning and good evening, everyone. Thanks for joining us today. Welcome to H-World Group 2025 Fourth Quarter and Four-Year Earnings Conference Call. Joining us today is our founder and executive chairman, Mr. Jiqi, our CEO, Mr. Jinghui, our CFO, Ms. Chenghui. and our CSO, Ms. He Ji Hong. Following their prepared remarks, management will be available to answer your questions. Before we continue, please note that the discussion today will include forward-looking statements made under the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, forward-looking statements involving inherent risks and uncertainties. As such, our results may be materially different from the views expressed today. A number of potential risks and uncertainties are outlining our public filings with SEC. Edgewood Group does not undertake any obligation to update any forward-looking statements, except as required under applicable laws. On the call today, we will also mention adjusted financial measures during the discussion of our performance. Reconciliation of those measures to comparable gap information can be found in our earnings relief that was distributed early today. As a reminder, this conference call is being recorded. The webcast of this conference call, as well as supplementary slide presentation, is available at ir.ho.com. With that, now I will hand over the call to our CEO, Mr. Jin Hui, to discuss our business performance in the fourth quarter and four year of 2025. Mr. Jin, please.

Hello, investors and analysts. Thank you for participating in the 4th quarter and four year of 2025. First of all, I would like to do a simple sharing of the overall travel market observation. In the year of 2025, the demand for domestic residents to travel has returned from a stage-based recovery to a standardized demand. Data showing that the overall travel demand for railways, airlines, and passengers has maintained a steady growth. The demand for passengers and consumption has steadily increased. The public's longing for a better life continues to grow steadily. As the traffic network is improving, the demand for accommodation is accelerating from the core city to the county and township, and the lower-level market has become a new growth level for civil consumerism. The new industry-style consumerism, such as civil consumerism, exhibition, sports competition, and so on, will drive the demand for accommodation to be diversified and qualitatively upgraded. The current industry is facing low-quality homogenization attacks. Dear investors and analysts, good day.