InterContinental Hotels Group PLC (IHG) 2024 Q2 法說會逐字稿

Hello, and welcome to IHG's 2024 half-year results presentation. I'm Stuart Ford, Senior Vice President and Head of Investor Relations at IHG Hotels & Resorts. After a short video reel, I will pass over to Ellie Maalouf, our Chief Executive Officer.

您好，歡迎收聽洲際酒店集團 2024 年半年度業績發表會。我是 Stuart Ford (Stuart Ford)，洲際酒店集團酒店及度假村高級副總裁兼投資者關係主管。簡短的影片播放結束後，我將請我們的執行長 Ellie Maalouf 發言。

Before we proceed, I'm obliged to remind the audience that the company may make certain forward-looking statements as defined under US law. Please refer to the accompanying half-year results announcement and the company's SEC filings for factors that could lead actual results to differ materially from those expressed in or implied by any such forward-looking statements.

在我們繼續之前，我有義務提醒觀眾，公司可能會根據美國法律的定義做出某些前瞻性聲明。請參閱隨附的半年度業績公告和本公司向 SEC 提交的文件，以了解可能導致實際結果與任何此類前瞻性聲明中明示或暗示的結果有重大差異的因素。

The results release, together with the usual supplementary data pack as well as the presentation slides accompanying the results can all be downloaded from the results and presentations section under the investors tab on ihgplc.com.

結果發布以及通常的補充資料包以及結果隨附的簡報投影片都可以從 ihgplc.com 投資者標籤下的結果和簡報部分下載。

(video playing)

（影片播放）

Hello, and welcome to IHG's 2024 half-year results-presentation. I'm Elie Maalouf, Chief Executive Officer of IHG Hotels & Resorts. I will kick things off in a moment by sharing highlights from the first half, a period of strong financial performance and excellent development activity. Michael Glover, our Chief Financial Officer, will then provide a financial review, after which I will share areas of progress we are making on our strategic priorities.

您好，歡迎收聽洲際酒店集團 2024 年半年度業績發表會。我是 Elie Maalouf，洲際酒店集團酒店及度假村首席執行官。我將首先分享上半年的亮點，這是一段強勁的財務表現和出色的開發活動的時期。然後，我們的財務長 Michael Glover 將提供財務審查，之後我將分享我們在策略重點方面取得的進展。

We then have Heather Balsley, our Chief Commercial and Marketing Officer, who will provide an update on the great work we are doing in critical areas such as IHG Hotels & Resorts master brand, our IHG One Rewards loyalty program, and ancillary revenues. We saw strong progress in the first half of 2024 with key metrics for our trading performance, signings, profit, and earnings all ahead year over year.

接下來，我們的首席商務和行銷長希瑟·巴爾斯利(Heather Balsley) 將介紹我們在洲際酒店集團酒店及度假村主品牌、洲際酒店集團One Rewards 忠誠度計劃和輔助收入等關鍵領域所做的出色工作的最新情況。我們在 2024 年上半年看到了強勁的進展，我們的交易表現、簽約、利潤和收益等關鍵指標均較去年同期成長。

RevPAR accelerated in Q2 to 3.2%, reflecting a strong rebound in the US and the breadth of our global footprint, leading to H1 up 3%. Looking at system size, our gross growth was 4.9% and net growth was 3.2%. We added 126 hotels to our system, taking our total estate to 955,000 rooms across more than 6,400 hotels. We delivered record-breaking signings of over 57,000 rooms, up 67% on last year, driven by strong momentum across our brand portfolio and the NOVUM Hospitality agreement signed in April.

第二季每間可用客房收入 (RevPAR) 加速至 3.2%，反映出美國市場的強勁反彈以及我們全球業務的廣泛覆蓋，導致上半年增長 3%。從系統規模來看，我們的總成長率為 4.9%，淨成長率為 3.2%。我們在系統中增加了 126 家飯店，使我們的 6,400 多家飯店的總客房數量達到 955,000 間。在我們品牌組合的強勁勢頭和 4 月份簽署的 NOVUM Hospitality 協議的推動下，我們簽署了超過 57,000 間客房，創下了破紀錄的紀錄，比去年增長了 67%。

We continued to successfully capture conversion opportunities, which represented over half of all signings. Our fee margin continued to expand, growing 180 basis points and helped drive operating profit to over $0.5 billion, up 12%. EPS also grew 12%.

我們繼續成功抓住轉換機會，佔所有簽約的一半以上。我們的費用利潤率持續擴大，成長了 180 個基點，並幫助推動營業利潤超過 5 億美元，成長 12%。EPS 也成長了 12%。

We are pleased to declare an interim dividend of $0.532, consistent with our 10% growth rate in each of the last two years. Dividend payments, along with the $800 million share buyback program, are expected to return over $1 billion to shareholders in 2024, representing over 7% of our market cap at the start of the year.

我們很高興宣布派發中期股息 0.532 美元，與過去兩年每年 10% 的成長率一致。股利支付以及 8 億美元的股票回購計畫預計將在 2024 年向股東返還超過 10 億美元，占我們年初市值的 7% 以上。

Now let me hand over to Michael, who will take you through the details of our financial results for the half.

現在讓我把時間交給邁克爾，他將向您詳細介紹我們上半年的財務表現。

Thanks, Elie. I'm Michael Glover, Chief Financial Officer for IHG Hotels & Resorts. Let me take you through some more detail on the strong financial performance that we have delivered in the first half of 2024. For our reportable segments, which is the fee business together with the owned and leased portfolio of 17 hotels, revenue was $1.1 billion, and EBIT was $535 million, representing growth of 7% and 12%, respectively.

謝謝，埃利。我是麥可‧格洛佛 (Michael Glover)，洲際酒店集團飯店及度假村財務長。讓我向您詳細介紹我們在 2024 年上半年實現的強勁財務業績。對於我們的可申報部門（即收費業務以及自有和租賃的 17 家酒店組合），收入為 11 億美元，息稅前利潤為 5.35 億美元，分別增長 7% 和 12%。

Within this, fee business revenue increased by 6% to $850 million, while fee business operating profit increased by 10% to $517 million. On an underlying basis, which adjusts for a $4 million [LD receipt] and to measure growth at constant currency, fee revenues were up 7% and profit was up 11%. Fee margin increased by 180 basis points to 60.6%, and I'll touch on this in more detail shortly.

其中，收費業務收入成長6%，達到8.5億美元，而收費業務營業利潤成長10%，達到5.17億美元。在基本基礎上，根據 400 萬美元 [LD 收入] 進行調整併以固定貨幣衡量增長，費用收入增長了 7%，利潤增長了 11%。費用利潤率增加了 180 個基點，達到 60.6%，我很快就會更詳細地討論這一點。

Adjusted interest increased to $79 million as expected, which reflects the higher level of net debt and a higher interest rate on the bond that was refinanced towards the end of 2023 and also the larger system fund cash position and the increase charge on this balance, which is linked to higher base rates.

調整後的利息如預期增加至 7,900 萬美元，這反映了更高的淨債務水平和 2023 年底再融資債券的更高利率，以及更大的系統基金現金頭寸和該餘額的增加費用，這與較高的基本利率相關。

The effective tax rate was 27%, which is also in line with the guidance we gave. But the rate in the first half of 2023 was lower at 25% as that benefited from a non-recurring deferred tax credit related to a tax law change in the Middle East. The rate for the whole of 2023 was 28%.

有效稅率為27%，也符合我們給予的指導。但 2023 年上半年的稅率較低，為 25%，因為受益於與中東稅法變更相關的非經常性遞延稅收抵免。2023年全年的成長率為28%。

At the end of the presentation, I'LL remind you our full-year outlook for interest and tax to help with modeling. But the key point is these have not changed from six months ago. Earnings per share includes the benefit of accretion from the $800 million share buyback program we are partway through in 2024 as well as the annualization of the previous $750 million buyback completed in 2023.

在演示結束時，我將提醒您我們對全年利息和稅收的展望，以幫助建模。但關鍵是這些與六個月前相比並沒有改變。每股盈餘包括我們 2024 年正在進行的 8 億美元股票回購計畫的增值收益，以及 2023 年完成的 7.5 億美元回購計畫的年化收益。

The combination of these reduced the average share count by 5.6%. With our strong growth in profit, coupled with the interest, tax rate, and share count movements, earnings per share increased by 12% to $2.039. For the full year of 2024, the interest cost percentage increase will be less pronounced than it was for the first half. And the tax rate is expected to be around 1 percentage point lower rather than the 2-percentage-point higher, which was the case in the first half. Therefore, earnings per share growth for the full year is expected to be higher than the EBIT growth and in line with consensus expectations.

這些因素綜合起來，平均份額減少了 5.6%。由於我們利潤的強勁增長，加上利息、稅率和股票數量的變化，每股收益增長了 12%，達到 2.039 美元。 2024年全年，利息成本百分比增幅將不如上半年那麼明顯。稅率預計將下降1個百分點左右，而不是上半年的高2個百分點。因此，預計全年每股收益成長將高於息稅前利潤成長，符合市場普遍預期。

Moving on to a summary view of RevPAR performance by region. The Americas improved strongly in Q2 with RevPAR growth of 3.3%, while this included a benefit in April from the shift in the timing of Easter, which had impacted the end of Q1. All three months of the second quarter were positive AND saw more normalized levels of demand, which was encouraging. US RevPAR in Q2 was up 2.5%, whilst across Canada, Latin America, and the Caribbean, it was up 9.4%.

接下來是按地區劃分的 RevPAR 績效摘要視圖。美洲地區第二季強勁改善，每間客房營收成長 3.3%，其中包括 4 月復活節時間變化帶來的好處，影響了第一季末。第二季的所有三個月都是正面的，需求水準更加正常化，這是令人鼓舞的。美國第二季的 RevPAR 成長了 2.5%，而加拿大、拉丁美洲和加勒比海地區則成長了 9.4%。

In the EMEAA region, we delivered another strong quarter of RevPAR with growth of 6.3% in Q2 after 8.9% in Q1. For the first half overall, the UK was up 2.5%; Continental Europe, 4.8%; and the Middle East saw 9% growth. Markets in Asia Pacific were particularly strong and up double digits, partly driven by the benefits of outbound tourism from China.

在歐洲、中東和非洲地區，我們每間可用的客房收入 (RevPAR) 再次表現強勁，在第一季成長 8.9% 後，第二季成長 6.3%。上半年英國整體上漲 2.5%；歐洲大陸，4.8%；中東地區成長了 9%。亞太地區的市場尤其強勁，成長了兩位數，部分原因是中國出境旅遊業帶來的好處。

Turning then to Greater China, the 2.5% growth in RevPAR in Q1 eased to a reduction of 7% in Q2. You recall that the comps got significantly tougher in Q2 last year. The [retail] was close to flat versus 2019 levels in Q2 2023, having been down 9% in Q1 last year.

接下來看大中華區，RevPAR 第一季成長 2.5%，第二季下降 7%。您還記得去年第二季的比賽變得更加艱難。2023 年第二季的[零售]與 2019 年的水準接近持平，去年第一季下降了 9%。

As you know, the industry has experienced shifting patterns of demand mix including an expansion of outbound leisure travel to other markets, particularly elsewhere in Asia Pacific, as seen benefiting demand in our EMEAA region. Yet given how successfully we are expanding supply in the region, we achieved total room nights sold and total hotel rooms revenue in Q2 that were both still up by over 5%. And for half one, that were up around 10%.

如您所知，該行業經歷了需求組合模式的轉變，包括出境休閒旅遊擴展到其他市場，特別是亞太地區其他市場，這有利於歐洲、中東和非洲地區的需求。然而，考慮到我們在該地區擴大供應的成功程度，我們在第二季度的總銷售間夜數和酒店客房總收入仍然增長了 5% 以上。對於一半來說，成長了 10% 左右。

With that said, and even though comps get tougher in Q3, as this time last year, there was incredibly strong domestic demand, we are clear in our view that the short-term trading bonds are not some kind of new norm. We are very confident in the highly attractive medium- and long-term growth outlook, which is also reflected in our very strong openings and signings performance in H1, which I will come to in a moment.

話雖如此，儘管第三季的比較情況變得更加艱難，就像去年這個時候一樣，國內需求異常強勁，但我們清楚地認為，短期交易債券並不是某種新常態。我們對極具吸引力的中長期成長前景充滿信心，這也反映在我們上半年非常強勁的空缺職位和簽約表現中，我稍後會談到這一點。

As we said out before, China is expected to grow at a premium rate of GDP expansion compared to many other economies. The number of middle-income households is expected to double over the next decade. Their spend on travel and tourism will grow at an even faster rate. And more hotel new supply will, of course, be needed to meet this demand and close the under penetration of rooms per capita.

正如我們之前所說，與許多其他經濟體相比，中國的 GDP 擴張速度預計會更高。未來十年，中等收入家庭的數量預計將增加一倍。他們在旅行和旅遊方面的支出將以更快的速度成長。當然，需要更多的飯店新供應來滿足這一需求並彌補人均客房滲透率不足的問題。

So taking the three regions together, our global RevPAR improved to growth of 3.2% in Q2 and growth of 3% for the first half.

因此，將這三個地區放在一起，我們的全球 RevPAR 在第二季度成長了 3.2%，在上半年成長了 3%。

Here we are showing you our room's revenue performance split by the different demand drivers of business, leisure, and groups, and this is split into the room nights and rate progress. Groups has been strongest, globally up 7% year on year in the first half, which, as expected, is a lag effect of this area of demand, [falling] recovery and getting good rate traction post COVID. For leisure, it's pleasing to see this continuing to grow in all three regions. It was up 4% globally and business revenue was up 1% year on year. So globally, all three demand areas showed positive rooms revenue growth.

在這裡，我們向您展示我們客房的收入表現，按商務、休閒和團體的不同需求驅動因素劃分，並分為間夜數和房價進度。集團表現最強勁，上半年全球年增 7%，正如預期的那樣，這是該領域需求、復甦[下降]以及新冠疫情後良好利率牽引的滯後效應。對於休閒而言，很高興看到這三個地區的休閒活動持續成長。全球成長 4%，業務收入年增 1%。因此，在全球範圍內，所有三個需求領域的客房收入均呈現正面成長。

Turning to system growth, gross openings produced 4.9% growth year on year as we added 18,000 rooms in the first half of 2024. This was broadly similar to the same period last year. If you exclude Iberostar and the first NOVUM hotels that we've added to the system in June of this year, 9,000 rooms exited the system in the half equivalent to 1.7% renewal rate over the last 12 months, which is broadly in line with the historic underlying average.

談到系統成長，2024 年上半年我們新增了 18,000 間客房，開業總額較去年同期成長 4.9%。這與去年同期大致相似。如果排除 Iberostar 和我們今年 6 月添加到系統中的第一批 NOVUM 酒店，一半的 9,000 間客房退出系統，相當於過去 12 個月的 1.7% 續訂率，這與歷史基礎平均水平。

Taken together, net system growth is therefore 3.2% year on year and is 0.9% year to date. There's a lot to do in the second half of the year, but we remain confident of achieving consensus, which is around 4% for the year as a whole. This will include the NOVUM rooms, which we have said in today's statement, we expect to contribute approximately 0.8 of the system growth expected for 2024.

總而言之，系統淨成長率為年比 3.2%，年初至今為 0.9%。下半年還有很多工作要做，但我們仍然有信心達成共識，全年成長在 4% 左右。這將包括 NOVUM 房間，我們在今天的聲明中已經說過，我們預計將貢獻 2024 年預計系統增長的約 0.8 倍。

We signed a record-breaking 57,000 rooms in the half, a huge increase of 67% on 2023 in total and still up 15%, if you back out Iberostar and the NOVUM signings. In Q2, the growth rate was even higher, clearly that's the quarter with the NOVUM agreement in it. But excluding that, the signings were still up a very impressive 23% on last year. What's also very pleasing to see is that new build signings are up 23% which reflects developer confidence improving as well as the strength of our brands and enterprise.

上半年我們簽署了創紀錄的 57,000 間客房，比 2023 年總數大幅增長 67%，如果剔除 Iberostar 和 NOVUM 的簽約，仍將增長 15%。第二季的成長率甚至更高，顯然這是簽訂 NOVUM 協議的季度。但除此之外，簽約人數仍比去年增加了 23%，令人印象深刻。令人欣喜的是，新建築簽約量增加了 23%，反映出開發商信心的增強以及我們品牌和企業的實力。

Moving on now to give some further brief highlights for each of the three regions. I have already covered RevPAR. So let me touch on profit as well as openings and signings for each region, starting with the Americas.

現在我們進一步簡要介紹這三個地區的亮點。我已經介紹過 RevPAR。因此，讓我談談每個地區的利潤以及空缺和簽約，從美洲開始。

Operating profit for the Americas was $413 million, up 5%, which very closely matched the growth in revenue. Fee margin was up slightly to 82%. And as we've said before, there's still further for the Americas fee margin to go.

美洲地區的營業利潤為 4.13 億美元，成長 5%，與營收的成長非常接近。費用利潤率小幅上升至 82%。正如我們之前所說，美洲的費用利潤率還有進一步上升的空間。

Turning to gross system growth, this was 2.5% year on year and openings in the half were up some 65% on last year. There were over 10,000 rooms signed in the half, which was down on the first half of last year. But we see this as timing, and therefore, expect a good pickup in signings in the second half.

至於總系統成長，年增 2.5%，上半年空缺職位比去年增加約 65%。上半年簽約客房超過1萬間，較去年上半年下降。但我們認為這是一個時機，因此預計下半年的引援將會出現良好的成長。

It's worth noting the traction we are gaining with the Garner brand, which as Elie will touch on, added a further 15 signings. The Americas pipeline is up 3.5% compared to this time last year, which represents future growth of 21% of the current system size in the region.

值得注意的是，我們透過 Garner 品牌獲得的吸引力，正如 Elie 將談到的那樣，又增加了 15 名簽約。與去年同期相比，美洲管道成長了 3.5%，這意味著該地區當前系統規模未來將成長 21%。

In our EMEAA region, operating profit jumped 34% to $119 million, outstripping the 12% growth in revenue. IMF increasing by $12 million to $55 million is clearly a driver of this. It is also worth noting that the owned and leased portfolio was loss making in the first half of last year is now back to breakeven. For the fee business, the margin is up over 700 basis points. This increase is a sustainable move up and clearly has further to go, but it was already moving up strongly in the second half of last year. So the increase won't be quite as pronounced for the year as a whole.

在我們的 EMEAA 地區，營業利潤躍升 34% 至 1.19 億美元，超過了收入 12% 的成長。國際貨幣基金組織增加 1,200 萬美元至 5,500 萬美元顯然是這一趨勢的推動因素。另外值得注意的是，去年上半年虧損的自有和租賃投資組合現已恢復損益平衡。對於收費業務，利潤率上升了 700 個基點以上。這種成長是可持續的成長，顯然還有進一步的成長，但去年下半年就已經強勁成長。因此，全年的成長不會那麼明顯。

Gross system growth was 5.5% year on year with the opening of 4,400 rooms in the region in the first half. While this is fewer than the first half of last year, there should be no particular concern over that. In the first half of 2023, there were nearly 4,000 openings, which came from Iberostar. And there were also a small number of very large hotel conversions in the first half of last year, which added a lot of rooms.

上半年，該地區新開客房 4,400 間，系統總成長率為 5.5%。雖然這比去年上半年少，但不應特別擔心。2023年上半年，有近4,000個職缺，來自Iberostar。而且去年上半年也有少量非常大的飯店改建，增加了許多房間。

We are confident in the full-year outlook for EMEAA openings, when it comes to signings at nearly 32,000 rooms, usually more than triple what we signed in the first half of last year. There were 17,500 rooms that came with the NOVUM agreement within this, but excluding these, there was still signings growth of a very strong 40%.

我們對歐洲、中東和非洲地區的全年開業前景充滿信心，簽約客房數量接近 32,000 間，通常是我們去年上半年簽約客房數量的三倍多。其中有 17,500 個房間與 NOVUM 協議簽訂，但排除這些，簽約量仍然強勁增長 40%。

Aside from the excellent growth that we achieved in the priority market of Germany, there were nine signings in India, eight in Japan, and seven in Saudi Arabia. The pipeline for the region has also jumped nearly 40% year on year and now at over 100,000 rooms represents 43% growth on the current system size for the region.

除了我們在德國這一優先市場取得的出色增長外，我們還在印度簽署了 9 份合同，在日本簽署了 8 份合同，在沙烏地阿拉伯簽署了 7 份合約。該地區的客房數量也比去年同期增加了近 40%，目前已超過 10 萬間客房，較該地區目前系統規模增加了 43%。

Moving on to Greater China, where the operating profit was held flat at $43 million with the $3 million increase in revenue, offset by a similar increase in costs. As a result, fee margin slipped back to just under 56% from 58% this time last year.

再看大中華區，營業利潤持平於 4,300 萬美元，收入增加了 300 萬美元，但被類似的成本增加所抵消。結果，費用利潤率從去年同期的 58% 回落至略低於 56%。

We remain very clear on the medium- to long-term potential to continue to grow margins in China, particularly from the positive operating leverage as we capture both demand and supply growth. Reflecting that future potential, gross growth accelerated back into double digits at 10.9% year on year. And after [renewables], net system size growth was 8.6%.

我們仍然非常清楚中國的中長期利潤率持續成長的潛力，特別是隨著我們抓住需求和供應的成長，積極的營運槓桿。毛成長年增回兩位數，達到 10.9%，反映出未來的潛力。扣除[再生能源]之後，系統規模淨成長為 8.6%。

With 6,700 rooms opened in the first half, this was up nearly 50% on last year and signings of 15,000 rooms with growth of nearly 40%. Our progress is both strong and broad. 51 signings for the Holiday Inn Brand family, 12 for Crowne Plaza, while the signs across luxury and lifestyle see these brands representing 20% of both system size and pipeline in the region.

上半年新開客房6,700間，較去年成長近50%；簽約客房15,000間，成長近40%。我們的進步既強大又廣泛。假日酒店品牌家族簽署了 51 份合同，皇冠假日酒店簽署了 12 份合同，而奢侈品和生活方式領域的標誌表明，這些品牌佔該地區系統規模和渠道的 20%。

The total pipeline for the region is up 9% year on year is equivalent to 61% growth on the current system size. This bringing together then the picture on fee margin. This is up 180 basis points year on year. Positive operating leverage from the trading performance as in total driven 130 basis points of this.

該地區的管道總數較去年同期成長 9%，相當於目前系統規模成長 61%。這匯集了費用利潤率的情況。年成長180個基點。交易表現帶來的積極營運槓桿總計推動了 130 個基點。

It comes with clear progress on cost control. Our fee business revenue is up by over 6% while our fee business cost base is up by just 1%. The ancillary fee streams benefit comes from the system fund changes we announced back in May.

它在成本控制方面取得了明顯進展。我們的收費業務收入成長了 6% 以上，而我們的收費業務成本基礎僅成長了 1%。輔助費用流的好處來自我們五月宣布的系統基金變更。

We said that these were expected to deliver around $25 million of incremental revenue and operating profit to our reportable segments. We are on track with that with the first-half EBIT performance, including around half of that $25 million, and therefore, it has contributed around 50 basis points to the margin uplift.

我們表示，這些預計將為我們的可報告部門帶來約 2,500 萬美元的增量收入和營業利潤。我們上半年的息稅前利潤表現（包括這 2500 萬美元的一半左右）正步入正軌，因此，它為利潤率提升貢獻了約 50 個基點。

These ancillary fee streams come to the central segment, which is why they are non-regional. That's the same approach with our share of co-brand credit card fees, which also comes through central rather than being a part of the regional performances.

這些輔助費用流進入中心部分，這就是為什麼它們是非區域性的原因。我們的聯合品牌信用卡費用份額也是如此，這也是透過中央而不是區域績效的一部分來實現的。

The total IHG fee margin is the aggregate of these three regions as well as central. As usual, the appendix has further detailed tables on the components of our revenue, our overheads, and our operating profit.

洲際酒店集團總費用率是這三個地區以及中部地區的總和。像往常一樣，附錄提供了有關我們的收入、管理費用和營業利潤組成部分的更詳細的表格。

Moving on now to cash flow, you will recall that in 2023, we had a record free cash flow of $819 million for the year, which was a conversion rate of 129%. The first-half free cash flow last year was $277 million, and this year, it is $132 million.

現在轉向現金流，您會記得，2023 年，我們的自由現金流創歷史新高，達到 8.19 億美元，換算率為 129%。去年上半年自由現金流2.77億美元，今年為1.32億美元。

Let me take you through the key changes, which are quite specific to this year and they don't change the highly cash-generative nature of our business model and our track record of this. The key driver is related to the spending down of the system fund cumulative surplus and how that also impacts working capital balances.

讓我向您介紹一些關鍵變化，這些變化是今年特有的，它們不會改變我們業務模式的高度現金生成性質以及我們的往績記錄。關鍵驅動因素與系統基金累積盈餘支出的減少以及這對營運資本餘額的影響有關。

We came into the start of 2024 with a clear position of funding strength in the system fund. It had a cumulative surplus of approaching $100 million. As you know, the system fund is run to a breakeven position over the long term. And this year, like others in the past, we'll see a spend down the prior surplus.

進入 2024 年初，我們在系統基金的資金實力定位明確。它的累計盈餘接近1億美元。如您所知，系統基金長期運作至損益兩平位置。今年，與過去的其他年份一樣，我們將看到先前的盈餘支出減少。

There is normally a working capital outflow in the first half of the year. And this has been increased this time with around $100 million of incremental movements on the system fund related balances. Excluding those, cash conversion would have been around 70%. Conversion is typically lower in the first half. In 2023, for example, even though the year as a whole saw record cash generation, cash conversion was 88% in the first half.

上半年通常會出現營運資金流出。這次有所增加，系統資金相關餘額增加了約 1 億美元。排除這些，現金轉換率約為 70%。上半年的轉換率通常較低。以 2023 年為例，儘管全年現金產生量創歷史新高，但上半年現金轉換率為 88%。

For the 2024 year as a whole, cash conversion will likely be under our typical conversion of around 100%. That's because there will still be the impact for the full year of spending down the prior surplus of the system fund. And additionally, key money outflows will be higher this year, which I will come on to in just a moment.

2024 年全年，現金轉換率可能會低於我們通常的 100% 左右。因為系統基金前期盈餘的減少，仍會對全年支出產生影響。此外，今年主要資金外流將會更高，我稍後會談到這一點。

But the key point here is that 2024 is a rebalancing year for the system fund, and we expect to resume in the future to our typical level of around 100% cash conversion on average.

但這裡的關鍵點是，2024 年是系統基金的再平衡年，我們預計未來將恢復到平均 100% 現金轉換左右的典型水準。

As for other movements within free cash flow, these are all as expected. Interest and tax at $169 million was $31 million more outflow than last year. Our dividend per share is growing, but the incremental cash outflow from that is offset by buying back shares. The outflow of $172 million for dividend payments and $367 million for the progress on this year's buyback is driving the increase in net debt in full alignment with our capital allocation strategy and our target leverage range.

至於自由現金流的其他變動，這些都符合預期。利息和稅收為 1.69 億美元，比去年多流出 3,100 萬美元。我們的每股股利正在成長，但由此帶來的增量現金流出被回購股票所抵銷。用於支付股息的 1.72 億美元和今年回購進度的 3.67 億美元的流出正在推動淨債務的增加，這與我們的資本配置策略和目標槓桿範圍完全一致。

Turning then to further analyze capital expenditure for you, we spent gross CapEx of $151 million and net CapEx was $103 million. Key money of $86 million, which was up from $64 million in 2023, is indicative of our increased development activity back to pre-COVID levels, and as we've said before, is a mark of our growth in the luxury and lifestyle segment. Importantly, it is also a reflection of investing in the business being our number one capital allocation priority and our discipline and only deploying funds where the returns justify the investment.

接下來為您進一步分析資本支出，我們的總資本支出為 1.51 億美元，淨資本支出為 1.03 億美元。關鍵資金從 2023 年的 6,400 萬美元增加到 8,600 萬美元，這表明我們增加的開發活動回到了新冠疫情前的水平，正如我們之前所說，這標誌著我們在奢侈品和生活方式領域的成長。重要的是，這也反映了投資業務是我們的第一資本配置優先事項和我們的紀律，並且僅在回報證明投資合理的情況下部署資金。

Maintenance CapEx was $15 million in line with the prior spend as we continue to ensure that our business enterprise platform is fully invested. As we guided to previously, key money and maintenance CapEx annually would be around $150 million to $200 million. But this year, it will be around the top end of that range or potentially a bit higher, which will depend on the timing of various luxury and lifestyle hotels getting open and where we get to on the phases of the NOVUM hotels being added.

維護資本支出為 1500 萬美元，與先前的支出一致，因為我們繼續確保我們的企業平台得到充分投資。正如我們之前所指導的，每年的關鍵資金和維護資本支出約為 1.5 億至 2 億美元。但今年，這一數字將接近該範圍的上限，或者可能更高一些，這將取決於各種豪華和生活方式酒店開業的時間，以及 NOVUM 酒店的新增階段。

Moving to remind you then that our strategy for uses of cash remains unchanged. After investing behind long-term growth, which is the foremost priority, we look to sustainably grow the ordinary dividend. In this regard, we are pleased to announce the interim dividend will increase to $0.532, representing 10% growth on last year. That rate of growth has been consistent for each of our dividend payments over the last couple of years.

在此提醒您，我們的現金使用策略保持不變。在投資長期成長（這是首要任務）之後，我們希望可持續成長普通股息。就此，我們欣然宣布中期股利將增至0.532元，較去年成長10%。過去幾年我們每次股息支付的成長率都是一致的。

This year's $800 million buyback program is 47% complete, which has repurchased a further 3.7 million shares or 2.2% of the share count. That is the driver of leverage increasing to 2.4 times. And we still expect to be around the bottom of our 2.5 times to 3 times leverage range at the end of the year, given the growth in EBITDA and the cash generation that is expected in the second half of the year. The dividend payments to shareholders in 2024, together with the buyback program, will have returned close to $1.1 billion, which is equivalent to 7.1% of IHG's market capitalization at the start of 2024.

今年 8 億美元的回購計畫已完成 47%，另外回購了 370 萬股，佔股份總數的 2.2%。這是槓桿率增至 2.4 倍的推動因素。鑑於 EBITDA 的成長和預計下半年的現金生成，我們仍預計到年底槓桿率將處於 2.5 倍至 3 倍範圍的底部附近。2024年向股東支付的股利加上回購計畫將回歸近11億美元，相當於洲際酒店集團2024年初市值的7.1%。

Concluding then with a wrap-up of points for those who maintain forecast models of IHG's performance, interest costs will rise from 2023's $131 million to between $160 million and $170 million, which is a slight narrowing of the prior range I gave six months ago. Also the same as guided six months ago, our adjusted effective tax rate is expected to be around 27% compared with a 28% rate in 2023.

最後，對於那些維持洲際酒店集團業績預測模型的人來說，利息成本將從2023 年的1.31 億美元上升到1.6 億至1.7 億美元之間，這比我六個月前給出的先前範圍略有縮小。同樣與六個月前的指導相同，我們調整後的有效稅率預計為 27% 左右，而 2023 年的稅率為 28%。

This is also a rate that could be applied in years beyond based on current geographic mix of profits and current tax legislation. We still advise that our normal course growth CapEx spend to total up to $350 million. In a normal course, net capital expenditure is likely to be between $150 million and $200 million. This year will likely be higher than average around the top end of that range or potentially above, as I already mentioned, given the timing of luxury and lifestyle openings and the NOVUM outflows.

根據當前利潤的地理組合和當前的稅收立法，這也是未來幾年可以應用的稅率。我們仍然建議我們的正常成長資本支出總額達到 3.5 億美元。在正常情況下，淨資本支出可能在 1.5 億至 2 億美元之間。正如我已經提到的，考慮到奢侈品和生活方式開業的時機以及 NOVUM 的流出，今年的價格可能會高於該範圍上限的平均水平，甚至可能高於平均水平。

As a reminder of our growth ambitions with the medium to long term are also outlined here for you. And to echo Elie's words, we're very pleased with the progress being made on this growth algorithm that we set out at the time of our capital markets events back in February.

為了提醒您我們的中長期成長目標，這裡也為您概述了。呼應 Elie 的話，我們對我們在 2 月資本市場活動時提出的成長演算法所取得的進展感到非常高興。

With that, let me now hand back to Elie.

現在讓我把話題交回給埃利。

Thank you, Michael. I will now share an update on some of the key areas of progress we're making on our evolved strategic priorities. But before I do, allow me to provide a brief reminder of two key takeaways from our update on strategic priorities on February 20. For anyone new to following IHG, I would encourage you to view the recording of the event which can be found on the Investors section of our website.

謝謝你，麥可。現在，我將分享我們在發展策略重點方面所取得的一些關鍵領域的最新進展。但在此之前，請容許我簡單提醒我們 2 月 20 日策略優先事項更新中的兩個關鍵要點。對於剛開始關注 IHG 的人，我鼓勵您查看活動的記錄，該記錄可以在我們網站的投資者部分找到。

First, a recap on our medium- to long-term growth algorithm. On average, we expect to deliver high-single-digit fee revenue growth through a combination of compounding RevPAR growth and net system size growth. We have a proven history of driving strong margin accretion, the revenue growth, and cost base efficiency. We expect our operational leverage to drive fee margin expansion of between 100 and 150 basis points per year, leading to EBIT growth of approximately 10%. We expect to maintain our strong cash generation, which will support our three capital allocation priorities.

首先，回顧一下我們的中長期成長演算法。平均而言，我們預期透過RevPAR複合成長和系統淨規模成長相結合，實現高個位數的費用收入成長。我們在推動利潤率大幅成長、收入成長和成本基礎效率方面有著悠久的歷史。我們預計我們的營運槓桿將推動費用利潤率每年擴大 100 至 150 個基點，從而導致息稅前利潤增長約 10%。我們預計將保持強勁的現金產生能力，這將支持我們的三個資本配置優先事項。

This strong revenue growth, margin expansion, and resulting EBIT growth, plus our expectation for regular share buyback programs is expected to deliver compound growth in adjusted EPS annually on average over the medium to long term of 12% to 15%.

這種強勁的收入成長、利潤率擴張以及由此產生的息稅前利潤增長，加上我們對定期股票回購計劃的預期，預計將在中長期內實現調整後每股收益平均每年複合增長12 % 至15%。

Second is how we deliver that growth algorithm, which is all underpinned by our clear-purpose ambition and strategic pillars that we evolve to further strengthen our ability to drive the growth levels we anticipate. I will use the four pillars to cover my update, so let's turn to the progress we're making on each of those four strategic pillars.

其次是我們如何實現成長演算法，這一切都以我們明確的目標和策略支柱為基礎，我們不斷發展這些目標和策略支柱，以進一步增強我們推動預期成長水準的能力。我將使用四個支柱來介紹我的最新情況，所以讓我們談談我們在這四個戰略支柱上取得的進展。

First, our relentless focus on growth, which brings a targeted approach to expanding our brands in high-value and high-growth markets. We are very intentional about our focus on growth and its importance. We are extremely pleased with our record-breaking signings of more than 57,000 rooms across 384 hotels in the first half. This is up 67% and includes the agreement with NOVUM Hospitality in April, which doubles i2's hotel presence in Germany. More on this in just a moment.

首先，我們對成長的不懈關注，這為在高價值和高成長市場中拓展我們的品牌提供了有針對性的方法。我們非常重視成長及其重要性。我們對上半年 384 家飯店簽約超過 57,000 間客房的破紀錄感到非常滿意。這一數字增長了 67%，其中包括 4 月與 NOVUM Hospitality 簽訂的協議，該協議使 i2 在德國的酒店業務增加了一倍。稍後將詳細介紹這一點。

The strong momentum we are seeing in signings has been made possible by the strengthening and diversification of our industry-leading brand portfolio and the power of our commercial engine for owners, which both Heather and I will discuss more later.

我們在簽約方面看到的強勁勢頭是由於我們行業領先的品牌組合的加強和多元化以及我們為業主提供的商業引擎的力量而實現的，希瑟和我將在稍後討論更多內容。

We have also continued to invest in and refresh our existing brands through the development of new formats and updated designs and service standards. Our established brands continue to drive strong signings to date with over 40,000 rooms, representing 72% of signings in H1. Meanwhile, our nine newer brands are accelerating our growth. They collectively represent 7% of the system today but 19% of the pipeline. These new brands accounted for 28% of signings in the first half, and their pipeline is set to almost double their current system size, which is clear evidence of their strong growth trajectory.

我們也透過開發新業態、更新設計和服務標準，持續投資和更新現有品牌。我們的知名品牌繼續推動強勁的簽約，迄今已擁有超過 40,000 間客房，佔上半年簽約量的 72%。同時，我們的九個新品牌正在加速我們的成長。它們總共佔當今系統的 7%，但佔管道的 19%。這些新品牌佔上半年簽約量的 28%，其通路規模將幾乎是目前系統規模的兩倍，這清楚證明了它們強勁的成長軌跡。

Now let's touch on the progress we're making with our newest brand, Garner. We launched this best-in-class, mid-scale conversion brand in the second half of last year. The brand has considerable opportunity to build substantial scale. We project Garner to reach an estate of over 500 hotels over the next 10 years and more than 1,000 hotels over the next 20.

現在讓我們來談談我們最新品牌 Garner 所取得的進展。我們在去年下半年推出了這個一流的中型改裝品牌。該品牌有相當大的機會建立大規模規模。我們預計 Garner 將在未來 10 年內擁有超過 500 家酒店，並在未來 20 年內擁有超過 1,000 家酒店。

Garner became franchise ready in the US in September. We have since signed over 80 Garner properties across key markets, including the United States, Germany, United Kingdom, Japan, Austria, and Turkey. We are pleased with the progress Garner has made since launch and look forward to much more.

加納於九月在美國準備了特許經營權。此後，我們已在美國、德國、英國、日本、奧地利和土耳其等主要市場簽署了 80 多處 Garner 房產。我們對 Garner 自推出以來所取得的進展感到高興，並期待更多。

In April, we announced the signing of an agreement with NOVUM Hospitality to convert 119 hotels to IHG brands. This doubles IHG's hotel presence in Germany, one of Europe's largest hotel markets with strong domestic consumption, inbound travel, and is also one of the largest sources of international outbound travelers globally.

4 月份，我們宣布與 NOVUM Hospitality 簽署協議，將 119 家酒店轉為 IHG 品牌。這使洲際酒店集團在德國的酒店業務增加了一倍，德國是歐洲最大的酒店市場之一，國內消費和入境旅遊強勁，也是全球最大的國際出境旅客來源地之一。

The agreement launches a collaboration between Holiday Inn and NOVUM's niu brand and introduces our Garner and Candlewood Suites brands to Europe, demonstrating our success in globalizing our existing brand portfolio. The agreement also includes an exclusivity arrangement for future NOVUM Hospitality hotels to joint IHG's leading brands. And the first signing, in addition to the initial 119, was already achieved in the second quarter.

該協議啟動了假日酒店與 NOVUM 的 niu 品牌之間的合作，並將我們的 Garner 和 Candlewood Suites 品牌引入歐洲，展示了我們在全球化現有品牌組合方面的成功。該協議還包括未來 NOVUM Hospitality 酒店與 IHG 領先品牌聯合的獨家安排。除了最初的 119 名簽約外，第一筆簽約已經在第二季完成。

Conversions continued to rise in importance globally and present an increasing share of system growth. Both the progress we are making with Garner and agreement with NOVUM Hospitality that I just spoke about are testament to this. Conversion signings increased from 17% of hotels signed in 2017 to 36% in 2023.

全球範圍內轉換的重要性持續上升，並在系統成長中所佔的份額越來越大。我們與 Garner 的進展以及我剛才談到的與 NOVUM Hospitality 達成的協議都證明了這一點。轉換簽約飯店數量從 2017 年簽約飯店的 17% 增加到 2023 年的 36%。

In the first half of 2024, conversions represented over half of all signings. We have developed the brand's enterprise platform and excellent capabilities needed to successfully attract conversion opportunities and have them open in short timeframes, generating more revenue for owners and fee income for IHG more rapidly.

2024 年上半年，轉會人數佔所有簽約人數的一半以上。我們開發了該品牌的企業平台和出色的能力，可以成功吸引轉換機會並在短時間內開放這些機會，從而為業主創造更多收入，並更快地為洲際酒店集團帶來費用收入。

And while we have launched conversion focus brands such as voco, Vignette Collection, and Garner, which represent over a quarter of conversion signings in recent years, we continue to sign conversion deals across most of our portfolio if the brand fit is right and the owner is prepared to invest the capital required. We're also very pleased with the continued positive trajectory we have seen in newbuild signings as shown in the chart on the left.

雖然我們推出了voco、Vignette Collection 和Garner 等以轉化為重點的品牌，這些品牌近年來佔轉化簽約量的四分之一以上，但如果品牌適合且所有者合適，我們將繼續在我們的大部分產品組合中簽署轉化交易準備投資所需的資本。我們也對新船簽約的持續積極軌跡感到非常滿意，如左圖所示。

While new build signings are not yet at pre-pandemic levels, owner confidence has clearly been improving with 8% more new build hotels signed in the first half year over year, which is even more impressive at 23% more when looking on a number of rooms basis. This continued progress follows the increase in new build signings in 2023 compared to 2020 [lows].

雖然新建飯店簽約量尚未達到大流行前的水平，但業主信心明顯有所改善，上半年新建酒店簽約量同比增加了8%，從一些數據來看，這一數字更令人印象深刻，增加了23%。與 2020 年相比，2023 年新建築簽約量有所增加（低點），從而取得了持續進展。

Moving on to our next strategic pillar, brands guests and owners love, which defines our explicit intention to deliver for both groups every time. This precision and simplicity places the success and perception of our brands at the forefront of what we do. We're constantly evolving our brands to make sure they remain relevant in the market, drive high guest satisfaction, and generate superior owner returns.

轉向我們的下一個策略支柱，客人和業主喜愛的品牌，這定義了我們每次為這兩個群體提供服務的明確意圖。這種精確性和簡單性將我們品牌的成功和認知置於我們工作的最前沿。我們不斷發展我們的品牌，以確保它們在市場上保持相關性，提高賓客滿意度，並為業主帶來豐厚的回報。

That continued investment in our established brands is critical and having brands guests and owners love. The Holiday Inn brand was awarded the most trusted travel and hospitality brand in the United States this year. We've signed 200 Holiday Inn properties over the past 30 months and opened close to 90. We now have more Holiday Inn hotels and rooms than at the end of the 2021 Holiday Inn review.

對我們既定品牌的持續投資至關重要，並且要讓品牌得到客人和業主的喜愛。假日酒店品牌今年榮獲美國最值得信賴的旅遊和酒店品牌。在過去 30 個月裡，我們已簽約 200 家假日酒店酒店，並開業了近 90 家。我們現在擁有的假日酒店酒店和客房數量比 2021 年假日酒店審核結束時還要多。

This strength in the State is driving improvements in guest satisfaction, loyalty participation, and enterprise contribution. We recently unveiled a refreshed and modernized prototype in the Americas, introduced a sophisticated and bold new visual identity, and optimized service standards leading to improved guest satisfaction and lower hotel labor costs.

該州的這種優勢正在推動賓客滿意度、忠誠度參與和企業貢獻的提高。我們最近在美洲推出了一個煥然一新的現代化原型，引入了精緻而大膽的新視覺形象，並優化了服務標準，從而提高了客人滿意度並降低了酒店勞動力成本。

The Holiday Inn brand never stand still. Our owners continue to invest in the brand too. 72% of the Holiday Inn estate in the Americas will be new or recently refurbished with 80 renovations actively in progress. Today, the Holiday Inn brand has over 1,200 hotels in over 80 countries and territories, with another 300 plus hotels in the pipeline, representing a further 27% rooms growth. And if we expanded to look at the Holiday Inn brand family, including our category-leading Holiday Inn Express brand, the world's largest hotel chain, we have more than 0.5 million rooms across 4,400 hotels globally and close to 140,000 rooms in the pipeline. We look forward to the next 70 years of this iconic brand.

假日酒店品牌從未停滯不前。我們的所有者也繼續對該品牌進行投資。美洲 72% 的假日酒店將進行新建或近期翻新，其中 80 項翻新工程正在積極進行中。如今，假日酒店品牌在 80 多個國家和地區擁有 1,200 多家酒店，另有 300 多家酒店正在籌建中，客房數量進一步增長了 27%。如果我們擴大到假日酒店品牌系列，包括我們領先的智選假日品牌（全球最大的連鎖酒店），我們在全球 4,400 家酒店擁有超過 50 萬間客房，還有近 140,000 間客房正在籌建中。我們期待這個標誌性品牌的下一個 70 年。

Now moving on to highlight some of the other recent investments we have made in our brands. Latest prototypes for each of our three extended stay or suites brands have added additional options and flexibility for both newbuilds and conversions to drive additional owner returns and system growth. Following increased interest for our dual-branded avid and Candlewood Suites product, which combines our short-stay and extended-stay and mid-scale brands, we have developed a dual-branded prototype with standardized guest friendly and ROI-focused common spaces. We signed 22 of these over the past 18 months and opened the first 2 in the second quarter this year.

現在我們重點介紹一下我們最近對品牌進行的其他一些投資。我們三個長住或套房品牌的最新原型都為新建和改建項目增加了額外的選擇和靈活性，以推動額外的業主回報和系統成長。隨著人們對我們的雙品牌avid 和Candlewood Suites 產品越來越感興趣，該產品結合了我們的短期住宿和長期住宿以及中型品牌，我們開發了一個雙品牌原型，具有標準化的賓客友好型和注重投資報酬率的公共空間。我們在過去 18 個月內簽署了其中 22 個項目，並在今年第二季開設了前 2 個項目。

For Crowne Plaza, we have developed scalable design solutions to accommodate smaller footprints and reduced amenities such as F&B and meeting space. This lowers the build cost and creates flexibility for diverse property sizes and cost structures, creating increased opportunities for market expansion. We remain extremely focused on driving efficiencies and lowering costs for owners across the lifecycle of hotel, including cost to build and renovate, cost to open, and cost to operate.

對於皇冠假日酒店，我們開發了可擴展的設計解決方案，以適應較小的佔地面積和減少的餐飲和會議空間等設施。這降低了建築成本，並為不同的物業規模和成本結構創造了靈活性，從而為市場擴張創造了更多的機會。我們仍然非常注重在酒店的整個生命週期中提高效率並降低業主的成本，包括建造和翻新成本、開業成本和營運成本。

So moving on to our next strategic pillar, leading commercial engine, which emphasizes the importance of investing in the technology and tools that deliver commercial success and make the biggest difference to guests, owners, and our hotel teams. It is focused on driving high-value, low-cost revenue to our hotels through superior data and insights that lead to strong owner ROI. We have made significant investments over recent years to innovate our technology and distribution channels.

因此，我們的下一個策略支柱是領先的商業引擎，它強調投資技術和工具的重要性，這些技術和工具可以帶來商業成功，並為客人、業主和我們的酒店團隊帶來最大的改變。它致力於透過卓越的數據和洞察力為我們的酒店帶來高價值、低成本的收入，從而帶來豐厚的業主投資回報率。近年來，我們進行了大量投資來創新我們的技術和分銷管道。

We kick things off with the development of an industry-leading guest reservation system and then develop the best-in-class revenue management capability, which includes the active rollout of a new market leading cloud-based revenue management system. More on this in a moment.

我們首先開發業界領先的賓客預訂系統，然後開發一流的收入管理能力，其中包括積極推出市場領先的基於雲端的新收入管理系統。稍後會詳細介紹這一點。

And this year, we have also begun work on our next generation property management system to create greater value for owners. More on this to come in the future.

今年，我們也開始研發下一代物業管理系統，為業主創造更大的價值。未來將會有更多相關內容。

Our industry-leading guest reservation system has allowed us to monetize the unique attributes of each hotel's room inventory. We have deployed room attribute upsell on over 6,000 hotels. This offers guests more choice during the booking process, such as bigger rooms, better views, and higher floors while generating maximum value for owners.

我們業界領先的賓客預訂系統使我們能夠利用每家酒店客房庫存的獨特屬性獲利。我們已在 6,000 多家飯店部署了客房屬性追加銷售。這為客人在預訂過程中提供了更多選擇，例如更大的房間、更好的景觀和更高的樓層，同時為業主創造最大價值。

The value per upsell night is averaging roughly $40 across our luxury and lifestyle stay and around $20 across the essentials and suites. We continue to build on the success of room attribute upsell as well as stay enhancements to increase direct channel contribution, generate more revenue for our hotel owners, and increase fee income for IHG. We are extremely focused on driving high-quality revenue through best-in-class platforms to maximize hotel owner returns.

我們的豪華和生活方式住宿每晚追加銷售的平均價值約為 40 美元，必需品和套房的平均每晚價值約為 20 美元。我們繼續在客房屬性追加銷售和住宿增強方面取得成功，以增加直接管道貢獻，為我們的酒店業主創造更多收入，並增加洲際酒店集團的費用收入。我們非常專注於透過一流的平台推動高品質的收入，以最大限度地提高酒店業主的回報。

As part of this, our new revenue management system is a cloud-based innovation that brings together leading capabilities that reinvent the way hotels manage booking channel and pricing decisions. The rollout of the new system reached 1,700 hotels by the end of June covering all regions, subregions, and brands. We are targeting to have the new system in 4,000 hotels in 2024. This highly sophisticated platform uses best-in-class data science, forecasting tools, and artificial intelligence to deliver advanced insights and recommendations to hotels. Initial results from pilots indicate encouraging uplifts in revenue performance.

作為其中的一部分，我們的新收入管理系統是一項基於雲端的創新，匯集了領先的功能，重塑了飯店管理預訂管道和定價決策的方式。截至6月底，新系統已覆蓋1,700家飯店，涵蓋所有地區、次區域和品牌。我們的目標是到 2024 年在 4,000 家飯店安裝新系統。這個高度複雜的平台使用一流的數據科學、預測工具和人工智慧，為酒店提供先進的見解和建議。試辦的初步結果顯示收入表現出現令人鼓舞的提升。

In May, we announced changes we have made to our system fund arrangements. Let me remind you of those and the scale advantages of the system fund. In terms of revenue sources, by far the biggest source is hotel owners, who are the main and traditional contributors and all that revenue, 100% of it, stays in the system fund. These contributions are deployed for marketing, for reservation services, for running the loyalty program, and all other areas of brand and owner support. This all stays in the system fund.

五月份，我們宣布了對系統資金安排所做的改變。讓我提醒您這些以及系統基金的規模優勢。從收入來源來看，目前最大的來源是飯店業主，他們是主要的傳統貢獻者，所有收入100%都留在系統基金中。這些捐款用於行銷、預訂服務、忠誠度計劃的運作以及品牌和所有者支持的所有其他領域。這一切都留在系統資金中。

And secondary source of revenues from consumers, who engage with the IHG Hotels & Resorts master brand, our hotel brands, out IHG One Rewards loyalty program by buying points. These are actually assets and we had long ago chosen to place that revenue in the system fund when it was much smaller. Today, the system fund is much larger than it was then, and it has grown nearly 30% over just the last five years alone and continues to grow with RevPAR and system size growth.

第二個收入來源來自消費者，他們透過購買積分參與 IHG 酒店及度假村主品牌（我們的酒店品牌），參與 IHG One Rewards 忠誠度計劃。這些實際上是資產，我們很久以前就選擇將這些收入放入系統基金中，當時它的規模要小得多。如今，系統基金比當時大得多，僅在過去五年就成長了近 30%，並且隨著 RevPAR 和系統規模的成長而持續成長。

We have decided to now keep more of that direct from consumer revenue in our P&L. This is a natural evolution of the scale and efficiency of the system fund and the choices we now have. This change is consistent with the strategic priorities we shared in February, which drive value for owners to our leading commercial engine and grow ancillary fee revenue and drive margin improvements for IHG as part of our growth algorithm.

我們現在決定在損益表中保留更多直接來自消費者的收入。這是系統基金的規模和效率以及我們現在所擁有的選擇的自然演變。這項變更與我們在2 月分享的策略重點一致，作為我們成長演算法的一部分，這些策略重點為我們領先的商業引擎帶來了業主的價值，增加了輔助費用收入，並推動了洲際酒店集團的利潤率提高。

The ability to make these changes, which include a lowering of the loyalty assessment owners pay into the system fund and an increase in the reimbursements they receive back out of the fund, are borne out of the strength of the funding position due to our growth.

做出這些改變的能力，包括降低所有者向系統基金支付的忠誠度評估以及增加他們從基金中收到的報銷，是由於我們的增長而帶來的資金狀況的實力所證實的。

Concluding with our fourth strategic pillar, care for our people, communities, and planet, which underpins our 2030 Journey to Tomorrow plan. This plan is focused on five critical areas: our people, communities, carbon and energy, waste, and water. We're making positive progress across all five areas.

最後是我們的第四個策略支柱，即關心我們的人民、社區和地球，它是我們 2030 年「明天之旅」計畫的基礎。該計劃重點關註五個關鍵領域：我們的人民、社區、碳和能源、廢物和水。我們在所有五個領域都取得了積極進展。

We recently introduced our Low Carbon Pioneers program, a first of its kind initiative in our industry for hotels leading the way in sustainability. The program brings together a community of energy efficient hotels that have no fossil fuels combusted on-site and are backed by renewable energy. The initiative is focused on testing, learning, and sharing sustainable solutions to inspire other hotels to join the program and encourage a wider adoption of carbon reduction practices.

我們最近推出了低碳先鋒計劃，這是我們行業中首個針對永續發展酒店的此類計劃。該計劃匯集了一個節能酒店社區，這些酒店不現場燃燒化石燃料，並由再生能源提供支持。該計劃的重點是測試、學習和分享永續解決方案，以激勵其他飯店加入該計劃，並鼓勵更廣泛地採用碳減排實踐。

The program will also aid guests and corporate clients seeking more sustainable space. While for owners, the energy-efficient, lower operational carbon hotels can also provide benefits such as greater alignment with environmental or regulatory changes and better access to green finance for new projects.

該計劃還將幫助賓客和企業客戶尋求更永續的空間。而對於業主而言，節能、營運低碳的飯店還可以帶來好處，例如更好地適應環境或監管變化，以及為新專案更好地獲得綠色融資。

We also recently announced a new global partnership with Action Against Hunger. The partnership is part of our pledge to improve the lives of 30 million people around the world by 2030 through skills training, disaster response, and helping tackle food poverty. IHG will support Action Against Hunger's life-saving community outreach program and will use our global scale to help grow awareness. The initiative complements existing partnerships IHG and our hotels already have in many local markets, the strength in the food system and communities, from providing training and tools to reduce food waste to diverting surplus food to those in need.

我們最近也宣布與反飢餓行動建立新的全球合作關係。這段夥伴關係是我們承諾的一部分，即到 2030 年透過技能培訓、救災和幫助解決糧食貧困來改善全球 3000 萬人的生活。洲際酒店集團將支持反飢餓行動拯救生命的社區外展計劃，並將利用我們的全球規模來幫助提高人們的意識。該舉措補充了洲際酒店集團和我們的酒店在許多當地市場已經建立的現有合作夥伴關係，以及食品系統和社區的實力，從提供減少食物浪費的培訓和工具到將剩餘食物轉移給有需要的人。

That concludes the progress update on our four strategic pillars, which together with our purpose and ambition, underpin the strength of our business model and how we look to compound growth and create sustainable shareholder value.

我們的四大戰略支柱的進展更新到此結束，這些戰略支柱與我們的目標和雄心一起，支撐著我們業務模式的實力以及我們如何尋求複合增長和創造可持續的股東價值。

I will now hand you over to Heather Balsley, our Chief Commercial and Marketing Officer. Heather has been with IHG for 17 years. Prior to her current role, she was the Senior Vice President of Global Loyalty & Partnerships, responsible for our award-winning IHG One Rewards program and our co-brand credit card business, including relaunches both of these in 2022. Prior to that, she held a number of brand leadership and corporate strategy roles, developing and delivering brand strategies that enhance the guest experience and drive performance across all of IHG's markets globally.

現在我將把您交給我們的首席商務和行銷長希瑟·巴爾斯利 (Heather Balsley)。Heather 在 IHG 工作 17 年。在擔任現職之前，她曾擔任全球忠誠度與合作夥伴關係高級副總裁，負責我們屢獲殊榮的 IHG One Rewards 計劃和我們的聯合品牌信用卡業務，包括於 2022 年重新推出這兩項業務。在此之前，她曾擔任多個品牌領導和企業策略職務，負責制定和實施品牌策略，以增強賓客體驗並推動洲際酒店集團全球所有市場的業績。

Heather, over to you.

希瑟，交給你了。

Thank you, Elie. Our commercial and marketing organization is laser-focused on maximizing revenue delivery and returns for hotels in our system, all while delivering exceptional customer experiences. This owner ROI mindset also helps drive further signings and system growth while ensuring our owners and operators are committed to delivering for our guests every day.

謝謝你，埃利。我們的商業和行銷組織專注於最大限度地提高我們系統中酒店的收入交付和回報，同時提供卓越的客戶體驗。這種業主投資回報率心態也有助於推動進一步的簽約和系統發展，同時確保我們的業主和營運商致力於每天為我們的客人提供服務。

In recent years, we've expanded our brand portfolio and significantly strengthened our enterprise, including a refreshed master brand, the launch of IHG One Rewards, and our advanced technology and commercial engines. The focus of the commercial and marketing organization is broadly categorized into three areas. First, we are responsible for developing and strengthening IHG's master brand, IHG Hotels & Resorts and each of our hotel brand. We drive growth via leading reputation, compelling guest experiences, and strong owner returns.

近年來，我們擴大了品牌組合併顯著增強了我們的企業實力，包括更新的主品牌、推出 IHG One Rewards 以及我們的先進技術和商業引擎。商業和行銷組織的重點大致分為三個領域。首先，我們負責發展並加強洲際酒店集團的主品牌、洲際酒店集團酒店及度假村以及我們的每個酒店品牌。我們透過領先的聲譽、引人注目的賓客體驗和豐厚的業主回報來推動成長。

Second, we're responsible for our award-winning loyalty program, IHG One Rewards, driving growth in members, encouraging their engagement and stickiness and ensuring that these high value, low cost of acquisition guests are helping maximize revenue and returns for our owners and also driving ancillary fee streams.

其次，我們負責屢獲殊榮的忠誠度計劃IHG One Rewards，推動會員成長，鼓勵他們的參與度和黏性，並確保這些高價值、低成本的獲客成本幫助我們的業主和客戶實現收入和回報最大化。

Third, commercial and marketing also orchestrates IHG's commercial engine, to drive the over $30 billion of total gross revenue to our hotels across the system, including a wide array of areas like marketing, data insights and analytics, customer relationship management, our distribution channels, and revenue management.

第三，商業和行銷也協調 IHG 的商業引擎，為整個系統的酒店帶來超過 300 億美元的總收入，包括行銷、數據洞察和分析、客戶關係管理、分銷管道等廣泛領域。

Today, I will talk you through the critical components that power our commercial engine. These interdependent elements include the IHG Hotels & Resorts master brand, our brand portfolio, and IHG One Rewards. The strength of our brands and IHG One Rewards powers our ancillary fee streams that deliver material incremental capacity for marketing investment and IHG P&L margin.

今天，我將向您介紹為我們的商用引擎提供動力的關鍵部件。這些相互依存的元素包括 IHG 酒店及度假村主品牌、我們的品牌組合和 IHG One Rewards。我們的品牌和 IHG One Rewards 的實力為我們的輔助費用流提供了動力，為行銷投資和 IHG 損益利潤率提供了實質的增量能力。

This fee stream, which is primarily from co-brand credit cards and the sale of points to consumers is possible because of the scale of our IHG One Rewards member base of more than 130 million members and their deep engagement in our program.

這種費用流主要來自聯合品牌信用卡和向消費者銷售積分，這是可能的，因為我們的 IHG One Rewards 會員規模超過 1.3 億會員，而且他們對我們計劃的深入參與。

The final piece is that our commercial engine for hotels is ultimately enabled by our enterprise contribution, the percentage of room revenue that's booked through IHG-managed channels and sources. These interdependent components work together to drive superior revenue performance at the lowest possible cost to hotels, and therefore, supports future system growth.

最後一點是，我們的飯店商業引擎最終是由我們的企業貢獻推動的，即透過洲際酒店集團管理的管道和來源預訂的客房收入的百分比。這些相互依賴的組件共同努力，以盡可能低的成本為飯店帶來卓越的收入績效，從而支持未來的系統成長。

Now let's step through each of these elements, starting with our investment to build IHG's master brand. Our ambition is to make IHG Hotels & Resorts a beloved household name. We refreshed the master brand in 2021 and have continued to strengthen its reputation with customers, its bond with our hotel brands, and to tighten the connection to our IHG One Rewards loyalty program.

現在讓我們逐一討論這些要素，從我們投資打造洲際酒店集團的主品牌開始。我們的目標是讓 IHG 酒店及度假村成為家喻戶曉的品牌。我們於 2021 年更新了主品牌，並繼續加強其在客戶中的聲譽、與我們酒店品牌的聯繫，並加強與 IHG One Rewards 忠誠度計劃的聯繫。

Building a powerful master brand with strong awareness and reputation is a core part of our strategy because the master brand is what ties together our hotel brands. A powerful master brand positively influences commercial delivery to our hotels. It inspires owner interest to invest in our brands, which ultimately drive system growth, and it facilitates talent acquisition and employee retention. We've invested to raise the profile of our master brand by executing on a fully integrated investment in media, partnerships, and public relations.

打造具有強大知名度和聲譽的強大主品牌是我們策略的核心部分，因為主品牌是將我們的飯店品牌連結在一起的。強大的主品牌將對我們酒店的商業交付產生積極影響。它激發了所有者投資我們品牌的興趣，最終推動系統成長，並促進人才獲取和員工保留。我們透過對媒體、合作夥伴關係和公共關係進行全面整合的投資來提高我們主品牌的形象。

Our master brand everywhere strategy is delivering global and targeted marketing across all guest touch points. And we will continue to amplify our focus and investment behind this strategy going forward. We're really proud to see IHG Hotels & Resorts everywhere, including on television, social media, airports, music festivals, sporting events, and more.

我們的主品牌無所不在策略是在所有客人接觸點提供全球和有針對性的行銷。未來我們將繼續加大對這項策略的關注和投資。我們非常自豪地看到洲際酒店集團酒店及度假村隨處可見，包括電視、社群媒體、機場、音樂節、體育賽事等。

This strategy goes beyond the marketing to include a deliberate approach to how we connect our hotel brands with our master brand across every customer touch point and how we amplify this connection by leveraging the billboard effect of our over 6,400 hotels globally. And we know that this is resonating really well with guests. The investments we've made into our master brand are driving strong improvements in brand power, engagement, and reputation.

這項策略超出了行銷範圍，還包括我們如何在每個客戶接觸點將我們的飯店品牌與我們的主品牌聯繫起來，以及我們如何透過利用全球6,400 多家飯店的廣告看板效應來擴大這種聯繫。我們知道這與客人產生了很好的共鳴。我們對主品牌的投資正在推動品牌力量、參與度和聲譽的強勁提升。

IHG Hotels & Resorts was ranked first in our industry's global share of voice in the first half of 2024. We've also grown our social media engagement by an impressive 65% in the first six months of this year. And this is also supporting an uplift in our average global social review score to 4.37, which is ahead of our global peers.

洲際酒店集團酒店及度假村 2024 年上半年全球行業話語權份額排名第一。今年前六個月，我們的社群媒體參與度也成長了 65%，令人印象深刻。這也使得我們的全球平均社會評價分數提升至 4.37，領先全球同業。

This last point is essential because a compelling master brand is both the awareness of our brand and our reputation with customers. And industry-leading social review scores means that our commitment to elevating our customer experiences on property are successfully elevating our master brand reputation. We are really pleased with the journey the IHG Hotels & Resorts master brand has been on over the last three years.

最後一點至關重要，因為一個引人注目的主品牌既是我們品牌的知名度，也是我們在客戶中的聲譽。業界領先的社會評價分數意味著我們致力於提升飯店客戶體驗，從而成功提升了我們的主品牌聲譽。我們對洲際酒店集團酒店及度假村主品牌過去三年的發展歷程感到非常滿意。

The investments we've made behind the master brand ultimately help deliver more revenue to our hotels for our owners and more brand affinity among our guests and loyalty members. And there is a lot of further potential ahead.

我們在主品牌背後所做的投資最終有助於為我們的酒店所有者帶來更多收入，並在我們的客人和忠誠會員中提高品牌親和力。未來還有很大的潛力。

Now let's shift to discuss our portfolio of 19 hotel brands. We've added nine brands to our portfolio since 2015 from mid-scale all the way through to upper luxury. As I mentioned earlier, it's our master brand that connects the individual hotel brands within our strengthened and diversified brand portfolio across our five brand categories of luxury and lifestyle, premium, essentials, suites, and exclusive partners.

現在讓我們來討論一下我們的 19 個飯店品牌組合。自 2015 年以來，我們已在產品組合中增加了 9 個品牌，從中檔一直到高端奢侈品牌。正如我之前提到的，我們的主品牌將我們強化和多元化的品牌組合中的各個酒店品牌聯繫起來，涵蓋豪華和生活方式、高級、必需品、套房和獨家合作夥伴五個品牌類別。

The power of our commercial engine requires that we have strong and compelling brands within each of these segments. Because we know that the vast majority of customers stay within just one or two price segments. But we also know that there is an important and really valuable segment of guests to stay across price tiers and for whom a compelling loyalty program together with great hotel brand options across all price segments is essential to inspire their stickiness to IHG. This is why we've invested to add fantastic new brands to our portfolio while staying focused on innovation and the ground game delivery on property to keep our established brands fresh and relevant in every market.

我們商業引擎的力量要求我們在每個細分市場中擁有強大且引人注目的品牌。因為我們知道絕大多數客戶只停留在一、兩個價格區間。但我們也知道，有一個重要且真正有價值的客戶群會在各個價位段住宿，對於他們來說，引人注目的忠誠度計劃以及所有價位段的優質酒店品牌選擇對於激發他們對洲際酒店集團的黏性至關重要。這就是為什麼我們投資在我們的產品組合中添加出色的新品牌，同時專注於創新和房地產的地面遊戲交付，以保持我們的既定品牌在每個市場上的新鮮度和相關性。

The IHG master brand connects these brands to one another for all guests, while the IHG One Rewards program ultimately builds that deep stickiness to motivate customers to choose our brands by offering incremental value, benefits, and experiences when they stay with an IHG brand.

洲際酒店集團主品牌為所有客人將這些品牌相互聯繫起來，而洲際酒店集團One Rewards 計劃最終建立了深厚的粘性，通過在客戶入住洲際酒店集團品牌時提供增量價值、福利和體驗來激勵他們選擇我們的品牌。

This stronger and broader brand portfolio also encourages hotel owners to join and to stay within the IHG ecosystem by providing increased investment opportunities within and across brands segments and enhanced returns on their investments. And so now let's move to loyalty and the importance of IHG One Rewards and why we continue to be really focused on loyalty.

這個更強大、更廣泛的品牌組合還透過在品牌細分市場內和跨品牌細分市場提供更多投資機會以及提高投資回報，鼓勵飯店業主加入並留在洲際酒店集團生態系統中。現在讓我們來談談忠誠度和 IHG One Rewards 的重要性，以及為什麼我們繼續真正關注忠誠度。

We know IHG One Rewards is a critical part of why guests choose to stay at our hotels and return more frequently. And so this program is key to driving performance and growth. Our loyalty members are our most valuable guests. They're 10 times more likely to book direct using channels such as our mobile app and ihg.com. They spend 20% more than non-members, and they return to our hotels more frequently, plus they engage with ancillary revenue streams by purchasing points and being holders of our co-brand credit cards.

我們知道 IHG One Rewards 是賓客選擇入住我們酒店並更頻繁返回的重要原因。因此，該計劃是推動績效和成長的關鍵。我們的忠誠會員是我們最有價值的客人。他們透過我們的行動應用程式和 ihg.com 等管道直接預訂的可能性高出 10 倍。他們的消費比非會員多 20%，並且更頻繁地返回我們的酒店，此外，他們還通過購買積分和持有我們的聯名信用卡來獲得輔助收入流。

Let's take a minute to reinforce this profitability point and compare an IHG One Rewards member to the typical OTA guest staying at an IHG hotel. This is going to be an example to illustrate how loyalty members drive higher spend at a lower cost, resulting in more profit for our hotel owners.

讓我們花一點時間來強調這一盈利點，並將 IHG One Rewards 會員與入住 IHG 酒店的典型 OTA 賓客進行比較。這將是一個例子，說明忠誠會員如何以更低的成本推動更高的支出，從而為我們的酒店業主帶來更多利潤。

An IHG One Rewards member on average spend 10% more given their booking choices than a guest booking through an OTA. The cost of the loyalty member booking for a hotel, including loyalty assessments and marketing program fees, is about 50% lower than that of an OTA guest. And this, therefore, means that the loyalty member is roughly 20% more profitable to a hotel owner than a typical OTA guests staying at that hotel.

根據預訂選擇，IHG One Rewards 會員的平均花費比透過 OTA 預訂的客人多 10%。忠誠會員預訂飯店的成本（包括忠誠度評估和行銷計劃費用）比 OTA 客人低約 50%。因此，這意味著忠誠會員為酒店業主帶來的利潤比入住該酒店的典型 OTA 客人高出約 20%。

And because we know who our loyalty members are and how they behave, they're also much lower cost to market to. And we use our advanced data and analytics capabilities to target these guests directly with the right offer at the right time to motivate that next booking at a very strong marketing ROI. And this is why the continued growth of our member base is an essential priority.

而且因為我們知道我們的忠誠會員是誰以及他們的行為方式，所以他們的行銷成本也低得多。我們利用先進的數據和分析功能，在正確的時間直接針對這些客人提供正確的優惠，以非常高的營銷投資回報率激勵下一次預訂。這就是為什麼我們的會員基礎的持續成長是一個重要的優先事項。

As you know, we've reimagined our loyalty program in 2022 with the launch of IHG One Rewards, our biggest ever transformation and investment in the loyalty program. This evolution included the introduction of new membership tiers with faster earn of more valuable points and more bonus points across tiers. This point earnings structure is now industry leading.

如您所知，我們在 2022 年重新構想了我們的忠誠度計劃，推出了 IHG One Rewards，這是我們對忠誠度計劃有史以來最大的轉型和投資。這一演變包括引入新的會員級別，可以更快地賺取更有價值的積分以及跨級別的更多獎勵積分。這一點獲利結構目前處於業界領先。

We also introduced exceptional choice for our members with unique options to personalize benefits that puts the member in control. And we added richer benefits with new customer preferred options like room upgrades, food and beverage credits, reward night discounts, and club lounge access that members really value.

我們也為我們的會員推出了特殊的選擇，提供獨特的個人化福利選項，讓會員掌控一切。我們還透過新的客戶首選選項增加了更豐富的福利，例如會員真正重視的客房升級、餐飲積分、獎勵住宿折扣以及俱樂部酒廊使用權。

The new loyalty program was accompanied by the launch of our new and very popular mobile app, our fastest growing distribution channel. This channel is also really important for our highest-value members and drive deep engagement and more personalized options. And so launching an industry-leading mobile app at the same time that we've relaunched IHG One Rewards has really helped grow our member base and increase member engagement with our program and with IHG hotels.

新的忠誠度計劃伴隨著我們非常受歡迎的新行動應用程式的推出，這是我們成長最快的分銷管道。該管道對於我們最高價值的會員也非常重要，可以推動深度參與和更個人化的選擇。因此，在我們重新推出 IHG One Rewards 的同時推出業界領先的行動應用程序，確實有助於擴大我們的會員基礎，並提高會員對我們的計劃和 IHG 酒店的參與度。

At the same time, we also launched our largest marketing campaign in more than a decade to showcase our brands, IHG One Rewards and the many ways we deliver true hospitality for good across our hotels around the world. The Guest How You Guest campaign has showed up across TV, social media, magazines, airports, subways, sporting events, and more.

同時，我們也發起了十多年來最大規模的行銷活動，以展示我們的品牌、IHG One Rewards 以及我們在世界各地的酒店提供真正的熱情好客之道的多種方式。Guest How You Guest 活動已出現在電視、社群媒體、雜誌、機場、地鐵、體育賽事等領域。

Lastly, we launched new co-brand credit card products in the US, which have been a catalyst for a strong improvement in new card accounts and total credit card spend. I'll talk about that in a moment.

最後，我們在美國推出了新的聯名信用卡產品，這成為新卡帳戶和信用卡總支出強勁改善的催化劑。我稍後會討論這個問題。

The transformation in 2022 gave members more tailored experiences and more options to earn and redeem voice points across our brands. For our owners, the program has meant higher volumes of more engaged and profitable guests to their hotels. We've seen leading indicators of growing member stickiness.

2022 年的轉型為會員提供了更量身定制的體驗以及更多賺取和兌換我們品牌語音積分的選擇。對於我們的業主來說，該計劃意味著更多的客人入住他們的酒店，參與度更高，利潤更高。我們已經看到了會員黏性不斷增長的領先指標。

Our members are happier. They're more engaged. And they're returning more frequently. These investments and the innovative approach have successfully developed a powerful and engaging program that has rapidly grown to over 130 million loyalty members.

我們的會員更快樂。他們更加投入。而且他們回來的頻率也越來越高。這些投資和創新方法成功開發了一個強大且有吸引力的計劃，該計劃已迅速發展到擁有超過 1.3 億忠誠會員。

Since the launch of IHG One Rewards, we've accelerated enrollment of members into this program. We had a record enrollment pace in the first half of this year and that pace is 50% higher than the pre-pandemic peak and a further 10% improvement from last year's record enrollment levels.

自 IHG One Rewards 推出以來，我們加快了會員加入該計劃的速度。今年上半年，我們的入學率創歷史新高，比疫情前的高峰高出 50%，比去年創紀錄的入學率又提高了 10%。

Member penetration -- the number of room nights booked by members continues to grow and now exceeds 60% of room nights globally. This is roughly 10 points higher than prior to the IHG One Rewards launch two years ago. The Americas region continues to lead in member penetration, approaching 70%. And we're seeing strong improvements across all three of our regions. The benefits of a large and powerful loyalty program that continues to strengthen each year go beyond a satisfied guest and owner.

會員滲透率－會員預訂的間夜數持續成長，目前已超過全球間夜數的 60%。這比兩年前推出 IHG One Rewards 之前大約高出 10 個積分。美洲地區的會員滲透率持續領先，接近 70%。我們看到所有三個地區都取得了顯著的進步。每年不斷加強的龐大而強大的忠誠度計劃的好處不僅僅是讓客人和業主滿意。

Member scale is also a critical enabler of success that helps drive commercial performance, and therefore, future system growth. It also attracts partners that want to collaborate with the IHG Hotels & Resorts master brand and our individual hotel brands. And importantly, it drives ancillary revenue opportunities, which creates further capacity for growth investments.

會員規模也是成功的關鍵推動因素，有助於推動商業績效，進而推動未來系統的成長。它也吸引了想要與洲際酒店集團酒店及度假村主品牌和我們的獨立酒店品牌合作的合作夥伴。重要的是，它推動了輔助收入機會，從而為成長投資創造了進一步的能力。

There is a key synergy between IHG One Rewards, the purchase of points, and co-brand credit cards. I explained earlier how our IHG One Rewards members are our most valuable guests. Within that growing pool of 130 million plus members, our credit card holders are among our most valuable and engaged of all loyalty members.

IHG One Rewards、積分購買和聯名信用卡之間存在著重要的協同作用。我之前解釋過我們的 IHG One Rewards 會員為何是我們最有價值的客人。在這個不斷增長的 1.3 億多名會員中，我們的信用卡持有者是我們所有忠誠會員中最有價值和最活躍的會員之一。

US cardholders stay 85% more than non-card holding loyalty members. They deliver 55% more room nights, and they spend 35% more. IHG One Rewards members that are co-brand credit card holders are therefore extremely valuable to us and to our hotel owners. The investments that we've made in both our loyalty program and the US co-brand credit card products have strengthened these important revenue-generating engines and fee streams.

美國持卡人的留存率比非持卡忠誠會員高出 85%。他們提供的間夜數增加了 55%，花費也增加了 35%。因此，作為聯合品牌信用卡持有者的 IHG One Rewards 會員對於我們和我們的酒店業主來說非常有價值。我們對忠誠度計畫和美國聯合品牌信用卡產品的投資增強了這些重要的創收引擎和費用流。

Our relaunched US credit cards continue to prove highly attractive to customers. Since launching the new US co-brand credit card products in March 2022, we've seen really strong performance. This momentum has continued during the first half of 2024, with new credit card account activations up 60% versus 2022 and total credit card spend up 30%.

我們重新推出的美國信用卡繼續對客戶極具吸引力。自 2022 年 3 月推出新的美國聯名信用卡產品以來，我們看到了非常強勁的表現。這一動能在 2024 年上半年持續，新信用卡帳戶活化量較 2022 年成長 60%，信用卡總支出成長 30%。

As a result of this momentum, we now have 25% more co-brand credit card customers versus two years ago. We believe there is material upside to the revenue from co-brand credit cards through ongoing innovation of our credit card products, data-driven marketing, portfolio optimization, as well as the potential for global expansion outside of the US.

由於這一勢頭，我們現在的聯名信用卡客戶數量比兩年前增加了 25%。我們相信，透過信用卡產品的持續創新、數據驅動的行銷、投資組合優化以及美國以外的全球擴張潛力，聯名信用卡的收入將具有實質成長。

The potential for growth should see co-brand credit card revenue increase significantly over time, and we look forward to updating you further on this as we deliver on these important ancillary fee streams going forward.

隨著時間的推移，聯合品牌信用卡收入的成長潛力應該會顯著增加，我們期待在我們未來提供這些重要的輔助費用流時進一步向您通報這一情況。

The various components of our commercial engine that I walked you through today, including the IHG Hotels & Resorts master brand, our hotel brand portfolio, IHG One Rewards loyalty program, and ancillary fee streams, all support and influence our strengthened enterprise contribution. Our enterprise contribution continues to grow and reflect how we add value by supplying higher-value guests at a lower cost of customer acquisition to our hotel owners.

我今天向您介紹了我們商業引擎的各個組成部分，包括洲際酒店集團酒店及度假村主品牌、我們的酒店品牌組合、洲際酒店集團One Rewards 忠誠度計劃和輔助費用流，所有這些都支持並影響我們加強企業貢獻。我們的企業貢獻不斷增長，反映了我們如何透過以較低的客戶獲取成本為酒店業主提供更高價值的客人來增加價值。

The percentage of room revenue booked through IHG-managed channels and sources has reached a high of 80% for the first time, up 3 percentage points over the last two years. Importantly, digital channel contribution continues to lead this growth, while OTA contribution has remained flat in recent years. Digital contribution includes our IHG mobile app and web channels, which have benefited from the investments we've made in recent years and our strengthened master brand and loyalty program.

透過洲際酒店集團管理的通路和通路預訂的客房收入比例首次達到80%的高位，比過去兩年增加了3個百分點。重要的是，數位管道的貢獻繼續引領這一成長，而 OTA 的貢獻近年來保持穩定。數位貢獻包括我們的洲際酒店集團行動應用程式和網路管道，它們受益於我們近年來所做的投資以及我們強化的主品牌和忠誠度計劃。

Growth in contribution from our mobile app is especially important because this channel is preferred by high frequency guests. And it also allows us to communicate with our IHG One Rewards members much more frequently, including while they are in stay. This opens up more opportunity to drive repeat stays and offer compelling benefits, services, and experiences when it's most relevant for our guests.

我們的行動應用程式的貢獻成長尤其重要，因為該管道受到高頻客人的青睞。它還使我們能夠更頻繁地與 IHG One Rewards 會員溝通，包括在他們入住期間。這為推動重複入住提供了更多機會，並在與我們的客人最相關的情況下提供令人信服的優惠、服務和體驗。

To wrap up, we are really proud of everything we've achieved over the last few years in strengthening our brands and commercial engine. IHG's commercial engine drives high-value, low-cost revenue for hotels that complement our brand formats to optimize cost to build and operate, which together maximize hotel owner ROI. The commercial and marketing organization powers IHG's growth as an essential part of this owner value proposition.

總而言之，我們對過去幾年在加強品牌和商業引擎方面所取得的一切成就感到非常自豪。洲際酒店集團的商業引擎為酒店帶來高價值、低成本的收入，補充我們的品牌模式，優化建設和營運成本，從而最大限度地提高酒店業主的投資回報率。商業和行銷組織作為業主價值主張的重要組成部分，為洲際酒店集團的發展提供動力。

We drive revenue, optimize customer acquisition cost, and accelerate hotel ramp up to steady state performance. Our customers are more connected and engaged than ever before across the master brand, our brand portfolio, and the loyalty program. And we've made really good progress on increasing ancillary revenue streams with notable growth potential ahead.

我們提高收入，優化客戶獲取成本，加速飯店業績達到穩定狀態。我們的客戶在主品牌、我們的品牌組合和忠誠度計劃方面比以往任何時候都更加聯繫和參與。我們在增加輔助收入流方面取得了非常好的進展，未來的成長潛力巨大。

Thank you so much for your attention today. And with that, I'll hand it back to Elie. Thank you, Heather. Let me now summarize our strong performance in the first half of 2024.

非常感謝您今天的關注。有了這個，我會把它交還給埃利。謝謝你，希瑟。現在讓我總結一下我們在 2024 年上半年的強勁表現。

Our RevPAR grew by 3% accelerating in Q2. We delivered gross system growth of 4.9% and net system growth of 3.2% and are confident in delivering full-year growth expectations. We secured record-breaking signings of over 57,000 rooms, up 67% year over year and our pipeline grew by 15%.

我們的 RevPAR 在第二季加速成長了 3%。我們實現了 4.9% 的系統總成長和 3.2% 的系統淨成長，並對實現全年成長預期充滿信心。我們簽訂了超過 57,000 間客房的破紀錄簽約量，年增 67%，而我們的儲備增加了 15%。

We expanded our fee margin by 180 basis points, supporting operating profit growth, and EPS growth of 12%. Our cash generation is funding growth investment, and we expect to return over $1 billion to shareholders in 2024, representing over 7% of our market cap at the start of the year. And we are making excellent progress on our strategic priorities and are confident in the strength of our enterprise platform and the attractive long-term growth outlook.

我們將費用利潤率擴大了 180 個基點，支援營業利潤成長和每股盈餘成長 12%。我們的現金產生正在為成長投資提供資金，我們預計到 2024 年將向股東回報超過 10 億美元，占我們年初市值的 7% 以上。我們在策略重點方面正在取得出色進展，並對我們企業平台的實力和有吸引力的長期成長前景充滿信心。

And with that, we thank you for listening to our 2024 half-year results presentation.

在此，我們感謝您聆聽我們的 2024 年半年度業績示範。

Let me now summarize our strong performance in the first half of 2024, our RevPAR grew by 3% accelerating in Q2. We delivered gross system growth of 4.9% and net system growth of 3.2% and are confident in delivering full year growth expectations. We secured record-breaking signings of over 57,000 rooms, up 67% year over year and our pipeline grew by 15%. We expanded our fee margin by 180 basis points, supporting operating profit growth and EPS growth of 12%. Our cash generation is funding growth investment, and we expect to return over 1 billion to shareholders in 2024, representing over 7% of our market cap at the start of the year. And we are making excellent progress on our strategic priorities and are confident in the strength of our enterprise platform and the attractive long-term growth outlook.

現在讓我總結一下我們在 2024 年上半年的強勁表現，我們的 RevPAR 在第二季加速成長了 3%。我們實現了 4.9% 的系統總成長和 3.2% 的系統淨成長，並對實現全年成長預期充滿信心。我們簽訂了超過 57,000 間客房的破紀錄簽約量，年增 67%，而我們的儲備增加了 15%。我們將費用利潤率擴大了 180 個基點，支援營業利潤成長和每股盈餘成長 12%。我們的現金產生正在為成長投資提供資金，我們預計到 2024 年將向股東回報超過 10 億美元，佔年初市值的 7% 以上。我們在策略重點方面正在取得出色進展，並對我們企業平台的實力和有吸引力的長期成長前景充滿信心。

And with that, we thank you for listening to our 2024 half-year results presentation.

在此，我們感謝您聆聽我們的 2024 年半年度業績示範。

(Operator Instructions) Vicki Stern, Barclays.

（操作員指令）Vicki Stern，巴克萊銀行。

Good morning. First one was just on unit growth. So I think if we strip back NOVUM from this year, it looks like you will be around the 3.5% range in terms of net unit growth. Is that the right underlying rate to have in mind for you going forward, or can you see that accelerating without any larger deal signings like NOVUM?

早安.第一個是關於單位成長。因此，我認為，如果我們從今年剔除 NOVUM，淨單位成長率似乎將在 3.5% 左右。這是您未來需要考慮的正確基本利率嗎？

And related to that, I noticed that exits were just a nudge higher than your 1.5% in the first half. Just checking that 1.5% is still the right level of exits that you have got in mind going forward?

與此相關的是，我注意到退出率僅略高於上半年的 1.5%。只是檢查一下 1.5% 是否仍然是您未來考慮的正確退出水平？

Second one is on incentive management fees in China. So we saw H1 IMFs were down a few million to $19 million in the first half. Can you just talk about your expectations there for the full year? Obviously, one of your competitors has been flagging the weakness there. And then just more broadly, your outlook for China as you see it over the next 6 to 12 months?

第二個是關於中國的激勵管理費。因此，我們看到上半年國際貨幣基金組織 (IMF) 下降了數百萬美元至 1,900 萬美元。您能談談您對全年的期望嗎？顯然，你的一位競爭對手已經指出了那裡的弱點。更廣泛地說，您對中國未來 6 到 12 個月的前景有何看法？

And then just finally on the credit card opportunity. That was helpful color from Heather in the pre-recorded presentation. Just curious when you think you might be in a position to give any clearer guidance on the quantum of that material revenue upside that was mentioned there. Obviously, any indications today on how we should be framing that materiality would be great. Thanks.

然後終於有信用卡機會了。希瑟在預先錄製的簡報中提供的顏色很有幫助。只是好奇當你認為你可能能夠就其中提到的物質收入上升幅度提供更清晰的指導時。顯然，今天任何關於我們應該如何建立實質的跡像都會很棒。謝謝。

Okay. Hello, Vicki. How are you? Thank you, everybody, for joining our call today. I was supposed to give an intro, but I guess we are jumping right into the questions, which is fine. I might as well get right to it.

好的。你好，維姬。你好嗎？謝謝大家今天加入我們的電話會議。我本來應該做一個介紹，但我想我們直接進入問題，這很好。我不妨直接開始吧。

So on your question about net system size, growth expectations, and NOVUM, a couple of things. We are exactly today where we said we would be at the first quarter when we announced the NOVUM deal and discussed it. We said that we were comfortable with system size expectations and consensus before. And we said that included NOVUM and we said that NOVUM gave us greater confidence in reaching that system size expectations this year and actually beyond this year.

關於您關於淨系統規模、成長預期和 NOVUM 的問題，有幾件事。今天，我們正處於宣布 NOVUM 交易並進行討論時所說的第一季的情況。我們之前說過，我們對系統規模的預期和共識感到滿意。我們說這包括 NOVUM，我們說 NOVUM 讓我們更有信心在今年乃至今年之後達到系統規模預期。

And so where we are today is a consensus moved up to 4.2%. We are saying that we are comfortable with that, confident in that. And that still includes NOVUM. Now we have visibility of how many rooms are going to open this year.

因此，我們今天的共識是上升至 4.2%。我們說我們對此感到滿意，對此充滿信心。其中也包括 NOVUM。現在我們可以了解今年將開放多少間客房。

Over 7,000 rooms are going to open this year. In the year ago, we have already opened 1,000. And also, there is an equal amount, probably a little bit more that will likely open next year and maybe some even into 2026. So it is not just a one and done. It is a multiyear thing.

今年將有超過7,000間客房開幕。一年前，我們已經開了1000家。而且，明年可能會開放同等數量的設施，甚至可能多一點，有些甚至會持續到 2026 年。所以這不僅僅是一勞永逸。這是一個多年的事。

So no, I would say that your expectation going forward should be closer to what the expectation was for this year, because every year we do organic conversion deals that sometimes we are aware of going into the year, sometimes we are not aware of. This is an organic conversion deal.

所以不，我想說，你對未來的期望應該更接近今年的期望，因為每年我們都會進行有機轉換交易，有時我們知道進入這一年，有時我們不知道。這是一次有機轉換交易。

Yes, it is a big one, but it is individual licenses. It is an individual 119, individual 20-year licenses. It's not a partnership; it's not an acquisition. It is a fee-paying deal. So it's very accretive to us. And we will do other in the year conversions this year that we are not calling out. And we will do more next year and the year beyond.

是的，這是一個大許可證，但它是個人許可證。它是個人119，個人20年許可證。這不是一種夥伴關係；而是一種合作關係。這不是收購。這是一項付費交易。所以這對我們來說非常有幫助。今年我們將進行其他我們沒有呼籲的年內轉換。明年和後年我們將做得更多。

So we are comfortable with consensus where it is today and actually have very good visibility to it. And we are comfortable with next year, maintaining a similar trajectory, given not just all the in-year conversions that we are doing, but also the spill-over of the NOVUM rooms next year. And the acceleration of our pipeline.

因此，我們對目前的共識感到滿意，並且實際上對其有很好的了解。我們對明年感到滿意，保持類似的軌跡，不僅考慮到我們正在進行的所有年內轉換，而且考慮到明年 NOVUM 房間的溢出。以及我們管道的加速。

You have seen our signings increase. Even if you took out NOVUM, 23% globally, new builds and conversion signings increased in a healthy manner in the first half. That gives us some fuel going into the future. So that's your first question. Michael, do you want to add on to that?

你已經看到我們的簽約增加了。即使剔除全球 23% 的 NOVUM，上半年新建築和轉換簽約也以健康的方式成長。這為我們走向未來提供了一些燃料。這是你的第一個問題。邁克爾，你想補充一下嗎？

Do you want to grab the exits first and then I will.

你想先搶出口嗎，然後我來。

Yeah. Let us just touch on exits. No, we are comfortable with the 1.5%. In the first half of the year, we always have more exits than in the second half of the year, maybe not always, but traditionally. If you look at our pattern over the years, the first quarter has more exits and the second quarter a little more. But then it is fewer usually in the second half. So we are comfortable with the 1.5% long-term objective, and we have been roughly around that. IMFs in China, I will turn it over to Michael, but I think it is a decent story there, too.

是的。讓我們談談出口。不，我們對 1.5% 感到滿意。上半年，我們的退出總是比下半年多，也許並不總是如此，但傳統上是如此。如果你看看我們多年來的模式，第一季的退出次數較多，第二季的退出次數較多。但到了下半場，這種情況通常會減少。因此，我們對 1.5% 的長期目標感到滿意，而且我們一直大致圍繞著這個目標。中國的國際貨幣基金組織，我會把它交給邁克爾，但我認為這也是一個不錯的故事。

Yeah. Vicki, as you can imagine, we do not give guidance or break out where we sit on IMFs. So it will be a little limited about what I can say on the full year. But I will say that really as you step back and you look at IMFs, it starts with the RevPAR story.

是的。Vicki，正如你可以想像的那樣，我們不會提供指導或突破我們對國際貨幣基金組織的立場。因此，我對全年能說的內容會有些限制。但我要說的是，當你退一步看國際貨幣基金組織時，你會發現它是從 RevPAR 的故事開始的。

And certainly, in China, you can see that half, year this year we were at $19 million in incentive management fees against the $23 million last year. We did $46 million in the full year in 2023. But if you look at the story on what is going on in China, you are seeing a significant amount of outbound travel as the market has opened up.

當然，在中國，你可以看到今年半年我們的激勵管理費為 1,900 萬美元，而去年為 2,300 萬美元。2023 年全年我們的收入為 4,600 萬美元。但如果你看看中國正在發生的事情，你會發現隨著市場的開放，出境旅遊數量大量增加。

Last year, we were heavily domestic. Most of the travel was within China. We saw that. You saw the Tier 4 resort city is doing really well. Now that has moved out of China. And we have had more airlift and visa restrictions cut.

去年，我們主要在國內。大部分的旅行是在中國境內進行。我們看到了。你看到四線度假城市做得非常好。現在它已經移出了中國。我們也削減了更多的空運和簽證限制。

So you are seeing that. In fact, our Asia Pacific region is up 15.4% in some key markets. Within there, Vietnam is up 30% RevPAR in the half. Korea is up 20%, Indonesia is up 18%, Thailand up 25%. And remember, we get management fees for hotels -- incentive management fees for hotels we have there.

所以你正在看到這一點。事實上，我們亞太地區的一些主要市場成長了 15.4%。其中，越南上半年的 RevPAR 成長了 30%。韓國成長了 20%，印尼成長了 18%，泰國成長了 25%。請記住，我們收取酒店管理費——我們在那裡的酒店的激勵管理費。

And so if you then go back and look and see what has happened in the EMEAA, we have actually delivered $55 million of incentive management fees against $43 million last year. And then you will also remember that we had been fully recovered in terms of incentive management fees from a 2019 level in EMEAA. So that is really strong growth.

因此，如果您回頭看看歐洲、中東和非洲地區發生了什麼，我們實際上已經支付了 5500 萬美元的激勵管理費，而去年為 4300 萬美元。然後您還會記得，我們​​在 EMEAA 的激勵管理費方面已從 2019 年的水準完全恢復。所以這確實是強勁的成長。

So if you look at that, yes, we didn't deliver as many incentive management fees in China. But EMEAA is capturing a lot of that demand that comes out, and we have seen increasing incentive management fees in the EMEAA. That's not one for one, but I think what you are seeing is a bit of that coming through.

所以如果你看一下，是的，我們在中國沒有提供那麼多的激勵管理費。但歐洲、中東和非洲地區正在抓住大量的需求，我們已經看到歐洲、中東和非洲地區的激勵管理費不斷增加。這不是一對一的，但我認為你所看到的只是其中的一部分。

I think it speaks to more broadly the strength of our globally diversified business model, which intentionally places us in 100 countries and many of the most attractive ones around the world to where we know that not every market, every quarter is going to be at full speed. But enough of them will keep growing and we capture outbound business when domestic business is strong. So there is a method to our strategy, which continues to deliver as we saw in the first half, even when not all markets are at full speed.

我認為這更廣泛地說明了我們全球多元化業務模式的優勢，該模式有意將我們置於100 個國家和世界各地許多最具吸引力的國家，我們知道，並非每個市場、每季都會充滿活力。但其中有足夠多的公司將繼續成長，當國內業務強勁時，我們就會抓住出境業務。因此，我們的策略有一種方法，即使並非所有市場都在全速運轉，它仍能像我們在上半年看到的那樣繼續發揮作用。

Okay. To the China outlook that you were asking about, we can talk about the mid-term and then a little bit about the long term. In the mid-term, Michael covered the fact that, yes, there was less domestic travel. But then a lot of it went into Asia Pacific, and we benefit from that as a group anyway.

好的。對於你所問的中國前景，我們可以談談中期，然後再談長期。在中期，麥可承認了一個事實：是的，國內旅行減少了。但後來其中很大一部分進入了亞太地區，無論如何我們作為一個整體都從中受益。

Number two, we saw -- we're comping against a very strong second quarter last year when the restrictions were lifted. We did say that the comps do get tougher in Q3 when we were up 9% last year over 2019, but then they get easier in Q4. When the comps -- last year, we were at zero compared to 2019. So it goes up in toughness, comes down in toughness. That is the near-term outlook.

第二，我們看到——我們正在與去年限制取消時非常強勁的第二季度進行比較。我們確實說過，當我們去年比 2019 年成長 9% 時，第三季的競爭確實會變得更加艱難，但隨後第四季的競爭會變得更容易。去年，與 2019 年相比，我們的比較為零。所以它的韌性上升，韌性下降。這是近期的前景。

But fundamentally, if you look mid-term to long term, we are still very confident in China. You see our owners are very confident. Our signings are up nearly 40% in the half. Our openings are up nearly 50%. Our total rooms revenue actually grew 10% in the half because of system growth. And ultimately, that is one of the key measures of our growth and success.

但從根本上來說，如果從中長期來看，我們對中國仍然非常有信心。你看我們的老闆很有信心。上半年我們的簽約量增加了近40%。我們的空缺職位增加了近 50%。由於系統的成長，我們的客房總收入實際上在上半年成長了 10%。最終，這是我們成長和成功的關鍵衡量標準之一。

And nothing has really changed in the fundamentals there. The middle class is still projected to grow 80 million households over the next 10 years. The rooms penetration is still only one-seventh. We have said, and I remember if you remember in February, I will repeat, this industry, even in our major markets, makes highs and lows. It is not just straight highs, but it makes higher highs and higher lows and the trend line for China is upwards in travel.

那裡的基本面沒有任何真正的改變。預計未來 10 年中產階級家庭數量仍將達到 8,000 萬戶。客房滲透率仍僅七分之一。我們說過，如果你還記得二月的話，我會重複一遍，這個行業，即使在我們的主要市場，也會出現高峰和低谷。它不僅是直線高點，而且還創造了更高的高點和更高的低點，中國旅遊業的趨勢線是向上的。

It is still going to become one of the largest travel markets in the world. It is quickly regaining its place as the largest outbound market in the world and being strong in China is important for being strong in the rest of the world as we saw in Asia Pacific.

它仍將成為世界上最大的旅遊市場之一。它正在迅速恢復其作為全球最大出境市場的地位，正如我們在亞太地區看到的那樣，在中國保持強大對於在世界其他地區保持強大非常重要。

Okay. Question number four. I never thought you would ask about the credit card. On the credit card, as Heather took you through in her excellent presentation, we are already making very good progress organically with the credit card with new accounts, with growing spend, with great satisfaction with the new cards that we have launched on the back of a very strong IHG One Rewards, on the back of our strong luxury lifestyle portfolio.

好的。第四個問題。我沒想到你會問信用卡的事。在信用卡方面，正如希瑟在她的精彩演講中向大家介紹的那樣，我們已經在信用卡方面取得了非常好的進展，新帳戶、支出不斷增長，我們對我們在2017 年推出的新卡非常滿意。

So all that is working. And then we do know, and we have talked about that there could be an optimization of the partnership. That is under review right now. So please be patient with us as we cannot discuss it in any detail. But as we have said and we repeat, we are very confident in the growth trajectory of our credit card and what it can contribute to IHG's P&L that it will grow significantly. It is growing already that it will be multiples of what it is today over time.

所以這一切都有效。然後我們確實知道了，而且我們已經討論過可以優化合作關係。目前正在審查中。因此，請耐心等待，因為我們無法詳細討論。但正如我們所說並重複的那樣，我們對信用卡的成長軌跡及其對洲際酒店集團損益表的貢獻非常有信心，它將顯著增長。隨著時間的推移，它已經在增長，將是現在的數倍。

And the partnership review is one aspect of it, but I have said, and I repeat the organic growth and the strategy we are deploying for the credit card is the underlying power behind it. We will, at the right time in the right order, bring more information and share more details for you when w we conclude some of this review. I think that covers your questions, Vicki. Who is next?

合作夥伴關係審查是其中的一個方面，但我已經說過，我重複一下有機成長和我們為信用卡部署的策略是背後的潛在力量。當我們結束部分審查時，我們將在正確的時間以正確的順序為您帶來更多資訊並分享更多細節。我想這涵蓋了你的問題，維姬。下一個是誰？

Jamie Rollo, Morgan Stanley.

傑米羅洛，摩根士丹利。

Thanks. Good morning, everyone. Three questions as well, please. Just on the US data, your US-listed peers have pretty well all flagged the slowdown in July, talking about weak domestic leisure demand, trimming guidance. What is your view on what is happening in the domestic leisure market?

謝謝。大家早安。還有三個問題請教。僅就美國數據而言，美國上市同行幾乎都表示 7 月經濟放緩，談論國內休閒需求疲軟，並削減了指引。您對國內休閒市場的現況有何看法？

And also to hit full year consensus Group RevPAR growth of around 3%, you need a pretty similar second half performance to the first half. And that looks perhaps optimistic given the July data in the US and indeed in China.

此外，為了實現全年集團 RevPAR 成長 3% 左右的共識，您需要下半年的表現與上半年非常相似。考慮到美國和中國 7 月的數據，這看起來或許是樂觀的。

Secondly, on central revenues, they look like they were up about $11 million, which looks pretty equal to half the annual $25 million loyalty points fee revenues. It looks like the underlying central revenues did not go anywhere at all despite your positive comments on your existing credit card growth. Just wondering what is happening underlying ancillaries?

其次，就中央收入而言，他們看起來增加了約 1,100 萬美元，這看起來相當相當於年度 2,500 萬美元忠誠度積分費收入的一半。儘管您對現有的信用卡成長給予正面評價，但看起來基本的中央收入根本沒有去任何地方。只是想知道底層輔助設備正在發生什麼事？

And then finally, also slight modelling question. In EMEAA, your fee business operating costs fell by about 7%, which drove a lot of that margin growth. Any phasing or one-offs we need to be aware of there, please? Thank you.

最後，還有一個輕微的建模問題。在歐洲、中東和非洲地區，您的收費業務營運成本下降了約 7%，這在很大程度上推動了利潤成長。請問有什麼我們需要注意的分階段或一次性的情況嗎？謝謝。

Thank you, Jamie. I will take your first, second, and fourth question and turn over the central revenue to Michael. So look, on US data, we listened to the headlines of others in the industry. Of course, we are watching the current very recent data that is coming out on the US economy.

謝謝你，傑米。我將回答你的第一、第二和第四個問題，並將中央收入交給麥可。所以看，關於美國的數據，我們聽取了業內其他人的頭條新聞。當然，我們正在關注目前發布的有關美國經濟的最新數據。

But we are not seeing anything in our numbers right now. We certainly did not see it in Q2, and we saw an acceleration. Looking into July, we see a broad continuation of that pattern, where we were up three months in a row in Q2. And even early into August, it seems to be the same.

但我們現在沒有看到任何數據。我們在第二季度當然沒有看到這一點，但我們看到了加速。展望 7 月，我們看到這種模式的廣泛延續，第二季我們連續三個月上漲。甚至到了八月初，情況似乎也是如此。

Now, when you talk about others taking down their guidance, I think it is important to look at where they were starting with, right? Because we do not give guidance. We are just working with consensus. And so I do not know where they were starting with. Whether they came down from something that was higher, I think you will look at that in more detail yourself.

現在，當你談論其他人取消他們的指導時，我認為重要的是看看他們從哪裡開始，對吧？因為我們不給予指導。我們只是在達成共識的情況下開展工作。所以我不知道他們從哪裡開始。無論它們是否來自更高的東西，我想你會自己更詳細地了解這一點。

But we are not seeing anything that is of a concern right now. But of course, as you know, our booking window is short as any in this industry, and we can only look so far. I will say that for the rest of the year for the Group, if you think about, we did 3% in the half with the US doing minus 1.9% in the first quarter, which is clearly the biggest part of our business, and we are not seeing that repeating in the rest of the year, then that is probably a bit of a tailwind into the second half.

但我們目前沒有看到任何令人擔憂的事情。但當然，如您所知，我們的預訂窗口比該行業中的任何窗口都短，我們只能看到到目前為止。我想說的是，對於集團來說，今年剩下的時間裡，如果你想一想，我們上半年的成長率為3%，而美國第一季的成長率為負1.9%，這顯然是我們業務的最大部分，而且我們如果今年剩餘時間不會出現這種情況，那麼這可能會對下半年產生一定的推動作用。

And our comps in the Americas in total do not get harder in the second half, they get a little bit easier. China, we have said gets harder in this third quarter, but then gets easier in the fourth quarter. EMEAA seems to be steady going well. And so, all of that puts us in a place we are comfortable with consensus where it is today for RevPAR. The others may be starting from a different altitude that they set out in guidance, I do not know.

下半場我們在美洲的比賽總體上並沒有變得更困難，而是變得更容易了一些。我們說過，中國在第三季變得更困難，但在第四季變得更容易。EMEAA 似乎進展順利。因此，所有這些都讓我們對如今的 RevPAR 達成共識感到滿意。我不知道其他人可能是從他們在指導中設定的不同高度開始的。

Number two or actually to your third question because I think I answered the second question there. I will come back to central revenue for Michael. On EMEAA margin growth, that is no one-off in there. That is actually what we have been saying, a lot of it happened quickly. But we have been saying it, as our Asian markets and as the East recovers and grows, we will get margin accretion.

第二個問題或實際上是你的第三個問題，因為我想我在那裡回答了第二個問題。我將回到邁克爾的中央收入。歐洲、中東和非洲地區的利潤成長並非一次性的。這其實就是我們一直在說的，很多事情發生得很快。但我們一直在說，隨著我們的亞洲市場和東方市場的復甦和成長，我們的利潤率將會增加。

There was no significant -- there was no one-off in there. It is the recovery of many of our Asian markets that we are not quite recovered in the first half of last year. It is the strong outbound out of China into Southeast Asia, where APAC, Asia Pacific, for us was up 15%.

沒有什麼重大的——那裡沒有一次性的事情。去年上半年我們還沒有完全恢復的就是我們許多亞洲市場的復甦。這是從中國到東南亞的強勁出境遊，其中亞太地區對我們來說成長了 15%。

So yeah, it is not all leakage. If it is not happening in China, it is maybe happening somewhere else, good for us. And that drops to the bottom line favorably with that 700-basis-point accretion. I think it answers that. Michael, over to you on central.

所以是的，這並不全是洩漏。如果這沒有發生在中國，它可能會發生在其他地方，這對我們有好處。隨著 700 個基點的增加，這個數字順利下降到底線。我認為它回答了這個問題。邁克爾，中央交給你了。

Yeah. So on central revenue, there is a lot of moving parts within there, Jamie. Certainly, the new spend points or the consumer points coming in that we are taking in. You have got other things that move with RevPAR like technology fees, particularly in China. You have also got some movements that we have done where we have looked -- and this is a technical term, ring-fence some things that are more just we do on the behalf of the owners, and that has moved.

是的。傑米，在中央收入方面，有很多變動的部分。當然，我們正在吸收新的消費點或消費點。還有其他因素會隨著 RevPAR 的變化而變化，例如技術費，尤其是在中國。你也看到了我們在我們所看到的地方所做的一些動作——這是一個技術術語，圈出一些我們更代表業主所做的事情，並且已經改變了。

So there is just some moving pieces in there. But overall, we are strong. We feel comfortable with where we are going to be with the credit card growing and the point of sales coming into there in the long term.

所以裡面只有一些移動的部分。但總的來說，我們很強。我們對信用卡的成長和銷售點的長期發展感到滿意。

Yeah. We just want to go back also to your general sense on the economy in the US. I know we are going to get a lot of questions, so let me just head it off on that, is we are watching the data. We are listening to the commentators as everybody is obviously.

是的。我們只想回到您對美國經濟的一般看法。我知道我們會收到很多問題，所以讓我先說一下，我們正在觀察數據。我們正在傾聽評論員的聲音，顯然每個人都是如此。

We are also not going to come to immediate conclusions from a few days or one month of data. Yes, the unemployment ticked up to 4.3%. At the same time, if you look underneath it, the actual total people employed still increased in July from June. There were more people coming into the labor force, which raised the unemployment rate. So what we really focus on are people employed the economy is not losing jobs yet.

我們也不會根據幾天或一個月的數據立即得出結論。是的，失業率上升至 4.3%。同時，如果深究下去，7月的實際就業總數仍較6月增加。更多的人進入勞動市場，導致失業率上升。因此，我們真正關注的是就業人口，經濟還沒有失去工作。

And I think that we would all agree that if unemployment settled in the low fours, and so there was some slack in the labor market. If interest rates, especially long-term rates come down and stay down as they have in the last couple of weeks, if inflation stays subdued, that is actually a favorable environment for GDP growth next year for the development aspect of our industry especially.

我認為，如果失業率穩定在四成以下，那麼勞動市場就會出現一些疲軟，我們都會同意這一點。如果利率，特別是長期利率像過去幾週那樣下降並保持在較低水平，如果通膨保持低迷，這實際上對明年的GDP成長尤其是對我們行業的發展而言是一個有利的環境。

It is kind of what everybody has been waiting for, for the Fed to take the foot off the pedal. So we do not know if this is the beginning of a trend, but if things settle down where they are today, that would not be a bad outcome actually. So with that, next questions

每個人都在等待聯準會鬆開踏板。所以我們不知道這是否是一種趨勢的開始，但如果事情穩定在今天的水平，那實際上並不是一個糟糕的結果。那麼接下來的問題

Richard Clarke, Bernstein.

理查克拉克，伯恩斯坦。

Thanks and good morning. Thanks taking my questions. I have three, if I may. Booking Holdings on Thursday called out that they were seeing some trading down behavior in the US market. Three of your brands in Americas have posted negative ADRs, and I think they are probably the most US-focused brands. So just what is happening with US ADRs and outlook for the back half of the year. Are you seeing trading down?

謝謝，早安。謝謝回答我的問題。如果可以的話，我有三個。Booking Holdings週四表示，他們發現美國市場出現了一些降價行為。你們在美洲的三個品牌發布了負面 ADR，我認為它們可能是最關注美國的品牌。那麼，美國 ADR 的情況和下半年的前景如何。您看到交易下跌嗎？

Secondly, I know overall, your signings were pretty strong, but it looks to me like US signings down. And if I strip out Garner down quite fast, I mean Holiday Inn Express signings are down 36% year on year in the first half. So just what is the outlook there? What is slowing down the signings?

其次，我知道總體而言，你們的簽約相當強勁，但在我看來，美國的簽約數量有所下降。如果我快速剔除加納的影響，我的意思是智選假日酒店上半年的簽約人數比去年同期下降了 36%。那麼那裡的前景如何呢？是什麼拖慢了簽約速度？

And then just following up, help me think about the flow-through of your overall signing growth? Maybe remind us of the definition of a signing? Is that just the contract signed? Does that mean financing is set up? And how quickly are signings, turning into construction starts, turning into openings. Is that speeding up at all?

然後跟進，幫我想想你們整體簽約成長的流程？也許讓我們想起簽名的定義？難道只是簽了合約嗎？這是否意味著融資已經成立？簽約、開工、空缺的速度有多快。這真的是在加速嗎？

Okay. I will just make sure I got all your questions down. Okay. So I think we saw an acceleration of RevPAR in all of our brands in the US in the second quarter over the first quarter, except for one, except for Kimpton, which is a great brand but not our biggest. All of our brands have accelerated RevPAR in the second quarter over the first quarter. So we are not seeing a trading down or trading up trend yet that is discernible.

好的。我會確保我記下了你所有的問題。好的。因此，我認為第二季度我們在美國的所有品牌的每間可用房收入（RevPAR）都比第一季度有所增長，但金普頓除外，金普頓是一個偉大的品牌，但不是我們最大的品牌。我們所有品牌第二季的 RevPAR 都比第一季有所提升。因此，我們還沒有看到明顯的下跌或上漲趨勢。

I will have Michael give you a little more color on that in a moment. But I think that we have heard of a lot of sectors talk about trading down. We are not seeing that yet in that, but we are not seeing any discernible trading up either at this point.

稍後我會讓邁克爾給你更多的資訊。但我認為我們已經聽說很多行業都在談論降價交易。我們還沒有看到這一點，但目前我們也沒有看到任何明顯的交易上漲。

Maybe just to add on to that. Richard, in the three that you put out, or you call out there, they are really relatively small size. So Kimpton was one of those 50. That's really -- in these 50 hotels there, you have got avid Hotels, which is 56 and you have got EVEN hotels, which is 19 hotels. Relatively small, geographic RevPAR growth in those will be really impacting that.

也許只是為了補充這一點。理查德，在您推出的或您在那裡喊出的三個中，它們的尺寸確實相對較小。所以金普頓就是這 50 人之一。確實如此，在這 50 家酒店中，有 56 家 avid Hotels，還有 19 家 EVEN 酒店。這些領域相對較小的地區 RevPAR 成長將真正影響這一點。

So it depends on the market they are in. But if you look at like a Holiday Inn Express, which is really broad geographic dispersion within the US, you saw rate up 1.7%. You saw Holiday Inn at another 560 hotels 1.5%.

所以這取決於他們所處的市場。但如果你看看智選假日酒店（Holiday Inn Express），它在美國的地理分佈非常廣泛，你會發現利率上漲了 1.7%。您在另外 560 家酒店中看到了假日酒店 1.5%。

So as you look across the whole of the US, you have got really strong growth. Those smaller brands will be impacted by submarket and where they are at and things going on in those markets. And so, I think, overall, we feel very comfortable with how we moved on rate, actually, with rate up in the Americas for the quarter at 1.8%.

因此，當你放眼整個美國時，你會發現成長非常強勁。這些較小的品牌將受到子市場、它們所處的位置以及這些市場中正在發生的事情的影響。因此，我認為，總體而言，我們對利率的變化感到非常滿意，實際上，美洲本季的利率上漲了 1.8%。

Yes. And then we had some upscale brands like Intercontinental, where rate moved up. So we are not seeing a pattern across our larger brands in the US right now.

是的。然後我們有一些高檔品牌，例如洲際酒店，其價格有所上升。因此，我們目前在美國的大品牌中還沒有看到這種模式。

Your question on US signings. So overall, year-over-year in the half, we actually signed almost similar number of deals but there was a mix shift to smaller key count in this first half. Last year, there were a handful of especially large deals signed in the first half. That could occur again in the second half.

你關於美國簽約的問題。因此，總體而言，與去年同期相比，我們實際上簽署了幾乎相似數量的交易，但上半年出現了減少關鍵數量的混合轉變。去年上半年簽署了幾筆特別大的交易。這種情況可能會在下半場再次發生。

We have got a lot of activity going on. But in terms of just activity, the number of deals was roughly similar. The key count mix was different. We are quite comfortable with the share of signings of Holiday Inn Express in the market. I think if you compare in the half to its direct competitors from the other two largest brands, it was up. It was ahead of all of them.

我們有很多活動正在進行。但就活動而言，交易數量大致相似。鍵數組合不同。我們對快捷假日酒店在市場上的簽約份額感到滿意。我認為，如果你將這一半與其他兩個最大品牌的直接競爭對手進行比較，你會發現它有所上升。它領先於他們所有人。

So we are comfortable with the share of signings of Holiday Inn Express. Now, sometimes industry signings will happen more in one quarter versus another. But if we look at total industry signings at how our main brands are performing against our direct competitors, we are quite comfortable with them.

因此，我們對快捷假日酒店的簽約份額感到滿意。現在，有時一個季度的行業簽約會比另一個季度發生更多。但如果我們看一下整個行業簽約情況，看看我們的主要品牌與直接競爭對手的表現如何，我們對它們感到非常滿意。

We have nearly 1,000 hotels in pipeline in the Americas. Our ground break base is significantly up versus last year. And last year was up on the year before. So we think the conversion is going to continue to support our system size growth.

我們在美洲有近 1,000 家酒店正在籌建中。我們的破土動工基礎比去年顯著提高。去年的情況比前年增加。因此，我們認為轉換將繼續支持我們系統規模的成長。

When you are asking me about what is the definition of a signing in IHG, the definition of a signing is a contract signed and whatever, let us just say, commitments are acquired, sometimes we are requiring guarantees, sometimes there are payments required for, all that has to be in place and a form of control on the property, either you own the property or you have a right to control the property that is exercisable. And we feel comfortable with it.

當你問我洲際酒店集團簽約的定義是什麼時，簽約的定義是簽訂合同，無論什麼，我們只是說，承諾是獲得的，有時我們要求擔保，有時需要付款，所有這些都必須到位，並且對財產進行某種形式的控制，要么您擁有該財產，要么您有權控制可行使的財產。我們對此感到很舒服。

You may or may not have financing in place. I think that is industry standard, always require financing. There are some cases where we may require financing to be in place. But in most cases, in the industry financing is not a requirement to count it as a signing. We do not, like others do, talk about approvals or other things that aren't a completed, executed, fully funded contract.

您可能有也可能沒有融資。我認為這是行業標準，總是需要融資。在某些情況下，我們可能需要融資到位。但大多數情況下，產業內融資並不要求算是簽約。我們不會像其他人一樣談論批准或其他未完成、已執行、資金充足的合約的事情。

To your last questions about the conversion from signing to open, has that anything changed? Michael can give you some color on it.

關於您關於從簽名到開放的轉換的最後一個問題，有什麼變化嗎？麥可可以給你一些顏色。

Yeah. Richard, if you look at our construction link, it continues to improve. If you look at the trailing 12 months average for new development and conversion projects, we are approximately 21 months for new development and 7 months for conversions. That is actually a one-month improvement over where we were in 2023 at the full year.

是的。理查德，如果你看看我們的施工環節，你會發現它不斷在改進。如果您查看新開發和改造專案過去 12 個月的平均時間，您會發現新開發專案大約需要 21 個月，改造專案大約需要 7 個月。這實際上比 2023 年全年的情況改善了一個月。

So obviously, a lot goes in there. There is a lot of variability based on brand, and in terms of conversions how good the property currently is and what needs to be done. But that is on average where it sits. So it is improving a bit.

顯然，其中涉及很多內容。根據品牌的不同，以及在轉換方面，酒店目前的狀況如何以及需要做什麼，存在很大的差異。但這是平均值。所以它正在改善一點。

Thank you.

謝謝。

Jaina Mistry, Jefferies.

吉安娜·米斯特里，杰弗里斯。

Hi, Thanks very much for taking my questions. Three, if I may. The first one, we have spoken about US macro, but the other segment that has been called out by some of your peers and is the European consumer group. And I wondered if you have seen any signs of incremental weakness or push back against pricing from the European consumer?

您好，非常感謝您回答我的問題。三個，如果可以的話。第一個，我們已經談到了美國宏觀經濟，但另一個部分已經被一些同行指出，那就是歐洲消費者群體。我想知道您是否看到了歐洲消費者逐漸疲軟或抵制定價的跡象？

And second question is around business rates. I saw on your slides that your rooms revenue in the Americas was flat in H1? Does it have any read on the US corporate environment? And do you have an early view on the business rate renegotiations for 2025?

第二個問題是關於業務費率。我在您的投影片上看到，上半年您在美洲的客房收入持平？它對美國企業環境有什麼了解嗎？您對 2025 年商業費率重新談判有何初步看法？

And then my third question, the presentation from Heather was really helpful. In terms of the $100 million system funds surplus that you are planning to run down this year, are there any key areas such as segments or regions that you are planning on focusing on to reinvestment this year? Thank you.

然後是我的第三個問題，希瑟的演講非常有幫助。就今年計畫縮減的1億美元系統資金盈餘而言，今年有沒有計畫重點再投資的細分領域、區域等關鍵領域？謝謝。

Thank you, Jaina. I will take your first two questions and flip the third one to Michael. So on European consumer pricing pushback, nothing that we have seen yet. I mean, as I said earlier, we are always mindful of the new information, watching data, watching trends. I think the summer got off to a pretty good start here in Europe. There are very different markets, but we are not sensing anything right now, not in June and not in July that gives us any indication.

謝謝你，吉安娜。我將回答你的前兩個問題，然後將第三個問題轉給麥可。因此，關於歐洲消費者定價的阻力，我們還沒有看到任何情況。我的意思是，正如我之前所說，我們始終關注新資訊、觀察數據、觀察趨勢。我認為歐洲的夏天有一個很好的開始。市場有很大不同，但我們現在沒有感覺到任何跡象，六月和七月都沒有給我們任何跡象。

But different groups start from a different starting point. They might be in a different place in terms of their pricing already in a different industry. But we are very watchful of this, and we are not seeing anything yet.

但不同的群體有不同的起點。就不同行業的定價而言，他們可能處於不同的位置。但我們對此非常警惕，目前還沒有看到任何結果。

On US business rooms revenue, what you might be referring to is that room nights in our business segment were down in the US year over year. But what I would call out also is that they are done marginally. But what I call it also is that Group was up significantly. And that's-both our business travel.

關於美國商務客房收入，您可能指的是我們業務部門的間夜數在美國同比下降。但我還要指出的是，它們的完成程度很低。但我也稱之為集團大幅上漲。這就是我們的商務旅行。

One is business transient; one is business group. Sometimes there is a little more of this or that. We are not seeing a trend there. Our corporate rate negotiations were pretty successful at the end of last year. We are seeing them flow into this year.

一是業務瞬息萬變；一是企業集團。有時還會有更多這樣或那樣的事情。我們沒有看到那裡的趨勢。去年年底，我們的企業費率談判非常成功。我們看到它們流入今年。

As you can see, rate was up for the half and business room nights were down a bit, but Group nights were up more, and Group rate was up too. So Group revenue more than made up for it. We might be seeing corporations getting their people together more in groups in the first half of this year. But it is all business travel, and we are happy that it is all growing. And the last question was on where we might be prioritizing system fund spend this year. Heather, over to you.

正如您所看到的，價格上漲了一半，商務房的住宿晚數略有下降，但團體住宿晚數增加了更多，團體房價也有所上漲。因此，集團收入足以彌補這一損失。今年上半年，我們可能會看到企業將員工更多地聚集在一起。但這都是商務旅行，我們很高興這一切都在成長。最後一個問題是我們今年可能會優先考慮系統資金支出的哪些方面。希瑟，交給你了。

Yeah. So I mean, our focus and priorities really remain consistent. First in maintaining our marketing investment to drive revenue for hotels. That continues and continues to grow year over year. And then there are other strategic investments in some of the platforms that we talked about in the presentation, whether that is the continued investment in optimizing our channels and the mobile app, the launch of our new revenue management platform, and the continued investment in the loyalty program. And so I would say those were some of the big investments that continue as we go into 2024.

是的。所以我的意思是，我們的重點和優先事項確實保持一致。首先是維持我們的行銷投資以增加酒店收入。這種情況持續存在，並且逐年增長。然後，我們在演示中談到的一些平台還有其他策略投資，無論是優化我們的管道和行動應用程式的持續投資，推出新的收入管理平台，還是對忠誠度計劃。所以我想說，這些是進入 2024 年時仍在繼續的一些大型投資。

Thank you, Heather.

謝謝你，希瑟。

Estelle Weingrod , JP Morgan.

埃斯特爾·溫格羅德，摩根大通。

I have two questions. On RevPAR, again, the 3.2% in Q2, you used to provide the monthly evolution. Can I ask how this evolves from April to June or at least give us some color? Then on margins, I am trying to understand the fee margin upside potential for the second half of the year, especially as the margins did quite well in the second half of last year.

我有兩個問題。在 RevPAR 方面，第二季為 3.2%，您過去常常提供每月的演變。我可以問一下從四月到六月這是如何演變的，或者至少給我們一些顏色嗎？然後在利潤率方面，我試著去了解今年下半年的費用利潤率上行潛力，特別是去年下半年的利潤率表現相當不錯。

I will say it differently, at the EBIT level, I think the EBIT growth was 9% if you exclude the accounting change versus the guidance for the full year closer to 10%. So with some further normalization out there, especially at the RevPAR level, is there room for H2 EBIT to grow by more than 10%?

我會以不同的方式說，在息稅前利潤層面，如果排除會計變更，我認為息稅前利潤增長為 9%，而全年指導則接近 10%。那麼，隨著進一步的正常化，特別是在 RevPAR 水準上，H2 息稅前利潤成長是否有超過 10% 的空間？

Thank you for your questions. I will take the first one, turn over the second one to Michael. We are not providing monthly RevPAR since the pandemic. That was a pandemic-specific thing where the turbulence was such that things did not change us by the month, it changed by the week and the day. We did say and we will repeat that, in the US, we saw a positive RevPAR for all three months, and we have added that we have seen a continuation of that in July and as far as we can see into August.

謝謝您的提問。我將拿走第一個，將第二個交給邁克爾。自疫情爆發以來，我們不再提供每個月的 RevPAR。這是一個特定於大流行的事情，動盪如此之大，以至於事情並沒有按月改變我們，而是按週和按天改變。我們確實說過並且我們將重複一遍，在美國，我們在三個月內都看到了積極的RevPAR，並且我們補充說，我們在7 月看到了這種情況的延續，而且就我們所知，一直到8 月。

So that is positive. It is, of course, on a short booking window. But it gives us confidence in the rest of the year. And we saw nothing in the monthly evolution of our US RevPAR in Q2 that gave us any particular concern.

所以這是積極的。當然，預訂窗口很短。但這讓我們對今年剩餘時間充滿信心。我們在第二季度美國 RevPAR 的月度變化中沒有看到任何讓我們特別擔憂的事情。

We had said in Q1 that there was a shift of some Easter business or not business because of Easter that was going to go from March to April. We saw that in April, but then the trend continued in May and June. On H2 margins, over to you, Michael.

我們在第一季曾說過，由於復活節將從三月持續到四月，因此一些復活節業務或不營業發生了變化。我們在四月就看到了這一點，但這種趨勢在五月和六月仍在繼續。在下半年的利潤上，交給你了，麥可。

Yeah. Well, as you know, we do not give guidance, but we have done $535 million here in the first half with EBIT up 12% as you correctly point out. There was a 130 basis points. If you back out the system fund changes and the points from consumers, it was 130 basis points of margin.

是的。嗯，如您所知，我們沒有提供指導，但正如您正確指出的那樣，我們上半年的營業額為 5.35 億美元，息稅前利潤增長了 12%。有130個基點。如果您取消系統資金變動和消費者的積分，則保證金為 130 個基點。

We have said all along, we will deliver between 100 and 150 basis points. We are very confident that we will continue to do that with the point sales on top of that. If you look at EBIT and where consensus is, it is at 10% on the full year, and earnings per share at around 15% growth. We are very comfortable with where that sits.

我們一直說過，我們將提供 100 到 150 個基點之間的利率。我們非常有信心，我們將繼續在積分銷售的基礎上做到這一點。如果你看看息稅前利潤（EBIT）以及共識，你會發現全年成長 10%，每股盈餘成長 15% 左右。我們對它所處的位置非常滿意。

Muneeba Kayani, Bank of America.

Muneeba Kayani，美國銀行。

Hi, good morning. So just on the US, I did note that you talked about this earlier but one of the other things that came up from one of your competitors was weakness around the US elections in November. Are you seeing that?

嗨，早安。就美國而言，我確實注意到您早些時候談到了這一點，但您的一位競爭對手提出的其他問題之一是 11 月美國大選的疲軟。你看到了嗎？

Then secondly, just going back to your comments earlier, Elie, around how to think about net system growth beyond this year. I think you mentioned that new build is improving. So if new build is improving, conversions remain a big contributor. Then why not above 4%, especially given the pipeline growth?

其次，回到你之前的評論，埃利，關於如何思考今年之後的淨系統增長。我想你提到新的構建正在改進。因此，如果新的構建正在改進，那麼轉換仍然是一個重要的貢獻者。那麼為什麼不超過 4%，特別是考慮到管道的成長呢？

And then a third question. Heather, in slide 48, you laid out the impact from the masterbrand strategy in the last couple of years. As you look forward, where do you see additional contributions from the masterbrand? Is it one of these growing further, or is there anything else? Thank you.

然後是第三個問題。Heather，在投影片 48 中，您列出了過去幾年主品牌策略的影響。展望未來，您認為主品牌在哪些方面會做出額外貢獻？是其中之一進一步成長，還是還有其他什麼？謝謝。

Okay. Just let me make sure I got your questions down. Let me tackle the first two. So on the commentary about US RevPAR groups, somebody even got specific about November. I think you have to look at the fact that we have a certain distribution and mix of properties that may be different than others in the US.

好的。讓我確保我已經記下了你的問題。讓我來解決前兩個問題。因此，在有關美國 RevPAR 群體的評論中，有人甚至對 11 月進行了具體說明。我認為你必須考慮這樣一個事實：我們擁有一定的房產分佈和組合，這可能與美國其他地區不同。

Yes, we have some group business, some large hotels. We do not have the mega hotels of 4,000, 5,000, even 2,000 room properties. I think our biggest property in the US is not even 1,000 keys, where we have a decent urban distribution. It is not as large as some of the others, where they end up doing big conferences and big events, which a lot of times don't happen in some key cities like Washington, DC when you get to a presidential election year because nobody knows who is going to be there by January, and they just say, we will come back and meet who is here starting February.

是的，我們有一些集團業務，一些大型酒店。我們沒有4000間、5000間、甚至2000間客房的大型飯店。我認為我們在美國最大的房產連 1,000 個鑰匙都不到，我們在城市有不錯的分佈。它不像其他一些城市那麼大，他們最終會舉辦大型會議和大型活動，而當你進入總統選舉年時，很多時候在華盛頓特區等一些關鍵城市不會發生這種情況，因為沒有人知道誰會在一月之前到達那裡，他們只是說，我們會回來見見誰從二月開始就在這裡。

And so it tends to be a low business season, definitely low group season in big markets like Washington DC. Some of our competitors are very heavily represented in that market. We have a decent representation. It is nowhere near theirs, and not the same group distribution across the country.

因此，這往往是一個商業淡季，在像華盛頓特區這樣的大市場，絕對是團體淡季。我們的一些競爭對手在該市場上佔有很大份額。我們有一個不錯的代表。這與他們的情況相差甚遠，而且全國範圍內的群體分佈也不一樣。

So what could be true for others may not apply to us. We have looked at our forward bookings into November, which is quite away. I will be honest with you, given the booking window, but we looked at our group booking window, which tends to be longer term into November, we do not see any dislocation at this point from the election or anything for that matter.

因此，對其他人適用的事情可能不適用於我們。我們查看了 11 月的預訂情況，距離現在還很遙遠。老實說，考慮到預訂窗口，但我們查看了我們的團體預訂窗口，該窗口往往會持續到 11 月，我們目前沒有看到選舉或任何與此相關的任何混亂。

On net system size growth, yes, we feel that while we are not yet at the levels of new build signings, ground breaks are openings of pre-pandemic. And it is gradually improving, but gradually. We do see that gradual improvement. We saw our new build signings increase. We saw our new build openings increase. Our ground breaks increase.

就係統淨規模成長而言，是的，我們認為，雖然我們尚未達到新建築簽約的水平，但破土動工是大流行前的開始。而且它正在逐漸改善，但逐漸的。我們確實看到了這種逐步改善。我們看到新建築的簽約數量增加。我們看到新建築的空缺數量增加。我們的突破口不斷增加。

We hope that trend continues. We hope that the lower interest rates favor that going forward. And we'd be happy to see our net system size continue to grow. Our mix today has increased significantly towards conversions. We want more of both. We are not really targeting a percentage of either. We want more of both.

我們希望這種趨勢能夠持續下去。我們希望較低的利率有利於未來的發展。我們很高興看到我們的網路系統規模持續成長。我們今天的組合在轉化方面已顯著增加。我們想要兩者都更多。我們並不是真正針對其中任何一個的百分比。我們想要兩者都更多。

We are comfortable with where we are this year with net system size consensus. We are comfortable that continues forward. If it is better, that is fine too. But we want to see that evolution continue.

我們對今年的現狀感到滿意，並達成了淨系統規模共識。我們很高興繼續前進。如果更好的話，那也很好。但我們希望看到這種進化繼續下去。

Yeah, if you look at 2025 consensus as it sits today, it is at 4.2%. As we look forward, obviously that is a long ways away, and there is a lot of water that needs to go under the bridge to point, but we do not look at that and say that is off.

是的，如果你看看今天的 2025 年共識，它是 4.2%。當我們向前看時，顯然那是很長的路，並且有很多水需要從橋下經過才能指向，但我們不看它並說那是關閉的。

So certainly, with NOVUM, and as Elie mentioned earlier, the rooms that it is going to provide next year in terms of openings, that really underpins our system growth for next year. So we feel comfortable with where we sit.

因此，毫無疑問，對於 NOVUM，正如 Elie 之前提到的，明年將提供的空缺房間，這確實支撐了我們明年的系統成長。所以我們對自己坐的地方感到舒服。

And the acceleration in signings we have had in the first half ex-NOVUM plus 23% year-to-date. That is also promising. Now I just want to make sure we got your third question correctly. You are asking about are there other aspects of the masterbrand that we can monetize? I just want to make sure we got it properly?

上半年（除 NOVUM 外）簽約數量加速成長，今年迄今成長了 23%。這也是有希望的。現在我只想確保我們正確理解了你的第三個問題。您問的是我們可以透過主品牌的其他方面來貨幣化嗎？我只是想確保我們正確地得到了它？

Well, yes. So are there more aspects of it that you can monetize? Is there more to it, or you are happy with what you have achieved so far?

嗯，是的。那麼它還有更多面向可以貨幣化嗎？還有更多的事情嗎，或者您對迄今為止所取得的成就感到滿意嗎？

Well, let me just start off on that question and then turn it over to Heather for the real answer, actually. Our principal objective of the masterbrand is to make IHG a household name and have it everywhere, which then powers each individual brand.

好吧，讓我從這個問題開始，然後將其交給希瑟以獲得真正的答案。我們主品牌的主要目標是讓洲際酒店集團成為家喻戶曉的品牌，並讓其無所不在，從而為每個品牌提供動力。

So before ancillaries, we want IHG Hotels and Resorts to be a household name. So there is an affiliation with all of our brands so that there is strength in the loyalty program, which powers room nights, but also powers owner returns and just drives the whole enterprise.

因此，在提供輔助服務之前，我們希望洲際酒店集團酒店及度假村成為家喻戶曉的名字。因此，我們與所有品牌都有聯繫，因此忠誠度計劃具有實力，不僅可以為客房住宿提供動力，還可以提高業主回報並推動整個企業的發展。

And then it helps ancillaries too, of course. It helps credit card. It helps point sales. But I just want to establish a premise that masterbrand powers the hotel brands first. Over to you, Heather.

當然，它也有助於輔助設備。對信用卡有幫助。它有助於點銷售。但我只是想建立一個前提：主品牌首先為酒店品牌提供動力。交給你了，希瑟。

Yeah. Just to build on that, Elie. And I think you may have been referring to the page in the presentation that calls out just some of the leading indicators of masterbrand awareness, engagement, social review scores from our customers.

是的。只是為了以此為基礎，埃利。我想您可能指的是簡報中的頁面，該頁面僅列出了我們客戶的主品牌認知度、參與度、社會評價分數的一些領先指標。

I characterize those as leading indicators that suggest we are making progress. But to Elie's point, the investment in the masterbrand is about powering the revenue for the system. And as we continue to monitor that investment, we will also be looking at some of the revenue metrics, whether it is revenue for our hotels and how that compares to the competition, but also some of those loyalty metrics around paying more relative to nonmembers, increasing return rates, and other indicators that that masterbrand investment, together with the loyalty investment really powers the enterprise engine.

我將這些描述為表明我們正在取得進展的領先指標。但就埃利而言，對主品牌的投資是為了增加系統的收入。當我們繼續監控這項投資時，我們還將關註一些收入指標，無論是我們酒店的收入以及與競爭對手相比如何，但也會關註一些相對於非會員支付更多費用的忠誠度指標，不斷增加的回報率和其他指標表明，主品牌投資以及忠誠度投資確實為企業引擎提供了動力。

I mean it does underpin IHG One Rewards, which then drives point sales, which then also drives credit card. But you got to be strong at the masterbrand first, which is what we have been making very good progress on, and the rest flows from there. Thank you, Muneeba.

我的意思是，它確實支撐了 IHG One Rewards，進而推動了積分銷售，進而推動了信用卡的銷售。但首先你必須在主品牌上變得強大，這是我們一直在取得很好進展的方面，其餘的都是從那裡開始的。謝謝你，穆尼巴。

Jarrod Castle, UBS.

賈羅德城堡，瑞銀集團。

Thank you, and good morning, everyone. And to think back to the (technical difficulty), obviously, Elie, you presented in your slide deck, where things were in 2017 versus a very strong delivery on the conversions [in Q2]. I mean if you think about the medium term, do you think the conversion momentum will remain very high over the medium term as the new build momentum grows? Will that get you to, I guess a higher rate of net new?

謝謝大家，大家早安。回想一下（技術難度），顯然，Elie，您在幻燈片中介紹了 2017 年的情況，而轉換方面的交付非常強勁[在第二季]。我的意思是，如果您考慮中期，您是否認為隨著新建動力的增長，轉換動力在中期仍將保持非常高的水平？我猜這會讓你達到更高的淨新增率嗎？

And then slightly related to that, I mean, when conversions are in an RFP, is the signing process, do you think more competitive versus a new build, or it is pretty much the same? Then secondly, also just linked to pipeline. Anything further on potential partnership deals like Iberostar, obviously NOVUM (technical difficulty)

然後與此略有相關，我的意思是，當轉換在 RFP 中時，簽名過程是，您認為與新版本相比更具競爭力，還是幾乎相同？其次，也只是連結到管道。關於 Iberostar 等潛在合作夥伴協議的任何進一步信息，顯然是 NOVUM（技術難度）

The line has not been great and has been getting worse. I think I got your first two questions. But I am sorry, I just do not want to misunderstand your questions, but it has been breaking up quite a bit. I apologize for that. Maybe you can come back later with a clearer line for the third question.

這條線一直不太好，而且越來越糟。我想我已經明白你的前兩個問題了。但我很抱歉，我只是不想誤解你的問題，但它已經分手了很多。我對此表示歉意。也許你稍後可以對第三個問題有更清晰的思路。

Let me try to address your first question, if I understood it, which is conversions versus new builds. We have made a lot of progress in conversions. How does that underpin and support our growth going forward? I think there have been a few things happening in conversions, as we said in our presentations. First, we have actually built the brands that are more conversion friendly, like voco, Vignette collection, avid.

如果我理解的話，讓我嘗試解決你的第一個問題，即轉換與新版本。我們在轉換方面取得了很大進展。這如何支撐和支持我們未來的成長？正如我們在演示中所說，我認為轉化過程中發生了一些事情。首先，我們實際上建立了更容易轉化的品牌，例如 voco、Vignette Collection、avid。

Second, we have accelerated and improved our capabilities to convert hotels more quickly, have them ramp up more quickly, which has seen the rest of our brands too increase their conversions EVEN Holiday Inn, Crowne Plaza, Kimpton, Holiday Inn Express and so forth. So we have built brands that are conversion-driven. We have built capabilities that are conversion-driven.

其次，我們加快並提高了酒店更快轉換的能力，讓它們更快地成長，這使得我們的其他品牌也提高了轉換率，甚至包括假日酒店、皇冠假日酒店、金普頓、智選假日酒店等。因此，我們建立了以轉化為導向的品牌。我們已經建立了轉化驅動的能力。

And as our enterprise, which what Heather was talked about as IHG One Rewards gets stronger, as our masterbrand gets stronger, as our revenue systems get stronger, it is attracting more owners with existing hotels that are branded or independent into our system.

隨著我們的企業（希瑟所說的IHG One Rewards）變得更加強大，隨著我們的主品牌變得更強，隨著我們的收入系統變得更強，它正在吸引更多擁有品牌或獨立於我們系統的現有酒店的業主。

We hope and are confident that we will continue. We are confident that the new build environment will continue to gradually, and I underline, gradually improve. All that should sustain our system growth going forward.

我們希望並有信心繼續下去。我們相信，新的建置環境將繼續逐步改進，我強調，逐步改進。所有這些都應該維持我們系統的未來發展。

I am not saying it would not be more in the future. I am saying that we are comfortable with where it is today. We are going to work hard to make it more. Yes, in I think 2019, we, as a Group, did 4.8% before we had all these brands, before we had conversion brands, but it was also a time where interest rates were much lower.

我並不是說將來不會更多。我的意思是，我們對今天的現狀感到滿意。我們將努力做到更多。是的，我認為 2019 年，在我們擁有所有這些品牌之前，在我們擁有轉換品牌之前，我們作為一個集團，做了 4.8%，但那也是利率低得多的時期。

And there was not a pandemic in between, which changed a few areas of momentum, which are gradually recovering. So we are comfortable where things are today. We think we have the ability to go further, but we are gradually getting there.

其間並沒有發生大流行，這改變了一些正在逐漸恢復的領域的勢頭。所以我們對今天的情況感到滿意。我們認為我們有能力走得更遠，但我們正在逐步實現這一目標。

On your questions about RFPs and is it making it more competitive, I think there have always been RFPs. Not every conversion goes through an RFP. I will tell you, we do a lot of our conversions, especially the smaller ones, smaller being individual hotels are two to three at a time, that are off market. That are owners that we have relationships with or that are introduced by others to our system and that we negotiate with and reach an agreement.

關於您關於 RFP 的問題以及它是否使其更具競爭力，我認為 RFP 一直存在。並非每次轉換都會經過 RFP。我會告訴你，我們做了很多改造，特別是較小的改造，較小的個體酒店一次有兩到三個，這些都是市場外的。這些所有者是與我們有關係或由其他人介紹到我們系統的所有者，我們與他們進行談判並達成協議。

It is overall a very competitive industry and very transparent, and we have always been in a competitive industry. But not every deal gets competed, whether new build or convergent because of our track record and our reputation. I think the last question that you are getting to have something to do about our composition of our pipeline.

整體來說這是一個競爭非常激烈、非常透明的行業，我們一直處於一個競爭激烈的行業。但由於我們的業績記錄和聲譽，並非每筆交易都會參與競爭，無論是新交易還是聚合交易。我認為最後一個問題是關於我們管道的組成。

Other deals like Iberostar or NOVUM.

其他優惠如 Iberostar 或 NOVUM。

Yeah, the first thing I want to articulate is that they are different deals. They are both organic deals. They are both asset-light deals. But Iberostar is a commercial partnership that is full fee paying. Unlike others, they are full fee-paying commercial partnership. But those hotels are not converting to our brands.

是的，我想闡明的第一件事是它們是不同的交易。它們都是有機交易。它們都是輕資產交易。但 Iberostar 是一種全額付費的商業合作夥伴關係。與其他公司不同的是，他們是全額付費的商業夥伴。但這些酒店並沒有轉向我們的品牌。

We actually have a license for the Iberostar brand versus them licensing our brand. So it is different in that way. NOVUM deal is a straight franchise deal like any Holiday Inn Express or Holiday Inn out there. It just happened to be 119 of them at once, but they are all converting to IHG brands, whether it is Holiday Inn, whether it is Garner or whether it is Candlewood Suites and they are on straight franchise, full fee paying.

我們實際上擁有 Iberostar 品牌的許可，而他們則許可我們的品牌。所以在這方面是不同的。NOVUM 交易是一項直接特許經營交易，就像任何智選假日酒店或假日酒店一樣。只是碰巧同時有 119 家，但他們都在轉向 IHG 品牌，無論是假日酒店、加納酒店還是 Candlewood Suites，而且都是直接特許經營，全額付費。

So do we see more of those? We are in conversations always for multiple portfolios or different ideas. Those are pretty big ones. Things like that would not come along every quarter and sometimes not every year. But it is pleasing to see that even without those, our individual signings increased 23% year-over-year in the half. So we have got good momentum even with that portfolio deals. I hope we got your question. Sorry for the imperfect line.

那我們會看到更多這樣的情況嗎？我們總是在討論多個投資組合或不同的想法。這些都是相當大的。類似的事情不會每季都會出現，有時也不會每年都會出現。但令人高興的是，即使沒有這些，我們上半年的個人簽約量比去年同期成長了 23%。因此，即使有了這些投資組合交易，我們也取得了良好的勢頭。我希望我們收到你的問題。抱歉線路不完美。

Jaafar Mestari, BNP Paribas Exane.

Jaafar Mestari，法國巴黎銀行 Exane。

Hi, good morning. I have got a couple if that is okay. Just firstly, are you able to quantify what you described as a lower free cash flow conversion you expect this year? How much lower than 100%? It looks like the system fund working capital is about $100 million. Key money was about $20 million higher than just in H1. So is it 15% lower: 85%? Is it a bit worse, a bit better?

嗨，早安。如果可以的話我有一對。首先，您是否能夠量化您所描述的今年預期的較低自由現金流轉換？比100%低多少？看起來系統基金營運資金大約是1億美元。關鍵資金比上半年高出約 2,000 萬美元。那麼是不是降低了 15%：85%？是稍微差一點，還是好一點？

And then on total fee revenue growth, based on your comments just now on RevPAR and on net openings, it can probably be around 7% for the full year, 3% plus 4%. Your medium-term guidance is high-single digits. Is there a potential to actually reach 8% or 9%? And what would be the levers to get there, please?

然後，關於總費用收入成長，根據您剛才對 RevPAR 和淨空缺的評論，全年可能會達到 7% 左右，即 3% 加 4%。您的中期指導是高個位數。實際上有可能達到 8% 或 9% 嗎？請問要達到這個目標需要什麼槓桿？

Okay. Michael, why do not you go with the free cash flow question?

好的。邁克爾，你為什麼不回答自由現金流問題？

Sure. So yes, thanks for the question. Really simple answer what is going on here this year as we started the year with a really large surplus within the system fund. And you will know that system fund is a pot of money that owners pay into, and we have to spend on their behalf, and generally breakeven over time. Now we have run a surplus. So we are spending that down that surplus down on some of the things that Heather mentioned earlier.

當然。所以是的，謝謝你的提問。非常簡單地回答今年發生的情況，因為我們年初時系統基金內有非常大的盈餘。你會知道，系統基金是所有者投入的一大筆錢，我們必須代表他們支出，並且隨著時間的推移通常會實現收支平衡。現在我們已經有盈餘了。因此，我們將剩餘資金用於希瑟之前提到的一些事情。

So this year, our free cash conversion will be a little lower than it normally is. So we would expect it in that 80%-ish range on the full year. But we fully expect it to get back to normal as we move into the future and still generate 100%.

因此，今年我們的自由現金轉換將比平常略低。因此，我們預計全年的增幅將在 80% 左右。但我們完全預計，隨著我們進入未來，它會恢復正常，並且仍能產生 100% 的發電量。

There is nothing changing in our model that would change that 100% free cash flow conversion definition. It is only just that we had this surplus, and we are spending that down. So that is the primary reason.

我們的模型中沒有任何變化會改變 100% 自由現金流轉換的定義。只是我們有這筆盈餘，而我們卻把它花掉了。這是主要原因。

The other thing I would say is even with that and you look at where we talk about our net debt-to-EBITDA getting to at the end of the year, we are still expecting that to be around the low end of the range. It was 2.4 times at the half we would still expect it to be around the low end of the 2.5 to 3 times range we talk about. So still plenty of capacity to continue on and invest in the business, grow our ordinary dividend, which we have done and shown at 10% here at the half and then also then return cash back to shareholders.

我想說的另一件事是，即使如此，你看看我們談論年底淨債務與 EBITDA 的比率，我們仍然預計該數字將在該範圍的低端附近。半場時的倍數為 2.4 倍，我們仍然預期它約為我們談論的 2.5 至 3 倍範圍的低端。因此，仍有足夠的能力繼續投資業務，增加我們的普通股息，我們已經做到了這一點，並在上半年顯示為 10%，然後將現金返還給股東。

Thank you, Michael. On your question about the algorithm and the fee revenue growth, yes, we did say, high-single digit. And I think we also articulated that 7% to 9%. Once you get to 10% double digit, in our view, high-single digit of 7% to 9%, I think we will be around there this year.

謝謝你，麥可。關於你關於演算法和費用收入成長的問題，是的，我們確實說過，高個位數。我認為我們也闡明了 7% 到 9%。在我們看來，一旦達到 10% 的兩位數，即 7% 到 9% 的高個位數，我認為今年我們就會達到這個水平。

More is better, of course. And in some years, we have done more and in some years, we will do more. And it is by the way, as you said, on average, over the mid-to long-term. Our track record historically has delivered that, and we are confident we can deliver that on average over the mid-to long-term.

當然，越多越好。在某些年份，我們做得更多，在某些年份，我們還會做得更多。順便說一下，正如你所說，平均而言，這是中長期的。我們的歷史記錄已經實現了這一目標，我們有信心在中長期內平均能夠實現這一目標。

So we are on track for that this year. And the thing to focus on is, what does it deliver at the bottom? You have seen with good cost control with 180 basis points margin accretion, 130 basis points of it being before the points sale, but that is going to be in the numbers and going forward anyway. We still delivered 12% underlying reportable segment EBIT growth and adjusted EPS of 12%.

因此，今年我們正朝著這個目標邁進。需要關注的是，它到底能帶來什麼？您已經看到，透過良好的成本控制，利潤率增加了 180 個基點，其中 130 個基點是在積分銷售之前，但這將體現在數字中，無論如何都會繼續下去。我們仍實現了 12% 的基礎可報告部門 EBIT 成長和 12% 的調整後每股盈餘。

So when we talked about how it would have flow through? We said 12% to 15% EPS growth. So it is -- the model is working even when China is not at full speed. And even when the US had a negative first quarter but then recovered second. Even when all the pieces are not at full steam ahead, the algorithm is working and driving that EBIT and EPS growth that we said because of the strength of our global distribution and the asset-light strong operating model we have. Thank you for your questions.

那麼當我們討論它會如何流動時？我們說 EPS 成長 12% 至 15%。事實就是如此——即使中國沒有全速前進，這種模式仍然有效。即使美國第一季出現負成長，但隨後第二季又恢復了。即使所有部分都沒有全速前進，該演算法仍在發揮作用並推動我們所說的息稅前利潤和每股收益成長，因為我們的全球分銷實力和我們擁有的輕資產強大營運模式。謝謝您的提問。

If I can just follow up on free cash flow conversion. Am I reading it correctly? You put a lot of focus on the system fund element. So that is about $100 million, if I am correct. And presumably, that has now done. It happens. So if it is going to be 80% on probably something like $1 billion plus, what are the other parts, please?

如果我可以跟進自由現金流轉換。我讀得正確嗎？您非常關注系統資金要素。如果我沒猜錯的話，這大約是 1 億美元。想必，現在已經做到了。它發生了。那麼，如果 80% 的金額可能超過 10 億美元，那麼其他部分是什麼呢？

And I think in particular, key money, you do flag in the release. If it is $100 million from system funds, that is not taking you down to 80%. If the balance is all key money, that sounds like a lot of key money. So I am probably missing something here.

我認為，特別是關鍵資金，您確實會在發布中進行標記。如果系統資金中有 1 億美元，這並不會讓你下降到 80%。如果餘額全是禮金，那聽起來像是很多禮金。所以我可能在這裡遺漏了一些東西。

Okay. Yeah. Key money did go up as well. We highlighted that at the beginning of the year in that. One, our traditional guidance was about $150 million a year. We have moved from $150 million to $200 million as we move into the more luxury and lifestyle-based area. So we do expect it to be at the high end of that range as we move forward.

好的。是的。禮金也上漲了。我們在今年年初強調了這一點。第一，我們的傳統指導方針是每年約 1.5 億美元。隨著我們進入更奢華和生活方式的領域，我們的資金已從 1.5 億美元增加到 2 億美元。因此，隨著我們的前進，我們確實預計它會處於該範圍的高端。

So a little bit more there. And then, of course, in terms of the conversion on EBIT, it's on net earnings, and it is after tax and interest. And so we have also had, as you have seen in the first half, our tax rate is up a little bit. And that was mainly due to a tax credit that we had in a country in the Middle East. That was $9 million. And therefore, our tax rate is at 27%.

所以還有一點。當然，就息稅前利潤的換算而言，它是淨利潤，而且是稅後和利息後的結果。因此，正如您在上半年看到的那樣，我們的稅率也有所上升。這主要是由於我們在中東一個國家享有的稅收抵免。那是 900 萬美元。因此，我們的稅率為 27%。

You may remember at the end of 2023, it was 28%. We would expect the full year to be 27%. And then if you look at where we sit in the half year in terms of interest growth, we are at about 36%. But we are not changing our guidance around that for the full year. So we would expect that to still be in the $160 million to $170 million range, and therefore, less pronounced at 26% in the full year.

你可能還記得，2023 年底，這比例是 28%。我們預計全年成長率為 27%。如果你看看我們半年的利息成長情況，你會發現我們大約是 36%。但我們不會改變全年的指導。因此，我們預計這一數字仍將在 1.6 億美元至 1.7 億美元之間，因此全年增長 26%，不太明顯。

I would just add, on the key money point too, is as key money is higher, but that is by design as two things are occurring: one, we are signing and opening more premium and luxury and lifestyle hotels. In both categories, premium and luxury lifestyle, usually require a level of key money.

我想補充一點，在關鍵的錢點上，關鍵的錢也更高，但這是設計使然，因為有兩件事正在發生：第一，我們正在簽約並開設更多的優質、豪華和生活方式飯店.在這兩個類別中，高端和奢華的生活方式通常都需要一定程度的禮金。

However, within that, our key money per hotel and key money per room is roughly the same as it has been over time. So it is not becoming more intensive per hotel per room, we are just doing more of it. So it is a mixed thing.

然而，在此期間，我們每家酒店的禮金和每間客房的禮金與過去一段時間大致相同。因此，每家酒店每間客房的密集程度並沒有變得更高，我們只是做得更多。所以這是一個複雜的事情。

Second is, as we do more conversions, we open up the hotel sooner. Of course, Michael said earlier, on average, a conversion hotel’s opening in seven months versus a new build in 2.1 years. But when we open, it is when we pay the key money. So yes, the opening and the fees move up in time, but the key money moves up in time, which is a good thing. So that is why we moved up our guidance from $150 million to $200 million. We are going to be close to the top end this year.

其次，隨著轉換次數的增加，我們飯店的開幕速度也會更快。當然，邁克爾早些時候表示，平均而言，改造酒店需要 7 個月的時間開業，而新建酒店需要 2.1 年的時間。但是當我們開業的時候，就是我們付禮金的時候。所以，是的，開業和費用及時上漲，但禮金及時上漲，這是一件好事。因此，我們將指導意見從 1.5 億美元上調至 2 億美元。今年我們將接近頂端。

Alex Brignall, Redburn Atlantic.

亞歷克斯‧布里格納爾，《雷德本大西洋月刊》。

Good morning. Thank you very much for taking the questions. Just on the RevPAR evolution through the year. I am trying to just work out the growth numbers that you are doing in the context of year on year and versus 2019. Because for China, you are attributing the slowdown to the 2019 comp, but when we asked about 2019 comps at Q1, you said that we are quite a long way past 2019 and not to think about it.

早安.非常感謝您接受提問。只是關於一年中 RevPAR 的演變。我正在嘗試計算出與 2019 年相比，您的同比增長數字。因為對於中國來說，您將經濟放緩歸因於 2019 年的比較，但當我們在第一季度詢問 2019 年的比較時，您說我們已經過去了 2019 年很長一段時間，不用考慮它。

But if I think about H2 versus H1, the comp versus 2019 is about 440 basis points harder, which is 550 basis points in Europe, slightly less in the US, and 900 basis points in China. So I guess my question is, if the comp 2019, why would we not see a slowdown in RevPAR growth in H2 versus H1 if the comp versus 2019 is dramatically harder?

但如果我考慮下半年和上半年的情況，與 2019 年相比，這一比例大約高出 440 個基點，其中歐洲為 550 個基點，美國略低，中國為 900 個基點。所以我想我的問題是，如果 2019 年的比較，如果與 2019 年相比要困難得多，為什麼我們不會看到下半年的 RevPAR 成長放緩？

And you just flagged that as the reason why China got weaker. And then I guess that ties into the trading question. There has obviously been a lot of questions on this topic. But it seems like the fair conclusion on the trading is that you simply have not seen it yet because your booking window is very short. The OTAs bookings flagged this, but I guess that booking window is more like two to three months. So is it just that somebody with a booking window might have seen weakening or slowdown or whatever word they are using before you have?

你剛剛指出這是中國變弱的原因。然後我想這與交易問題有關。顯然，關於這個主題有很多問題。但交易的公平結論似乎是您還沒有看到它，因為您的預訂窗口非常短。OTA 預訂標記了這一點，但我猜預訂窗口更像是兩到三個月。那麼，是否只是擁有預訂窗口的人可能在您之前看到了疲軟或放緩或他們使用的任何詞語？

And then my third question is on China. So there have been lots of people asking about China and the consequence of weaker RevPAR on net unit growth. And for the most part, your peers have been saying you do not think it will have an impact on net unit growth in China if RevPAR is lower. It seems unusual that if RevPAR really just stayed lower that there would not be any impact at all on openings.

我的第三個問題是關於中國的。因此，有許多人詢問中國的情況以及每間可用房屋收入下降對淨單位成長的影響。大多數情況下，您的同行一直表示，如果 RevPAR 較低，您認為不會對中國的淨單位成長產生影響。似乎不尋常的是，如果每間可用收入真的保持在較低水平，對空缺不會產生任何影響。

But could you just talk about the lag impact that there is between RevPAR being weaker and how that might then manifest in any kind of new development opportunities in China, but obviously, it would not happen yet. But when we might see that if RevPAR continues to be weak?

但您能否談談 RevPAR 減弱之間的滯後影響以及這種影響如何在中國的任何新的發展機會中體現出來，但顯然，這還不會發生。但如果 R​​evPAR 持續疲軟，我們什麼時候才能看到這種情況？

Yes. I mean, the reason that we are looking at comps in China versus 2019 is because it did not really reopen until 2022, and you had some anomalously large and volatile numbers in 2023 and still in the first part of 2024.

是的。我的意思是，我們之所以比較中國與 2019 年的比較，是因為它直到 2022 年才真正重新開放，而且 2023 年和 2024 年上半年仍然有一些異常大且不穩定的數字。

But the US was fully recovered in 2022. So were most of our EMEAA markets, and that is why the relevant comps for most of our business, which is US, and the Americas is really 2023. And looking into the rest of the year, those comps do not get harder for the US and for the Americas and the rest of the year. And we started the year with the first quarter. We were negative in the US, 1.9%. We covered in Q2.

但美國在2022年就完全復甦了。我們大多數的歐洲、中東和非洲市場也是如此，這就是為什麼我們大部分業務（美國和美洲）的相關比較實際上是 2023 年。展望今年剩餘時間，對於美國和美洲以及今年剩餘時間來說，這些比較並沒有變得更加困難。我們從第一季開始了這一年。美國的成長率為負，為 1.9%。我們在第二季度進行了介紹。

Right now, we are not seeing a negative RevPAR for the rest of the year. And so that would be a tailwind for the rest of the year. So overall, when we take all of our 100 countries and look at the trends, we are comfortable with the consensus RevPAR for the year. I would not take 2019 as the relevant point of start for 2024 in the US. China was in a different recovery situation.

目前，我們在今年剩餘時間內沒有看到負的 RevPAR。因此，這將成為今年剩餘時間的順風車。因此，總的來說，當我們研究所有 100 個國家的趨勢時，我們對今年的共識 RevPAR 感到滿意。我不會將 2019 年作為美國 2024 年的相關起點。中國的復甦情勢則不同。

On your trading window -- on your booking window for trading, all we can talk about is the data that we have, the information that we have, not just for the three months of Q2 but also July and looking into August. And then looking into our group bookings. Well beyond that, our group bookings are significantly up year-over-year, and those consume over 2024, 2025 and beyond. We are not seeing a deceleration in group bookings.

在你的交易窗口上——在你的交易預訂窗口上，我們所能談論的就是我們擁有的數據、我們擁有的信息，不僅是第二季的三個月，還有七月和八月。然後查看我們的團體預訂。除此之外，我們的團體預訂量較去年同期大幅成長，且消費時間超過 2024 年、2025 年及以後。我們沒有看到團體預訂量下降。

We are not saying that something couldn't happen, to create a deceleration. What we are telling you is our data that we published today and that we are seeing in our forward bookings, whether it is leisure, business or group are not indicating that today.

我們並不是說某些事情不會發生，造成減速。我們告訴您的是我們今天發布的數據，以及我們在遠期預訂中看到的數據，無論是休閒、商務還是團體，今天都沒有表明這一點。

Now, every business starts from a different starting point. So what they may be seeing may be actually correct, too, but because they have a different starting point, it is a deceleration from a different starting point versus we do not have guidance and we do not give guidance. And so therefore, our view is based on much more current information than some projection given last year by somebody else.

現在，每個企業都從不同的起點開始。因此，他們所看到的可能實際上也是正確的，但因為他們有不同的起點，所以這是從不同起點開始的減速，而我們沒有指導，我們也不提供指導。因此，我們的觀點是基於比其他人去年給出的一些預測更多的當前資訊。

On your lag effect in China, I think that you are not incorrect, I would say, theoretically: that if there is a persistent decline, frankly, in any industry demand, then supply at some point does react, right? I do not care whether you are making shoes or room nights. But that is not our hypothesis or our experience in nearly 50 years in China that our experience has been that there are highs and lows. There are ebbs and flows, but the trend line is actually upwards in China and that right now, the softness that we have seen in RevPAR, a lot of it attributable to outbound travel, although we are not saying it is all of it.

關於你在中國的滯後效應，我認為你在理論上是正確的：坦白說，如果任何行業的需求持續下降，那麼供給在某個時候確實會做出反應，對嗎？我不在乎你是做鞋還是過夜。但這不是我們的假設，也不是我們在中國近50年的經驗，我們的經驗是有高潮有低潮。有潮起潮落，但中國的趨勢線實際上是向上的，目前，我們看到每間可出租客房收入的疲軟，很大程度上歸因於出境遊，儘管我們並沒有說這就是全部。

We have no way of measuring it. But definitely some of it attributable to outbound travel that that is not a persistent structural thing. The middle class keeps growing. Travel is significantly underpenetrated. Rooms per capita are significantly underpenetrated. Every projection of where the global travel market is shows that China, and then, of course, India on its heels, are going to be among the largest, if not the largest travel markets going forward.

我們沒有辦法測量它。但肯定有一部分是由於出境旅遊造成的，這並不是一個持久的結構性問題。中產階級不斷壯大。旅遊業的滲透率明顯不足。人均客房利用率明顯不足。全球旅遊市場狀況的每項預測都表明，中國，當然還有緊隨其後的印度，即使不是最大的旅遊市場，也將成為未來最大的旅遊市場之一。

So we do not think there is something structural. And I think what is happening is smart investors in China are looking at the same information and are investing in this sector. I do not know if our openings and signings will continue to grow at 50% and 40%, respectively. But I do know that the long-term fundamentals of that market are strong, and that demand will continue to grow, and supply will continue to grow, and we are going to get a pretty good share of it. Thank you for your questions.

所以我們認為不存在結構性的東西。我認為正在發生的事情是，中國的聰明投資者正在尋找相同的資訊並投資於這個領域。我不知道我們的空缺職位和簽約人數是否會繼續分別以 50% 和 40% 的速度成長。但我確實知道，該市場的長期基本面是強勁的，需求將繼續增長，供應也將繼續增長，我們將獲得相當大的份額。謝謝您的提問。

André Juillard, Deutsche Bank.

安德烈·朱利亞德，德意志銀行。

Good morning. Two main questions, if I may. First one about Middle East. Regarding the actual situation and tensions that we can see. Do you have any comment on the operating trend and potential fears we could have in the region?

早安.如果可以的話，有兩個主要問題。第一個是關於中東的。關於我們所看到的實際情況和緊張局勢。您對該地區的營運趨勢和潛在擔憂有何評論？

Second question is about capital allocation. So you clearly said that you were ready to continue to return the excess cash to shareholders. But regarding your 19 brands and the creation of Garner last year, do you see any opportunity to continue to create brands or to buy some small ones to repeat what you have been doing with Kimpton or other brands in the past and to continue to develop your portfolio and better address the market like that? And same question in terms of capital allocation. Do you see any new opportunity in terms of geographies?

第二個問題是關於資本配置。所以你明確表示準備繼續將多餘的現金回饋給股東。但就您的19個品牌和去年Garner的創建而言，你是否認為有機會繼續創建品牌或購買一些小品牌來重複你過去在金普頓或其他品牌上所做的事情，並繼續發展你的品牌？在資本配置上也是同樣的問題。您認為在地域方面有什麼新的機會嗎？

All right. Thank you for your questions. First, on the Middle East, of course, we are following all the events. Just to give you the facts and give you some color. Right now, in the area of conflict, that is broadening a little bit, Israel and Lebanon, between the two countries, we have 10 hotels. Obviously, we have seen cancellations and lower occupancy, and that is natural.

好的。謝謝您的提問。首先，關於中東，我們當然正在關注所有事件。只是為了向您提供事實並給您一些色彩。目前，以色列和黎巴嫩兩國之間的衝突地區正在擴大，我們有 10 家飯店。顯然，我們已經看到航班取消和入住率下降，這是很自然的。

It is a very small part of our business, but we have seen it. I will tell you personally. I am of Lebanese origin. I was going to travel there in October with my mother. We are probably not going right now under the circumstances. I am not sure you could get there if you wanted to.

這只是我們業務的一小部分，但我們已經看到了。我會親自告訴你。我是黎巴嫩裔。我本來打算十月和媽媽一起去那裡旅行。在這種情況下我們現在可能不會去。我不確定如果你願意的話你能到達那裡。

But where our main businesses in the Middle East, which is in the Gulf, United Arab Emirates, KSA, Qatar, the rest of that region. At this moment, we actually been checking. I have not seen any change in booking pattern. Does not mean something would not happen. If the situation further expands and escalates, it is clearly out of our control. But nothing has happened yet.

但我們的主要業務在中東，即海灣地區、阿拉伯聯合大公國、沙烏地阿拉伯、卡達，以及該地區的其他地區。此時此刻，我們其實一直在檢查。我沒有看到預訂模式有任何變化。並不意味著某些事情不會發生。如果事態進一步擴大、升級，顯然是我們無法控制的。但還沒有發生任何事情。

And we actually did not see that over the last year, almost one year now into the conflict in Gaza, and we have not seen an impact to our Gulf business. Probably what I will tell you is being from that region, the conflicts have been going on for 60 years, and right or wrong, people just become accustomed to it. Sad but true.

事實上，我們在過去一年中並沒有看到這一點，加薩衝突已經過去近一年了，我們也沒有看到對我們海灣業務的影響。也許我要告訴你的是，來自那個地區，衝突已經持續了60年，無論對錯，人們只是習慣了。悲傷但真實。

So we hope that there is an end of the hostilities, but at this moment, in a material part of our business, which is the Gulf, we are not seeing anything. In terms of capital allocation, new brands, whether launched or acquired, we are clear, and I will repeat our capital allocation policy, which is first invest in the business, which would be this.

因此，我們希望敵對行動能夠結束，但此時此刻，在我們業務的重要部分，即海灣地區，我們什麼也沒有看到。在資本配置方面，新品牌，無論是推出或收購，我們都是明確的，我再重複我們的資本配置政策，就是先投資業務，就是這樣。

Second, maintain and increase our ordinary dividend, which we just did today again at 10%. And third, return surplus capital to shareholders, which we are doing this year at a higher level than last year.

其次，維持並增加我們的普通股息，我們今天剛剛再次將其維持在 10%。第三，向股東返還剩餘資本，今年我們的做法比去年更高。

We will create or acquire new brands if and when we see a strong consumer demand and owner demand to invest in a space of scale where we are not participating. If we are participating already, we do not need to add to it. If we are not and it is a strong segment of demand and owner interest for capital investment, we will participate. That is why we have added nine brands in the last nine years or so, not planned fully one per year, but because we found opportunities. And that may happen again.

如果我們看到強勁的消費者需求和業主需求投資於我們未參與的規模空間，我們將創建或收購新品牌。如果我們已經參與，則無需添加。如果我們不是，而這是資本投資的強勁需求和所有者興趣，我們將參與。這就是為什麼我們在過去九年左右的時間裡增加了九個品牌，並不是完全計劃每年一個，而是因為我們發現了機會。這種情況可能會再次發生。

I would say our balance sheet is in a strong place. Our cash flow generation is in a strong place. We do not need to change our capital allocation annually to do organic launches like Garner or before like avid, Atwell, voco, Vignette. And sometimes even if there is a bolt-on acquisition, if there are larger ones, that would require rethinking in the short term, how we handle that. But all in the interest of the first priority of capital allocation, which is to invest in the business for higher returns to our shareholders.

我想說我們的資產負債表狀況良好。我們的現金流生成能力很強。我們不需要每年改變我們的資本配置來像 Garner 那樣或之前像 avid、Atwell、voco、Vignette 那樣進行有機發布。有時，即使有補強收購，如果有更大的收購，也需要在短期內重新思考我們如何處理。但這一切都是為了資本配置的第一要務，即投資於業務，為股東帶來更高的回報。

We feel today we have a very strong portfolio to address all customer needs and a strong loyalty plan to address it. But consumer tastes do evolve, and we are always on the lookout for something. In terms of geographies, we talked at the February strategy update about expanding our geographies. We highlighted Japan, India, Germany, Kingdom of Saudi Arabia. And I would tell you, six months later, we made very significant progress in each one of those markets.

我們認為，今天我們擁有非常強大的產品組合來滿足所有客戶的需求，並擁有強大的忠誠度計劃來滿足這些需求。但消費者的品味確實在變化，我們總是在尋找新的東西。在地域方面，我們在二月份的策略更新中談到了擴大我們的地域。我們重點介紹了日本、印度、德國和沙烏地阿拉伯王國。我想告訴你，六個月後，我們在每個市場都取得了非常重大的進展。

We have increased signings significantly in KSA. Our pipeline is more than double. Our open hotels and is likely to be our strongest or probably second strongest signings market this year after Germany because of the NOVUM deal. In Germany, we have made a persistent approach to grow in that very hard-to-penetrate market. We have definitely broken through now doubling our presence in Japan.

我們在沙烏地阿拉伯的簽約數量大幅增加。我們的管道增加了一倍以上。由於 NOVUM 交易，我們開放的飯店可能是今年繼德國之後最強或第二強的簽約市場。在德國，我們採取了持久的方法來在這個很難滲透的市場中成長。我們現在確實已經取得了突破，在日本的業務翻了一番。

Our pipeline is increasing rapidly. India, I was there in April, and our pipeline there now does double our 50 open hotels, and we are making great strides in that market. So expanding the map, it is not requiring a lot of capital at this point. If certain opportunities come up, we'll address them in that order, but we are able to expand organically while maintaining good cost control.

我們的管道正在迅速增加。印度，我四月去過那裡，現在我們在那裡開設的 50 家酒店數量翻了一番，我們在市場上取得了長足的進步。所以擴大版圖，目前不需要太多的資金。如果出現某些機會，我們將按順序解決它們，但我們能夠在保持良好成本控制的同時進行有機擴張。

Remember, a lot of our spending is on the system fund, not on the P&L, whether it is marketing or operation support people. Now, if it is development, that is going to be on the P&L, but we are able to fund that organically so far. Excellent. Thank you for your questions.

請記住，我們的許多支出都花在系統資金上，而不是損益表上，無論是行銷還是營運支援人員。現在，如果是開發，那將計入損益表，但到目前為止我們能夠有機地為其提供資金。出色的。謝謝您的提問。

At this time, I will hand the call back to Elie Maalouf for any further remarks.

此時，我會將電話轉回 Elie Maalouf，以便進一步發表評論。

Okay. Well, thank you for joining us today on this call. Let me just sum up where I was going to start, which I did not get a chance to. We are pleased with the performance and trajectory in the first half. Our RevPAR grew 3%, accelerating in Q2. We delivered gross system growth of 4.9% and net system growth of 3.2% and are confident in delivering full year growth expectations.

好的。好的，感謝您今天參加我們的電話會議。讓我總結一下我要從哪裡開始，但我沒有機會開始。我們對上半場的表現和軌跡感到滿意。我們的 RevPAR 成長了 3%，第二季加速成長。我們實現了 4.9% 的系統總成長和 3.2% 的系統淨成長，並對實現全年成長預期充滿信心。

We secured record breaking signings of over 57,000 rooms, up 67% year-over-year, and our pipeline grew 15%. And as we mentioned, it was 23% even excluding the NOVUM deal on signings. We expanded our fee margin by 180 basis points, supporting operating profit growth and EPS growth of 12% each.

我們簽訂了超過 57,000 間客房的破紀錄簽約量，年增 67%，我們的儲備增加了 15%。正如我們所提到的，即使不包括 NOVUM 的簽約協議，這一比例也達到 23%。我們將費用利潤率擴大了 180 個基點，支援營運利潤成長和每股收益成長 12%。

Cash generation is funding growth investments, and we expect to return over $1 billion to our shareholders in 2024, representing over 7% of our market cap at the start of the year. And as you heard from Heather and Michael and me in the recorded sessions, we are making excellent progress on all of our strategic priorities. We are confident in the strength of our enterprise system an attractive long-term growth outlook.

現金產生正在為成長型投資提供資金，我們預計到 2024 年將向股東返還超過 10 億美元，佔年初市值的 7% 以上。正如您在錄製的會議中從希瑟、邁克爾和我聽到的那樣，我們在所有策略優先事項上都取得了巨大進展。我們對企業體系的實力和有吸引力的長期成長前景充滿信心。

Thank you, everyone. It has been great to connect with you today to update you on our 2024 half year results. We are very pleased with the first half, and our teams have done an excellent job to position us for a successful year. Our next market communication will be our third-quarter trading update on Tuesday, October 22. Thanks for your time and interest in IHG and look forward to catching up with you all soon.

謝謝大家。很高興今天與您聯繫，向您介紹我們 2024 年半年度業績的最新情況。我們對上半年非常滿意，我們的團隊做得非常出色，為我們奠定了成功的一年的基礎。我們的下一次行銷將是 10 月 22 日星期二的第三季交易更新。感謝您對 IHG 的關注和關注，期待盡快與您見面。