InterContinental Hotels Group PLC (IHG) 2025 Q2 法說會逐字稿

Hello, everyone, and welcome to today's IHG Half Year Results Call.

大家好，歡迎參加今天的 IHG 半年業績電話會議。

I will now hand the line over to Stuart Ford. Please go ahead.

現在我將把發言權交給史都華福特。請繼續。

Thanks, and hello and welcome from me to IHG's 2025 half year results Q&A. So I'm Stuart Ford, Senior Vice President, Head of Investor Relations at IHG Hotels & Resorts. And I'm in the room today with Elie Maalouf, our Chief Executive Officer; Michael Glover, our Chief Financial Officer; and Jolie Fleming, our Chief Product and Technology Officer.

謝謝，大家好，歡迎參加 IHG 2025 年上半年業績問答。我是洲際酒店集團資深副總裁兼投資者關係主管 Stuart Ford。今天我和我們的執行長 Elie Maalouf、我們的財務長 Michael Glover 以及我們的首席產品和技術長 Jolie Fleming 一起在場。

I am obliged to remind all viewers on the webcast and listeners in on this call that the company may make certain forward-looking statements as defined under US law. So do please refer to the accounting 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.

我有義務提醒所有網路直播的觀眾和本次電話會議的聽眾，公司可能會根據美國法律的定義做出某些前瞻性陳述。因此，請參閱會計結果公告和公司向美國證券交易委員會提交的文件，以了解可能導致實際結果與此類前瞻性陳述中表達或暗示的結果有重大差異的因素。

In addition, we may also refer to certain non-GAAP financial measures. And once again, please refer to the accompanying results announcement and SEC filings for reconciliations of those measures to the most directly comparable line items within the financial statements. That results announcement, together with the usual supplementary data pack, as well as the replay of this morning's presentation and the slides of that presentation that accompany the webcast can all be downloaded from the results and presentation section under the Investors tab of ihgplc.com.

此外，我們也可能參考某些非公認會計準則財務指標。再次提醒，請參閱隨附的業績公告和美國證券交易委員會 (SEC) 文件，以了解這些指標與財務報表中最直接可比較項目的對帳。此結果公告以及常規補充資料包、今天早上演示的重播和網路直播附帶的演示幻燈片均可從 ihgplc.com 的“投資者”選項卡下的結果和演示部分下載。

So now over to Elie for a few opening comments.

現在請 Elie 發表幾點開場白。

Thank you, Stuart, and welcome to this question-and-answer session. I'm Elie Maalouf, Chief Executive Officer of IHG Hotels & Resorts. Hopefully, you've all had a chance to watch the results presentation, which we made available at 7:00 this morning. It featured myself, along with Michael Glover, our Chief Financial Officer; and Jolie Fleming, our Chief Product and Technology Officer. Both Michael and Jolie are here with me today.

謝謝你，斯圖爾特，歡迎參加這次問答環節。我是洲際酒店集團及度假村執行長 Elie Maalouf。希望大家都有機會觀看我們今天早上 7:00 發布的結果演示。其中包括我本人，以及我們的財務長 Michael Glover 和我們的首席產品和技術長 Jolie Fleming。麥可和朱莉今天都和我在一起。

Before we open the line to take the first question, I will summarize our strong performance in the first half of 2025. Our RevPAR grew by 1.8%, reflecting the breadth of our geographic footprint, the depth of our brands and the resiliency of our operating model. We delivered gross system growth of 7.7% and net system growth of 5.4%, driven by outstanding development activity and record openings.

在我們開始回答第一個問題之前，我將總結我們在 2025 年上半年的強勁表現。我們的每間可用客房收入 (RevPAR) 成長了 1.8%，這反映了我們地理覆蓋範圍的廣度、品牌的深度以及營運模式的彈性。由於出色的開發活動和創紀錄的開業，我們實現了 7.7% 的總系統成長率和 5.4% 的淨系統成長率。

We signed over 51,000 rooms across 324 hotels, a 15% increase over 2024 when excluding M&A and large portfolio conversions. We expanded our fee margin by 390 basis points, driven by operating leverage and step-ups in ancillary fee streams. EBIT grew 13% and adjusted EPS grew 19%. We've completed 47% of our $900 million share buyback program, which, together with ordinary dividends, will return to shareholders over $1.1 billion this year.

我們在 324 家酒店簽約了超過 51,000 間客房，不包括併購和大型投資組合轉換，比 2024 年增長了 15%。在營運槓桿和附加費用流增加的推動下，我們的費用利潤率提高了 390 個基點。EBIT 成長 13%，調整後 EPS 成長 19%。我們已經完成了 9 億美元股票回購計畫的 47%，加上普通股息，今年將向股東返還超過 11 億美元。

In summary, we made excellent progress on our strategic priorities, and we are confident in the strength of our enterprise platform and the attractive long-term growth outlook.

總而言之，我們在策略重點上取得了優異的進展，我們對企業平台的實力和誘人的長期成長前景充滿信心。

And with that, let me turn it over to the operator to take the first question.

現在，請容許我把時間交給接線員來回答第一個問題。

(Operator Instructions) Jamie Rollo, Morgan Stanley.

（操作員指示）摩根士丹利的 Jamie Rollo。

Three questions, please. First, could we start, if we may, on any flavor on current trading. I know you don't guide, maybe talk a bit about how you think Q3 is looking and whether you expect a pickup in Q4 RevPAR in the US given the election comps and holiday shifts mentioned by some of your peers? Secondly, just on the half, the Americas fee revenues were down about 1% despite sort of 1.5% RevPAR growth at around 1.5% adjusted net unit growth.

請問三個問題。首先，如果可以的話，我們可以先談談當前交易的情況。我知道您沒有提供指導，也許您可以談論您對第三季度的看法，以及考慮到一些同行提到的選舉比較和假期變化，您是否預計美國第四季度的 RevPAR 會回升？其次，僅在上半年，儘管美洲地區的 RevPAR 成長了 1.5%，調整後淨單位成長率約為 1.5%，但費用收入卻下降了約 1%。

So if you could sort of bridge that 4 point -- roughly 4 point gap for us and talk about whether some of that might continue into the back half of the year? And then finally, on the central line, obviously, a very big swing from negative 40 to positive 17. On your prerecorded call, you mentioned some cost phasing. So if you could please quantify that? And are we now looking at something like a sort of $30 million, maybe $40 million sustainable profit line? And should we expect that to grow in the future?

那麼，如果您可以彌補這 4 個百分點——大約 4 個百分點的差距，並討論這種差距是否會持續到今年下半年？最後，在中心線上，顯然出現了從負 40 到正 17 的大幅波動。在您預先錄製的通話中，您提到了一些成本分階段。那您可以量化一下嗎？我們現在是否正在考慮 3000 萬美元甚至 4000 萬美元的可持續利潤線？我們是否應該預期這種趨勢在未來還會持續成長？

Thank you, Jamie. I'm going to toss your first question, touch on the third one a little bit and turn over the second one and more detail on the third one to Michael. So first, current trading Q4, Q3, as you said, we don't give guidance. We look usually force at the short term, but more usually at the midterm and the long term. And we feel, as we said in our statement, that most of the uncertainties and the turbulence that we experienced in March and April is subsiding.

謝謝你，傑米。我將回答你的第一個問題，稍微談一下第三個問題，然後將第二個問題和第三個問題的更多細節交給麥可。首先，正如您所說，對於當前第四季、第三季的交易，我們沒有給出指引。我們通常關注短期力量，但更多時候關注中期和長期力量。正如我們在聲明中所說，我們感覺到，我們在三月和四月經歷的大部分不確定性和動盪正在消退。

You still have some trade tensions, but you have more trade deals and trade tensions. You have financial markets that were down in March and April. They fully recovered and got a record in the US and in some European countries, too. You've got this clarity on the US tax bill, provide certainty for businesses and consumers on lower tax rates going forward.

貿易緊張局勢仍然存在，但貿易協定和貿易緊張局勢增加。三月和四月，金融市場低迷。他們完全康復了，並在美國和一些歐洲國家創造了紀錄。您對美國稅法有了清楚的了解，為企業和消費者提供了未來降低稅率的確定性。

We've got still job growth in the US despite a job report last week that wasn't as high as people expected. It was still job growth. And we are at a record level of employment in the US with stable inflation, stable interest rates. And you've really got a corporate capital investment boom, especially in technology in the US, driven mostly around data centers, AI infrastructure, power delivery to those and everything goes along with that. That's an underlying force.

儘管上週的就業報告沒有人們預期的那麼高，但美國的就業仍在成長。這仍然是就業成長。美國的就業率處於創紀錄水平，通貨膨脹率和利率也保持穩定。你確實看到了企業資本投資熱潮，尤其是在美國，科技領域，主要圍繞著資料中心、人工智慧基礎設施、電力傳輸以及隨之而來的一切。這是一種潛在的力量。

So we think that these fundamentals to continue a constructive outlook for US demand, US growth, US hospitality and our performance in the US are pretty good. What Q3, Q4 will be, we don't give guidance. But what we did say today, and which is similar to what we said after Q1, is we're comfortable, very comfortable with full year profit and EPS consensus.

因此，我們認為這些基本面將繼續為美國需求、美國經濟成長、美國接待業以及我們在美國的表現帶來建設性的前景，這些都相當不錯。我們沒有給出第三季、第四季的具體情況的指引。但我們今天所說的與我們在第一季之後所說的類似，我們對全年利潤和每股收益共識感到滿意，非常滿意。

So we're not too stressed to add about it. If RevPAR is another point up or another point down, it's not going to change the trajectory of where we land at the end of the year at this point. We're focused on what we think is a constructive outlook going beyond that. Regarding Q4 election, you know what, we didn't call it out last year. We didn't think it was a significant mover for us.

因此我們對此並不太緊張。如果 RevPAR 再上升或下降一個點，都不會改變我們今年年底的軌跡。我們專注於我們所認為的超越這一點的建設性觀點。關於第四季選舉，你知道嗎，我們去年並沒有公佈這一點。我們並不認為這對我們來說是一個重大的推動。

So we're not going to look at it in Q4 of this year as being anything different than what it was last year. Michael -- let me just touch on the central a little bit and Michael will go into the details. I don't think there should be a grand surprise about where we are in what is termed a central cost. We said for some time now that the point sales are going well, and they would step up another $25 million this year from the $25 million last year, and they're going to continue to grow.

因此，我們認為今年第四季的情況與去年沒有什麼不同。麥可－讓我稍微談談中心內容，然後麥可會詳細介紹。我認為，我們不應該對所謂的中心成本感到太大的驚訝。我們說過一段時間以來，積分銷售進展順利，今年的銷售額將在去年 2,500 萬美元的基礎上再增加 2,500 萬美元，而且還會繼續成長。

We said that our credit card revenues. We're going to step up and double this year from $40 million in 2023. And those are on track, and we've said that, and they're going to grow from there. And we've always been pretty efficient about our cost. Last year, our cost growth was only 1%. You can go back 15 years and see that our cost growth has been well disciplined below our revenue growth.

我們說這是我們的信用卡收入。我們將在今年加大投入，到 2023 年將這一數字翻一番，從 4,000 萬美元增加一倍。這些都是按計劃進行的，我們已經說過了，它們將從那裡開始發展。我們在成本控制方面一直非常有效率。去年，我們的成本成長僅1%。回顧過去 15 年，你會發現我們的成本成長一直嚴格控制在收入成長以下。

We've taken some bigger opportunities this year that we saw that we could capture due to really the possibilities that we have with technology, artificial intelligence, shared service centers around the world that required a little further investment, which we called out in the release today, but those are sustainable. First, they're sustainable, and they're going to grow from there. So -- but I don't think there should be any surprise there fundamentally.

今年，我們抓住了一些更大的機會，我們看到我們可以抓住這些機會，因為我們在技術、人工智慧、全球共享服務中心方面確實擁有巨大潛力，這些潛力需要進一步的投資，正如我們在今天的發布會上提到的那樣，但這些都是可持續的。首先，它們是可持續的，並且會不斷發展。所以——但我認為從根本上來說不應該有任何意外。

Michael, back to you on the last two questions.

邁克爾，回到你最後兩個問題。

Yes, sure. So Jamie, on the Americas fee revenue increases, obviously, what you're looking at there is the triangulation between net system growth and RevPAR growth in the half, you've seen 1.4% in the Americas 1.2% RevPAR growth in the US, and you're seeing roughly in the Americas 0.3 system growth. So you're kind of triangulating that and saying why has that gone negative?

是的，當然。因此，傑米，關於美洲費用收入的成長，顯然，你所看到的是淨系統成長和上半年 RevPAR 成長之間的三角測量，你看到美洲成長了 1.4%，美國 RevPAR 成長了 1.2%，而你看到美洲的系統成長約為 0.3%。所以你正在對此進行三角測量並說為什麼結果會變成負面的？

Now there's a number of things causing that in the first half of the year. First, you do have some hotels that have exited that were pretty high fee-paying hotels. And those -- particularly, there was one in New York, and that has impacted that. But we have a replacement hotel coming in to replace that hotel. It's just not in the numbers yet, and so you're getting a bit of that.

今年上半年有很多因素導致了這一情況。首先，確實有一些已經退出的酒店收費相當高。尤其是紐約發生的一起事件，對這一現象產生了影響。但我們已經找到了一家替代酒店來取代那家酒店。只是現在還沒有體現在數字上，所以你只能得到一點點。

The second thing is we have a bit more of hotels under renovation right now. So if you look at that on a total rooms available basis, you see -- won't see the rooms available growth. That's partly driven by that. There's also a bit of the key money amortization coming into that. You also have the leap year effect. We've got one less day in the first half of the year.

第二件事是，我們目前有更多的飯店正在裝修。因此，如果你從可用客房總數的角度來看，你會發現可用客房數量不會增加。這在某種程度上是由這個原因造成的。其中也涉及一些關鍵資金攤提。您還會看到閏年效應。我們上半年少了一天。

So there's a few bits and pieces that are coming into that that's driving that. We don't see it as a long-term issue there.

因此，有一些零碎的東西正在推動著這一進程。我們不認為這是一個長期問題。

Not only that, let me just add that. I think the bigger thing to take into context here is our openings in Americas were up, I believe, 40% year-over-year and a half, and those haven't really fully ramped up. But when we have such a step-up in openings that is not the same year-over-year, there's still some ramp-up of those hotels that will accrete the fees on an increasing basis going forward, but we're not getting the full benefit of that yet.

不僅如此，我還要補充一點。我認為這裡需要考慮的更重要的一點是，我們在美洲的開業數量同比增長了 40%，但還沒有真正完全增長。但是，當我們的酒店開業數量逐年增加時，這些酒店的數量仍會有所增加，這些酒店的費用將在未來不斷增加，但我們尚未獲得全部好處。

We're very happy with the fact that our opening stepped up that much in the Americas and in fact, globally, 75% year-over-year. But we still haven't gotten all the benefit from that fee growth because it is a significantly higher step-up than before.

我們非常高興看到我們在美洲的開業數量大幅增長，事實上，在全球範圍內，我們的開業數量比去年同期增長了 75%。但我們仍未從費用成長中獲得全部收益，因為費用的增幅比以前高得多。

Jarrod Castle, UBS.

瑞銀的賈羅德·卡斯爾。

Yes, three from me as well. Elie and Michael, you spoke a little bit about residential contribution in your prerecorded remarks. I just want to -- if you can, -- can you give us anything around kind of general scale of contribution to group profitability, and how you see kind of the phasing or lumpiness of that business? Is it smooth? Is it a particular period, et cetera?

是的，我也有三個。Elie 和 Michael，你們在預先錄製的發言中談到了一點關於住宅貢獻的問題。我只是想 - 如果可以的話 - 您能否向我們提供有關對集團盈利能力的整體貢獻規模，以及您如何看待該業務的階段性或不穩定性？順利嗎？它是一個特定時期嗎？等等？

Secondly, some interesting kind of within the presentation, you have many bucket on the tech buckets you're kind of investing in, in terms of promote, optimize, engage. Can you give a bit a little color in terms of where time and investment is generally going amongst those three buckets? It seems it could be wrong, it seems like optimized through the PMS and the RMS systems.

其次，簡報中有一些有趣的內容，您在推廣、優化和參與方面投資了許多技術方面的內容。您能否稍微說明一下這三個面向中時間和投資的大致分佈？它似乎是錯誤的，它似乎是透過 PMS 和 RMS 系統進行最佳化的。

But that would be the greatest amount of time and spend, but any comments there? And then Michael, on your -- again, your prerecorded remarks, you spoke about Ruby, and that seems to be going well. Elie also spoke about Ruby in terms of pipeline and integration. But if I'm not mistaken, you also mentioned the potential for further M&A or additional brands. Is that more a medium term? Or is there anything in the short term that can be done there?

但那將花費最多的時間和金錢，有什麼意見嗎？然後邁克爾，再次強調，在您預先錄製的評論中，您談到了 Ruby，而且似乎進展順利。Elie 也從管道和整合的角度談論了 Ruby。但如果我沒記錯的話，您也提到了進一步併購或增加品牌的可能性。這更像是中期目標嗎？或是短期內有什麼可以做的嗎？

Thank you, Jarrod. So first, on branded residential, Look, we're very excited about our trajectory there. First, it really starts from having constructed what I think is the leading luxury & lifestyle out there may not be the biggest yet. That's not the goal. It I think is the most aspirational, the leading one. The majority of our of our Six Senses and Regent hotels coming into the pipeline now are coming with the branded residential, and that's led us to having 30 properties now that are open and selling.

謝謝你，賈羅德。首先，關於品牌住宅，我們對我們在那裡的發展軌跡感到非常興奮。首先，它真正開始於建立我認為領先的奢華和生活方式，儘管它可能還不是最大的。這不是目標。我認為它是最有抱負、最領先的。我們目前正在籌備的大部分六善和麗晶酒店都帶有品牌住宅，這使得我們目前擁有 30 處開放和銷售的房產。

And usually they start selling well before the hotel opens, right? Well, before the residents are even finished. And so that starts to bring cash flow to our owners early on and actually fees to us even before the hotel or the residences are ready. And we have quite a few more coming under development. There's a lot of excitement around this space.

而且通常他們在酒店開業前就開始銷售了，對嗎？好吧，甚至在居民完成之前。這樣，我們很早就開始為業主帶來現金流，甚至在酒店或住宅準備好之前就給我們帶來費用。我們還有不少產品正在開發中。這個領域充滿了令人興奮的事情。

And it's extending beyond just those two ultra luxury brands, but also to InterContinental to Kimpton, and we're getting demand from owners for some of our other brands, some of other lifestyle brands. So I think we've got a vector of growth there for fee growth. It is today still smaller than go brand and point sales, but it's growing, and we think it's going to be a consistent contributor.

而且我們的業務範圍不僅限於這兩個超豪華品牌，還包括洲際酒店和金普頓酒店，業主對我們的一些其他品牌、一些生活風格品牌的需求也在增加。所以我認為我們有一個費用成長的成長向量。目前，它的規模仍然小於品牌和積分銷售，但它正在成長，我們認為它將成為一個持續的貢獻者。

I'll be visiting actually next month in Dubai, some of our developments where we have quite a bit of branded residential, either already selling some open and some coming. And here in London for you that are calling from here, the Six Senses in London is getting ready to open and those branded residential sales are on track.

實際上，下個月我將前往杜拜參觀我們的一些開發項目，那裡有相當多的品牌住宅，有些已經開售，有些即將開售。對於從倫敦打來電話的各位來說，倫敦六善酒店即將開業，其品牌住宅的銷售也進展順利。

On how we're investing under the three technology pillars that Jolie spoke about. We don't disclose the individual investments. They are in our system fund. We manage them and govern them very prudently in the interest of the system fund of our owners. They all have very high returns, I can tell you, and we've been at it for some time.

關於我們如何在朱莉所說的三大技術支柱下進行投資。我們不會透露具體的投資金額。它們在我們的系統基金。我們為了業主的系統基金的利益，非常謹慎地管理和治理它們。我可以告訴你，它們都具有非常高的回報，而且我們已經這樣做了一段時間了。

I mean, we've been investing in GRS for a long time, even before I started and here at IHG 11 years ago. Our new app has been a consistent investment for years. The PMS new project has been going on for at least a couple of years. It's now active in the market. And everything we're doing with the RMS revenue management system has been going on for a couple of years, and it's not most of our hotels.

我的意思是，我們一直在投資 GRS 很長一段時間了，甚至在我加入 IHG 之前，也就是 11 年前。多年來，我們一直對新應用程式進行持續投資。PMS 新專案已經進行了至少幾年。目前它在市場上很活躍。我們利用 RMS 收益管理系統所做的一切已經進行了好幾年，而且我們的大多數飯店並不都採用該系統。

So it's nothing new. And you have to think about this as a consistent level of investment. It's not sort of a big build the product and then just watch it go. We think more in terms of product management here, in terms of -- not so much in terms of a project, because you have to keep these things current. You have to keep it fresh. You have to keep it competitive. Those investments are in the system fund, but they're delivering very good return for our owners.

所以這並不是什麼新鮮事。你必須將其視為持續的投資水準。這並不是一種大規模生產產品然後看著它運轉的方式。我們在這裡更多地考慮產品管理，而不是專案管理，因為你必須讓這些東西保持最新。你必須保持它的新鮮。你必須保持競爭力。這些投資都在系統基金中，但它們為我們的所有者帶來了非常好的回報。

I would just add on that, Elie, a lot of that -- a lot of people think about do you have tech debt that you have to do and have big outlays of cash that you have coming up. We really don't have that. As Elie mentioned, we have been consistently growing and investing in our tech as a result of our system fund. So we will continue to do that. And so we don't expect to see any large investments that would come out of the ordinary in what we do.

我只想補充一點，埃利，很多人都在想你是否有必須償還的技術債務，以及是否有即將出現的大筆現金支出。我們確實沒有這個。正如 Elie 所提到的，由於我們的系統基金，我們一直在不斷發展和投資我們的技術。因此我們將繼續這樣做。因此，我們預計我們的工作不會出現任何異常的大規模投資。

And part of it is because we've been on a journey for multiple years to stay current and update our tech stack. So we don't feel like we face a significant or any deficit that requires a massive leap capital and effort. On new brands, M&A, of course, I'm not going to make any specific comments, as we never do. But we're very pleased with the trajectory of Ruby.

部分原因是我們多年來致力於保持最新狀態並更新我們的技術堆疊。因此，我們並不覺得我們面臨需要大量資金和努力才能解決的重大赤字。當然，對於新品牌和併購，我不會發表任何具體評論，因為我們從來沒有這樣做過。但我們對 Ruby 的發展軌跡感到非常滿意。

16 of the hotels I mentioned already in our system. The next 4 will be in our system before the end of the year. And the pipeline of 10, which is now a pipeline of 14 since we bought it. We'll be opening over the next several years in incredible destinations today around Europe, but we'll be launching the brand in the US by the end of the year, and then we'll take it further east from there.

我提到的 16 家酒店已在我們的系統中。接下來的 4 個將在年底前進入我們的系統。管道數量從原來的 10 條增加到現在的 14 條。未來幾年，我們將在歐洲各地令人難以置信的目的地開設新店，但我們將在今年年底前在美國推出該品牌，然後將從那裡進一步推廣到東部地區。

And we've shown that ability to take brands, whether the ones that we develop ourselves or the ones that require internationalize them and lead them to success. And by the way, adding more brands to our portfolio, which I don't know when it will occur, but it will occur. It has been occurring. So it's going to continue to occur. Doesn't have to be just inorganic through M&A or partnerships.

我們已經展現出引領品牌走向成功的能力，無論是我們自己開發的品牌，或是需要國際化的品牌。順便說一句，我們會在我們的產品組合中增加更多品牌，我不知道什麼時候會發生，但它會發生。這種現像一直在發生。所以這種情況將會繼續發生。不一定要透過併購或合作來實現無機化。

At least half of the new brand additions we've had to our portfolio have been organic internal development. So that could occur, too.

我們產品組合中新增的品牌至少有一半都是內部有機開發的。所以這也有可能發生。

Jaafar Mestari, BNP Paribas.

法國巴黎銀行的 Jaafar Mestari。

I've got two, right. Firstly, on operating leverage. So Americas fee margin is up in the half, but there's obviously a better Q1 than Q2 there in terms of RevPAR. I know you're expecting some improvements later in the year in Q4. But big picture, how should we think about fee margins, if you were to remain around the 0 RevPAR?

我有兩個，對的。首先，關於經營槓桿。因此，美洲的費用利潤率在上半年有所上升，但就 RevPAR 而言，第一季的表現明顯優於第二季。我知道您期待今年稍後第四季會有一些改善。但從總體來看，如果 RevPAR 保持在 0 左右，我們應該如何考慮費用利潤率？

Would fee margins be flat. Could you make some progress from efficiencies? Would they be down because that RevPAR and some cost inflation? I'm not expecting you to communicate on the Q2 fee margin, but yes, along those lines at flat RevPAR, how the fee margins look please? And then secondly, group's bookings, --Americas group bookings, if I remember correctly, were one specific point of you had mentioned in the previous call with some visibility.

費用利潤率是否持平？您能從效率上取得一些進步嗎？他們的收入會因為 RevPAR 和一些成本上漲而下降嗎？我並不指望您就第二季度的費用利潤率進行溝通，但是是的，按照 RevPAR 持平的思路，費用利潤率如何呢？其次，團體預訂——如果我沒記錯的話，美洲團體預訂是您在上次通話中提到的一個具體點，並且有一定的知名度。

I think you had plus 7% group's bookings on the books for the summer. In the half, group's occupancy was actually down in the Americas. Just curious what the moving parts are? Are the long lead time bookings you already had on the books, are they definitely happening and holding? It's just a short lead time bookings that have not been very strong? Or have there been any cancellations, for example, on the stuff you had on the books?

我認為你們夏季的團體預訂量增加了 7%。上半年，該集團在美洲的入住率實際上有所下降。只是好奇活動部件是什麼？您已經預訂的長期預訂是否肯定會發生並保持下去？這只是短時間內預訂量不太強嗎？或者，例如，您已預訂的內容是否有取消？

Yes. Well, let me pick up the operating leverage and the margin. I think we have said many times in the past, we expected Americas margin to continue to improve, and it wasn't at the highest level. So it's pleasing to see that continue to move. And we've had a number of things in the Americas, and we've talked about the cost exercise that we've done and the improvement in margin that we've seen from operating leverage.

是的。好吧，讓我來談談經營槓桿和利潤率。我想我們過去已經說過很多次了，我們預計美洲的利潤率將繼續提高，但目前還沒有達到最高水準。因此很高興看到它繼續發展。我們在美洲已經開展了許多工作，並且討論了我們所做的成本練習以及從營運槓桿中看到的利潤率的提高。

Our margin was 390 basis points up at the half, 130 million of that has come through our ancillary fees. So we talked earlier about the step-up in credit cards and step-up in co-brand -- sorry, point sales, and that delivered 130 basis points. The operating leverage delivered 260 basis points. And within that, we had really strong cost management. And that is really around the company.

我們的利潤率在上半年上漲了 390 個基點，其中 1.3 億來自附加費。因此，我們之前談到了信用卡的升級和聯合品牌的升級——抱歉，是積分銷售，這帶來了 130 個基點。經營槓桿達到260個基點。而且，我們的成本管理確實非常嚴格。這確實與公司有關。

It was across all functions within central within the regions. So everybody has been involved with that program and working to reshape our cost base so that we can scale this business center in the future. And that's something that Elie and I have been working on since the beginning that we started. And fortunately, we've come to a time where we can make a step change in that.

它涉及中央和各地區的所有職能。因此，每個人都參與了該計劃並致力於重塑我們的成本基礎，以便我們將來能夠擴大這個商業中心的規模。這也是 Elie 和我從一開始就一直致力於的事情。幸運的是，我們已經到了可以在這方面做出重大改變的時機。

And that's what you've seen and that's what you've seen us do. The exceptional you see is really related to the setup of some of that, and we're able to take advantage of things like new technologies, like shared services centers, process improvement and continuous improvement. And we'll continue to do that, and we have the opportunity to continue to grow that.

這就是你們所看到的，也是你們所看到我們所做的。您所看到的特殊之處實際上與其中一些設定有關，我們能夠利用新技術、共享服務中心、流程改進和持續改進等。我們將繼續這樣做，並且我們有機會繼續發展。

And that's no different for any of our regions or even in central. And so as we look forward, in a lower RevPAR environment, we still have the system growth that will come in -- that we expect to come in. And then we still have the cost savings that will continue. So we said in there that we expect costs to be down 1% to 2% in the full year. So a little less than where we are here at the half. So we still expect to see really strong margin growth as we get to the full year.

這對我們任何地區甚至是中部地區來說都沒有什麼不同。因此，展望未來，在較低的 RevPAR 環境中，我們仍然會有系統成長——這是我們預期的。而且我們仍將繼續節省成本。因此我們表示，預計全年成本將下降 1% 至 2%。所以比我們現在的一半少一點。因此，我們仍然預計全年利潤率將出現強勁成長。

I think what's even more important though is, first of all, we are being very efficient about our costs while we're growing the business and putting more resource and investing more in high-growth opportunities. We're integrating Ruby and building it out around the world. We're investing more in high-growth markets like India, the Middle East, Southeast Asia.

我認為更重要的是，首先，我們在發展業務、投入更多資源和投資高成長機會的同時，也要非常有效率地控製成本。我們正在整合 Ruby 並在全球範圍內推廣它。我們正在向印度、中東、東南亞等高成長市場投入更多資金。

We're investing more in high opportunity markets for us like Japan and Germany. We're developing all of our brands around the world. We're investing more in the technology stack that Jolie took you through. So this is not sort of a cost management that's leading to the business retrenchment. Actually, we're finding this exciting opportunity to still grow, to amplify our business around the world and do it prudently.

我們正在向日本和德國等高機會市場投入更多資金。我們正在全球開發我們的所有品牌。我們正在對朱莉向您介紹的技術堆疊進行更多投資。所以這並不是一種導致業務削減的成本管理。實際上，我們發現了這個令人興奮的機會，可以繼續發展，擴大我們在全球的業務，並謹慎地進行。

That's the leverage that we're getting from technology, from artificial intelligence, from our shared services centers, from process redesign. And I think that's the benefit of everybody. On -- and the other thing is we're doing that well to be able to grow signings up 15%, openings up 75% and supporting all that growth in our estate, which adds to the operating leverage.

這就是我們從技術、人工智慧、共享服務中心和流程重新設計中獲得的優勢。我認為這對每個人都有好處。另一件事是，我們做得很好，簽約量增加了 15%，開業量增加了 75%，並支持了我們資產的所有成長，這增加了營運槓桿。

Brings me to your question about operating leverage in the Americas. And yes, we're pleased with the improvement. Last year, the operating margin went down a little bit, and there were a lot of questions about had we topped out in the US. And we said, no, there are some moments where we're digesting certain investments and that we would resume the operating leverage growth, and we're pleased to show that we are doing it.

這讓我想到了您關於美洲經營槓桿的問題。是的，我們對這項進步感到滿意。去年，營業利潤率略有下降，許多人質疑我們在美國是否已經達到高峰。我們說，不，有些時候我們正在消化某些投資，我們將恢復經營槓桿成長，我們很高興地表明我們正在這樣做。

On the groups, there was, I'd say there was an inflection from Q1 to Q2 in all business in the Americas, particularly in the US. We attribute some of that to the Easter shift, and some of that, as we said earlier, to the turbulence that occurred in March and April due to trade tensions, policy, tax questions, financial market drops. I mean when the financial markets in the US dropped double digit, probably close to 20%. That probably created some pause in consumers and businesses.

就集團而言，我想說，美洲所有業務，特別是美國業務，從第一季到第二季都出現了轉折點。我們將部分原因歸因於復活節的轉變，正如我們之前所說，部分原因則歸因於 3 月和 4 月因貿易緊張、政策、稅收問題、金融市場下跌而發生的動盪。我的意思是當美國金融市場下跌兩位數，可能接近20%時。這可能會讓消費者和企業有些猶豫。

But we also said in May after Q1 that we're past the peak of that turbulence and that we saw things subsiding and attenuating and creating more certainty since then. And that's what we've seen. We've seen more certainty, more certainty on trade, more certainty on tax, financial markets have fully recovered. Job market is still strong. Investments -- corporate investments are strong.

但我們在五月第一季結束後也表示，我們已經度過了動盪的頂峰，從那時起，我們看到事態正在平息、減弱，並創造了更多的確定性。這就是我們所看到的。我們看到了更多的確定性，貿易方面更多的確定性，稅收方面更多的確定性，金融市場已經完全復甦。就業市場依然強勁。投資－企業投資強勁。

Corporate profits, through the second quarter, here they're being -- that are coming through on SMP are still pretty strong. So we think that's a constructive, more stable, more certain outlook. And so whether it was business leisure or group, you saw a downshift from Q1 to Q2, but we think the outlook is more constructive going forward.

截至第二季度，透過 SMP 實現的企業利潤仍然相當強勁。因此我們認為這是一種建設性的、更穩定、更確定的觀點。因此，無論是商務休閒還是團體，您都會看到從第一季到第二季的下滑，但我們認為未來的前景更加樂觀。

Muneeba Kayani, Bank of America.

Muneeba Kayani，美國銀行。

I wanted to start firstly on net system growth in the first half, which was 4.6% and then if we adjusted initial, it's 5.4%. I wanted to hear your thoughts on net system growth, right? Because we've seen -- we've been in that three, four range, I'd say, for a while, like do you think this is a sustainable tick up to a 5% level? And how are you thinking about that, given where you're looking of signings, openings pipeline are right now?

我想先從上半年的淨系統成長率開始，當時是 4.6%，然後如果我們進行初步調整，那就是 5.4%。我想聽聽您對網路系統成長的看法，對嗎？因為我們已經看到 - 我想說，我們已經處於三、四個範圍內有一段時間了，您認為這是一個可持續的上升到 5% 水平的過程嗎？考慮到您目前正在尋找的簽約和空缺職位，您對此有何看法？

That's the first question. Secondly, if you could talk about China, what are you seeing there? When do you think RevPAR trend could be flat or even positive? And anything on the development environment as well?

這是第一個問題。其次，如果您可以談談中國，您在那裡看到了什麼？您認為 RevPAR 趨勢何時會持平甚至呈正成長？還有關於開發環境的什麼資訊嗎？

Thank you, Muneeba. I'll take a shot at your questions and then Michael, if you want to add to it, feel free. So look, we are pleased that -- within this context, which is -- I think we acknowledge it. It has not been the most certain and clear context for the last six-months. There's been a lot that's given people concern and pause and uncertainty and all that.

謝謝你，Muneeba。我會回答你的問題，然後邁克爾，如果你想補充，請隨意。所以，看，我們很高興——在這種背景下——我認為我們承認這一點。這並不是過去六個月中最確定和最清晰的情況。有很多事情讓人們感到擔憂、猶豫和不確定等等。

Despite that, we're able to earn the confidence of our owners who have powered our openings up 75% year-over-year. I mean, that is a demonstration of the confidence that our owners, our investors have in IHG's brands, IHG's enterprise to not only sign 15% more hotels for the future, but to open 75 more hotels. And that occurred across all of our regions. It was not just one region. It was Americas, it was EMEAA. It was Greater China.

儘管如此，我們仍然贏得了業主的信任，使我們的開業率比去年同期增長了 75%。我的意思是，這表明我們的業主、我們的投資者對 IHG 品牌、IHG 企業充滿信心，未來 IHG 不僅會簽約 15% 以上的酒店，還會開設 75 家以上的酒店。這發生在我們所有的地區。這不只是一個地區。它是美洲，它是 EMEAA。這是大中華區。

We are confident in reaching the consensus of net system size growth for this year. But look, we're always aspiring to do more. We're not saying that's the ceiling. We're not saying it couldn't be more. We hope to do more. I'm confident that over time, we will do more as our pipeline continues to grow, as our signings grow and openings grow.

我們有信心達成今年淨系統規模成長的共識。但是你看，我們總是渴望做得更多。我們並不是說這就是上限。我們並不是說不能再多了。我們希望做得更多。我相信，隨著時間的推移，隨著我們的管道不斷擴大、簽約量不斷增加、開業數量不斷增加，我們將會做得更多。

And our brands -- many of our brands are really early in their journey. They have pipelines that are not just at the minimum of 20%, which is the least pipeline to open ratio of our brands. We have -- many of our brands are multiple times in pipeline or new ones of what's open. So they have decades of growth ahead of them and many countries to penetrate.

我們的許多品牌都還處於發展的早期階段。他們的管道不只是最低 20%，這是我們品牌中管道開放率最低的。我們的許多品牌都已多次進入籌備階段或新開放階段。因此，他們還有幾十年的成長空間，並且需要打入許多國家。

We still, in the first half of the year, penetrated over a dozen countries with brands from our existing portfolio that had not been -- so that is growth. It may not be a brand launch, but it's a new brand launch for that country. And it's a new start and it's a new set of opportunities. So we're excited about where we can go and you look, you see how we're doing in conversions.

今年上半年，我們仍然透過現有品牌組合滲透到十幾個從未進入過的國家——這就是成長。這可能不是一個品牌發布，但對於該國來說，這是一個新品牌的發布。這是一個新的開始，也是一連串新的機會。因此，我們對我們能去的地方感到很興奮，你看，你看我們在轉換方面做得如何。

Nearly about half of our openings and signings are conversions. That's double what we used to do. That's demonstration of the power brand enterprise, drawing brands to our enterprise, other hotels or enterprise, and the introduction of the new brands that are more conversion friendly. So we're confident with this year, and we're confident we can do better going forward.

我們的開業和簽約中幾乎有一半都是轉換。這是我們過去的兩倍。這是品牌企業實力的體現，將品牌吸引到我們的企業、其他飯店或企業，並推出更有利於轉換的新品牌。因此，我們對今年充滿信心，並且有信心未來能做得更好。

On China, look, we -- I think have been consistent in our messaging in China, that we are constructive and optimistic about China in the long term. And in the short term, we see China bottoming out in our industry. In fact, look, there are some sectors, some industry in China that are having a really good goal right now, whether you're in electric vehicles, your artificial intelligence, you're in data.

關於中國，我認為我們在中國傳遞的訊息是一致的，那就是我們對中國的長期發展持建設性和樂觀態度。短期內，我們看到中國產業正在觸底。事實上，中國的一些領域、一些產業現在都有著非常好的目標，無論是電動車、人工智慧或數據。

They're doing very well. The other sectors, we know the residential real estate is still in digestion of the over building, the overhang, but that is occurring. So I think that China, overall, we think the economy is bottoming out and improving. You have GDP growth over 5% in the second quarter. You saw export results today surprising people to the upside over 7%.

他們做得很好。其他領域，我們知道住宅房地產仍在消化過剩的建設和過剩產能，但這種情況正在發生。所以我認為，整體而言，中國經濟正在觸底回升。第二季度GDP成長率超過5%。今天的出口結果令人驚訝，成長了 7% 以上。

So despite all these trade tensions, the economy still manages to increase exports. But in our industry, Q2, and in our company, Q2 was better than Q1 in RevPAR. Q2 was better than Q2 last year. We think the back half of the year is going to be better in the back half of the year last year as we continue to bottom out flat now. Whether we get to zero this year or not, I think it's a possibility for the rest of the year.

因此，儘管存在所有這些貿易緊張局勢，經濟仍然能夠增加出口。但在我們的產業和公司中，第二季的 RevPAR 均優於第一季。第二季比去年第二季好。我們認為，今年下半年的情況會比去年下半年更好，因為我們現在繼續觸底回升。無論今年我們能否實現零排放，我認為在今年剩餘時間內實現這一目標都是可能的。

I don't think it's something that changes our outlook. We will turn the corner again in RevPAR given the undersupply or the under penetration of hotels per capita, given the strong travel demand. So we're confident that we will get there sooner maybe than later. We're not sure exactly when, but we are in the bottoming at phase.

我認為這不會改變我們的觀點。由於旅遊需求強勁，且供應不足或人均飯店滲透率低，RevPAR 將再次出現轉機。因此我們有信心，我們將會盡快實現這一目標。我們不確定具體時間，但我們正處於觸底階段。

Meanwhile, with I would take, I would call your attention to the record development progress we're having. Record signings in the first half, and we expect that to continue for the full year. Record openings, and we expect that to continue on top of records last year. And we're holding occupancy, which means that although we're adding and taking share in supply, and I emphasize taking share. We are still maintaining occupancy, so the market is still absorbing the supply we're bringing.

同時，我想提請大家關注我們正在取得的創紀錄的發展進展。上半年簽約數量創歷史新高，我們預計這股動能將持續至全年。創下開盤紀錄，我們預計這一數字將繼續超過去年的紀錄。我們正在保持入住率，這意味著儘管我們正在增加並佔據供應份額，但我強調的是佔據份額。我們仍然保持入住率，因此市場仍在吸收我們帶來的供應。

And we're still seeing that dynamic of -- the Chinese are traveling. I mean, as Elie mentioned, our occupancy was basically flat in the first half, up slightly, and even broadly flat in the second quarter. And we still saw the same dynamic happening of a lot of travel outbound. And so if you look at those countries around Southeast Asia, Japan, Korea, Vietnam, we all saw a double-digit RevPAR growth in there within our business.

我們仍然看到中國人在旅遊的動態。我的意思是，正如 Elie 所提到的，我們的入住率在上半年基本上持平，略有上升，甚至在第二季基本上持平。我們仍然看到大量出境旅遊的動態。如果你看看東南亞、日本、韓國、越南等國家，你會發現我們的業務在這些國家都實現了兩位數的 RevPAR 成長。

So we're seeing those Chinese travelers still travel. This still the same dynamic of more outbound travel. So -- as Elie said, we still feel confident about where that can go.

所以我們看到那些中國遊客仍在旅行。出境遊的增多仍是同樣的趨勢。所以——正如 Elie 所說，我們仍然對它的未來充滿信心。

And we benefit from that app and travel when they go to Korea, to Japan, to Vietnam, to any of those places where we've got hotels and sometimes at higher rates with IMFs in those markets. So it's not a disappointment for us.

當他們前往韓國、日本、越南或我們有酒店的任何一個地方時，我們都會從該應用程式和旅行中受益，有時這些市場上的 IMF 會給他們更高的價格。所以這對我們來說並不令人失望。

Richard Clarke, Bernstein.

理查克拉克，伯恩斯坦。

Three, if I may. Just the first one, last quarter in Q1, you gave some very helpful directional commentary on the books revenue, I think, flat in the Americas, strong level of growth in EMEAA and heading better in China. Just wondering maybe on the philosophy of why you've not given that again? And has anything meaningfully changed on the book revenue?

如果可以的話，我想說三點。就第一個問題而言，上個季度的第一季度，您對圖書收入給出了一些非常有用的方向性評論，我認為，美洲地區持平，歐洲、中東和非洲地區增長強勁，中國地區則呈現更好發展勢頭。我只是想知道為什麼你不再給予那個？圖書收入有什麼顯著變化嗎？

Secondly, closure is a bit higher. You gave a few explanations of that and said it doesn't change your view of 1.5% in the longer term, but are higher closures going to linger for a few quarters? Or is this just a one quarter effect. And then lastly, just on Garner, just an update on how that brand is going. It feels like an interesting battleground where yourselves, Hilton and Marriott have all launched quite similar brands at the same time.

其次，封閉性稍高一些。您對此給出了一些解釋，並表示這不會改變您對長期 1.5% 的看法，但更高的關閉率是否會持續幾個季度？或者這只是四分之一效應。最後，關於加納，我們來更新一下品牌的進展。這感覺就像一個有趣的戰場，希爾頓和萬豪都同時推出了非常相似的品牌。

So how are you competing in that? I know Marriott has gone with an innovative fee structure on Citi Express ? Is there any desire from the owners to want to match that? Just an update on how Garner is progressing.

那麼你在這方面的競爭力如何？我知道萬豪在 Citi Express 上採用了創新的費用結構？業主們是否希望實現這個目標？只是關於加納進展情況的最新消息。

Richard, let me start from your third question on Garner. Look, we're very pleased with the progress of Garner. I mean we opened 28 Garners in the first half of the year. We've got 17 of those Garners came with the NOVUM deal, eight openings in the US. So altogether, we have 51 open Garners. Globally, we've got another 80 or so in the pipeline.

理查德，讓我從你關於加納的第三個問題開始。看，我們對加納的進步感到非常高興。我的意思是，我們在今年上半年開設了 28 家 Garners。我們與 NOVUM 達成了協議，其中有 17 家 Garner 餐廳開業，其中 8 家位於美國。因此，我們總共有 51 個開放的 Garner。在全球範圍內，我們還有另外 80 個左右的項目正在籌備中。

So you've got -- actually a pipeline is 138 hotels right now, 13,000 rooms across 10 countries. So I mean, the brand is powering ahead of our expectations. And the interesting thing is it's reaching international demand ahead of our expectations. We thought we'd be in a few international markets by now. We only think would be in over a dozen.

所以，實際上，目前興建中的飯店有 138 家，遍佈 10 個國家，共有 13,000 間客房。所以我的意思是，該品牌的發展超出了我們的預期。有趣的是，它的國際需求超出了我們的預期。我們原以為現在我們已經進入一些國際市場了。我們認為只會有十幾個。

And that's exciting because we're seeing demand from owners across. So we -- there's enough territory here for more than one global company to be successful. I would not -- we don't look at it as sort of -- yes, of course, we're always competing with the others, but the opportunity is large enough, not just in the United States, but globally for several key players to be successful as you see in other segments.

這令人興奮，因為我們看到了來自各地業主的需求。因此，我們—這裡有足夠的空間容納多家跨國公司取得成功。我不會——我們不認為這是——是的，當然，我們一直在與其他人競爭，但機會足夠大，不僅在美國，而且在全球範圍內，對於幾個關鍵參與者來說，都能夠取得成功，正如你在其他領域看到的那樣。

I mean there are multiple segments where the top players are all successful and grow share at the expense of others and grow share from new supply. So we think there's -- there are decades of growth for Garner ahead of us. And working sort of in reverse order, on the removals. I mean, first, I'd say they are more elevated than our long-term target, which we're comfortable with at 1.5%.

我的意思是，在多個領域中，頂尖企業都取得了成功，他們以犧牲其他企業為代價來增加市場份額，並透過新供應增加市場份額。因此我們認為，加納未來還有幾十年的成長空間。並以相反的順序進行拆除工作。我的意思是，首先，我想說它們比我們的長期目標要高，我們對 1.5% 的長期目標感到滿意。

But at the same time, we still had strong net system size growth of 5.4% and record openings. You've got a couple of factors in that we mentioned. In China, the rules are a little higher than we'd like. And that, I think, is just a phasing as there's the post-pandemic digestion that started later. We had, as Michael mentioned, a single large removal in the United States.

但同時，我們的淨系統規模仍強勁成長 5.4%，開通數量創歷史新高。您已經考慮到了我們提到的幾個因素。在中國，規則比我們希望的要嚴格一些。我認為這只是一個階段，因為疫情後的消化過程稍後才開始。正如邁克爾所提到的，我們在美國進行了一次大規模的搬遷。

But the good news is we have a replacement for it that is not in the that brand system yet. So I don't think it's a structural shift. And we think that long term or even in the midterm, we will normalize back to our trend, but we're very pleased with the overall gross openings, signings and powering our net system size growth further.

但好消息是，我們有一個替代品，但尚未在該品牌系統中。所以我不認為這是一個結構性轉變。我們認為，從長期來看，甚至在中期，我們將恢復正常趨勢，但我們對整體開業、簽約以及進一步推動淨系統規模成長感到非常滿意。

Let me turn it over to Michael to answer your question about on the books.

讓我把這個問題交給麥可回答你關於書籍的問題。

Yes. So Richard, when we gave out that Q2 on the books kind of guidance there, we really did that because we were trying to help explain that Easter timing. As we look into Q3, I think we've mentioned that Q3 could be similar to Q2. The booking windows are still very short. If you look at our booking windows there, roughly 60% of our bookings are coming in within seven-days of arrival.

是的。所以理查德，當我們給出第二季度的書面指導時，我們確實這樣做了，因為我們試圖幫助解釋復活節的時間。當我們研究第三季時，我想我們已經提到第三季可能與第二季相似。預訂期限仍然很短。如果你查看我們的預訂窗口，大約 60% 的預訂是在抵達後七天內完成的。

So the booking windows are still very short. So even for us right now, it's a little harder to have some of that visibility out longer term into kind of the fourth quarter and beyond given those booking windows.

因此預訂窗口仍然很短。因此，即使對於我們現在來說，考慮到這些預訂窗口，要獲得第四季度及以後的長期可見性也有些困難。

Though you'd have to take some note of the fact that in looking at our business overall and where we stand today, early August, that we're very comfortable with consensus profit and consensus EPS and net system size growth. So that -- yes, we're looking at everything in the round. And look at RevPAR is 1 point more or 1 point less than expectations today. I don't think it makes a difference to where we land.

不過，你必須注意到，縱觀我們的整體業務以及我們今天（8 月初）的狀況，我們對一致利潤、一致每股收益和淨系統規模增長感到非常滿意。所以——是的，我們正在全面審視一切。看看今天的 RevPAR 是比預期高 1 點還是低 1 點。我認為我們的著陸地點沒有區別。

Estelle Weingrod, JPMorgan.

摩根大通的埃斯特爾·溫羅德 (Estelle Weingrod)。

The first one is on cost savings again around the H1, H2 phasing of this more specifically. I mean does it imply an acceleration of operating costs in H2 year-on-year? And also, can you give us more color on what are the key cost buckets that contributed to your good margin performance in H1? Is that mostly your overheads.

第一個是關於 H1、H2 階段的成本節約，更具體地說。我的意思是，這是否意味著下半年營運成本年會加速成長？另外，您能否向我們詳細介紹促成您上半年良好利潤表現的關鍵成本因素有哪些？這些主要是你的開銷嗎？

And on that point on fee margin expansion, is that right thinking that the fee margin upside in H2 will likely purely come from ancillaries? And the last question, the third one, can you give us more color on EMEAA? It was a little bit behind. I mean not a complete surprise, but can you go through what dragged the slowdown, please?

關於費用利潤率擴大這一點，您是否認為下半年費用利潤率的上升可能純粹來自輔助業務？最後一個問題，也是第三個問題，您能否向我們詳細介紹 EMEAA 的情況？稍微落後了一點。我的意思是這並不完全令人驚訝，但是您能否解釋一下經濟放緩的原因是什麼？

So, I'll take the cost.

所以，我願意承擔費用。

Let me take the third one on EMEAA, and then Michael will pick up on cost savings and fee margin. Look, we're very pleased with our performance in EMEAA year-to-date and quarter-over-quarter. Of course, when you've got -- when you've got strong RevPAR last year and also in Q1 of 5%, at some point, you're probably not going to comp exactly like that. You had a significant number of one-time events last year in Europe.

讓我談談 EMEAA 的第三個問題，然後 Michael 將討論成本節約和費用利潤。瞧，我們對 EMEAA 地區今年迄今和季度環比的表現非常滿意。當然，當你去年的 RevPAR 表現強勁，而第一季的 RevPAR 成長率達到 5% 時，在某個時候，你可能不會進行完全一樣的比較。去年歐洲舉辦了大量一次性活動。

You had Olympics in Paris, European football championships in Germany. And of course, Taylor Swift, right, going around Europe. We can joke about that. That was probably more important than the Olympics or the football championship. I mean, you had Americans flying into Europe, and I know quite a few, to go to Taylor Swift.

你們在巴黎舉辦了奧運會，在德國舉辦了歐洲足球錦標賽。當然還有泰勒絲 (Taylor Swift)，她正在歐洲各地巡迴演出。我們可以拿這個開玩笑。這可能比奧運或足球錦標賽更重要。我的意思是，有美國人飛往歐洲，我知道有不少人，是為了去看泰勒絲的演唱會。

Even Stuart sitting next to me here, said he went down in Madrid because you can't get tickets in the UK. It was a phenomenon. So we're lapping over that, but look, 3% in EMEAA is something we're pleased with in terms of performance, especially given some of the uncertainties. And so -- but -- you got to look more broadly in our business in EMEAA with very strong openings up 136%, signings up 36%. You got to look at the totality of our business, it's going in a very good direction.

就連坐在我旁邊的史都華也說他去馬德里是因為在英國買不到票。這是一個現象。因此，我們正在克服這一點，但是，就業績而言，我們對 EMEAA 地區 3% 的成長率感到滿意，尤其是考慮到一些不確定性。所以 — — 但 — — 你必須更廣泛地看待我們在 EMEAA 的業務，其開業數量增長了 136%，簽約數量增長了 36%。你必須看看我們的整個業務，它正朝著非常好的方向發展。

Okay. From a cost savings perspective, I think you can from my presentation, IHG has really maintained a highly disciplined approach to cost management for a very long time now. This is a continuous mindset which underpins how our business operates. And Elie and I have been looking at efficiency and effectiveness in our business since really day one on the job. And there's always ongoing action.

好的。從成本節約的角度來看，我想您可以從我的介紹中看到，洲際酒店集團長期以來確實一直保持著高度嚴謹的成本管理方法。這是一種持續的思維模式，它支撐著我們的業務運作。從上任第一天起，Elie 和我就一直在關注業務的效率和效益。並且總是有持續的行動。

And really through process redesign, greater leverage of centralized support and enhancing our use of technology, particularly AI, we are driving an even more highly efficient and scalable space with savings that are sustainable through the long term. Now we've got a little bit of cost, as I mentioned earlier, to set this up, but that's really setting this up so that we can take advantage of this for the long time.

透過流程重新設計、更好地利用集中支援以及加強我們對技術（尤其是人工智慧）的使用，我們正在推動一個更有效率和可擴展的空間，並實現長期可持續的節約。正如我之前提到的，現在我們需要花費一些成本來建立這個機制，但這確實是為了讓我們能夠長期利用它。

And obviously, we've seen these actions to deliver 4.5% cost savings in the first half. We mentioned that we felt like it would be about 1% to 2% in the full year. And so that would probably -- that would mean you're kind of flattish in the second half of the year. There's a bit of timing in that in the first half of the year as well. So we still expect to see margin accretion as a result of the cost savings in the full year.

顯然，我們已經看到這些措施在上半年實現了 4.5% 的成本節約。我們提到，我們感覺全年的成長率將在 1% 到 2% 左右。所以這可能意味著下半年的經濟狀況將比較穩定。今年上半年也存在一些時機問題。因此，我們仍然預計，由於全年成本節約，利潤率將會成長。

We definitely have the ancillaries. We still expect to have about 130 basis points of margin accretion associated with that. And so we still expect operational leverage due to growth of our system size and then to cost savings as we move into the rest of the year. So still, I think I'm going to be at the full year, a really solid result in terms of margin expansion.

我們肯定有輔助設備。我們仍預期利潤率將隨之成長約 130 個基點。因此，隨著我們進入今年剩餘時間，我們仍然預計由於系統規模的成長以及成本節約，營運槓桿將會提高。因此，我仍然認為，就利潤率擴張而言，全年業績將非常穩健。

Alex Brignall, Rothschild & Co Redburn.

亞歷克斯‧布里格納爾 (Alex Brignall)，羅斯柴爾德雷德伯恩公司 (Rothschild & Co Redburn)。

I just added two if that's possible. Finally, just on customer -- sorry to ask it again. I won't do help for the -- this morning with the IR team, but just the final piece of it. If we look at the 57 million difference in the full year, we've got 32.5 million in credit card and loyalty and then the 15 million from the central costs that you've taken out, which you sense that it's going to be is obviously H1 weighted.

如果可能的話，我剛剛添加了兩個。最後，僅針對客戶——很抱歉再次詢問。今天早上我不會為 IR 團隊提供幫助，但只是完成最後的部分。如果我們看一下全年 5700 萬的差額，我們會發現信用卡和忠誠度費用為 3250 萬，而您從中央成本中扣除的 1500 萬，您感覺到這顯然是 H1 加權的。

There's obviously another little bit in there. Could you just tell us where that's coming from and whether that's part of the ongoing improvement in the contribution of that central line or whether there's some timing? And then on net unit growth. A lot of your peers have talked about an expectation that conversions will add a greater proportion of their growth in the future than they have in the past scenario, specifically going from 10, 15 to 30.

顯然這裡面還有一點東西。您能否告訴我們這是從何而來的，以及這是否是該中心線貢獻持續改善的一部分，或者是否有某種時間安排？然後是淨單位增長。許多同行都曾表示，他們期望未來轉換率對其成長的貢獻將比過去更大，具體來說將從 10%、15% 增加到 30%。

And obviously, that's necessary in an environment whether it's right to new construction growth. But can you just talk about how that will work? It's obviously very competitive, and conversion is somewhat of a zero-sum game given that it's not new supply. So how you think that will work in the context of key money, which has obviously been going up?

顯然，無論新建築是否成長，這都是必要的。但您能談談它將如何運作嗎？顯然競爭非常激烈，而且由於不是新供應，轉換在某種程度上是一場零和遊戲。那麼，您認為在顯然一直在上漲的押金背景下，這將如何發揮作用？

And some of the sort of bigger mass conversion deals where the fees for certain of your peers have not been anywhere near as high as sort of normal group fits.

而在一些規模較大的大規模轉換交易中，某些同業收取的費用遠不及正常的團體費用高。

Okay. Let me take the central question there. Yes, you explained some of that, but I'll just recap for everybody on the phone. We did say that our point sales at the beginning of the year and when we did this change, that it would drive $25 million of incremental revenue last year and then an incremental $25 million again this year for a total of $50 million.

好的。讓我來回答一下這個核心問題。是的，您解釋了其中的一些內容，但我只會在電話中為大家重述一遍。我們確實在年初說過，我們的積分銷售額在進行這項改變時，去年將帶來 2,500 萬美元的增量收入，今年將再次增加 2,500 萬美元，總計 5,000 萬美元。

So you are seeing that $25 million come through this year, and we fully expect to realize that, and is a really strong revenue stream for us. The other side of that is the credit card. And you may remember that we did say that this year, we would double the credit card revenue that we had in 2023. And that was approximately $40 million. We've also said that continues to grow into 2028 up to three times what we did in 2023.

所以你會看到今年有 2500 萬美元的收入，我們完全希望實現這一點，這對我們來說是一個非常強勁的收入來源。另一面是信用卡。您可能還記得，我們​​確實說過，今年我們的信用卡收入將比 2023 年翻倍。這大約是 4000 萬美元。我們也表示，到 2028 年，這一數字將繼續成長，達到 2023 年的三倍。

So we continue to grow those, and we feel like those are really strong growth revenue streams, and feel very confident about delivering that at this moment. In central, we also have always had revenue that comes through as well related to technology fees. And that also moves with RevPAR for the most part around -- for parts of the world, and also grows with system size as we add more units.

因此，我們會繼續發展這些業務，我們覺得這些是真正強勁的成長收入來源，並且對目前實現這一目標非常有信心。在中心，我們也一直有與技術費用相關的收入。在世界大部分地區，RevPAR 也隨其而變化，隨著我們增加更多單位，RevPAR 也會隨著系統規模而成長。

And so you're seeing a bit of that come through. And then, of course, we've got cost savings within that central line that has -- we always had overheads in there as well. And so you're seeing some of that cost savings. That's really the four areas that are driving that central revenue line potential area to a profit now.

所以你會看到其中的一些內容已經實現。當然，我們在該中心線內節省了成本——我們在那裡也一直有管理費用。因此您會看到一些成本節省。這實際上是推動中央收入線潛在領域獲利的四個領域。

To add to that, the underlying fundamentals of the ancillaries, credit card and card and point sales are very healthy. You heard us report that we had credit record, very strong additions to our loyalty plan, very strong additions to our credit card, and that's ultimately the membership and the engagement of the membership is what leads to point sales, what leads to credit card applications, what leads the credit card spend.

此外，輔助設備、信用卡、卡片和積分銷售的基本面非常健康。您聽到我們報告說，我們有信用記錄，對我們的忠誠度計劃有非常強大的補充，對我們的信用卡有非常強大的補充，而這最終是會員資格和會員參與度導致了積分銷售，導致了信用卡申請，導致了信用卡消費。

And so -- and of course, also the strength of the portfolio and the strength of our distribution. So with strong openings, strong signings and continued delivery in our luxury & lifestyle sector, too, which powers the loyalty plan too. So you got to look at those fundamentals and see, are those fundamentals underpinning the growth in the ancillaries?

所以 — — 當然，還有投資組合的實力和分銷的實力。因此，我們在奢侈品和生活方式領域的強勁開業、強勁簽約和持續交付也為忠誠度計劃提供了動力。所以你必須看看這些基本面，看看這些基本面是否支撐著輔助設備的成長？

Because we got to this point in ancillaries and co-brand and point sales not just by doing that, but by building out a luxury & lifestyle collection and portfolio and getting distribution out there, by building out IHG One rewards membership and engagement and re-platforming the app and getting better benefits in there. And that's led to that ancillary growth, which is now no surprise, although we've been telling people, is in the numbers.

因為我們在輔助產品、聯合品牌和積分銷售方面達到這一點不僅僅是通過這樣做，而是通過建立奢侈品和生活方式系列和產品組合併在那裡進行分銷，通過建立 IHG One 獎勵會員資格和參與度以及重新平台化應用程序並在其中獲得更好的利益。這導致了輔助業務的成長，儘管我們一直告訴人們，從數字來看，這並不奇怪。

And that is the biggest year-over-year inflection in the central in addition to the cost savings, which are also sustainable. We've got to look at the -- then of course, as Michael said, there are a lot of other little bits and pieces, but those are the fundamentals, and their underpinnings are healthy. On net unit growth, conversions.

這是中心除成本節省之外最大的同比變化，而且成本節省也是可持續的。我們必須看看——當然，正如邁克爾所說，還有很多其他的小細節，但這些都是基本面，它們的基礎是健康的。關於淨單位成長、轉換。

I think you also there have to start with the fact that everybody is going to have a different story perhaps on that. We today have a broader conversion portfolio arsenal with our conversion brands at Vignette, voco, Garner. And we still do a lot of conversions in our established brands, but it was only those in the beginning. Now we got these brands that, as I was speaking earlier, richer, especially in Garner, it is doing very well.

我認為你也必須從這樣一個事實開始，即每個人對此可能都會有不同的故事。如今，我們擁有更廣泛的轉換產品組合，其中包括 Vignette、voco、Garner 等轉換品牌。我們仍然在對現有品牌進行大量轉換，但這只是初期的轉換。現在，正如我之前所說的，我們擁有了這些更富有的品牌，特別是在加納，它們表現得非常好。

Voco is over 100 open and over 100 in pipeline. Vignette, well ahead of its projection to get the 100 open hotels in 10 years. And so that gives us more arsenal to go after conversions. And we are -- yes, we report and we discussed the proportion, which in the first half of the year, when you exclude Ruby, openings was 57% and was 39% in signings. But we're less focused on the proportion.

Voco 已開業超過 100 家，另有超過 100 家正在籌建中。Vignette 酒店集團預計在 10 年內開設 100 家酒店，這一目標已遠遠超出預期。這樣，我們就有了更多的武器來追求轉化。是的，我們報告了並討論了這一比例，在上半年，如果排除 Ruby，那麼開局率為 57%，簽約率為 39%。但我們不太關注比例。

What we're focused on is on growing both newbuild and conversion. And new build, especially -- well, frankly, in the whole world, but expert in China, is still below its potential. It's improving. Our newbuild signings are growing. Our newbuild openings are growing, but our newbuild signs are up 9% for the year. So it's improving, but it's still well below its potential.

我們重點關注的是新建和改建船舶的成長。尤其是新建建築——坦白說，在全世界範圍內，但在中國，仍未達到其潛力。情況正在好轉。我們的新船簽約量正在不斷增長。我們的新船開工數量正在成長，但我們的新船標誌今年增加了 9%。所以它正在改善，但仍遠低於其潛力。

So I would not be unhappy if we grew our openings and signings even more than they're growing today. If we had more new build and the proportion of conversions was lower, but it was still more conversions. So it's not really a positioning or an articulation of proportion, it's about growing both, but we have more arsenal, more tools to grow conversions today.

因此，如果我們的開業數量和簽約數量比現在增長得更多，我不會不高興。如果我們有更多的新建建築，轉換比例就會降低，但轉換仍然更多。因此，這實際上並不是一個定位或比例的表達，而是關於兩者的增長，但今天我們擁有更多的武器庫、更多的工具來增加轉換率。

In terms of a couple of comments that you made that it's a zero-sum game. We look at it differently. It's a very big addressable market. I know you have recently published something talking about the addressable market. We just have a view that the addressable market is much bigger. It is not just the independents. The addressable market, in fact, most of the conversions we do are not from independents.

就您所說的幾條評論而言，這是一場零和遊戲。我們對此有不同的看法。這是一個非常大的潛在市場。我知道您最近發表了一些有關可尋址市場的文章。我們只是認為潛在市場要大得多。不僅僅是獨立人士。事實上，在可尋址市場中，我們所做的大多數轉換並非來自獨立企業。

We do from independents. Most of the conversions we do are from other brands. That is a big addressable market that, first, it continues to grow because new build feeds it, but also is addressable by our stronger brands and stronger enterprise system, which -- you make all a zero-sum game. We think it's actually healthy for the industry because it's not only not adding new supply there for support of our RevPAR, but it's improving the existing supply for guests and for owners and demonstrating the strength of our system.

我們從獨立人士那裡獲得資訊。我們所做的大多數轉換都來自其他品牌。這是一個巨大的潛在市場，首先，它將繼續成長，因為新建市場推動了它的發展，但也可以透過我們更強大的品牌和更強大的企業系統來實現，這讓一切都變成了零和遊戲。我們認為這實際上對行業來說是健康的，因為它不僅沒有增加新的供應來支持我們的 RevPAR，而且還改善了客人和業主的現有供應並展示了我們系統的實力。

I just have one follow-up on the loyalty contribution. That's a really, really helpful slide in the presentation about loyalty enrollments plus 22, but then rewarded (technical difficulty) to plus 5, which is pretty much your net unit growth. So are we to read from that, that the 22% -- the number of logos has grown a lot, but the percentage that booking has not really changed as percentage of the total because -- I'm just trying to tally that with the comment you made on high engagement from loyalty numbers.

我對忠誠度貢獻還有一點後續問題。這是簡報中關於忠誠度註冊人數加上 22 的一張非常非常有用的幻燈片，但隨後獎勵（技術難度）到加上 5，這幾乎就是您的淨單位增長。那麼，我們可以從中讀出，22%——標識的數量增長了很多，但預訂的百分比在總數中所佔百分比並沒有真正改變，因為——我只是試圖將其與你關於忠誠度數字高參與度的評論進行統計。

I don't think that's a direct read across. After people enroll, it takes time for them to accumulate a balance, reach status and then redeem. And we're in a point right now where we have fast enrollment growth, that will translate into engagement into redemption growth. But it takes time for people to build a balance because had our enrollment growth not accelerated, you might see more of a one-to-one relationship, although it's not going to be like that quarter-to-quarter, year-over-year, because different things leads people to behave differently, whether they want to use cash or points.

我不認為這是直接的解讀。人們註冊後，需要時間來累積餘額、達到狀態然後兌換。我們現在正處於入學人數快速成長的階段，這將轉化為參與度和兌換率的成長。但人們需要時間來建立平衡，因為如果我們的入學人數增長沒有加速，你可能會看到更多的一對一關係，儘管它不會像季度與季度、年度那樣，因為不同的事情導致人們的行為不同，無論他們想使用現金還是積分。

But it does take time for people to build status, build their miles awards, build the points. But once they get in, they get engaged, they stay as we see and they reach that point of converting into redemptions.

但是人們確實需要時間來建立地位、累積里程獎勵和積分。但一旦他們加入，他們就會參與，他們會留下來，就像我們看到的那樣，他們會達到轉化為贖回的那個點。

And then we actually -- what you see is really strong growth in member penetration. And if you look at that, that rose to 65% in half 1, up 5% an increase from half 1 '24. The Americas region, the contribution level is reaching around 70%, and that's really up there a best-in-class contribution from the loyalty programs around the industry.

然後我們實際上——您會看到會員滲透率確實強勁增長。如果你看一下，你會發現，第一季這一比例上升到了 65%，比 24 年第一季增加了 5%。美洲地區的貢獻率達到了 70% 左右，這確實是整個行業忠誠度計劃中最好的貢獻率。

So I think we're seeing really improvement everywhere across all three regions (technical difficulty) 2022, half year 2022. And it's really been growing, and that contribution level is really great.

因此，我認為到 2022 年、2022 年上半年，我們將看到所有三個地區（技術難度）都得到真正的改善。而且它確實一直在增長，貢獻水平確實很高。

I mean, five-years ago, our global loyalty contribution was around 50% -- to be at 65%, 70% in the US shows you that there is value to the work we've been doing. It's delivering for owners and delivering a better value proposition. So to us, that's a very important measure of (technical difficulty)

我的意思是，五年前，我們的全球忠誠度貢獻率約為 50%——而在美國則達到 65% 至 70%，這表明我們所做工作是有價值的。它為業主提供服務並提供更好的價值主張。所以對我們來說，這是一個非常重要的衡量標準（技術難度）

(Operator Instructions) Leo Carrington, Citi.

（操作員指示）花旗銀行的 Leo Carrington。

Two questions for me, please. Firstly, it probably ties into that last answer. But in the release, you noted 2 percentage points, I think, improvement in direct digital bookings. The drivers are outlined well, but I'd be really interested to know what you see in the other channels and presumably, some of these have been giving share away to your channels?

請問我兩個問題。首先，它可能與最後一個答案有關。但在發表會上，您提到直接數位預訂量提高了 2 個百分點。驅動程式概述得很好，但我真的很想知道您在其他管道中看到了什麼，並且大概其中一些已經將份額拱手讓給了您的頻道？

And then secondly, on the new build (technical difficulty). And whether the other regions can also consistently grow new builds from here?

其次，關於新版本（技術難度）。其他地區是否也能從這裡持續發展新建築？

Okay. Can you repeat your second question, please, again?

好的。您能再重複一下您的第二個問題嗎？

(technical difficulty)

（技術難度）

(technical difficulty) channel is one that probably isn't growing anymore. People are shifting to digital channels, whether it's web or app. Our GDS channels are still doing well. We're not losing share to third-party channels, if that is your question. No, we're not losing share. If anything, we're gaining share from third-party channels though we work very constructively with our third-party travel agencies, whether they're online or not.

（技術難度）管道可能不再成長。人們正在轉向數位管道，無論是網路還是應用程式。我們的GDS管道依然表現良好。如果您有此疑問，我們並沒有將市場份額拱手讓給第三方通路。不，我們的份額並沒有減少。儘管我們與第三方旅行社（無論是否在線上）進行了非常建設性的合作，但我們仍在從第三方管道獲得市場份額。

And we have a constructive relationship that bring the right inventory at the right price for the right customer and the right channel. So but overall, digital has been on a consistent growth trajectory year-after-year as people's behaviors and device usage changes.

我們建立了建設性的關係，以合適的價格為合適的客戶和合適的通路提供合適的庫存。但整體而言，隨著人們的行為和設備使用方式的變化，數位化一直逐年呈現穩定的成長軌跡。

Elie, I'll start off maybe some of the new builds, just to give some additional facts and then you can give some color on that. If you look at our signings in the Americas, actually, 3% of our signings in the Americas were new build signings. In EMEAA, 51% of our signings in the half were new build. And that was actually up 45%. And as you then go so to Greater China, 67% of our signings were new build, and that was up about 4%.

Elie，我可能會從一些新的構建開始，只是為了提供一些額外的事實，然後你可以對此進行一些說明。如果你看看我們在美洲的簽約情況，實際上，我們在美洲的簽約中有 3% 是新建簽約。在 EMEAA，我們上半年簽約的 51% 都是新建建築。事實上，這一數字上漲了 45%。然後，當您來到大中華區時，我們簽約的項目中 67% 都是新建項目，成長了約 4%。

And as a group, we're up 9%. So overall, you really see there's still a lot of newbuild signings coming. And that's great because we've got great brands for new build signings in brands like avid and Atwell (technical difficulty) brands, whether that be voco, Vignette, Garner.

作為一個整體，我們的成長了 9%。所以總的來說，你確實看到仍有許多新建船舶簽約即將到來。這很棒，因為我們有適合新簽約的優秀品牌，例如 avid 和 Atwell（技術難度）品牌，無論是 voco、Vignette 還是 Garner。

And then even our Holiday Inn Express brand continues to be one of the highest conversion brands that we have. So we have a really nice mix between new builds and conversions, and we feel really good about that. And to be honest, we want all signings, whether that's new build or conversion. And so we're out there trying to win everything.

甚至我們的智選假日酒店品牌仍然是我們轉換率最高的品牌之一。因此，我們在新建和改建之間實現了非常好的組合，我們對此感到非常滿意。老實說，我們希望簽約所有項目，無論是新建的還是改建的。因此，我們努力爭取贏得一切。

We have no further questions on the call. So I will turn back to management for any closing comments.

我們對此通話沒有其他問題。因此我將向管理層詢問任何結束語。

Well, thank you, everyone. It's been great to connect with you today. We're very proud of what our teams have accomplished in the past six-months, and we remain confident in our ability to continue delivering on our strategy and driving shareholder value creation going forward. Our next market communication will be our third quarter trading update on Thursday, the 23rd of October. Thank you for your time and interest in IHG, and I look forward to catching up with you soon.

好的，謝謝大家。今天很高興與您聯繫。我們為團隊在過去六個月中所取得的成就感到非常自豪，並且我們仍然對我們繼續實施策略和推動股東價值創造的能力充滿信心。我們的下一次市場溝通將是 10 月 23 日星期四的第三季交易更新。感謝您對 IHG 的關注和付出的時間，我期待很快與您再次相見。

Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available.

本記錄中標記為（技術難題）的部分錶示有音訊問題。如果有重播，將會提供缺少的文字。