在这一基础上，2026年华住还将加速轻资产模式发展，进一步提高管理加盟及特许经营业务（M&F）的收入占比，降低对自有资产的依赖，从而提升经营杠杆效率与抗周期能力。
Most of the fastest-growing U.S. companies didn’t raise VC early. They didn’t need to. They fueled growth with something far more sustainable: paying customers.
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