首旅酒店集团 BIG HOTELS 股票简称:首旅酒店 股票代码:600258 2024年年度 环境、社会和公司治理报告 Environmental, Social and Governance Report FY / Y / Y / 北京首旅酒店(集团) 股份有限公司 北京首旅酒店(集团)股份有限公司 2024 年年度环境、社会和公司治理报告 目录 | 关于本报告 | | --- | | 董事长致辞 | | 1 走进首旅酒店 . | | 1.1 公司简介 . | | 1.2 企业文化 . | | 1.3 发展历程 . | | 1.4 品牌矩阵 . | | 2 高质量创新发展 可持续新征程 . | | 2.1 荣誉 • 2024. | | 2.2 可持续发展管理 | | 3 行稳致远 夯实治理根本 | | 3.1 公司治理 . | | 3.2 党建领航 . | | 3.3 风险合规 . | | 3.4 商业道德 . | | 4 宾至如归 首享智慧服务 | | 4.1 客户服务 . | | 4.2 数智化转型 ……………………………………………………………………………………………………………………………………… ...

北京首旅酒店（集团）股份有限公司 第九届董事会第九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 股票代码：600258 股票简称：首旅酒店 编号：临 2025-028 北京首旅酒店（集团）股份有限公司（以下简称"公司"或"首旅酒店"） 第九届董事会第九次会议于 2025 年 5 月 28 日（星期三）上午 9：30 以通讯方式 召开，本次会议的通知已于 5 月 23 日以邮件方式送达公司各位董事、监事和公 司高管人员。公司董事 11 名，全部出席会议。本次会议的召集、召开及表决程 序符合《公司法》、《公司章程》的有关规定，所做的决议合法有效。 本次会议仅审议一项议案，以赞成 11 票，占全体董事表决票数的 100%；回 避 0 票；反对 0 票的表决结果通过了《公司 2024 年年度环境、社会和公司治理 报告》。 《公司 2024 年年度环境、社会和公司治理报告》全文详见上交所网站 http://www.sse.com.cn。 特此公告。 北京首旅酒店（集团）股份有限公司董事会 2025 年 5 月 29 日 ...

股票代码：600258 股票简称：首旅酒店 编号：临 2025-027 重要内容提示： 继续现金管理委托理财产品总金额：人民币 1 亿元； ●到期赎回委托理财产品名称、金额： 招商银行股份有限公司上海分行结构性存款 1 亿元； ●继续现金管理委托理财产品名称、金额： 招商银行股份有限公司上海分行结构性存款【NSH07971】1 亿元； 北京首旅酒店（集团）股份有限公司 关于使用闲置募集资金进行现金管理到期赎回 并继续进行现金管理进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 ●委托理财期限：自董事会审议通过的决策有效期内购买，单笔委托理财期 限最长不超过 1 年； 本次到期赎回的结构性存款期限为 91 天；继续现金管理的结构性存款期限分 别为 92 天； ●履行的审议程序： 2024 年 12 月 20 日，公司召开第九届董事会第三次会议及第九届监事会第三 次会议，审议通过了《关于公司使用闲置募集资金进行现金管理的议案》。在不 影响募集资金投资项目建设进度和募集资金使用，并保证日常经营运作资金需求、 有效控制投资风 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In Q1 2025, the company achieved operating revenue of 1.765 billion yuan, a year-on-year decrease of 4.34%, while the net profit attributable to the parent company was 143 million yuan, a year-on-year increase of 18.37% [6][2]. - The hotel industry is expected to experience steady growth due to the gradual recovery of the economy and the increasing investment willingness of franchisees [2]. - The company plans to open 1,500 new hotels in 2025, accelerating its expansion pace and continuously enhancing its hotel product offerings [2]. - The company has significant room for expansion in the mid-to-high-end hotel segment in lower-tier markets, supported by a strong inventory of existing stores [2]. - The expected net profits attributable to the parent company for 2025-2027 are 948 million, 1.084 billion, and 1.195 billion yuan, corresponding to PE ratios of 17, 15, and 13 times, respectively [2]. Summary by Sections Financial Performance - In Q1 2025, the company opened 300 new stores, a year-on-year increase of 46.3%, with a focus on mid-to-high-end hotels [2]. - The RevPAR (Revenue per Available Room) for all hotels, excluding light management hotels, was 141 yuan, a year-on-year decrease of 4.6% [2]. - The average daily rate (ADR) was 228 yuan, down 2.0% year-on-year, and the occupancy rate (OCC) was 61.7%, a decrease of 1.7 percentage points [2]. Operational Efficiency - The company managed to reduce its expense ratio, leading to an increase in net profit margin [2]. - The gross profit margin decreased by 1.23 percentage points to 35.36%, while the expense ratio fell by 1.81 percentage points to 25.76% [2]. - The net profit margin improved by 1.82 percentage points to 9.07% due to gains from the disposal of long-term equity investments [2]. Market Position and Strategy - The company is focusing on enhancing its brand image through continuous product iteration, such as the upgrade of its "Home NEO" brand [2]. - The proportion of mid-to-high-end hotels in the company's portfolio has increased, with 29% of hotels classified as such by the end of Q1 2025 [2]. - The company has a robust pipeline with 1,724 signed but not yet opened or in negotiation hotels, ensuring a solid foundation for future growth [2].

Investment Rating - The report maintains an "Accumulate" rating for the company [7] Core Views - The company achieved a revenue of 7.751 billion RMB in 2024, a slight decrease of 0.54% year-on-year, with a net profit attributable to the parent company of 806 million RMB, reflecting a year-on-year increase of 1.41% [1] - The company is focusing on enhancing operational efficiency and profitability through a flatter regional operational structure and accelerated standard store expansion, targeting to open 1,500 new stores in 2025 [1][4] - The target price for the company is set at 20.50 RMB, reflecting an increase from the previous target of 17.85 RMB, based on a 25x PE ratio for 2025 [4][8] Revenue and Profitability - In 2024, the hotel and scenic area operating revenues were 7.235 billion RMB and 516 million RMB, respectively, with year-on-year changes of -0.58% and +0.07% [2] - The overall RevPAR, ADR, and occupancy rate for the company in 2024 were 167 RMB, 245 RMB, and 68.2%, showing a year-on-year decline of 3.2%, 2.3%, and 0.6 percentage points [2][3] - The company reported a net profit margin of 10.41% in 2023, with expectations for an increase to 11.86% by 2025 [17] Store Expansion and Quality Improvement - The company opened 1,353 new stores in 2024, a year-on-year increase of 12.5%, with a net increase of 739 stores, marking a significant improvement in store quality [3] - As of Q1 2025, the company had a total of 7,084 stores, with a focus on enhancing the quality of new openings, particularly in the standard store category [3] Financial Forecasts - The company is projected to achieve revenues of 7.902 billion RMB in 2025, with a net profit of 921 million RMB, reflecting a year-on-year growth of 14.23% [6][17] - The EPS is expected to increase from 0.72 RMB in 2024 to 0.82 RMB in 2025, with further growth anticipated in subsequent years [6][17]

Core Insights - The company achieved a revenue of 7.751 billion with a year-on-year decrease of 0.54%, and a net profit attributable to shareholders of 806 million, reflecting a year-on-year increase of 1.41% [1] - The company is transitioning to a flatter regional operational structure to enhance local development and aims to open 1,500 new stores in 2025, accelerating its expansion pace [1][3] - The company maintains an "overweight" rating, anticipating improved operational efficiency and profitability if industry supply and demand balance is restored in the second half of 2025 [1][4] Financial Performance - In 2024, hotel and scenic area operating revenues were 7.235 billion and 516 million respectively, with year-on-year changes of -0.58% and +0.07% [2] - The overall RevPAR, ADR, and OCC for the company in 2024 were 167 yuan, 245 yuan, and 68.2%, showing year-on-year declines of 3.2%, 2.3%, and 0.6 percentage points [2] - In Q1 2025, the company reported revenues of 1.765 billion, a year-on-year decrease of 4.34%, while net profit attributable to shareholders was 143 million, reflecting an 18.37% increase [1][2] Store Expansion and Quality Improvement - The company opened 1,353 new stores in 2024, a year-on-year increase of 12.5%, with 710 of these being standard stores, marking a 55.4% increase [3] - In Q1 2025, the company continued its positive trend with 300 new stores opened, a 46.3% increase year-on-year, and 192 of these were standard stores, representing an 88.2% increase [3] - The company’s total store count reached 7,084 as of Q1 2025, with economic and mid-to-high-end hotels making up 28.2% and 29.0% of the total respectively [3] Valuation and Future Outlook - The target price for the company is set at 20.50 yuan, maintaining an "overweight" rating, despite slight downward adjustments to the EPS for 2025 and 2026 [4] - The company is expected to experience an upward turning point in operations due to improved expansion quality and speed [4]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Views - The company reported a strong performance in Q1 2025, with a revenue of 1.77 billion yuan, a year-on-year decline of 4.3%, and a net profit attributable to shareholders of 140 million yuan, reflecting an 18.4% increase year-on-year [1]. - The hotel business showed significant profit growth, with a total revenue of 1.56 billion yuan in Q1 2025, down 4.65% year-on-year, but with a profit of 76 million yuan, up 47.6% year-on-year [2]. - The company is accelerating the opening of standard hotels, with 300 new openings in Q1 2025, a 46.3% increase year-on-year, and standard hotels accounting for 64% of new openings [4]. - The company maintains its profit forecast for 2025-2027, expecting net profits of 910 million, 1.05 billion, and 1.18 billion yuan respectively, with corresponding P/E ratios of 18, 15, and 14 [5]. Business Performance Summary - The hotel business experienced a revenue decline of 4.65% in Q1 2025, but profit increased significantly by 47.6% [2]. - The scenic area operation business also saw a revenue decline of 1.8% in Q1 2025, with a profit increase of 3.1% [2]. - The overall RevPAR for the company was 141 yuan in Q1 2025, down 4.6% year-on-year, with an occupancy rate of 61.7%, down 1.7 percentage points [3]. Store Opening Situation - The total number of hotels reached 7,084 by the end of Q1 2025, a year-on-year increase of 12.5%, with a net increase of 82 hotels, up 156% year-on-year [4]. - The company had 1,724 hotels in reserve by the end of Q1 2025, with standard hotels making up 59% of this total [4]. Profitability Analysis - The gross profit margin for Q1 2025 was 35.4%, a decrease of 1.2 percentage points year-on-year, while the net profit margin improved to 8.1%, an increase of 1.55 percentage points [5].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Views - The company reported a strong performance in Q1 2025, with a revenue of 1.77 billion yuan, a year-on-year decline of 4.3%, and a net profit attributable to shareholders of 140 million yuan, representing an 18.4% increase year-on-year [1]. - The hotel business showed significant profit growth, with a total revenue of 1.56 billion yuan in Q1 2025, down 4.65% year-on-year, but with a profit of 76 million yuan, up 47.6% year-on-year [2]. - The company is accelerating the opening of standard hotels, with 300 new openings in Q1 2025, a 46.3% increase year-on-year, and standard hotels accounting for 64% of new openings [4]. - The company maintains its profit forecast for 2025-2027, expecting net profits of 910 million, 1.05 billion, and 1.18 billion yuan respectively, with corresponding P/E ratios of 18, 15, and 14 [5]. Business Performance Summary - The hotel business experienced a revenue decline of 4.65% in Q1 2025, but profit increased significantly by 47.6% [2]. - The scenic area operation business also saw a revenue decline of 1.8% in Q1 2025, with a profit increase of 3.1% [2]. - The overall RevPAR for the company was 141 yuan in Q1 2025, down 4.6% year-on-year, with an occupancy rate of 61.7%, down 1.7 percentage points [3]. Store Opening Situation - The total number of hotels reached 7,084 by the end of Q1 2025, a year-on-year increase of 12.5%, with a net increase of 82 hotels, up 156% year-on-year [4]. - The company had a reserve of 1,724 hotels at the end of Q1 2025, with standard hotels making up 59% of this total [4]. Profitability Analysis - The gross profit margin for Q1 2025 was 35.4%, a decrease of 1.2 percentage points year-on-year, while the net profit margin improved to 8.1%, an increase of 1.55 percentage points [5].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue of 1.765 billion yuan in Q1 2025, a year-on-year decrease of 4.34%, while the net profit attributable to shareholders was 143 million yuan, an increase of 18.37% year-on-year [5] - The hotel business revenue was 1.563 billion yuan, down 4.65% year-on-year, and the scenic area operation revenue was 203 million yuan, down 1.83% year-on-year [5] - The company benefited from effective cost control, leading to a significant increase in profit margins [6][7] Summary by Sections Revenue Performance - Q1 2025 revenue was 1.765 billion yuan, down 4.34% year-on-year; net profit attributable to shareholders was 143 million yuan, up 18.37% year-on-year; and non-recurring net profit was 109 million yuan, up 12.03% year-on-year [5] - The hotel business revenue decreased by 4.65% year-on-year, while the scenic area business revenue decreased by 1.83% year-on-year [5] RevPAR and Hotel Operations - The RevPAR for all hotels was 124 yuan, down 5.3% year-on-year, with an average daily rate (ADR) of 212 yuan, down 2.5% year-on-year [6] - The company opened 300 new hotels in Q1 2025, an increase from 205 in Q1 2024, with 64% of new openings being standard management hotels [7] Cost Control and Profitability - The gross margin for Q1 2025 was 35.36%, a decrease of 1.23 percentage points year-on-year; however, effective cost control led to an increase in net profit margin to 8.08%, up 1.55 percentage points year-on-year [7] - The company implemented a comprehensive upgrade of its membership system in March 2025 to enhance member benefits and engagement [8] Future Outlook and Valuation - The report maintains profit forecasts for 2025-2027 at 926 million, 1.118 billion, and 1.38 billion yuan respectively, with corresponding EPS of 0.83, 1.00, and 1.24 yuan [8] - The company is expected to have a PE ratio of 18, 15, and 12 for the years 2025, 2026, and 2027 respectively, indicating a positive outlook for future growth [8]

Investment Rating - The report maintains the investment rating for the company [3] Core Views - The company is projected to experience steady revenue growth, with expected revenues of 7751.22 million in 2024, increasing to 8592.36 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 4% [8] - The net profit is forecasted to rise from 820.09 million in 2024 to 1210.41 million in 2027, indicating a strong growth trajectory [8] - The report highlights improvements in key financial ratios, including a projected net profit margin increase from 10.40% in 2024 to 13.81% in 2027 [8] Financial Summary - **Balance Sheet**: Total assets are expected to grow from 24885.18 million in 2024 to 27918.70 million in 2027, while total liabilities will decrease from 13064.67 million to 12809.87 million over the same period [7] - **Cash Flow Statement**: Operating cash flow is projected to decrease from 3370.87 million in 2024 to 2225.03 million in 2027, while net cash increase is expected to rise significantly from 113.90 million to 1605.99 million [7] - **Profit and Loss Statement**: The company anticipates an increase in EBITDA from 3494.80 million in 2024 to 2553.30 million in 2027, with a consistent growth in operating profit [8] Key Financial Ratios - The report indicates a decrease in the debt-to-asset ratio from 52.50% in 2024 to 45.88% in 2027, suggesting improved financial stability [8] - Return on equity (ROE) is expected to rise from 6.89% in 2024 to 7.95% in 2027, reflecting enhanced profitability [8] - The price-to-earnings (P/E) ratio is projected to decline from 20.51 in 2024 to 13.94 in 2027, indicating potential undervaluation of the stock [8]