A股旅游及酒店板块走低，同庆楼、大连圣亚、西安饮食、全聚德、首旅酒店、西域旅游等多股跌超 5%。 ...

石基集团与首旅酒店（600258）集团联合宣布，双方战略合作再获突破性进展：截至目前，首旅集团旗 下及酒店集团管理的13家酒店已成功切换至石基Cambridge云PMS，随着北京国际饭店于近期正式上 线，长安街沿线的8家酒店已全面上线Cambridge云PMS。这也是双方深化合作过程中的重要里程碑。 (石基信息（002153）) ...

北京首旅酒店（集团）股份有限公司 2024 年年度股东会 会议文件 2025 年 4 月 25 日 1 目录： | 议案一：《公司 年度董事会工作报告》…………………………………………3 | 2024 | | --- | --- | | 议案二：《公司 年度独立董事述职报告》……………………………………11 | 2024 | | 议案三：《公司 年度监事会工作报告》………………………………………44 | 2024 | | 议案四：《公司 年度财务决算报告》…………………………………………49 | 2024 | | 议案五：《公司 年度利润分配的预案》………………………………………51 | 2024 | | 议案六：《公司 年年度报告全文及摘要》……………………………………55 | 2024 | | 议案七：《公司 年度借款额度申请的议案》…………………………………64 | 2025 | | 议案八：《2025 年度关于对控股子公司财务资助额度的议案》…………………65 | | | 议案九：《2025 年度向控股股东首旅集团获得财务资助额度的关联交易议案》66 | | | 议案十：《关于公司与控股股东首旅集团及 ...

致:北京首旅酒店(集团)股份有限公司 北京市中伦文德律师事务所(以下称"本所")接受北京首旅酒店(集团)股份 有限公司(以下称"公司")的委托,指派本所律师出席了公司 2025年第二次临时股 东会(以下称"本次股东会"),对公司本次股东会的召集和召开程序、出席本次股东 会人员的资格和召集人资格、表决程序和表决结果的合法性、有效性,依据《中华人 民共和国公司法》(以下称"《公司法》")《中华人民共和国证券法》(以下称"《证券 法》")《上市公司股东大会规则》(以下称"《股东大会规则》")《上海证券交易所上市 公司自律监管指引第1号 -- 规范运作》(以下称"《自律监管指引第1号》")等相关 法律法规及规范性文件以及《北京首旅酒店(集团)股份有限公司章程》(以下称"《公 司章程》")进行了认真地审查。 本所律师根据《中华人民共和国律师法》《律师事务所从事证券法律业务管理办 法》等规定,按照律师行业公认的业务标准、道德规范及勤勉尽责精神,对公司提供 的文件进行了核查和验证,并据此进行了独立的判断,现出具本法律意见书。 一、本次股东会的召集、召开程序 (一)本次股东会的召集程序 本次股东会由公司董事会召集。公司董事会 ...

公司报告 | 年报点评报告 首旅酒店（600258） 证券研究报告 24 年标准店扩店提速，偏底部位置期待增量业绩释放 公司发布 2024 年年报： 1）2024 年，收入 77.5 亿元、同比小幅下滑 0.5%，归母净利润 8.1 亿元、 同比增长 1.4%，扣非归母净利润 7.3 亿元、同比增长 1.9%。2）24Q4，收 入 18.6 亿元、同比下滑 1.05%，归母净利润 0.8 亿元、同比下滑 24.7%，扣 非归母净利润 0.7 亿元、同比下滑 23.5%。3）2024 年分红预案：拟每股派 发现金分红 0.36 元（含税），分红率 49.85%（较 2023 年的 30.9%提升）。 2024 年分业务业绩表现： 1）酒店业务：收入 72 亿元、同比下滑 0.6%，（酒店运营/管理收入同比下 滑 5.0%/增长 11.6%）；利润总额 8.9 亿元、同比增长 3.5%；2）景区运营业 务：收入 5.2 亿元、同比增长 0.07%，利润总额 2.3 亿元、同比下滑 7.1%。 经营数据：RevPAR 表现好于行业、24Q4 降幅环比收窄 1）2024 年，RevPAR 为 167 元（不含轻管理酒 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company achieved a revenue of 7.751 billion RMB in 2024, a slight decrease of 0.54% year-on-year, while the net profit attributable to shareholders was 806 million RMB, reflecting a growth of 1.41% year-on-year [3][8] - The company's RevPAR (Revenue per Available Room) for all hotels was 167 RMB, down 3.2% year-on-year, indicating resilience in operations compared to the overall industry decline [3][8] - The company opened 1,353 new stores in 2024, a 12.5% increase year-on-year, and plans to open 1,500 new stores in 2025, supported by a reserve of 1,743 stores as of the end of 2024 [8] Summary by Sections Financial Performance - The company reported a total revenue of 77.51 billion RMB in 2024, with a slight decline of 0.54% year-on-year. The hotel business generated 72.35 billion RMB in revenue, down 0.58%, while the scenic area business saw a revenue of 5.16 billion RMB, up 0.07% [8] - The net profit attributable to shareholders was 8.06 billion RMB, with a growth of 1.41% year-on-year, and the net profit excluding non-recurring items was 7.33 billion RMB, up 1.92% [8] Operational Metrics - The company’s RevPAR, occupancy rate (OCC), and average daily rate (ADR) showed a decline of 4.7%, 1.4 percentage points, and 2.6% respectively, but these declines were less severe than the overall market, indicating operational resilience [8] - The company achieved a net increase of 739 stores, a significant growth of 163.9% year-on-year, with a focus on improving the quality of new openings [8] Future Outlook - The company aims to open 1,500 new stores in 2025, with a strong pipeline of 1,743 stores already reserved, which is expected to support its growth targets [8] - The company is also focusing on high-quality development, with 412 new mid-to-high-end hotels opened in 2024, a 45.6% increase year-on-year [8]

Core Insights - The company reported a revenue of 7.751 billion yuan for 2024, a year-over-year decrease of 0.5%, and a net profit attributable to shareholders of 806 million yuan, an increase of 1.4% year-over-year [1] - In Q4 2024, the company achieved a revenue of 1.862 billion yuan, down 1% year-over-year, with a net profit of 83 million yuan, a decline of 25% year-over-year [1] Business Segment Performance - Hotel operations generated revenue of 5.067 billion yuan in 2024, down 5% year-over-year, with a gross margin of 18.7%, a decrease of 2.6 percentage points [1] - Hotel management revenue reached 2.168 billion yuan, an increase of 12% year-over-year, with a gross margin of 77.7%, up 1.6 percentage points [1] - Scenic area business revenue was stable at 516 million yuan, with a gross margin of 66.1%, down 2.6 percentage points year-over-year [1] Hotel Performance Metrics - The average RevPar for the company's hotels in Q4 2024 was 134 yuan, a decrease of 3.0% year-over-year, with an occupancy rate of 61.1%, down 1.5 percentage points [1] - The full-year RevPar for 2024 was 147 yuan, down 4.7% year-over-year, with an average daily rate (ADR) of 229 yuan, down 2.6% year-over-year, and an occupancy rate of 64.2%, down 1.4 percentage points [1] Expansion and Future Plans - In Q4 2024, the company opened 401 new stores, with a net increase of 253 stores, totaling 1,353 new stores for the year, a 13% increase year-over-year [2] - The company plans to open 1,500 new stores in 2025, focusing on increasing the proportion of standard management and mid-to-high-end hotels [2] - As of December 31, 2024, the company had a store reserve of 1,743, with 943 standard management hotels, an 11% year-over-year increase [2] Financial Forecast - The company forecasts revenues of 8 billion yuan, 8.2 billion yuan, and 8.5 billion yuan for 2025 to 2027, representing year-over-year growth of 3%, 3%, and 4% respectively [2] - Net profits are expected to be 910 million yuan, 1.01 billion yuan, and 1.11 billion yuan for the same period, with year-over-year growth of 13%, 11%, and 10% respectively [2]

事件 风险提示：宏观经济增长放缓风险；扩张进展不及预期风险；竞争格局恶化风险。 公司发布2024 年年度报告。2024 年公司实现收入77.5 亿元，同比下滑0.5%，归母净利润为8.1 亿元， 同比增长1.4%，扣非归母净利润为7.3 亿元，同比增长1.9%。单四季度，公司实现收入18.6 亿元，同比 下滑1.1%，归母净利润为0.8亿元，同比下滑24.7%，扣非归母净利润为0.7 亿元，同比下滑23.5%。 四季度经营有所承压，酒店、景区业务兼具压力2024Q4 公司收入同比下滑1.1%，其中酒店业务/景区运 营收入同比分别下滑0.8%/2.3%，景区与酒店业务经营压力略上行。收入端压力向利润端传导，公司利 润总额下滑10.4%，其中酒店业务/景区运营利润总额同比分别-15.8%/+2.8%，酒店运营负经营杠杆更为 明显。从成本费用细项来看，2024Q4 公司毛利率/销售费用率/管理费用率/财务费用率同比分别 +1.4pct/+1.8pct/-0.2pct/-0.2pct。 标准管理酒店开店数量创新高，开店结构持续高质量发展2024 年公司新开酒店1353 家，完成年初 1,200-1,400 家开业指引 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing accelerated store openings and an improved structure, with a focus on high-quality development through product upgrades and market expansion [6] - The company reported a slight decline in revenue for 2024, with total revenue of 7,751 million yuan, a year-on-year decrease of 0.54%, while net profit increased by 1.41% to 806 million yuan [6] - The company is strategically expanding its mid-to-high-end hotel offerings, with a significant increase in the number of new openings and net openings, particularly in the standard management hotel segment [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 7,796 million yuan, with a projected growth rate of 0.6% [5] - The forecasted net profit for 2025 is 903 million yuan, reflecting an 11.9% year-on-year increase [5] - The company plans to maintain a cash dividend of 4.02 billion yuan, which represents 49.85% of the annual net profit [6]

4Q24 业绩略低于预期，维持"持有"评级：4Q24 首旅酒店录得收入人民币18.5 亿元，同比下降1.1%，归 母净利润为8,300 万元，同比下降24.7%，略低于我们的预期。其中，毛利率在结构改善的带动下，同 比提升1.4ppt 至34.4%。同时，公司在行业下行周期加大销售费用，销售费用率同比提升1.8ppt 至 8.4%，费用率同比有所提升。我们下调了2025-2026E 盈利预测，并下调目标价至14.8 元，维持"持 有"评级。 4Q24 酒店经营仍旧承压：4Q24 首旅酒店在高基数的影响下，RevPAR同比下降3%。其中ADR 同比下 降0.6%，OCC 同比下降1.5 个百分点。 但如剔除轻管理酒店的影响，RevPAR 同比下降1.2%，主要是OCC 仅同比下降0.3 个百分点。我们认 为，随着整体行业走出高基数的困境，展望2025 年首旅酒店RevPAR 有望企稳。 开店速度持续增长，并将在2025 年延续：4Q24 公司新开店401 家，开店数量创单季历史新高。同时， 公司预计将继续在2025 年加快开店步伐，新开约1,500 家。但我们认为，在现有的门店升级计划下，关 店将持续，公司为达 ...