证券代码：600258 证券简称：首旅酒店 编号：临 2025-029 北京首旅酒店（集团）股份有限公司2024年年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利0.36元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/23 | － | 2025/6/24 | 2025/6/24 | | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/23 | － | 2025/6/24 | 2025/6/24 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 25 日的2024年年度股东会审议通过。 二、 分配方案 截至股权登记日下午上海 ...

Core Insights - The article discusses the launch of the high-end luxury brand management platform, Nuo Jin International, by Shoulv Hotel Group, which aims to revitalize its luxury hotel segment and introduce new brands while refreshing older hotels [1][3][4] Brand Integration - Nuo Jin International was established as a wholly-owned subsidiary of Shoulv Hotel Group to integrate its high-end luxury hotel segment, with a focus on ten brands that cover luxury, premium, and high-end categories [3] - The brand matrix includes both traditional brands like Jianguo and modern brands like Nuo Lan, targeting different market segments and consumer preferences [4] Revitalization of Older Hotels - Shoulv Hotel Group faces challenges in revitalizing its older hotels, many of which are 30-40 years old, to meet modern consumer demands [6] - The company is considering effective investments to upgrade these hotels, with potential room rate increases from 600-700 RMB to 1000-1200 RMB post-renovation due to their advantageous locations [6] Membership System Development - Nuo Jin International plans to develop a separate membership system, aiming to grow its membership base to 6.6 million by the end of the year, leveraging cross-industry collaborations and digital marketing strategies [7] - The company intends to attract high-end customers from its parent company's existing member base of over 200 million [7] International Expansion Plans - Nuo Jin and Jianguo are identified as key brands for future international expansion, capitalizing on their strong Chinese cultural identity to cater to outbound Chinese travelers [9] - The company recognizes the need for strategic partnerships with established international hotel groups to enhance its global operational capabilities [9]

Investment Rating - The report rates the social services industry as "Overweight" indicating a positive outlook for the sector [4]. Core Insights - The report highlights the resurgence of instant film photography, particularly the popularity of "Peel Apart" film and the new "Life Four Frames" photo booths, driven by nostalgia and unique consumer experiences [5][11]. - The scarcity of Peel Apart film, with global inventory dropping below 500,000 boxes, has led to a dramatic price increase, with prices soaring from around 65-70 RMB per pack to 2800-3300 RMB on second-hand platforms, earning it the nickname "Paper Moutai" [9][11]. - The "Life Four Frames" photo booths have modernized the traditional photo booth experience, offering various backgrounds and instant photo printing, appealing to younger consumers [11][12]. Summary by Sections 1. New Trends in Photography - Peel Apart film has gained immense popularity due to its unique aesthetic and the limited availability of products from major manufacturers like Polaroid and Fujifilm, which have ceased production [8][9]. - The "Life Four Frames" photo booths have evolved from traditional photo booths, providing a more interactive and customizable experience for users [11]. 2. Market Performance Review - The social services sector saw a 2.09% increase in its index from June 2 to June 6, outperforming the broader market [13]. - Key stocks in the social services sector, such as ST United and Jinling Hotel, experienced significant gains, with increases of 21.46% and 11.87% respectively [18]. 3. Company Announcements - Companies in the retail and social services sectors are actively engaging in stock buybacks and shareholder reduction plans, indicating a focus on enhancing shareholder value [26][27]. 4. Industry Developments - The report notes significant developments in the social services industry, including record passenger numbers during the Dragon Boat Festival, showcasing a recovery in travel and tourism [30]. - The introduction of new technologies and partnerships, such as the investment in Acai Travel by Amadeus, reflects ongoing innovation within the industry [30]. 5. Valuation of Key Companies - The report provides a detailed valuation of key companies in the human resources, tourism, and hotel sectors, indicating a favorable outlook for these industries as they recover from previous downturns [32][33].

Financial Performance - Atour Group reported total revenue of 1.906 billion yuan in Q1, a year-on-year increase of 29.8%, with adjusted net profit of 345 million yuan, up 32.3%, marking it as the fastest-growing company in the sector [2] - Huazhu Group achieved a net profit of 894 million yuan, making it the most profitable company [2] - Jinjiang Hotels experienced a dramatic net profit decline of 81% due to reduced government subsidies and losses from fair value changes of financial assets, making it the most pressured company in terms of performance [2] - Shoulv Hotels saw a revenue decrease of 4.34% to 1.765 billion yuan, yet net profit increased by 18.37% to 143 million yuan, driven by growth in net profits from its core hotel and scenic business [2] Operational Efficiency - Huazhu Group operated 11,685 hotels in Q1, with 45% in the mid-to-high-end segment and a franchise rate of 92%; however, its RevPAR was 208 yuan, down 3.9%, and occupancy rate was 76.2%, down 1 percentage point [3] - Atour Group had 1,727 hotels, with a RevPAR of 304 yuan, recovering to 92.8% of 2013 levels, and an occupancy rate of 70% [3] - Shoulv Hotels had 7,084 hotels, with a RevPAR of 141 yuan, down 4.6%, and an occupancy rate of 61.7%, indicating challenges in pricing power despite rapid network growth [4] - Jinjiang Hotels operated 13,513 hotels, with a RevPAR of 152.65 yuan, down 7.88%, and an occupancy rate of 63.1%, facing significant pressure in its transition to mid-to-high-end markets [4] Industry Trends - The industry is increasingly adopting a high franchise rate and light-asset model as mainstream strategies, while overall operational efficiency is under pressure ahead of the peak travel season [5] - The decline in consumer spending willingness and the loss of competitive vitality among companies are seen as more critical challenges than the current market conditions [5]

Core Insights - The opening of Atour Group's high-end lifestyle brand "Saha" flagship store in Shenzhen is seen as a potential game-changer for the high-end hotel market in China [1][3] - Domestic hotel groups are increasingly focusing on the high-end segment, with several new brands and strategic partnerships being announced [2][3][4] Domestic High-End Market Development - Domestic hotel groups are actively expanding into the high-end market, with notable announcements from ShouLai Hotel Group regarding new brands and partnerships [3][4] - Huazhu Hotel Group has been enhancing its high-end offerings through acquisitions and partnerships, including a joint venture with Sunac [4] - Jin Jiang International is also exploring high-end opportunities, forming a strategic partnership with Radisson Hotel Group to focus on high-end market upgrades [4] Historical Context - The high-end hotel sector in China has historical roots dating back to the early days of reform and opening up, with many hotels serving as symbols of modernization [5][6] - The rise of real estate developers in the late 2000s led to a second wave of high-end hotel development, with companies like Wanda and Greenland launching their own brands [6][7] Current Challenges - Despite the growth in high-end hotels, domestic brands face challenges in competing with established international hotel groups, which dominate consumer perception [8][10] - The high capital investment and long return periods associated with high-end hotels pose challenges for domestic investors, who often prefer quicker returns [9][10] Market Opportunities - As the market for high-end hotels becomes saturated in first-tier cities, there is a growing trend for brands to explore opportunities in lower-tier cities [12] - The high-end select service hotel segment is emerging as a viable investment opportunity, with expected growth rates exceeding 30% [13] Inventory Market Dynamics - The trend of rebranding existing high-end hotels is gaining traction, with a significant number of hotels expected to be auctioned in 2024 [14][15] - Various hotel groups are launching brands targeting the high-end inventory market, indicating a shift towards revitalizing existing properties [15]

Core Viewpoint - The Chinese hotel industry is experiencing a "tale of two cities" with significant performance disparities among the four major groups: Huazhu, Jinjiang, Shoulu, and Atour, despite the overall market growth [3][8]. Group 1: Performance Overview of Major Hotel Groups - Huazhu Group leads with a revenue of 5.4 billion yuan and a net profit of 890 million yuan in Q1 2025, but its revenue growth has slowed to 2.2% [4][10]. - Atour Group, with 1,727 hotels, is the only group to achieve significant revenue and profit growth, with a revenue increase of 29.8% and a net profit increase of 32.3% in Q1 2025 [5][10]. - Jinjiang Group and Shoulu Group are struggling, with Jinjiang's revenue down 8.25% and net profit down 81.03%, while Shoulu's revenue decreased by 4.34% [4][10]. Group 2: Market Dynamics and Strategies - The hotel industry is facing a "volume increase, price decrease" scenario, with all major players experiencing pressure on occupancy rates and room prices [7][8]. - Huazhu maintains operational efficiency through high occupancy rates, while Atour focuses on retail growth, which has increased its retail revenue share to 30.3% [22][27]. - Jinjiang and Shoulu are attempting to pivot towards membership growth and high-end offerings, but their efforts have yet to yield significant results [7][36]. Group 3: Retail Strategies - Atour has successfully integrated retail into its business model, with retail revenue growing by 66.5% to 694 million yuan in Q1 2025, despite a 61.7% increase in sales expenses [27][28]. - Huazhu has also ventured into retail but remains cautious, with its retail initiatives not yet significantly impacting overall revenue [30][32]. - The competition in the retail space is intensifying, with Atour's approach focusing on online sales channels [24][25]. Group 4: Challenges for Jinjiang and Shoulu - Jinjiang's core mid-to-low-end hotel segment continues to decline, with Q1 2025 revenue down 8.72% [37][40]. - Shoulu's revenue also decreased by 4.34% in Q1 2025, with its membership strategies facing similar challenges in conversion efficiency [44][47]. - Both companies are struggling to effectively leverage their large membership bases to drive revenue growth [48]. Conclusion - The hotel industry is at a critical juncture, with Huazhu and Atour adopting distinct strategies to navigate the challenges of growth and profitability [50]. - The ability to balance expansion with operational quality will be crucial for all players moving forward [50].

Investment Rating - Industry rating: Recommended [4] Core Insights - The report highlights a robust growth in visitor numbers during the Dragon Boat Festival, with a projected total of 6.87 billion trips, reflecting a year-on-year increase of 3.0% [1][18] - The demand for family-oriented travel has surged, particularly for short-distance self-driving trips and parent-child tours, with bookings for parent-child group tours increasing by 80% year-on-year [1][2] - The launch of new products by Lao Pu Gold, such as the Seven Sons Gourd, is expected to drive high demand in the fashion gold jewelry sector, despite a tightening overall consumption environment [2] Summary by Sections 1. Market Review - The consumer service index and retail index outperformed the CSI 300 index, with significant gains in the jewelry and watch sector [11] - The report notes a 5.1% year-on-year increase in total retail sales in April, with jewelry sales growing by 25.3% [36][50] 2. Industry & Company Dynamics - The report discusses the increase in domestic tourism, with various regions reporting significant visitor numbers during the holiday period [18][19] - Lao Pu Gold's new product launch is positioned to capture the growing trend in fashion jewelry, appealing to consumer sentiment and aesthetic preferences [2][3] 3. Macro & Industry Data - April's retail sales data indicates a stable growth trajectory, with online retail sales showing a 5.8% year-on-year increase [37] - The report provides insights into the gold jewelry market, noting a decline in overall gold consumption but an increase in gold bars and coins [52][55] 4. Investment Recommendations - The report suggests five investment themes, including the revival of traditional retail formats, the rise of AI technology applications, and the potential for new retail sectors to outperform expectations [59][61]

Group 1 - Ctrip's report indicates that during the Dragon Boat Festival in 2025, domestic surrounding and local travel will account for 64% of total travel [1] - Family-oriented travel is becoming the main force for the Dragon Boat Festival, with nearly 90% of the top 50 scenic spots being family-friendly, and family orders making up 25% of overall travel orders [1] - There is a significant increase in inbound travel, with orders rising by nearly 90% and ticket GMV for inbound travel soaring 1.5 times year-on-year [1] Group 2 - Wanlian Securities highlights that various sectors in the service industry are experiencing growth opportunities this year, driven by the implementation and optimization of vacation policies [1] - The expansion of inbound consumption is expected to bring new growth points to the duty-free industry, while the improvement of county-level commercial systems benefits the hotel and chain restaurant sectors [1] - The education sector is anticipated to become a representative application area for artificial intelligence, with a focus on tourism, duty-free, hotels, restaurants, and education leaders [1] Group 3 - Dongguan Securities notes that the tourism and travel sector is seeing a steady increase in per capita consumption during holidays, which may help reverse the "busy but not profitable" situation [2] - The combination of domestic demand expansion policies and the continuous rise in outbound travel is expected to support the bottom recovery of the tourism and travel sector in the long term [2] - Recommended stocks include Songcheng Performance, Changbai Mountain, Xiangyuan Cultural Tourism, Zhongxin Tourism, Shoulu Hotel, Junting Hotel, and Tongqinglou, focusing on scenic area companies, hotel groups in lower-tier markets, and tourism service companies benefiting from domestic and inbound travel recovery [2]

Core Viewpoint - The Chinese hotel industry is experiencing a "ice and fire" scenario, with major players like Huazhu, Jinjiang, Shoulu, and Atour showing divergent performance and strategic choices amid overall industry growth [3][6]. Group 1: Performance Overview of Major Players - Huazhu Group leads with Q1 2025 revenue of 5.4 billion yuan, a 2.2% year-on-year increase, and a net profit of 890 million yuan, up 35.7% [4][8]. - Atour Group, with 1,727 stores, is the only one among the four giants to achieve significant growth in both revenue and profit, reporting a 29.8% revenue increase to 1.91 billion yuan and a 32.3% net profit increase to 350 million yuan in Q1 2025 [5][8]. - Jinjiang Group, despite having the largest number of stores (13,513), saw a revenue decline of 8.25% to 2.94 billion yuan and a staggering 81.03% drop in net profit to 40 million yuan [4][9]. - Shoulu Group reported a revenue of 1.77 billion yuan, down 4.34%, but net profit increased by 18.4% to 140 million yuan [4][10]. Group 2: Strategic Insights - Huazhu maintains a light-asset model with a high franchise ratio (94.7%), focusing on franchise growth while cautiously exploring retail [5][26]. - Atour's retail revenue has surged, accounting for 30.3% of total revenue, with a 66.5% increase in retail income to 694 million yuan in Q1 2025, although this has led to a 61.7% rise in sales expenses [24][25]. - Jinjiang and Shoulu are struggling with growth, with Jinjiang's core mid-to-low-end business declining and Shoulu's membership and "scenic + dining" strategy showing limited results [5][28]. Group 3: Industry Trends and Challenges - The hotel industry is facing a "volume increase, price decrease" trend, with overall RevPAR down 9.7% to 118 yuan, ADR down 5.8% to 200 yuan, and OCC down 2.5% to 58.8% [13][14]. - The competitive landscape is intensifying, with Huazhu and Atour maintaining operational efficiency through high occupancy rates, while Jinjiang and Shoulu struggle with both occupancy and pricing [5][17]. - The shift towards a light-asset model is prevalent, with franchise stores exceeding 90% across the industry, complicating brand management [41]. Group 4: Future Outlook - The key for Huazhu will be to enhance operational precision to counteract slowing growth, while Atour must maintain profitability amid retail expansion [5][41]. - Jinjiang and Shoulu need to find new growth avenues, focusing on improving membership conversion efficiency and expanding their presence in the high-end market [41].

Core Viewpoint - The Chinese hotel industry is experiencing a "ice and fire" scenario, with major players like Huazhu, Jinjiang, Shoulu, and Atour showing divergent performance and strategic choices amid overall industry growth [1][4]. Group 1: Financial Performance of Major Players - Huazhu Group leads with Q1 2025 revenue of 5.4 billion yuan, a 2.2% year-on-year increase, and a net profit of 890 million yuan, up 35.7% [2][5]. - Atour Group is the only one among the four giants to achieve significant growth, with Q1 2025 revenue of 1.91 billion yuan, a 29.8% increase, and a net profit of 350 million yuan, up 32.3% [2][3]. - Jinjiang Group reported Q1 2025 revenue of 2.94 billion yuan, down 8.25%, and a net profit of 40 million yuan, down 81.03% [2][6]. - Shoulu Group's Q1 2025 revenue was 1.77 billion yuan, a decline of 4.34%, with a net profit of 140 million yuan, an increase of 18.4% [2][6]. Group 2: Market Dynamics and Strategies - The hotel industry is facing "volume increase and price decrease" pressures, with Huazhu and Atour maintaining operational efficiency through high occupancy rates, while Jinjiang and Shoulu struggle with both occupancy and pricing [3][27]. - Huazhu's business model relies heavily on a light-asset strategy with 94.7% of its 11,685 stores being franchise-based, while Atour focuses on differentiation and retail, with retail revenue accounting for 30.3% of its total [3][8]. - Jinjiang and Shoulu are experiencing challenges in their traditional mid-to-low-end markets, with Jinjiang's limited service hotel revenue declining significantly [19][23]. Group 3: Operational Metrics - The overall industry RevPAR (Revenue per Available Room) decreased by 9.7% to 118 yuan, with ADR (Average Daily Rate) at 200 yuan, down 5.8%, and OCC (Occupancy Rate) at 58.8%, down 2.5% [10][11]. - In Q1 2025, Huazhu's RevPAR was 208 yuan, down 3.9%, with an occupancy rate of 76.2% [13][14]. - Atour's RevPAR was 304 yuan, maintaining a high level compared to its peers, while Jinjiang and Shoulu reported lower RevPARs of 192 yuan and 141 yuan, respectively [13][14]. Group 4: Future Outlook and Challenges - The future focus for Huazhu is on refining operations to counteract slowing growth, while Atour must maintain profitability amid its retail expansion [3][27]. - Jinjiang and Shoulu need to find new growth avenues, particularly in enhancing their membership systems and exploring high-end market opportunities [19][25]. - The overall trend indicates that traditional hotel giants face significant challenges in adapting to market changes and improving operational efficiency [26][27].