事件：首旅酒店发布2024 年报，24 年实现营收77.51 亿元，同比-0.5%；归母净利润8.06 亿元，同比 +1.4%。24Q4 公司实现营收18.62 亿元，同比-1.1%；归母净利润0.83 亿元，同比-24.7%。24 年公司拟 现金分红4.02 亿元，分红率为49.85%，较23 年有所提升（23 年分红率为30.9%）。 24Q4 新开店数量为401 家，新开店中，经济型/中高端/轻管理分别为108/99/193家。 全年盈利能力同比小幅提升，24Q4 销售费用率上升明显。24 年/24Q4 公司毛利率分别为38.4%/34.4%， 分别同比+0.2/+1.4pcts。 24 年/24Q4 公司期间费用率分别为23.7%/24.5%，分别同比+0.2/+1.6pcts；其中，24 年销售/ 管理/ 财务 费用率分别为7.4%/10.8%/4.6% ， 分别同比+0.1/-0.4/-0.6pcts。全年来看，公司各项费用管控较严。 24Q4 销售/管理/财务费用率分别为8.4%/10.7%/4.5%，分别同比+1.8/-0.2/-0.2pcts。全年及Q4 的销售费用 率增加主要系支付OTA ...

北京首旅酒店（集团）股份有限公司与第二大股东 携程上海及其关联方 2024 年度日常关联交易情况 及 2025 年度预计日常关联交易的补充公告 股票代码：600258 股票简称：首旅酒店 编号：临 2025-023 一、日常关联交易情况 （一）日常关联交易已履行的审批程序 2025 年 3 月 24 日，公司独立董事召开了 2025 年第二次专门会议，审议通过 2025 年度与第二大股东携程上海及其关联方预计发生的日常关联交易，同意将 《公司与第二大股东携程上海及其关联方 2024 年度日常关联交易情况及 2025 年 1 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： ●北京首旅酒店（集团）股份有限公司（以下简称"公司"）于 2025 年 3 月 29 日披露了《公司与第二大股东携程上海及其关联方 2024 年度日常关联交易 情况及 2025 年度预计日常关联交易公告》（临 2025-014 号），现将 2025 年 1-2 月底与关联方实际发生的数据进行补充披露。 ●2024 年度公司与第二大股东携程旅游信 ...

及 2025 年度预计日常关联交易的补充公告 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： 股票代码：600258 股票简称：首旅酒店 编号：临2025-022 北京首旅酒店（集团）股份有限公司 与控股股东首旅集团及其关联方 2024 年度日常关联交易情况 ●北京首旅酒店（集团）股份有限公司（以下简称"公司"）于 2025 年 3 月 29 日披露了《公司与控股股东首旅集团及其关联方 2024 年度日常关联交易 情况及 2025 年度预计日常关联交易公告》（临 2025-013 号），现将 2025 年 1-2 月底与关联方实际发生的数据进行补充披露。 ●公司与控股股东首旅集团及其所属企业（以下简称"关联方"）2025 年 1-2 月实际发生金额 2,693.39 万元（未经审计），预计 2025 年度发生日常关联 交易共计 21,138 万元不变。 ●该关联交易议案需提交股东会审议，控股股东首旅集团及其关联方需回 避表决。 一、 日常关联交易情况 （一）日常关联交易已履行的审批程序 2025 年 3 月 2 ...

北京首旅酒店（集团）股份有限公司 ●本次增资额将全部用于环汇置业按持股比例偿还各股东公司借款。 ●增资后，公司对环汇置业的剩余股东借款仍由环汇置业按年息 6%支付资 金占用费，并按季度结算。 ●本次关联交易为 2024 年 4 月 20 日披露的"公司收购控股股东首旅集团持 有的北京环汇置业有限公司 9%股权及债权的关联交易"的后期变动调整事项。 ●公司独立董事对本次重大关联交易事项召开了专门会议进行了事前审核， 发表了明确的审核意见。 会议文件 北京首旅酒店(集团)股份有限公司 2025 年第二次临时股东会 议案：《关于与关联方共同以现金方式对合资公司进行增资 并由其偿还股东借款的关联交易的议案》 ●关联交易概述：北京首旅酒店（集团）股份有限公司（以下简称"首旅酒 店"或"公司"）拟与本公司控股股东北京首都旅游集团有限责任公司（以下简 称"首旅集团"）及同一控制人关联企业王府井集团股份有限公司（以下简称"王 府井"）等各方股东，共同以现金方式，按股权比例向北京环汇置业有限公司（以 下简称"环汇置业"或"标的公司"）增资，环汇置业增资总额 326,000 万元， 并由其偿还各方股东前期投入的股东借款，其中本公 ...

北京首旅酒店（集团）股份有限公司 2025 年第二次临时股东会 会议文件 北京首旅酒店(集团)股份有限公司 2025 年第二次临时股东会 1 议案：《关于与关联方共同以现金方式对合资公司进行增资 并由其偿还股东借款的关联交易的议案》 2025 年 4 月 11 日 ●本次增资额将全部用于环汇置业按持股比例偿还各股东公司借款。 ●增资后，公司对环汇置业的剩余股东借款仍由环汇置业按年息 6%支付资 金占用费，并按季度结算。 ●本次关联交易为 2024 年 4 月 20 日披露的"公司收购控股股东首旅集团持 有的北京环汇置业有限公司 9%股权及债权的关联交易"的后期变动调整事项。 ●公司独立董事对本次重大关联交易事项召开了专门会议进行了事前审核， 发表了明确的审核意见。 2 ●截至 2024 年 12 月 31 日，公司与控股股东首旅集团及其所属企业（以下 简称"关联方"）2024 年度发生固定性日常关联交易和偶发性日常关联交易共计 16,228.34 万元，占上市公司最近一期经审计归属母公司净资产绝对值的比例 1.39%；其中：与王府井发生的日常关联交易总额为 1,521.89 万元，占上市公司 最近一期经审计归 ...

事件：首旅酒店发布2024年年度报告。 预计公司2025/2026年的每股收益分别为0.84/0.90元，当前股价对应PE分别为15.82/14.72倍，给予公 司"买入"的评级。 风险提示：行业竞争加剧、自然灾害影响客流、储备店增长放缓、业绩增速低于预期等。 点评： 2024年酒店行业经营承压。2023年为国内旅游酒店复苏之年，疫情期间积攒的出游需求集中释放推动酒 店经营指标大幅上涨形成同比高基数。 旅游需求释放完毕叠加商旅需求恢复缓慢，2024年酒店市场明显承压，2024年国内酒店的整体RevPAR 为118元，同比下降9.7%；Occ为58.8%，同比下降2.5个百分点；ADR为200元，同比下降5.8%。 公司加快结构调整，经营利润逆势上涨。2024年公司不含轻管理酒店的全部酒店RevPAR为167元，同比 下降3.2%；Occ为68.2%，同比下降0.6个百分点；ADR为245元，同比下降2.3%，经营指标同样下滑， 但相较行业整体表现出强劲韧性。而业绩方面，公司2024年实现营业总收入77.51亿元，同比下降0.54； 实现归母净利润8.06亿元，同比增长1.41%。行业整体承压的背景下，公司保持 ...

Core Viewpoint - The company reported a slight decline in revenue and a modest increase in net profit for 2024, indicating ongoing challenges in recovering to pre-pandemic levels [1] Financial Performance - In 2024, the company achieved operating revenue of 7.751 billion yuan, a year-on-year decrease of 0.54%, and a net profit of 806 million yuan, a year-on-year increase of 1.41% [1] - The hotel business generated operating revenue of 7.235 billion yuan, down 0.58% year-on-year, with hotel operation revenue declining by 5.01% [1] - The fourth quarter of 2024 saw a year-on-year decline in operating revenue and net profit of 1.05% and 24.71%, respectively [1] Business Expansion - The company pursued a strategy of hotel scale expansion, opening 1,353 new hotels during the reporting period, a year-on-year increase of 12.5%, with a net increase of 739 hotels, up 163.9% [2] - Despite the expansion, the company's revenue growth has not improved significantly [2] Market Position - According to a report, the company has the lowest average compound annual growth rate in hotel scale among major domestic hotel chains, at only 9% [2] - The company’s average room revenue ranks last among its peers [2] Operational Metrics - Key operational metrics such as RevPAR, average room rate, and occupancy rate all declined in 2024 [3] - The overall RevPAR was 147 yuan, down 4.7% year-on-year, with an average room rate of 229 yuan, down 2.6% [3] - Mature hotels experienced even greater declines in these metrics [3] Stock Performance - The company has seen a significant increase in the number of shareholders, with a 9.74% rise to 46,801 shareholders by the end of February [4] - The stock has performed poorly in the A-share market, with a cumulative decline of 9.27% this year, and a further drop of 2.06% following the annual report release [4]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's hotel operations in Q4 generated revenue of 1.165 billion, down 5.0%, while hotel management revenue increased by 8.4% to 567 million. Scenic area revenue was 130 million, down 2.2%. The total hotel profit for Q4 was 90 million, a decrease of 15.8%, while scenic area profit increased by 2.8% to 41.58 million. The same-store RevPAR for Q4 decreased by 2%, which is more stable compared to competitors [1][2][3]. - The company plans to accelerate its store openings in 2024, with a target of 1,500 new stores, and the proportion of standard stores in new openings is increasing. By the end of the year, the total number of hotels reached 7,002 [1][10]. Summary by Sections Financial Performance - For the full year 2024, the company reported total revenue of 77.51 billion, a decrease of 0.54%, and a net profit attributable to shareholders of 8.06 billion, an increase of 1.41%. In Q4, revenue was 18.62 billion, down 1.05%, and net profit was 830 million, down 24.71% [2][13]. - The company plans to distribute a cash dividend of 0.36 per share, totaling 4.02 billion, which accounts for 49.85% of the net profit [2]. Business Segments - In Q4, hotel revenue was 17.32 billion, down 1.0%, with hotel operations at 11.65 billion (-5.0%) and hotel management at 5.67 billion (+8.4%). The hotel profit for Q4 was 90 million, down 15.8%. The sales expense ratio for the hotel segment in H2 2024 was 7.9%, up 1.6 percentage points year-on-year, mainly due to OTA commissions increasing by 22% [3][10]. Operational Metrics - In Q4, the overall occupancy, ADR, and RevPAR decreased by 1.5 percentage points, 0.7%, and 3.0%, respectively. Excluding light management hotels, the declines were 0.3 percentage points, 0.7%, and 1.2%. The economic and mid-range RevPARs were down 1.0% and 4.2%, respectively [4][9]. - The company opened 401 new hotels in Q4 and closed 147, resulting in a net increase of 254 hotels. The total number of hotels reached 7,002 by year-end, with plans to open 1,500 new hotels in 2025 [10]. Profitability Forecast - The company is expected to achieve net profits of 9.18 billion, 10.81 billion, and 12.24 billion for the years 2025 to 2027, with corresponding P/E ratios of 16.5X, 14.0X, and 12.4X [11][13].

Investment Rating - The report maintains a "Buy" rating for Shoulv Hotel (600258) with a target price based on the last closing price of 13.59 [1][8]. Core Insights - The company's total revenue for 2024 reached 77.51 billion yuan, a slight decrease of 0.54% year-on-year, while the net profit attributable to shareholders was 8.06 billion yuan, an increase of 1.41% year-on-year [4][5]. - The hotel operations maintained a high revenue growth rate, while scenic area revenue remained flat. Hotel operations generated 50.67 billion yuan, down 5.01% year-on-year, accounting for 65.37% of total revenue [5]. - The company opened 1,353 new hotels in 2024, accelerating its expansion, bringing the total number of hotels to 7,002 by the end of 2024 [5][6]. Revenue and Profitability - In Q4 2024, the company achieved revenue of 18.62 billion yuan, down 1.05% year-on-year, with a net profit of 83.13 million yuan, a decrease of 24.71% year-on-year [4][5]. - The overall RevPAR (Revenue per Available Room) for all hotels was 134 yuan in Q4, down 3.0% year-on-year, with an average room rate of 219 yuan, down 0.6% year-on-year [6]. - The gross margin improved slightly to 38.36%, up 0.24 percentage points year-on-year, while the net margin was 10.58%, up 0.17 percentage points year-on-year [6]. Future Projections - The report forecasts EPS (Earnings Per Share) for 2025-2027 to be 0.84, 0.97, and 1.12 yuan per share, respectively, with corresponding PE ratios of 16X, 14X, and 12X [8][9]. - The expected revenue growth rates for 2025-2027 are 4.00%, 2.98%, and 2.76%, respectively, while net profit growth rates are projected at 15.69%, 16.65%, and 14.82% [9][10].

关于北京首旅酒店 (集团) 股份有限公司 LLP 毕马威华振会计师事务所 Oriental Plaza Beijing 100738 Telephone +86 (10) 8508 5000 中国北京 东方广场毕马威大楼 8 层 China 邮政编码:100738 电话 +86 (10) 8508 5000 5111 传真 +86 (10) 8518 5111 网址 kpmg.com/cn KPMG Huazhen 我们接受委托，按照中国注册会计师审计准则审计了北京首旅酒店 (集团) 股份有限公 司 (以下简称"首旅酒店") 2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公 司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司股东权益变动表以及相关财务报表附注，并于 2025 年 3 月 26 日签发了无保留意见的审 计报告。 根据中国证券监督管理委员会、中华人民共和国公安部、国务院国有资产监督管理委 员会和中国银行保险监督管理委员会发布的《上市公司监管指引第 8 号——上市公司资金 往来、对外担保的监管要求》(证监会公告 2022 26 号) ...