Core Viewpoint - The company plans to increase capital in Beijing Huanhui Real Estate Co., Ltd. through cash contributions from shareholders, including its controlling shareholder, to alleviate financial pressure and support project development [1][4][25]. Summary by Sections 1. Overview of Related Transactions - The total capital increase for Huanhui Real Estate is set at 3.26 billion yuan, with the company contributing 293.4 million yuan, maintaining a 9% ownership stake post-increase [1][4]. - The controlling shareholder, Beijing Capital Tourism Group, will contribute 195.6 million yuan, while Wangfujing Group will contribute 489 million yuan, both retaining their respective ownership percentages [1][4]. 2. Purpose and Necessity of Capital Increase - The capital increase aims to reduce financial pressure on Huanhui Real Estate and promote sustainable project development, particularly in the context of the capital's sub-center development strategy [4][6][25]. - The funds will be used exclusively for repaying shareholder loans, ensuring financial stability for ongoing projects [2][6]. 3. Financial Implications - The company has provided a total of 559.8243 million yuan in shareholder loans to Huanhui Real Estate as of December 31, 2024, which includes a debt transfer payment of 543.36 million yuan to the controlling shareholder [3][5][19]. - Post-capital increase, the company's total debt to Huanhui Real Estate will decrease from 771.02 million yuan to 477.62 million yuan [7][8]. 4. Approval Process - The capital increase proposal has been approved by the company's board of directors, with related directors abstaining from voting [4][26]. - The proposal will be submitted for approval at the upcoming shareholder meeting, with the controlling shareholder and its affiliates required to abstain from voting [10][27]. 5. Background of Huanhui Real Estate - Huanhui Real Estate was established in December 2021 with a registered capital of 100 million yuan, focusing on investment, construction, and operation of projects in the cultural tourism sector [6][14]. - As of December 31, 2024, Huanhui Real Estate reported total assets of 9.127 billion yuan and a net asset of 33.23 million yuan, with ongoing projects nearing completion [14][16]. 6. Strategic Importance - The transaction aligns with the company's strategic goals to capitalize on the development opportunities in Beijing's sub-center and enhance its competitive position in the high-end hotel market [25][27]. - The capital increase is expected to strengthen the company's brand and operational capabilities, contributing to long-term growth and profitability [25][27].

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 ...

Industry Overview - The hotel industry is facing significant pressure in 2024, following a strong recovery in 2023 driven by pent-up travel demand during the pandemic, leading to a high base for comparison [1] - The overall RevPAR for domestic hotels in 2024 is projected to be 118 yuan, a decrease of 9.7% year-on-year; occupancy (Occ) is expected to be 58.8%, down 2.5 percentage points; and average daily rate (ADR) is forecasted at 200 yuan, a decline of 5.8% [1] Company Performance - The company has accelerated structural adjustments, resulting in an increase in operating profit despite industry challenges. The RevPAR for the company's hotels, excluding light management hotels, is 167 yuan, down 3.2% year-on-year; Occ is 68.2%, a decrease of 0.6 percentage points; and ADR is 245 yuan, down 2.3% [2] - In 2024, the company achieved total revenue of 7.751 billion yuan, a slight decline of 0.54% year-on-year, while net profit attributable to shareholders reached 806 million yuan, an increase of 1.41% [2] - Key factors contributing to the company's resilience include: - Accelerated expansion with 1,353 new openings in 2024, a 12.5% increase year-on-year, and a net increase of 739 stores, up 163.9% [2] - Improved hotel structure with 412 new mid-to-high-end hotels opened, a 45.6% increase, and a net increase of 311 mid-to-high-end hotels, up 52.5% [2] - Effective cost control measures implemented to manage expenses [2] Future Outlook - The company is rated as a "buy" due to its position as one of the leading hotel groups in China, achieving profit growth through structural adjustments and cost management [3] - The company plans to open 1,500 new stores in 2025, indicating potential for accelerated growth [3] - Expected earnings per share for 2025 and 2026 are projected to be 0.84 yuan and 0.90 yuan, respectively, with current stock prices corresponding to PE ratios of 15.82 and 14.72 times [3]

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) ...

关于北京首旅酒店 (集团) 股份有限公司 2024 年度非经营性资金占用及其他关联资金往来情况的专项报告 关于北京首旅酒店 (集团) 股份有限公司 2024 年度非经营性资金占用及其他关联资金往来情况的专项报告 毕马威华振专字第 2501364 号 北京首旅酒店 (集团) 股份有限公司董事会： 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。 在对上述财务报表实施审计的基础上，我们对后附的首旅酒店 2024 年度非经营性资金 占用及其他关联资金往来情况汇总表 (以下简称"汇总表") 执行了有限保证的鉴证业务。 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 ...

Core Viewpoint - The company reported a slight decline in total revenue for 2024, but managed to achieve a modest increase in net profit, indicating resilience in its operations despite challenging market conditions [1] Revenue Performance - Total revenue for 2024 reached 7.751 billion yuan, a year-on-year decrease of 0.54% [1] - The company achieved a net profit attributable to shareholders of 806 million yuan, reflecting a year-on-year increase of 1.41% [1] - In Q4, the company generated revenue of 1.862 billion yuan, down 1.05% year-on-year, with a net profit of 83.13 million yuan, a decline of 24.71% [1] Revenue Composition - Hotel operations generated revenue of 5.067 billion yuan, down 5.01%, accounting for 65.37% of total revenue [2] - Hotel management revenue increased by 11.6% to 2.168 billion yuan, representing 27.97% of total revenue [2] - Scenic area revenue remained stable at 516 million yuan, a slight increase of 0.07%, making up 6.66% of total revenue [2] Expansion and Development - The company opened 1,353 new hotels in 2024, bringing the total to 7,002 hotels by year-end, including 2 overseas [2] - The number of mid-to-high-end hotels reached 2,032, accounting for 29.0% of total hotels, with 215,400 rooms, or 41.5% of total room count [2] - The company signed contracts for 1,743 hotels that are either not yet opened or in the process of signing [2] Operational Metrics - Q4 RevPAR (Revenue per Available Room) was 134 yuan, down 3.0% year-on-year, with an average room rate of 219 yuan, a decrease of 0.6% [3] - The overall RevPAR for the year was 147 yuan, down 4.7%, with an average room rate of 229 yuan, a decline of 2.6% [3] - The company improved its gross margin to 38.36%, up 0.24 percentage points year-on-year, and net margin to 10.58%, up 0.17 percentage points [3] Service and Quality Enhancement - The company is upgrading existing hotels, with the proportion of upgraded products increasing from 58.5% to 71.8% [4] - Membership numbers reached 197 million, a year-on-year increase of 30.8%, with a focus on enhancing member services [4] - The company aims to strengthen customer loyalty through innovative membership services [4] Future Outlook - The company expects net profit attributable to shareholders to reach 933 million yuan, 1.088 billion yuan, and 1.249 billion yuan in 2025, 2026, and 2027, respectively, with growth rates of 15.69%, 16.65%, and 14.82% [4]

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 Views - The company's total revenue for 2024 reached 77.51 billion, a slight decrease of 0.54% year-on-year, while the net profit attributable to shareholders was 8.06 billion, an increase of 1.41% year-on-year [4][8] - The hotel operation segment showed a revenue of 50.67 billion, down 5.01% year-on-year, while hotel management revenue increased by 11.6% to 21.68 billion [5][8] - The company opened 1,353 new hotels in 2024, bringing the total to 7,002 hotels by the end of the year, with a focus on expanding mid-to-high-end hotel offerings [5][6] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 18.62 billion, down 1.05% year-on-year, and a net profit of 831 million, down 24.71% year-on-year [4][5] - The overall RevPAR for all hotels was 134 yuan, a decrease of 3.0% year-on-year, with an average room rate of 219 yuan, down 0.6% year-on-year [6][8] - The gross margin improved slightly to 38.36%, and the net margin increased to 10.58% [6][8] Growth and Expansion - The company plans to continue upgrading existing hotels and expanding its membership program, with a total membership of 197 million, a growth of 30.8% year-on-year [7][8] - The company aims to achieve net profits of 933 million, 1.088 billion, and 1.249 billion for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 16X, 14X, and 12X [8][9] Market Outlook - The report is optimistic about the hotel industry's recovery driven by policy stimulus, projecting a relative increase in stock price compared to the CSI 300 index [8][12]