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]

Core Viewpoint - Shoulv Hotel Group is committed to high-quality development strategies, responding quickly to market changes, and steadily advancing strategic layouts, resulting in significant operational and developmental achievements [1][4]. Group 1: Financial Performance - In 2024, Shoulv Hotel Group achieved an operating revenue of 7.75 billion yuan, remaining stable year-on-year, and a net profit attributable to shareholders of 806 million yuan, representing a year-on-year increase of 1.41% [1][2]. - The group plans to distribute a cash dividend of 0.36 yuan per share, totaling approximately 401.98 million yuan, which accounts for 49.85% of the net profit attributable to shareholders [6]. Group 2: Market Trends and Opportunities - The hotel industry is expected to benefit from the recovery of business travel demand, the release of leisure tourism demand, and a strong rebound in inbound tourism, indicating a new wave of development opportunities [1][2]. - Institutional funds have shown significant inflows into the hotel sector, with a net inflow of 5.83 billion yuan in the third quarter of 2024, suggesting a positive outlook for investment opportunities in the hotel industry [1][2]. Group 3: Operational Growth and Strategy - As of the end of the reporting period, Shoulv Hotel Group operated 7,002 hotels, with 1,353 new openings in 2024, marking a 12.5% year-on-year increase [2][3]. - The group has focused on optimizing its product structure, with a 55.4% year-on-year increase in standard management hotel openings and a 45.6% increase in mid-to-high-end hotel openings [2][3]. Group 4: Brand Development and Membership Growth - Shoulv Hotel Group has launched the upgraded "Home Inn 4.0" product and has expanded its mid-to-high-end brand matrix, which includes various hotel brands [3]. - The total membership of the "LIFE" club reached 197 million, reflecting a year-on-year growth of 30.8%, emphasizing the group's commitment to enhancing member benefits and strategic development [3]. Group 5: Institutional Investor Activity - Significant increases in holdings by institutional investors were noted, with the Stock Connect program showing a substantial increase in shares held, indicating confidence in the recovery of domestic consumption and hotel performance [5]. - Public funds have also actively positioned themselves in Shoulv Hotel Group, with several funds entering the top ten shareholders during the reporting period [5]. Group 6: Industry Recognition - Shoulv Hotel Group was awarded the "2024 Annual Return Power Enterprise" by First Financial Capital Market, highlighting its operational capabilities and brand advantages in a favorable long-term market environment [8].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][18]. Core Views - The company's revenue and profit performance for 2024 is expected to be relatively stable, with a proposed dividend payout ratio increasing to 50% [9][4]. - The company plans to accelerate its store opening targets, aiming to open 1,500 new hotels in 2025, supported by a strong pipeline of 1,743 stores by the end of 2024 [10][2]. - The RevPAR (Revenue per Available Room) decline in Q4 2024 is narrowing, indicating potential stabilization in the future [13][3]. - The company is focusing on improving the quality of its new openings while also enhancing its product offerings, which is expected to lead to marginal improvements in overall operations [17][4]. Financial Performance Summary - For 2024, the company anticipates a revenue of 77.51 billion yuan, a slight decrease of 0.54%, and a net profit of 8.06 billion yuan, an increase of 1.41% [9][4]. - The company plans to distribute a cash dividend of 0.36 yuan per share, reflecting a significant increase in the dividend payout ratio from 30.90% in 2023 to 49.85% in 2024 [9][4]. - The company reported a total of 7,002 hotels in operation by the end of 2024, with a focus on increasing the proportion of mid-to-high-end hotels [10][2]. Revenue and Profit Forecast - The forecast for revenue and net profit from 2025 to 2027 shows a gradual increase, with expected net profits of 9.20 billion yuan in 2025, 10.64 billion yuan in 2026, and 12.26 billion yuan in 2027 [17][19]. - The projected PE ratios for the same period are 16x for 2025, 14x for 2026, and 12x for 2027, indicating a positive outlook for the company's valuation [17][19].

Core Viewpoint - The company reported a slight decline in revenue for 2024, with a total income of 7.75 billion, reflecting a year-over-year decrease of 0.5%, while net profit showed a modest increase of 1.4% to 806 million [1] Financial Performance - For the full year 2024, the hotel business generated 7.2 billion in revenue, down 0.58% year-over-year, while the scenic area business saw a slight increase to 520 million, up 0.07% [1] - In Q4 2024, total revenue was 1.86 billion, a decrease of 1.05% year-over-year, with net profit dropping significantly by 25% to 83 million [1][2] - The overall profit margin for hotels in 2024 was 890 million, up 3.5% year-over-year, while scenic area profits fell by 7.1% to 230 million [2] - Q4 2024 saw a gross margin of 34.44%, an increase of 1.4 percentage points, while the sales expense ratio rose to 8.4%, up 1.8 percentage points [2] Operational Performance - In Q4 2024, the overall RevPAR (Revenue per Available Room) was 134, down 3% year-over-year, with a decline in ADR (Average Daily Rate) of 0.6% and occupancy rate down by 1.5 percentage points [3] - The company opened 1,353 new hotels in 2024, a year-over-year increase of 12.5%, with a net increase of 739 hotels, up 163.9% [4] - For Q4 2024, 401 new hotels were opened, with 48% being light management hotels [4] Membership and Product Development - By the end of 2024, the company had 197 million members, a growth of 30.8% year-over-year [5] - The company launched the upgraded "Home 4.0" product in the first half of 2024, with the proportion of "Home 3.0" and above products increasing from 58.5% to 71.8% by year-end [5] Future Outlook - The company plans to open 1,500 new hotels in 2025, aiming to further increase the proportion of standard management and mid-to-high-end hotels [4][5] - Projected net profits for 2025 to 2027 are estimated at 910 million, 1.02 billion, and 1.14 billion respectively, with corresponding PE ratios of 17, 15, and 13 [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the structural optimization effects are beginning to show, and the company plans to accelerate store openings in 2025 [7] - The company's performance in 2024 aligns with previous expectations, with total revenue of 77.51 billion yuan, a slight decrease of 0.54% year-on-year, and a net profit attributable to shareholders of 8.06 billion yuan, an increase of 1.41% year-on-year [7] - The company achieved its store opening target for 2024, with a total of 1,353 new stores opened, exceeding the goal of 1,200 to 1,400 [7] Financial Performance Summary - Total revenue for 2023 is projected at 77.93 billion yuan, with a forecasted slight decline to 77.51 billion yuan in 2024, followed by a gradual increase to 85 billion yuan by 2027 [1] - The net profit attributable to shareholders is expected to rise from 795.07 million yuan in 2023 to 1,065.02 million yuan by 2027, reflecting a compound annual growth rate [1] - The latest diluted EPS is projected to increase from 0.71 yuan in 2023 to 0.95 yuan in 2027 [1] Store Expansion and Structure Optimization - As of the end of Q4, the company had a total of 7,002 stores, representing a year-on-year increase of 12%, with room count reaching 519,000, an 8% increase year-on-year [7] - The proportion of newly opened standard stores (economy and mid-to-high-end) has increased to 52%, up from 43% in the previous year, indicating ongoing structural optimization [7] - The company plans to open 1,500 new stores in 2025, continuing the trend of accelerated expansion [7] RevPAR and Operational Metrics - The average RevPAR for Q4 was 134 yuan, showing a year-on-year decrease of 3.0%, but the decline has narrowed compared to previous quarters [7] - The occupancy rate for Q4 was 61.1%, a slight decrease of 1.5% year-on-year, while the average daily rate (ADR) was 219 yuan, down 0.6% year-on-year [7]

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant performance improvement in the upcoming quarters [6]. Core Views - The company reported a slight decline in revenue for 2024, with total revenue at 7.75 billion RMB, down 0.54% year-on-year, while net profit attributable to the parent company increased by 1.41% to 810 million RMB [2]. - The fourth quarter of 2024 showed a revenue of 1.86 billion RMB, a decrease of 1.05%, and a net profit of 83.12 million RMB, down 24.7% [2]. - The company plans to open 1,500 new hotels in 2025, which is an increase from the 1,200-1,400 range planned for 2024 [4]. Summary by Sections Financial Performance - For 2024, the company achieved a total revenue of 7.75 billion RMB, with a net profit of 810 million RMB, reflecting a growth of 1.41% [2][11]. - The fourth quarter results showed a revenue of 1.86 billion RMB and a net profit of 83.12 million RMB, indicating a significant decline compared to the previous quarter [2][5]. Operational Insights - The report highlights an improvement in RevPAR (Revenue per Available Room) in Q4 2024, with a decrease of only 3.0% compared to a larger decline in Q3 [3]. - The company successfully opened 1,353 new hotels in 2024, exceeding its initial target by 13% [4]. Future Outlook - The company is expected to see a recovery in RevPAR in Q1 2025, with a projected net profit of 910 million RMB for 2025, corresponding to a PE ratio of 16.6 [6][11]. - The management efficiency and store combination optimization are anticipated to provide significant room for profit margin improvement in the medium to long term [6].

每经记者 舒冬妮 每经编辑 陈俊杰 3月28日晚，首旅酒店（600258.SH，股价13.59元，市值151.75亿元）发布2024年年报，全年实现营业 收入77.51亿元，同比微降0.54%；归属于上市公司股东的净利润8.06亿元，同比增长1.41%。 作为国内酒店巨头之一，首旅酒店以经济型酒店起家，自2016年成立中高端酒店事业部，大力发展中高 端酒店，通过特许经营模式其占比得以不断提高。 对于2025年规划，首旅酒店表示将新开业酒店1500家，继续提升中高端占比，并通过组织架构调整为六 大区域经营中心，强化属地化运营。 首旅酒店集团总经理、如家酒店集团董事长、CEO孙坚表示："2024年的酒店行业虽有挑战，但首旅酒 店集团秉承高质量发展战略，快速响应市场，稳健推进战略布局，持续性的结构优化和产品精耕在经营 和发展数据中已卓见成效。这一势头也将在2025年持续，驱动我们向'万店'的里程碑目标稳步迈进。" 年报显示，报告期内，公司不含轻管理酒店的全部酒店RevPAR(每间可售客房收入）为167元，同比下 降3.2%；OCC（入住率）为68.2%，同比下降0.6个百分点；ADR（日均房价）为245元，同比下降 ...

Group 1 - The core viewpoint of the report indicates that Shoulv Hotel Group achieved stable profit growth and a record number of new hotel openings despite industry challenges, with a net profit of 806.31 million yuan, a year-on-year increase of 1.41% [1] - The group opened 1,353 new hotels during the reporting period, representing a year-on-year growth of 12.5%, with standard management hotels seeing a significant increase of 55.4% [1] - As of the end of the reporting period, the total number of operating hotels reached 7,002, with a focus on optimizing product structure and expanding standard management hotels [1] Group 2 - The "如LIFE" club membership reached 197 million, reflecting a year-on-year growth of 30.8%, and is expected to exceed 220 million by the end of February 2025 [2] - The report highlights a favorable economic environment for the hospitality industry, driven by a recovery in business travel, leisure tourism demand, and a strong rebound in inbound tourism [2] - The mid-to-high-end hotel segment within the group has been growing, with 412 new mid-to-high-end hotels opened, a year-on-year increase of 45.6%, raising the proportion of mid-to-high-end hotel room supply to 41.5% by the end of 2024 [1]

北京首旅酒店（集团）股份有限公司 关于股东对安麓（北京）酒店管理有限 公司 2024 年度业绩承诺实现情况的说明 审核报告 致同会计师事务所（特殊普通合伙） 目 录 审核报告 北京首旅酒店（集团）股份有限公司关于股东对安麓（北京）酒 店管理有限公司 2024 年度业绩承诺实现情况的说明 1-4 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22号 赛特广场 5层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 北京首旅酒店（集团）股份有限公司 关于股东对安麓（北京）酒店管理有限公司 2024 年度业绩承诺实现情况的说明审核报告 致同专字(2025)第 110C002995 号 北京首旅酒店（集团）股份有限公司全体股东： 一、审计意见 我们接受委托，在审计了安麓（北京）酒店管理有限公司（以下简称 安麓管 理）业绩承诺资产对应承诺净利润数以及财务报表附注的基础上，对后附的《北 京首旅酒店（集团）股份有限公司关于股东对安麓（北京）酒店管理有限公司 2024 年度业绩承诺实现情况的说明》（以下简称"业绩承诺实现 ...

本报告依据中国资产评估准则编制 北京首旅酒店(集团)股份有限公司拟进行 商誉减值测试涉及如家酒店集团 资产组可收回金额评估项目 资产评估报告 中同华评报字（2025）第 020380 号 共一册 第一册 北京中同华资产评估有限公司 China Alliance Appraisal Co.,Ltd. 日期: 2025年3月21日 地址：北京市丰台区丽泽路 16 号院北京汇亚大厦 28 层 邮编： 100073 电话: 010-68090001 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: 1111020005202500424 | | --- | | 合同编号: 中同华合同字(2024)2145号 | | 报告类型: 非法定评估业务资产评估报告 | | 报告文号: 中同华评报字(2025)第020380号 | | 北京首旅酒店 建立 > 胶分有限公司拟进行商誉减值测试涉及如 报告名称: | | 家酒店集团资产组可收回金额评估项目资产评估报告 | | 评估结论: 24,532,000.000.00元 | | 评估报告日: 2025年03月21日 | | 评估机构名称: 北京中同华资产评估有限 | | ...