Core Viewpoint - The hotel and catering sector experienced a rise of 0.91% on September 1, with Quan Juding leading the gains, while the overall market indices also showed positive performance [1][2]. Group 1: Market Performance - The Shanghai Composite Index closed at 3875.53, up by 0.46% [1] - The Shenzhen Component Index closed at 12828.95, up by 1.05% [1] Group 2: Individual Stock Performance - Quan Juding (002186) closed at 14.39, with a gain of 3.53% and a trading volume of 347,800 shares, totaling a transaction value of 492 million yuan [1] - Junting Hotel (301073) closed at 25.99, up by 3.22%, with a trading volume of 147,500 shares and a transaction value of 381 million yuan [1] - Jinling Hotel (601007) closed at 8.07, gaining 3.07%, with a trading volume of 231,300 shares and a transaction value of 185 million yuan [1] - Tongqinglou (605108) closed at 21.61, up by 2.42%, with a trading volume of 74,300 shares and a transaction value of 159 million yuan [1] - Huatian Hotel (000428) closed at 3.73, gaining 1.91%, with a trading volume of 295,800 shares and a transaction value of 110 million yuan [1] - Xi'an Catering (000721) closed at 10.55, up by 1.15%, with a trading volume of 821,200 shares and a transaction value of 880 million yuan [1] - Shoulv Hotel (600258) closed at 15.35, gaining 0.66%, with a trading volume of 322,200 shares and a transaction value of 493 million yuan [1] - *ST Yunwang (002306) closed at 1.88, up by 0.53%, with a trading volume of 186,200 shares and a transaction value of 34.93 million yuan [1] - Jinjiang Hotel (600754) closed at 23.04, down by 0.82%, with a trading volume of 159,000 shares and a transaction value of 367 million yuan [1] Group 3: Fund Flow Analysis - The hotel and catering sector saw a net outflow of 38.80 million yuan from institutional funds, while retail investors contributed a net inflow of 30.77 million yuan [2] - Speculative funds recorded a net inflow of 803.19 million yuan into the sector [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a stable performance in H1 2025, with a year-on-year improvement in profitability. Revenue for H1 2025 was CNY 3.661 billion, down 1.93% year-on-year, while net profit attributable to shareholders was CNY 397 million, up 11.08% year-on-year [5][7] - The hotel business saw a slight decline in revenue, while the scenic area revenue remained stable. The hotel business generated revenue and profit of CNY 3.365 billion and CNY 395 million, respectively, with a year-on-year decrease of 2.09% in revenue but an increase of 20.53% in profit [5][6] - The company opened 664 new hotels in H1 2025, a year-on-year increase of 17.1%, with a focus on optimizing the store structure [6][8] Summary by Sections Financial Performance - In H1 2025, the overall gross margin was 38.33%, an increase of 0.76 percentage points year-on-year. The net profit margin for H1 2025 was 10.85%, up 1.27 percentage points year-on-year [7][12] - The company’s revenue growth rate is projected to be -0.94% for 2025, with net profit expected to grow by 12.86% [9][10] Revenue Breakdown - The hotel business revenue decreased by 7.85% due to the closure of underperforming stores and a decline in RevPAR, while the hotel management business revenue increased by 11.70% due to the expansion of franchise stores [5][6] - The RevPAR for all hotels, excluding light management hotels, was CNY 153, down 4.3% year-on-year [6] Store Expansion and Structure - The company continues to optimize its store structure, focusing on standard management hotels. As of H1 2025, the total number of hotels reached 7,268, with the proportion of mid-to-high-end hotels increasing to 29.3% [6][8] Profitability and Cost Control - The company has effectively controlled costs, with a decrease in the expense ratio to 24.02%, down 0.79 percentage points year-on-year. The sales expense ratio increased due to higher OTA commissions, while management expenses decreased due to improved cost control [7][12] Future Outlook - The company’s mid-to-high-end brand layout is becoming more complete, and the report expresses optimism about the company's future development prospects, maintaining the "Accumulate" rating [8][9]

Core Viewpoint - The company reported a slight decline in revenue for the first half of 2025, but net profit increased, indicating improved profitability despite challenges in the hotel business [1][3]. Revenue and Profit Summary - In H1 2025, the company achieved revenue of 3.661 billion yuan, a year-on-year decrease of 1.93%, while net profit attributable to shareholders was 397 million yuan, an increase of 11.08% [1]. - In Q2 2025, revenue reached 1.896 billion yuan, a year-on-year increase of 0.42%, with net profit of 254 million yuan, up 7.37% [1]. Business Segment Performance - Hotel business revenue in H1 2025 was 3.365 billion yuan, down 2.09%, but profit increased by 20.53% to 395 million yuan. The decline in revenue was attributed to the closure of underperforming stores and a decrease in RevPAR [1][2]. - The management business benefited from the expansion of franchise stores, with revenue increasing by 11.70% [1]. - Scenic area revenue in H1 2025 was 296 million yuan, with profit totaling 153 million yuan, showing a slight decrease of 0.09% in revenue but a marginal increase in profit of 0.16% [2]. RevPAR and Hotel Operations - The RevPAR for all hotels, excluding light management hotels, was 153 yuan in H1 2025, down 4.3% year-on-year, with Q2 showing a smaller decline of 4.1% compared to Q1 [2]. - The average room rate in Q2 2025 was 242 yuan, down 2.0%, with an occupancy rate of 68.2%, a decrease of 1.5 percentage points [2]. - The company opened 664 new hotels in H1 2025, a year-on-year increase of 17.1%, with a focus on standard management hotels [2]. Profitability and Cost Control - The overall gross margin for H1 2025 was 38.33%, an increase of 0.76 percentage points, driven by a higher proportion of high-margin hotel management revenue [3]. - The company’s expense ratio was 24.02%, down 0.79 percentage points, with notable improvements in management expenses due to enhanced cost control [3]. - The net profit margin for H1 2025 was 10.85%, up 1.27 percentage points year-on-year, indicating effective cost management [3]. Future Outlook and Valuation - The company has slightly adjusted its net profit forecasts for 2025-2027 to 910 million, 1.092 billion, and 1.319 billion yuan, reflecting a cautious outlook on business travel demand recovery [4]. - The company maintains a positive view on its future development prospects, supported by an increasingly complete mid-to-high-end brand layout [4].

Core Viewpoint - The company experienced a slight decline in revenue but achieved a significant increase in net profit during the first half of 2025, indicating improved profitability despite revenue challenges [1][3]. Revenue and Profitability - In the first half of 2025, the company reported revenue of 3.661 billion yuan, a year-on-year decrease of 1.93%, while net profit attributable to shareholders reached 397 million yuan, reflecting a year-on-year growth of 11.08% [1]. - For the second quarter of 2025, revenue was 1.896 billion yuan, showing a year-on-year increase of 0.42%, and net profit was 254 million yuan, up 7.37% year-on-year [1]. Store Expansion and Structure - The company opened 664 new hotels in the first half of 2025, marking a 17.1% increase year-on-year, with 189 new mid-to-high-end hotels and 189 new economy hotels [2]. - By the end of the second quarter, the proportion of mid-to-high-end hotels increased to 29.3%, up 1.3 percentage points year-on-year [2]. - The company continued its light management expansion model, opening 286 light management hotels, which accounted for 43.1% of new openings, bringing the total number of hotels to 7,268 by the end of the second quarter [2]. Operational Performance - The overall revenue per available room (RevPAR) for all hotels decreased by 5.7% year-on-year in the second quarter, with both average daily rate (ADR) and occupancy rate (OCC) facing pressure [2]. - Mid-to-high-end hotels saw a RevPAR decline of 7%, with ADR and OCC down 4.8% and 1.6 percentage points, respectively [2]. - Economy hotels experienced a RevPAR decrease of 2.3%, with ADR and OCC down 0.4% and 1.3 percentage points [2]. - Light management hotels also faced challenges, with RevPAR down 8.8%, and ADR and OCC decreasing by 4.6% and 2.3 percentage points, respectively [2]. Profitability Enhancement - The company improved its gross margin to 38.33%, an increase of 0.75 percentage points year-on-year, attributed to reduced material consumption and energy costs due to a decline in the number of direct-operated hotels [3]. - The overall expense ratio decreased by 0.79 percentage points to 24.02%, with sales expenses rising due to increased OTA orders and membership income, while management expenses decreased due to cost control [3]. - The net profit margin increased by 1.68 percentage points to 11.5% [3]. Future Outlook - The company plans to open 1,500 new hotels in 2025, aiming to accelerate its expansion and enhance hotel product offerings [4]. - There is significant potential for further expansion of mid-to-high-end hotels in lower-tier markets, supported by a strong pipeline of existing stores [4]. - Projected net profits for 2025-2027 are 910 million, 1.046 billion, and 1.183 billion yuan, with corresponding price-to-earnings ratios of 19, 16, and 14 times [4].

股票代码：600258 股票简称：首旅酒店 编号：临 2025-038 北京首旅酒店（集团）股份有限公司 第九届监事会第八次会议决议公告 本公司监事会及全体监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。 北京首旅酒店（集团）股份有限公司（以下简称"公司"或"首旅酒店"） 第九届监事会第八次会议于 2025 年 8 月 27 日上午 11 时以通讯方式召开，公司 三名监事杨烨、郝古月、吕晓萍出席会议，会议经投票表决,全票一致通过以下 三项议案： 度报告全文及摘要》。 公司监事会对董事会编制的《公司 2025 年半年度报告全文及摘要》发表了 无异议的审核意见： （1）公司 2025 年半年度报告的编制和审议程序符合法律、法规、公司章程和 公司内部管理制度的各项规定。 （2）公司 2025 年半年度报告的内容和格式符合中国证监会和证券交易所的各 项规定，所包含的信息能从各个方面真实准确反映公司的经营管理和财务状况等 事项。 （3）在公司监事会提出本意见前，没有发现参与 2025 年半年度报告编制和审 议的人员有违反保密规定的行为。 因此，监事会认为公 ...

关于召开2025年第三次临时股东会的通知 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： 召开的日期时间：2025 年 9 月 19 日 14 点 30 分 证券代码：600258 证券简称：首旅酒店 编号：临 2025-039 北京首旅酒店（集团）股份有限公司 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 (七)涉及公开征集股东投票权 无 二、 会议审议事项 召开地点：北京市朝阳区雅宝路 10 号凯威大厦三层 301 会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 9 月 19 日 至2025 年 9 月 19 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通 ...

(一) 主要会计数据 北京首旅酒店（集团）股份有限公司2025 年半年度报告 第三节 管理层讨论与分析 一、报告期内公司所属行业及主营业务情况说明 （一）2025 年上半年国内整体行业状况 北京首旅酒店（集团）股份有限公司2025 年半年度报告 公司代码：600258 公司简称：首旅酒店 北京首旅酒店（集团）股份有限公司 北京首旅酒店（集团）股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人李云、主管会计工作负责人李向荣及会计机构负责人（会计主管人员）盛白声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 半年度报告中涉及了公司未来经营发展的前瞻性描述，不构成公司对投资者的实际承诺，请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用 ...

Core Viewpoint - Beijing Shoulv Hotel Group Co., Ltd. reported a slight decline in total assets and operating income for the first half of 2025, while net profit and total profit showed an increase compared to the same period last year [1]. Financial Summary - Total assets at the end of the reporting period were approximately 24.47 billion RMB, a decrease of 1.68% from the previous year [1]. - Operating income for the period was approximately 3.66 billion RMB, down 1.93% year-on-year [1]. - Total profit reached approximately 548.72 million RMB, an increase of 14.04% compared to the previous year [1]. - Net profit attributable to shareholders was approximately 397.14 million RMB, up 11.08% year-on-year [1]. - The net profit after deducting non-recurring gains and losses was approximately 335.60 million RMB, a slight increase of 3.81% from the previous year [1]. Operational Strategy - The company plans to focus on standard management hotel development and steadily advance its opening plan for 2025, emphasizing regional market development and refined market layout [5]. - There will be an acceleration in the cultivation of innovative hotel products and the introduction of new market segments, while maintaining product consistency across brands [5]. - The company aims to enhance service quality through standardized service processes and personalized brand experiences, targeting both existing and new customer segments [6]. Marketing and Digital Strategy - The company will leverage digital tools to optimize store operations and implement a multi-dimensional pricing management mechanism to improve operational efficiency [6]. - There is a focus on enhancing AI applications in revenue management and digital platform construction to improve online traffic coordination [7]. - The company will also strengthen customer relationship management and expand its customer base through various marketing strategies during peak seasons [6].

股票代码：600258 股票简称：首旅酒店 编号：临 2025-036 北京首旅酒店（集团）股份有限公司 2025 年上半年 募集资金存放与实际使用情况专项报告的公告 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。 北京首旅酒店（集团）股份有限公司（以下简称"公司"）严格遵守上市公 司募集资金管理和使用的监管要求，按照《北京首旅酒店(集团)股份有限公司募 集资金管理及使用办法》的内部控制制度执行，全面做好公司募集资金存放和使 用，2025 年上半年募集资金存放与实际使用情况专项报告如下。 一、募集资金基本情况 根 据 中 国 证 券 监 督 管 理 委 员 会 于 2021 年 10 月 18 日 签 发 的 证 监 许 可 [2021]3299 号文《关于核准北京首旅酒店(集团)股份有限公司非公开发行股票 的批复》，公司获准向特定投资者非公开发行人民币普通股 134,348,410 股，每 股发行价格为人民币 22.33 元，股款以人民币缴足，募集资金总额为人民币 增值税)后，实际收到的募集资金为人民币 2,994,275, ...

股票代码：600258 股票简称：首旅酒店 编号：临 2025-037 北京首旅酒店（集团）股份有限公司 关于修订《公司章程》的公告 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。 重要提示： ●北京首旅酒店（集团）股份有限公司（以下简称"公司"）第九届董事会 第 十 一 次 会 议 已 审 议 通 过 《 关 于 修 订 < 公 司 章 程 > 的 议 案》； ●本次修订《公司章程》的议案为特别决议事项，尚需公司股东会审议通过， 应由出席股东会的股东(包括股东代理人)所持表决权的 2/3 以上通过。 根据《中华人民共和国公司法》 《上市公司独立董事管理办法》《上海证券交 易所股票上市规则》 《上市公司章程指引》 《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》等有关法律法规及规范性文件的规定，公司拟修订《公 司章程》中部分条款,具体修订情况如下： 原章程条款 拟修订后条款 人。 人。 董事长辞任的，视为同时辞去法定 董事长辞任的，视为同时辞去法定 代表人。法定代表人辞任的，公司应当 代表人。法定代表人辞任的，公 ...