Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 5.89 billion yuan for the first three quarters of 2024, a year-on-year decline of 0.4%, while the net profit attributable to shareholders was 720 million yuan, an increase of 5.6% year-on-year [2][5] - The company is focusing on developing standard brands, with positive data during the National Day holiday indicating a potential recovery in business travel demand [5] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 2.16 billion yuan, down 6.4% year-on-year, and a net profit of 370 million yuan, down 9.5% year-on-year [5] - The company opened 952 new hotels in the first three quarters of 2024, with a significant increase in the number of economy and mid-to-high-end hotels [5] - The RevPAR (Revenue per Available Room) for all hotels, excluding light management hotels, was 195 yuan in Q3 2024, a decrease of 6.0% year-on-year, but showed a growth of 4.5% during the National Day holiday [5] Future Projections - Revenue projections for 2024-2026 are 7.76 billion yuan, 8.50 billion yuan, and 8.76 billion yuan, with year-on-year growth rates of -0.4%, 9.5%, and 3.0% respectively [5] - Net profit projections for the same period are 820 million yuan, 1.00 billion yuan, and 1.12 billion yuan, with year-on-year growth rates of 3.1%, 21.5%, and 12.4% respectively [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 5.89 billion yuan for the first three quarters of 2024, a year-on-year decrease of 0.4%, with a net profit attributable to shareholders of 720 million yuan, an increase of 6% year-on-year [2] - Q3 performance met expectations, with revenue of 2.16 billion yuan, down 6% year-on-year, and a net profit of 370 million yuan, down 10% year-on-year. The average RevPAR decreased by 7.8%, impacting direct business revenue [2][3] - The company opened 385 new stores in Q3, with a net increase of 273 stores, representing a year-on-year increase of 237%. The total number of hotels reached 6,748, an 8% increase year-on-year [3] Summary by Sections Financial Performance - For Q3, the gross profit margin was 43.1%, down 2.3 percentage points year-on-year. The net profit margin was 17.0%, down 0.6 percentage points year-on-year [2] - The average RevPAR for Q3 was 170 yuan, down 7.8% year-on-year, with an occupancy rate of 69.7%, down 1.8 percentage points year-on-year [3] Store Expansion - The company achieved a net increase of 273 stores in Q3, with the proportion of standard stores rising to 60%, a significant increase from 42% in the same period last year [3] - The company aims to open 1,200 to 1,400 stores by the end of the year, with 952 stores opened in the first three quarters [3] Profit Forecast and Valuation - The profit forecast for 2024-2026 is adjusted to 810 million, 910 million, and 970 million yuan respectively, with corresponding P/E ratios of 20, 17, and 16 times [4] - The company is positioned as the third-largest hotel chain in China, benefiting from resource integration with its parent group [4]

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) growth and a favorable price-to-earnings (PE) ratio forecasted for the coming years [1][7]. Core Insights - The company reported a revenue of 5.89 billion RMB for the first three quarters of 2024, a slight decrease of 0.4% year-on-year, while the net profit attributable to shareholders increased by 5.6% to 720 million RMB [1]. - The report highlights a significant increase in the proportion of new openings under standard brands, with 60.3% of new openings in Q3 2024 attributed to standard brands, reflecting a strategic shift towards higher-end offerings [1]. - The report anticipates a narrowing decline in RevPAR (Revenue per Available Room) in the industry, with expectations for improved management efficiency and profitability in the medium to long term [1]. Summary by Sections Financial Performance - For Q3 2024, the hotel business generated revenue of 2.07 billion RMB, down 2.1%, with a profit margin of 23.0%, reflecting a 0.8 percentage point decrease due to RevPAR decline [1]. - The company achieved a RevPAR of 170 RMB in Q3 2024, down 8.1% year-on-year, with occupancy rates at 69.7% and average daily rates (ADR) at 244 RMB [1]. Business Segments - The hotel segment's revenue and profit were impacted by a decrease in RevPAR, while the scenic area business saw a revenue drop of 9.1% to 90 million RMB, with a profit margin of 35.7% [1]. - The report notes that the economic and mid-to-high-end hotel segments showed resilience, with the company maintaining net growth in the number of economy franchise hotels for two consecutive quarters [1]. Future Outlook - The report projects net profits for 2024 to 2026 at 850 million, 940 million, and 1.08 billion RMB respectively, with corresponding PE ratios of 18.6, 16.9, and 14.7 [1]. - The company is expected to benefit from a lower comparative base in Q4, with a RevPAR increase of 4.5% during the National Day holiday period [1].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][12][15] Core Views - In Q3 2024, the company reported a revenue of 2.156 billion yuan, a decrease of 6.38% year-on-year, and a net profit attributable to shareholders of 366 million yuan, down 9.54% year-on-year [2][5] - The company has opened 385 new stores in Q3 2024, with 232 being standard stores, representing 60.3% of new openings, an increase of 18.4 percentage points compared to the previous year [2][6] - The overall RevPAR (Revenue per Available Room) decreased by 7.8% in Q3 2024, with a notable decline in mature hotels [9][10] - The company aims to exceed 7,000 operating stores by the end of this year and achieve a target of 10,000 stores by the end of 2026 [6][10] Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 5.889 billion yuan, a slight decrease of 0.37% year-on-year, with a net profit of 723 million yuan, reflecting a growth of 5.63% [2][5] - The company’s hotel segment revenue was 5.5 billion yuan, down 0.4%, while the profit from this segment was 800 million yuan, up 6.2% [10][12] - The forecast for net profit attributable to shareholders for 2024-2026 is 831 million yuan, 942 million yuan, and 1.07 billion yuan, respectively, with corresponding PE ratios of 19, 17, and 15 [12][13]

Financial Performance - The company's operating revenue for Q3 2024 was CNY 2,155,730,561.76, a decrease of 6.38% compared to the same period last year[3]. - The net profit attributable to shareholders was CNY 365,651,880.63, down 9.54% year-on-year[3]. - The net profit after deducting non-recurring gains and losses was CNY 337,711,167.40, reflecting a decline of 13.75% compared to the previous year[3]. - The basic earnings per share for the quarter was CNY 0.3275, a decrease of 9.53% year-on-year[3]. - For the first nine months of 2024, the company reported total operating revenue of 5,888.75 million RMB, a slight decrease of 0.4% compared to the same period last year[11]. - The company reported a total profit of 988.76 million RMB for the first nine months of 2024, an increase of 2.9% year-on-year[11]. - The net profit for the first three quarters of 2024 reached CNY 731,110,691.96, an increase of 3.1% from CNY 709,120,099.87 in 2023[36]. - Earnings per share for the first three quarters of 2024 were CNY 0.6477, compared to CNY 0.6132 in the same period of 2023, reflecting a growth of 5.9%[36]. Assets and Liabilities - The total assets at the end of the reporting period amounted to CNY 25,478,227,181.31, an increase of 0.94% from the end of the previous year[3]. - The total assets decreased to CNY 16.28 billion in Q3 2024 from CNY 16.86 billion in Q3 2023, a decline of 3.4%[41]. - The total liabilities increased to approximately 4.59 billion, compared to 4.49 billion at the end of 2023[33]. - The total liabilities decreased to CNY 4.63 billion in Q3 2024 from CNY 5.18 billion in Q3 2023, a reduction of 10.6%[41]. - The company's total liabilities decreased to CNY 13,744,213,329.14 from CNY 13,967,224,014.58, a reduction of approximately 1.6%[34]. - The total equity attributable to shareholders increased to CNY 11,613,978,825.28, up from CNY 11,135,819,130.84, representing a growth of 4.3%[34]. Cash Flow - The company reported a net cash flow from operating activities of CNY 2,699,808,693.36, down 20.08% year-to-date[3]. - Total cash inflow from operating activities for the first three quarters of 2024 was CNY 8,024,776,356.34, an increase of 15.7% compared to CNY 6,938,600,474.43 in the same period of 2023[37]. - Cash outflow from operating activities increased to CNY 5,324,967,662.98, up from CNY 3,560,535,902.26 in the previous year, resulting in a net cash flow from operating activities of CNY 2,699,808,693.36, down 20% from CNY 3,378,064,572.17[37]. - The company's cash and cash equivalents at the end of September 2024 were CNY 1,376,701,095.67, down from CNY 1,561,378,601.08 at the end of 2023[38]. - The total current assets as of September 30, 2024, were CNY 2,457,235,161.64, a decrease from CNY 3,014,708,984.73 at the end of 2023[39]. Hotel Operations - In Q3 2024, the company's RevPAR (Revenue per Available Room) was 195 RMB, a year-on-year decrease of 6.0%[10]. - The hotel business generated operating revenue of 5,502.61 million RMB in the first nine months of 2024, down 0.5% year-on-year, while the scenic area operation revenue increased by 0.9% to 386.14 million RMB[10]. - The company opened 385 new hotels in the reporting period, with 232 of them being standard brand hotels, accounting for 60.3% of all new openings, an increase of 18.4 percentage points year-on-year[12]. - The number of mid-to-high-end hotels increased by 142, representing a year-on-year growth of 51.1%, with their room share rising to 41.4%[13]. - The company has 6,748 hotels as of September 30, 2024, including 2 overseas, with a total of 508,899 rooms, of which mid-to-high-end hotels account for 29.1%[16]. - The company reported a total of 1,598 economy hotels and 1,967 mid-range hotels as of September 30, 2024[20]. - The occupancy rate for mid-to-high-end hotels was 74.0%, down 1.3 percentage points year-over-year[27]. Investment and Development - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[36]. - The company completed the sample room creation and release of the business travel 2.5 iteration product during the reporting period, enhancing its product offerings[14]. - The company is focusing on enhancing member benefits through the "如 LIFE Club" membership system to increase customer loyalty and engagement[15]. Financial Management - The company reported a financial expense of CNY 270,817,459.65, a decrease from CNY 312,200,420.65 in the previous year, indicating improved cost management[35]. - The company's financial expenses decreased significantly to CNY 9.44 million in the first three quarters of 2024 from CNY 18.46 million in the same period of 2023, a reduction of 48.9%[42]. - The investment income for the first three quarters of 2024 was CNY 185.71 million, a substantial increase from CNY 15.01 million in the same period of 2023[42].

关于召开 2024 年半年度业绩说明会的公告 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： 证券代码：600258 证券简称：首旅酒店 编号：临 2024-048 北京首旅酒店（集团）股份有限公司 ●会议召开时间：2024 年 10 月 18 日(星期五) 下午 16:00-17:00 ● 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心网络互动 ●投资者可于 2024 年 10 月 11 日(星期五) 至 10 月 17 日(星期四)16:00 前登 录上证路演中心网站首页点击"提问预征集" 栏目或通过公司邮箱 lixin@btghotels.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 北京首旅酒店（集团）股份有限公司（以下简称"公司"）已于 2024 年 8 月 31 日披露了 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 ...

证券代码：600258 证券简称：首旅酒店 编号：临 2024-042 北京首旅酒店（集团）股份有限公司 2024 年第三次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 386 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 558,359,421 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 50.0051 | (一) 股东大会召开的时间：2024 年 9 月 24 日 (二) 股东大会召开的地点：北京市朝阳区雅宝路 10 号凯威大厦三层 301 会议 室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 高级管理人员及公司的法律顾问北京市中伦文德律师事务所律师出席了会议。本 次股东大会的召开合法、有效，符合《公司法》、《公司章程》等有关规定。 (五) 公司董事、监事和董事会秘书的 ...

证券代码：600258 证券简称：首旅酒店 编号：临 2024-044 北京首旅酒店（集团）股份有限公司 董 事 会 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"） 第九届董事会第一次会议以赞成 11 票，占全体董事表决票数的 100%；回避 0 票； 反对 0 票；弃权 0 票的表决结果通过了《关于聘任公司总经理的议案》。 公司董事会提名委员会发表的《关于对董事会聘任公司高级管理人员的审 核意见》披露在上交所网站：http://www.sse.com.cn。 二、董事会审议通过聘任董事孙坚先生为公司总经理 公司董事会同意聘任董事孙坚先生为公司总经理（简历见附件 1），任期与 本届董事会任期一致(2024 年 9 月 24 日至 2027 年 9 月 23 日)。 特此公告。 北京首旅酒店（集团）股份有限公司 关于聘任公司总经理的公告 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。 一、董事会会议审议表决通过情况 2024 年 9 月 25 日 1 附件 1：董事、总经理孙坚先生简历 1964 年 8 月出 ...

关于聘任公司副总经理、财务总监和总法律顾问的公告 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。 一、董事会会议审议表决通过情况 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"） 第九届董事会第一次会议以赞成 11 票，占全体董事表决票数的 100%；回避 0 票； 反对 0 票；弃权 0 票的表决结果通过了《关于聘任公司副总经理的议案》、《关 于聘任公司财务总监的议案》和《关于聘任公司总法律顾问的议案》。 证券代码：600258 证券简称：首旅酒店 编号：临 2024-046 北京首旅酒店（集团）股份有限公司 公司董事会提名委员会发表的《关于对董事会聘任公司高级管理人员的审核 意见》披露在上交所网站：http://www.sse.com.cn。 二、董事会审议通过聘任公司副总经理的具体情况 公司董事会一致同意： 聘任董事霍岩先生为公司常务副总经理（简历见附件 1）； 聘任李向荣女士为公司副总经理（简历见附件 2）； 聘任董事会秘书段中鹏先生为公司副总经理（简历见附件 3）； 聘任姜晓明先生为公司副总经理（简 ...

北京首旅酒店(集团)股份有限公司董事会提名委员会 关于对董事会聘任公司高级管理人员的审核意见 二、关于聘任公司董事会秘书的事项 1、根据段中鹏先生个人履历等相关资料，其符合上交所对上市公司董事会 秘书任职的各项要求，董事会提名委员会未发现其有不符合《公司法》、《上市公 司治理准则》和《公司章程》及有关上市公司董事会秘书选任的有关规定的情形， 任职资格合法。 2、提名委员会同意提交董事会审议聘任段中鹏先生为公司董事会秘书职务 事项。 三、关于聘任公司副总经理的事项 1、根据霍岩先生、李向荣女士、段中鹏先生、姜晓明先生和张淑娟女士的 个人履历等相关资料，董事会提名委员会未发现五名人员有不符合《公司法》、 《上市公司治理准则》和《公司章程》及有关上市公司高级管理人员选任的有关 规定的情形，任职资格合法。 2、提名委员会同意提交董事会审议聘任董事霍岩先生为常务副总经理职务 事项；审议聘任李向荣女士、段中鹏先生、姜晓明先生和张淑娟女士为公司副总 经理职务事项。 四、关于聘任公司财务总监的事项 根据《公司法》《上市公司治理准则》《公司章程》和《董事会提名委员会实 施细则》的有关规定，公司董事会提名委员会现对董事会聘任公司 ...