Financial Performance - The company's operating revenue for Q1 2022 was ¥1,212,215,051.02, a decrease of 4.64% compared to ¥1,271,193,020.88 in the same period last year[3] - The net profit attributable to shareholders of the listed company was -¥232,376,308.45, reflecting a significant loss due to the impact of the pandemic[3] - The net cash flow from operating activities decreased by 47.11%, amounting to ¥105,877,831.91, primarily due to reduced revenue and slow recovery of hotel requisition payments[6] - The basic and diluted earnings per share were both -¥0.2081, indicating a loss per share compared to -¥0.1859 in the previous year[3] - The company reported a total profit of -CNY 27,125.01 million, an increase in loss of CNY 5,380.56 million year-on-year[16] - The total comprehensive income for Q1 2022 was a loss of ¥246,344,613.37, compared to a loss of ¥191,904,638.86 in Q1 2021[32] Revenue Breakdown - The company's hotel business revenue declined by ¥45,988,100, a decrease of 3.99%, while the scenic area operation revenue fell by ¥12,989,800, a decrease of 11.05%[6] - In Q1 2022, the company's total revenue was CNY 121,221.51 million, a decrease of CNY 5,897.80 million or 4.64% year-on-year[16] - The hotel business revenue was CNY 110,763.71 million, down CNY 4,598.81 million or 3.99% compared to the previous year[16] Asset and Equity Changes - Total assets at the end of Q1 2022 were ¥26,321,768,201.20, down 2.53% from ¥27,005,858,241.02 at the end of the previous year[4] - The equity attributable to shareholders of the listed company decreased by 2.08%, totaling ¥10,869,596,298.48[4] - Total current assets decreased from approximately 3.95 billion to 3.36 billion RMB, a decline of about 15% year-over-year[29] - The company's total assets decreased from approximately 27.01 billion to 26.32 billion RMB, a reduction of about 2.6%[30] Hotel Operations - As of March 31, 2022, the company operated 5,993 hotels, including 1 overseas, with a total of 478,819 rooms[16] - The number of mid-to-high-end hotels reached 1,426, accounting for 23.8% of total hotels, with 156,042 rooms, representing 32.6% of total room count[16] - The company opened 190 new stores in Q1 2022, maintaining growth compared to the same period in 2021, with 57 new mid-to-high-end hotels, making up 30.0% of new openings[10] - The company signed and reserved 1,827 projects, supporting its annual store opening plan[10] - The company reported a total of 3,630 mature hotels (operating for over 18 months) as of March 31, 2022, with a RevPAR of 88 RMB, down 10.5% year-over-year[25] Cash Flow and Financing - The company issued CNY 600 million in short-term financing, with a rate of 2.75%, to reduce financial costs[15] - The cash inflow from financing activities was 1,208,629,856.81 RMB, compared to 1,315,900,000.79 RMB in the previous period, indicating a reduction in financing activities[34] - The company reported a net cash flow from investing activities of -196,903,198.12 RMB, a decrease from 101,811,565.51 RMB in the previous period, indicating a significant decline in investment returns[34] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 21,885[7] - The largest shareholder, Beijing Capital Tourism Group Co., Ltd., held 34.39% of the shares, totaling 385,677,344 shares[7] Membership and Social Responsibility - The company increased its membership to 134 million by March 31, 2022, through offline and online initiatives[14] - The company actively took social responsibility by providing accommodation for over 1,000 hotels during the pandemic[11]

Financial Performance - In 2021, the company achieved operating revenue of CNY 6,153,086,628.43, representing a year-on-year increase of 16.49% compared to CNY 5,281,880,485.31 in 2020[14]. - The net profit attributable to shareholders of the listed company was CNY 55,676,902.32, a significant recovery from a net loss of CNY 496,005,290.39 in 2020[14]. - The company reported a net cash flow from operating activities of CNY 2,308,314,728.57, an increase of 424.81% compared to CNY 439,835,191.92 in the previous year[14]. - The total assets of the company at the end of 2021 reached CNY 27,005,858,241.02, marking a 62.37% increase from CNY 16,632,574,591.32 at the end of 2020[14]. - The company successfully turned around its performance, achieving a basic earnings per share of CNY 0.0560 in 2021, compared to a loss of CNY 0.5074 per share in 2020[15]. - The company maintained a weighted average return on equity of 0.67% in 2021, recovering from a negative 5.72% in 2020[15]. - The company reported non-recurring gains of CNY 44,731,093.36 in 2021, reflecting various non-operational income sources[18]. - The company’s net assets attributable to shareholders increased by 32.47% to CNY 11,101,050,771.94 at the end of 2021, compared to CNY 8,380,002,205.19 at the end of 2020[14]. Operational Highlights - The company opened 1,418 new hotels in 2021, a 56.0% increase year-over-year, achieving its store opening target for the year[22]. - The number of mid-to-high-end hotels increased to 276 in 2021, with their revenue contribution rising from 42.3% in 2020 to 46.9% in 2021[22]. - 98.1% of new stores in 2021 were opened through franchising, increasing the proportion of franchised stores to 87.3% by the end of 2021[23]. - The company launched 954 new hotels under its light management model in 2021, accounting for 67.3% of total new openings, a 24.8% increase from the previous year[24]. - The total number of members reached 133 million by the end of 2021, representing a 6.4% year-over-year growth[29]. - The company invested CNY 435.48 million in hotel upgrade projects in 2021, an 8.1% increase year-over-year[25]. - The company executed its annual store opening plan successfully, despite challenges posed by sporadic COVID-19 outbreaks in the second half of the year[21]. Market Position and Strategy - The company emphasizes its focus on economic hotels, targeting budget travelers and small to medium-sized business clients[6]. - The company has a strong brand presence in the hotel industry, with a focus on chain hotels and franchise operations[6]. - The company operates under a centralized reservation system (CRS) to enhance booking efficiency across its hotel network[6]. - The company aims to enhance customer experience through the launch of the "UrCove" brand, which has received high praise since its inception[27]. - The company plans to leverage its brand and resources to integrate various service sectors, aiming to create a customer value ecosystem centered around accommodation[42]. - The company plans to open 1,800 to 2,000 new hotels in 2022, focusing on expanding its market share in third to fifth-tier cities[100]. Financial Management and Investments - The company issued short-term financing bonds totaling 1.3 billion yuan in 2021, with interest rates of 2.90%, 3.10%, and 3.09%, effectively reducing financial costs by replacing higher-rate bank loans[34]. - The company successfully completed a private placement of shares, raising 3 billion yuan to improve its capital structure and lower the debt-to-asset ratio, laying a solid foundation for long-term development[34]. - The company’s financial expenses surged by 482.98% to CNY 522,063,489.48, compared to CNY 89,551,425.35 in the previous year, indicating increased financing activities[50]. - The company’s total assets and risk resistance capabilities improved due to successful financing through short-term bonds and private placements[50]. - The company has received financial support from its controlling shareholder, with a total expected amount of up to CNY 2.5 billion for various funding needs[183]. Corporate Governance - The company completed the election of the new board of directors and supervisory board, ensuring a solid talent foundation for the "14th Five-Year" strategic development plan[108]. - The company has established specialized committees within the board, including an audit committee and a strategic committee, to enhance governance[131]. - The company’s board of directors and supervisory board underwent a complete re-election on September 24, 2021[114]. - The company has maintained a stable leadership structure, with no significant changes reported in the current management team during the reporting period[121]. - The total remuneration for all directors, supervisors, and senior management amounted to CNY 17.2643 million[122]. Sustainability and Social Responsibility - The company achieved a 100% coverage rate of energy-saving LED lighting, saving 460 million kWh of electricity over the past five years, equivalent to 184,000 tons of standard coal and reducing CO2 emissions by 458,000 tons[156]. - The company actively promotes the use of eco-friendly materials in hotel renovations, significantly reducing construction noise and dust pollution while shortening construction time by one-third[159]. - The company is committed to rural revitalization, signing contracts to support four villages in Jin Hai Lake to enhance collective economic income, with a focus on purchasing local agricultural products[164]. - The company has actively engaged in consumption poverty alleviation, purchasing nearly 10 million yuan worth of food from poverty-stricken areas[165]. Risks and Challenges - The company faces risks from economic uncertainties, including the impact of the pandemic on tourism and hotel operations, as well as high fixed costs associated with the industry[105]. - The macroeconomic environment in 2021 showed a GDP growth of 8.1%, with a focus on stabilizing growth and expanding domestic demand in 2022[37].

Financial Performance - The company's operating revenue for Q3 2021 was ¥1,581,879,312.93, a decrease of 5.38% compared to the same period last year[2]. - The net profit attributable to shareholders was ¥59,872,898.54, down 57.25% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥44,202,596.22, a decrease of 66.66% compared to the previous year[2]. - The basic earnings per share for Q3 2021 was ¥0.0610, down 57.33% year-on-year[3]. - The total profit for the company from January to September 2021 was 165.33 million RMB, an increase of 842.16 million RMB compared to the same period last year[15]. - The net profit attributable to shareholders for the first nine months of 2021 was 125.09 million RMB, an increase of 680.10 million RMB year-over-year, with earnings per share of 0.1276 RMB, up 0.6953 RMB year-over-year[15]. - Operating profit for Q3 2021 was ¥162,673,606.24, compared to a loss of ¥669,381,393.29 in Q3 2020, indicating a strong turnaround[31]. - The company reported a total comprehensive income of ¥105,124,645.82 for Q3 2021, recovering from a loss of ¥595,479,379.34 in the same quarter last year[32]. Cash Flow and Assets - The cash flow from operating activities for the year-to-date was ¥1,803,569,568.91, an increase of 939.15% compared to the previous year[3]. - The company's cash and cash equivalents as of September 30, 2021, were approximately 1.33 billion RMB, down from 1.37 billion RMB at the end of 2020[26]. - The company’s cash and cash equivalents at the end of Q3 2021 totaled ¥1,307,052,969.82, down from ¥1,017,106,337.81 at the end of Q3 2020[36]. - The company incurred a net cash outflow from investing activities of ¥401,345,010.61 in Q3 2021, an improvement from a net outflow of ¥691,744,369.39 in Q3 2020[35]. - The total assets at the end of the reporting period were ¥25,287,860,449.07, an increase of 52.04% from the end of the previous year[3]. - Cash and cash equivalents increased to ¥188,673,423.66 in Q3 2021 from ¥145,555,950.84 in Q3 2020, reflecting a growth of about 29.5%[30]. - The company reported a long-term receivables increase to ¥301,937,078.77 in Q3 2021 from ¥153,784,276.57 in Q3 2020, representing a growth of approximately 96%[30]. Liabilities and Equity - Current liabilities totaled ¥6,325,389,633.14 in Q3 2021, compared to ¥4,894,382,149.33 in Q3 2020, representing an increase of approximately 29%[28]. - Non-current liabilities rose to ¥10,533,893,819.28 in Q3 2021 from ¥3,102,780,174.63 in Q3 2020, indicating a significant increase of about 239%[28]. - The total equity attributable to shareholders decreased to ¥8,184,514,942.54 in Q3 2021 from ¥8,380,002,205.19 in Q3 2020, a decline of approximately 2.3%[29]. - The company’s short-term borrowings surged to ¥1,581,337,222.30 in Q3 2021, compared to ¥600,000,000.00 in Q3 2020, indicating an increase of about 163%[28]. Market and Operational Developments - The company plans to continue expanding its market presence and developing new products in response to the recovery in performance[2]. - The company opened 325 new hotels in Q3 2021, including 70 mid-to-high-end hotels, bringing the total number of hotels to 5,455 as of September 30, 2021[18]. - The company has a total of 1,838 signed but not yet opened hotels, an increase of 239 from the end of Q2 2021, setting a new historical high[15]. - The company launched the "Shoumi Global Purchase" platform on September 16, 2021, which offers global products with advantages of "genuine products" and "zero tariff delivery" for members[15]. - The company plans to improve its asset structure and accelerate strategic development through a non-public stock issuance approved by the China Securities Regulatory Commission[15]. - The company aims to open 1,400 new hotels in 2021, supported by the historical high of signed projects[15]. - The company plans to continue expanding its hotel network, focusing on both direct management and franchising models to enhance market presence[24]. Performance Metrics - In Q3 2021, the company's RevPAR reached 124 RMB, a decrease of 0.6% year-over-year, with an average daily rate of 201 RMB, up 12.4% year-over-year, and an occupancy rate of 61.7%, down 8.1 percentage points year-over-year[19]. - The company reported a total of 5,454 hotels in China, with a total room count of 457,140, where hotels in Beijing, Shanghai, and surrounding regions accounted for 61.4% of the total hotel count[25]. - The average room rate for economy hotels in Q3 2021 was 166 RMB, reflecting an 11.1% increase year-over-year, while the occupancy rate was 64.8%, down by 8.8 percentage points[22]. - The total number of economy hotels was 2,154, with a RevPAR of 108 RMB, which represented a 2.2% decrease year-over-year[22]. - The occupancy rate for mid-range hotels was 59.9%, down by 7.8 percentage points year-over-year, with a RevPAR of 166 RMB, a decrease of 3.9% year-over-year[22].

Financial Performance - The company reported a significant increase in revenue for the first half of 2021, with total revenue reaching CNY 1.2 billion, representing a year-on-year growth of 25%[9]. - The company's operating revenue for the first half of 2021 was CNY 1,904,463,930.39, representing a year-on-year increase of 65.09%[14]. - The company achieved a revenue of 3.144 billion yuan in the first half of 2021, a year-on-year increase of 65.09%, and a net profit of 65.21 million yuan, up 109.38%[31]. - The net profit attributable to shareholders was a loss of CNY 695,070,393.76, which is a deterioration of 109.38% compared to the same period last year[14]. - The company reported a net profit attributable to shareholders of approximately ¥49.24 million for the first half of 2021, a significant increase of 106.98% compared to a loss of ¥705.37 million in the same period last year[135]. - The company reported a net cash flow from operating activities of approximately CNY 1.10 billion, a significant recovery from a negative cash flow of CNY 252 million in the previous year[61]. - The company reported a total of CNY 12 million in expected daily related transactions for 2021, with CNY 4.37 million already incurred by June 30, 2021[116]. Market and Operational Insights - The occupancy rate for the hotels improved to 65%, up from 50% in the same period last year, indicating a recovery in demand[9]. - Average Daily Rate (ADR) increased to CNY 450 per room, a rise of 15% compared to the previous year[9]. - Future guidance indicates an expected revenue growth of 30% for the second half of 2021, driven by increased travel demand[9]. - The domestic tourism market is recovering, with a 153% increase in domestic tourist numbers compared to the same period last year, reaching 2.355 billion visitors[21]. - The RevPAR (Revenue per Available Room) recovered to 91.5% of 2019 levels in Q2 2021, reflecting a significant recovery in the hotel industry as travel demand increased[31]. - The company aims to leverage its brand and resources to create a customer value ecosystem integrating accommodation, dining, transportation, entertainment, and shopping[20]. Expansion and Development Plans - The company plans to expand its hotel network by opening 20 new hotels by the end of 2022, focusing on key urban areas[9]. - The company aims to open 1,400-1,600 new stores in 2021, despite challenges from regional pandemic outbreaks[32]. - The company opened 508 new stores in the first half of 2021, a 103% increase year-over-year, with a total of 1,599 reserve stores, over 40% of which are mid-to-high-end hotels[32]. - The company is focusing on innovation by developing a smart hotel IoT control platform (PIOS) to enhance guest experience through personalized and intelligent services[30]. - The company is actively upgrading mid-to-high-end hotels and transforming existing economy hotels to improve operational efficiency[56]. Financial Position and Liabilities - The total assets at the end of the reporting period were CNY 16,632,574,591.32, reflecting a 50.41% increase compared to the end of the previous year[14]. - The company's total liabilities increased, with short-term borrowings rising by 63.54% to ¥981.26 million, reflecting increased financing needs[68]. - The company's total liabilities reached CNY 16,640,326,659.85, compared to CNY 7,997,162,323.96, marking a significant increase of around 108.5% year-over-year[140]. - The company's financial expenses increased by 613.24% to approximately CNY 267.68 million, primarily due to new leasing standards and interest on lease liabilities[61]. - The company’s debt-to-asset ratio increased to 66.52%, up 18.43% from 48.08% at the end of the previous year, also attributed to changes in leasing standards[135]. Environmental and Social Responsibility - The company has committed to creating green and environmentally friendly hotels by promoting energy-saving products and using eco-friendly materials[30]. - The company achieved a 100% coverage of energy-saving LED lighting in its stores, saving 460 million kWh of electricity over the past five years, equivalent to 184,000 tons of standard coal and reducing CO2 emissions by 458,000 tons[92]. - The company has implemented a "green hotel" initiative, promoting the use of eco-friendly materials and reducing single-use items, which has led to a significant decrease in the consumption of guest supplies[93]. - The company is actively participating in rural revitalization efforts, with 39.42% of its cafeteria purchases being from poverty alleviation products[96]. Strategic Initiatives and Management - The company has no plans for major acquisitions in the near term but is exploring strategic partnerships to enhance service offerings[9]. - The management highlighted the importance of maintaining cost control measures, which have improved the operating margin to 18%[9]. - The company aims to strengthen its market position through strategic initiatives focused on product innovation, member engagement, and operational efficiency[31]. - The company has established a strong IT system to support efficient management and service in chain hotels, including online booking and mobile management applications[28]. Risks and Challenges - The company faces significant risks due to adverse economic conditions, including the ongoing impact of the COVID-19 pandemic, which has affected the recovery of the hotel market and extended the time for business operations to return to normal levels[83]. - The profitability of the tourism industry is closely correlated with the economic cycle, and structural differences in regional economic recovery due to the pandemic may significantly impact the company's profitability[83]. - The company reported that the recovery of consumer spending in the hotel market remains unstable, influenced by the emergence of new COVID-19 variants in certain regions[83].

Financial Performance - Operating revenue rose by 58.75% to CNY 1,271,193,020.88 year-on-year[4] - Net profit attributable to shareholders was a loss of CNY 181,932,006.97, an improvement of 65.41% from the previous year's loss[4] - Basic earnings per share improved by 65.41% to -0.1859 CNY per share[4] - The company reported a total profit of 217.44 million yuan in Q1 2021, a reduction in losses by 424.77 million yuan, marking a 66.14% improvement year-over-year[14] - The hotel business reported a total profit loss of 278.35 million yuan in Q1 2021, a reduction in losses by 357.95 million yuan, reflecting a 56.26% improvement year-over-year[14] - The company reported a decrease in undistributed profits to ¥1,902,091,121.89 from ¥2,447,104,427.52, a decline of 22.4%[40] - The company’s total comprehensive loss for Q1 2021 was RMB 191,904,638.86, compared to RMB 539,889,037.87 in Q1 2020, indicating a reduction in overall losses[49] Assets and Liabilities - Total assets increased by 50.51% to CNY 25,034,215,752.19 compared to the end of the previous year[4] - The company’s total liabilities increased significantly, with current liabilities due within one year rising by 135.53% to 232.36 million yuan due to the new leasing standards[16] - Total liabilities increased to ¥16,927,254,317.84, up from ¥7,997,162,323.96, representing a growth of 111.5% year-over-year[40] - Total equity attributable to shareholders decreased to ¥7,840,184,728.10 from ¥8,380,002,205.19, a decline of 6.4%[41] - The company’s long-term receivables increased by 96.88% to 302.77 million yuan, attributed to the new leasing standards[15] - The total assets as of January 1, 2021, amounted to CNY 25,588,449,454.91, reflecting adjustments from the new leasing standard[61] Cash Flow - Net cash flow from operating activities improved by 138.77% to CNY 200,199,827.77 compared to the same period last year[4] - Operating cash inflow for Q1 2021 was CNY 1,373,956,936.72, a significant increase from CNY 842,957,352.79 in Q1 2020, representing a growth of approximately 63.1%[53] - Cash and cash equivalents at the end of Q1 2021 amounted to CNY 84,430,314.38, up from CNY 21,758,923.13 at the end of Q1 2020, showing improved liquidity[56] - Cash inflow from investment activities in Q1 2021 was CNY 270,406,294.16, while cash outflow was CNY 381,913,929.45, resulting in a net cash flow of negative CNY 111,507,635.29, an improvement from negative CNY 295,941,157.68 in Q1 2020[55] Shareholder Information - The total number of shareholders reached 26,206 by the end of the reporting period[6] - The largest shareholder, Beijing Capital Tourism Group Co., Ltd., holds 34.37% of the shares[6] Business Operations - The company aims to accelerate its store opening strategy with a target of opening 1,400 to 1,600 new stores in 2021, having opened 184 stores in Q1 and reaching a record of 1,407 stores in reserve by the end of March[9] - The total number of members reached 128 million by March 31, 2021, representing a 6.72% increase compared to the end of Q1 2020[11] - The company has signed and is in the process of signing 1,407 new stores that are not yet opened[24] - The company has a total of 4,992 hotels as of March 31, 2021, with 437,861 rooms, covering 459 cities[20] Technology and Innovation - The company has adopted digital technologies such as 5G, cloud computing, and artificial intelligence to enhance hotel operations and customer experience[12] - The company implemented a new membership card system on March 28, 2021, enhancing member benefits focused on accommodation discounts and lifestyle experiences[11] Economic Outlook - The company anticipates that its operating conditions in the next reporting period will be significantly better than the same period last year due to the strong economic recovery in China[36] - The company has implemented a strategy focusing on domestic circulation and international dual circulation to enhance its recovery during the global economic rebound[36]

Financial Performance - The company's operating revenue for 2020 was CNY 5,281,880,485.31, a decrease of 36.45% compared to CNY 8,311,103,504.52 in 2019[16]. - The net profit attributable to shareholders for 2020 was a loss of CNY 496,005,290.39, representing a decline of 156.05% from a profit of CNY 884,973,463.27 in 2019[16]. - The net cash flow from operating activities in 2020 was CNY 439,835,191.92, down 75.62% from CNY 1,804,331,547.10 in 2019[16]. - The basic earnings per share for 2020 was -CNY 0.5074, a decrease of 156.18% compared to CNY 0.9031 in 2019[17]. - The total assets at the end of 2020 were CNY 16,632,574,591.32, a decrease of 2.79% from CNY 17,109,997,610.50 at the end of 2019[16]. - The company's total profit for Q4 2020 was a loss of CNY 585.44 million, a decrease of 145.85% compared to the previous year[41]. - The company's total operating revenue for 2020 was ¥117,130,612.26, a decrease of 56.8% compared to ¥271,686,092.51 in 2019[198]. - The net profit for 2020 was -¥53,543,847.03, compared to a net profit of ¥25,852,737.13 in 2019, indicating a significant decline[200]. Audit and Compliance - The company has received a standard unqualified audit report from PwC Zhongtian[3]. - The company has confirmed that all directors attended the board meeting, ensuring accountability for the report's accuracy[3]. - The company has not violated decision-making procedures for providing guarantees to external parties[5]. - The company has not experienced a situation where more than half of the directors cannot guarantee the authenticity, accuracy, and completeness of the annual report[5]. - The audit fee for PwC Zhongtian for 2020 was reported at 3 million RMB (excluding tax)[107]. - The internal control audit fee for PwC Zhongtian for 2020 was reported at 1 million RMB (excluding tax)[107]. - The company has no major litigation or arbitration matters for the year[108]. - The company has not faced any risks of suspension or termination of listing during the reporting period[108]. Operational Highlights - The company reported a quarterly operating revenue of CNY 1,705,564,373.41 in Q4 2020, showing a recovery trend compared to previous quarters[18]. - The hotel operation revenue accounted for 73.22% of total revenue in 2020, while hotel management revenue accounted for 21.99%[22]. - The company had 125 million members by the end of 2020, with self-owned channel room nights accounting for 77% of total room nights[27]. - The company opened a total of 909 new hotels in 2020, exceeding the initial target of 800-1000, with a year-on-year increase of 80 hotels compared to 2019[34]. - The company operates the only 5A-level scenic area in Hainan, holding a 74.81% stake in the Nanshan Scenic Area, contributing to its diversified revenue streams[22]. - The company aims to enhance its resource integration across various sectors, including accommodation, dining, and entertainment, to create a customer value ecosystem[22]. Market and Industry Trends - Domestic tourism revenue in 2020 decreased by 61.1% to 222.86 billion yuan, reflecting the impact of the pandemic on the industry[25]. - The overall GDP growth in 2020 was 2.3%, with the tertiary industry (including tourism) accounting for 54.5% of the GDP[24]. - The company anticipates that the hotel industry will benefit from the expansion of tourism and business travel demand, consumer spending upgrades, and advancements in transportation infrastructure and technology[83]. Strategic Initiatives - The company plans to continue investing in IT systems to maintain its industry-leading position, focusing on guest experience and operational efficiency[31]. - The company aims to enhance member engagement and repurchase rates through various marketing activities and community building in 2021[35]. - The company plans to open 1,400 to 1,600 new stores in 2021, focusing on expanding in third, fourth, and fifth-tier markets[85]. - The company aims to increase the proportion of mid-to-high-end hotels in its portfolio, enhancing the overall market share[85]. - The company is committed to digital transformation and the application of smart technology to improve operational efficiency and customer experience[87]. Financial Management - The company reduced its financing costs, with external borrowing rates decreasing from 3.92%-4.60% in 2019 to 2.05%-4.60% in 2020[40]. - The company implemented cost control measures, including obtaining rent reductions during the pandemic, which amounted to over CNY 55 million for franchise hotels[43]. - The company has a total of 480 million RMB in entrusted bank loans with a maturity date of May 23, 2021[127]. - The company reported a financial interest expense of 15.15 million RMB related to financial support from its controlling shareholder during the year[118]. Social Responsibility and Community Engagement - The company provided accommodation for over 281,000 room nights across 670 hotels to support medical staff and quarantine needs during the COVID-19 pandemic[138]. - The company launched over 3,200 "safe hotels" with upgraded cleaning standards and provided more than 100,000 room nights for corporate quarantine services in the first half of 2020[138]. - The company has been recognized with the 2017 Beijing Social Contribution Award for its support work[135]. - The company aims to enhance technical services and training for employees in poverty-stricken areas to support national poverty alleviation strategies[133]. Governance and Management - The company has implemented a robust governance structure, with independent directors overseeing key committees[159]. - The company is focused on maintaining stable shareholding among its directors and senior management, indicating a commitment to long-term growth[155]. - The company has experienced changes in its board and management, with several new appointments and departures due to work-related reasons[166]. - The company’s management team includes experienced professionals from various sectors, enhancing its strategic direction and operational efficiency[157]. Future Outlook - The company has set a performance guidance of 1.5 billion in revenue for the next fiscal year, indicating a growth target of 25%[161]. - New product launches are expected to contribute an additional 200 million in revenue next year[164]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2025[163].

Financial Performance - Operating income for the period was CNY 3,576,316,111.90, representing a decline of 42.60% year-on-year[5] - Net profit attributable to shareholders of the listed company was a loss of CNY 555,019,012.61, a decrease of 177.17% compared to the previous year[5] - Basic earnings per share were CNY -0.5677, a decrease of 177.37% compared to CNY 0.7337 in the previous year[6] - The weighted average return on net assets was -6.41%, a decrease of 14.90 percentage points from 8.49% in the previous year[5] - Total operating revenue for the first nine months of 2020 was CNY 357,631.61 million, a decrease of CNY 265,435.30 million or 42.60% compared to the same period in 2019[18] - Operating costs for the same period amounted to CNY 345,278.26 million, an increase of CNY 306,479.02 million or 789.91% year-on-year, primarily due to reclassification under new revenue standards[20] - The company reported a decrease in RevPAR for mature hotels (over 18 months) to 123 CNY, down 31.2% year-over-year[36] - The RevPAR for economy hotels decreased by 31.8% year-on-year to 105, while the average daily rate (ADR) was 148, with an occupancy rate of 71.3%[37] Assets and Liabilities - Total assets at the end of the reporting period were CNY 16,582,425,471.48, a decrease of 3.08% compared to the end of the previous year[5] - Total liabilities increased from ¥7,813,169,622.51 to ¥7,945,248,027.47, an increase of about 1.69%[43] - Current liabilities rose from ¥3,868,816,382.84 to ¥4,210,537,330.14, reflecting an increase of approximately 8.83%[43] - Non-current liabilities decreased from ¥3,944,353,239.67 to ¥3,734,710,697.33, a reduction of about 5.32%[43] - Shareholders' equity decreased from ¥9,296,827,987.99 to ¥8,637,177,444.01, a decline of approximately 7.09%[44] - The balance of contract liabilities at the end of the period was CNY 46,024.61 million, resulting from the reclassification of various prepayments under new revenue standards[9] - The balance of other non-current assets increased to CNY 51,626.5 million, a growth of CNY 32,876.5 million or 175.34% due to the recognition of deferred costs[6] Cash Flow - Net cash flow from operating activities was CNY 173,561,729.98, down 87.74% year-on-year[5] - The net cash flow from operating activities was CNY 17,356.17 million, down CNY 124,257.40 million or 87.74% from the previous year, largely due to the impact of COVID-19 on revenue[24] - In Q3 2020, the company's operating cash flow turned positive, with an inflow of 425.98 million CNY[25] - The company’s cash outflow from operating activities for Q3 2020 was RMB 3,585,997,903.34, down from RMB 5,537,000,716.16 in Q3 2019[55] Expansion and Investments - The company plans to open between 800 to 1,000 new stores for the full year, demonstrating a commitment to expansion despite market challenges[11] - The company has made significant investments in digital marketing and technology to enhance operational efficiency and product capabilities[10] - The company opened 298 new stores in Q3 2020, exceeding the total number of new openings in the first half of the year, with a total of 1,084 signed and pending projects by the end of Q3[11] - The company increased its investment in financial products by 396 million CNY during the period[25] Market Conditions - The company experienced a significant decline in net profit due to the impact of external factors, reflecting the challenging market conditions[5] - The company anticipates a significant change in cumulative net profit for the year due to the impact of the COVID-19 pandemic on hotel and scenic area operations[40] - The RevPAR level in September 2020 recovered to 90% of the same period last year, indicating a positive trend in business recovery[10] Shareholder Information - The total number of shareholders is 35,944, with the largest shareholder holding 34.36% of the shares[9] - The total equity attributable to shareholders was CNY 8,947,142,275.84, reflecting a decrease of CNY 9,733,523.34 from the last reporting period[71] Compliance and Standards - The company has adopted new revenue recognition and leasing standards, impacting the financial statements for the nine months ended September 30, 2020[58] - The company has not applied the new revenue and lease standards retroactively, maintaining consistency in financial reporting[75]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 1,904,463,930.39, a decrease of 52.27% compared to CNY 3,990,368,888.38 in the same period last year[13]. - The net profit attributable to shareholders for the first half of 2020 was a loss of CNY 695,070,393.76, representing a decline of 289.07% compared to a profit of CNY 367,630,342.68 in the previous year[13]. - The total revenue for the first half of the year was approximately 1.9 billion CNY, with a notable increase in Q2 compared to Q1[15]. - The company reported a net profit excluding non-recurring gains and losses of CNY -705,367,742.65, a decline of 310.14% compared to CNY 335,667,578.29 in the same period last year[13]. - The total net loss attributable to the parent company for the first half of 2020 was CNY 695.07 million, with a loss per share of CNY -0.7107[42]. - The company reported a net loss of 526.02 million CNY in Q1 2020 due to the impact of COVID-19[28]. - The company reported a significant decrease in rental expenses, which were 824.63 million yuan, down 6.21% year-on-year due to rent reductions during the pandemic[58]. - The company reported a total operating cash inflow of 44,320,176.65 RMB, down from 137,299,440.73 RMB in the first half of 2019[140]. Cash Flow and Assets - The net cash flow from operating activities was a negative CNY 252,416,347.95, down 137.47% from CNY 673,647,208.87 in the same period last year[13]. - The total assets at the end of the reporting period were CNY 16,349,656,357.53, a decrease of 4.44% from CNY 17,109,997,610.50 at the end of the previous year[13]. - The company's cash and cash equivalents at the end of the period decreased by 77,215.94 million, a reduction of 43.44% compared to the beginning of the year, primarily due to a net cash outflow from operations of 25,241.63 million impacted by the pandemic[64]. - The company's total liabilities increased, with debt repayment amounting to 350,000,000.00 RMB during the reporting period[141]. - The company's cash flow from investment activities showed a net outflow of 459.82 million yuan, compared to a net inflow of 147.97 million yuan in the same period last year, primarily due to increased financial product investments[61]. Operational Highlights - The hotel operation revenue accounted for 71.7% of total revenue, while hotel management revenue accounted for 24.6%[18]. - As of June 30, 2020, 98% of the company's hotels had resumed normal operations[28]. - The company has a membership base of 122 million, with self-owned channel room nights accounting for 79%[22]. - The company operates nearly 20 core brands and over 40 products, covering high-end, mid-to-high-end, economy, leisure, and social entertainment hotel categories[21]. - The company plans to open 800 to 1,000 new hotels in 2020, with 188 new openings in Q2, a 203.23% increase from Q1[30]. Strategic Initiatives - The company plans to leverage its brand and resources to create a customer value ecosystem, integrating various service sectors[19]. - The company aims to enhance guest experience and expand its membership services as part of its strategic focus for the second half of 2020[36]. - The company has implemented cost control measures, resulting in a reduction of interest expenses by CNY 14.99 million in the first half of 2020[41]. - The company has introduced local dining services to cater to nearby residents, enhancing brand recognition and community engagement[35]. Challenges and Risks - The company anticipates a significant change in cumulative net profit compared to the same period last year due to the impact of the COVID-19 pandemic on hotel and scenic area operations[74]. - The tourism industry faces risks from adverse economic conditions, including the ongoing COVID-19 pandemic, which has led to cautious travel behavior and reduced hotel market consumption[75]. - The company has high fixed costs related to depreciation, leasing, labor, and energy, making it challenging to return to normal profit levels this year[75]. Shareholder and Governance - The board of directors confirmed that the financial report is true, accurate, and complete, with no significant omissions or misleading statements[2]. - The company has not proposed any profit distribution plan or capital reserve transfer to increase share capital during the reporting period[4]. - The company has not faced any significant litigation or regulatory penalties during the reporting period, indicating a stable operational environment[89]. Research and Development - The company achieved a 60.89% increase in R&D spending, totaling 20.22 million RMB in the first half of 2020[36]. - The company emphasizes innovation in hotel products, integrating technology and content to enhance guest experiences[27]. Financial Reporting and Compliance - The company has implemented a new revenue recognition standard affecting its financial reporting for the first half of 2020[112]. - The company has not reported any significant accounting errors that require restatement during the reporting period[113]. - The company adheres to the Chinese Accounting Standards and ensures that its financial statements reflect a true and complete view of its financial status[158].

Financial Performance - Net profit attributable to shareholders was CNY -526.02 million, a decline of 811.25% year-on-year[4] - Operating revenue fell by 58.80% to CNY 800.74 million compared to the same period last year[4] - Basic earnings per share were CNY -0.5374, down 810.85% from CNY 0.0756 in the previous year[5] - The company's operating revenue for Q1 2020 was 800,737,516.72, a decrease of 58.8% compared to 1,943,576,229.57 in Q1 2019[43] - Net profit for Q1 2020 was -540,557,097.12, compared to a net profit of 98,318,095.57 in Q1 2019, indicating a significant loss[44] - The company reported a total comprehensive loss of -539,889,037.87 for Q1 2020, compared to a comprehensive income of 98,318,095.57 in Q1 2019[44] Cash Flow and Liquidity - Net cash flow from operating activities was CNY -516.42 million, a decrease of 426.73% year-on-year[4] - The total cash flow from operating activities was negative at ¥516,424,226.50, a significant decline from a positive cash flow of ¥158,059,786.86 in the same period last year[48] - The company reported cash inflows from operating activities totaling ¥842,957,352.79, down from ¥2,123,491,257.42 in Q1 2019, reflecting a 60.32% decrease[48] - The company's cash outflows from operating activities were ¥1,359,381,579.29, compared to ¥1,965,431,470.56 in the previous year, showing a 30.77% decrease[48] Assets and Liabilities - Total assets decreased by 4.44% to CNY 16.35 billion compared to the end of the previous year[4] - Total liabilities were CNY 7,575,756,060.04, down 3.04% from CNY 7,813,169,622.51[40] - The company's equity attributable to shareholders decreased to CNY 8,438,826,721.06, down 5.7% from CNY 8,947,142,275.84[40] - Current assets totaled CNY 1,838,831,862.65, down 27.7% from CNY 2,542,179,135.90 in the previous year[39] - The total liabilities increased to 5,449,929,909.26 in Q1 2020 from 5,140,696,251.26 in Q1 2019, representing a rise of 6.0%[42] Shareholder Information - The total number of shareholders at the end of the reporting period was 39,351[8] - The largest shareholder, Beijing Capital Tourism Group, held 33.90% of the shares[8] - Ctrip Technology (Shanghai) Co., Ltd. was the second-largest shareholder with a 15.29% stake[8] Impact of COVID-19 - The company's revenue and operating profit saw a substantial decline compared to the same period last year due to the nationwide delay in resuming work and travel restrictions caused by the pandemic[10] - The company plans to intensify efforts to restore operations and minimize pandemic-related losses in the near future[10] - The company introduced the "Safe Stay" product to adapt to market needs during the pandemic and actively utilized government support policies[10] Operational Metrics - The overall RevPAR for all hotels was 54 RMB, a decrease of 61.7% year-on-year[30] - The average room rate for all hotels was 162 RMB, down 14.1% compared to the same period last year[30] - The occupancy rate for all hotels was 33.5%, a decline of 41.7 percentage points year-on-year[30] - The company opened 62 new stores in Q1 2020, including 3 direct-operated and 59 franchised stores, with 34 in the mid-to-high-end segment[27] Government Support - The company reported a government subsidy of CNY 2.91 million related to normal business operations[6] - Other income for Q1 2020 was 3,308.02 million RMB, an increase of 3,234.53 million RMB or 4,401.32% year-over-year, mainly from government support funds[19]

Financial Performance - The company's operating revenue for 2019 was approximately CNY 8.31 billion, a decrease of 2.67% compared to 2018[16]. - Net profit attributable to shareholders for 2019 was approximately CNY 884.97 million, an increase of 3.26% year-over-year[16]. - The net profit after deducting non-recurring gains and losses was approximately CNY 816.48 million, reflecting an 18.30% increase from the previous year[16]. - The net cash flow from operating activities for 2019 was approximately CNY 1.80 billion, down 6.17% from 2018[16]. - The company's total assets at the end of 2019 were approximately CNY 17.11 billion, a 1.70% increase from the end of 2018[16]. - Basic earnings per share for 2019 were CNY 0.9031, up 3.15% from 2018[17]. - The weighted average return on equity for 2019 was 10.36%, a decrease of 0.71 percentage points compared to 2018[17]. - The company achieved total operating revenue of CNY 8,311,103,504.52 in 2019, a decrease of 2.67% compared to the previous year[36]. - Hotel business revenue was CNY 7,861,535,600, down 2.82% year-on-year, primarily due to a decrease in room supply and a 5.65% decline in RevPAR[36]. - The company reported a net profit attributable to shareholders of CNY 884,973,500, an increase of 3.26% from the previous year[38]. Dividend Distribution - The company plans to distribute a dividend of 0.07 CNY per share for the 2019 fiscal year, with no capital reserve conversion into share capital[4]. - The cash dividend proposal for 2019 is to distribute 0.07 yuan per share, with a total cash dividend amounting to approximately 69.14 million yuan, representing 7.81% of the net profit attributable to ordinary shareholders[90]. - The company has not proposed a cash dividend distribution plan despite having positive profits available for distribution to ordinary shareholders[91]. Audit and Compliance - The company reported a standard unqualified audit opinion from PwC, ensuring the accuracy and completeness of the financial report[3]. - The company’s financial report is guaranteed to be true, accurate, and complete by its management[3]. - The company has not disclosed any significant non-compliance issues in its financial practices[5]. - The company has not violated decision-making procedures in providing guarantees to external parties[5]. - The company’s board of directors and supervisory board members were present at the board meeting[3]. Risks and Challenges - The company faces significant risks from macroeconomic downturns, political and economic changes, natural disasters, and epidemics, which could impact the tourism industry[5]. - The company emphasizes the sensitivity of its hotel and scenic area operations to external economic conditions[5]. Membership and Customer Engagement - As of the end of 2019, the company had 118 million members, with self-owned channel room nights accounting for 76% of total[26]. - The company is actively enhancing its membership value through data analysis and partnerships, aiming to improve customer retention and engagement[27]. - The company aims to enhance customer experience and member engagement by upgrading member rights and increasing interaction through its app and WeChat mini-program[85]. Hotel Operations and Market Trends - The hotel industry in China experienced a decline in RevPAR, occupancy rate, and average daily rate in 2019, indicating increased competition and market challenges[24]. - The company operates a diverse portfolio of nearly 20 core hotel brands and over 40 products, covering high-end, mid-to-high-end, business travel, leisure, and entertainment segments[25]. - The company is focusing on enhancing guest experience and operational efficiency in both economy and mid-to-high-end hotel segments[24]. - The company has launched 454 NEO3.0 economy hotels, with 360 undergoing upgrades, reflecting a commitment to product iteration and brand strategy[33]. - The company has established a unified platform for capital management, supply chain, and market network, enhancing operational efficiency and overall profitability for hotels joining the chain[29]. Financial Management and Investments - The company has established a comprehensive talent development platform, with 80% of core management positions filled by internal promotions[28]. - The company is committed to continuous IT investment to enhance guest experience and operational efficiency, ensuring its systems remain industry-leading[31]. - The company has received recognition as a cultural industry demonstration base in Wujiang District for the successful operation of the Taihu Home Inn project, which has also attracted government subsidies[33]. - The company has a commitment to avoid competition with its own subsidiaries and ensure voluntary customer source allocation among its hotels[95]. Future Outlook and Strategic Plans - The company anticipates a strong recovery in the hotel industry post-COVID-19, supported by government policies and a resilient consumer base[81]. - The company plans to focus on a "value chain integration" strategy, enhancing hotel franchise models and operational management to drive growth[83]. - The company plans to open 800 to 1,000 new hotels in 2020, focusing on increasing the proportion of light franchise limited-service hotels[84]. - The company will continue to invest in upgrading existing hotel products and focus on mid-to-high-end hotel investments in 2020[89]. Social Responsibility and Community Engagement - The company has invested a total of 1.29 million CNY in poverty alleviation projects, including 255 jobs created in key poverty alleviation counties[141]. - The company has provided 30,000 CNY worth of materials for hotel operations in poverty-stricken areas[141]. - The company successfully hosted over 5,000 representatives for major national events, showcasing its commitment to service and responsibility[145]. Governance and Shareholder Information - The company has a diverse board with members holding positions in various other organizations, enhancing its strategic network[170]. - The company has established a strong governance structure with independent directors and committee members overseeing key functions[172]. - The total number of ordinary shares increased from 978,891,302 to 987,722,962, with an addition of 8,831,660 shares due to the completion of the 2018 restricted stock incentive plan on June 13, 2019[149]. - The largest shareholder, Beijing Capital Tourism Group Co., Ltd., holds 332,686,274 shares, accounting for 33.68% of total shares[153].