事件：首旅酒店发布2024 年报，24 年实现营收77.51 亿元，同比-0.5%；归母净利润8.06 亿元，同比 +1.4%。24Q4 公司实现营收18.62 亿元，同比-1.1%；归母净利润0.83 亿元，同比-24.7%。24 年公司拟 现金分红4.02 亿元，分红率为49.85%，较23 年有所提升（23 年分红率为30.9%）。 24Q4 新开店数量为401 家，新开店中，经济型/中高端/轻管理分别为108/99/193家。 全年盈利能力同比小幅提升，24Q4 销售费用率上升明显。24 年/24Q4 公司毛利率分别为38.4%/34.4%， 分别同比+0.2/+1.4pcts。 24 年/24Q4 公司期间费用率分别为23.7%/24.5%，分别同比+0.2/+1.6pcts；其中，24 年销售/ 管理/ 财务 费用率分别为7.4%/10.8%/4.6% ， 分别同比+0.1/-0.4/-0.6pcts。全年来看，公司各项费用管控较严。 24Q4 销售/管理/财务费用率分别为8.4%/10.7%/4.5%，分别同比+1.8/-0.2/-0.2pcts。全年及Q4 的销售费用 率增加主要系支付OTA ...

4Q24 业绩略低于预期，维持"持有"评级：4Q24 首旅酒店录得收入人民币18.5 亿元，同比下降1.1%，归 母净利润为8,300 万元，同比下降24.7%，略低于我们的预期。其中，毛利率在结构改善的带动下，同 比提升1.4ppt 至34.4%。同时，公司在行业下行周期加大销售费用，销售费用率同比提升1.8ppt 至 8.4%，费用率同比有所提升。我们下调了2025-2026E 盈利预测，并下调目标价至14.8 元，维持"持 有"评级。 4Q24 酒店经营仍旧承压：4Q24 首旅酒店在高基数的影响下，RevPAR同比下降3%。其中ADR 同比下 降0.6%，OCC 同比下降1.5 个百分点。 但如剔除轻管理酒店的影响，RevPAR 同比下降1.2%，主要是OCC 仅同比下降0.3 个百分点。我们认 为，随着整体行业走出高基数的困境，展望2025 年首旅酒店RevPAR 有望企稳。 开店速度持续增长，并将在2025 年延续：4Q24 公司新开店401 家，开店数量创单季历史新高。同时， 公司预计将继续在2025 年加快开店步伐，新开约1,500 家。但我们认为，在现有的门店升级计划下，关 店将持续，公司为达 ...

北京首旅酒店（集团）股份有限公司与第二大股东 携程上海及其关联方 2024 年度日常关联交易情况 及 2025 年度预计日常关联交易的补充公告 股票代码：600258 股票简称：首旅酒店 编号：临 2025-023 一、日常关联交易情况 （一）日常关联交易已履行的审批程序 2025 年 3 月 24 日，公司独立董事召开了 2025 年第二次专门会议，审议通过 2025 年度与第二大股东携程上海及其关联方预计发生的日常关联交易，同意将 《公司与第二大股东携程上海及其关联方 2024 年度日常关联交易情况及 2025 年 1 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： ●北京首旅酒店（集团）股份有限公司（以下简称"公司"）于 2025 年 3 月 29 日披露了《公司与第二大股东携程上海及其关联方 2024 年度日常关联交易 情况及 2025 年度预计日常关联交易公告》（临 2025-014 号），现将 2025 年 1-2 月底与关联方实际发生的数据进行补充披露。 ●2024 年度公司与第二大股东携程旅游信 ...

及 2025 年度预计日常关联交易的补充公告 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： 股票代码：600258 股票简称：首旅酒店 编号：临2025-022 北京首旅酒店（集团）股份有限公司 与控股股东首旅集团及其关联方 2024 年度日常关联交易情况 ●北京首旅酒店（集团）股份有限公司（以下简称"公司"）于 2025 年 3 月 29 日披露了《公司与控股股东首旅集团及其关联方 2024 年度日常关联交易 情况及 2025 年度预计日常关联交易公告》（临 2025-013 号），现将 2025 年 1-2 月底与关联方实际发生的数据进行补充披露。 ●公司与控股股东首旅集团及其所属企业（以下简称"关联方"）2025 年 1-2 月实际发生金额 2,693.39 万元（未经审计），预计 2025 年度发生日常关联 交易共计 21,138 万元不变。 ●该关联交易议案需提交股东会审议，控股股东首旅集团及其关联方需回 避表决。 一、 日常关联交易情况 （一）日常关联交易已履行的审批程序 2025 年 3 月 2 ...

北京首旅酒店（集团）股份有限公司 ●本次增资额将全部用于环汇置业按持股比例偿还各股东公司借款。 ●增资后，公司对环汇置业的剩余股东借款仍由环汇置业按年息 6%支付资 金占用费，并按季度结算。 ●本次关联交易为 2024 年 4 月 20 日披露的"公司收购控股股东首旅集团持 有的北京环汇置业有限公司 9%股权及债权的关联交易"的后期变动调整事项。 ●公司独立董事对本次重大关联交易事项召开了专门会议进行了事前审核， 发表了明确的审核意见。 会议文件 北京首旅酒店(集团)股份有限公司 2025 年第二次临时股东会 议案：《关于与关联方共同以现金方式对合资公司进行增资 并由其偿还股东借款的关联交易的议案》 ●关联交易概述：北京首旅酒店（集团）股份有限公司（以下简称"首旅酒 店"或"公司"）拟与本公司控股股东北京首都旅游集团有限责任公司（以下简 称"首旅集团"）及同一控制人关联企业王府井集团股份有限公司（以下简称"王 府井"）等各方股东，共同以现金方式，按股权比例向北京环汇置业有限公司（以 下简称"环汇置业"或"标的公司"）增资，环汇置业增资总额 326,000 万元， 并由其偿还各方股东前期投入的股东借款，其中本公 ...

北京首旅酒店（集团）股份有限公司 2025 年第二次临时股东会 会议文件 北京首旅酒店(集团)股份有限公司 2025 年第二次临时股东会 1 议案：《关于与关联方共同以现金方式对合资公司进行增资 并由其偿还股东借款的关联交易的议案》 2025 年 4 月 11 日 ●本次增资额将全部用于环汇置业按持股比例偿还各股东公司借款。 ●增资后，公司对环汇置业的剩余股东借款仍由环汇置业按年息 6%支付资 金占用费，并按季度结算。 ●本次关联交易为 2024 年 4 月 20 日披露的"公司收购控股股东首旅集团持 有的北京环汇置业有限公司 9%股权及债权的关联交易"的后期变动调整事项。 ●公司独立董事对本次重大关联交易事项召开了专门会议进行了事前审核， 发表了明确的审核意见。 2 ●截至 2024 年 12 月 31 日，公司与控股股东首旅集团及其所属企业（以下 简称"关联方"）2024 年度发生固定性日常关联交易和偶发性日常关联交易共计 16,228.34 万元，占上市公司最近一期经审计归属母公司净资产绝对值的比例 1.39%；其中：与王府井发生的日常关联交易总额为 1,521.89 万元，占上市公司 最近一期经审计归 ...

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

Core Viewpoint - The company reported a slight decline in revenue and a modest increase in net profit for 2024, indicating ongoing challenges in recovering to pre-pandemic levels [1] Financial Performance - In 2024, the company achieved operating revenue of 7.751 billion yuan, a year-on-year decrease of 0.54%, and a net profit of 806 million yuan, a year-on-year increase of 1.41% [1] - The hotel business generated operating revenue of 7.235 billion yuan, down 0.58% year-on-year, with hotel operation revenue declining by 5.01% [1] - The fourth quarter of 2024 saw a year-on-year decline in operating revenue and net profit of 1.05% and 24.71%, respectively [1] Business Expansion - The company pursued a strategy of hotel scale expansion, opening 1,353 new hotels during the reporting period, a year-on-year increase of 12.5%, with a net increase of 739 hotels, up 163.9% [2] - Despite the expansion, the company's revenue growth has not improved significantly [2] Market Position - According to a report, the company has the lowest average compound annual growth rate in hotel scale among major domestic hotel chains, at only 9% [2] - The company’s average room revenue ranks last among its peers [2] Operational Metrics - Key operational metrics such as RevPAR, average room rate, and occupancy rate all declined in 2024 [3] - The overall RevPAR was 147 yuan, down 4.7% year-on-year, with an average room rate of 229 yuan, down 2.6% [3] - Mature hotels experienced even greater declines in these metrics [3] Stock Performance - The company has seen a significant increase in the number of shareholders, with a 9.74% rise to 46,801 shareholders by the end of February [4] - The stock has performed poorly in the A-share market, with a cumulative decline of 9.27% this year, and a further drop of 2.06% following the annual report release [4]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's hotel operations in Q4 generated revenue of 1.165 billion, down 5.0%, while hotel management revenue increased by 8.4% to 567 million. Scenic area revenue was 130 million, down 2.2%. The total hotel profit for Q4 was 90 million, a decrease of 15.8%, while scenic area profit increased by 2.8% to 41.58 million. The same-store RevPAR for Q4 decreased by 2%, which is more stable compared to competitors [1][2][3]. - The company plans to accelerate its store openings in 2024, with a target of 1,500 new stores, and the proportion of standard stores in new openings is increasing. By the end of the year, the total number of hotels reached 7,002 [1][10]. Summary by Sections Financial Performance - For the full year 2024, the company reported total revenue of 77.51 billion, a decrease of 0.54%, and a net profit attributable to shareholders of 8.06 billion, an increase of 1.41%. In Q4, revenue was 18.62 billion, down 1.05%, and net profit was 830 million, down 24.71% [2][13]. - The company plans to distribute a cash dividend of 0.36 per share, totaling 4.02 billion, which accounts for 49.85% of the net profit [2]. Business Segments - In Q4, hotel revenue was 17.32 billion, down 1.0%, with hotel operations at 11.65 billion (-5.0%) and hotel management at 5.67 billion (+8.4%). The hotel profit for Q4 was 90 million, down 15.8%. The sales expense ratio for the hotel segment in H2 2024 was 7.9%, up 1.6 percentage points year-on-year, mainly due to OTA commissions increasing by 22% [3][10]. Operational Metrics - In Q4, the overall occupancy, ADR, and RevPAR decreased by 1.5 percentage points, 0.7%, and 3.0%, respectively. Excluding light management hotels, the declines were 0.3 percentage points, 0.7%, and 1.2%. The economic and mid-range RevPARs were down 1.0% and 4.2%, respectively [4][9]. - The company opened 401 new hotels in Q4 and closed 147, resulting in a net increase of 254 hotels. The total number of hotels reached 7,002 by year-end, with plans to open 1,500 new hotels in 2025 [10]. Profitability Forecast - The company is expected to achieve net profits of 9.18 billion, 10.81 billion, and 12.24 billion for the years 2025 to 2027, with corresponding P/E ratios of 16.5X, 14.0X, and 12.4X [11][13].

Investment Rating - The report maintains a "Buy" rating for Shoulv Hotel (600258) with a target price based on the last closing price of 13.59 [1][8]. Core Insights - The company's total revenue for 2024 reached 77.51 billion yuan, a slight decrease of 0.54% year-on-year, while the net profit attributable to shareholders was 8.06 billion yuan, an increase of 1.41% year-on-year [4][5]. - The hotel operations maintained a high revenue growth rate, while scenic area revenue remained flat. Hotel operations generated 50.67 billion yuan, down 5.01% year-on-year, accounting for 65.37% of total revenue [5]. - The company opened 1,353 new hotels in 2024, accelerating its expansion, bringing the total number of hotels to 7,002 by the end of 2024 [5][6]. Revenue and Profitability - In Q4 2024, the company achieved revenue of 18.62 billion yuan, down 1.05% year-on-year, with a net profit of 83.13 million yuan, a decrease of 24.71% year-on-year [4][5]. - The overall RevPAR (Revenue per Available Room) for all hotels was 134 yuan in Q4, down 3.0% year-on-year, with an average room rate of 219 yuan, down 0.6% year-on-year [6]. - The gross margin improved slightly to 38.36%, up 0.24 percentage points year-on-year, while the net margin was 10.58%, up 0.17 percentage points year-on-year [6]. Future Projections - The report forecasts EPS (Earnings Per Share) for 2025-2027 to be 0.84, 0.97, and 1.12 yuan per share, respectively, with corresponding PE ratios of 16X, 14X, and 12X [8][9]. - The expected revenue growth rates for 2025-2027 are 4.00%, 2.98%, and 2.76%, respectively, while net profit growth rates are projected at 15.69%, 16.65%, and 14.82% [9][10].