关于北京首旅酒店 (集团) 股份有限公司 LLP 毕马威华振会计师事务所 Oriental Plaza Beijing 100738 Telephone +86 (10) 8508 5000 中国北京 东方广场毕马威大楼 8 层 China 邮政编码:100738 电话 +86 (10) 8508 5000 5111 传真 +86 (10) 8518 5111 网址 kpmg.com/cn KPMG Huazhen 我们接受委托，按照中国注册会计师审计准则审计了北京首旅酒店 (集团) 股份有限公 司 (以下简称"首旅酒店") 2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公 司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司股东权益变动表以及相关财务报表附注，并于 2025 年 3 月 26 日签发了无保留意见的审 计报告。 根据中国证券监督管理委员会、中华人民共和国公安部、国务院国有资产监督管理委 员会和中国银行保险监督管理委员会发布的《上市公司监管指引第 8 号——上市公司资金 往来、对外担保的监管要求》(证监会公告 2022 26 号) ...

关于北京首旅酒店 (集团) 股份有限公司 2024 年度非经营性资金占用及其他关联资金往来情况的专项报告 关于北京首旅酒店 (集团) 股份有限公司 2024 年度非经营性资金占用及其他关联资金往来情况的专项报告 毕马威华振专字第 2501364 号 北京首旅酒店 (集团) 股份有限公司董事会： 我们接受委托，按照中国注册会计师审计准则审计了北京首旅酒店 (集团) 股份有限公 司 (以下简称"首旅酒店") 2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公 司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司股东权益变动表以及相关财务报表附注，并于 2025 年 3 月 26 日签发了无保留意见的审 计报告。 在对上述财务报表实施审计的基础上，我们对后附的首旅酒店 2024 年度非经营性资金 占用及其他关联资金往来情况汇总表 (以下简称"汇总表") 执行了有限保证的鉴证业务。 根据中国证券监督管理委员会、中华人民共和国公安部、国务院国有资产监督管理委 员会和中国银行保险监督管理委员会发布的《上市公司监管指引第 8 号——上市公司资金 往来、对外担保的 ...

Core Viewpoint - The company reported a slight decline in total revenue for 2024, but managed to achieve a modest increase in net profit, indicating resilience in its operations despite challenging market conditions [1] Revenue Performance - Total revenue for 2024 reached 7.751 billion yuan, a year-on-year decrease of 0.54% [1] - The company achieved a net profit attributable to shareholders of 806 million yuan, reflecting a year-on-year increase of 1.41% [1] - In Q4, the company generated revenue of 1.862 billion yuan, down 1.05% year-on-year, with a net profit of 83.13 million yuan, a decline of 24.71% [1] Revenue Composition - Hotel operations generated revenue of 5.067 billion yuan, down 5.01%, accounting for 65.37% of total revenue [2] - Hotel management revenue increased by 11.6% to 2.168 billion yuan, representing 27.97% of total revenue [2] - Scenic area revenue remained stable at 516 million yuan, a slight increase of 0.07%, making up 6.66% of total revenue [2] Expansion and Development - The company opened 1,353 new hotels in 2024, bringing the total to 7,002 hotels by year-end, including 2 overseas [2] - The number of mid-to-high-end hotels reached 2,032, accounting for 29.0% of total hotels, with 215,400 rooms, or 41.5% of total room count [2] - The company signed contracts for 1,743 hotels that are either not yet opened or in the process of signing [2] Operational Metrics - Q4 RevPAR (Revenue per Available Room) was 134 yuan, down 3.0% year-on-year, with an average room rate of 219 yuan, a decrease of 0.6% [3] - The overall RevPAR for the year was 147 yuan, down 4.7%, with an average room rate of 229 yuan, a decline of 2.6% [3] - The company improved its gross margin to 38.36%, up 0.24 percentage points year-on-year, and net margin to 10.58%, up 0.17 percentage points [3] Service and Quality Enhancement - The company is upgrading existing hotels, with the proportion of upgraded products increasing from 58.5% to 71.8% [4] - Membership numbers reached 197 million, a year-on-year increase of 30.8%, with a focus on enhancing member services [4] - The company aims to strengthen customer loyalty through innovative membership services [4] Future Outlook - The company expects net profit attributable to shareholders to reach 933 million yuan, 1.088 billion yuan, and 1.249 billion yuan in 2025, 2026, and 2027, respectively, with growth rates of 15.69%, 16.65%, and 14.82% [4]

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]

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。 3月28日，首旅酒店集团（600258.SH）发布了2024年年度报告。报告期内，首旅酒店集团2024年实现 营业收入77.5亿元，同比基本持平；实现归母净利润8.06亿元，同比增长1.41%。 根据Wind数据显示，2024年三季度A股申万酒店行业机构资金净流入额为58.3亿元。随着文旅消费政策 的持续出台，酒店行业或迎来新一波投资机会。 文旅消费作为国民经济的重要组成部分，在商务出行需求回暖、休闲旅游需求释放和入境游市场强劲复 苏的利好背景下，住宿业也将迎来新一轮的发展机遇。 酒店规模稳定增长，产品结构优化，盈利水平回暖 2024年，国内宏观经济发展稳中有进，同时酒店行业供给增加，供需秩序逐渐回归可持续经营态势。首 旅酒店集团展现出较强的经营韧性，2024年实现营业收入77.5亿元，同比基本持平；实现归母净利润 8.06亿元，同比增长1.41%。报告期内，首旅酒店集团不含轻管理酒店的全部酒店的RevPAR、ADR及 Occ三项指标同比均仅有小幅波动，表现远超行业整体水平。 首旅酒店集 ...

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].

产品端，公司于24 年上半年推出如家4.0 迭代产品，24 年底如家3.0 及以上产品占如家品牌店数比例从 2023 年底的58.5%提升至71.8%。预计25-27 年归母净利润分别为9.1/10.2/11.4 亿元(25-26 年预测前值 9.4/10.6 亿元)， 25-27 年PE 分别为17/15/13X，维持"买入"评级。 利润端来看，Q4 销售费率、资产减值损失较去年同期有所提升。24 全年酒店利润总额为8.9 亿元， YOY+3.5%；景区利润总额为2.3 亿元，YOY-7.1%；其中24Q4 酒店利润总额0.9 亿元，YOY-16%；景区 利润总额0.42 亿元，YOY+3%。24Q4，公司毛利率34.44%/+1.4pct；销售费率8.4%/+1.8pct，我们认为 或主要系OTA 订单较去年同期增加、营销推广人员增加等影响； 管理费率10.7%/-0.15pct ； 研发费率 0.88%/+0.07pct；财务费率4.5%/-0.18pct。此外，公司24Q4 资产减值损失0.61 亿元，较23Q4 提升0.17 亿元。 经营表现：24Q4 不含轻管理酒店RevPAR 同比下滑1.2%， ...

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 ...