万联证券表示，作为提振消费的核心抓手之一，社服多个赛道今年迎来业绩增长良机，休假制度的落实 与优化对旅游市场的带动作用仍将持续，推动扩大入境消费为免税行业带来新的增长点，健全县域商业 体系利好下沉化市场加速扩张的酒店与连锁餐饮行业，教育领域有望成为人工智能应用的代表性落地场 景，建议关注受益于政策重点利好的旅游、免税、酒店、餐饮、教育龙头。 东莞证券认为，旅游出行板块方面节假日人均消费增长幅度小但保持稳步提升趋势，有望扭转"旺丁不 旺财"的局面，扩内需政策发力叠加入出境游持续升温，长期看好旅游出行板块底部修复。建议关注名 山大川等景区类上市公司、在下沉市场提前布局的酒店集团、受国内游增长和出入境游复苏利好的旅游 服务类公司等。个股可关注宋城演艺（300144）、长白山（603099）、祥源文旅（600576）、众信旅游 （002707）、首旅酒店（600258）、君亭酒店（301073）、同庆楼（605108）等。 6月2日，携程发布报告显示，2025年端午假期，国内周边游本地游占比为64%。在"六一"儿童节叠加效 果下，亲子家庭成为了端午出游的主力军，GMV前50的景区中家庭亲子类景区占比近90%，亲子订单 ...

Core Points - The company approved the temporary use of idle raised funds amounting to no more than RMB 100 million to supplement working capital for a period not exceeding 12 months [1] - The company utilized RMB 85 million of the idle raised funds for temporary working capital, ensuring that the investment project construction progress was not affected and improving the efficiency of fund usage [1] - As of the announcement date, the company has fully returned the RMB 85 million used for temporary working capital to the special account for raised funds [2]

Meeting Details - The shareholders' meeting was held on May 23, 2025, at the Fumao Hotel, Hefei, Anhui Province [1] - The meeting was convened by the board of directors and chaired by Chairman Shen Jishui, complying with relevant laws and regulations [1][3] Voting Results - All non-cumulative voting proposals were approved with significant support from shareholders, including: - A total of 184,685,374 votes in favor, representing 99.9697% for the first proposal [1] - A total of 184,686,674 votes in favor, representing 99.9704% for the second proposal [2] - A total of 184,654,774 votes in favor, representing 99.9532% for the third proposal [2] Legal Compliance - The lawyers present confirmed that the meeting's procedures, participant qualifications, and voting processes adhered to the Company Law and other relevant regulations, deeming the resolutions legally valid [3]

同庆楼餐饮股份有限公司（以下简称"公司"）于 2025 年 4 月 7 日召开第四 届董事会第七次会议和第四届监事会第六次会议，审议通过了《关于使用闲置募 集资金暂时补充流动资金的议案》，同意公司使用不超过人民币 10,000 万元的闲 置募集资金暂时补充流动资金，用于与公司主营业务相关的生产经营使用，使用 期限自第四届董事会第七次会议审议通过之日起不超过 12 个月。具体内容详见公 司于 2025 年 4 月 8 日在上海证券交易所网站（www.sse.com.cn）披露的《同庆楼 餐饮股份有限公司关于使用闲置募集资金暂时补充流动资金的公告》（公告编号： 2025-015）。 根据上述决议，公司在规定期限内实际使用了人民币 8,500 万元闲置募集资 金用于暂时补充流动资金，并对资金进行了合理的安排与使用，没有影响募集资 金投资项目建设进度的正常进行，提高了募集资金的使用效率。 证券代码：605108 证券简称：同庆楼 公告编号：2025-028 同庆楼餐饮股份有限公司 关于使用募集资金暂时补充流动资金到期归还的公告 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 ...

上海市锦天城律师事务所 关于同庆楼餐饮股份有限公司 2024 年年度股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：02120511000 传真：02120511999 邮编：200120 上海市锦天城律师事务所 法律意见书 本所律师依据《证券法》《律师事务所从事证券法律业务管理办法》和《律 师事务所证券法律业务执业规则（试行）》的有关规定以及本法律意见书出具之 日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实 信用原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、准确、 完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大 遗漏，并承担相应法律责任。 基于上述，本所律师根据法律、法规和规范性文件的有关规定，按照律师行 业公认的业务标准、道德规范和勤勉尽责的精神，就题述事项发表法律意见如下： 2 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于同庆楼餐饮股份有限公司 2024 年年度股东大会的法律意见书 致：同庆楼餐饮股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受同庆楼餐饮 ...

证券代码：605108 证券简称：同庆楼 公告编号：2025-029 同庆楼餐饮股份有限公司 2024年年度股东大会决议公告 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 | 118 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 184,741,224 | | 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（%） | 71.3286 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，采用现场投票与网络投票相结合的方式召开。公司董事 长沈基水先生主持会议，符合《公司法》等法律法规及公司章程的有关规定，会议各 项决议合法有效。 (一) 股东大会召开的时间：2025 年 5 月 23 日 (二) 股东大会召开的地点：安徽省合肥市新站区铜陵北路与唐河路交口富茂大饭 店 (三) 出席会议的普通股股东和恢复表决权的优先股 ...

Investment Rating - The report maintains an "Outperform" rating for the social services industry [1] Core Insights - The overall revenue of the sector is steadily increasing, but the recovery in performance is slower, with significant differentiation among sub-sectors. Attention is recommended for cyclical recovery sectors such as human resources and exhibitions, as well as resilient sectors like tourism and scenic spots [1][2] - In 2024, the social services sector achieved a total revenue of 191.54 billion, a year-on-year increase of 36.57%, while the net profit attributable to shareholders was 7.48 billion, a year-on-year decrease of 18.21%. The overall profitability has declined [10][14] - In Q1 2025, the sector generated a revenue of 44.84 billion, a year-on-year increase of 38.75%, with a net profit of 1.81 billion, a year-on-year increase of 33.06% [20][22] Summary by Sections Sector Summary - The revenue growth rate outperformed the profit growth rate, with the professional services and education sectors performing better. In 2024, the professional services sector saw a year-on-year increase of 79.57%, while the education sector's profit level improved significantly [10][14] - In Q1 2025, the professional services sector led with a revenue growth of 89.62%, followed by tourism and scenic spots at 7.39% [22] Tourism - The domestic travel market shows strong resilience, with a total of 5.615 billion domestic tourists in 2024, a year-on-year increase of 14.80% [34] - The cross-border travel market is experiencing high demand, with inbound tourists reaching 132 million in 2024, a year-on-year increase of 60.8% [40] Hotels - Business travel demand is still recovering, with the RevPAR expected to be under pressure throughout 2024 [13] Catering - The catering market is expected to see slower revenue growth in 2024, with Q1 2025 showing some improvement [16] Duty-Free - Duty-free sales in offshore areas are showing marginal improvement, with city channels expected to contribute to growth [18] Human Resources - The human resources sector is experiencing stable data operations, but employment market pressures remain [22] Exhibitions - The domestic exhibition market is steadily growing, with the number of exhibitions remaining stable in 2024 [24]

Core Insights - The company reported a revenue of 2.524 billion yuan for 2024, a year-on-year increase of 5.14%, but the net profit attributable to shareholders dropped to 100 million yuan, a decrease of 67.09% [1] - In Q1 2025, the company achieved a revenue of 692 million yuan, a slight increase of 0.17%, while the net profit attributable to shareholders was 52 million yuan, down 21.36% [1] - The decline in net profit for 2024 was primarily due to the absence of a one-time compensation of 50.48 million yuan from a store demolition in Wuxi in 2023, along with significant expenses from opening new stores and increased financial costs [1] Business Expansion - The company is expanding its hotel business, opening four new hotels in 2024 and preparing three more, enhancing its brand influence in key cities like Shanghai and Hangzhou [2] - The food business has shown consistent high growth since its inception in 2021, with revenues increasing from 94 million yuan in 2021 to 311 million yuan in 2024 [2] Profit Forecast - The company is projected to achieve revenues of 3.12 billion yuan, 3.81 billion yuan, and 4.58 billion yuan from 2025 to 2027, representing year-on-year growth rates of 23.7%, 22.1%, and 20.1% respectively [2] - The net profit attributable to shareholders is expected to rise significantly, reaching 230 million yuan, 330 million yuan, and 440 million yuan over the same period, with corresponding year-on-year growth rates of 131.3%, 42.6%, and 34.2% [2]

Core Viewpoint - The company, Tongqinglou, reported a decline in net profit for both the fiscal year 2024 and the first quarter of 2025, despite a slight increase in revenue, indicating potential challenges in profitability and cash flow management [1][3]. Financial Performance Summary - For the fiscal year 2024, the company achieved operating revenue of 2.525 billion yuan, a year-on-year increase of 5.14% [2]. - The net profit attributable to shareholders was 100.08 million yuan, representing a significant decrease of 67.09% compared to the previous year [2]. - The net profit after deducting non-recurring gains and losses was 93.66 million yuan, down 63.05% year-on-year [2]. - The net cash flow from operating activities was 410 million yuan, a decrease of 43.09% compared to the previous year [1]. Q1 2025 Performance Summary - In the first quarter of 2025, the company reported operating revenue of 692.14 million yuan, a slight increase of 0.17% year-on-year [4]. - The net profit attributable to shareholders for Q1 2025 was 51.82 million yuan, down 21.36% from the same period last year [4]. - The net profit after deducting non-recurring gains and losses was 47.76 million yuan, a decrease of 25.96% year-on-year [4]. - The net cash flow from operating activities for Q1 2025 was 104.16 million yuan, down 44.82% compared to the previous year [4].

Investment Ratings - The report assigns an "Outperform" rating to multiple companies including Pop Mart, Anta Sports, Haidilao, and others, while Budweiser Asia is rated "Neutral" [1]. Core Insights - The report highlights significant developments in the F&B and designer toys sectors, including the successful IPO of Green Tea Group and strategic investments in 52TOYS by Wanda Film and China Ruyi [2][6]. - Honey Snow Ice City has signed a procurement agreement worth 4 billion RMB with Brazil for coffee beans and other products, indicating a strong international expansion strategy [2]. - Ruixing Coffee plans to establish over 30 Brazilian coffee-themed stores, further enhancing its market presence [2]. - Starbucks has launched a new ready-to-drink tea and coffee series, tapping into the growing beverage market [2]. Weekly Performance Summary - In the F&B sector, notable performers include Guoquan (+22.2%), DPC Dash (+4.7%), and Tongqinglou (+2.3%), while underperformers include CAHGEE and HELENS, both down by 7.7% [3][7]. - In the designer toys sector, MINISO and BLOKS showed strong performance with increases of 12.1% and 11.9% respectively, while Pop Mart had a modest increase of 2.4% [3][7].