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].

Core Viewpoint - The company is preparing for its 2024 Annual General Meeting, focusing on various proposals including credit limits and the use of raised funds, while also reporting on its financial performance and strategic plans for 2025 [1][6][19]. Financial Performance - In 2024, the company achieved a revenue of 25.25 billion RMB, a year-on-year increase of 5.14%, but the net profit attributable to shareholders decreased by 67.09% to 100.84 million RMB [7][29]. - The company opened 8 new stores, increasing its total area by 244,637.37 square meters, demonstrating resilience and growth potential despite market challenges [8][29]. - The operating cash flow decreased by 43.09% to 410.28 million RMB, indicating a significant drop in cash generation capabilities [7][32]. Strategic Initiatives - The company aims to expand its market presence by opening 3-5 new stores and upgrading 20 existing locations, focusing on enhancing product competitiveness and brand influence [16][17]. - A digital transformation strategy is being implemented to improve operational efficiency and customer engagement through various marketing channels [16][18]. Governance and Compliance - The board of directors has been active, holding 5 meetings and approving 30 proposals, ensuring compliance with legal and regulatory requirements [9][10]. - The independent directors have maintained their responsibilities, ensuring objective oversight and adherence to governance standards [14]. Shareholder Engagement - The company has committed to transparent communication with investors, organizing multiple performance briefings and maintaining a high response rate to investor inquiries [15][26]. - A cash dividend of 0.12 RMB per share is proposed, amounting to approximately 31.08 million RMB, which represents 31.05% of the net profit attributable to shareholders for 2024 [27].

同庆楼餐饮股份有限公司 2024 年年度股东大会会议资料 同庆楼餐饮股份有限公司 2024 年年度股东大会会议资料 (股票代码：605108) 2025 年 5 月 23 日 同庆楼餐饮股份有限公司 2024 年年度股东大会会议资料 同庆楼餐饮股份有限公司 2024 年年度股东大会 会议资料目录 | 年年度股东大会须知 2 一、2024 | | --- | | 二、2024 年年度股东大会议程 4 | | 三、2024 年年度股东大会议案 | | 议案一：同庆楼餐饮股份有限公司 年度董事会工作报告 6 2024 | | 议案二：同庆楼餐饮股份有限公司 2024 年度监事会工作报告 14 | | 议案三：同庆楼餐饮股份有限公司 2024 年年度报告全文及摘要 18 | | 议案四：同庆楼餐饮股份有限公司 2024 年度财务决算报告 19 | | 议案五：关于 2024 年度利润分配方案的议案 22 | | 议案六：关于续聘 2025 年度审计机构的议案 23 | | 议案七：关于 2025 年度公司及全资子公司综合授信额度及对外担保额度预计的议 | | 案 26 | | 议案八：关于公司首次公开发行股票募投项目 ...

Group 1 - The company will hold an annual performance briefing for 2024 and the first quarter of 2025 on May 19, 2025, from 10:00 to 11:30 [1][2] - The briefing will be conducted via video recording and online text interaction on the platform "Value Online" [1][2] - Investors can submit questions before the briefing until May 17, 2025, and the company will address commonly asked questions during the session [1][2] Group 2 - Key participants in the briefing include the Vice Chairman, the Secretary of the Board and CFO, and other senior management members [2] - Investors can access the briefing through a specific URL or by scanning a QR code [2] - After the briefing, investors can view the session's details and main content on "Value Online" or the Yi Dong app [2]

证券代码：605108 证券简称：同庆楼 公告编号：2025-027 一、说明会类型 同庆楼餐饮股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日在上 海证券交易所网站（www.sse.com.cn）披露了《同庆楼 2024 年年度报告》及《同 庆楼 2025 年第一季度报告》。为便于广大投资者更加全面深入地了解公司经营 业绩、发展战略等情况，公司定于 2025 年 5 月 19 日（星期一）10:00-11:30 在"价 值在线"（www.ir-online.cn）举办同庆楼餐饮股份有限公司 2024 年度暨 2025 年第一季度业绩说明会，与投资者进行沟通和交流，广泛听取投资者的意见和建 会议召开时间：2025 年 5 月 19 日（星期一）10:00-11:30 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：视频录播和网络文字互动 二、说明会召开的时间、地点和方式 关于召开 2024 年度暨 2025 年第一季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。 ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the industry [3]. Core Insights - The industry fundamentals are expected to remain under pressure in 2024, with most sectors and companies still significantly affected by macroeconomic factors. However, a number of companies are emerging that are successfully navigating the challenges of consumer downgrade by upgrading from categories to quality and then to brand [1][2]. - The report highlights that companies with strong brand attributes are likely to continue outperforming as the market transitions from price-performance to quality-price comparisons [2]. Summary by Sections 1. Duty-Free Sector - The duty-free sales in Hainan are gradually stabilizing, with the implementation of the Hainan closure policy expected to benefit the duty-free sector. The market is seeing improvements in channel and supply chain capabilities, leading to a stable outlook for profitability [2][49]. - Key companies to watch include China Duty Free Group and Wangfujing [2]. 2. Tourism and Gaming - The tourism sector shows strong resilience in demand, becoming a crucial driver for domestic consumption. The recovery in inbound and outbound travel is significant, with a focus on new consumption scenarios and the silver-haired tourism market [2][3]. - Recommended companies include Jiuhua Tourism, Lingnan Holdings, and Sands China [2]. 3. Hotel Industry - The hotel sector is experiencing weak business travel demand, leading to pressure on RevPAR. However, leisure demand remains resilient, and leading companies are enhancing profitability through brand matrix validation and supply chain optimization [3][72]. - Companies to focus on include Huazhu Group, Atour, and Jinjiang Hotels [3]. 4. Restaurant Sector - Leading restaurant companies are demonstrating strong supply chain negotiation and profitability advantages. The overall supply in the restaurant industry is optimizing, with a competitive trend in price-performance [3][7]. - Notable companies include Mixue Ice City, KFC, and Haidilao [3][7]. 5. Cosmetics and Medical Aesthetics - The cosmetics sector is seeing a shift in focus towards profitability, with companies restructuring their product and channel strategies. High-growth companies are expected to achieve both revenue and profit increases [7][23]. - Key players include Juzhibio, Shumei, and Marubi [7][23]. 6. General Retail - The retail sector is undergoing digital upgrades and operational adjustments, with a focus on essential demand and cash flow stability. Companies like Yonghui Supermarket and Multi-Point Intelligence are recommended [8][30]. - The report also highlights the ongoing challenges in the jewelry sector due to rising gold prices [8][30]. 7. Overall Market Performance - The consumer services sector is expected to face challenges, with a projected performance of -8.70% in 2024. However, the beauty and personal care sector is anticipated to recover with a growth of +8.15% in 2025 [11][19].

Core Insights - The company's performance in 2024 was impacted by high base effects, new store ramp-up, and increased financial expenses, leading to a decline in net profit [1] - In early 2025, store performance was under pressure, but a significant recovery was observed in March [2] - The company has outlined its operational plans for 2025, focusing on expanding its restaurant and hotel businesses while enhancing product competitiveness [4] Financial Performance - In 2024, the company achieved revenue of 2.525 billion yuan, a year-on-year increase of 5.14%, but net profit dropped to 100 million yuan, down 67.09% [1] - For Q1 2025, revenue was 690 million yuan, a slight increase of 0.17%, while net profit fell to 52 million yuan, down 21.36% [2] Business Segmentation - **Restaurant Business**: In 2024, revenue from restaurant and accommodation services was 2.205 billion yuan, up 12.69%, with a gross margin of 18.26%, down 2.49 percentage points [3] - **Food Business**: Revenue reached 311 million yuan, a significant increase of 85.52%, with a gross margin of 25.62%, down 10.07 percentage points due to promotional strategies for franchisees [3] Future Plans - The company plans to open 3-5 new restaurant locations and upgrade 20 existing ones in the Yangtze River Delta region [4] - In the hotel sector, the goal is to open 3-4 new direct-operated stores and enhance the franchise business [4] - The food business aims to expand its franchise network by adding 100-150 new stores [4] Profit Forecast - The company anticipates net profits of 210 million yuan, 330 million yuan, and 450 million yuan for the years 2025, 2026, and 2027, respectively, maintaining a "recommended" rating [4]

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2] Core Viewpoints - The tourism volume is increasing while prices remain stable, with an extended travel radius. The focus is on policy support and advancements in AI applications [3] Summary by Sections Market Review - In April, the social service sector outperformed the benchmark by 1.42 percentage points, with strong performance from tourism and education stocks. The A-share scenic spots and leading education stocks led the gains, while Hong Kong stocks in the supply chain and tea beverage sectors also performed well [3][4][6] May Day Holiday Summary - Domestic spending during the holiday increased by 8.0%, with travel willingness remaining high and an extended travel radius. A total of 314 million domestic trips were made, a year-on-year increase of 6.4%. The average spending per person increased by 1.5%, recovering to 90% of the 2019 level [3][9] Sub-Industries - **Inbound and Outbound Travel**: Inbound travel increased by 28.7% during the holiday, with significant growth in travelers from Hong Kong, Macau, Taiwan, and foreign visitors. The number of inbound foreign visitors under visa-free policies grew by 72.7% [3][21] - **Hotel Industry**: The hotel industry saw a REVPAR of 192 yuan, up 11.5% year-on-year, with occupancy rates and average daily rates also increasing. High-star hotels in county areas outperformed the overall industry [24][22] - **Scenic Spots**: Many scenic spots experienced significant visitor growth, aided by favorable weather and local government promotional activities. For example, Xiangyuan Cultural Tourism received 51.79% more visitors compared to last year [25][28] - **Dining**: Key monitored dining enterprises saw sales increase by 8.7% year-on-year, indicating a recovery in consumer spending [29][30] - **Duty-Free Sales**: Duty-free shopping during the holiday saw a decline of 7% in sales, but the average spending per person remained stable [41][35] Investment Recommendations - The report suggests focusing on leading companies benefiting from policy support and marginal improvements, including Tongcheng Travel, Xueda Education, Jiuhua Tourism, and others. Mid-term recommendations include China Duty Free, Meituan, Huazhu Group, and others [3][42]

Investment Rating - The report maintains a "Buy" rating for the company [9][12]. Core Insights - In 2024, the company achieved operating revenue of 2.525 billion yuan, a year-on-year increase of 5.14%, while the net profit attributable to the parent company was 94 million yuan, a year-on-year decrease of 63.05% [2][6]. - For Q1 2025, the company reported operating revenue of 692 million yuan, a slight year-on-year increase of 0.17%, with a net profit attributable to the parent company of 48 million yuan, down 25.96% year-on-year [6]. - The company's three-pronged growth strategy is taking shape, with its restaurant, hotel, and food businesses complementing each other, focusing on social dining and accommodation experiences that align with consumer demand for value [2][12]. - The company plans to expand its store network and innovate its food product offerings, which are expected to drive long-term growth [2][12]. Financial Performance Summary - The company’s food business saw significant growth, with sales revenue reaching 311 million yuan in 2024, a year-on-year increase of 86% [12]. - The company opened 8 new stores in 2024, including 4 in the restaurant sector and 4 hotels, while also renovating 10 existing restaurants to enhance competitiveness [12]. - The gross profit margin decreased by 7.46 percentage points, leading to a net profit margin decline of 8.7 percentage points to 3.96% in 2024 [12]. - The forecast for net profit attributable to the parent company for 2025-2027 is 230 million, 345 million, and 446 million yuan, respectively, with corresponding PE ratios of 24X, 16X, and 12X [2][12].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company reported a revenue of 2.52 billion yuan for 2024, representing a year-on-year growth of 5.1%, while the net profit attributable to the parent company was 100.08 million yuan, down 67.1% year-on-year [1] - The decline in net profit is attributed to several factors, including the absence of a one-time compensation income from store demolition in Wuxi amounting to 50.48 million yuan, losses from new stores, increased financial expenses, and a significant drop in wedding banquet demand [1][2] - The company anticipates a recovery in performance starting from March 2025, with a projected revenue of 6.9 billion yuan for Q1 2025, a slight increase of 0.2% year-on-year [2] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 660 million yuan, down 8.15% year-on-year, and a net profit of 17 million yuan, down 83.5% year-on-year [1] - For Q1 2025, the company expects a revenue of 690 million yuan, with a net profit of 52 million yuan, reflecting a year-on-year decline of 21.4% [2] - The company plans to distribute a cash dividend of 1.2 yuan per 10 shares, with a dividend payout ratio of 31.05% [2] Business Segments - The restaurant and accommodation services segment is projected to generate 2.2 billion yuan in revenue for 2024, a growth of 12.7% [3] - The food business is expected to achieve a revenue of 310 million yuan, with a significant growth of 85.5%, driven by strong sales of specialty products [3] - The overall gross margin for 2024 is expected to be 19.2%, down 7.5 percentage points year-on-year, with net profit margin at 4.0%, down 8.7 percentage points [3] Future Outlook - The company plans to open 3-5 new restaurants and upgrade 20 existing ones in 2025, along with opening 3-4 new hotels [4] - The food segment will focus on the East China market, aiming to add 100-150 franchise stores for its specialty products [4] - The profit forecasts for 2025-2027 have been adjusted, with expected net profits of 210 million yuan, 330 million yuan, and 440 million yuan respectively, corresponding to P/E ratios of 26, 17, and 13 [4][6]