社会服务 2025 年 09 月 02 日 同庆楼 (605108) 上 市 公 司 ——业务扩张稳步推进，多业协同看好长期成长 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 09 月 01 日 | | --- | --- | | 收盘价（元） | 21.61 | | 一年内最高/最低（元） | 29.94/15.32 | | 市净率 | 2.4 | | 股息率%（分红/股价） | 0.56 | | 流通 A 股市值（百万元） | 5,619 | | 上证指数/深证成指 | 3,875.53/12,828.95 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 8.87 | | 资产负债率% | 58.99 | | 总股本/流通 A 股（百万） | 260/260 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 09-02 10-02 11-02 12-02 01-02 02-02 03-02 04-02 05-02 06-02 ...

证券代码：605108 证券简称：同庆楼 公告编号：2025-042 同庆楼餐饮股份有限公司 关于召开 2025 年半年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。 重要内容提示： ? 会议召开时间：2025 年 9 月 9 日（星期二）15:00-16:00 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 8 月 29 日在上 海证券交易所网站（www.sse.com.cn）披露了《同庆楼 2025 年半年度报告》及 《同庆楼 2025 年半年度报告摘要》。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 9 月 9 日（星期二）15:00-16:00 在"价值在线"（www.ir-online.cn）召开同庆楼餐饮股份有限公司 2025 年半年 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议。 二、说明会召开的时间、地点和方式 会议召开时间：2025 年 9 月 9 日（星期二）15:00-16:00 会议召开地点 ...

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 8 月 29 日在上 海证券交易所网站（www.sse.com.cn）披露了《同庆楼 2025 年半年度报告》及 《同庆楼 2025 年半年度报告摘要》。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 9 月 9 日（星期二）15:00-16:00 在"价值在线"（www.ir-online.cn）召开同庆楼餐饮股份有限公司 2025 年半年 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议。 证券代码：605108 证券简称：同庆楼 公告编号：2025-042 同庆楼餐饮股份有限公司 关于召开 2025 年半年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。 重要内容提示： 会议问题征集：投资者可于 2025 年 9 月 8 日（星期一）前访问网址 https://eseb.cn/1htiX8PrEyc 或使用微信扫描下方小程序码进行会前提问。公司将 通过本次业绩说明会，在 ...

消费者服务行业 增持（维持） 公 司 点 评 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com .cn | 主要数据 | | | --- | --- | | 2025 年 8 月 29 日 | | | 收盘价(元) | 21.1 | | 总市值（亿元） | 54.86 | | 总股本(亿股) | 2.6 | | 流通股本(亿股) | 2.6 | | ROE（TTM） | 3.95% | | 12 月最高价(元) | 29.04 | | 12 月最低价(元) | 15.32 | 股价走势 资料来源：东莞证券研究所，Wind 相关报告 新店爬坡致业绩阶段性承压，现金流增长强化 长期业绩预期 同庆楼（605108）2025 年半年报点评 2025 年 9 月 1 日 投资要点： 事件：同庆楼发布2025年半年度报告。 点评： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 公 司 研 究 证 券 研 究 报 ...

Core Viewpoint - The hotel and catering sector experienced a rise of 0.91% on September 1, with Quan Juding leading the gains, while the overall market indices also showed positive performance [1][2]. Group 1: Market Performance - The Shanghai Composite Index closed at 3875.53, up by 0.46% [1] - The Shenzhen Component Index closed at 12828.95, up by 1.05% [1] Group 2: Individual Stock Performance - Quan Juding (002186) closed at 14.39, with a gain of 3.53% and a trading volume of 347,800 shares, totaling a transaction value of 492 million yuan [1] - Junting Hotel (301073) closed at 25.99, up by 3.22%, with a trading volume of 147,500 shares and a transaction value of 381 million yuan [1] - Jinling Hotel (601007) closed at 8.07, gaining 3.07%, with a trading volume of 231,300 shares and a transaction value of 185 million yuan [1] - Tongqinglou (605108) closed at 21.61, up by 2.42%, with a trading volume of 74,300 shares and a transaction value of 159 million yuan [1] - Huatian Hotel (000428) closed at 3.73, gaining 1.91%, with a trading volume of 295,800 shares and a transaction value of 110 million yuan [1] - Xi'an Catering (000721) closed at 10.55, up by 1.15%, with a trading volume of 821,200 shares and a transaction value of 880 million yuan [1] - Shoulv Hotel (600258) closed at 15.35, gaining 0.66%, with a trading volume of 322,200 shares and a transaction value of 493 million yuan [1] - *ST Yunwang (002306) closed at 1.88, up by 0.53%, with a trading volume of 186,200 shares and a transaction value of 34.93 million yuan [1] - Jinjiang Hotel (600754) closed at 23.04, down by 0.82%, with a trading volume of 159,000 shares and a transaction value of 367 million yuan [1] Group 3: Fund Flow Analysis - The hotel and catering sector saw a net outflow of 38.80 million yuan from institutional funds, while retail investors contributed a net inflow of 30.77 million yuan [2] - Speculative funds recorded a net inflow of 803.19 million yuan into the sector [2]

增持 原评级：增持 市场价格:人民币 21.10 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (15.0) 8.6 (1.1) 21.5 相对上证综指 (33.2) 1.7 (15.8) (15.1) 发行股数 (百万) 260.00 流通股 (百万) 260.00 总市值 (人民币 百万) 5,486.00 3 个月日均交易额 (人民币 百万) 63.39 主要股东 (8%) 8% 24% 39% 55% 71% Aug-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 同庆楼 上证综指 社会服务 | 证券研究报告 — 调整盈利预测 2025 年 9 月 1 日 605108.SH 资料来源：公司公告， Wind ，中银证券 以 2025 年 8 月 29 日收市价为标准 相关研究报告 《同庆楼》20240903 《同庆楼》20240505 《同庆楼》20240117 证券分析师：纠泰民 taimin.jiu@bocichina.com 证券投资咨询业务证 ...

富茂推进异地扩张，期待 2H 弹性释放 2025 年 9 月 01 日│中国内地 餐饮 证券研究报告 同庆楼 (605108 CH) 同庆楼公布 1H25 业绩：公司 1H25 实现营收 13.3 亿元/yoy+4.67%，归母 净利 0.72 亿元/-11.06%，扣非归母净利 0.67 亿元/yoy-11.21%。其中 2Q25 实现营收 6.38 亿元/yoy+10.03%，归母净利 0.20 亿元/yoy+34.08%，扣非 净利 0.19 亿元/yoy+74.1%。在充满挑战的餐饮环境之下，1H25 公司各项 业务实现稳健增长，老店经营展现出较优的韧性，富茂酒店盈利能力得到一 定验证。随着 2H25 进入婚宴旺季、新店爬坡陆续结束、富茂酒店客房业务 逐渐投入运营，高经营杠杆有望撬动较大利润弹性。立足长期，公司锚定大 众性价比餐饮，老字号品牌稀缺，包厢+宴席+食品三轮驱动下异地扩张潜 能可期。维持"买入"评级。 1H 老店经营彰显韧性，2H 市场环境优化后期待主业增长提速 1H25 公司餐饮和住宿收入 11.7 亿元/yoy+4.0%，毛利率 15.4%/yoy-0.8pct； 食品业务收入 1.5 ...

Macro Insights - The recent appreciation of the Renminbi against the US dollar and a basket of currencies has been notable, with a 0.4% increase observed on August 28-29 [2] - The manufacturing PMI for August showed a slight recovery to 49.4% from 49.3% in July, indicating marginal improvement in manufacturing activity [3] - The non-manufacturing business activity index rose to 50.3% from 50.1% in July, suggesting a stable outlook for the service sector [3] Investment Strategy - The technology sector is experiencing increased investor interest, with TMT transaction volume exceeding 40% of total market activity, indicating a shift towards fundamental-driven market behavior [5] - The report suggests focusing on sectors benefiting from Renminbi appreciation, such as consumption, non-bank financials, and electric new energy, which are currently at relatively low valuations [5] - The report emphasizes the importance of maintaining flexibility in investment strategies, particularly in the context of market volatility and sector rotation [8] Company Performance - Alibaba's Q1 FY26 revenue reached 247.7 billion yuan, a year-on-year increase of 1.8%, with adjusted EBITA declining by 13.7% [14] - Huichuan Technology reported a 26.73% increase in revenue for H1 2025, reaching 20.509 billion yuan, with a net profit of 2.968 billion yuan, up 40.15% [18] - Zhonggu Logistics experienced a 41.6% increase in net profit for H1 2025, despite a 7.0% decline in revenue, attributed to high demand in the foreign trade container leasing market [19] Sector Analysis - The beverage sector showed strong sales performance, with revenue growth of 22.8% in Q2 2025, while the snack food sector faced challenges with a 0.3% decline [12] - The insurance sector is seeing a shift towards high-yield stocks, with the average allocation to FVOCI stocks increasing by 1.3 percentage points to 4.2% [10] - The real estate sector is under pressure, with China Overseas Development reporting a 4% decline in revenue for H1 2025, but maintaining a strong project pipeline for future growth [22]

Core Viewpoint - Tongqinglou (605108) reported a revenue increase but a decline in net profit for the first half of 2025, indicating challenges in profitability despite revenue growth [1] Financial Performance - Total revenue for the first half of 2025 reached 1.331 billion yuan, a year-on-year increase of 4.67% compared to 1.271 billion yuan in 2024 [1] - Net profit attributable to shareholders was 71.9986 million yuan, down 11.06% from 80.9476 million yuan in the previous year [1] - The second quarter saw a revenue of 638 million yuan, up 10.03% year-on-year, with net profit of 20.1766 million yuan, an increase of 34.08% [1] - Gross margin decreased to 20.65%, down 4.24% year-on-year, while net margin fell to 5.41%, down 15.02% [1] - Total expenses (selling, administrative, and financial) amounted to 173 million yuan, accounting for 13.01% of revenue, a decrease of 1.99% year-on-year [1] - Earnings per share were 0.28 yuan, down 9.68% from 0.31 yuan [1] - Operating cash flow per share increased significantly by 59.39% to 1.26 yuan [1] Capital Structure and Cash Flow - Cash and cash equivalents increased by 153.31% to 244 million yuan, while accounts receivable decreased by 13.34% to 53.2661 million yuan [1] - Interest-bearing debt rose significantly by 98.70% to 1.666 billion yuan, indicating increased leverage [1] - The company's cash flow situation is concerning, with cash to current liabilities ratio at 19.95% [2] - The interest-bearing asset-liability ratio reached 27.65%, highlighting potential debt pressure [2] Investment Insights - The company's return on invested capital (ROIC) was 4.25%, indicating weak capital returns, with a historical median ROIC of 16.83% since its listing [1] - The business model relies heavily on capital expenditure and marketing, necessitating careful evaluation of capital projects and spending [2] Fund Holdings - The largest fund holding Tongqinglou shares is the Zhonggeng Value Quality One-Year Holding Mixed Fund, with 6.0251 million shares newly entered the top ten holdings [3] - Other funds, such as Yinhua Yongxiang Flexible Allocation Mixed Fund, increased their holdings, indicating some investor confidence [3]

Core Points - The report summarizes the financial performance of Tongqinglou Catering Co., Ltd. for the first half of 2025, highlighting key financial metrics and changes compared to the previous year [1]. Financial Performance - Total assets at the end of the reporting period amounted to CNY 5,624,954,225.29, representing a 4.84% increase from CNY 5,365,280,567.78 at the end of the previous year [1]. - Operating revenue for the period was CNY 1,330,619,696.76, showing a growth of 4.67% compared to CNY 1,271,274,388.12 in the same period last year [1]. - Total profit for the period was CNY 100,259,443.90, which is a decrease of 3.79% from CNY 104,204,995.05 in the previous year [1]. - Net profit attributable to shareholders was CNY 67,163,172.53, down 11.21% from CNY 75,642,733.68 year-on-year [1]. - The net cash flow from operating activities was not specified in the provided data [1]. Shareholder Information - The total number of shareholders at the end of the reporting period was 15,161 [1]. - The largest shareholder, Hainan Puqing Investment Development Co., Ltd., holds 37.55% of the shares, amounting to 97,640,187 shares [3]. - Other significant shareholders include Shen Jishui with 20.69% (53,803,307 shares) and Lv Yuezhen with 3.45% (8,967,218 shares) [3].