经审核，监事会认为：公司本次在中国银行间市场交易商协会注册发行总金 额不超过人民币 7 亿元、期限不超过 3 年的资产担保债务融资工具（CB），有 利于进一步拓宽融资渠道，优化债务结构，用长期资金替换部分短期流贷。公司 通过发行资产担保债务融资工具（CB）不仅能够降低短期偿债压力，增强资金使 用的灵活性和效率，提升财务稳健性，还能为公司提供更稳定的资金来源，支持 长期战略发展，有助于提升公司的信用评级和市场形象，为投资者带来更可持续 的回报。 表决结果：3 票同意，0 票反对，0 票弃权。 本公司监事会及全体监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。 一、监事会会议召开情况 同庆楼餐饮股份有限公司（以下简称"公司"）第四届监事会第五次会议于 2025 年 2 月 7 日以电子邮件方式发出通知，于 2025 年 2 月 12 日以通讯表决方 式召开。本次会议由监事会主席卢晓生召集和主持，应出席会议监事 3 名，实际 出席会议监事 3 名。本次会议的通知、召开及表决程序符合《公司法》等法律法 规及《公司章程》的规定，会议决议合法、有效。 二、经 ...

同庆楼餐饮股份有限公司 舆情管理制度 （一）报刊、电视、网络等媒体对公司进行的负面报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较大影 响的事件信息。 第三条 公司舆情应对坚持"科学应对、突出导向、注重实效"的总体原则， 有效引导内部舆论和社会舆论，避免和消除因媒体可能对公司造成的各种负面影响， 切实维护公司的利益和形象。 第二章 舆情管理的组织体系及其工作职责 第四条 公司应对各类舆情实行统一领导、统一组织、快速反应、协同应对。 第一章 总则 第一条 为提高同庆楼餐饮股份有限公司（以下简称"公司"）应对各类舆情的 能力，建立快速反应和应急处置机制，正确把握和引导网络舆论导向，及时、妥善处 理各类舆情对公司股价、商业信誉及正常生产经营活动造成的影响，切实保护投资者 合法权益，根据《上海证券交易所股票上市规则》等法律、法规、规范性文件及《同 庆楼餐饮股份有限公司章程》（以下简称"公司章程"）的相关规定，结合公司实际 情况，制定本制度。 第二条 本制度所称舆 ...

为满足全资子公司合肥富凯的项目建设资金需要，在确保规范运作和风险可 控的前提下，同意公司为其提供全额连带责任保证担保,追加项目土地使用权和 房产抵押，担保金额总额不超过 3 亿元人民币，担保期限不超过 15 年，并授权 公司董事长及其授权人员根据公司实际经营情况的需要，审核并签署相关合同文 件，不再上报董事会审议。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《关 于公司为全资子公司提供担保的公告》（公告编号：2025-004）。 表决结果：9 票同意，0 票反对，0 票弃权。 证券代码：605108 证券简称：同庆楼 公告编号：2025-002 同庆楼餐饮股份有限公司 第四届董事会第四次会议决议公告 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。 一、董事会会议召开情况 同庆楼餐饮股份有限公司（以下简称"公司"）第四届董事会第四次会议于 2025 年 1 月 15 日以电子邮件方式发出通知，于 2025 年 1 月 20 日以通讯表决方 式召开。本次会议由公司董事长沈基水召集和主持，应出席会 ...

1、审议并通过《关于公司为全资子公司提供担保的议案》 经审核，监事会认为：公司本次为全资子公司提供担保事项符合《上海证券 交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号—规范运 作》及《公司章程》的相关规定，有利于保障全资子公司的项目建设，风险可控， 不存在损害公司及股东利益的情形。 表决结果：3 票同意，0 票反对，0 票弃权。 证券代码：605108 证券简称：同庆楼 公告编号：2025-003 同庆楼餐饮股份有限公司 第四届监事会第四次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 同庆楼餐饮股份有限公司（以下简称"公司"）第四届监事会第四次会议于 2025 年 1 月 15 日以电子邮件方式发出通知，于 2025 年 1 月 20 日以通讯表决方 式召开。本次会议由监事会主席卢晓生召集和主持，应出席会议监事 3 名，实际 出席会议监事 3 名。本次会议的通知、召开及表决程序符合《公司法》等法律法 规及《公司章程》的规定，会议决议合法、有效。 二、经与会监事认真讨 ...

Investment Rating - The investment rating for the company is "Buy" with a current price of 23.09 CNY and a reasonable value of 26.98 CNY [2]. Core Views - The report indicates that the company's Q4 performance has reached a bottom, and there is potential for earnings elasticity to be released in the future. The company is expected to benefit from the recovery in wedding demand and contributions from new store openings in 2025 [6][14]. Financial Forecasts - The company’s revenue is projected to grow from 2,583 million CNY in 2024 to 4,016 million CNY in 2026, with year-on-year growth rates of 7.5%, 28.3%, and 21.2% respectively [6][11]. - The EBITDA is expected to increase from 491 million CNY in 2024 to 917 million CNY in 2026, reflecting a positive trend in operational efficiency [6][11]. - The net profit attributable to the parent company is forecasted to decline to 78 million CNY in 2024, followed by a significant recovery to 251 million CNY in 2025 and 397 million CNY in 2026 [6][11]. Business Segments - **Dining and Accommodation**: Revenue is expected to grow from 2,076 million CNY in 2025 to 3,237 million CNY in 2026, with a compound annual growth rate (CAGR) of 22.5% [7][11]. - **Food Segment**: This segment is projected to grow significantly, with revenues expected to reach 488 million CNY by 2026, reflecting a stable gross margin [8][11]. - **Other Services**: Revenue from banquet services is expected to stabilize, with a slight decline in 2024 followed by growth in subsequent years [8][11]. Cost Structure - The report anticipates an increase in sales and management expenses due to the expansion of the food business and new store openings, with sales expense ratios expected to peak in 2024 before declining [9][12]. - Financial expenses are projected to rise in the short term due to increased capital expenditures but are expected to normalize as new stores begin to generate cash flow [9][12]. Competitive Position - The company operates in a high-barrier banquet segment with limited competition, which is expected to provide resilience in uncertain consumer environments. The company has established a strong brand presence and operational expertise in its target markets [14][15].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is expected to maintain revenue resilience while accelerating new store openings, laying a foundation for growth [1] - The company anticipates a decline in net profit for 2024 due to various factors, including the impact of high base effects from 2023 and a decrease in wedding banquet demand [8] - The company is focusing on a multi-business model centered around dining, hotels, and food, with the full opening of "Fumao" hotels in 2025 expected to drive performance [8] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 2,401 million, with a year-on-year growth rate of 43.8% [7] - The company expects a net profit of 6,405.64 million to 9,252.59 million for 2024, representing a year-on-year decline of 78.93% to 69.56% [8] - The company plans to open 8 new stores in 2024, which will initially incur losses as they ramp up operations [8] - The projected net profit for 2025 is 219 million, with an expected increase to 357 million by 2026 [7][8] - The company’s gross profit margin is expected to fluctuate, with estimates of 19.6% for 2024 and 26.3% for 2026 [7] Market Data - As of January 17, 2025, the closing price of the stock is 23.38 yuan, with a market capitalization of 6,079 million [2] - The stock has a price-to-earnings ratio (PE) of 82 for 2024, decreasing to 28 for 2025 and 17 for 2026 [7][8] - The company’s dividend yield is 1.75% based on the most recent dividend announcement [2]

Investment Rating - The report maintains a "Buy" rating for the company [6][3]. Core Views - The company is expected to face performance pressure during the ramp-up period, with a projected net profit for 2024 ranging from 64.06 to 92.53 million RMB, representing a year-on-year decline of 70% to 79% compared to 2023 [1][2]. - The company plans to accelerate the expansion of its Fu Mao restaurant chain, opening 8 new locations in 2024, which may impact profitability due to high initial investment costs [1][2]. - The report anticipates that the new store ramp-up will conclude in 2025-2026, with a potential recovery in wedding banquet demand, which could significantly enhance profit margins [1][2]. Summary by Sections Financial Forecasts - For 2024, the company expects total revenue of approximately 2.41 billion RMB, with a slight increase of 0.19% year-on-year. The net profit attributable to the parent company is projected to be around 79.85 million RMB, a decrease of 73.74% from 2023 [5][11]. - The earnings per share (EPS) estimates have been adjusted to 0.31 RMB for 2024, 0.88 RMB for 2025, and 1.48 RMB for 2026 [3][11]. - The target price has been set at 26.4 RMB, reflecting a price-to-earnings (PE) ratio of 30 times the 2025 earnings [3][6]. Business Model and Strategy - The company is innovating with the "Fu Mao" hotel model, which combines dining and accommodation services, aiming to capture market share in core urban areas [2][3]. - The introduction of a franchise model for the Fu Mao brand is expected to accelerate store expansion and enhance profitability in the long term [2][3]. Market Position - The company is positioned to benefit from a recovery in the wedding banquet sector and the stabilization of new store performance, which is anticipated to drive growth in 2025 [1][2]. - The report highlights the company's unique composite business model in the restaurant and hospitality sector, which is expected to provide a competitive edge [3][11].