Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, supervisory board, and senior management guarantee the report's accuracy and completeness, advising investors to review risks outlined in Section III, with no interim dividend or capital increase planned - The company's board of directors, supervisory board, and senior management commit to the truthfulness, accuracy, and completeness of the semi-annual report content[5](index=5&type=chunk) - Investors should pay attention to "X. Risks and Countermeasures Faced by the Company" in Section III "Management Discussion and Analysis"[6](index=6&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the current half-year[7](index=7&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section outlines the report's nine main chapters, covering company profile, financial metrics, management analysis, governance, and other key data - The report is divided into nine main chapters, with a clear structure[9](index=9&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms and company entities to ensure consistent understanding of the report's content - "The Group", "The Company", and "Huatian Hotel" in the report all refer to Huatian Hotel Group Co, Ltd[13](index=13&type=chunk) - Definitions are provided for various related parties and subsidiaries, such as Hunan Tourism Group, Xingxiang Group, and Guojin Company[13](index=13&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) The company, Huatian Hotel, stock code 000428, is listed on the Shenzhen Stock Exchange, with Yang Hongwei as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Huatian Hotel | | Stock Code | 000428 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Huatian Hotel Group Co, Ltd | | Legal Representative | Yang Hongwei | [II. Contact Person and Contact Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides detailed contact information for the company's board secretary and securities affairs representative Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Shen Zhiming | 5th Floor, VIP Building, Huatian Hotel, 300 Jiefang East Road, Furong District, Changsha City | 0731-84442888-80889 | 0731-84449370 | huatianzqb@163.com | | Securities Affairs Representative | Wei Xin | 5th Floor, VIP Building, Huatian Hotel, 300 Jiefang East Road, Furong District, Changsha City | 0731-84442888-80889 | 0731-84449370 | huatianzqb@163.com | [III. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's registered address, office, website, email, and information disclosure locations remained unchanged during the reporting period - The company's contact information remained unchanged during the reporting period, as detailed in the 2024 annual report[17](index=17&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period, as detailed in the 2024 annual report[18](index=18&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Operating revenue decreased by 17.34%, net profit attributable to shareholders widened losses by 35.46%, and operating cash flow dropped significantly by 80.15% Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Period (CNY) | Prior Period (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 253,149,599.84 | 306,246,048.78 | -17.34% | | Net Profit Attributable to Shareholders of the Listed Company | -106,701,808.74 | -78,769,089.96 | -35.46% | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-recurring Gains and Losses | -112,707,249.39 | -85,329,958.18 | -32.08% | | Net Cash Flow from Operating Activities | 10,180,234.72 | 51,289,669.59 | -80.15% | | Basic Earnings Per Share (CNY/share) | -0.1047 | -0.0773 | -35.45% | | Diluted Earnings Per Share (CNY/share) | -0.1047 | -0.0773 | -35.45% | | Weighted Average Return on Net Assets | -7.13% | -4.70% | -2.43% | | Indicator | End of Current Period (CNY) | End of Prior Year (CNY) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 4,454,455,714.73 | 4,627,161,818.32 | -3.73% | | Net Assets Attributable to Shareholders of the Listed Company | 1,443,909,837.45 | 1,549,995,632.26 | -6.84% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) No differences exist in net profit or net assets between Chinese and international accounting standards for the reporting period - The company had no differences in accounting data under domestic and overseas accounting standards during the reporting period[21](index=21&type=chunk)[22](index=22&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled **CNY 6.01 million**, primarily from asset disposal, government grants, and receivable reversals Non-recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 7,845.65 | | Government grants recognized in current profit or loss | 2,382,484.24 | | Capital occupation fees received from non-financial enterprises recognized in current profit or loss | 1,719,757.62 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 1,970,000.00 | | Other non-operating income and expenses apart from the above | 1,059,802.53 | | Impact on minority interests (after tax) | 1,134,449.39 | | **Total** | **6,005,440.65** | Section III Management Discussion and Analysis [I. Main Business Activities of the Company During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's core business is hotel services, supplemented by lifestyle services, with a focus on asset-light operations - The company's business primarily consists of hotel services, supplemented by lifestyle services, and it continues to promote asset-light operations[27](index=27&type=chunk) - Hotel business achieved operating revenue of **CNY 210.52 million**, a year-on-year decrease of 19.25%, mainly due to unfavorable market conditions[27](index=27&type=chunk) - Lifestyle services revenue accounted for **15.88%** of total revenue, an increase of 1.73 percentage points compared to the prior period[28](index=28&type=chunk) [II. Analysis of Core Competitiveness](index=9&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) Core competencies include strong brands, service culture, and management, driving asset-light operations and digital transformation - The company owns "Huatian" and "Sunshine" two major brand series, once ranked among "China's Top 30 Hotel Groups" and "Global Top 100 Hotel Groups", and again honored as "China's Top 60 Hotel Groups" in 2025, demonstrating significant brand advantage[30](index=30&type=chunk) - As the sole listed hotel platform under Hunan Tourism Group, the company achieves specialized, industrialized integration and brand development through industrial synergy and capital linkage[31](index=31&type=chunk) - The company continuously optimizes information systems for financial management, cost control, human resources, PMS, catering management, and member management, promoting digital empowerment to enhance operational efficiency[32](index=32&type=chunk) - The company possesses a professional management team and a comprehensive training system, inheriting strong execution from quasi-military management while integrating innovative management[33](index=33&type=chunk) [III. Main Business Analysis](index=10&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue decreased by 17.34% due to market fluctuations and consumption downgrade, impacting hotel services and margins Major Financial Data Year-on-Year Changes | Indicator | Current Period (CNY) | Prior Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 253,149,599.84 | 306,246,048.78 | -17.34% | Comprehensive impact of market economic fluctuations, consumption downgrade, policy changes, etc., hotel industry decreased by 19.25% | | Operating Cost | 219,897,510.17 | 233,443,766.53 | -5.80% | - | | Income Tax Expense | -2,813,812.29 | -1,845,200.70 | -52.49% | Reversal of estimated corporate income tax for prior period property sales | | Net Cash Flow from Operating Activities | 10,180,234.72 | 51,289,669.59 | -80.15% | Decrease in collections due to declining operating performance | | Net Cash Flow from Investing Activities | -17,865,935.01 | -29,833,252.04 | 40.11% | Decrease in construction payments made during the period | | Net Cash Flow from Financing Activities | -48,581,521.71 | -96,501,771.23 | 49.66% | Increase in net inflow of borrowings obtained during the period | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Period Amount (CNY) | Proportion of Operating Revenue | Prior Period Amount (CNY) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Hotel Services | 210,522,396.18 | 83.16% | 260,716,003.48 | 85.13% | -19.25% | | | Asset Operations | 2,436,722.87 | 0.96% | 2,201,130.77 | 0.72% | 10.70% | | | Lifestyle Services | 40,190,480.79 | 15.88% | 43,328,914.53 | 14.15% | -7.24% | | **By Product** | Catering | 87,808,056.84 | 34.69% | 103,428,480.64 | 33.77% | -15.10% | | | Rooms | 83,160,702.95 | 32.85% | 108,915,768.14 | 35.56% | -23.65% | | | Entertainment | 4,023,693.66 | 1.59% | 6,171,508.49 | 2.02% | -34.80% | | | Other | 78,157,146.39 | 30.87% | 87,730,291.51 | 28.65% | -10.91% | | **By Region** | Hunan Region | 235,843,543.06 | 93.16% | 285,196,523.82 | 93.13% | -17.30% | | | Jilin Region | 17,306,056.78 | 6.84% | 21,049,524.96 | 6.87% | -17.78% | Gross Profit Margin Change of Main Business | Category | Item | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Profit Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Hotel Services | -19.25% | -8.32% | -10.56% | | **By Product** | Catering | -15.10% | -12.48% | -2.79% | | | Rooms | -23.65% | -7.54% | -19.06% | | | Other | -10.91% | 18.72% | -13.31% | | **By Region** | Hunan Region | -17.30% | -5.97% | -10.25% | [IV. Non-Core Business Analysis](index=11&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company had no non-core business operations during the reporting period - The company had no non-core business operations during the reporting period[39](index=39&type=chunk) [V. Analysis of Assets and Liabilities](index=11&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets and net assets attributable to shareholders decreased, while both short-term and long-term borrowings increased Significant Changes in Asset Composition | Item | End of Current Period Amount (CNY) | Proportion of Total Assets | End of Prior Year Amount (CNY) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 86,650,800.07 | 1.95% | 143,568,557.50 | 3.10% | -1.15% | - | | Accounts Receivable | 39,820,917.82 | 0.89% | 25,106,469.09 | 0.54% | 0.35% | - | | Inventories | 468,948,052.72 | 10.53% | 468,952,680.27 | 10.13% | 0.40% | - | | Fixed Assets | 1,947,986,392.37 | 43.73% | 1,989,680,951.95 | 43.00% | 0.73% | - | | Short-term Borrowings | 1,572,589,294.10 | 35.30% | 1,474,931,438.44 | 31.88% | 3.42% | New borrowings in the current period | | Long-term Borrowings | 362,629,000.00 | 8.14% | 207,100,000.00 | 4.48% | 3.66% | Renewal of maturing borrowings in the current period | - The company's total assets at the end of the reporting period were **CNY 4.45 billion**, a decrease of 3.73% from the end of the prior year[20](index=20&type=chunk) - The company's net assets attributable to shareholders of the listed company at the end of the reporting period were **CNY 1.44 billion**, a decrease of 6.84% from the end of the prior year[20](index=20&type=chunk) Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change Gain/Loss for the Period (CNY) | Cumulative Fair Value Change Included in Equity (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Other Equity Instrument Investments | 66,512,794.08 | - | 821,351.91 | 67,334,145.99 | | Investment Properties | 283,696,345.00 | - | - | 283,696,345.00 | | **Total** | **350,209,139.08** | **-** | **821,351.91** | **351,030,490.99** | - At the end of the reporting period, multiple company assets were restricted, including monetary funds, inventories, fixed assets, intangible assets, long-term equity investments, investment properties, and construction in progress, totaling **CNY 2.15 billion** in book value[46](index=46&type=chunk) [VI. Investment Analysis](index=13&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) No significant equity, securities, or derivative investments; ongoing non-equity projects faced delays and underperformed expectations Significant Non-Equity Investments in Progress | Project Name | Investment Method | Industry Involved in Investment Project | Cumulative Actual Investment Amount as of End of Reporting Period (CNY) | Project Progress | Cumulative Achieved Income as of End of Reporting Period (CNY) | Reasons for Not Meeting Planned Progress and Expected Income | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huitang Hot Spring Hotel Project | Self-built | Hotel and related | 130,170,150.16 | 89.00% | -59,967,954.17 | Due to market reasons, project construction slowed down, and project income could not meet expectations | | Zhangjiajie Huatian Hotel Project | Self-built | Hotel and related | 167,220,615.00 | 80.00% | -3,135,530.37 | Due to market reasons, project construction slowed down, and project income could not meet expectations | - The company had no securities investments or derivative investments during the reporting period[49](index=49&type=chunk)[50](index=50&type=chunk) - The company had no use of raised funds during the reporting period[51](index=51&type=chunk) [VII. Major Asset and Equity Sales](index=14&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not sell any significant assets or equity during the reporting period - The company did not sell any significant assets during the reporting period[52](index=52&type=chunk) - The company did not sell any significant equity during the reporting period[53](index=53&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=14&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Key subsidiaries' financial performance is detailed, with some reporting significant net losses; a new subsidiary was established Major Subsidiaries and Participating Companies with Over 10% Impact on Company Net Profit | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hunan Huatian Hotel Management Co, Ltd | Subsidiary | Accommodation and catering | 1,000,000.00 | 337,279,770.02 | 6,464,219.65 | 41,555,403.90 | -3,480,062.54 | -3,488,888.46 | | Hunan Huitang Hot Spring Huatian City Real Estate Co, Ltd | Subsidiary | Accommodation and catering, cultural tourism | 100,000,000.00 | 1,366,631,669.48 | -1,606,260,878.73 | 13,299,017.42 | -60,009,999.05 | -59,967,954.17 | | Zhangjiajie Huatian Hotel Management Co, Ltd | Subsidiary | Accommodation and catering | 430,000,000.00 | 628,341,845.93 | 311,673,417.58 | 19,202,942.04 | -3,135,557.37 | -3,135,530.37 | | Hunan Century Huatian Trade Co, Ltd | Subsidiary | Wholesale | 12,000,000.00 | 59,722,539.57 | 13,889,371.85 | 42,831,751.69 | 246,111.76 | 202,599.03 | | Shaoyang Huatian Hotel Co, Ltd | Subsidiary | Accommodation and catering | 100,000,000.00 | 213,903,740.12 | 100,892,077.26 | - | 8,106,175.60 | 8,391,749.24 | | Hunan Huatian Hotel Co, Ltd | Subsidiary | Accommodation and catering | 20,000,000.00 | 158,449,353.98 | -131,445,846.31 | 34,435,717.92 | -13,110,648.20 | -13,110,592.56 | | Hunan International Financial Building Co, Ltd | Subsidiary | Accommodation and catering | 66,653,420.00 | 480,916,484.88 | -238,006,448.38 | 38,554,386.83 | -15,144,533.60 | -15,150,065.19 | - During the reporting period, the company established a new subsidiary, Huatian Hotel Group Korea Co, Ltd[55](index=55&type=chunk) [IX. Structured Entities Controlled by the Company](index=15&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[56](index=56&type=chunk) [X. Risks and Countermeasures Faced by the Company](index=15&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) Facing market, economic, cost, and financial risks, the company plans to enhance competitiveness through strategic initiatives - The company faces challenges from intense competition in the hotel industry, low chain penetration, and market concentration, planning to respond by unifying brand standards, pursuing asset-light operations, exploring industrial integration, and developing social catering projects[56](index=56&type=chunk) - The impact of insufficient domestic demand on the mid-to-high-end hotel industry persists, and the company will strengthen core functions through product quality improvement, refined management, catering innovation, marketing breakthroughs, seizing digital opportunities, and expanding into new markets[57](index=57&type=chunk) - Rising operating costs (rooms, catering, materials, energy consumption, labor) are squeezing gross profit, requiring the company to enhance profitability through market analysis and management efficiency[57](index=57&type=chunk) - The company has a high proportion of short-term debt, posing repayment risks, and plans to mitigate this by revitalizing existing assets, expanding customer sources, broadening financing channels, and optimizing debt structure[58](index=58&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=16&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not established a market capitalization management system or disclosed a valuation enhancement plan - The company has not formulated a market capitalization management system[59](index=59&type=chunk) - The company has not disclosed a valuation enhancement plan[59](index=59&type=chunk) [XII. Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=16&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed an action plan for 'dual improvement in quality and returns' - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[59](index=59&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management of the Company](index=16&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) No changes occurred in the company's directors, supervisors, or senior management during the reporting period - No changes occurred in the company's directors, supervisors, or senior management during the reporting period[60](index=60&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=16&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no cash dividends, bonus shares, or capital increase from reserves for the current half-year - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the current half-year[61](index=61&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=16&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) No equity incentive, employee stock ownership, or other employee incentive plans were implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[62](index=62&type=chunk) [IV. Environmental Information Disclosure](index=16&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information - The listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[63](index=63&type=chunk) [V. Social Responsibility Performance](index=16&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfilled social responsibilities, conducting over 30 volunteer activities and supporting rural revitalization - In the first half of the year, the company carried out over 30 Lei Feng volunteer activities, including civilized persuasion, community services, tree planting, blood donation, and care for special children[63](index=63&type=chunk) - The company achieved **CNY 339,600** in consumption assistance through centralized procurement of agricultural products and festive product sales, and dispatched management backbone to support rural revitalization and post-disaster reconstruction efforts[63](index=63&type=chunk) Section V Significant Matters [I. Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period](index=17&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The controlling shareholder made long-term commitments regarding independence, related party transactions, and competition, which are being fulfilled - Hunan Tourism Development Investment Group Co, Ltd, as the controlling shareholder, committed to ensuring the independence of the listed company's assets, personnel, finance, organization, and business, which is long-term and continuously effective[65](index=65&type=chunk) - The controlling shareholder committed to minimizing and standardizing related party transactions with Huatian Hotel and its subsidiaries, conducting them at fair prices based on market principles, without harming the interests of the company and other shareholders[66](index=66&type=chunk) - The controlling shareholder committed to gradually reducing and ultimately eliminating horizontal competition with the company within five years through entrusted management, asset restructuring, business integration, and to avoid new horizontal competition in the future[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=20&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) No non-operating funds were occupied by controlling shareholders or other related parties during the reporting period - The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[69](index=69&type=chunk) [III. Irregular External Guarantees](index=20&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[70](index=70&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=20&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual report was not audited - The company's semi-annual report was not audited[71](index=71&type=chunk) [V. Board of Directors' and Supervisory Board's Explanations on "Non-Standard Audit Report" for the Current Period](index=20&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) No non-standard audit report was issued, thus no explanation from the board or supervisory board is required - The company had no non-standard audit report during the reporting period[72](index=72&type=chunk) [VI. Board of Directors' Explanation on "Non-Standard Audit Report" for the Prior Year](index=20&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) No non-standard audit report from the prior year, thus no explanation from the board is required - The company had no non-standard audit report from the prior year during the reporting period[72](index=72&type=chunk) [VII. Bankruptcy Reorganization Matters](index=20&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) No bankruptcy reorganization matters occurred during the reporting period - No bankruptcy reorganization matters occurred during the reporting period[72](index=72&type=chunk) [VIII. Litigation Matters](index=21&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company is involved in several significant lawsuits and arbitrations, with uncertain impacts on current or future profits Major Litigation and Arbitration Matters | Basic Information of Litigation (Arbitration) | Amount Involved (CNY 10,000) | Whether Estimated Liabilities are Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | Execution Status of Litigation (Arbitration) Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | | Case of the company suing Beijing Deruite Economic Development Co, Ltd and Cao Dejun | 16,101.06 | No | Final judgment rendered, entered execution stage | Final judgment supported part of the principal and interest, with priority for equity payment. Impact cannot be assessed | Application for execution filed with Hunan High Court, Cao Dejun's related assets frozen, entered execution stage | | Arbitration application by company subsidiary Huatian Asset Management against Gao Xixi, Qi Wenjun, Xie Cejin, and Beijing Zhonghong Jiaye Investment Co, Ltd | 5,270.89 | No | Award rendered, application for execution filed with Beijing First Intermediate People's Court | Awarded respondents to jointly repurchase equity and pay liquidated damages. Subsequent execution results are uncertain, impact cannot be determined | Execution funds totaling **CNY 1.83 million** have been recovered | | Hunan Changhua Huishao Tourism Highway Construction Investment Co, Ltd suing Huatian Hotel Group Co, Ltd for land contract management right transfer contract dispute | 14,942.3 | No | Retrial second instance under review, no judgment yet | Retrial first instance ruled the company to pay **CNY 9.27 million** in development and operation right transfer fees and interest, rejecting the company's counterclaim. Impact on current or future profits cannot be determined | - | | Tu Lishan suing Hunan Huitang Hot Spring Huatian City Real Estate Co, Ltd and Hunan Huatian Decoration Co, Ltd for construction project contract dispute | 3,095.73 | No | First instance judgment rendered, company filed an appeal | First instance ruled Huatian Decoration to pay **CNY 4.97 million** in project fees and interest, Huitang Real Estate to bear responsibility within the scope of unpaid project fees to Huatian Decoration | - | - Other lawsuits involving the company and its consolidated subsidiaries, not meeting the disclosure threshold for major lawsuits, totaled **CNY 24.07 million**, some concluded, some ongoing, with no significant impact[79](index=79&type=chunk) [IX. Penalties and Rectification Measures](index=24&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) No penalties or rectification measures were imposed on the company during the reporting period - No penalties or rectification measures were imposed on the company during the reporting period[80](index=80&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=24&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) No integrity issues were identified for the company, its controlling shareholder, or actual controller during the reporting period - No integrity issues were identified for the company, its controlling shareholder, or actual controller during the reporting period[81](index=81&type=chunk) [XI. Major Related Party Transactions](index=25&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) Routine related party transactions occurred, with actual amounts below estimates due to market demand; no significant asset, equity, or non-operating debt transactions Related Party Transactions Related to Daily Operations | Related Party | Related Transaction Content | Related Transaction Amount (CNY 10,000) | Proportion of Similar Transactions | Approved Transaction Limit (CNY 10,000) | Exceeded Transaction Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | Hunan Huatian Decoration Co, Ltd | Receiving decoration services | 512.41 | 2.21% | 3,000 | No | | Hunan Tourism Development Investment Group Co, Ltd | Purchasing goods | 0.81 | 0.00% | 200 | No | | Hunan Tourism Development Investment Group Co, Ltd | Selling hotel products, consumption, outsourced labor | 1,144.59 | 4.52% | 3,800 | No | | Hunan Tourism Development Investment Group Co, Ltd | Leasing out venues | 186.39 | 6.72% | 500 | No | | Hunan Huatian International Travel Service Co, Ltd | Leasing out venues | 31.06 | 1.12% | 100 | No | | Hunan Tourism Development Investment Group Co, Ltd | Leasing in venues | 425.00 | 9.79% | 950 | No | | Hunan Tourism Development Investment Group Co, Ltd | Leasing in venues | 0 | 0.00% | 1,000 | No | | Changsha Jingjiang Housing Lease Co, Ltd | Leasing in venues | 183.33 | 4.22% | 450 | No | | **Total** | **-** | **2,483.59** | **-** | **10,000** | **-** | - The company's estimated total routine related party transactions for 2025 were **CNY 100 million**, with actual transactions during the reporting period less than 50% of the estimate, mainly due to fluctuations in effective demand[83](index=83&type=chunk) - The company had no related party transactions involving asset or equity acquisition or disposal during the reporting period[84](index=84&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[85](index=85&type=chunk) - The company had no non-operating related party receivables or payables during the reporting period[86](index=86&type=chunk) [XII. Major Contracts and Their Performance](index=27&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company manages 32 hotels, has significant lease agreements, and its total external guarantees amount to **CNY 274.43 million** - The company currently manages 32 hotels, of which 30 are operational (including 8 Sunshine brand hotels under management), and 2 are pending opening[90](index=90&type=chunk) - The company's Furong Huatian Hotel operates under a contracting arrangement[91](index=91&type=chunk) - The company has two major lease contracts, with annual rents of **CNY 27.5 million** and **CNY 18 million** respectively[92](index=92&type=chunk)[93](index=93&type=chunk) Company Guarantee Total | Indicator | Amount (CNY 10,000) | | :--- | :--- | | Total approved external guarantee limit at end of reporting period | 74,692.9 | | Total actual external guarantee balance at end of reporting period | 24,692.9 | | Total approved guarantee limit for subsidiaries at end of reporting period | 2,750 | | Total actual guarantee balance for subsidiaries at end of reporting period | 2,750 | | **Total approved guarantee limit at end of reporting period** | **77,442.9** | | **Total actual guarantee balance at end of reporting period** | **27,442.9** | | **Proportion of actual guarantee total to company net assets** | **19.01%** | | Of which: Debt guarantees provided directly or indirectly to guaranteed parties with asset-liability ratio exceeding 70% | 2,750 | - Yongzhou Huatian City signed a entrusted cooperative development contract with Haobangmei Company, with subsequent supplementary agreements, but development progress was affected[97](index=97&type=chunk)[98](index=98&type=chunk) [XIII. Explanation of Other Significant Matters](index=30&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) No other significant matters requiring disclosure occurred during the reporting period - No other significant matters requiring disclosure occurred during the reporting period[99](index=99&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=30&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) No significant matters concerning subsidiaries occurred during the reporting period - No significant matters concerning subsidiaries occurred during the reporting period[100](index=100&type=chunk) Section VI Share Changes and Shareholder Information [I. Share Changes](index=31&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital remained unchanged, with **1,018,926,000** unrestricted shares, representing 100% Share Changes | Item | Quantity Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (shares) | Quantity After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0.00% | 0 | 0 | 0.00% | | II. Unrestricted Shares | 1,018,926,000 | 100.00% | 0 | 1,018,926,000 | 100.00% | | **III. Total Shares** | **1,018,926,000** | **100.00%** | **0** | **1,018,926,000** | **100.00%** | - During the reporting period, there were no reasons, approvals, or transfer situations for share changes, nor any progress in share repurchases[104](index=104&type=chunk) [II. Securities Issuance and Listing](index=32&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) No securities issuance or listing occurred during the reporting period - No securities issuance or listing occurred during the reporting period[104](index=104&type=chunk) [III. Company Shareholder Numbers and Shareholding Information](index=32&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) Total common shareholders were **45,195**; the controlling shareholder held **32.48%**, and the second-largest shareholder had **145.4 million** pledged shares - The total number of common shareholders at the end of the reporting period was **45,195**[105](index=105&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period (shares) | Change in Shares During Reporting Period (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Number of Pledged, Marked, or Frozen Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hunan Tourism Development Investment Group Co, Ltd | State-owned Legal Person | 32.48% | 330,908,920 | 0 | 330,908,920 | Not Applicable | 0 | | Hunan Huaxin Hengyuan Equity Investment Enterprise (Limited Partnership) | Domestic Non-state-owned Legal Person | 22.72% | 231,500,000 | 0 | 231,500,000 | Pledged | 145,400,000 | - The company's controlling shareholder, Hunan Tourism Development Investment Group Co, Ltd, has no related party relationship with other top ten shareholders, and it is unknown whether other shareholders have related party relationships[107](index=107&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=34&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) No changes in shareholdings of directors, supervisors, or senior management occurred during the reporting period - No changes occurred in the shareholdings of the company's directors, supervisors, or senior management during the reporting period[108](index=108&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=34&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) No changes occurred in the company's controlling shareholder or actual controller during the reporting period - No changes occurred in the company's controlling shareholder during the reporting period[109](index=109&type=chunk) - No changes occurred in the company's actual controller during the reporting period[109](index=109&type=chunk) Section VII Bond-Related Information [Bond-Related Information](index=36&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) No bond-related matters occurred during the reporting period - No bond-related matters occurred during the reporting period[112](index=112&type=chunk) Section VIII Financial Report [I. Audit Report](index=37&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[114](index=114&type=chunk) [II. Financial Statements](index=37&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents consolidated and parent company financial statements, showing decreased total assets, net assets, and a net loss Major Data from Consolidated Balance Sheet | Item | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 4,454,455,714.73 | 4,627,161,818.32 | | Total Liabilities | 3,543,894,896.58 | 3,585,144,865.32 | | Total Equity Attributable to Parent Company Owners | 1,443,909,837.45 | 1,549,995,632.26 | | Total Owners' Equity | 910,560,818.15 | 1,042,016,953.00 | Major Data from Consolidated Income Statement | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 253,149,599.84 | 306,246,048.78 | | Operating Profit | -135,945,763.60 | -100,262,318.00 | | Total Profit | -134,885,961.07 | -99,862,659.54 | | Net Profit | -132,072,148.78 | -98,017,458.84 | | Net Profit Attributable to Parent Company Shareholders | -106,701,808.74 | -78,769,089.96 | | Basic Earnings Per Share (CNY/share) | -0.1047 | -0.0773 | Major Data from Consolidated Cash Flow Statement | Item | Half-Year 2025 (CNY) | Half-Year 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 10,180,234.72 | 51,289,669.59 | | Net Cash Flow from Investing Activities | -17,865,935.01 | -29,833,252.04 | | Net Cash Flow from Financing Activities | -48,581,521.71 | -96,501,771.23 | | Net Increase in Cash and Cash Equivalents | -56,267,222.00 | -75,045,353.68 | [III. Company Basic Information](index=54&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Established in 1996 with **CNY 1.02 billion** registered capital, the company's main business is hotel services, supplemented by lifestyle services - The company's registered capital is **CNY 1.02 billion**, with a total of **1,018,926,000** shares, and its shares were listed on the Shenzhen Stock Exchange on August 8, 1996[148](index=148&type=chunk) - The company's main business scope includes hotel commerce and lifestyle services such as laundry, housekeeping, property management, and security, with its main products or services being hotel accommodation, catering, and lifestyle services[148](index=148&type=chunk) [IV. Basis of Financial Statement Preparation](index=55&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) Financial statements are prepared under the going concern assumption, adhering to accounting standards and disclosure regulations - Financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant disclosure requirements of the China Securities Regulatory Commission[149](index=149&type=chunk) - Accounting is based on the accrual method, and all items are measured at historical cost, except for specific financial instruments and investment properties[149](index=149&type=chunk) - The Group has no events or circumstances that would cause significant doubt about its ability to continue as a going concern for 12 months from the end of the reporting period[150](index=150&type=chunk) [V. Significant Accounting Policies and Estimates](index=55&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's accounting policies and estimates for revenue, leases, and asset impairment, using CNY as the functional currency - The financial statements prepared by the company comply with the requirements of enterprise accounting standards and truly and completely reflect the financial position, operating results, and cash flows[152](index=152&type=chunk) - The company's accounting year is the calendar year, and the accounting period is from January 1, 2025, to June 30, 2025[153](index=153&type=chunk) - The company defines a business cycle as 12 months and uses it as the standard for classifying assets and liabilities as current or non-current[154](index=154&type=chunk) - The company uses Renminbi (CNY) as its functional currency[155](index=155&type=chunk) - The company has set materiality standards for various financial statement items, for example, individual accounts receivable exceeding 0.5% of total assets are considered material[155](index=155&type=chunk) - The company classifies financial assets into three categories based on business model and contractual cash flow characteristics: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[171](index=171&type=chunk) - The company provides for impairment of financial assets such as accounts receivable and other receivables based on expected credit losses[178](index=178&type=chunk)[179](index=179&type=chunk) - The company measures investment properties using the fair value model, without depreciation or amortization, and changes in fair value are recognized in current profit or loss[209](index=209&type=chunk) - The company depreciates fixed assets using the straight-line method, with buildings and structures depreciated over 20-50 years, and machinery and equipment over 5-10 years[212](index=212&type=chunk) - The company amortizes intangible assets (land use rights, management software) using the straight-line method, with land use rights amortized over 40-50 years and management software over 5 years[221](index=221&type=chunk) - The company recognizes revenue when the customer obtains control of the goods or as performance progresses, using different methods based on business types (real estate sales, hotel rooms, catering, etc)[233](index=233&type=chunk)[235](index=235&type=chunk)[236](index=236&type=chunk) [VI. Taxes](index=74&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section lists the company's main tax categories and rates, including VAT, urban construction tax, and corporate income tax Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services, calculated as output tax minus input tax | 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7% | | Corporate Income Tax | Taxable income | 25% | | Property Tax | Assessed at 1.2% of the original value of the property after a 20% deduction; or 12% of rental income for rental properties | 1.2%, 12% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | [VII. Notes to Consolidated Financial Statement Items](index=74&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) Consolidated financial statement notes detail decreased cash, increased borrowings, impaired receivables, and a net loss Monetary Funds | Item | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 72,369.84 | 298,000.59 | | Bank Deposits | 77,500,826.09 | 131,595,088.84 | | Other Monetary Funds | 9,077,604.14 | 11,675,468.07 | | **Total** | **86,650,800.07** | **143,568,557.50** | - At period-end, restricted bank deposits amounted to **CNY 77,849.75**, and restricted other monetary funds for guarantees amounted to **CNY 6,222,389.54**[252](index=252&type=chunk) Accounts Receivable by Age | Age | Ending Book Balance (CNY) | Beginning Book Balance (CNY) | | :--- | :--- | :--- | | Within 1 year | 34,912,917.81 | 22,922,656.29 | | 1 to 2 years | 5,576,866.33 | 2,156,185.91 | | 2 to 3 years | 2,031,307.59 | 2,804,203.86 | | Over 3 years | 28,957,318.31 | 28,791,414.93 | | **Total** | **71,478,410.04** | **56,674,460.99** | - At period-end, the total impairment provision for accounts receivable was **CNY 31,657,492.22**, with an impairment rate of 44.29%[257](index=257&type=chunk) Other Receivables by Nature of Payment | Nature of Payment | Ending Book Balance (CNY) | Beginning Book Balance (CNY) | | :--- | :--- | :--- | | Beijing Haobo Company advance payment | 623,212,647.37 | 623,212,647.37 | | Loudi Huatian financial assistance | 173,401,721.22 | 171,489,401.85 | | Huitang Tianyu land acquisition and return payment | 73,770,620.53 | 103,766,240.03 | | Other advance payments | 77,407,064.74 | 87,021,293.68 | | Deposits and guarantees | 15,307,580.95 | 13,598,282.95 | | Receivables from related parties | 11,788,934.67 | 9,325,528.86 | | **Total** | **974,888,569.48** | **1,008,413,394.74** | - At period-end, the total impairment provision for other receivables was **CNY 705,000,272.36**, with an impairment rate of 72.32%[272](index=272&type=chunk) Inventory Classification | Item | Ending Book Balance (CNY) | Ending Book Value (CNY) | | :--- | :--- | :--- | | Development Costs | 270,581,992.00 | 270,581,992.00 | | Developed Products | 190,217,650.78 | 190,217,650.78 | | Raw Materials | 8,093,430.64 | 8,093,430.64 | | Merchandise Inventory | 44,083.13 | 44,083.13 | | Revolving Materials | 10,896.17 | 10,896.17 | | **Total** | **468,948,052.72** | **468,948,052.72** | - At period-end, **CNY 119,160,683.98** of inventory from the Yiyang Huatian City Plaza project was restricted due to loan collateral[292](index=292&type=chunk) Assets Whose Ownership or Use Rights Are Restricted | Item | Ending Book Value (CNY) | Type of Restriction | Details of Restriction | | :--- | :--- | :--- | :--- | | Monetary Funds | 6,300,239.29 | Frozen, pledged deposits, time deposits not readily available | Various guarantees, other freezes | | Inventories | 119,160,683.98 | Mortgage | Loan collateral | | Fixed Assets | 1,066,441,847.47 | Mortgage | Loan collateral | | Intangible Assets | 181,417,148.32 | Mortgage | Loan collateral | | Long-term Equity Investments | 420,352,183.03 | Pledge | Xingxiang Group loan pledge | | Investment Properties | 260,812,307.52 | Mortgage | Loan collateral | | Construction in Progress | 99,233,415.00 | Mortgage | Loan collateral | | **Total** | **2,153,717,824.61** | **-** | **-** | Short-term Borrowings Classification | Item | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Secured Loans | 1,436,868,977.40 | 1,399,805,447.87 | | Unsecured Loans | 135,720,316.70 | 75,125,990.57 | | **Total** | **1,572,589,294.10** | **1,474,931,438.44** | Operating Revenue and Operating Cost | Item | Current Period Revenue (CNY) | Current Period Cost (CNY) | Prior Period Revenue (CNY) | Prior Period Cost (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 250,724,121.89 | 219,685,731.12 | 299,558,793.20 | 233,235,148.59 | | Other Business | 2,425,477.95 | 211,779.05 | 6,687,255.58 | 208,617.94 | | **Total** | **253,149,599.84** | **219,897,510.17** | **306,246,048.78** | **233,443,766.53** | Financial Expenses | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Interest Expense | 47,868,348.96 | 48,343,553.02 | | Less: Interest Income | 2,158,877.97 | 625,769.00 | | Amortization of Unrecognized Financing Expenses | 4,841,398.40 | 6,915,017.25 | | Financial Institution Fees and Other | 485,101.83 | 674,907.58 | | **Total** | **51,035,971.22** | **55,307,708.85** | Income Tax Expense | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Current Income Tax Expense | -741,163.22 | 227,448.37 | | Deferred Income Tax Expense | -2,072,649.07 | -2,072,649.07 | | **Total** | **-2,813,812.29** | **-1,845,200.70** | [VIII. Research and Development Expenses](index=102&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure was **CNY 704,932.73**, primarily for employee compensation and design fees, all expensed Research and Development Expenses | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 625,064.62 | - | | Design Fees | 73,589.11 | - | | Other | 6,279.00 | - | | **Total** | **704,932.73** | **-** | | Of which: Expensed R&D Expenditure | 704,932.73 | - | [IX. Changes in Consolidation Scope](index=102&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The company established a new subsidiary, Huatian Hotel Group Korea Co., Ltd., changing the scope of consolidation - The company established a new subsidiary, Huatian Hotel Group Korea Co, Ltd, leading to a change in the scope of consolidation[426](index=426&type=chunk) [X. Interests in Other Entities](index=102&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section details equity in subsidiaries and associates, with some subsidiaries reporting significant losses; associates are equity-accounted Important Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio | Net Profit Attributable to Minority Shareholders for the Period (CNY) | Dividends Declared to Minority Shareholders for the Period (CNY) | Minority Interest Balance at Period-End (CNY) | | :--- | :--- | :--- | :--- | :--- | | Hunan Huitang Hot Spring Huatian City Real Estate Co, Ltd | 38.00% | -22,787,822.58 | - | -610,379,133.92 | | Hunan Huatian Hotel Management Co, Ltd | 10.00% | -348,888.85 | - | 646,421.96 | | Zhangjiajie Huatian Hotel Management Co, Ltd | 5.58% | -174,962.59 | - | 17,391,376.70 | - The company acquired 44.71% equity of Zhuzhou Huatian Hotel Co, Ltd through a business combination under common control and included it in the consolidation scope due to its ability to determine financial and operating decisions[429](index=429&type=chunk) Major Financial Information of Important Associates (Ending Balance/Current Period Amount) | Item | Century Huatian (Hotel) (CNY) | Loudi Huatian (CNY) | | :--- | :--- | :--- | | Total Assets | 267,756,883.79 | 349,375,729.43 | | Total Liabilities | 34,163,408.29 | 492,244,208.04 | | Equity Attributable to Parent Company Shareholders | 233,593,475.50 | -142,868,478.61 | | Book Value of Equity Investment in Associates | 405,570,475.37 | 17,245,325.60 | | Operating Revenue | 49,097,935.92 | 12,536,343.35 | | Net Profit | 8,505,856.89 | -5,802,631.84 | | Total Comprehensive Income | 8,505,856.89 | -5,802,631.84 | - The book value of the company's investments in unimportant joint ventures and associates totaled **CNY 3,693,662.75**, with net profit and total comprehensive income for the period both at **-CNY 86,462.10**[442](index=442&type=chunk) [XI. Government Grants](index=106&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) Government grants recognized in profit or loss totaled **CNY 2.38 million**, primarily income-related and tax refund subsidies Government Grants Recognized in Current Profit or Loss | Accounting Account | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Other Income | 2,382,484.24 | 2,773,819.30 | | **Total** | **2,382,484.24** | **2,773,819.30** | - The **CNY 31,576.42** in asset-related government grants from deferred income at the beginning of the period was transferred to other income during the current period, reducing the ending balance to 0[446](index=446&type=chunk) [XII. Risks Related to Financial Instruments](index=107&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks through prudent financial practices, with interest rate changes significantly impacting net profit - The company's credit risk primarily arises from monetary funds and receivables, managed by depositing funds with highly-rated financial institutions and regularly assessing customer credit[450](index=450&type=chunk) - The company manages liquidity risk by utilizing various financing methods such as bill settlement and bank borrowings, and by appropriately combining long-term and short-term financing[451](index=451&type=chunk) Financial Liabilities by Remaining Maturity (Period-End) | Item | Book Value (CNY) | Undiscounted Contractual Amount (CNY) | Within 1 Year (CNY) | 1-3 Years (CNY) | Over 3 Years (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bank Borrowings | 1,988,141,965.92 | 2,038,642,600.62 | 1,697,002,586.20 | 341,640,014.42 | - | | Accounts Payable | 47,902,319.51 | 47,902,319.51 | 47,902,319.51 | - | - | | Other Payables | 1,179,374,398.79 | 1,209,410,433.41 | 1,209,410,433.41 | - | - | | Other Current Liabilities | 9,982,469.62 | 9,982,469.62 | 9,982,469.62 | - | - | | Long-term Payables (including current portion) | 1,080,000.00 | 1,080,000.00 | 1,080,000.00 | - | - | | Lease Liabilities (including current portion) | 132,762,540.59 | 146,384,812.84 | 80,425,165.09 | 49,982,147.75 | 15,977,500.00 | | **Subtotal** | **3,359,243,694.43** | **3,453,402,636.00** | **3,045,802,973.83** | **391,622,162.17** | **15,977,500.00** | - As of June 30, 2025, the company's bank borrowings with floating interest rates amounted to **CNY 524.81 million**, and a hypothetical increase/decrease of 50 basis points in interest rates would lead to a decrease/increase of **CNY 1.97 million** in shareholders' equity and net profit[455](index=455&type=chunk) - The company's main activities are denominated in CNY, so the market risk from foreign exchange fluctuations is not significant[455](index=455&type=chunk) [XIII. Fair Value Disclosure](index=109&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) Fair value disclosures for assets and liabilities include equity investments and investment properties, valued using income or market approaches Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 3 Fair Value Measurement (CNY) | Level 2 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | | Other Equity Instrument Investments | 67,334,145.99 | - | 67,334,145.99 | | Investment Properties | - | 283,696,345.00 | 283,696,345.00 | | **Total Assets Continuously Measured at Fair Value** | **67,334,145.99** | **283,696,345.00** | **351,030,490.99** | - The fair value of investment properties is primarily assessed using the income approach or market comparison approach[459](index=459&type=chunk) - The fair value of other equity instrument investments is estimated based on the present value of expected future cash flows[460](index=460&type=chunk) [XIV. Related Parties and Related Party Transactions](index=110&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's controlling shareholder is Hunan Tourism Development Investment Group, with various related party transactions and entrusted management arrangements - The company's controlling shareholder is Hunan Tourism Development Investment Group Co, Ltd, and the ultimate controlling party is the State-owned Assets Supervision and Administration Commission of Hunan Provincial People's Government[461](index=461&type=chunk) - The company has related party transactions with Hunan Huatian Decoration Co, Ltd, Hunan Tourism Group, Jinyuan Sunshine Hotel, and other related parties for purchasing and selling goods, providing and receiving labor services[467](index=467&type=chunk)[468](index=468&type=chunk) - The company is entrusted with managing the equity of 7 enterprises and the agency management right of 1 enterprise under Hunan Sunshine Asset Management Group Co, Ltd, to resolve horizontal competition issues[470](index=470&type=chunk) - As a lessor, the company leases out buildings to related parties such as Hunan Tourism Development Investment Group Co, Ltd and Hunan Huatian International Travel Service Co, Ltd[472](index=472&type=chunk) - As a lessee, the company leases buildings from related parties such as Changsha Jingjiang Housing Lease Co, Ltd and Hunan Furong Huatian Hotel Co, Ltd[473](index=473&type=chunk)[474](index=474&type=chunk) - Remuneration for key management personnel was **CNY 1,377,657.93** for the current period, compared to **CNY 1,192,723.44** for the prior period[476](index=476&type=chunk) - The company has outstanding balances with related parties for accounts receivable, other receivables, accounts payable, advance receipts, other payables, and contract liabilities[477](index=477&type=chunk)[479](index=479&type=chunk)[480](index=480&type=chunk)[481](index=481&type=chunk) [XV. Share-Based Payment](index=117&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) No share-based payment arrangements existed during the reporting period - No share-based payment arrangements existed during the reporting period[482](index=482&type=chunk) [XVI. Commitments and Contingencies](index=117&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) Significant commitments exist for sale-and-leaseback arrangements totaling **CNY 111.70 million** in future lease payments; no material contingencies - As of June 30, 2025, the total future lease payments for the company's sale-and-leaseback business, including property-type hotel leases and "sale-and-leaseback" hotel room leases, amounted to **CNY 111.70 million**[483](index=483&type=chunk)[484](index=484&type=chunk) - The company had no significant contingent matters requiring disclosure during the reporting period[485](index=485&type=chunk) [XVII. Post-Balance Sheet Events](index=118&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) Post-balance sheet events include first-instance judgments on construction and land transfer disputes, with the company appealing both cases - After the balance sheet date, the company received the first-instance judgment in the construction project contract dispute case with Tu Lishan, ruling that the company's subsidiary Huatian Decoration should pay project fees and interest, with Huitang Huatian City bearing partial responsibility[487](index=487&type=chunk) - The company received the retrial first-instance judgment in the land contract management right transfer contract dispute case with Hunan Changhua Huishao Tourism Highway Construction Investment Co, Ltd, ruling the company to pay development and operation right transfer fees and interest; the company has filed an appeal, and the case is currently in retrial second instance review[490](index=490&type=chunk) [XVIII. Other Significant Matters](index=119&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) No reportable segments; significant matters include partial recovery of Star Eastern investment and full impairment of Beijing Haobo receivables - The company has no reportable segments; operating revenue and operating costs by product/region are detailed in Section VIII, VII.35[491](index=491&type=chunk) - The arbitration for

证券代码：000428 证券简称：华天酒店 公告编号：2025-017 华天酒店集团股份有限公司 详见公司同日在《证券时报》《证券日报》《上海证券报》《中国证券报》 及巨潮资讯网上披露的《2025 年半年度报告摘要》，以及在巨潮资讯网上披露的 《2025 年半年度报告》。 2.审议通过了《关于修订<公司章程>及附件的议案》 第九届董事会第三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 华天酒店集团股份有限公司（以下简称"公司"）第九届董事会第三次会议 于 2025 年 8 月 22 日在湖南华天大酒店贵宾楼四楼芙蓉 A 厅以现场结合通讯方式 召开。本次会议已于 2025 年 8 月 12 日以书面和电子邮件的方式通知全体董事。 公司董事 9 名，实际参加表决的董事 9 名。其中，董事向军先生以通讯方式参加 表决。会议由公司董事长杨宏伟先生主持，公司监事和高级管理人员列席了会议， 会议的召开程序符合《公司法》《公司章程》等有关规定。 二、董事会会议审议情况 本次会议经审议形成如下决议： 1.审议通过了《公司 2025 年 ...

Market Performance - The hotel and catering sector increased by 2.29% on August 25, with Quan Jud leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Individual Stock Performance - Quan Jud (002186) closed at 13.74, up 10.01% with a trading volume of 345,100 shares and a transaction value of 452 million [1] - Shou Lv Hotel (600258) closed at 15.14, up 3.20% with a trading volume of 346,700 shares and a transaction value of 517 million [1] - Xi'an Catering (000721) closed at 10.44, up 2.65% with a trading volume of 936,300 shares and a transaction value of 26.68 million [1] - Junting Hotel (301073) closed at 25.33, up 2.63% with a trading volume of 141,500 shares and a transaction value of 356 million [1] - Tongqing Lou (605108) closed at 20.86, up 1.81% with a trading volume of 66,300 shares and a transaction value of 137 million [1] - Jin Jiang Hotel (600754) closed at 23.61, up 0.85% with a trading volume of 156,300 shares and a transaction value of 367 million [1] - Jinling Hotel (601007) closed at 7.96, up 0.76% with a trading volume of 195,700 shares and a transaction value of 155 million [1] - Huatian Hotel (000428) closed at 3.71, up 0.54% with a trading volume of 480,900 shares and a transaction value of 179 million [1] - ST Yunwang (002306) closed at 1.93, unchanged with a trading volume of 256,300 shares and a transaction value of 49.29 million [1] Capital Flow - The hotel and catering sector saw a net inflow of 122 million from main funds, while retail investors experienced a net outflow of 1.04 billion [1] - The main funds' net inflow for Quan Jud was 78.36 million, accounting for 17.34% of its trading volume [2] - Shou Lv Hotel had a main fund net inflow of 36.59 million, representing 7.08% of its trading volume [2] - Junting Hotel recorded a main fund net inflow of 12.87 million, accounting for 3.62% of its trading volume [2] - Jin Jiang Hotel had a main fund net inflow of 304.15 thousand, representing 0.83% of its trading volume [2] - Tongqing Lou saw a main fund net inflow of 228.29 thousand, accounting for 1.66% of its trading volume [2]

Market Overview - On August 21, the hotel and catering sector rose by 0.07% compared to the previous trading day, with Huazhong Hotel leading the gains [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Individual Stock Performance - Huazhong Hotel (code: 000428) closed at 3.61, up 1.40% with a trading volume of 387,800 shares and a transaction value of 139 million [1] - Junting Hotel (code: 301073) closed at 24.68, up 1.36% with a trading volume of 142,900 shares and a transaction value of 352 million [1] - Jinjiang Hotel (code: 600754) closed at 23.39, up 1.34% with a trading volume of 184,000 shares and a transaction value of 428 million [1] - Other notable performances include Jining Hotel (code: 601007) with a slight increase of 0.13% and Xian Catering (code: 000721) down by 0.20% [1] Capital Flow Analysis - The hotel and catering sector experienced a net outflow of 91.614 million from institutional investors and 59.3465 million from speculative funds, while retail investors saw a net inflow of 151 million [1] - Jinjiang Hotel had a net inflow of 36.1067 million from institutional investors, while it faced a net outflow of 13.1479 million from speculative funds [2] - Xian Catering saw a net outflow of 10.3595 million from institutional investors but a net inflow of 72.7358 million from retail investors [2]

Market Overview - The hotel and catering sector increased by 3.16% on August 20, with Xi'an Catering leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Stock Performance - Key stocks in the hotel and catering sector showed significant gains, with Xi'an Catering closing at 9.85, up 10.06%, and Quanjude at 12.82, up 8.00% [1] - Other notable performers included ST Yunwang, Tongqinglou, and Huatian Hotel, with respective increases of 4.79%, 3.19%, and 2.89% [1] Capital Flow - The hotel and catering sector saw a net inflow of 310 million yuan from institutional investors, while retail investors experienced a net outflow of 227 million yuan [1] - Specific stock capital flows indicated that Xi'an Catering had a net inflow of 229 million yuan from institutional investors, despite a net outflow of 104 million yuan from retail investors [2]

Market Performance - The Shanghai Composite Index rose by 1.04%, closing at 3766.2104 points [1] - The Shenzhen Component Index increased by 0.89%, closing at 11926.741 points [1] Top Gainers in Hunan Stocks - JiuGuiJiu opened at 57.010 and closed at 63.470, gaining 10.00% with a trading volume of 337,993 lots [2] - Hunan Gold opened at 18.880 and closed at 19.670, up 3.91% with a trading volume of 804,976 lots [2] - Yueyang Xingchang opened at 16.660 and closed at 17.330, increasing by 3.90% with a trading volume of 140,340 lots [2] - Yanjinpuzi opened at 71.300 and closed at 73.960, rising by 3.83% with a trading volume of 49,479 lots [2] - Huatian Hotel opened at 3.480 and closed at 3.560, up 2.89% with a trading volume of 482,926 lots [2] Top Losers in Hunan Stocks - Hengli Tui opened at 0.160 and closed at 0.150, down 11.76% with a trading volume of 611,606 lots [3] - Kaimeteqi opened at 16.920 and closed at 15.980, decreasing by 10.02% with a trading volume of 1,491,015 lots [3] - Changlan Technology opened at 19.600 and closed at 19.160, down 4.15% with a trading volume of 186,352 lots [3] - Shanhe Intelligent opened at 17.200 and closed at 17.090, decreasing by 2.90% with a trading volume of 1,915,990 lots [3] - *ST Gaosi opened at 8.970 and closed at 8.690, down 2.03% with a trading volume of 90,469 lots [3]

证券之星消息，8月19日酒店餐饮板块较上一交易日上涨0.28%，全 聚 德领涨。当日上证指数报收于 3727.29，下跌0.02%。深证成指报收于11821.63，下跌0.12%。酒店餐饮板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002186 | 全聚德 | 11.87 | 4.03% | 17.78万 | 2.10亿 | | 605108 | 同庆楼 | 20.09 | 1.57% | 5.50万 | 1.10亿 | | 000428 | 华天酒店 | 3.46 | 1.47% | 23.62万 | 8137.61万 | | 601007 | 金陵饭店 | 7.75 | 0.52% | 12.50万 ﻞ | 9654.60万 | | 301073 | 君亭酒店 | 23.69 | 0.38% | 7.19万 | 1.70亿 | | 600258 | 首旅酒店 | 14.33 | 0.07% | 16.14万 | 2.31亿 | | 000721 | 西安饮食 | 8 ...

证券之星消息，8月18日酒店餐饮板块较上一交易日上涨0.58%，*ST云网领涨。当日上证指数报收于 3728.03，上涨0.85%。深证成指报收于11835.57，上涨1.73%。酒店餐饮板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002306 | *ST云网 | 1.91 | 1.60% | 43.03万 | 8253.69万 | | 601007 | 金陵饭店 | 7.71 | 1.05% | 12.24万 | 9415.39万 | | 000721 | 西安饮食 | 8.96 | 0.90% | 32.10万 | 2.87亿 | | 600754 | 锦江酒店 | 22.80 | 0.75% | - 14.66万 | 3.34亿 | | 301073 | 君喜酒店 | 23.60 | 0.68% | 8.99万 | 2.12亿 | | 605108 | 同庆楼 | 19.78 | 0.46% | 4.44万 | 8781.64万 | | 002186 | 全聚德 ...

Market Overview - On August 15, the hotel and catering sector rose by 1.17% compared to the previous trading day, with *ST Yunwang leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Stock Performance - The following stocks in the hotel and catering sector showed notable performance: - *ST Yunwang: Closed at 1.88, up 5.03% with a trading volume of 322,600 shares and a turnover of 59.82 million yuan [1] - Shoulv Hotel: Closed at 14.28, up 1.78% with a trading volume of 255,900 shares and a turnover of 361 million yuan [1] - Huatian Hotel: Closed at 3.41, up 1.49% with a trading volume of 240,900 shares and a turnover of 81.97 million yuan [1] - Other notable stocks include Tongqinglou, Jinjiang Hotel, and Junting Hotel, with varying degrees of increase [1] Capital Flow - The hotel and catering sector experienced a net inflow of 4.18 million yuan from institutional investors, while retail investors contributed a net inflow of 16.05 million yuan [1] - The following details highlight the capital flow for specific stocks: - *ST Yunwang: Institutional net inflow of 19.30 million yuan, retail net outflow of 9.30 million yuan [2] - Shoulv Hotel: Institutional net inflow of 15.02 million yuan, retail net outflow of 6.92 million yuan [2] - Huatian Hotel: Retail net inflow of 0.65 million yuan despite institutional net outflow [2] - Other stocks like Xianyin Food and Junting Hotel showed significant retail inflows despite institutional outflows [2]

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 301073 君亭酒店 | | 1136.69万 | 10.35% | -614.57万 | -5.60% | -522.12万 | -4.76% | | 002306 *ST云网 | | 325.62万 | 10.82% | -222.58万 | -7.39% | -103.04万 | -3.42% | | 605108 | 同庆楼 | 156.55万 | 2.95% | -262.61万 | -4.96% | 106.05万 | 2.00% | | 000721 西安饮食 | | 14.89万 | 0.18% | -25.12万 | -0.30% | 10.23万 | 0.12% | | 002186 全聚德 | | -11.01万 | -0.13% | -295.57万 | -3.63% | 306.57万 | 3.76% | | 000428 华天酒店 | | ...