2025 年公司正式启动加盟业务，成立君亭尚品、君亭酒店、观涧酒店三大品 牌，目标三年达到千店规模。加盟帮助公司提升轻资产变现能力，引入头部管理 人复刻希岸成功经验。样板店罗湖店落地，瞄准新世代差旅消费市场。 利用体外杠杆，落地产业基金。2023 年君达城子公司君荟投资设立多支酒店产 业私募投资基金， 该模式是通过市场化融资的方式降低直营店开店风险。2023 年首个酒店项目广东佛山千灯湖君亭酒店落地，按照君亭酒店单店投资约 2000- 5000 万不等，则 5 亿元基金有望培育 10+酒店项目，支撑公司中线成长。公司先 后与中旅、建发、希尔顿进行合作，会员版图扩大，未来联合品牌有望落地。 一店一品打造溢价模型，委管加盟开疆拓土 ——君亭酒店首次覆盖报告 投资要点 ❑ 区别于市场：中高端酒店竞争激烈，国际龙头和本土竞争对手快速布局，君亭 体量相对较小，市场担心公司的标准化竞争能力。我们认为酒店休闲需求占比 接近 40%，旅游 beta 下，公司通过定位中高端商旅+度假需求，一店一品差异 化设计酒店产品，差异化的产品竞争路线形成高于竞对的 RevPAR 水平，从而 实现更强的单店盈利能力。管理机制上，公司民营体制 ...

证券代码：301073 证券简称：君亭酒店 公告编号：2025-001 君亭酒店集团股份有限公司 关于与专业投资机构设立合伙企业共同投资的公告 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。 特别提示： 1、君亭酒店集团股份有限公司（以下简称"公司"）控股二级子公司南京 君荟投资管理有限责任公司（以下简称"君荟投资"）与深圳领汇实业有限公司、 专业投资机构华能贵诚信托有限公司（代表"华能信托·君亭稳盈集合资金信托 计划"）共同签署了《广东华君鑫运企业管理合伙企业(有限合伙)有限合伙协议》 （一）普通合伙人基本情况 （以下简称"合伙协议"），共同投资设立合伙企业广东华君鑫运企业管理合伙企 业(有限合伙)。 本合伙企业的认缴出资总额为 10881 万元。其中，华能贵诚信托有限公司 （代表"华能信托·君亭稳盈集合资金信托计划"）作为有限合伙人，认缴出资额 为 9023 万元；君荟投资作为有限合伙人，认缴出资额为 1848 万元；深圳领汇实 业有限公司作为普通合伙人，认缴出资额为 10 万元。 2、本次共同投资不构成同业竞争和关联交易，亦未构成《上市公司重大资 产重组 ...

Group 1: Market Overview - The Chinese franchise market has significant growth potential, with a projected doubling in size over the next 5-10 years [2] - The mid-to-high-end market has become the main growth driver since 2020, while mid-range and economy hotels have seen stagnation or negative growth [2] Group 2: Franchise Business Model - The franchise team is led by experienced professionals, including the co-founder of a leading hotel brand, with over 1,250 franchise resources [2] - The company aims to become one of the top three brands in the mid-to-high-end hotel sector within three years, targeting over 1,000 locations [5] Group 3: Differentiation Advantages - Brand strength is emphasized through a unique development strategy that aligns with national support for local brands [3] - The business model leverages over 20 years of direct operation experience, creating a robust financial model [3] - The company has a rich resource pool, including a large client travel platform and membership system [3] Group 4: Brand Positioning - "Jun Ting Shang Pin" targets the light mid-to-high-end market with a room cost of approximately 100,000 RMB, suitable for various city tiers [4] - "Jun Ting" focuses on mid-to-high-end urban resorts, with a room cost of around 140,000 RMB, catering to modern business travelers [4] - "Guan Juan" is positioned as a high-end service product with a room cost of 140,000-150,000 RMB, targeting business areas in major cities [4] Group 5: Financial Projections - The investment recovery period for all three brands is targeted at four years or less, with a GOP rate goal of 60-70% [8] - For "Jun Ting Shang Pin," the expected ADR is 320-380 RMB, with an occupancy rate of 80-90% [8] - "Jun Ting" anticipates an ADR of 360-420 RMB, while "Guan Juan" expects an ADR of 400-450 RMB [8] Group 6: Strategic Partnerships - A strategic partnership with Hilton was established to enhance high-end hotel offerings, focusing on brand management and membership services [13] - The collaboration aims to leverage both companies' strengths in the Chinese market [13] Group 7: Talent Development - The company employs a dual approach for talent development, combining internal training with external recruitment [12] - Partnerships with educational institutions are in place to cultivate future hotel managers [12] Group 8: Franchisee Considerations - Key factors for franchisees include investment recovery period, brand prestige, emotional connection to the business, and asset appreciation potential [11] - The company prioritizes alignment in values and economic capability when selecting franchisees [11]

[Table_Page] 跟踪研究|酒店餐饮 证券研究报告 [Table_Title] 君亭酒店（301073.SZ） 宣布进军加盟，向规模化目标迈进 [Table_Summary] 核心观点： 盈利预测： | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 342 | 534 | 665 | 810 | 974 | | 增长率（ % ） | 23.2% | 56.2% | 24.6% | 21.8% | 20.3% | | EBITDA（百万元） | 157 | 250 | 230 | 302 | 362 | | 归母净利润（百万元） | 30 | 31 | 29 | 85 | 131 | | 增长率（ ） % | -19.4% | 2.6% | -5.1% | 193.9% | 54.0% | | EPS（元/股） | 0.18 | 0.16 | 0.15 | 0.44 | 0.67 | | 市盈率（P/E） | 389.44 | 14 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 君亭酒店(301073.SZ) 投资评级 上次评级 [Table_A 宿一赫 uthor 社服分析师 ] 执业编号：S1500524080004 联系电话：15721449682 邮 箱：suyihe@cindasc.com 张洪滨 社服行业研究助理 联系电话：18916616659 邮 箱：zhanghongbin@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 君亭酒店事件点评：从零到一开放加盟，自深 耕模型到品牌管理转型，重述成长故事 [Table_ReportDate] 2025 年 1 月 3 日 [Table_S 事件：君亭酒店开启加盟市场。 ummary] 君亭酒店成立合资公司君行酒店管理（深圳） 有限公司，标志着君亭二十多年来首次全面进军加盟市场。君行酒店总经理 莫鑫亨先生系前锦江酒店中国区希岸联合创始人，有多年的品牌酒店开发、 品牌 ...

证券时报e公司讯，企查查APP显示，君行酒店管理（深圳）有限公司成立，法定代表人为朱晓东，注 册资本为1000万元，经营范围包含：酒店管理；会议及展览服务；健身休闲活动；日用品销售；办公服 务；停车场服务；组织文化艺术交流活动；企业形象策划；物业管理等。 企查查股权穿透显示，该公司由君亭酒店、花开一行酒店管理（深圳）有限公司共同持股。 ...

[Table_Title] 君亭酒店（301073.SZ） 携手希尔顿，共拓高端酒店市场 [Table_Summary] 核心观点： ⚫ 事件：据君亭酒店公众号，公司于 11 月 6 日宣布与希尔顿集团签署战 略合作意向书，双方拟建立长期、全面的合作伙伴关系，共同推动在中 国大陆地区高端酒店及目的地度假村方面的发展。 ⚫ 希尔顿集团是国际知名酒店管理公司，据君亭酒店公众号，希尔顿旗 下拥有 24 个卓越酒店品牌，在全球 138 个国家和地区拥有 8300 多家 酒店、超 125 万间客房、超 2 亿希尔顿荣誉客会会员。 ⚫ 君亭酒店深耕高端及中高端赛道，品牌矩阵完善。据君亭酒店财报及 官网，截至 24Q3，公司开业及待开业酒店合计 423 家、客房数合计 8.7 万间；公司旗下产品横跨度假和商旅、涵盖全服务和精选服务，高 端及以上品牌包括 Pagoda 君亭设计酒店、夜泊君亭、君澜大饭店、 君澜度假酒店、景澜酒店、景澜度假等。 ⚫ 双方优势互补，合作前景广阔。希尔顿具有国际化高标准、强品牌力 及市场渗透力，而君亭作为国内领先的高端及中高端酒店运营商，多 层次布局品牌，能够定制化进行项目设计与开发，打造"一店一 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company continues to expand its signed projects, with a total of 13 new contracts in Q3 2024, adding nearly 3,000 rooms [2]. - Revenue for the first three quarters of 2024 reached 503 million yuan, a year-on-year increase of 31.84%, while net profit attributable to shareholders decreased by 23.59% to 18 million yuan [2]. - The company is experiencing pressure on RevPAR due to increased hotel supply and weak business travel demand, with Q3 2024 RevPAR at 314.18 yuan, down 15.06% year-on-year [2]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 173 million yuan, a year-on-year increase of 7.27%, and a net profit of 5 million yuan, up 19.03% year-on-year [2]. - The gross margin decreased to 30.2%, down 9.5 percentage points year-on-year, influenced by the slow ramp-up of new hotels and high fixed costs [2]. - The company expects revenues of 690 million yuan, 860 million yuan, and 1.04 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 22 million yuan, 61 million yuan, and 113 million yuan [7]. Expansion Strategy - The company has signed 6 new projects under the Junlan brand and 5 under the Jinglan brand, marking significant progress in expanding its brand presence [2]. - The total number of opened and planned hotels reached 423, an increase of 9% year-on-year, with a total of 87,008 rooms, up 8.6% year-on-year [2]. Market Outlook - The domestic mid-to-high-end hotel market remains uncertain, but the company is well-positioned for growth due to its established brand and ongoing expansion efforts [2]. - The report suggests that the company may be approaching an expansion inflection point, with accelerated store openings and the establishment of asset management operations [2].

2024年11月06日 证券研究报告|公司研究|公司点评 | --- | --- | --- | --- | |-------|-------------------------------------------------------------|------------------------------------------------|-------------| | | | | | | | 君亭酒店（301073） | 投资评级 | 买入 | | | | | 维持评级 | | | 新店爬坡致使业绩短期承压,关注拓店节奏 | 2024年 11 月 05 日 | | | | | 收盘价(元): | 24.06 | | | 事件：公司发布 24 年三季报，报告期内，公司实现营业收入 5.03 | | | | | 亿元，同比+31.84%；归母净利润 0.18 亿元，同比 23.59%；扣 | | | | | 非后归母净利润 0.17 亿元，同比 23.85%。毛利率 30.83%，同比 | 公司基本数据 | | | | -10.63pct，净利率4.61%，同比-4.21pct。单季度来看，24Q3公 ...

君亭酒店（301073.SZ）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 门店签约持续推进，品牌进军山西及黑龙江市场 2024 年 11 月 01 日 ➢ 君亭酒店发布 2024 年三季报。24 年前三季度，公司营收 5.03 亿元/同比 +31.85%，归母净利润 0.18 亿元/同比-23.61%，扣非归母净利润 0.17 亿元/同 比-23.84%；销售费用率 7.29%/同比-0.14pcts，管理费用率 11.30%/同比3.77pcts，财务费用率 7.13%/同比+1.32pcts；毛利率 30.83%/同比-10.63pcts， 净利率 3.64%/同比-2.64pcts。24 年第三季度，公司营收 1.73 亿元/同比 +7.28%，归母净利润 0.05 亿元/同比+19.07%，扣非归母净利润 0.03 亿元/同 比-15.28%；销售费用率 7.38%/同比+0.40pcts，管理费用率 11.18%/同比3.21pcts，财务费用率 7.75%/同比+1.52pcts；毛利率 30.17%/同比-9.53pcts， 净利率 2.68%/同比+0.27pc ...