总经理工作细则 君亭酒店集团股份有限公司总经理工作细则 第一章 总 则 君亭酒店集团股份有限公司 （四）担任因违法被吊销营业执照、责令关闭的公司、企业的法定代表人， 并负有个人责任的，自该公司、企业被吊销营业执照、责令关闭之日起未逾 3 年； （五）个人所负数额较大的债务到期未清偿被人民法院列为失信被执行人； （六）被中国证监会采取证券市场禁入措施，期限未满的； 君亭酒店集团股份有限公司总经理工作细则 第一条 为明确君亭酒店集团股份有限公司（简称"公司"）总经理、副总 经理及其他高级管理人员的职责、权限，规范其履行职责的行为，确保公司经营 层有效运作，根据《中华人民共和国公司法》（以下简称"《公司法》"）等国 家有关法律、行政法规和《君亭酒店集团股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，制定本规则。 第二条 总经理应以公司的最大利益为行为准则，充分考虑公司应承担的社 会责任，遵守国家法律、行政法规和《公司章程》，忠实诚信、勤勉尽责地履行 职责。 第二章 总经理任职资格 第三条 公司设总经理一名，副总经理三名，财务负责人一名。公司总经理 和副总经理需经全体股东协商一致后，由董事会聘任或解聘，对 ...

君亭酒店集团股份公司 印章管理制度 第五条 印章专管人员应坚持原则，严格按规定用印。盖印位置恰当，印迹端 正、清晰，印章名称与用印件的落款一致（代用章除外），不漏盖、不多盖。 君亭酒店集团股份有限公司印章管理制度 第一章 总 则 第一条 为规范君亭酒店集团股份有限公司（以下简称"公司"）印章管 理，明确印章的保管和使用审批权限，根据《深圳证券交易所创业板股票上市 规则》《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规范 运作》等有关法律法规、规范性文件和《公司章程》，制定本制度。 第二条 本制度适用于公司及各部门印章的管理和使用，公司子公司印章管 理参照本制度执行。 第三条 本制度所称印章，包含公司公章、法定代表人印章、财务章、合同 专用章、董事会印章、部门印章等具有法律效力的印章（含电子签章）。 第二章 印章管理职责 第四条 印章必须指定专人保管，存放于固定场所，任何人未经批准不得携 带印章外出。经批准携带公司公章、法定代表人签字章、合同专用章、财务专 用章外出的，需两人同行互相监督。 第六条 有存根的证件、函件、介绍信、报告等应在落款和间缝处一并加盖 印章。严禁在空白介绍信、空白证件、空白合 ...

君亭酒店集团股份有限公司 舆情管理制度 君亭酒店集团股份有限公司舆情管理制度 第一章 总 则 第一条 为提高君亭酒店集团股份有限公司（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，及时、妥善处理各类舆情对公司股票 价格、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 据相关法律、法规和规范性文件及《公司章程》的规定，制订本制度。 本制度适用于公司及合并报表范围内的各子公司。 第二条 本制度所称"舆情"包括： （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。 第五条 公司成立应对舆情处理工作领导小组（以下简称"舆情工作组"）， 由公司董事长任组长，董事会秘书担任副组长，成员由公司其他高级管理人员及 相关职能部门负责人、子公司负责人组成。 组长负 ...

君亭酒店8月28日披露半年报，公司上半年实现营业收入3.26亿元，同比下降1.24%；归属于上市公司股 东的净利润616.97万元，同比下降54.96%；基本每股收益0.03元/股。 ...

Section I Important Notice, Table of Contents, and Definitions This section provides important notices, a detailed table of contents, and definitions of key terms used throughout the report for clarity [Important Notice](index=2&type=section&id=Important%20Notice) The board, supervisory board, and senior management guarantee the report's accuracy, with a proposed cash dividend of **0.75 yuan per 10 shares** for 2025 H1 - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, with no false records, misleading statements, or major omissions[4](index=4&type=chunk) - Company head Zhu Xiaodong, chief accountant Zhang Yong, and head of accounting department Jiang Pujing declare that the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Distribution Base (shares) | 194,451,046 | | Cash Dividend per 10 Shares (incl. tax) | 0.75 yuan | | Bonus Shares (incl. tax) | 0 shares | | Capital Reserve Conversion | 0 shares | [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report's clear table of contents lists eight main chapters, guiding investors through key company information - The report contains eight main chapters, from important notices to financial reports, with a clear structure[6](index=6&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms and abbreviations, including company details and hotel industry metrics like GOP, OCC, ADR, and RevPAR - The reporting period is defined as January 1, 2025, to June 30, 2025[11](index=11&type=chunk) - Key hotel industry technical indicators are defined, such as GOP (Gross Operating Profit), OCC (Occupancy Rate), ADR (Average Daily Rate), and RevPAR (Revenue Per Available Room)[11](index=11&type=chunk) Section II Company Profile and Key Financial Indicators This section outlines the company's basic information, contact details, and presents a summary of its key accounting data and financial performance [1. Company Profile](index=6&type=section&id=1.%20Company%20Profile) This section provides basic information about Junting Hotel Group Co., Ltd., including its stock ticker, code, listing exchange, and legal representative - Company stock ticker: Junting Hotel, stock code: 301073, listed on: Shenzhen Stock Exchange[14](index=14&type=chunk) - The company's legal representative is Zhu Xiaodong[14](index=14&type=chunk) [2. Contact Persons and Information](index=6&type=section&id=2.%20Contact%20Persons%20and%20Information) This section lists the detailed contact information for the company's Board Secretary and Securities Affairs Representative for investor communication - The Board Secretary is Mr. Shi Chenning, and the Securities Affairs Representative is Ms. Zhou Zhiyi[15](index=15&type=chunk) - Contact address: Building 3, Zegu Shenlan Center, 18 Zixuan Road, Xihu District, Hangzhou City, Zhejiang Province[15](index=15&type=chunk) [3. Other Information](index=6&type=section&id=3.%20Other%20Information) The company's registered address, office address, website, email, information disclosure, and registration status remained unchanged during the reporting period - The company's registered address, office address, website, and email remained unchanged during the reporting period[16](index=16&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[17](index=17&type=chunk) - The company's registration status remained unchanged during the reporting period[18](index=18&type=chunk)[19](index=19&type=chunk) [4. Key Accounting Data and Financial Indicators](index=7&type=section&id=4.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, revenue slightly decreased, while net profit and non-recurring net profit attributable to shareholders significantly declined Key Accounting Data and Financial Indicators (Current Period vs. Prior Period) | Indicator | Current Period (yuan) | Prior Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 326,414,311.23 | 330,507,304.99 | -1.24% | | Net Profit Attributable to Listed Company Shareholders | 6,169,727.65 | 13,697,595.81 | -54.96% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | 2,917,355.13 | 13,744,287.06 | -78.77% | | Net Cash Flow from Operating Activities | 117,534,834.05 | 113,554,084.70 | 3.51% | | Basic Earnings Per Share (yuan/share) | 0.03 | 0.07 | -57.14% | | Diluted Earnings Per Share (yuan/share) | 0.03 | 0.07 | -57.14% | | Weighted Average Return on Net Assets | 0.63% | 1.39% | -0.76% | | Total Assets (Period-end) | 2,443,021,999.48 | 2,547,336,789.82 | -4.10% | | Net Assets Attributable to Listed Company Shareholders (Period-end) | 950,972,501.22 | 973,970,430.47 | -2.36% | [5. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=5.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company states no differences in net profit and net assets between international/overseas and Chinese accounting standards during the reporting period - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under international accounting standards and those under Chinese accounting standards[21](index=21&type=chunk) - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and those under Chinese accounting standards[22](index=22&type=chunk) [6. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=6.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details non-recurring gains and losses, totaling **3.25 million yuan**, including government subsidies and fair value changes, after tax and minority interest adjustments Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Government grants included in current profit/loss | 994,677.60 | | Gains/losses from fair value changes and disposal of financial assets and liabilities held by non-financial enterprises | 129,052.80 | | Gains/losses from entrusted investments or asset management | 714,601.74 | | Other non-operating income and expenses apart from the above | 3,120,708.78 | | Other gains/losses items conforming to the definition of non-recurring gains/losses | 61,692.31 | | Less: Income tax impact | 1,244,580.98 | | Minority interest impact (after tax) | 523,779.73 | | **Total** | **3,252,372.52** | - The company has no other specific situations of gains/losses items conforming to the definition of non-recurring gains/losses, nor does it classify non-recurring gains/losses items as recurring gains/losses items[25](index=25&type=chunk) Section III Management Discussion and Analysis This section analyzes the company's main business, core competencies, operational performance, asset and liability status, investment activities, and risk factors [1. Principal Business Activities During the Reporting Period](index=9&type=section&id=1.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company's main business involves operating and managing mid-to-high-end hotels, offering accommodation, dining, and management services through direct operations and franchising - The company's principal business includes the operation and management of mid-to-high-end hotels of both limited-service and full-service types[27](index=27&type=chunk) - Hotel operation business revenue primarily comes from accommodation services, meeting the travel, business, and official accommodation needs of residents[27](index=27&type=chunk) - Hotel management business provides entrusted management services, including hotel design and renovation consulting, assignment of management personnel, and authorization to use group brands and management systems[27](index=27&type=chunk) [2. Analysis of Core Competencies](index=9&type=section&id=2.%20Analysis%20of%20Core%20Competencies) The company's core strengths include an experienced management team, a multi-tiered brand portfolio, customized development capabilities, and a refined service system - The company possesses an experienced and highly collaborative national hotel management team, deeply engaged in mid-to-high-end hotel design, development, operation, and investment[28](index=28&type=chunk) - The company owns a multi-tiered hotel brand portfolio, such as "Junting Hotel" focusing on Oriental aesthetics, "Yebo Junting" exploring urban beauty, "Pagoda Junting" blending Eastern and Western aesthetics, "Junting Shangpin" targeting new-generation business travelers, and high-end business/resort hotel "Junlan" and lifestyle aesthetic hotel "Jinglan"[29](index=29&type=chunk) - The company has a "one hotel, one brand" differentiated competitive advantage, offering customized and diversified development capabilities to achieve high space efficiency design and good investment returns[30](index=30&type=chunk)[31](index=31&type=chunk) - The company adheres to the "Junting-style refined service system" of "selected product content, selected culture, and selected service content," providing high-level, distinctive accommodation products and services, forming a brand premium[32](index=32&type=chunk) [3. Analysis of Principal Business](index=10&type=section&id=3.%20Analysis%20of%20Principal%20Business) In H1 2025, the domestic hotel market faced structural adjustments, leading to a **1.24% revenue decrease** and a **54.96% net profit decline**, prompting strategic shifts - In the first half of 2025, the domestic hotel market was in a period of structural adjustment, with RevPAR, occupancy rate, and average room rate all showing a downward trend[33](index=33&type=chunk) Key Financial Data for H1 2025 | Indicator | Amount (10,000 yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 32,641.43 | -1.24% | | Net Profit Attributable to Listed Company Shareholders | 616.97 | -54.96% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | 291.74 | -78.77% | | Net Cash Flow from Operating Activities | 11,753.48 | 3.51% | - The company accelerated overseas market cooperation, with a significant increase in international guest nights, accounting for **11.21%** of OTA guest nights[38](index=38&type=chunk) - The company entered into a strategic cooperation with Choice Hotels International, the world's eighth-largest hotel group, obtaining exclusive use and franchise rights for its COMFORT and QUALITY brands in mainland China, and integrating into its global distribution system[38](index=38&type=chunk) - The company fully entered the franchise market for the first time, opening multiple brands for franchising, with **16 franchised stores** signed and **4 already operational** by the end of the reporting period[39](index=39&type=chunk) - The company focused on refined operations, achieving a **doubling of member revenue** year-on-year and a **70% online direct sales member order rate** through dynamic pricing, optimized service experience, intelligent cost control, strengthened supply chain, and centralized procurement[42](index=42&type=chunk) H1 2025 Operating Revenue and Operating Cost YoY Changes | Item | Current Period (yuan) | Prior Period (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 326,414,311.23 | 330,507,304.99 | -1.24% | Market environment factors led to a decrease in hotel revenue | | Operating Cost | 234,498,764.34 | 227,462,723.44 | 3.09% | New opening projects, rental expenses included in costs | | Selling Expenses | 25,317,366.49 | 23,939,504.18 | 5.76% | Increase in self-operated hotels, increase in sales department labor costs | | Administrative Expenses | 36,045,842.83 | 37,521,424.75 | -3.93% | Rental expenses for projects under construction in the prior period were included in administrative expenses | | Financial Expenses | 27,509,710.86 | 22,503,474.15 | 22.25% | More leasing projects, decrease in interest income | | Income Tax Expense | 1,484,358.36 | 2,442,077.87 | -39.22% | More newly opened hotels, decrease in operating profit | | Net Cash Flow from Operating Activities | 117,534,834.05 | 113,554,084.70 | 3.51% | More cash recovered this period | | Net Cash Flow from Investing Activities | -117,778,376.59 | -153,932,871.64 | - | Decrease in construction projects, increase in wealth management purchases | | Net Cash Flow from Financing Activities | -113,112,825.12 | -99,609,098.65 | - | Received Junxing investment, increased payment of project rent and subsidiary dividends | | Net Increase in Cash and Cash Equivalents | -113,356,367.66 | -139,987,885.59 | - | - | | Credit Impairment Loss | 415,433.60 | -942,306.31 | - | Recovery of long-aged accounts receivable | | Investment Income | 821,958.77 | -593,113.90 | - | Larger scale of wealth management product purchases generated income | | Non-Operating Income | 3,796,054.68 | 815,934.32 | 365.24% | Received project liquidated damages | | Asset Disposal Income | 0.00 | 809,695.35 | -100.00% | Income recognized from re-leasing in the prior period | H1 2025 Breakdown by Product/Service, Region, and Distribution Model | Category | Item | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Product/Service | Hotel Operations & Management | 326,414,311.23 | 234,498,764.34 | 28.16% | -1.24% | 3.09% | -3.02% | | | Accommodation Services | 220,487,293.74 | 168,428,602.82 | 23.61% | -1.47% | 8.34% | -6.91% | | | Hotel Management | 52,924,244.15 | 12,315,260.70 | 76.73% | 0.11% | 6.59% | -1.41% | | By Region | Zhejiang Province | 112,588,340.43 | 87,643,231.60 | 22.16% | -10.42% | -7.39% | -2.55% | | | Shanghai City | 50,215,272.50 | 31,771,508.27 | 36.73% | -3.58% | 2.59% | -3.80% | | | Hainan Province | 43,969,430.69 | 33,755,353.69 | 23.23% | 2.83% | 8.43% | -3.97% | | By Distribution Model | Hotel Operations | 273,490,067.08 | 222,183,503.64 | 18.76% | -1.49% | 2.91% | -3.47% | | | Hotel Management | 52,924,244.15 | 12,315,260.70 | 76.73% | 0.11% | 6.59% | -1.41% | [4. Analysis of Non-Principal Business](index=15&type=section&id=4.%20Analysis%20of%20Non-Principal%20Business) The company had no non-principal business analysis during the reporting period - The company had no non-principal business analysis during the reporting period[48](index=48&type=chunk) [5. Analysis of Assets and Liabilities](index=15&type=section&id=5.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets and net assets attributable to shareholders decreased, driven by changes in cash, financial assets, and construction in progress Significant Changes in Asset Composition | Item | Period-end Amount (yuan) | % of Total Assets | Prior Year-end Amount (yuan) | % of Total Assets | % Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 284,033,597.63 | 11.63% | 397,389,965.29 | 15.60% | -3.97% | Purchase of wealth management products, payment of project rent and cash dividends | | Accounts Receivable | 83,230,068.73 | 3.41% | 72,441,737.54 | 2.84% | 0.57% | Increase in self-operated hotels | | Construction in Progress | 271,506.37 | 0.01% | 18,275,506.83 | 0.72% | -0.71% | Self-operated hotels opened, transferred to long-term deferred expenses | | Trading Financial Assets | 102,864,436.70 | 4.21% | 20,283,342.20 | 0.80% | 3.41% | Purchase of wealth management products | | Other Equity Instrument Investments | 376,500.00 | 0.02% | 176,500.00 | 0.01% | 0.01% | New investment in Chengdu Zhichuanghui and Zhichuangyue | | Other Non-Current Financial Assets | 9,994,500.00 | 0.41% | 2,220,000.00 | 0.09% | 0.32% | Investment in Guangdong Huajun Xinyun Enterprise Management | | Employee Remuneration Payable | 13,736,641.29 | 0.56% | 16,750,013.06 | 0.66% | -0.10% | Payment of 2024 year-end bonus | | Taxes Payable | 9,406,192.67 | 0.39% | 13,243,439.94 | 0.52% | -0.13% | Payment of 2024 income tax | - The company had no significant overseas assets during the reporting period[50](index=50&type=chunk) Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Fair Value Change Gain/Loss This Period (yuan) | Purchase Amount This Period (yuan) | Sale Amount This Period (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 20,283,342.20 | 81,094.50 | 295,500,000.00 | 213,000,000.00 | 102,864,436.70 | | Total | 20,283,342.20 | 81,094.50 | 295,500,000.00 | 213,000,000.00 | 102,864,436.70 | - As of the end of the reporting period, the company had no restricted asset rights[52](index=52&type=chunk) [6. Analysis of Investment Status](index=16&type=section&id=6.%20Analysis%20of%20Investment%20Status) The company had no significant equity, non-equity, or derivative investments, with raised funds primarily used for new hotel development and upgrades, and **295.5 million yuan** in wealth management - The company had no significant equity investments, non-equity investments, or derivative investments during the reporting period[52](index=52&type=chunk)[58](index=58&type=chunk)[60](index=60&type=chunk) Overall Use of Raised Funds | Total Raised Funds (10,000 yuan) | Total Used Raised Funds (10,000 yuan) | Unused Raised Funds (10,000 yuan) | Cumulative Use of Raised Funds as % of Net Raised Funds | | :--- | :--- | :--- | :--- | | 51,706.98 | 35,437.41 | 15,992.24 | 71.21% | - The "New Self-Operated Hotel Investment and Development Project" has invested in and opened **11 new self-operated hotels**, but incurred a total loss of **13.21 million yuan** in the first half of 2025[56](index=56&type=chunk) - The "Existing Hotel Renovation and Upgrade Project" has upgraded **3 self-operated hotels**, but the benefits achieved cannot be separately measured[56](index=56&type=chunk) Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Entrusted Wealth Management Amount (10,000 yuan) | Unexpired Balance (10,000 yuan) | Overdue Unrecovered Amount (10,000 yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | 29,550 | 10,250 | 0 | [7. Significant Asset and Equity Disposals](index=20&type=section&id=7.%20Significant%20Asset%20and%20Equity%20Disposals) The company did not engage in any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[62](index=62&type=chunk) - The company did not dispose of significant equity during the reporting period[63](index=63&type=chunk) [8. Analysis of Major Controlled and Invested Companies](index=20&type=section&id=8.%20Analysis%20of%20Major%20Controlled%20and%20Invested%20Companies) This section details the financial performance of major subsidiaries and associates, highlighting Zhejiang Junlan Hotel Management Co., Ltd.'s **15.22 million yuan** net profit and losses in several other subsidiaries Major Subsidiaries and Associates with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Junting Hotel Management Co., Ltd. | Subsidiary | 14,250,000 | 80,054,507.02 | 37,237,933.93 | 19,430,776.12 | 4,863,344.36 | | Hefei Junting Xihu Siji Hotel Management Co., Ltd. | Subsidiary | 1,000,000 | 33,169,523.32 | 6,328,712.09 | 9,147,659.27 | 833,027.94 | | Hangzhou Lingxi Junting Hotel Management Co., Ltd. | Subsidiary | 1,000,000 | 126,930,307.78 | 7,420,350.17 | 10,626,859.33 | -1,071,460.09 | | Hangzhou Qianyue Junting Hotel Management Co., Ltd. | Subsidiary | 1,000,000 | 97,374,414.93 | -13,202,713.33 | 12,101,156.86 | -1,791,546.51 | | Chengdu Yujian Junting Hotel Co., Ltd. | Subsidiary | 10,000,000 | 115,754,933.27 | 16,851,439.11 | 22,223,620.07 | 2,057,275.01 | | Zhejiang Junlan Hotel Management Co., Ltd. | Subsidiary | 50,000,000 | 102,331,295.03 | 58,553,129.93 | 16,930,789.70 | 15,220,814.25 | | Shenzhen Junting Hotel Management Co., Ltd. | Subsidiary | 10,000,000 | 142,469,778.81 | -8,170,149.63 | 8,641,178.13 | -2,180,939.08 | | Hangzhou Zegu Shenlan Junting Hotel Co., Ltd. | Subsidiary | 10,000,000 | 134,203,459.01 | -7,934,468.59 | 7,902,807.36 | -2,911,315.91 | | Hangzhou Chengjun Junting Hotel Management Company | Subsidiary | 10,000,000 | 75,512,299.59 | -4,798,153.78 | 5,428,899.75 | -2,584,442.38 | | Hangzhou Jianglan Junting Hotel Management Co., Ltd. | Subsidiary | 10,000,000 | 199,748,557.61 | 12,402,999.46 | 4,531,750.69 | -2,001,186.56 | | Junxing Hotel Management (Shenzhen) Co., Ltd. | Subsidiary | 10,000,000 | 5,424,821.84 | 5,361,100.80 | 2,119,401.30 | -1,588,899.20 | | Chengdu Xinghui Junting Hotel Co., Ltd. | Subsidiary | 50,000,000 | 88,645,147.77 | -6,084,715.08 | 5,037,139.46 | -2,964,441.02 | | Chongqing Rusong Hotel Management Co., Ltd. | Subsidiary | 2,000,000 | 106,634,345.66 | -5,963,015.02 | 8,586,251.87 | -2,137,326.12 | - The company had no acquisitions or disposals of subsidiaries during the reporting period[69](index=69&type=chunk) [9. Structured Entities Controlled by the Company](index=29&type=section&id=9.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[85](index=85&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=29&type=section&id=10.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from market competition, economic slowdowns, unforeseen events, and rapid expansion, addressed by optimizing services, refining operations, and market development - The company faces risks from intensified market competition, as the hotel industry is fragmented and consumer demands are increasing, requiring continuous improvement in service management capabilities and brand influence[85](index=85&type=chunk) - The company faces risks from slower-than-expected national economic growth and resident consumption expenditure, as the hotel industry's development is highly dependent on macroeconomic conditions and consumer spending[86](index=86&type=chunk) - The company faces risks from sudden social events, as the hotel industry is susceptible to public safety incidents and natural disasters, necessitating strengthened emergency management and public relations systems[87](index=87&type=chunk) - The company faces management risks from rapid expansion, as fast business growth places higher demands on hotel project development, service quality, operational management, and human resources[88](index=88&type=chunk) - The company will address risks by optimizing products and services, refining operational management, developing new markets, strengthening customer relationship management, enhancing employee training and incentives, and continuous innovation[88](index=88&type=chunk) [11. Registration Form for Research, Communication, and Interview Activities During the Reporting Period](index=29&type=section&id=11.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20and%20Interview%20Activities%20During%20the%20Reporting%20Period) The company conducted two online investor relations activities during the reporting period, focusing on brand franchising, competitive advantages, and financial results - On January 7, 2025, the company conducted an online exchange via a network platform, analyzing the brand franchise model's implementation strategy, differentiated competitive advantages, and brand positioning for investors[89](index=89&type=chunk) - On May 9, 2025, the company conducted an online exchange via a network platform, interpreting the 2024 annual report and the 2025 first-quarter report for investors[90](index=90&type=chunk) [12. Implementation of Market Value Management System and Valuation Enhancement Plan](index=30&type=section&id=12.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has established a market value management system to protect investor interests and enhance investment value, actively working to improve operational efficiency - The company has formulated the "Market Value Management System" and disclosed it on August 29, 2025, on the Juchao Information Network[91](index=91&type=chunk) - The company will actively implement the system requirements, steadily develop its business, continuously improve operational efficiency and profitability, and promote the recovery of the company's investment value[91](index=91&type=chunk) [13. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=30&type=section&id=13.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan) The company has not disclosed any "Quality and Return Dual Enhancement" action plan announcement - The company has not disclosed any "Quality and Return Dual Enhancement" action plan announcement[92](index=92&type=chunk) Section IV Corporate Governance, Environment, and Society This section covers changes in directors, supervisors, and senior management, profit distribution, equity incentive plans, environmental disclosures, and social responsibility initiatives [1. Changes in Directors, Supervisors, and Senior Management](index=31&type=section&id=1.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period - The company's directors, supervisors, and senior management did not change during the reporting period[94](index=94&type=chunk) [2. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=31&type=section&id=2.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The board approved a 2025 H1 profit distribution plan of **0.75 yuan cash dividend per 10 shares**, totaling **14.58 million yuan**, pending shareholder approval 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Number of bonus shares per 10 shares (shares) | 0 | | Dividend per 10 shares (yuan) (incl. tax) | 0.75 | | Number of shares converted from capital reserve per 10 shares (shares) | 0 | | Share capital base for distribution plan (shares) | 194,451,046 | | Cash dividend amount (yuan) (incl. tax) | 14,583,828.45 | | Proportion of total cash dividend to total profit distribution | 100.00% | | Distributable profit (yuan) | 142,512,407.50 | - The company's 2025 semi-annual consolidated financial statements show a net profit attributable to owners of the parent company of **6.17 million yuan**, and the parent company achieved a net profit of **20.75 million yuan**[95](index=95&type=chunk) - Based on the lower of the undistributed profits in the consolidated and parent company financial statements, the company's distributable profit at the end of the reporting period was **142.51 million yuan**[95](index=95&type=chunk) [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=31&type=section&id=3.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[97](index=97&type=chunk) [4. Environmental Information Disclosure](index=32&type=section&id=4.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not listed among enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[98](index=98&type=chunk) [5. Social Responsibility](index=32&type=section&id=5.%20Social%20Responsibility) The company integrates sustainable development into its strategy, actively participates in ESG standards, innovates cultural heritage sites, and achieved high ESG ratings in 2024 - The company is guided by "Practicing Green Strategy, Leading a Low-Carbon Future" for green development, establishing a green management system throughout the project lifecycle[98](index=98&type=chunk) - Mr. Shi Chenning, the company's Vice President and Board Secretary, serves as an evaluation expert for the China Hotel Association, participating in the review of the industry standard "ESG Management System Requirements for Accommodation Enterprises"[99](index=99&type=chunk) - The company deeply integrates local cultural resources, innovatively transforming material cultural heritage sites and incorporating national traditional crafts and customs into hotel services and architectural design, such as Xichang Qionghai General's Mansion Yebo Junting Hotel and Qingdao Jimo Ancient City Junlan Resort Hotel[100](index=100&type=chunk) - The company's 2024 ESG performance received high recognition, with its Wind ESG rating rising to **AA level** and Huazheng ESG rating to **A level**, ranking among the industry leaders[101](index=101&type=chunk) Section V Significant Matters This section addresses commitments, related party transactions, litigation, penalties, and other significant events during the reporting period [1. Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company](index=33&type=section&id=1.%20Commitments%20Fulfilled%20or%20Overdue%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company) No commitments by the controlling shareholder, shareholders, related parties, acquirers, or the company were fulfilled or overdue during the reporting period - During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue by the end of the reporting period[103](index=103&type=chunk) [2. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=33&type=section&id=2.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) There were no instances of non-operating funds being occupied by the controlling shareholder or other related parties of the listed company during the reporting period - During the reporting period, there were no instances of non-operating funds being occupied by the controlling shareholder or other related parties of the listed company[104](index=104&type=chunk) [3. Irregular External Guarantees](index=33&type=section&id=3.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[105](index=105&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=33&type=section&id=4.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[106](index=106&type=chunk) [5. Board of Directors, Supervisory Board, and Audit Committee's Explanation of "Non-Standard Audit Report" for the Current Period](index=33&type=section&id=5.%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%27s%20Explanation%20of%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) No "non-standard audit report" was issued by the accounting firm for the company during the reporting period - During the reporting period, there was no "non-standard audit report" issued by the accounting firm for the company[107](index=107&type=chunk) [6. Board of Directors' Explanation of "Non-Standard Audit Report" for the Previous Year](index=33&type=section&id=6.%20Board%20of%20Directors%27%20Explanation%20of%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) There was no "non-standard audit report" from the previous year requiring explanation by the Board of Directors - During the reporting period, there was no "non-standard audit report" from the previous year[107](index=107&type=chunk) [7. Matters Related to Bankruptcy Reorganization](index=33&type=section&id=7.%20Matters%20Related%20to%20Bankruptcy%20Reorganization) The company did not experience any bankruptcy reorganization matters during the reporting period - The company did not experience any bankruptcy reorganization matters during the reporting period[107](index=107&type=chunk) [8. Litigation Matters](index=33&type=section&id=8.%20Litigation%20Matters) The company had no significant litigation, arbitration, or other litigation matters during the reporting period - The company had no significant litigation or arbitration matters during the current reporting period[108](index=108&type=chunk) - The company had no other litigation matters during the reporting period[108](index=108&type=chunk) [9. Penalties and Rectification](index=34&type=section&id=9.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[109](index=109&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=34&type=section&id=10.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) There were no issues regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period - During the reporting period, there were no issues regarding the integrity status of the company, its controlling shareholder, or actual controller[110](index=110&type=chunk) [11. Significant Related Party Transactions](index=34&type=section&id=11.%20Significant%20Related%20Party%20Transactions) The company had no significant related party transactions, including sales, acquisitions, joint investments, or financial dealings, during the reporting period - The company had no related party transactions related to daily operations during the reporting period[110](index=110&type=chunk) - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[111](index=111&type=chunk) - The company had no related party transactions involving joint external investment during the reporting period[112](index=112&type=chunk) - The company had no related party creditor-debtor transactions during the reporting period[113](index=113&type=chunk) - The company had no deposits, loans, credit lines, or other financial business dealings with financial companies with related party relationships, nor between financial companies controlled by the company and related parties[114](index=114&type=chunk)[115](index=115&type=chunk) - The company had no other significant related party transactions during the reporting period[116](index=116&type=chunk) [12. Significant Contracts and Their Performance](index=35&type=section&id=12.%20Significant%20Contracts%20and%20Their%20Performance) The company had no significant entrustment, contracting, or guarantee agreements, but detailed several property lease contracts as lessee and lessor, impacting costs and profits - The company had no entrustment or contracting situations during the reporting period[117](index=117&type=chunk)[118](index=118&type=chunk) Company Leasing Assets from Other Companies (Partial) | Lessor Name | Leased Asset Details | Amount Involved in Leased Asset (10,000 yuan) | Lease Start Date | Lease End Date | Basis for Determining Lease Income | Impact of Lease Income on Company | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Nongkou Community Economic Cooperative | 589 Xinfeng Road, Hangzhou City | 21,484.83 | March 20, 2014 | March 19, 2035 | Market Price | Increases company costs and expenses | | Zhejiang Literature and Art Building, China Federation of Literary and Art Circles Zhejiang Provincial Federation of Literary and Art Circles Urban Home | 29, 31 Xueyuan Road, Hangzhou City | 2,155.71 | September 01, 2017 | August 31, 2026 | Market Price | Increases company costs and expenses | | Lirun (Hangzhou) Commercial Holding Co., Ltd. | 537 Xixi Road, Hangzhou City | 15,626.15 | December 18, 2024 | December 17, 2039 | Market Price | Increases company costs and expenses | | Hangzhou Qianyue Hotel Investment Management Co., Ltd. | 120, 122, 124, 126 Leiting Road, Hangzhou City | 18,749.12 | December 01, 2017 | September 30, 2037 | Market Price | Increases company costs and expenses | | Zhejiang Provincial Tourism Promotion Center | 533 Xixi Road, Hangzhou City | 2,617.83 | March 14, 2024 | March 13, 2032 | Market Price | Increases company costs and expenses | | Ningbo Huashang Real Estate Co., Ltd. | 657 Tiantong South Road, Yinzhou District, Ningbo City | 7,980.79 | May 01, 2016 | April 30, 2032 | Market Price | Increases company costs and expenses | | Shanghai Zhongxing Group Zhencheng Real Estate Management Co., Ltd. | 839 Renmin Road, Shanghai City | 9,125.24 | January 01, 2016 | December 31, 2030 | Market Price | Increases company costs and expenses | | Shanghai Xinjung Investment Management Co., Ltd. | 777 Quyang Road, Shanghai City | 4,575.16 | July 01, 2018 | June 30, 2028 | Market Price | Increases company costs and expenses | | Ningbo Xikou Tourism Development Co., Ltd. | Building 10, Wuling Road, Xikou Town, Fenghua District, Ningbo City, Zhejiang Province | 1,233.49 | May 11, 2019 | January 10, 2034 | Market Price | Increases company costs and expenses | | Shanghai Innovation Wisdom Land Development Co., Ltd. | 77 Zhengxue Road, Yangpu District, Shanghai City | 1,889.31 | March 10, 2017 | August 10, 2026 | Market Price | Increases company costs and expenses | | Shanghai Innovation Wisdom Land Development Co., Ltd. | 78 Zhengxue Road, Yangpu District, Shanghai City | 9,829.79 | August 10, 2016 | August 09, 2026 | Market Price | Increases company costs and expenses | | Anhui Overseas Chinese Hotel Co., Ltd. | 98 Changjiang Middle Road, Luyang District, Hefei City | 9,815.06 | December 01, 2012 | August 31, 2028 | Market Price | Increases company costs and expenses | | Sanya Huaxin Industrial Development Co., Ltd. | 13 Haihua Road, Dadonghai, Jiyang District, Sanya City | 4,450 | January 01, 2018 | December 31, 2032 | Market Price | Increases company costs and expenses | | Shanghai Zhongxing Group Zhencheng Real Estate Management Co., Ltd. | 18, 20, 22 Guilin East Street, Xuhui District, Shanghai City, 11, 13, 15, 17 Guilin Road, 1st Floor, 1-3, No. 1 | 4,996.15 | January 01, 2020 | August 31, 2029 | Market Price | Increases company costs and expenses | | Sichuan Daily Newspaper Group | 30th to 38th Floor, Western Cultural Industry Center, 16 Huaxing East Street, Jinjiang District, Sichuan Province | 13,979.47 | August 12, 2021 | August 11, 2031 | Market Price | Increases company costs and expenses | | Shenzhen Real Estate Development Co., Ltd. | 1st Floor, 6-14th Floor, West Block, Hengmingzhu Financial Building, 9 Jianan 1st Road, Xin'an Street, Longjing Community, Bao'an District, Shenzhen City | 15,007.26 | October 16, 2022 | July 31, 2037 | Market Price | Increases company costs and expenses | | Shenzhen Haifu Hotel Management Service Development Co., Ltd. | 1st Floor, No. 1, 5-12th Floor Junting Hotel, Haifu Hotel (All Seasons Hotel), 2103 Shennan East Road, Xin'nan Community, Nanhu Street, Luohu District, Shenzhen City | 6,945.37 | October 15, 2022 | August 14, 2037 | Market Price | Increases company costs and expenses | | Hangzhou Big City Science and Technology Park Co., Ltd. | 15-21st Floor, Xinrui Building, Academy Science and Technology Park, Gongshu District, Hangzhou City, Zhejiang Province | 5,851.87 | January 01, 2023 | June 30, 2032 | Market Price | Increases company costs and expenses | | Hangzhou Zhetou Lvyu Industrial Operation Management Co., Ltd. | 18 Zixuan Road, Hangzhou City | 15,546.82 | September 20, 2023 | August 12, 2042 | Market Price | Increases company costs and expenses | | Zhejiang Zhongnan Culture and Tourism Group Co., Ltd. | Building 2, 2097 Binsheng Road, Hangzhou | 27,155.06 | April 01, 2023 | March 31, 2043 | Market Price | Increases company costs and expenses | | Beijing Overseas Chinese Hotel Co., Ltd. | House at 5 Beixinqiao Santiao, Dongcheng District, Beijing City | 15,950.17 | January 01, 2023 | December 31, 2038 | Market Price | Increases company costs and expenses | | Chongqing Dayuan Property Development Co., Ltd. | 10th, 11th, 13th, 14th, 15th, 17th, and 21st Floors (Street Level) of Metropolitan World Jun Plaza B, 116-118 Zourong Road, Yuzhong District, Chongqing City | 10,364.68 | April 16, 2023 | April 15, 2038 | Market Price | Increases company costs and expenses | | Chongqing Dayuan Property Development Co., Ltd. | 16th Floor (Street Level) of Metropolitan World Jun Plaza B, 116-118 Zourong Road, Yuzhong District, Chongqing City | 1,446.92 | June 01, 2023 | April 15, 2038 | Market Price | Increases company costs and expenses | | Chongqing Ruihuasheng Road Real Estate Development Co., Ltd. | Units 1-6 of No. 1, Units 7-11 of No. 2, 45th Floor, 10 Huasheng Road, Chongqing City | 10,069.51 | March 15, 2024 | November 30, 2038 | Market Price | Increases company costs and expenses | | Sichuan Chuangpai Commercial Management Co., Ltd. | 1 Qingjiang Middle Road, Qingyang District, Chengdu City, Sichuan Province | 8,146.75 | June 01, 2024 | April 24, 2039 | Market Price | Increases company costs and expenses | Other Companies Leasing Company Assets Contract Information | Lessor Name | Leased Asset Details | Lease Income (10,000 yuan) | Basis for Determining Lease Income | Impact of Lease Income on Company | | :--- | :--- | :--- | :--- | :--- | | Shanghai Baiyang Junting Hotel Management Co., Ltd. | 777 Quyang Road, Shanghai City | 1,133.01 | Market Price | Increases company profit | | Beijing Junting Hotel Management Co., Ltd. | House at 5 Beixinqiao Santiao, Dongcheng District, Beijing City | 1,414.53 | Market Price | Increases company profit | - The company had no significant guarantee situations during the reporting period[125](index=125&type=chunk) - The company had no significant daily operation contracts or other significant contracts during the reporting period[126](index=126&type=chunk)[128](index=128&type=chunk) [13. Explanation of Other Significant Matters](index=39&type=section&id=13.%20Explanation%20of%20Other%20Significant%20Matters) Significant matters include launching franchise operations, establishing a partnership for the Chengdu Rongyu project, and signing a master franchise agreement with Choice Hotels - The company launched its franchise business for the first time, with **16 franchised stores** signed by the end of the reporting period, of which **4 are already operational**, covering core cities such as Guangzhou, Chengdu, Beijing, Tianjin, and Guiyang[129](index=129&type=chunk) - Nanjing Junhui Investment Management Co., Ltd., a second-tier subsidiary of the company, jointly established Guangdong Huajun Xinyun Enterprise Management Partnership (Limited Partnership) with Shenzhen Linghui Industrial Co., Ltd. and Huaneng Guicheng Trust Co., Ltd., with a subscribed capital of **108.81 million yuan**, and has completed the initial investment in the Chengdu Rongyu project[130](index=130&type=chunk) - The company signed a master franchise and distribution cooperation agreement with Choice Hotels Licensing B.V., obtaining exclusive brand use and franchise rights for its COMFORT and QUALITY hotel brand series in mainland China[131](index=131&type=chunk) - The first batch of **68 Junting hotels** has been integrated into Choice Hotels International's global distribution system, directly reaching Choice Hotels International's **69 million global members** and enhancing the ability to attract inbound tourists[131](index=131&type=chunk) [14. Significant Matters of Company Subsidiaries](index=40&type=section&id=14.%20Significant%20Matters%20of%20Company%20Subsidiaries) There were no significant matters concerning the company's subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[132](index=132&type=chunk) Section VI Share Changes and Shareholder Information This section details changes in share capital, securities issuance, shareholder numbers, and holdings of directors, supervisors, and senior management [1. Share Capital Changes](index=41&type=section&id=1.%20Share%20Capital%20Changes) The company's total share capital remained unchanged at **194,451,046 shares** during the reporting period, with consistent proportions of restricted and unrestricted shares Share Capital Changes | Share Type | Number Before Change (shares) | Proportion Before Change | Increase/Decrease This Change (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 16,271,546 | 8.37% | 0 | 16,271,546 | 8.37% | | Of which: Domestic Natural Person Holdings | 16,271,546 | 8.37% | 0 | 16,271,546 | 8.37% | | II. Unrestricted Shares | 178,179,500 | 91.63% | 0 | 178,179,500 | 91.63% | | Of which: RMB Ordinary Shares | 178,179,500 | 91.63% | 0 | 178,179,500 | 91.63% | | III. Total Shares | 194,451,046 | 100.00% | 0 | 194,451,046 | 100.00% | - During the reporting period, there were no reasons, approvals, or transfer situations for changes in the company's share capital, nor any progress in share repurchases[136](index=136&type=chunk) [2. Securities Issuance and Listing](index=42&type=section&id=2.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[136](index=136&type=chunk) [3. Number of Shareholders and Shareholding Structure](index=42&type=section&id=3.%20Number%20of%20Shareholders%20and%20Shareholding%20Structure) As of the reporting period end, the company had **18,716 common shareholders**, with Wu Qiyuan, Cong Bo, and Shi Chenning as top holders - The total number of common shareholders at the end of the reporting period was **18,716**[137](index=137&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Period-end Shareholding (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Qiyuan | Domestic Natural Person | 33.93% | 65,977,030.00 | 0.00 | 65,977,030.00 | | Cong Bo | Domestic Natural Person | 18.07% | 35,143,875.00 | 0.00 | 35,143,875.00 | | Shi Chenning | Domestic Natural Person | 9.60% | 18,657,845.00 | 13,993,384.00 | 4,664,461.00 | | Gan Shenghong | Domestic Natural Person | 0.80% | 1,554,975.00 | 1,166,231.00 | 388,744.00 | | Zhang Yong | Domestic Natural Person | 0.76% | 1,482,575.00 | 1,111,931.00 | 370,644.00 | | Bank of China Co., Ltd. - Fullgoal CSI Tourism Theme ETF | Other | 0.52% | 1,010,801.00 | 0.00 | 1,010,801.00 | | Xinhua Asset Management - Industrial Bank - Xinhua Asset - Minghui No. 2 Asset Management Product | Other | 0.40% | 776,800.00 | 0.00 | 776,800.00 | | Bank of China - ChinaAMC Return Fund | Other | 0.35% | 674,200.00 | 0.00 | 674,200.00 | | Industrial and Commercial Bank of China Co., Ltd. - Penghua Quality Governance Mixed Securities Investment Fund (LOF) | Other | 0.30% | 581,100.00 | 0.00 | 581,100.00 | | Industrial Bank Co., Ltd. - Yuanxin Yongfeng Xingnuo One-Year Holding Period Flexible Allocation Mixed Securities Investment Fund | Other | 0.26% | 506,800.00 | 0.00 | 506,800.00 | - The company is unaware if other shareholders have any associated relationships or are acting in concert[138](index=138&type=chunk)[139](index=139&type=chunk) [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=45&type=section&id=4.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Company directors, supervisors, and senior management had no changes in their shareholdings during the reporting period - The company's directors, supervisors, and senior management had no changes in their shareholdings during the reporting period[141](index=141&type=chunk) [5. Changes in Controlling Shareholder or Actual Controller](index=45&type=section&id=5.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[142](index=142&type=chunk) - The company's actual controller did not change during the reporting period[142](index=142&type=chunk) Section VII Bond-Related Information This section confirms the absence of any bond-related information for the company during the reporting period [Bond-Related Information](index=47&type=section&id=Bond-Related%20Information) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[145](index=145&type=chunk) Section VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity [1. Audit Report](index=48&type=section&id=1.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[147](index=147&type=chunk) [2. Financial Statements](index=48&type=section&id=2.%20Financial%20Statements) This section provides the company's consolidated and parent company financial statements for H1 2025, detailing financial position, operating results, and cash flows - This section includes the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owner's equity, and parent company statement of changes in owner's equity[148](index=148&type=chunk)[152](index=152&type=chunk)[156](index=156&type=chunk)[160](index=160&type=chunk)[164](index=164&type=chunk)[166](index=166&type=chunk)[169](index=169&type=chunk)[176](index=176&type=chunk) [1. Consolidated Balance Sheet](index=48&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were **2.44 billion yuan**, a **4.10% decrease** from the beginning of the period, with total liabilities at **1.49 billion yuan** Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Period-end Balance (yuan) | Period-start Balance (yuan) | | :--- | :--- | :--- | | Monetary Funds | 284,033,597.63 | 397,389,965.29 | | Trading Financial Assets | 102,864,436.70 | 20,283,342.20 | | Accounts Receivable | 83,230,068.73 | 72,441,737.54 | | Total Assets | 2,443,021,999.48 | 2,547,336,789.82 | | Lease Liabilities | 1,214,343,029.56 | 1,280,769,543.87 | | Total Liabilities | 1,494,633,991.94 | 1,574,763,539.23 | | Total Owner's Equity Attributable to Parent Company | 950,972,501.22 | 973,970,430.47 | | Total Owner's Equity | 948,388,007.54 | 972,573,250.59 | [2. Parent Company Balance Sheet](index=50&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, parent company total assets were **1.10 billion yuan**, largely stable, with total liabilities at **112.29 million yuan** and owner's equity at **989.82 million yuan** Parent Company Balance Sheet Key Data (June 30, 2025) | Item | Period-end Balance (yuan) | Period-start Balance (yuan) | | :--- | :--- | :--- | | Monetary Funds | 208,267,808.10 | 296,819,337.69 | | Trading Financial Assets | 90,864,436.70 | 20,283,342.20 | | Long-term Equity Investment | 238,473,512.06 | 225,426,317.27 | | Total Assets | 1,102,104,027.29 | 1,101,795,261.56 | | Total Liabilities | 112,287,170.85 | 103,559,529.15 | | Total Owner's Equity | 989,816,856.44 | 998,235,732.41 | [3. Consolidated Income Statement](index=52&type=section&id=3.%20Consolidated%20Income%20Statement) For H1 2025, consolidated total operating revenue was **326.41 million yuan**, a **1.24% decrease**, with net profit at **7.75 million yuan**, down **54.73%** Consolidated Income Statement Key Data (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 326,414,311.23 | 330,507,304.99 | | Total Operating Costs | 323,965,248.20 | 312,070,274.27 | | Operating Profit | 5,483,441.35 | 19,043,181.10 | | Total Profit | 9,236,772.21 | 19,567,476.66 | | Net Profit | 7,752,413.85 | 17,125,398.79 | | Net Profit Attributable to Parent Company Shareholders | 6,169,727.65 | 13,697,595.81 | | Basic Earnings Per Share (yuan/share) | 0.03 | 0.07 | | Diluted Earnings Per Share (yuan/share) | 0.03 | 0.07 | [4. Parent Company Income Statement](index=54&type=section&id=4.%20Parent%20Company%20Income%20Statement) For H1 2025, parent company operating revenue was **12.47 million yuan**, up **59.79%**, with net profit significantly increasing by **1149.08%** to **20.75 million yuan** Parent Company Income Statement Key Data (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Operating Revenue | 12,472,793.90 | 7,805,507.78 | | Operating Costs | 4,506,748.96 | 4,143,777.08 | | Operating Profit | 21,622,160.87 | 1,635,045.48 | | Total Profit | 21,734,560.87 | 1,635,045.48 | | Net Profit | 20,748,780.93 | 1,659,599.82 | [5. Consolidated Cash Flow Statement](index=56&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) For H1 2025, net cash flow from operating activities was **117.53 million yuan**, a **3.51% increase**, while net cash from investing and financing activities were negative Consolidated Cash Flow Statement Key Data (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 117,534,834.05 | 113,554,084.70 | | Net Cash Flow from Investing Activities | -117,778,376.59 | -153,932,871.64 | | Net Cash Flow from Financing Activities | -113,112,825.12 | -99,609,098.65 | | Net Increase in Cash and Cash Equivalents | -113,356,367.66 | -139,987,885.59 | | Period-end Cash and Cash Equivalents Balance | 283,989,597.63 | 347,057,185.33 | [6. Parent Company Cash Flow Statement](index=57&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) For H1 2025, parent company net cash flow from operating activities was **3.97 million yuan**, with negative net cash flows from investing and financing activities Parent Company Cash Flow Statement Key Data (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 3,971,408.79 | 531,434.35 | | Net Cash Flow from Investing Activities | -63,355,281.48 | -87,638,119.24 | | Net Cash Flow from Financing Activities | -29,167,656.90 | -29,261,430.49 | | Net Increase in Cash and Cash Equivalents | -88,551,529.59 | -116,368,115.38 | | Period-end Cash and Cash Equivalents Balance | 208,267,808.10 | 265,691,759.25 | [7. Consolidated Statement of Changes in Owner's Equity](index=58&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Owner%27s%20Equity) As of June 30, 2025, consolidated owner's equity totaled **948.39 million yuan**, a **2.49% decrease**, reflecting net profit and profit distribution Consolidated Statement of Changes in Owner's Equity Key Data (H1 2025) | Item | Beginning Balance (yuan) | Amount of Change This Period (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | | Share Capital | 194,451,046.00 | 0.00 | 194,451,046.00 | | Capital Reserve | 571,067,278.64 | 0.00 | 571,067,278.64 | | Surplus Reserve | 40,866,890.99 | 2,074,878.09 | 42,941,769.08 | | Retained Earnings | 167,585,214.84 | -25,072,807.34 | 142,512,407.50 | | Total Owner's Equity Attributable to Parent Company | 973,970,430.47 | -22,997,929.25 | 950,972,501.22 | | Minority Interests | -1,397,179.88 | -1,187,313.80 | -2,584,493.68 | | Total Owner's Equity | 972,573,250.59 | -24,185,243.05 | 948,388,007.54 | [8. Parent Company Statement of Changes in Owner's Equity](index=62&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Owner%27s%20Equity) As of June 30, 2025, parent company owner's equity totaled **989.82 million yuan**, a **0.84% decrease**, influenced by net profit and profit distribution Parent Company Statement of Changes in Owner's Equity Key Data (H1 2025) | Item | Beginning Balance (yuan) | Amount of Change This Period (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | | Share Capital | 194,451,046.00 | 0.00 | 194,451,046.00 | | Capital Reserve | 571,067,278.64 | 0.00 | 571,067,278.64 | | Surplus Reserve | 40,866,890.99 | 2,074,878.09 | 42,941,769.08 | | Retained Earnings | 191,850,516.78 | -10,493,754.06 | 181,356,762.72 | | Total Owner's Equity | 998,235,732.41 | -8,418,875.97 | 989,816,856.44 | [3. Company Basic Information](index=65&type=section&id=3.%20Company%20Basic%20Information) Junting Hotel Group Co., Ltd., established in 2007, has undergone several capital changes, with a registered capital of **194.45 million yuan** as of December 31, 2024 - The company's predecessor was Zhejiang Shimao Junting Hotel Management Co., Ltd., established in Hangzhou City on August 8, 2007[182](index=182&type=chunk) - The company was wholly converted into a joint-stock company on September 10, 2015, and renamed "Zhejiang Junting Hotel Management Co., Ltd."[183](index=183&type=chunk) - The company underwent multiple capital changes, including bonus share issues, capital reserve conversions to share capital, initial public offerings, and private placements, increasing its share capital from **15 million shares** to **194,451,046 shares**[183](index=183&type=chunk)[184](index=184&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk)[188](index=188&type=chunk) - As of December 31, 2024, the company's registered capital (share capital) was **194,451,046.00 yuan**, primarily engaged in hotel management services[189](index=189&type=chunk) [4. Basis of Financial Statement Preparation](index=67&type=section&id=4.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, adhering to accounting standards and regulations, with no significant doubts about the company's ability to continue as a going concern - The group's financial statements are prepared on a going concern basis, in accordance with actual transactions and events, and in compliance with enterprise accounting standards and relevant disclosure regulations of the China Securities Regulatory Commission[191](index=191&type=chunk) - The group's accounting is based on the accrual method, and except for certain financial instruments, all measurements are based on historical cost[191](index=191&type=chunk) - The company has no matters or circumstances that would cause significant doubt about its ability to continue as a going concern within 12 months from the end of the reporting period[192](index=192&type=chunk) [5. Significant Accounting Policies and Estimates](index=67&type=section&id=5.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies and estimates for business combinations, financial instruments, receivables, long-term equity investments, fixed assets, and revenue recognition - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, accurately and completely reflecting the financial position of the company and the group as of June 30, 2025, and the operating results and cash flows for January-June 2025[194](index=194&type=chunk) - The group's accounting periods are divided into annual and interim periods, with the accounting year adopting the calendar year, and the current reporting period is from January 1 to June 30[195](index=195&type=chunk) - The group uses 12 months as an operating cycle and as the standard for classifying assets and liabilities as current or non-current[196](index=196&type=chunk) - RMB is the currency of the main economic environment in which the company and its domestic subsidiaries operate, and the company and its domestic subsidiaries use RMB as their bookkeeping currency[197](index=197&type=chunk) - The company accounts for business combinations under common control and non-common control separately, detailing the determination of combination cost and recognition of goodwill[200](index=200&type=chunk)[203](index=203&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss, based on the business model for managing financial assets and contractual cash flow characteristics[219](index=219&type=chunk) - The company measures loss provisions for accounts receivable and contract assets without significant financing components at an amount equal to the expected credit losses over their entire lifetime[232](index=232&type=chunk) - The company accounts for long-term equity investments where it has joint control or significant influence over the investee using the equity method; for long-term equity investments where it exercises control over the investee, the cost method is used[238](index=238&type=chunk)[241](index=241&type=chunk) - Fixed assets are initially measured at cost, considering the impact of estimated disposal costs, and depreciation is calculated using the straight-line method over their useful lives[249](index=249&type=chunk)[251](index=251&type=chunk) - Intangible assets are initially measured at cost, and intangible assets with finite useful lives are amortized using the straight-line method over their useful lives[252](index=252&type=chunk)[253](index=253&type=chunk) - Long-term deferred expenses primarily include renovation costs, amortized using the straight-line method over the shorter of the estimated benefit period or the lease term[260](index=260&type=chunk) - The company recognizes revenue when the customer obtains control of the related goods, and determines the progress of performance obligations using the input method or output method based on the nature of the performance obligation[267](index=267&type=chunk)[268](index=268&type=chunk) - Government grants are classified as asset-related or income-related, and recognized as deferred income or included in current profit or loss, respectively[276](index=276&type=chunk)[279](index=279&type=chunk) - The company recognizes deferred income tax assets and deferred income tax liabilities using the balance sheet liability method[281](index=281&type=chunk) - When the company acts as a lessee, it recognizes the right to use the leased asset over the lease term as a right-of-use asset and the present value of the unpaid lease payments as a lease liability[286](index=286&type=chunk) [6. Taxation](index=93&type=section&id=6.%20Taxation) This section outlines the company's main tax types and rates, including VAT, urban maintenance and construction tax, and corporate income tax, with some subsidiaries enjoying small-profit enterprise tax incentives Main Tax Types and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable income (6% for non-rental income, 5%/9% for rental income, 3% for water utility income, 13% for electricity utilit

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]

Core Viewpoint - A total of 64 stocks have experienced consecutive increases for 5 trading days or more as of the market close on August 20, with notable performers including Yunzhong Technology and Junting Hotel, which have risen for 9 consecutive trading days [1] Summary by Category - **Top Performers** - Yunzhong Technology and Junting Hotel have both increased for 9 consecutive trading days [1] - Tengjing Technology, Ruixin Microelectronics, and Bafang Co. have seen increases for 8 consecutive trading days [1] - **Cumulative Gains** - Zhongzhou Electronics achieved a cumulative increase of 92.31% during its consecutive rise [1] - Wantong Hydraulic recorded a cumulative increase of 72.87% during its consecutive rise [1]

Group 1 - The Ministry of Finance, the central bank, and the financial regulatory authority have jointly issued a policy to support personal consumption loans with fiscal subsidies, covering key consumption areas such as home automobiles, elderly care, education, cultural tourism, home decoration, electronic products, and healthcare [1] - Data from the Ministry of Culture and Tourism indicates that by the first half of 2025, domestic tourist trips are expected to reach 3.285 billion, a year-on-year increase of 20.6%, with tourism spending projected at 3.15 trillion yuan, up 15.2% [1] - The railway summer transportation has sent 616 million passengers, reflecting a 4% year-on-year growth, with capacity expansion providing solid support for peak season [1] Group 2 - Zhonghang Securities believes that financial support will resonate with the quality transformation of demand structure, driving short-term tourism consumption and providing dual guarantees of funding and demand for the long-term stability and expansion of the cultural tourism industry [2] - The fiscal subsidy policy significantly reduces the financial cost of large travel and related consumption for residents, and combined with the summer peak season demand release and diverse business innovations, the industry's prosperity is expected to continue to rise [2] - Short-term scenarios such as summer vacations, family trips, and red-themed educational tours are likely to drive unexpected increases in visitor flow and revenue for scenic spots and hotels [2]