证券代码：301073 证券简称：君亭酒店 公告编号：2026-001 君亭酒店集团股份有限公司 关于要约收购事项的进展公告 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。 公司将密切关注上述要约收购相关事项的进展情况，并严格按照有关法律法 规的规定和要求履行信息披露义务。公司所有公开披露的信息以巨潮资讯网 （www.cninfo.com.cn）和公司指定媒体刊登的信息为准。本次要约收购尚存在不 确定性，敬请广大投资者理性投资、注意投资风险。 特此公告。 君亭酒店集团股份有限公司 君亭酒店集团股份有限公司（以下简称"公司"）于 2026 年 2 月 2 日收到 湖北文化旅游集团有限公司发来的《关于要约收购君亭酒店集团股份有限公司股 份事宜进展情况的函》，现将函件内容公告如下： "2025 年 12 月 2 日，湖北文化旅游集团有限公司（以下简称"湖北文旅" 或"集团"）向君亭酒店集团股份有限公司（以下简称"君亭酒店"或"上市公 司"）发出《要约收购报告书摘要》，拟向除湖北文旅外的上市公司全体股东发 出不可撤销的部分要约收购（以下简称"本次要约收购"），本次要约 ...

Group 1 - The hotel and catering sector increased by 1.1% on February 3, with Huazhong Hotel leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Key stocks in the hotel and catering sector showed varied performance, with Huazhong Hotel closing at 3.81, up 3.53%, and ST Yunwang down 0.94% to 2.10 [1] Group 2 - The net outflow of main funds in the hotel and catering sector was 50.198 million yuan, while retail investors saw a net inflow of 47.6257 million yuan [1] - Detailed fund flow data indicates that Huazhong Hotel had a main fund net inflow of 559,800 yuan, while Jinling Hotel experienced a net outflow of 1.5664 million yuan [2] - The overall trend shows that retail investors are more active in the sector, with significant net inflows in several stocks despite the main fund outflows [2]

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The retail sector is expected to show varied performance in Q4 2025, with significant growth in certain segments like gold and jewelry, while others like supermarkets and department stores are projected to decline [1][2][4] - The report highlights the importance of the upcoming Spring Festival season, suggesting that sectors with performance elasticity, such as duty-free shops and certain tourist attractions, should be closely monitored [9] - The report emphasizes the potential of AI applications in enhancing e-commerce marketing, indicating a shift towards new retail strategies [9] Summary by Relevant Sections Retail Sector Outlook - Gold and Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% in Q4 2025 - Zhou Da Sheng: Expected net profit growth of 15% to 30% in Q4 2025 - Chao Hong Ji: Forecasted net profit of 1.2 to 2.2 billion, with a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit growth of 150% to 254% in Q4 2025 - Yu Garden Co.: Forecasted loss of 4.312 billion in Q4 2025, compared to a loss of 1.03 billion in the same period last year [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30% in Q4 2025, with adjusted net profit growth of 10% to 20% [1] Supermarkets and Department Stores - Chongqing Department Store: Expected net profit of 1.021 billion, a decline of 22.4% year-on-year, with a projected drop of 92.5% in Q4 2025 - Wangfujing: Expected net profit loss of 0.45 to 0.23 billion, with a growth rate of -6.6% to 7.3% in Q4 2025 - Yonghui Supermarket: Expected loss of 2.14 billion, with a net profit growth rate of -3.1% in Q4 2025 - Home Home Joy: Expected net profit of 198 to 228 million, with a growth rate of 50.1% to 72.8% in Q4 2025 [2] Cross-Border and E-commerce - Small Commodity City: Expected net profit growth of 5% to 15% in Q4 2025 - Anker Innovation: Expected net profit growth of 10% to 20% in Q4 2025 - Su Mei Da: Expected net profit of 1.355 billion, with a growth rate of 70.8% in Q4 2025 [3] Social Services Sector Outlook - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% in Q4 2025 - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% in Q4 2025 - Jiuhua Tourism: Expected net profit growth of 0% to 15% in Q4 2025 [4] Investment Recommendations - The report recommends focusing on sectors with performance elasticity during the Spring Festival, including duty-free, certain tourist attractions, and gold and jewelry [9] - For 2026, the report suggests looking at service consumption and product consumption, particularly in duty-free and travel chains, as well as undervalued segments with improving fundamentals [9]

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Views - The report emphasizes the importance of focusing on sub-sectors with performance elasticity during the upcoming Spring Festival peak season, including duty-free, certain scenic spots, supermarkets, and gold jewelry [9] - It suggests that the recent fundamentals of duty-free and travel chains have improved, warranting ongoing observation and validation [9] - For 2026, the report recommends focusing on service consumption and product consumption, particularly in the duty-free and travel chain sectors, as well as the gold jewelry sector and Miniso, which have high valuation attractiveness [9] Summary by Relevant Sections Retail Sector Outlook for Q4 2025 - Gold Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% - Zhou Da Sheng: Expected net profit growth of 15% to 30% - Chao Hong Ji: Forecasted net profit of 436 million to 533 million, a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit of 1.06 billion to 1.23 billion, corresponding to a growth of 150% to 254% - Yu Garden Co.: Forecasted loss of 4.312 billion, primarily due to asset impairment provisions [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30%, with adjusted operating profit and net profit growth of 10% to 20% [1] Supermarket and Department Store Outlook for Q4 2025 - Chongqing Department Store: Expected net profit of 1.021 billion, a year-on-year decrease of 22.4% - Wangfujing: Expected net profit of -45 million to -23 million, with a growth rate of -6.6% to 7.3% - Yonghui Supermarket: Expected loss of 2.14 billion, with a growth rate of -3.1% - Jiajiayue: Expected net profit of 198 million to 228 million, growth of 50.1% to 72.8% - Hongqi Chain: Expected net profit growth of -10% to 0% [2] Cross-Border and E-commerce Outlook for Q4 2025 - Small Commodity City: Expected net profit growth of 5% to 15% - Anker Innovation: Expected net profit growth of 10% to 20% - Saiwei Times: Expected net profit of 90 million to 130 million - Huakai Yibai: Expected net profit of 80 million to 110 million, driven by improved operational efficiency [3] Social Services Sector Outlook for Q4 2025 - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% - Tianmu Lake: Expected net profit growth of -10% to 5% [4] Investment Recommendations - The report recommends focusing on companies such as Small Commodity City, China Duty-Free, Huazhu Group, Shoulu Hotel, Jinjiang Hotel, Chao Hong Ji, Jiuhua Tourism, Ruoyu Chen, Qingmu Technology, and Miniso, while also keeping an eye on other companies with potential [10]

Group 1 - The hotel and catering sector increased by 0.96% compared to the previous trading day, with Quan Jud leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] - Key stocks in the hotel and catering sector showed varied performance, with Quan Jud closing at 12.28, up 3.37%, and ST Yunwang closing at 2.11, down 2.31% [1] Group 2 - The net inflow of main funds in the hotel and catering sector was 17.95 million yuan, while retail investors saw a net outflow of 17.99 million yuan [1] - Major stocks like Jin Jiang Hotel and Huatian Hotel experienced significant net inflows from main funds, with Jin Jiang Hotel seeing 14.91 million yuan [2] - ST Yunwang had the highest net outflow from main funds at 9.84 million yuan, indicating a negative sentiment towards this stock [2]

Market Overview - The hotel and catering sector experienced a decline of 0.64% on January 28, with *ST Yunwang leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Stock Performance - Key stocks in the hotel and catering sector showed mixed performance, with Junxi Hotel rising by 0.86% to 30.53, while *ST Yunwang fell by 4.42% to 2.16 [1] - The trading volume and turnover for major stocks included: - Junxi Hotel: 47,000 shares, 1.44 billion CNY - Xian Catering: 122,400 shares, 113 million CNY - Jinjiang Hotel: 58,600 shares, 156 million CNY - *ST Yunwang: 256,800 shares, 56.12 million CNY [1] Capital Flow - The hotel and catering sector saw a net outflow of 32.18 million CNY from institutional investors and 33.67 million CNY from retail investors, while retail investors had a net inflow of 65.85 million CNY [1] - Detailed capital flow for selected stocks included: - Jinjiang Hotel: Net inflow of 1.04 million CNY from institutions, but a net outflow of 1.36 million CNY from retail investors [2] - *ST Yunwang: Net outflow of 10.47 million CNY from institutions, with a net inflow of 4.75 million CNY from retail investors [2]

证券之星消息，1月27日酒店餐饮板块较上一交易日下跌1.53%，君亭酒店领跌。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。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 | 2.26 | 0.44% | 26.68万 | 5931.05万 | | 601007 | 金陵饭店 | 8.14 | -0.85% | 11.23万 | 9156.24万 | | 605108 | 同庆楼 | 19.62 | -1.06% | 3.28万 | 6440.29万 | | 000428 | 华天酒店 | 3.49 | -1.41% | 17.54万 | 6091.39万 | | 600754 | 锦江酒店 | 26.56 | -1.45% | 8.10万 | 2.15亿 | | 000721 | 西安饮食 | 9.19 | -1.50% | 17.93万 | 1.64亿 | | 600258 | 首 ...

Investment Rating - The report maintains an "Outperform" rating for the hotel industry [6] Core Views - The domestic hotel industry is at a historical cycle bottom, with expectations for RevPAR to bottom out and recover in 2026 [31] - The industry is experiencing a shift from an "OCC first" strategy to a "best RevPAR" strategy among leading players, indicating a focus on pricing power and revenue management [43][49] - The REITs framework is evolving, allowing for better capital management and operational efficiency among leading hotel groups [64] Summary by Sections 1. Hotel Industry Valuation Discussion - The market capitalization of leading domestic hotel players has shown non-linear growth, driven by cyclical turning points and capital consolidation [12] - Valuation frameworks are anchored by macroeconomic cycles, with growth acting as a catalyst, and long-term views focusing on scale and ROE [17][28] 2. Current State of the Domestic Hotel Industry - The supply-demand relationship is adjusting, with a potential recovery in RevPAR expected in 2026 as the market stabilizes [31] - Demand for leisure travel remains strong, while business travel is recovering at a slower pace, influenced by service consumption policies [41][66] 3. Sector Valuation Recovery Initiation - Leading hotel companies are expected to show performance elasticity, with historical valuation recovery patterns suggesting potential for significant upside [3] - The report recommends overweighting leading hotel stocks, including Huazhu Group, ShouLai Hotel, JinJiang Hotel, Atour, and Junting Hotel, based on their growth potential and market positioning [3][6]

Core Insights - The report emphasizes the structural opportunities in both domestic demand and overseas expansion for 2026, particularly focusing on new services and new retail sectors [2][24] - It highlights the positive resonance between policy and fundamentals, suggesting that leading companies in the commercial sector are likely to benefit from policy stimuli and improve their fundamentals [2][4] Domestic Demand - The report identifies new services and new retail as the main lines for domestic demand, with a focus on the marginal changes in the fundamentals of related sub-sectors [2][5] - Specific sub-sectors showing price increase potential include: - **Hotels**: Strong leisure demand and optimized supply structure, with prices expected to remain stable or slightly increase. Recommended companies include Huazhu Group, Jinjiang Hotels, and Shoulv Hotels [2][3] - **Duty-Free**: With the opening of Hainan, the sector is stabilizing, and China Duty Free is highlighted as a key player [2][3] - **Gold and Jewelry**: The report notes a high volatility in gold prices but anticipates improved terminal sales. Recommended companies include Chow Tai Fook and Lao Puhuang [2][3] - **Mother and Baby**: Leading companies are expected to maintain steady growth, supported by favorable policies. Recommended companies include Kidswant and Aiyingshi [2][3] Sub-Sectors Driven by Volume Growth - The report suggests focusing on the Consumer Price Index (CPI) for sectors primarily driven by volume growth: - **Supermarkets**: CPI increases are beneficial for same-store sales, with a shift in focus from store adjustments to supply chain reforms. Recommended companies include Yonghui Superstores and Jiajiayue [3][5] - **Tourism**: The report highlights the potential for expansion and asset integration in the tourism sector, recommending companies like Jiuhua Tourism and Changbai Mountain [3][5] - **Dining**: Emphasizes refined operations and incentives for leading companies, with recommendations including Yum China and Haidilao [3][5] - **Tea Drinks**: The report notes that delivery subsidies may impact pricing, with store openings expected to drive growth. Recommended companies include Mixue and Gu Ming [3][5] Overseas Expansion - The report indicates that leading companies with high barriers to entry are expected to continue showing strong performance in overseas markets, with a focus on brand building and diversified destinations [4][24] - Recommended companies for overseas expansion include: - **Small Commodity City** and **Miniso**: Both are noted for their strong performance and brand development [4][24] - **Anker Innovations** and **Sumida**: Highlighted for their competitive advantages in specific segments [4][24] Investment Recommendations - The report suggests that for 2026, investors should focus on sectors benefiting from policy support and those with strong performance certainty in overseas markets [5][24] - It emphasizes the importance of monitoring the recovery of volume in certain sectors while maintaining a cautious approach to pricing stability [5][24]

Core Viewpoint - The hotel and catering sector experienced a rise of 0.74% on January 22, with *ST Yunwang leading the gains, while the overall market indices showed modest increases [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4122.58, up 0.14% [1] - The Shenzhen Component Index closed at 14327.05, up 0.5% [1] - The hotel and catering sector stocks showed varied performance, with *ST Yunwang closing at 2.26, up 5.12% [1] Group 2: Stock Performance - *ST Yunwang led the sector with a closing price of 2.26 and a trading volume of 194,300 shares, amounting to a transaction value of 43.81 million yuan [1] - Junting Hotel closed at 31.05, up 3.02%, with a transaction value of 186 million yuan [1] - Huaten Hotel closed at 3.60, up 1.98%, with a transaction value of 104 million yuan [1] - Jinling Hotel closed at 8.13, up 1.12%, with a transaction value of 100 million yuan [1] - Xian Catering closed at 9.49, up 1.06%, with a transaction value of 180 million yuan [1] - Quanjude closed at 12.28, up 0.57%, with a transaction value of 110 million yuan [1] - Jinjiang Hotel closed at 27.53, up 0.33%, with a transaction value of 312 million yuan [1] - Tongqinglou closed at 19.93, up 0.20%, with a transaction value of 72.28 million yuan [1] - Shoulu Hotel closed at 17.84, up 0.06%, with a transaction value of 27.5 million yuan [1] Group 3: Capital Flow - The hotel and catering sector saw a net outflow of 8.96 million yuan from main funds, while retail investors contributed a net inflow of 64.28 million yuan [1] - Junting Hotel had a main fund net inflow of 10.78 million yuan, while retail investors had a net outflow of 5.07 million yuan [2] - *ST Yunwang experienced a main fund net inflow of 8.96 million yuan, with retail investors showing a net outflow of 5.06 million yuan [2] - Huaten Hotel had a net outflow of 1.25 million yuan from main funds, but a net inflow of 8.47 million yuan from retail investors [2] - Jinling Hotel and Quanjude both experienced significant net outflows from main funds, while retail investors showed positive net inflows [2]