Investment Rating - The report maintains a rating of "Outperform the Market" for the industry [3]. Core Insights - The industry fundamentals are expected to remain under pressure in 2024, with most sectors and companies still significantly affected by macroeconomic factors. However, a number of companies are emerging that are successfully navigating the challenges of consumer downgrade by upgrading from categories to quality and then to brand [1][2]. - The report highlights that companies with strong brand attributes are likely to continue outperforming as the market transitions from price-performance to quality-price comparisons [2]. Summary by Sections 1. Duty-Free Sector - The duty-free sales in Hainan are gradually stabilizing, with the implementation of the Hainan closure policy expected to benefit the duty-free sector. The market is seeing improvements in channel and supply chain capabilities, leading to a stable outlook for profitability [2][49]. - Key companies to watch include China Duty Free Group and Wangfujing [2]. 2. Tourism and Gaming - The tourism sector shows strong resilience in demand, becoming a crucial driver for domestic consumption. The recovery in inbound and outbound travel is significant, with a focus on new consumption scenarios and the silver-haired tourism market [2][3]. - Recommended companies include Jiuhua Tourism, Lingnan Holdings, and Sands China [2]. 3. Hotel Industry - The hotel sector is experiencing weak business travel demand, leading to pressure on RevPAR. However, leisure demand remains resilient, and leading companies are enhancing profitability through brand matrix validation and supply chain optimization [3][72]. - Companies to focus on include Huazhu Group, Atour, and Jinjiang Hotels [3]. 4. Restaurant Sector - Leading restaurant companies are demonstrating strong supply chain negotiation and profitability advantages. The overall supply in the restaurant industry is optimizing, with a competitive trend in price-performance [3][7]. - Notable companies include Mixue Ice City, KFC, and Haidilao [3][7]. 5. Cosmetics and Medical Aesthetics - The cosmetics sector is seeing a shift in focus towards profitability, with companies restructuring their product and channel strategies. High-growth companies are expected to achieve both revenue and profit increases [7][23]. - Key players include Juzhibio, Shumei, and Marubi [7][23]. 6. General Retail - The retail sector is undergoing digital upgrades and operational adjustments, with a focus on essential demand and cash flow stability. Companies like Yonghui Supermarket and Multi-Point Intelligence are recommended [8][30]. - The report also highlights the ongoing challenges in the jewelry sector due to rising gold prices [8][30]. 7. Overall Market Performance - The consumer services sector is expected to face challenges, with a projected performance of -8.70% in 2024. However, the beauty and personal care sector is anticipated to recover with a growth of +8.15% in 2025 [11][19].

Financial Performance - In 2024, the company achieved operating revenue of 675.85 million yuan, a year-on-year increase of 26.57% [1] - The net profit attributable to shareholders decreased by 17.43% to 25.20 million yuan [1] - The net profit after deducting non-recurring gains and losses fell by 21.35% [1] - As of December 31, 2024, the net assets attributable to shareholders were 973.97 million yuan, a decrease of 0.41% [1] - In Q1 2025, operating revenue was 16.21 million yuan, a growth of 1.29% year-on-year [1] - The net profit attributable to shareholders in Q1 2025 was 2.86 million yuan, down 38.70% [1] Operational Metrics - The average occupancy rate for direct-operated hotels in 2024 was 63.68%, with an average room price of 483.49 yuan, resulting in a RevPAR of 307.89 yuan [1] - In Q1 2025, the average occupancy rate was 56.51%, with an average room price of 471.81 yuan, leading to a RevPAR of 266.62 yuan [1] - During the "May Day" holiday in 2025, the average RevPAR exceeded 550 yuan, with significant performance from the "Pagoda" and "Night Boat" brands, which saw a 10% year-on-year increase [3] Market Strategy and Adjustments - The company is actively adjusting marketing strategies and channel layouts in response to market changes, particularly in the face of reduced business travel and traditional customer channels [5] - The company has expanded its overseas market presence, benefiting from government policies, which has stabilized hotel pricing [6] - The membership base surpassed 18 million in 2024, with a steady increase in the proportion of revenue from membership channels [6] Investment and Expansion Plans - A new investment project in Chengdu is in the planning stage, expected to open in Q4 2025, featuring over 300 rooms [8] - The company has launched a franchise business model, signing eight new franchise projects in key cities like Guangzhou and Chengdu [12] - The company aims to enhance its investment efficiency and project development channels through partnerships with professional institutions [8] Challenges and Opportunities - The hotel industry is facing challenges due to changes in customer structure and booking channels, necessitating a shift in operational strategies [5] - The company is focusing on the growing demand in lower-tier markets and the silver economy, developing products tailored to family and elderly travelers [10] - The company is leveraging its experience in property renovation to capitalize on the current market dynamics, particularly in high-end vacation hotels [15]

Group 1 - The core viewpoint of the news is that a comprehensive financial policy package has been introduced to support the stability of the market and expectations, particularly benefiting the elderly care sector [1][3] - The People's Bank of China has established a 500 billion yuan service consumption and elderly care relending tool to enhance financial support for key areas such as elderly care and service consumption [3] - The elderly care industry in China is projected to reach a scale of 9 trillion yuan in 2022, with expectations to exceed 12 trillion yuan by 2025, indicating a significant growth phase ahead [4][5] Group 2 - The elderly care concept stocks have shown strong performance, with multiple stocks such as Jinming Precision Machinery and Xinhua Jin experiencing significant price increases, some reaching the daily limit [2] - The new policy tool is an expansion and upgrade of the previous inclusive elderly care relending policy, which had a smaller quota of 40 billion yuan and was initially piloted [3] - The silver economy is expected to grow substantially, with projections indicating it could reach 30 trillion yuan by 2035, accounting for 10% of GDP, driven by various sectors including elderly services and health care [4]

关于举办 2024 年度和 2025 年第一季度网上业绩说明会的公告 证券代码：301073 证券简称：君亭酒店 公告编号：2025-014 君亭酒店集团股份有限公司 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。 君亭酒店集团股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日披露 了公司《2024 年年度报告》全文及其摘要及《2025 年第一季度报告》全文等文 件。为便于广大投资者更深入全面地了解公司经营业绩、发展战略等情况，公司 定于 2025 年 5 月 8 日（星期四）15:30-17:00 在"价值在线"（www.ir-online.cn） 举办 2024 年度和 2025 年第一季度网上业绩说明会，与投资者进行沟通和交流， 广泛听取投资者的意见和建议。现将相关事项公告如下： 一、说明会召开的时间、方式和地点 二、参加人员 出席本次网上业绩说明会的人员有：董事长、总裁朱晓东女士；董事、副总 裁兼董事会秘书施晨宁先生；董事、副总裁兼财务总监张勇先生；独立董事孙晓 鸣先生以及保荐代表人湛瑞锋先生。 三、投资者参加方式 投资者可于 202 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to reduce losses in its direct-operated stores, while its light-asset business is accelerating growth [1] - The company has invested in 11 new direct-operated hotels, with 10 already opened, but these new hotels are currently incurring losses due to high initial costs [5] - The company is expanding its franchise business and has initiated strategic partnerships to enhance growth [5] Financial Summary - For 2024, the company is projected to achieve operating revenue of 675.85 million yuan, a year-on-year increase of 26.57%, and a net profit attributable to shareholders of 25.20 million yuan, a year-on-year decrease of 17.43% [5] - In Q1 2025, the company reported operating revenue of 162 million yuan, a year-on-year increase of 1.29%, but a net profit attributable to shareholders of 3 million yuan, a year-on-year decrease of 38.70% [5] - The company anticipates operating revenues of 798.35 million yuan in 2025, 1,030 million yuan in 2026, and 1,303.13 million yuan in 2027, with corresponding net profits of 62.45 million yuan, 127.55 million yuan, and 236.20 million yuan respectively [5] Operational Metrics - The occupancy rate (OCC), average daily rate (ADR), and revenue per available room (RevPAR) for direct-operated stores in 2024 are expected to be 63.7%, 483 yuan, and 308 yuan, respectively, showing declines compared to the previous year [5] - In Q1 2025, these metrics further declined to 56.5% for OCC, 471.8 yuan for ADR, and 266.6 yuan for RevPAR [5] Growth Strategy - The company is launching a franchise model to diversify its business and reduce costs, with plans to open its brands for franchise in 2025 [5] - Strategic partnerships are being formed, including a collaboration with Hilton Hotels Group and a membership system with Jin Yi Hotels [5] - The company is exploring heavy asset fund business models and hotel asset securitization [5]

Core Insights - The company has released its third ESG report amidst a reshaping competitive landscape in the hotel industry, highlighting strategic partnerships with Hilton and Jianfa Tourism Group to expand into high-end hotels and destination resorts in mainland China [1] - The company is focusing on digital transformation and sustainable supply chain construction to navigate challenges such as fluctuating customer sources and high costs [1] Group 1: Digital Transformation - The company has integrated cloud systems and IoT ecosystems to create a smart room service framework that enhances operational efficiency and service quality [2] - In 2024, the company completed testing for mobile control features, allowing guests to manage room devices remotely, and implemented a paperless check-in process using mobile payment systems [2] Group 2: Content Marketing and Brand Engagement - The company is leveraging the live streaming trend to enhance its content marketing strategy, achieving significant sales through platforms like Douyin, with over 181 live streams generating a GMV of over 5.44 million [3] - The company plans to expand its presence on Xiaohongshu and continue engaging customers through short videos on WeChat Video Accounts, creating a seamless transition from content display to transaction [3] Group 3: Performance Management and Quality Improvement - The company employs lean management as a core strategy to enhance competitiveness, utilizing a balanced scorecard approach to establish a comprehensive KPI system [4] - In 2024, the company achieved a customer service satisfaction rate of 93.29% across all its hotels, with specific brands like Jinglan Hotel reaching a high of 98.37% on Ctrip [5] Group 4: Sustainable Development Initiatives - The company is committed to a "full-chain low-carbon ecosystem," integrating green principles into building design and material procurement to enhance energy efficiency and indoor air quality [6] - Several hotels have received awards for their innovative designs and commitment to sustainability, reinforcing the company's dedication to green development [6] Group 5: Collaborative Growth and Market Expansion - The company has launched a franchise model to accelerate growth, establishing a management company to oversee this initiative and targeting key economic regions in China [7] - The company has formed partnerships with various organizations to enhance its digital operations and customer engagement, including collaborations with airlines and online platforms [7] Group 6: Cultural and Experiential Innovation - The company is focusing on integrating cultural elements into its hotel offerings, creating unique experiences that resonate with local heritage and community [8] - The company aims to redefine the hotel experience by blending leisure, dining, and cultural activities, positioning itself as a "micro-vacation destination" [8]

君亭酒店集团股份有限公司 审计 报告 众环审字(2025)3600159号 目 景 审计报告 | 财务报表 | | | --- | --- | | 合并资产负债表 | | | 合并利润表 | 3 | | 合并现金流量表 | ব | | 合并股东权益变动表 | ഗ | | 资产负债表 | 7 | | 利润表 | 9 | | 现金流量表 | 10 | | 股东权益变动表 | 11 | | 财务报表附注 | 13 | | 财务报表附注补充资料 | 93 | 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://nc.mof.gov.cn/ 起始页码 审计报告 众环审字(2025)3600159 号 君亭酒店集团股份有限公司全体股东: 一、审计意见 我们审计了君亭酒店集团股份有限公司(以下简称"君亭酒店公司")财务报表,包括 2024年 12月 31日的合并及公司资产负债表,2024年度的合并及公司利润表、合并及公司 现金流量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 君亭酒店公司 2024年12月 31 日合并及 ...

国投证券股份有限公司关于 君亭酒店集团股份有限公司 持续督导之 2024 年定期现场检查报告 | 保荐机构名称：国投证券股份有限公司 被保荐公司简称：君亭酒店 | | | | | --- | --- | --- | --- | | 保荐代表人姓名：湛瑞锋 联系电话：021-55518303 | | | | | 保荐代表人姓名：彭国峻 联系电话：021-55518313 | | | | | 现场检查人员姓名：湛瑞锋 | | | | | 现场检查对应期间：2024 年度 | | | | | 现场检查时间：2025 年 4 月 1 日-4 月 2 日 | | | | | 一、现场检查事项 | | 现场检查意见 | | | （一）公司治理 | 是 | 否 | 不适用 | | 现场检查手段：（一）与发行人相关人员进行现场沟通；（二）查看发行人的主要生产、 | | | | | 经营、管理场所；（三）查看发行人有关文件资料；（四）了解公司与关联方在人员、 | | | | | 资产、财务、机构、业务等方面是否存在影响独立性的情形等 | | | | | 1.公司章程和公司治理制度是否完备、合规 √ | | | | | 2.公司 ...

国投证券股份有限公司 关于君亭酒店集团股份有限公司 2024年度募集资金存放及使用情况的核查意见 国投证券股份有限公司（以下简称"国投证券"、"保荐机构"）作为君亭酒 店集团股份有限公司（以下简称"君亭酒店"或"公司"）首次公开发行股票并 上市的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创 业板股票上市规则》《上市公司监管指引第 2 号——上市公司募集资金管理和使 用的监管要求》和《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》等法律法规和规范性文件的要求，对君亭酒店截至 2024 年 12 月 31 日募集资金存放及使用情况进行了审慎核查，具体情况如下： 一、募集资金基本情况 （一）首次公开发行 A 股普通股股票 1、实际募集资金金额、资金到位情况 经中国证券监督管理委员会证监许可[2021]2686 号文《关于同意浙江君亭酒 店管理股份有限公司首次公开发行股票注册的批复》，公司于 2021 年 9 月 22 日 公开发行人民币普通股 2,013.50 万股，每股面值人民币 1 元，每股发行价格为人 民币 12.24 元，募集资金总额为人民币 246,452, ...

君亭酒店集团股份有限公司 内部控制审计报告 众环审字(2025)3600160号 = 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://www.fgov.cn） 近行 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://www.fgoc.cn） 近行业 作者 Fax 027 85424323 内部控制审计报告 众环审字(2025)3600160 号 君亭酒店集团股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了君 亭酒店集团股份有限公司(以下简称"君亭酒店公司")2024年12月31日的财务报告内部 控制的有效性。 一、君亭酒店公司对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定,建立健全和有效实施内部控制,并评价其有效性是君亭酒店公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和 ...