Group 1 - Huawei officially launched its Harmony OS computers, with the first foldable model priced at 23,999 yuan and the MateBook Pro starting at 7,999 yuan, marking a significant expansion into the desktop ecosystem [1] - The Harmony OS 5 aims to deepen the integration between mobile and desktop environments, showcasing a foldable design with an 18-inch display that folds to 13 inches, weighing only 1.16 kg [1] Group 2 - The State Administration of Foreign Exchange reported a positive trend in foreign investment in RMB assets, with foreign investors increasing their holdings of domestic bonds by 10.9 billion USD in April [2] - In late April, foreign investment in domestic stocks turned into net purchases, indicating a growing confidence in the Chinese market [2][3] Group 3 - Xinhua Insurance has been approved to participate in the third batch of long-term investment reform pilot programs, planning to establish the Honghu Fund Phase III, which has received regulatory approval [4] - This marks the third consecutive phase of the Honghu Fund initiated by Xinhua Insurance, reflecting a commitment to long-term investment strategies [4] Group 4 - Despite triggering "serious abnormal fluctuations," Chengfei Integration has seen its stock price rise for nine consecutive trading days, with a cumulative increase of 135.8% since May 7 [6] - The company has a low revenue contribution from its core aviation parts business, indicating that its recent stock performance may be driven more by market speculation than fundamental business strength [6][7] Group 5 - At least six rare earth material companies have received export licenses from the Ministry of Commerce, amid ongoing export control measures on certain rare earth elements [7] - The supply of rare earths may face short-term reductions due to various factors, although industry experts predict that prices will not experience significant fluctuations this year [7] Group 6 - The U.S. stock market experienced a collective decline, with major indices falling due to Moody's downgrade of the U.S. credit rating, impacting technology stocks significantly [8] - Notable declines were observed in major tech stocks, with Tesla dropping over 3% and other companies like Nvidia and TSMC also experiencing losses [8] Group 7 - The UK is expected to agree to restart trade and defense cooperation with the EU, marking a significant shift in relations since Brexit [9] - This move aims to boost economic growth and enhance security in the European region [9] Group 8 - The U.S. Congress is reviewing President Trump's comprehensive tax reduction bill, which has passed a key committee, but still faces challenges ahead [10][11] - The House Rules Committee is set to review the bill, with a potential vote expected later in the week [11][12] Group 9 - Ctrip's report indicates a strong recovery in the tourism sector for the upcoming Dragon Boat Festival, with domestic and inbound travel showing significant growth [14] - The report highlights a 100% increase in hotel search interest for inbound travel, suggesting a robust rebound in the tourism industry [14]

国投证券股份有限公司 关于君亭酒店集团股份有限公司 （一）保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、 误导性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性 承担法律责任。 （二）本机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行 的任何质询和调查。 首次公开发行股票并在创业板上市 持续督导保荐总结报告书 君亭酒店集团股份有限公司（以下简称"君亭酒店"或"发行人"）于 2021 年 9 月 30 日首次公开发行股票并在创业板上市。国投证券股份有限公司 （以下简称"国投证券"或"保荐机构"）担任君亭酒店首次公开发行股票并 在创业板上市的保荐机构，负责君亭酒店上市后的持续督导工作，持续督导期 至 2024 年 12 月 31 日。目前持续督导期限已经届满，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》《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》等相关法规和规范性 文件的规定，保荐机构出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 （一）尽职推荐阶段 保荐机构及保荐代表人按照有关法律、行政法规和中国证监会的规定， ...

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]

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2] Core Viewpoints - The tourism volume is increasing while prices remain stable, with an extended travel radius. The focus is on policy support and advancements in AI applications [3] Summary by Sections Market Review - In April, the social service sector outperformed the benchmark by 1.42 percentage points, with strong performance from tourism and education stocks. The A-share scenic spots and leading education stocks led the gains, while Hong Kong stocks in the supply chain and tea beverage sectors also performed well [3][4][6] May Day Holiday Summary - Domestic spending during the holiday increased by 8.0%, with travel willingness remaining high and an extended travel radius. A total of 314 million domestic trips were made, a year-on-year increase of 6.4%. The average spending per person increased by 1.5%, recovering to 90% of the 2019 level [3][9] Sub-Industries - **Inbound and Outbound Travel**: Inbound travel increased by 28.7% during the holiday, with significant growth in travelers from Hong Kong, Macau, Taiwan, and foreign visitors. The number of inbound foreign visitors under visa-free policies grew by 72.7% [3][21] - **Hotel Industry**: The hotel industry saw a REVPAR of 192 yuan, up 11.5% year-on-year, with occupancy rates and average daily rates also increasing. High-star hotels in county areas outperformed the overall industry [24][22] - **Scenic Spots**: Many scenic spots experienced significant visitor growth, aided by favorable weather and local government promotional activities. For example, Xiangyuan Cultural Tourism received 51.79% more visitors compared to last year [25][28] - **Dining**: Key monitored dining enterprises saw sales increase by 8.7% year-on-year, indicating a recovery in consumer spending [29][30] - **Duty-Free Sales**: Duty-free shopping during the holiday saw a decline of 7% in sales, but the average spending per person remained stable [41][35] Investment Recommendations - The report suggests focusing on leading companies benefiting from policy support and marginal improvements, including Tongcheng Travel, Xueda Education, Jiuhua Tourism, and others. Mid-term recommendations include China Duty Free, Meituan, Huazhu Group, and others [3][42]

Core Insights - The report highlights that tourism volume is increasing while prices remain stable, with a focus on policy support and advancements in AI applications within the sector [3][9] - The domestic travel market saw 314 million trips during the May Day holiday, a year-on-year increase of 6.4%, with total spending reaching 180.27 billion yuan, up 8.0% [9][21] - The report suggests that the tourism trend will continue to improve due to consumer experience demands and favorable industry policies, recommending investments in leading companies benefiting from these trends [3][42] Market Review - In April, the consumer services sector outperformed the benchmark by 1.42 percentage points, with strong performances from tourism and education stocks [4][6] - The May Day holiday saw significant gains in the education sector and travel-related stocks, with notable performances from companies involved in AI-enhanced education [4][6] Sub-industry Analysis - **Inbound and Outbound Travel**: Inbound travel saw a 28.7% increase in visitor numbers during the May Day holiday, with significant growth in travelers from Hong Kong, Macau, and Taiwan [16][21] - **Hotel Industry**: The hotel sector experienced a 11.5% increase in revenue per available room (RevPAR) during the holiday, with occupancy rates and average daily rates also rising [24][22] - **Scenic Areas**: Major scenic spots reported strong visitor numbers, with some locations seeing over 50% growth compared to the previous year, aided by favorable weather and local government initiatives [25][28] - **Dining Sector**: Key monitored dining enterprises reported an 8.7% increase in sales during the holiday, reflecting a recovery in consumer spending [29][30] - **Duty-Free Sales**: Duty-free shopping during the holiday saw a decline of 7% in sales, although the average transaction value remained stable [35][41] Investment Recommendations - The report recommends focusing on leading companies that are expected to benefit from policy support and improving consumer sentiment, including Tongcheng Travel, Xueda Education, Jiuhua Tourism, and others [3][42]

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]