Investment Rating - The report initiates coverage with a "Buy" rating for Junting Hotel [6][14]. Core Views - Junting Hotel differentiates itself in the competitive mid-to-high-end hotel market by adopting a "one store, one product" strategy, which enhances its RevPAR and profitability per store [1][3][13]. - The company is leveraging various expansion strategies, including direct management, franchising, and external funds, to minimize risks and achieve nonlinear growth despite its smaller scale compared to competitors [1][3][13]. - The mid-to-high-end hotel market is experiencing a transformation, with domestic brands poised to emerge as leaders due to changing consumer preferences and the increasing importance of differentiated offerings [2][42]. Summary by Sections Company Overview - Junting Hotel Group is a leading operator of mid-to-high-end business and resort hotels in China, focusing on a service system that emphasizes "design selection, cultural selection, and lifestyle selection" [22][24]. - The company has undergone several phases of development, including brand optimization and expansion into high-end resort markets, culminating in its listing on the Shenzhen Stock Exchange [23][24]. Market Dynamics - The mid-to-high-end hotel market is expanding, with a growing demand for differentiated services and experiences, driven by younger consumers willing to pay a premium [2][35]. - The supply-demand mismatch in the hotel market is expected to diminish, with a projected increase in the number of mid-range hotel rooms [36][40]. Growth Strategy - Junting Hotel's growth strategy includes enhancing its direct management stores, launching a franchise model, and utilizing external funds to support expansion [3][4][12]. - The company aims to establish a thousand-store scale within three years through its franchise business, which is set to commence in 2025 [3][4]. Financial Projections - The report forecasts Junting Hotel's revenue to reach 627 million, 790 million, and 1.031 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 17.42%, 26.05%, and 30.42% [4][5]. - The projected net profit for the same period is expected to be 29 million, 65 million, and 144 million yuan, with significant growth anticipated in the latter years [4][5].

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

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

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

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

二、培训人员 深圳证券交易所： 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"、"公司"）首次公开发行股票并在 创业板上市以及向特定对象发行股票的保荐机构，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（2024 年修订）》《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》《深圳证券交 易所上市公司自律监管指引第 13 号——保荐业务》等法规和规则的相关规定， 结合君亭酒店的实际情况，认真履行保荐机构应尽的职责，于 2024 年 12 月 18 日完成了对君亭酒店控股股东和实际控制人、董事、监事、高级管理人员、证券 事务代表等相关人员的持续督导培训工作，特向贵所报送培训工作报告。 一、本次培训的基本情况 国投证券于2024年12月制作了持续督导培训课件并发送给君亭酒店控股股 东和实际控制人、董事、监事、高级管理人员、证券事务代表等相关人员进行学 习，并于 2024 年 12 月 18 日进行了针对持续督导期间 2024 年度的培训，本次培 训重点介绍了 2024 年以来国务院、中国证监会及深圳证 ...

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

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 503 million yuan for the first three quarters of 2024, representing a year-on-year increase of 31.85%. However, the net profit attributable to the parent company decreased by 23.61% to 18 million yuan [2]. - The third quarter revenue was 173 million yuan, up 7.28% year-on-year, with a net profit of 5 million yuan, reflecting a 19.07% increase compared to the same period last year [2]. - The report highlights the ongoing expansion of the company's store contracts, with 13 new contracts signed in the third quarter, adding nearly 3,000 rooms, marking the brand's entry into Shanxi and Heilongjiang markets [2]. Financial Performance Summary - For the first three quarters of 2024, the company experienced a gross margin of 30.83%, down 10.63 percentage points year-on-year, and a net profit margin of 3.64%, down 2.64 percentage points year-on-year [2]. - The third quarter saw a gross margin of 30.17%, a decrease of 9.53 percentage points year-on-year, while the net profit margin was 2.68%, an increase of 0.27 percentage points year-on-year [2]. - The report projects net profits for the company to be 32 million yuan, 74 million yuan, and 107 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 153x, 66x, and 46x [2][5].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 503 million yuan for the first three quarters of 2024, representing a year-on-year increase of 32%, while the net profit attributable to the parent company was 18 million yuan, down 24% year-on-year [2] - In Q3, the company achieved a revenue of 173 million yuan, up 7% year-on-year, and a net profit of 5 million yuan, up 19% year-on-year, driven by an increase in the number of direct-operated stores [2] - The RevPAR for direct-operated hotels in Q3 decreased by 15% year-on-year, with occupancy rate (OCC) at 64.9% and average daily rate (ADR) at 484 yuan [3] - The company opened 1 new direct-operated hotel in Q3, bringing the total to 70 under the Junting brand, with a total of 22 hotels under development [3] - The company is expected to continue to recover its profitability as new projects ramp up and it expands its direct and managed operations nationwide [4] Financial Forecasts and Valuation - The company’s total revenue is projected to reach 644.23 million yuan in 2024, with net profit attributable to the parent company expected to be 39.45 million yuan [1] - The earnings per share (EPS) for 2024 is estimated at 0.20 yuan, with a price-to-earnings (P/E) ratio of 116.24 based on the current price [1] - The net profit forecasts for 2024, 2025, and 2026 have been adjusted to 39.45 million yuan, 65.52 million yuan, and 89.44 million yuan respectively, reflecting a downward revision due to the decline in RevPAR [4]

君亭酒店集团股份有限公司 朱晓东 施晨宁 甘圣宏 张勇 俞婷婷 魏洁文 孙晓鸣 时间：2024 年 10 月 28 日 君亭酒店集团股份有限公司 全体董事、监事、高级管理人员关于 2024 年三季度报告的 书面确认意见 根据《证券法》第八十二条的要求，本人作为君亭酒店集团股份有限公司的 董事、监事、高级管理人员，保证公司 2024 年三季度报告内容真实、准确、完 整，不存在任何虚假记载、误导性陈述或者重大遗漏。 全体董事、监事、高级管理人员关于 2024 年三季度报告的 书面确认意见 根据《证券法》第八十二条的要求，本人作为君亭酒店集团股份有限公司的 董事、监事、高级管理人员，保证公司 2024 年三季度报告内容真实、准确、完 整，不存在任何虚假记载、误导性陈述或者重大遗漏。 董事签署： 时间：2024 年 10 月 28 日 君亭酒店集团股份有限公司 全体董事、监事、高级管理人员关于 2024 年三季度报告的 书面确认意见 根据《证券法》第八十二条的要求，本人作为君亭酒店集团股份有限公司的 董事、监事、高级管理人员，保证公司 2024 年三季度报告内容真实、准确、完 整，不存在任何虚假记载、误导性陈述或者重 ...