在2025年第三季度，亚朵营收同比增长38.4%，零售业务GMV增长75.5%，并上调全年收入指引至同比 增长35%。此外，公司于2025年累计派发股息约1.08亿美元，第二次股息已于2025年12月支付。 以上内容基于公开资料整理，不构成投资建议。 经济观察网亚朵集团近期发布新品牌并上调全年收入指引。公司于2026年2月5日正式发布"中国体验， 品牌领航"三年战略，将亚朵酒店4.0版本独立为新品牌"亚朵见野"，标志着公司向生活方式品牌生态的 转型。同时，公司宣布已实现2000家门店的里程碑，据弗若斯特沙利文数据，亚朵在国内中高端连锁酒 店规模及市场占有率居首位。 业绩经营情况 ...

2月初，一名常住上海准备回汕头过节的网友发现，春节同一时间段，汕头不少酒店价格竟 比上海外滩附近的高档酒店还要贵上三四倍。该网友称，自己是汕头媳妇，每年都会回汕头 过年，家里只有三个房间六口人住，他们一家回去一般都是住酒店，"每到过年都涨，但该 住还得住"。 网友发现，汕头部分酒店价格已超过上海外滩， 其中亚朵酒店某房型春节期间报价高达 4221元每晚，较平日价格上涨近5倍， 如家等房价普遍跃升至千元以上， 个别景区酒店甚 至突破 6000元每晚。 对于涨价，当地酒店人士解释称，春节期间，酒店各方面的运营成 本都有所上升。 汕头酒店比外滩还贵 春节假期临近， 南下避寒是许多游客的出行选择 。 携程数据显示，国内春节假期预订增速前十名均为南方城市，其中汕头以 186% 的预订量 增幅位居首位，揭阳、潮州紧随其后 ， 旅游订单增速分别高达 162%、135% 。随着 广 东汕头旅游热度持续攀升，不少网友反映，汕头酒店价格出现 "飙涨"。 该网友发布的 2月17日至19日的酒店价格显示，汕头万象城华山南路亚朵酒店已经涨到 3377元每晚，不少酒店价格也在2000元至3000元每晚。同期，当地多家亚朵酒店房价也 突破 ...

春节临近，汕头旅游热度持续攀升，不少网友反映，汕头酒店价格出现"飙涨"。 毫不意外，即便价格高得离谱，这些高价房间依然被订满，"物以稀为贵"的市场规律充分显现。 亚当·斯密在《国富论》中早已指出，市场是一只"看不见的手"，通过价格引导资源配置。 按照经济学原理，亚朵今天的高溢价，会激励着更多的企业在汕头投身酒店业，从而使得未来，消费者会有更多的选择，更低的价格。 据媒体报道，汕头部分酒店价格已超上海外滩，其中亚朵酒店某房型春节期间报价高达4221元/晚，较平日价格涨近5倍，如家等房价普遍跃升至千元以 上，个别景区酒店甚至突破6000元。 对于涨价的讨论，网友们也分成两派。一派表示无法接受，直言这是"坐地起价""宰客"，"亚朵只是中端连锁，凭什么卖4200元一晚？硬件和服务根本配 不上这个价格"；另一派则表示理解，认为春节期间酒店涨价是常态："春节游客多、房源少，涨价难免，涨价也是市场规律"。 春节期间，员工三倍工资、布草洗涤费增加、物资采购成本提高，部分酒店还需额外增加人手，这一系列成本提升，必然进一步推高售价，这也是情理之 中。 不理解的消费者普遍存在一个经济学上的认知误区：价格=品质。他们认为，亚朵作为一 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [3]. Core Insights - The 2026 Spring Festival will feature a "9-day no work adjustment" policy, leading to a high public satisfaction rate of 92.9%. This extended holiday is expected to significantly boost travel and consumption during the Spring Festival period [7][8]. - The aviation sector anticipates a record passenger volume of 95 million during the 40-day Spring Festival travel period, representing a year-on-year increase of 5.3%. The number of flights planned by domestic airlines is expected to reach 657,000, also up by 5% [8]. - The domestic tourism market is experiencing diverse growth, with family travel becoming increasingly popular. The proportion of family travelers is expected to reach 39%, while the elderly demographic (aged 60 and above) will account for 19% of travelers [18][20]. - There is a notable increase in outbound travel demand, with booking volumes rising nearly 40% year-on-year. Southeast Asia is dominating international travel routes, capturing nearly 50% of outbound flights, while flights to Japan have decreased significantly [31][40]. Summary by Sections 1. Expansion of Aviation and Railway Capacity - The Spring Festival travel period will see a significant increase in passenger flow, with the aviation sector expecting 95 million passengers, and the railway sector projecting 539 million passengers, both reflecting a 5% increase year-on-year [8][16]. 2. Emergence of Diverse Customer Groups - Family travel is on the rise, with a notable increase in the average booking price for family accommodations, which is 9% higher than other types. The demand for larger, more private accommodations is also increasing, with a 77% year-on-year growth in bookings for standalone villas during the winter holiday [18][20]. 3. Restructuring of Destination Patterns - Outbound travel is seeing a shift, with Thailand regaining its position as the top destination. The demand for long-haul and differentiated travel experiences is becoming mainstream, with a significant increase in interest for destinations like Turkey and New Zealand [31][42]. 4. Investment Analysis Recommendations - The report suggests focusing on companies that can leverage the benefits of the extended holiday and the growth in inbound and long-haul outbound travel. Recommended sectors include tourism attractions, exhibition and sports events, human resources, hotels, and duty-free retail [43].

花旗发表研报指，对中国体验式消费的结构性增长保持乐观，并预期农历新年的休闲旅游需求将持续强 劲，对中国中免的海南免税销售、亚朵及华住集团的酒店可供出租客房收入带来正面影响。另外，该行 预期中国出境游趋势将分化，当中赴日的需求将转移到其他亚洲地区以及国内游。该行对国内游势头持 正面看法，并预期将于农历新年假期期间持续。花旗重申亚朵为中国消费板块的首选股之一。 ...

February 10, 2026 03:37 AM GMT 中国的新兴前沿 中国旅游：乐山乐水，业畅其 流 旅游正快速成为呼应中国对提升民生， 追求幸福生活的重要 发展方向，与政策面推动服务业消费、扩大就业、进一步对 外开放的方向高度契合。需求端的乐观展望进一步增强了我 们对中国航空与酒店行业的信心。 未来五年累计收入达人民币 50 万亿元：我们预计，到 2030 年国内旅游支出将占 人均消费的 18%，高于 2023 年的 13%。11% 的复合增长率将使行业收入在 2030 年达到人民币 12 万亿元，旅游业对 GDP 的贡献将从 2024 年的 4.8% 上升至 6.7%。国内旅游仍是锚点：我们预计未来五年年复合增长率为 9.7%。入境与出境 旅游将成为两台同步引擎⸺具体而言，入境旅游将占 2030 年中国旅游收入的 16%，高于 2025 年约 12% 的水平。 推动旅游需求的五大动能：1) 宏观再平衡：政策强调服务消费及民生与幸福 感；2) 中国持续拥抱全球来客；3) 人民币升值利好出境旅游；4) 政策助力释放年 轻人与银发群体的旅游需求；5) 科技应用带来创新体验。 总量之外⸺结构改善与变现能力 ...

Core Viewpoint - The hotel prices in Shantou have surged significantly during the Spring Festival, with some prices increasing four to six times compared to regular rates, leading to public outcry and discussions about market regulation [1][4][5]. Price Surge Details - The price of a "Deep Sleep Deluxe King Room" at the Atour Hotel reached 4200 yuan for one night during the Spring Festival, up from a regular price of over 900 yuan, marking a fourfold increase [1]. - Other budget hotel chains like Hanting, 7 Days, Jinjiang Inn, and Home Inn also saw their prices exceed 1000 yuan, with some prices increasing to 3-6 times their usual rates [1][4]. - For instance, Hanting's basic room price rose from 264 yuan to 1384 yuan, a fivefold increase, while Jinjiang Inn's price jumped from under 200 yuan to 1044 yuan [1]. Market Dynamics - The surge in hotel prices is attributed to a significant increase in demand due to returning travelers and limited accommodation capacity, with Shantou's hotel room supply around 25,000 and potential daily visitors exceeding 100,000 during the holiday [4][5]. - The local government has indicated that hotel pricing is subject to market regulation, but excessive price increases can be reported by consumers [1][5]. Regulatory Response - Local authorities have issued reminders to hotel operators to adhere to fair pricing practices and avoid price gouging, with specific guidelines against misleading discounts and arbitrary price increases [6][7]. - A meeting was held by the Shantou Cultural, Radio, Television, Tourism, and Sports Bureau to promote price stability and service quality among hotels and accommodations [7].

这粒种子，生长成了亚朵酒店。从最初"给人安静的力量"的朴素初心，到确立"中国体验"的品牌内核，亚朵逐步完成了从市场新军到行业引领者的蜕变。 2023年，在亚朵十周年之际，集团发布了"中国体验，两千好店"的三年战略；至2025年末，随着云南香格里拉月光广场亚朵酒店作为第2000家门店启幕，这 一战略目标已圆满达成，标志着亚朵在规模与品牌层面双双迈入新阶段。 然而，当规模达到一定高度，增长的引擎就必须跟随市场需求的变化及时切换。 迈点研究院数据显示，全国中高端酒店品牌已连续五年保持两位数高速增长，在新开业酒店中占比超过70%。在亚朵集团创始人耶律胤看来，中高端的价格 带是所有市场里最重要的，也无法逾越。但在此区间内，当主品牌已成功覆盖广泛客群之后，一个新的挑战随之浮现：如何满足那些追求更极致、更个性化 体验的细分市场需求？ 当酒店行业仍在"效率至上"的轨道上竞速，亚朵却做了一件看似逆行的事：将运营成熟的产品线"见野"，独立为一个全新品牌。 当酒店行业仍在"效率至上"的轨道上竞速，亚朵却做了一件看似逆行的事：将运营成熟的产品线"见野"，独立为一个全新品牌。 这绝非简单的品牌延伸。它试图回答一个尖锐的问题：在极致追求 ...

此次源于怒江畔的品牌升维，正是亚朵新战略 " 中国体验，品牌领航 " 的关键落子。其意义已超越 自身，成为观察中国服务业价值转向的一个关键样本：当体验经济进入深水区，真正的差异化，始于 对 " 人 " 的内在需求的系统回应。 回望原点：一场关于 " 价值 " 的主动选择 当酒店行业仍在 " 效率至上 " 的轨道上竞速，亚朵却做了一件看似逆行的事：将运营成熟的产品线 " 见野 " ，独立为一个全新品牌。 这绝非简单的品牌延伸。它试图回答一个尖锐的问题：在极致追求坪效的时代，由 "内心 安静的力 量 "所生成的情绪价值 能否成为一种可量化、可持续的商业价值？这标志着亚朵增长逻辑的根本切 换 —— 从空间的 " 物理复制 " ，转向用户心智的 " 精神复利 " 。 在一个普遍认为 " 规模即壁垒 " 的行业中，主动拆分已成熟且成功的高阶产品线，需要极大的战略 定力。质疑随之而来：这会不会稀释主品牌价值？是否为独立而独立的 " 伪需求 " 创造？亚朵的答 案，就藏在最初的起点里。 云南怒江，中缅边境，一个名为 " 亚朵 " 的小村庄静卧于峡谷之间。这里的经济并不富足，但在亚 朵集团创始人耶律胤看来，这里 " 人与人之 ...

Core Viewpoint - Jinglin Asset has made significant adjustments to its stock holdings in the fourth quarter of 2025, increasing its positions in key technology stocks while reducing exposure to others, reflecting a strategic focus on sectors like AI and new energy [1][6][9]. Group 1: Stock Holdings and Changes - As of the end of 2025, Jinglin Asset held stocks in 28 companies in the US market, with a total market value exceeding $4 billion [1]. - The top ten holdings include Google A, Meta, Pinduoduo, NetEase, Manbang Group, Futu Holdings, NVIDIA, Alibaba, Intel, and Atour, with Chinese stocks still dominating the portfolio [1][10]. - The largest holding shifted from Meta to Google A, with Google A valued at approximately $841.97 million, reflecting an increase of 926,084 shares from the previous quarter [2][3][10]. Group 2: Investment Strategy and Focus Areas - Jinglin Asset is focusing on sectors such as AI, new energy, smart driving, and humanoid robots, believing these areas will continue to see rapid growth and investment from both China and the US [1][9]. - The firm emphasizes a balanced global investment strategy, selecting companies with strong valuations and cash flows to mitigate risks while capitalizing on growth opportunities [9]. - The CEO highlighted the importance of major AI application platforms like Google, Apple, ByteDance, Tencent, and OpenAI, predicting that 2026 could be a pivotal year for AI agents [9]. Group 3: Recent Trading Activity - In Q4 2025, Jinglin Asset increased its holdings in Intel by 694,363 shares and in Futu Holdings by 139,473 shares, while also initiating a position in Broadcom [6]. - The firm significantly reduced its holdings in NVIDIA by 1.54 million shares and in Meta by 229,056 shares, alongside partial reductions in other stocks like TSMC and UnitedHealth [6].