Group 1 - The article focuses on the Asia Value & Moat Stocks research service, which targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value [1] - The service emphasizes deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) stocks, as well as wide moat stocks that represent high-quality businesses [1] - The author provides a range of watch lists with monthly updates, particularly concentrating on investment opportunities in the Hong Kong market [1]

Core Viewpoint - The hotel industry is experiencing ongoing price wars, prompting Atour to take proactive measures to reduce costs for its franchisees and enhance their operational confidence [1][4]. Cost Optimization Initiatives - Atour is implementing a series of cost optimization measures through its supply chain, including price reductions on hotel supplies and engineering materials to lower franchisee operating costs [4][5]. - Specific price reductions include a 51.8% decrease in "tea paper cups" and a 10.2% reduction in "lazy cloths," with engineering materials seeing price cuts of up to 11.67% [5][6]. - The company has also committed to eight supply chain procurement promises, including price guarantees and hassle-free after-sales service [6][8]. Financial Performance - In Q1 2025, Atour reported revenue of 1.906 billion yuan, a year-on-year increase of 29.8%, while net profit decreased by 5.5% to 244 million yuan [12]. - The number of hotels operated by Atour grew to 1,727, with a total of 194,559 rooms, marking increases of 32.6% and 31.3% year-on-year, respectively [12][10]. Franchise Model and Cost Structure - The franchise model has been crucial for Atour's rapid expansion, with franchise management hotel revenue reaching 1.032 billion yuan in Q1 2025, a 23.5% increase [12]. - Over 90% of Atour's locations are franchise hotels, and the company charges franchise fees ranging from 5,000 to 8,000 yuan per room, along with ongoing management fees [12][13]. Market Context and Challenges - The hotel industry is facing a decline in average daily rates (ADR) and revenue per available room (RevPAR), with Atour's ADR dropping to 418 yuan in Q1 2025 from 430 yuan in the same period last year [17][18]. - The overall operating costs for Atour increased significantly, with total costs and expenses rising to 1.565 billion yuan in Q1 2025, a 36% increase from the previous year [20].

Core Insights - The "Top 100 Chain Enterprises in the Life Service Industry" report for 2024 shows a revenue scale of 319.47 billion yuan, representing a 7.5% increase from 2023 [1] - The total number of stores reached 252,000, marking a 27.9% growth compared to the previous year [1] - Online sales proportion increased from 22% in 2023 to 37.3% in 2024 [1] Revenue and Store Growth - The life service industry encompasses eight sectors, including hotel accommodation, automotive aftermarket, household services, beauty services, health services, leisure and entertainment, and education services [1] - The average rent cost for surveyed enterprises rose by 5% in 2024 [2] - 43% of enterprises reported an increase in net profit, down from 69% in the previous year [2] Employment and Consumer Trends - Employment numbers grew by 20% in 2024 compared to 2023, with flexible employment rising to an average of 15.7% [2] - 48% of enterprises experienced an increase in customer foot traffic, a decrease from 66% in 2023 [1][2] - 33% of enterprises reported stable customer foot traffic, up from 16% the previous year [2] Future Expectations - 86% of enterprises plan to continue expanding their store presence in 2025, down from 97% in 2024 [2] - Approximately 85% of enterprises expect revenue growth in 2025, a decline from 94% in 2024 [2] - The total number of new stores in county areas is projected to exceed 39,000 in 2025, up from over 33,000 in 2024 [2]

Group 1 - Domestic hotel groups are increasingly focusing on the high-end hotel sector, with major players like Jinjiang Hotels and Huazhu Group expanding their brand portfolios to capture this market [1][4][5] - Jinjiang Hotels appointed Mao Xiao as CEO of Jinjiang Radisson Hotel, emphasizing the strategic importance of high-end market expansion and international collaboration [2][4] - The emergence of new high-end brands, such as Nuo Jin International under Shoulv Hotels, indicates a competitive landscape where domestic brands are positioning themselves against international counterparts [4][5] Group 2 - The high-end hotel market in China is undergoing significant changes, with traditional five-star hotels facing challenges and new market entrants gaining traction [6][7] - Demand is shifting from business travelers to vacationers, with younger consumers seeking emotional value and cost-effectiveness in their hotel experiences [7][8] - The ownership landscape for high-end hotels is diversifying, with local state-owned enterprises and private investors becoming more prominent [8][9] Group 3 - Domestic hotel groups have inherent advantages in connecting with state-owned property owners, facilitating project development and client acquisition [12] - These groups leverage their experience in operational efficiency and investment returns, appealing to investors focused on cost-effectiveness and return on investment [13][14] - Opportunities for renovation and revitalization of existing properties are significant, as many older hotels seek to modernize and attract new clientele [15][16]

Core Viewpoint - The comparison between Carnival (CCL) and Atour Lifestyle Holdings Limited Sponsored ADR (ATAT) indicates that CCL currently offers better value for investors based on various financial metrics and rankings [1][3][7]. Valuation Metrics - CCL has a forward P/E ratio of 12.63, while ATAT has a forward P/E of 20.03, suggesting that CCL is more attractively priced [5]. - The PEG ratio for CCL is 0.55, compared to ATAT's PEG ratio of 0.92, indicating that CCL may offer better value relative to its expected earnings growth [5]. - CCL's P/B ratio stands at 2.99, significantly lower than ATAT's P/B ratio of 9.91, further supporting the notion that CCL is undervalued [6]. Zacks Rank and Value Grades - CCL holds a Zacks Rank of 2 (Buy), while ATAT has a Zacks Rank of 3 (Hold), indicating a stronger earnings outlook for CCL [3][7]. - CCL has a Value grade of A, whereas ATAT has a Value grade of C, reflecting CCL's superior valuation metrics [6].

Core Insights - The luxury hotel sector in China is experiencing a significant shift, with young consumers increasingly abandoning five-star hotels, leading to a decline in key performance metrics such as REVPAR, ADR, and occupancy rates [1][2][4][5]. Group 1: Market Performance - In Q1 2025, major hotel chains like Marriott, Hilton, and InterContinental reported strong global growth, but the Chinese market was a significant drag, with REVPAR and ADR in the Greater China region declining by 1.6% and 2.7% respectively [2][3]. - The average room price for five-star hotels in China fell to 599 yuan, a decrease of 5% year-on-year, with an average occupancy rate of only 61.3% [4]. Group 2: Changing Consumer Behavior - Chinese consumers are now booking hotels with an average lead time of just three days, the lowest ever recorded, compared to 20 days in Western markets, indicating a crisis of consumer confidence in the hotel industry [4][5]. - A significant portion of travelers, nearly 30%, are opting for same-day or one-day advance bookings, reflecting a shift in travel habits [4]. Group 3: Competitive Landscape - The hotel industry is witnessing a supply-demand imbalance, with the number of hotel rooms increasing significantly while average daily rates and occupancy rates are declining [7][8]. - Mid-range hotels like Atour and Holiday Inn are benefiting from this shift, with Atour's revenue growth of 55% and profit growth of 45%, far outpacing that of five-star hotels [7][8]. Group 4: Service and Quality Issues - Five-star hotels are criticized for outdated facilities and standardized services that lack warmth and uniqueness, leading to a loss of interest among younger consumers [5][6]. - The decline in service quality, including issues with cleanliness and maintenance, has further alienated customers, with many preferring mid-range options that offer better experiences [5][6]. Group 5: OTA Dynamics - The competition between five-star hotels and Online Travel Agencies (OTAs) is intensifying, with hotels needing to adapt to new distribution channels to maintain profitability [10][12]. - Platforms like Douyin (TikTok) are emerging as potential game-changers for hotel bookings, leveraging their user base and lower commission rates to attract high-value customers [13][19].

Core Viewpoint - The recent "pillowcase incident" at Atour Group highlights the need for better quality control and collaboration within the hotel linen washing industry, emphasizing that merely addressing visible issues is insufficient for ensuring customer safety and satisfaction [2][4]. Group 1: Incident and Response - Atour Group confirmed that the incident was due to sorting errors by a laundry supplier, leading to immediate actions such as store closures, replacement of all linens, and the termination of the involved laundry service [2]. - The company plans to implement regular inspections of laundry suppliers and introduce public oversight mechanisms to enhance accountability [2]. Group 2: Industry Challenges - Since 2018, the pricing for linen washing has remained around 6 yuan per set, while the actual cost of washing agents can reach 15 yuan, leading some suppliers to cut corners to maintain profitability [2]. - The low entry barriers and fragmented nature of the laundry industry limit suppliers' bargaining power, forcing them to accept lower prices from larger hotel brands [2][3]. Group 3: Need for Systemic Change - The current practices in the industry can lead to a situation where dishonest suppliers thrive at the expense of those adhering to quality standards, resulting in a "bad money drives out good" scenario [3]. - Large companies like Atour have a responsibility to ensure that suppliers can operate profitably while maintaining quality, which is essential for long-term sustainability in the industry [3][5]. Group 4: Consumer Trust and Ethical Practices - Consumers are increasingly cautious about hygiene, often bringing their own bedding, indicating a significant trust issue within the hotel industry that needs addressing [5]. - The industry must prioritize ethical practices, ensuring that costs are appropriately managed and that suppliers are fairly compensated to foster a healthier business environment [5].

Core Viewpoint - The recent incident involving a pillowcase at Atour Hotel has raised concerns about hygiene and operational efficiency, coinciding with a decline in the company's financial performance, leading to investor apprehension about its future in the new consumption sector [1][2]. Financial Performance - In Q1 2025, Atour Group reported total revenue of 1.906 billion yuan, a year-on-year increase of 29.8%, but net profit decreased by 5.6% to 243 million yuan [2]. - Adjusted net profit, excluding stock-based compensation, was approximately 345 million yuan, reflecting a 32.3% year-on-year increase [2]. - The number of franchise hotels reached 1,702, with a total of nearly 200,000 operational rooms, marking a net increase of 431 hotels and 47,400 rooms compared to Q1 2024 [2]. Operational Efficiency - The average daily room rate for franchise hotels fell to approximately 415.1 yuan, the lowest since Q1 2023, with an occupancy rate of 70.1%, down from 73.1% in Q1 2024 [5]. - Average revenue per available room decreased to 304.4 yuan, down 6.9% year-on-year and 9.5% quarter-on-quarter [5]. - The performance of same-store operations showed a decline, with average daily room rates and occupancy rates at their lowest in nine quarters [8]. Retail Business Growth - Atour's retail revenue reached 694 million yuan in Q1 2025, a 66.4% year-on-year increase, contributing 36.4% to total revenue [9]. - The sales volume of the popular "deep sleep" pillow series exceeded 3.8 million units in 2024, with total retail GMV reaching 11.39 billion yuan and 25.92 billion yuan in 2023 and 2024, respectively [9][10]. - Despite impressive sales figures, the retail business heavily relies on e-commerce, with over 90% of GMV coming from online channels [10]. Competitive Landscape - Atour's retail strategy faces challenges due to reliance on OEM production, making its competitive edge less stable compared to peers like Mijia and Luckin Coffee, which have established their supply chains [12]. - The increasing competition in the retail space, with established players like Huazhu Group and traditional bedding brands enhancing their product offerings, poses a threat to Atour's market position [12].

先来了解一下酒店到底如何洗涤布草（床单、毛巾等），这里有两大方式，一是酒店自己拥有专业大 型洗涤设备，自行洗涤；二是外包给专业洗涤公司处理。由于洗涤成本不低，所以一般只有部分豪华 酒店会采取自行洗涤的方式，而大部分中端、经济型连锁酒店都采取外包方式进行布草洗涤。 2025.06. 09 本文字数：1462，阅读时长大约3分钟 作者 | 第一 财经 乐琰 一个枕套将亚朵酒店送上了风口浪尖，一名顾客在杭州西溪紫金港亚朵酒店发现枕套上印有"杭州御 湘湖未来医院"标识，引发公众对亚朵酒店卫生管理和供应链品控的质疑。 6月8日，亚朵集团发布声明表示，就此事郑重致歉、深刻反省。声明称，事发后，涉事门店对所有 布草全面排查，确认问题为个例，未发现其他非酒店布草。经调查，问题系洗涤供应商在分拣环节出 现错发。同时，涉事门店在布草验收、布房、查房环节存在疏漏，导致服务标准未能有效执行。涉事 门店已停业进行全面彻底整改，所有4440件布草将全部换新。亚朵集团已终止与涉事洗涤供应商的 合作，并将其永久列入合作黑名单。 其实这并非连锁酒店第一次发生这样的纠纷，此前也有其他品牌酒店发生过床单问题、毛巾问题等， 都涉及布草的洗涤和管理。 ...

针对杭州亚朵酒店被曝出使用医院枕套事件，6月8日下午，亚朵酒店发布声明称，经调查，问题系洗涤供应商 在分拣环节出现错发，同时，涉事门店在布草验收、布房、查房环节存在疏漏，导致服务标准未能有效执行。 涉事门店已停业进行全面彻底整改，所有4440件布草将全部换新。亚朵方面表示，已终止与涉事洗涤供应商的 合作，并将其永久列入合作黑名单。针对洗涤供应商管理机制问题，公司将加强统一管理力度与常态化巡检， 从源头保障布草洗涤质量。 此前，杭州西溪紫金港亚朵酒店因客房出现印有"杭州御湘湖未来医院"标识的枕套引发舆论关注。有网友在社 交平台发帖称，自己入住该酒店时，发现床上的一个枕套印有当地一家医院的logo标识，担忧存在卫生安全隐 患。对此，该酒店回应称，问题出现原因是店内自采的洗涤供应商出现严重工作失误，已中止与该供应商的合 作，并对房间布草进行了100%排查，确认没再发现类似情况，后续将持续强化布草验收标准。 有业内人士对南都记者透露，第三方洗涤工厂混洗情况普遍存在，原因不外乎设备有限、节省成本、订单分 散，以及缺乏及时有效的监管。浙江省洗染行业协会日前发布《关于加强布草洗涤管理的自律倡议书》指出， 该事件将医疗布草与 ...