长白山市场监督管理局的工作人员表示，已就此事约谈了酒店，平台前期展示的高价房型未有实际成交记录，最终成交价为两三千元，且酒店提供了配套增 值服务。工作人员进一步解释称，酒店可以根据市场经济自主定价，旺季价格会稍微上涨，但针对八一七稻米节音乐会部分酒店异常涨价行为，他们已进行 约谈和告诫。 截至8月6日，该酒店音乐会期间房价已下调至2867元（高级大床房）和3307元（尊享园景房），但对比9月同房型500-600元的价格，溢价仍然超过400%。 目前，国内酒店价格监管主要依据《价格法》及《关于规范酒店客房市场价格的意见》，但未对标价与成交价差异设定明确罚则。近年来，酒店在节假日、 展会、演唱会、音乐节等大型活动期间涨价已经成为普遍现象。 多名网友发布视频称，长白山北坡集散中心二道白河亚朵酒店在8月初附近举办长白山"八一七稻米节音乐会"期间，房价从平日500元左右暴涨至4000-5000 元，涨幅超十倍。携程平台数据显示，8月17日该酒店高级大床房标价为4221元，尊享园景套房标价则高达5269元。音乐节结束后的9月，同款房型价格则回 落至500-1000元区间。 针对争议，酒店工作人员回应称，受旅游旺季及毗邻音 ...

Core Insights - The latest holdings data from Jinglin Hong Kong shows a total market value of $2.873 billion in U.S. stocks as of the end of Q2, approximately 20.6 billion RMB [1] - The firm has made significant adjustments to its portfolio, including new purchases, increased positions, and reductions in several stocks [1] Holdings Summary - New purchases include NVIDIA, Atour, and Huazhu Group [4] - Increased positions in Meta, Manbang Group, Qifu Technology, Alphabet, Sea, TAL Education, and BeiGene [4] - Reduced holdings in NetEase, Pinduoduo, Futu Holdings, Beike, New Oriental, Nebius Group, Alibaba, Intel, TSMC, and Ctrip [4] - Cleared positions in Apple, UnitedHealth Group, Regeneron Pharmaceuticals, Pfizer, Legend Biotech, and ZTO Express [4] Major Holdings - Meta remains the largest holding, with the top ten stocks including NetEase, Manbang Group, Pinduoduo, Futu Holdings, Qifu Technology, NVIDIA, Beike, New Oriental, and Nebius Group, collectively valued at $2.534 billion, accounting for over 88% of total U.S. stock holdings [4] Investment Strategy - Jinglin Asset emphasizes the importance of identifying new companies and conducting forward-looking research on industry fundamentals, focusing on businesses with strong cash flow and effective business models [4] - The firm highlights the significance of monopolistic advantages in business models, including rights, technology, scarce resources, and brand recognition [4] Market Outlook - The firm notes that Hong Kong has become the leading market for IPO financing in the first half of the year, indicating a shift in international capital's perception of Chinese assets [5] - The influx of capital into Hong Kong is seen as a sign of a vibrant and prosperous market, suggesting a rebalancing process that may provide additional rewards for investment portfolios [5]

Core Viewpoint - Atour, a chain hotel brand, is planning a secondary listing in Hong Kong to raise several hundred million dollars, primarily to mitigate delisting risks in the U.S. market and to capitalize on opportunities in the Hong Kong market [2] Company Overview - Atour's market capitalization is approximately $4.66 billion, with its stock price at $33.72 as of August 6 [2] - The company has experienced a tumultuous listing journey, having previously attempted to list on A-shares and faced challenges during its U.S. IPO process [5][6] Financial Performance - Atour's rapid expansion has led to significant revenue growth, with projected revenue of 7.248 billion yuan in 2024, a year-on-year increase of 55.3% [8] - The company reported a net profit of 1.306 billion yuan in 2024, up 44.6% year-on-year [8] - In Q1 2025, Atour's revenue was 1.906 billion yuan, reflecting a 29.8% increase compared to the same period in the previous year [8] Expansion Strategy - From the end of 2020 to March 2025, Atour's hotel count surged from 570 to 1,727, with a total of over 194,000 rooms [7] - The company plans to open 471 new hotels in 2024, achieving a growth rate of 63% [7] Retail Business Growth - Atour's retail segment, particularly its sleep products, has seen substantial growth, with retail revenue reaching 2.198 billion yuan in 2024, a 126.2% increase [10] - The "Deep Sleep Pillow PRO" product alone generated 370 million yuan in sales in 2023, accounting for one-third of its hotel retail business [9] Competitive Landscape - The hotel industry is becoming increasingly competitive, with rivals like Huazhu Group launching similar products [15][16] - Atour's CEO has emphasized the need to enhance brand influence and product competitiveness to maintain market share [18] Market Trends - The Hong Kong stock market has seen a surge in new listings, with 28 companies raising a total of 77.36 billion HKD in the first five months of the year, marking a 33.3% and 707% increase year-on-year, respectively [3][4] - Major hotel groups, including Jin Jiang Hotels, are also pursuing IPOs in Hong Kong to accelerate their expansion [17]

Core Points - The rapid expansion of Atour has led to significant quality control issues, with frequent hygiene management problems reported in 2025 [1] - In 2024, Atour sold 3.8 million pillows and 770,000 cooling blankets, indicating a slowdown in retail revenue growth despite a struggling hotel business [2] - Amid rumors of a secondary listing in Hong Kong, Atour faces a consumer trust crisis exacerbated by high room rates and past controversies [3][4] Group 1: Business Performance - Atour's founder, Wang Haijun, initiated the "humanistic hotel" concept in 2013, but the company has faced challenges in its capital journey, including failed IPO attempts in A-shares [6][8] - After a successful listing on NASDAQ in 2022, Atour's market capitalization reached $4.66 billion as of August 6, 2025 [10][11] - The hotel chain's average room revenue decreased by 7.3% to 304 yuan, with an average daily rate drop of 2.8% to 418 yuan, and a year-on-year decline in occupancy rate to 70.2% [17] Group 2: Brand Image and Consumer Trust - Atour's brand, once favored by artistic youth, has faced backlash due to multiple hygiene-related incidents, including the "hospital pillowcase" scandal [13][15] - Complaints regarding noise, poor hygiene, and privacy breaches have surged, with over a thousand complaints logged on consumer platforms [15] - The company's pivot to retail, particularly in sleep products, has seen significant sales, but competition and market saturation pose risks to its growth narrative [18][21] Group 3: Strategic Challenges - Atour's asset-light model has led to rapid expansion, with over 1,727 stores and nearly 200,000 rooms, but over 98% of its hotels are franchised, resulting in frequent quality control issues [17] - The retail business, which contributed 30% of total revenue in 2024, is facing declining growth rates, with retail revenue growth dropping from 236% to 66.5% [21] - As competitors like Huazhu and Jinjiang intensify their market presence, Atour's unique selling proposition may be at risk, raising questions about its future growth strategies [21]

Core Viewpoint - The domestic hotel industry is experiencing a paradox where, despite a booming tourism market in 2024, hotel profitability is declining due to increased competition and cost pressures, leading to a decrease in key performance metrics such as RevPAR, ADR, and occupancy rates [1][4][6]. Industry Overview - The domestic tourism market is thriving, with significant increases in travel volume and spending, yet the hotel industry is facing challenges with declining revenue per available room (RevPAR) across all hotel tiers [3][4]. - In 2023, the hotel industry transitioned from a high base to a normalized state, with many companies struggling due to intense competition and rising costs [6]. Financial Performance - Major hotel chains like Huazhu Group reported a revenue of 23.89 billion yuan, with a net profit of 3.048 billion yuan, reflecting a year-on-year revenue growth of 9.18% but a profit decline of 25.39% [7]. - RevPAR for Huazhu was 235 yuan, with an average daily rate (ADR) of 289 yuan, both showing declines of 3% and 3.2% respectively, while occupancy rate (OCC) slightly increased to 81.2% [8]. - Other hotel brands also reported similar declines in RevPAR and ADR, indicating a widespread trend across the industry [8]. Market Dynamics - The hotel market is shifting towards a supply-demand imbalance, with the number of hotels exceeding pre-pandemic levels while tourism numbers remain below 2019 figures [15]. - The total number of hotels in China surpassed 360,000 in 2024, representing 109% of the 2019 hotel count, while domestic tourism was only at 90% of 2019 levels [15]. Expansion Strategies - Despite the challenging environment, hotel companies continue to expand aggressively, with Huazhu Group planning to open 2,300 new hotels in 2025, maintaining a strong growth trajectory [13]. - Huazhu's expansion strategy focuses on a franchise and licensing model, with over 90% of new hotels opened under these models, allowing for a lighter asset operation [14]. - Other hotel chains like Jinjiang and Shoulv also reported significant new openings, indicating a competitive push for market share [12]. Emerging Trends - The hotel industry is increasingly targeting lower-tier cities for growth, as these areas show potential for higher revenue due to rising disposable incomes [15]. - The shift from a seller's market to a buyer's market is evident, with high-end hotels being put up for sale and increased competition leading to price reductions in hotel supplies [16]. Challenges and Risks - The rapid expansion of hotel chains may lead to intensified price wars and further pressure on profitability, as evidenced by declining ADR and RevPAR across the board [15]. - Companies like Atour are also diversifying into retail, with significant revenue from products like sleep pillows, but face increasing competition from other brands entering the retail space [20].

2024年，国内旅游市场一片火爆，车票、景区一票难求，酒店行业挣钱却越来越难，每房收益、日均房价以及入住率，均呈现全线下降趋势。 即便如此，酒店企业的扩张并没有停止。今年以来，4家上市连锁酒店企业均披露了新开酒店计划。 当下的市场格局已然形成，华住、锦江双雄争霸，亚朵集团直追首旅酒店。日前，市场传言亚朵集团正在考虑登陆港股，预计募资数亿美元。 存量时代，酒店们的压力更大了。 酒店们挣钱难了 2024年，国内旅游行业爆火，几乎每个大型节假日，交通拥堵成为常态，景区人挤人，酒店一房难求。无论是旅游人次，还是支出，均呈现两位数增长。 不过，酒店全行业经营状况有所承压。 据酒店之家数据，去年，全国各档次酒店RevPAR（每房收益）均在回调。其中，经济型酒店、中档酒店、高档及豪华型酒店，分别为87元、140元、182 元和334元，同比分别下降7.0%、10.2%、15.0%和16.3%。 价格明显承压的状况，主要出现在第二、三季度，仍受上年高基数的影响。去年第四季度，在相关利好政策影响之下，RevPAR才进一步回升。 去年，国内酒店业逐渐由2023年高基数走向常态，受白热化竞争及成本压力影响，多数企业表现欠佳。 华住 ...

零售业务同样表现出色，尤其是"亚朵星球"枕头，2024年销量超过380万只。2025年一季度，零售板块 收入同比增长66.5%，占比突破总营收的36%。然而，尽管加盟费和零售收入双增长，亚朵的利润却出 现了下滑，一季度股东净利润同比下降5.5%。 问题的根源在于酒店主业的增速放缓以及成本端的压力增大。2025年第一季度，亚朵的成本及费用同比 增长36%，尤其是酒店经理成本显著增加。与此同时，市场竞争加剧和消费需求疲软也影响了亚朵的业 绩表现。日均房价从2023年的高点464元下调至2025年一季度的418元，入住率也有所下降。 亚朵酒店，这家曾以"酒店+零售"模式在资本市场大放异彩的中高端酒店领头羊，近期却陷入了增长困 境。尽管其标志性枕头产品成为了市场上的爆款，但酒店主业却面临着严峻挑战。 | | | 三个月结束 | | | --- | --- | --- | --- | | | 3月31 | | | | | 日, | 3月31日, | | | | 2024 | 2025 | | | | 人民币 | 人民币 | 美元1 | | 净收入(GAAP) | 257, 708 | 243, 578 | 33. 56 ...

据彭博社援引知情人士消息，在美国上市的连锁酒店亚朵正考虑在香港二次上市，这家总部位于上海的公司正在与顾问合作出售股票，可能筹集数亿美元 资金。审议仍在进行中，交易规模等细节尚未确定。亚朵没有回应置评请求。 截至8月6日收盘，亚朵(ATAT)报33.72美元，市值46.60亿美元。 综合 | 彭博社 经济观察报 公司公告 2022年11月11日，亚朵集团(ATAT)成功登陆纳斯达克，正式成为"中国新住宿经济第一股"。 亚朵是一家成立于2013年的酒店集团，在过去十多年间，亚朵做出了相对独特的发展规划，旗下系列酒店结合了书店、咖啡店、摄影展等商业艺术形式。 根据Frost&Sullivan的资料，按2024年底的客房数量来看，亚朵为中国最大的中高端连锁酒店。 酒店是亚朵核心业务，截止2025年3月，亚朵拥有1727家酒店，较2024年末净增加了108家，在2022-2024年，其酒店数量复合增速为31.8%。作为中高端酒 店龙头，该公司通过加盟模式加快品牌扩张，2025年Q1，其运营超18个月的加盟酒店共987家。 据亚朵发布的2025年第一季度财报，报告期内亚朵实现营收19.06亿元（人民币，下同），同比增长2 ...

8月6日有市场传闻显示：亚朵酒店（ATAT.US）正考虑在香港进行第二上市，预计集资额达数亿美 元，目前正与顾问机构洽商及筹备香港IPO事宜，但交易规模及时间表等细节尚未最终落成。据知情 人士透露，亚朵此举是担心在美国面临退市风险，因而考虑采取相关行动。南都N视频记者就此咨询 亚朵方面，对方未予回应。 资料显示，亚朵酒店集团成立于2013年，作为一家中高档连锁酒店集团，定位为"中国领先的生活方式品牌"。 2022年11月正式在美股纳斯达克挂牌上市，被称为"中国新住宿经济第一股"。在此前，亚朵酒店一直在冲击登陆 A股市场，曾多次更换上市辅导机构，但最终并未成功。目前，亚朵股价为33.18美元/股，市值为45.85亿美元，均 相当于上市时的一倍多。在7月中旬，亚朵市值一度冲上50亿美元的最高值。 香港二次上市已成为中概股应对国际监管变局、靠近亚洲投资者、保障融资稳定的关键策略。此前，华住集团在 2020年赴港二次上市，以长期服务于品牌全球化与资本国际化，由此实现了"美股+港股"双重上市。前不久，为深 入推进全球化战略，加强与境外资本市场对接，A股企业锦江酒店也宣布拟在香港联合交易所二次上市，有望成 为国内首家"A ...

亚朵(ATAT.US)盘前涨约4.5%，报34.67美元。消息面上，据彭博引述知情人士指，亚朵正考虑在香港进 行二次上市，目前正与顾问机构洽商及筹备香港IPO事宜，预料集资额达数亿美元，惟交易规模及时间 表等细节尚未最终落成。(格隆汇) ...