BTG Hotels(600258) 证券时报网·2025-03-31 13:29Core Viewpoint - The company reported a slight decline in revenue and a modest increase in net profit for 2024, indicating ongoing challenges in recovering to pre-pandemic levels [1] Financial Performance - In 2024, the company achieved operating revenue of 7.751 billion yuan, a year-on-year decrease of 0.54%, and a net profit of 806 million yuan, a year-on-year increase of 1.41% [1] - The hotel business generated operating revenue of 7.235 billion yuan, down 0.58% year-on-year, with hotel operation revenue declining by 5.01% [1] - The fourth quarter of 2024 saw a year-on-year decline in operating revenue and net profit of 1.05% and 24.71%, respectively [1] Business Expansion - The company pursued a strategy of hotel scale expansion, opening 1,353 new hotels during the reporting period, a year-on-year increase of 12.5%, with a net increase of 739 hotels, up 163.9% [2] - Despite the expansion, the company's revenue growth has not improved significantly [2] Market Position - According to a report, the company has the lowest average compound annual growth rate in hotel scale among major domestic hotel chains, at only 9% [2] - The company’s average room revenue ranks last among its peers [2] Operational Metrics - Key operational metrics such as RevPAR, average room rate, and occupancy rate all declined in 2024 [3] - The overall RevPAR was 147 yuan, down 4.7% year-on-year, with an average room rate of 229 yuan, down 2.6% [3] - Mature hotels experienced even greater declines in these metrics [3] Stock Performance - The company has seen a significant increase in the number of shareholders, with a 9.74% rise to 46,801 shareholders by the end of February [4] - The stock has performed poorly in the A-share market, with a cumulative decline of 9.27% this year, and a further drop of 2.06% following the annual report release [4]