BTG Hotels(SH:600258) Xin Lang Cai Jing·2025-04-29 02:35Group 1 - The company's Q1 revenue reached 1.77 billion, a year-over-year decrease of 4%, while net profit attributable to shareholders was 140 million, an increase of 18% year-over-year, exceeding expectations [1] - Q1 gross margin was 35.4%, up 1.2 percentage points year-over-year; selling expense ratio was 7.9%, down 0.4 percentage points; management expense ratio was 13.0%, down 0.4 percentage points; financial expense ratio was 4.1%, down 1.1 percentage points [1] - The net profit margin was 8.1%, an increase of 1.6 percentage points year-over-year [1] Group 2 - The company opened 300 new stores in Q1, compared to 206 in the same period last year; net new stores were 82, up from 32 year-over-year; the proportion of standard stores among new openings increased to 64%, up 14 percentage points year-over-year [1] - As of the end of Q1, the total number of stores reached 7,084, a year-over-year increase of 13%; room count reached 523,000, up 8% year-over-year; the pipeline consists of 1,719 stores, with plans to open 1,500 new stores in 2025 [1] Group 3 - The average RevPAR in Q1 was 124 yuan, a year-over-year decrease of 5.3%, with a declining trend compared to the previous quarter; occupancy rate was 58.3%, down 1.8 percentage points year-over-year, and ADR was 212 yuan, down 2.5% year-over-year [1] - Same-store RevPAR for mature stores was 125 yuan, a year-over-year decrease of 8.5%; average RevPAR excluding light management decreased by 4.6% year-over-year [1] Group 4 - The company is the third-largest hotel chain in China, backed by Shoulu Group, and continues to optimize development and operations, accelerating store openings and structural upgrades [2] - The profit forecast for 2025-2027 remains unchanged, with net profits attributable to shareholders projected at 910 million, 990 million, and 1.06 billion respectively, corresponding to PE valuations of 18, 17, and 16 times for 2025-2027 [2]