Xi Niu Cai Jing·2025-06-04 06:52Financial Performance - Atour Group reported total revenue of 1.906 billion yuan in Q1, a year-on-year increase of 29.8%, with adjusted net profit of 345 million yuan, up 32.3%, marking it as the fastest-growing company in the sector [2] - Huazhu Group achieved a net profit of 894 million yuan, making it the most profitable company [2] - Jinjiang Hotels experienced a dramatic net profit decline of 81% due to reduced government subsidies and losses from fair value changes of financial assets, making it the most pressured company in terms of performance [2] - Shoulv Hotels saw a revenue decrease of 4.34% to 1.765 billion yuan, yet net profit increased by 18.37% to 143 million yuan, driven by growth in net profits from its core hotel and scenic business [2] Operational Efficiency - Huazhu Group operated 11,685 hotels in Q1, with 45% in the mid-to-high-end segment and a franchise rate of 92%; however, its RevPAR was 208 yuan, down 3.9%, and occupancy rate was 76.2%, down 1 percentage point [3] - Atour Group had 1,727 hotels, with a RevPAR of 304 yuan, recovering to 92.8% of 2013 levels, and an occupancy rate of 70% [3] - Shoulv Hotels had 7,084 hotels, with a RevPAR of 141 yuan, down 4.6%, and an occupancy rate of 61.7%, indicating challenges in pricing power despite rapid network growth [4] - Jinjiang Hotels operated 13,513 hotels, with a RevPAR of 152.65 yuan, down 7.88%, and an occupancy rate of 63.1%, facing significant pressure in its transition to mid-to-high-end markets [4] Industry Trends - The industry is increasingly adopting a high franchise rate and light-asset model as mainstream strategies, while overall operational efficiency is under pressure ahead of the peak travel season [5] - The decline in consumer spending willingness and the loss of competitive vitality among companies are seen as more critical challenges than the current market conditions [5]