太平洋给予首旅酒店买入评级：开店提速业绩实现逆势增长

Group 1 - The core viewpoint of the report is a "buy" rating for Shoulu Hotel (600258.SH) based on strong revenue growth in hotel management and stable income from scenic spots [1] - Hotel management continues to show a high revenue growth rate, while scenic area income remains flat year-on-year [1] - The company plans to open 664 new hotels in the first half of 2025, an increase from 567 in the first half of 2024, indicating an acceleration in expansion [1] - Operating data for Q2 2025 continues to face pressure, suggesting potential challenges ahead [1] - Both gross margin and net margin are improving, with further optimization on the expense side [1] - The company is accelerating the upgrade and iteration of existing hotels, continuously optimizing the store opening structure [1]