研报掘金丨华西证券：维持君亭酒店“买入”评级，新增长曲线有望逐步成型

Core Viewpoint - Junting Hotel is breaking traditional growth frameworks through franchise expansion and partnerships with international giants, gradually transitioning towards a hotel management platform model [1] Group 1: Performance and Growth Strategy - Junting's direct stores are moving past the initial growth phase, entering a profit release stage, and enhancing customer acquisition capabilities through the international distribution system for inbound tourists [1] - Future expansion may occur through the JunDa City channel, with mature hotel projects potentially being repurchased into the direct management system to alleviate performance drag from direct expansion [1] Group 2: Hotel Management and Franchise Development - In addition to the JunDa City management model, existing brand stores are expanding through a commissioned management model, with significant contracts signed for hotels yet to open, leading to increased profit contributions as these hotels commence operations [1] - New commissioned management and franchising initiatives are being developed, creating additional growth avenues, with 25 franchise stores signed as of Q3 2025, 8 of which are already operational [1] - Collaboration with international partners has secured primary franchise rights, and potential new brand partnerships with Hilton and third-party brand management could provide long-term profit increments for the company [1]