求同不忘存异，酒店行业站在分化转型的十字路口上｜行业风向标

Core Insights - The tourism and hospitality industry in China is experiencing a surge in travel demand, with hotel bookings in popular cities tripling during the New Year holiday period in 2026 compared to the previous year [2] - Despite the increase in travel interest, the hotel industry is facing significant challenges, including declining revenues and profits, with Beijing's accommodation sector reporting a 67% drop in total profits in the first half of 2025 [2][3] Industry Performance - The hotel industry has seen a decline in key performance metrics, with average daily rates (ADR) and revenue per available room (RevPAR) decreasing since 2024, reflecting a broader operational struggle [3] - Major hotel chains like Atour and Huazhu have reported mixed results, with Atour achieving a 9.2% revenue growth but a 26.8% drop in net profit, while Shoulv Hotel experienced a slight revenue decline but a modest profit increase [4] - Jinjiang Hotel, facing intensified competition and transformation costs, is the only major player among the top three to report declines in both revenue and net profit [5] Market Dynamics - Despite the overall pressure, some brands are pursuing aggressive expansion strategies, with Atour opening 471 new hotels in 2024, marking a 63% increase year-on-year [9] - Huazhu also reported a record number of new openings, with 749 hotels launched in the third quarter of 2025, leveraging a light-asset model to facilitate growth [11] Retail Ventures - The hotel industry is exploring retail opportunities, with Huazhu launching a memory pillow product and Atour achieving significant sales in its retail segment, indicating a shift towards diversifying revenue streams [15][20] - Atour's retail business saw a GMV of 2.592 billion in 2024, a 127.7% increase from the previous year, highlighting the potential of retail as a growth area [20] Market Expansion Strategies - Major hotel groups are focusing on expanding into lower-tier markets, with plans to double their presence in these areas over the next 5 to 8 years [26] - The trend of expanding into Southeast Asia is also gaining momentum, with Jinjiang Hotel and Atour both initiating overseas expansion plans [28][29]