Growth Points - The company aims to enhance its core business, focusing on design brand development, with projected design revenue of 721 million CNY in 2024, accounting for 60.71% of total revenue, and 424 million CNY in the first half of 2025, increasing to 67.00% of total revenue [1][2] - The soft decoration business is expected to generate 261 million CNY in 2024, showing a year-on-year growth of 16.23%, and 142 million CNY in the first half of 2025, with a significant growth of 43.75% [2] - The company plans to target the high-end private art center market, focusing on personalized services for luxury residential projects, with existing cases in Shanghai and Guangzhou [2] Strategic Development - The company will continue to strengthen design brand building, expand design scale, and enhance market coverage [3] - There will be an emphasis on market expansion to attract diverse clients across various industries, including new energy, technology, finance, and consumer sectors [2][3] - The company intends to enhance research and technology application to improve management efficiency through digitalization [3] Future Plans - The company is committed to developing overseas markets and expanding its international presence [3] - There are no current transformation plans disclosed, but any future plans will be announced in accordance with regulations [4] - Shareholder information will be disclosed in regular reports, ensuring fair access to information for investors [4]

Core Viewpoint - The collaboration between Tongcheng Travel and Wanda Group marks a significant move in the online travel agency (OTA) sector, as Tongcheng plans to acquire Wanda Hotel Management for 2.497 billion, aiming to strengthen its position in the hotel management market amidst increasing competition from platforms like Meituan and Douyin [1][3][7]. Group 1: Acquisition Details - Tongcheng Travel announced the acquisition of 100% equity in Wanda Hotel Management for 2.497 billion, with a valuation of 9.5 times the adjusted EBITDA for 2023, slightly below the industry average [3]. - Wanda Hotel Management operates a light-asset model with nine hotel brands, managing 204 hotels and over 40,200 rooms, with an additional 376 hotels under contract to open [3]. - The acquisition is expected to enhance Tongcheng's competitiveness in the high-end hotel sector, leveraging Wanda's established brand portfolio and experienced management team [3][4]. Group 2: Market Context and Strategy - The hotel supply currently exceeds demand, leading to intensified competition and opportunities for low-cost acquisitions, prompting OTAs to enhance their accommodation offerings [1][2]. - Analysts suggest that OTAs are seeking new growth avenues through hotel acquisitions, which can provide direct operational profits and strengthen market positions through industry chain collaboration [2][7]. - Data indicates that accommodation bookings remain a core revenue source for major OTAs, with Tongcheng's accommodation service revenue reaching 4.7 billion, accounting for 27% of total revenue, and Ctrip's accommodation revenue at 21.6 billion, making up 40% of total revenue, both showing double-digit growth year-on-year [7]. Group 3: Competitive Landscape - The competition in the hotel booking market has intensified, with platforms like Meituan and Douyin capturing significant market share from traditional OTAs [7][10]. - The acquisition strategies of both Tongcheng and Ctrip are seen as essential moves to mitigate competition from emerging players and to control scarce supply resources more effectively [10]. - The future competition in the OTA sector is expected to focus on deepening supply chain integration and enhancing user engagement [10].