Summary of Ryman Hospitality Properties Conference Call Company Overview - Ryman Hospitality Properties operates primarily as a hospitality REIT, focusing on large group business and leisure transient business, distinguishing itself from other hotel companies that cater to business transient customers [6][7] - The company has a unique business model that allows for long-term relationships with large groups, providing stability and visibility in future bookings [7][8] - Ryman also operates the Opry Entertainment Group, which is involved in the country music space, owning iconic venues like the Grand Ole Opry and Ryman Auditorium [8][9] Core Business Insights - The company enters each year with approximately 50% occupancy booked, primarily from group business, and aims for a sustainable occupancy level of around 75% [11] - Recent trends indicate a stabilization in bookings after a dip due to economic concerns, with year-over-year bookings remaining flat [12][13] - Government-related business constitutes about 2% of the portfolio, with some softness noted, but overall, the company has managed to maintain stability in its bookings [15][16] Financial Performance and Cost Management - Operating expenses are expected to be 4% higher than the previous year, primarily due to labor costs, but the company has managed to stabilize these costs compared to post-COVID increases [25][26] - The company has successfully reduced labor hours per occupied room, maintaining wage margins despite rising wages due to inflation [27] Capital Allocation and Acquisitions - Ryman recently acquired the JW Marriott Desert Ridge, integrating it into its existing portfolio to leverage economies of scale and enhance customer relationships [29][30] - The company has identified a $1 billion capital investment opportunity over four years, focusing on renovations and expansions to improve meeting spaces and leisure amenities [39][41] Opry Entertainment Group (OEG) - OEG focuses on live entertainment in the country music sector, owning several venues and brands, and has recently expanded its portfolio with new concepts and partnerships [42][43] - The company sold a 30% interest in OEG to Ateros and NBCUniversal, valuing the business at approximately $1.4 billion, which is expected to enhance growth opportunities [46][48] Future Outlook - Ryman plans to separate the OEG from the REIT structure to create a standalone public company, which is anticipated to trade at a higher multiple than the hotel business [52][54] - The company is exploring various options for the separation, with an IPO being the preferred method to maximize value and manage liquidity restrictions [55][56] Additional Considerations - The company is monitoring the performance of the Gaylord brand and other properties, including the Chula Vista development, for potential future acquisition opportunities [59]

B 端业务增长较快。2025Q1 公司新能源及工业技术、智能建筑科 技、机器人与自动化报告期收入分别为 111 亿元同比增长 45%， 99 亿元同比增长 20%，73 亿元同比增长 9%。 拟拆分安得智联香港上市。公司拟分拆其所属子公司安得智联至香 港联交所主板上市，在分拆完成后，美的集团的股权结构不会发生 重大变化，且仍将维持对安得智联的控制权。对于美的集团来说， 本次分拆有利于公司进一步理顺业务管理架构，释放智慧物流板块 估值潜力；对于安得智联来说，有利于安得智联拓宽融资渠道，完 善激励机制，提升企业竞争力；对于行业来说，有利于有效降低全 社会物流成本，提高经济运行效率。 盈利能力稳步提升。毛利率：2025Q1 公司毛利率 25.45%。考虑会 计准则变动，毛销差同比-1.14pct。费率端：2025Q1 销售/管理/研 发/财务费率为 9.25%/2.75%/3.39%/-2.21%，同比变动-0.74pct/- 0.36pct/+0.01pct/-2.73pct。财务费率主要系汇兑损益影响。净利 率：公司 2025Q1 净利率同比+1.45pct 至 9.97%。 现金流稳健，利润蓄水池增长。现金流 ...