Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][6]. Core Views - The company is expected to achieve revenue of 1.2-1.24 billion yuan in the first half of 2025, representing a year-on-year decline of 1.5%-4.7%. However, net profit is projected to increase to 90-113 million yuan, a growth of 55.2%-94.8% compared to 58 million yuan in the first half of 2024 [2][4]. - The company has implemented multi-dimensional operational adjustments, leading to gradual improvements in performance. The revenue decline has narrowed significantly compared to 2024, with same-store sales returning to positive growth [3][4]. Summary by Sections Revenue and Profit Forecast - The company is projected to generate revenues of 2.715 billion yuan in 2025, with a growth rate of 10.8%. The net profit forecast for 2025 is 143 million yuan, reflecting a growth rate of 45.1% [5][10]. Operational Adjustments - The company has closed underperforming stores and improved employee incentives, resulting in a recovery of same-store sales. The management structure has been streamlined for quicker decision-making [3][4]. - A focus on enhancing the membership system has been established, which has led to increased average transaction values and customer retention rates [3][4]. Strategic Initiatives - The company is pursuing brand rejuvenation and adjusting store formats to attract younger consumers. Plans include enhancing store displays and customer experience in key locations [3][4]. - New distribution channels are being developed to improve capacity utilization and operational efficiency, with a focus on supermarkets and convenience stores [3][4]. Valuation Metrics - The updated earnings per share (EPS) estimates for 2025-2027 are 0.07, 0.08, and 0.09 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 36, 30, and 25 times [4][10].

Core Insights - The article discusses the launch of the high-end luxury brand management platform, Nuo Jin International, by Shoulv Hotel Group, which aims to revitalize its luxury hotel segment and introduce new brands while refreshing older hotels [1][3][4] Brand Integration - Nuo Jin International was established as a wholly-owned subsidiary of Shoulv Hotel Group to integrate its high-end luxury hotel segment, with a focus on ten brands that cover luxury, premium, and high-end categories [3] - The brand matrix includes both traditional brands like Jianguo and modern brands like Nuo Lan, targeting different market segments and consumer preferences [4] Revitalization of Older Hotels - Shoulv Hotel Group faces challenges in revitalizing its older hotels, many of which are 30-40 years old, to meet modern consumer demands [6] - The company is considering effective investments to upgrade these hotels, with potential room rate increases from 600-700 RMB to 1000-1200 RMB post-renovation due to their advantageous locations [6] Membership System Development - Nuo Jin International plans to develop a separate membership system, aiming to grow its membership base to 6.6 million by the end of the year, leveraging cross-industry collaborations and digital marketing strategies [7] - The company intends to attract high-end customers from its parent company's existing member base of over 200 million [7] International Expansion Plans - Nuo Jin and Jianguo are identified as key brands for future international expansion, capitalizing on their strong Chinese cultural identity to cater to outbound Chinese travelers [9] - The company recognizes the need for strategic partnerships with established international hotel groups to enhance its global operational capabilities [9]