Q2 直营与加盟RevPAR 趋势分化，老店改造推进，新品牌迎突破。Q2 华住中国混合RevPAR235 元，同 比-3.8%（Q1 为-3.9%）；同店RevPAR233 元，同比减少7.9%（Q1 为-8.3%），其中加盟店降幅环比收 窄但直营店降幅环比放大，预计主要系高线城市新增供给对部分老店形成分流，公司对此积极应对，稳 步迭代升级产品模型并对存量门店翻新改造，Q2 末汉庭3.5+、全季4.0+、桔子2.0+产品各自占比升至 43%、80%、72%。同时，积极布局规划后续更高质量门店发展，Q2 末华住中高档在营+待开业酒店数 量达到1538 家，其中Q2 城际品牌RevPAR 约370 元逆势增长。 公司下调全年RevPAR 预期，持续修炼内功，新宣布半年度分红。公司预计三季度RevPAR 同比降幅环 比收窄，考虑下半年仍有不确定性，将全年预期从年初持平微增调整为同比下滑低个位数，收入端维持 年初同比增长2%-6%的预期。行业逆风环境下公司持续修炼内功稳步获取份额，1）三大拳头品牌新模 型拥抱下沉市场，Q2 布局城市环比新增88 个；2）持续强化会员渠道，Q2 末华住会员2.88 亿，同比增 长17. ...

证券研究报告 | 2025年08月22日 华住集团-S（01179.HK） 优于大市 二季度业绩稳健增长，巩固轻资产战略与高质量扩张 二季度收入符合预期，利润稳健增长。2025Q2 公司酒店营业额约 269.2 亿 元，同比增长 15.0%；其中华住中国同比增长 15.6%。Q2 公司营收 64.3 亿元，同比增长 4.5%（靠近此前指引 1-5%上限）；归母净利润 15.4 亿 元，同比增长 44.7%（欧元升值带来外汇收益同比增加 3.9 亿）；经调 整净利润 13.5 亿元，同比增长 7.6%；经调整 EBITDA 同比增长 11.3%。 其中，华住中国分部营收为 51.1 亿元，同比增长 5.7%（此前指引 3-7%）； DH 收入为 13.2 亿元，同比增长 0.1%，经调整 EBITDA 同比增长 37%。 门店扩张驱动加盟业务增势良好，直营店战略性收缩存在负向经营杠杆。公 司本季度起披露直营与加盟业务利润拆分，Q2 开店驱动加盟收入同比增 长 22.8%，Q2 末在营酒店 1.2 万家/118 万间客房，加盟客房数同比增长 20.0%；对应总营业利润同比增长 23.2%，贡献集团总体 64%，同 ...

北京时间8月20日，华住集团（纳斯达克：HTHT，联交所：1179.HK）发布2025年第二季度及中期未经审 核财务业绩。财报显示：二季度，华住收入同比增长4.5%至64亿元（人民币，下同），归属于华住集团有 限公司净利润为15亿元，同比增长36.4%，环比增长67.8%；实现酒店营业额269亿元，同比增长15%。截至 2025年6月30日，华住集团共有12137家在营酒店，环比一季度净增452家，其中华住中国酒店12016家。 三大运营指标持续下行，开店速度放缓 汉庭酒店于二季度推出全新的4.0版本。 值得一提的是，华住旗下几个品牌在二季度表现亮眼：其中汉庭酒店于二季度推出全新的4.0版本。桔子酒店开业数近 日突破1000家，成为华住在竞争激烈的中档酒店市场撕开市场同质化缺口而打造出的第二增长曲线。而作为中高端品 牌代表，城际在营及待开业酒店数同比增长57.1%，RevPAR达370元。 "（今年上半年）城际酒店的同店RevPAR应该是中国唯一实现增长的品牌，而不仅是规模的快速增长。"华住首席执行 官金辉在业绩会上透露对这些品牌的定位与预期："希望桔子酒店可以成为和全季酒店'背靠背'的中档酒店品牌—— 即' ...

Core Insights - The company reported a slight decline in revenue for the first half of 2025, achieving 405 million yuan, a decrease of 7.1% year-on-year, while net profit increased by 23% to 203 million yuan [1] - The company's light asset strategy has led to a revenue decline, but it has strengthened its technology platform capabilities to meet the supply chain financing needs of small and micro enterprises [1][2] - The growth in net profit aligns with expectations, with adjusted net profit reaching 203.5 million yuan, a year-on-year increase of 22.6% [1] Revenue and Profit Analysis - Revenue from platform technology services reached 210.6 million yuan, a year-on-year increase of 37%, accounting for 52% of total revenue, up 14 percentage points [1] - Digital financial solutions revenue declined by 29.5% to 194.02 million yuan [1] Client and Funding Growth - The platform's cumulative client base grew to 19,128, an increase of 1,015 clients compared to the end of 2024 [2] - The platform has helped clients resolve 278 billion yuan in funding turnover, an increase of 29 billion yuan from the end of 2024 [2] - The number of funding partners increased by 31% year-on-year to 181, with a credit limit of 38.497 billion yuan, up 28% year-on-year [2] Supply Chain Asset and Industry Outlook - As of the end of the first half of 2025, the supply chain asset balance was 26.4 billion yuan, a year-on-year increase of 10.5% [2] - The company anticipates growth in the e-commerce and robotics sectors, having provided over 2.8 billion yuan in loans to e-commerce businesses [2] - A strategic partnership with Stand Robotics aims to enhance supply chain services and AI applications [2] Investment Rating - The company maintains a "buy" rating, with expectations for continued rapid growth in supply chain finance and fintech services [3] - Adjusted net profit forecasts for 2025, 2026, and 2027 are slightly lowered to 497.43 million yuan, 655.01 million yuan, and 821.54 million yuan, respectively [3] - Current stock price corresponds to a PE ratio of 22, 17, and 14 for the respective years, indicating attractive valuation and dividend potential [3]

Core Viewpoint - The company reported a decrease in main business revenue and income for the six months ending June 30, 2025, primarily due to a strategic shift towards a light-asset model and enhanced technology platform capabilities [1] Financial Performance - Main business revenue and income amounted to 405 million RMB, representing a year-on-year decrease of 7.1% [1] - Shareholder profit attributable to the company reached 200 million RMB, showing a year-on-year increase of 28.66% [1] - Basic earnings per share were 0.20 RMB [1] Market Focus - The majority of revenue and income is derived from the mainland China market, which experienced a slight decline of 7.1% year-on-year [1] - The decline in revenue is attributed to the company's ongoing strategy to deepen its light-asset approach and strengthen technology platform capabilities [1] Strategic Initiatives - The company is focusing on linking the supply chain financing needs of small and micro enterprises with external funding partners through its platform [1] - Despite the decrease in income from digital financial solutions and supply chain asset refinancing, this impact has been partially offset by significant growth in platform technology service revenue driven by the platformization strategy [1]

Core Viewpoint - Shanghai Jin Jiang International Hotel Co., Ltd. (hereinafter referred to as "Jin Jiang Hotel") has released its 2025 half-year performance forecast, indicating a significant decline in net profit compared to the previous year, primarily due to the absence of non-recurring gains that were present in the same period last year [1][4][5]. Financial Performance Summary - Jin Jiang Hotel expects to achieve a net profit attributable to shareholders of between 360 million to 400 million yuan for the first half of 2025, a decrease of 448 million to 488 million yuan compared to the same period last year, representing a year-on-year decline of 52.81% to 57.53% [1][4]. - The company anticipates a net profit attributable to shareholders after deducting non-recurring gains of between 390 million to 410 million yuan, which would show a slight increase of 1.48 million to 21.48 million yuan, or a year-on-year growth of 0.38% to 5.53% [1][4]. - In the first half of 2024, the company reported a total profit of 1.255 billion yuan and a net profit attributable to shareholders of 848 million yuan [4]. Reasons for Performance Change - The primary reason for the expected decrease in net profit is the lack of similar non-recurring gains in the first half of 2025, as the previous year included a tax-adjusted non-recurring gain of 459 million yuan from the sale of a subsidiary and strategic exits from several properties [4][5]. - In the first quarter of 2025, Jin Jiang Hotel's revenue was approximately 2.942 billion yuan, a year-on-year decrease of 8.25%, and the net profit attributable to shareholders was about 36.01 million yuan, down 81.03% year-on-year [5]. Strategic Focus and Future Outlook - Jin Jiang Hotel is focusing on divesting non-core assets to concentrate resources on hotel operations and brand development, which is expected to enhance long-term profitability [5]. - The company is committed to improving hotel operational efficiency, management efficiency, and upgrading its membership system to enhance service quality and expand into lower-tier markets [5]. - Jin Jiang Hotel has submitted an IPO application to the Hong Kong Stock Exchange, aiming to become the first hotel company listed in both A-share and H-share markets [5][7]. Use of IPO Proceeds - The funds raised from the IPO will be allocated to capital expenditures to strengthen overseas hotel operations, digital transformation, repayment of high-interest bank loans, and general corporate purposes [7]. - The company is integrating its global hotel internet platform, procurement platform, and shared services platform to enhance operational management and improve efficiency [7].

Core Viewpoint - Jinjiang International Group is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its extensive global presence while addressing significant losses in its overseas operations over the past five years, totaling over 2.3 billion yuan [2][7]. Group 1: Company Overview - Jinjiang International is the largest hotel group in China, with a diverse portfolio of brands including Jinjiang Inn, Lavande, and Vienna, catering to various market segments from budget to mid-range [2]. - The company has expanded its footprint to 55 countries, with a notable presence in France, where it operates 773 hotels, and nearly 400 additional locations across Europe, Asia, the Americas, and Africa [2]. Group 2: Financial Performance - In 2024, Jinjiang's overseas market revenue reached 4.256 billion yuan, accounting for 30.8% of total revenue, with a gross margin of 41.9%, significantly higher than the domestic market [6]. - Despite the high gross margin, the overseas operations have faced continuous losses, accumulating over 300 million euros (approximately 2.35 billion yuan) in losses over five years, primarily due to high operational costs in Europe [7][9]. Group 3: Business Strategy - Jinjiang's business model includes both heavy asset and light asset strategies, with a shift towards a light asset model starting in 2024, focusing on franchising rather than direct ownership [5][8]. - The company plans to utilize funds from its IPO to enhance overseas operations, optimize debt, and invest in digital systems, with 50% of the raised capital earmarked for upgrading overseas business and digital infrastructure [10]. Group 4: Challenges and Future Outlook - The company faces significant challenges in its European operations, including high operational costs and cultural integration issues following large-scale acquisitions, particularly with the Louvre Hotels Group [9][13]. - Jinjiang is now targeting Southeast Asia for expansion, adopting a light asset strategy in collaboration with local partners, aiming to capitalize on the region's growing middle class and tourism industry [12][13]. - The success of Jinjiang's expansion into Southeast Asia will depend on its ability to address past integration challenges and avoid resource dispersion across multiple brands [13][14].

Group 1 - The real estate industry is transitioning to a new development model, with the construction management business becoming a strategic focus for companies as a key aspect of asset-light transformation [1][2] - The construction management market is expanding, with leading companies accelerating their strategic layouts; for instance, Greentown Management ranked first in new signed area with 1,989 thousand square meters in the first half of 2025 [1] - In the second quarter, Longfor Group's Longfor Intelligent Manufacturing segment achieved a new signed area of 606 thousand square meters, indicating significant growth in construction management scale [1] Group 2 - The newly planned construction area for construction management companies increased by 17.6% year-on-year in the first half of 2025, highlighting rapid growth among late entrants in the sector [2] - "Delivery capability" has become a key industry term, with companies focusing on high-quality project delivery and participating in relief projects to ensure timely completion [2] - Greentown Management led in delivery with 25,600 units, ensuring homeowners could move in the same year through efficient project management [3] Group 3 - The emphasis on asset-light strategies and the push for high-quality delivery in construction management positions it as a significant growth area in the real estate sector, especially for companies with multi-business collaboration and refined management capabilities [3]

Core Viewpoint - Ruian Real Estate is actively engaging in asset repositioning strategies, focusing on high-end residential development and light asset models to enhance operational efficiency and expand its business scale in key urban markets like Shanghai [2][6]. Group 1: Recent Transactions - Ruian Real Estate, in partnership with Tianan China Investment, acquired a 50% stake in a Shanghai property valued at nearly 20 billion yuan [2][3]. - The company announced the introduction of insurance capital into its Foshan project, aligning with its light asset strategy to improve capital circulation and efficiency [2][7]. - The acquisition of the Shanghai property involved a competitive bidding process, with the successful bid amounting to 2.894 billion yuan [3]. Group 2: Strategic Focus - The company aims to leverage its experience in high-end residential development to expand its product offerings in the Shanghai New World community, thereby increasing revenue sources [2][5]. - Ruian Real Estate plans to continue focusing on first-tier cities, particularly Shanghai, while adopting a light asset model to navigate market adjustments [2][6]. - The company has a history of collaboration with Shanghai Yongye Group, indicating a strategic partnership approach to major projects [5][6]. Group 3: Financial Performance and Asset Management - As of 2024, Ruian Real Estate's residential saleable assets in Shanghai are valued at only 5.9 billion yuan, highlighting a need for replenishment in its asset portfolio [6]. - The company has engaged in a transaction involving the transfer of 100% equity in its Foshan projects for approximately 3.49 billion yuan, with the net proceeds aimed at general operational funding [7][8]. - The operational performance of the projects remains strong, with an overall occupancy rate maintained above 90% and rental income showing growth [9].

Core Viewpoint - Lihua Hotel has signed a strategic cooperation agreement with Shanxi Xinjinshang Winery Group to manage the Fenxing Hotel, aiming to develop it into a business resort brand in Shanxi [1][3][5]. Group 1: Strategic Cooperation - The partnership will leverage Lihua Hotel's management expertise and the unique resources of Fenxing Hotel, including its geographical location and cultural heritage, to enhance service quality and brand influence [3][6]. - The collaboration is part of Lihua Hotel's strategy to explore brand operation models in different locations, following its initial management output project with Yanmenguan Wangjiu Fort [5][11]. Group 2: Company Background - Shanxi Xinjinshang Winery Group, established in 2009, has evolved from the Fenxing Distillery founded in 1979, becoming a comprehensive group involved in winery operations, hotel management, and cultural promotion [5][6]. - Lihua Hotel, operational since 2008, is a key government reception hotel in Shanxi, recognized as a five-star and green hotel, with projected revenue of 289 million yuan for 2024 [6][7]. Group 3: Industry Context - The hotel industry is facing a downturn, with average occupancy rates dropping from 61.31% in 2023 to 58.81% in 2024, and average daily rates (ADR) decreasing from over 210 yuan to 199.92 yuan [7]. - In response to industry challenges, Lihua Hotel has initiated a light asset development strategy, focusing on brand building and operational management to mitigate risks associated with fixed asset investments [11].