Financial Performance - In the first half of 2025, the company's operating revenue was approximately 3.661 billion yuan, a year-on-year decrease of 1.93% [2] - The net profit attributable to the parent company was approximately 397 million yuan, a year-on-year increase of 11.08% [2] - The net profit attributable to the parent company after deducting non-recurring gains and losses was approximately 336 million yuan, a year-on-year increase of 3.81% [2] Market Trends - The domestic economy showed steady improvement, with a gradual recovery in business travel demand and sustained strong leisure travel demand [2] - During the "May Day" holiday, the tourism consumption market was vibrant, leading to better hotel industry performance compared to the same period last year [2] RevPAR and Hotel Performance - The RevPAR for all hotels under the company, excluding light management hotels, was 153 yuan, a year-on-year decrease of 4.3% [2] - In the second quarter, the RevPAR for all hotels was 143 yuan, a year-on-year decrease of 5.7% [3] - The average room rate in the second quarter was 225 yuan, a year-on-year decrease of 2.8% [3] - The occupancy rate was 63.9%, a year-on-year decrease of 2 percentage points [3] Expansion and Development - In the first half of 2025, the company opened 364 new hotels, including 5 direct-operated and 359 franchised hotels [3] - The number of newly opened mid-to-high-end hotels was 189, a year-on-year increase of 11.8% [3] - As of the end of the reporting period, the total number of hotels was 7,268, with 2,132 mid-to-high-end hotels accounting for 29.3% of the total [4] - The number of signed but not yet opened and in-signing hotels was 1,750 [4]