Group 1 - The core viewpoint of the report indicates that Shoulv Hotel Group achieved stable profit growth and a record number of new hotel openings despite industry challenges, with a net profit of 806.31 million yuan, a year-on-year increase of 1.41% [1] - The group opened 1,353 new hotels during the reporting period, representing a year-on-year growth of 12.5%, with standard management hotels seeing a significant increase of 55.4% [1] - As of the end of the reporting period, the total number of operating hotels reached 7,002, with a focus on optimizing product structure and expanding standard management hotels [1] Group 2 - The "如LIFE" club membership reached 197 million, reflecting a year-on-year growth of 30.8%, and is expected to exceed 220 million by the end of February 2025 [2] - The report highlights a favorable economic environment for the hospitality industry, driven by a recovery in business travel, leisure tourism demand, and a strong rebound in inbound tourism [2] - The mid-to-high-end hotel segment within the group has been growing, with 412 new mid-to-high-end hotels opened, a year-on-year increase of 45.6%, raising the proportion of mid-to-high-end hotel room supply to 41.5% by the end of 2024 [1]

一、主要会计数据和财务指标 三、分红送配方案情况 10派3.60元(含税) 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 63804.5万股，累计占流通股比： 57.14%，较上期变化： 1220.27万股。 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 北京首都旅游集团有限责任公司 | 38567.73 | 34.54 | 不变 | | 携程旅游信息技术(上海)有限公司 | 13686.63 | 12.26 | 不变 | | 香港中央结算有限公司 | 3228.73 | 2.89 | 1529.81 | | 创金合信基金-北京国有资本运营管理有限公司-创金合信京 鑫区域优选单一资产管理计划 | 2244.25 | 2.01 | 109.41 | | 全国社保基金一一零组合 | 1160.81 | 1.04 | 不变 | | 中国建设银行股份有限公司-中欧养老产业混合型证券投资 基金 | 1130.62 | 1.01 | 新进 | | 中国工商银行股份有限公司-华安媒体互联网混合 ...

所以放了大量的水。 冰箱里这个数量。 外面架子上取下来是这个数量。 这是半佛仙人的第1769篇原创 1 前两天住了个全季，一进去就被镇住了。 就感觉，他们怕我渴死在店里。 我住过这么多酒店，全季也没少住。 这场面，我是真没见过。 我下楼的时候还顺便问了一下前台，为什么放那么多水。 前台说全季现在在推一个叫全季5.0的东西，所有符合全季5. 0的全季酒店都会给你放很多 水，我住的这家刚好是个试点。 我在网上搜了一下，并不是个例。 （截图来自小红书） （截图来自小红书） 往房间放这么多水，乍一看挺离谱，甚至有点行为艺术。 但仔细一想，这个做法真的很妙。 我住过很多酒店，贵的也好便宜的也罢，就没遇到过房间里一开始给的水够喝的。 就算是一些比较贵的豪华酒店，它可能是玻璃瓶装的水，但数量上也不多。 不管拿什么容器给我装，不够喝还是不够喝，虽然可以打电话让前台送，但 这些都得你主 动去【要】。 就算我真去要了，这个事情还是麻烦—— 因为我需要【等】水送过来。 口渴是人类的基本生理需求，我渴了但是不能马上喝到水，要等，而且不知道会等多久。 你不能说问题有多大，但一定是不够好。 这个时候再看全季放的这一大堆水，真就是越想越妙 ...

Group 1 - H World (华住) shares increased by 2.92%, reaching $38.42 per share, with a total market capitalization of $12.038 billion [1] - As of September 30, 2024, H World reported total revenue of 17.868 billion RMB, a year-on-year increase of 9.63%, while net profit attributable to shareholders was 2.999 billion RMB, a year-on-year decrease of 10.26% [1] - H World operates 8,176 hotels across 17 countries, with a total of 773,898 rooms in operation as of June 30, 2022 [3] Group 2 - H World’s business model includes leasing and ownership, management franchising, and licensing, with 14% of hotel rooms operated under leasing and ownership, and 86% under management franchising and licensing as of June 30, 2022 [3] - The company has a diverse brand portfolio, including Haiyou Hotel, Yilai Hotel, Hanting Hotel, and many others, and holds rights for major franchises in Greater China [3] - H World is set to disclose its fiscal year 2024 annual report on March 19, 2024, with the actual date subject to company announcement [2]

Investment Rating - The report maintains a "Buy" rating for the company, anticipating significant growth in the next 6-12 months [5]. Core Insights - The company reported Q4 2024 earnings with revenue of 2.08 billion yuan, a year-on-year increase of 38.5%, and a net profit of 330 million yuan, up 50.5% [2]. - The Q4 RevPAR (Revenue Per Available Room) showed a narrowing decline, with a decrease of 5.9% quarter-on-quarter, indicating potential recovery in 2025 [3]. - The retail business outperformed expectations, with a GMV (Gross Merchandise Volume) of 2.59 billion yuan for the full year, reflecting a growth of 128% [4]. Summary by Sections Financial Performance - Q4 revenue reached 2.08 billion yuan, with adjusted net profit also at 330 million yuan, reflecting a 49.9% increase [2]. - Adjusted EBITDA for Q4 was 440 million yuan, marking a 76.5% increase [2]. - The company achieved a hotel gross margin of 37.5%, up 7.6 percentage points, driven by asset-light strategies and efficiency improvements [4]. Business Segments - The retail segment's GMV for Q4 was 910 million yuan, a 125% increase, with online sales accounting for over 90% [4]. - The company opened 111 new hotels in Q4, totaling 471 new openings for the year, a 63% increase [4]. Future Outlook - The company expects a slowdown in supply growth in 2025, with improved demand driven by policy stimuli, leading to quarterly improvements [3]. - Forecasted adjusted net profits for 2025, 2026, and 2027 are 1.66 billion yuan, 2.08 billion yuan, and 2.61 billion yuan, respectively, with corresponding PE ratios of 17, 14, and 11 [5].

Core Viewpoint - In 2024, Atour Group achieved remarkable financial results with a revenue of 7.248 billion yuan, reflecting a year-on-year growth of 55.3%, showcasing the unique value of its "Chinese Experience" strategy amidst a recovering tourism market [1][3][4] Financial Performance - Atour Group's revenue for 2024 reached 7.248 billion yuan, a significant increase of 55.3% year-on-year, with adjusted net profit at 1.306 billion yuan, up 44.6% [3] - In Q4 2024, revenue was 2.084 billion yuan, a 38.5% increase year-on-year, with adjusted net profit of 333 million yuan, marking a 49.9% growth [3] - The adjusted EBITDA for 2024 was 1.772 billion yuan, reflecting a 46.8% increase [3] Market Environment - The tourism industry in China saw a full recovery in 2024, with domestic and inbound tourism contributing to a robust hotel consumption market [4] - Average Revenue Per Available Room (RevPAR) for Atour was 351 yuan, achieving 93.2% of the previous year's level, with an occupancy rate of 77.4% [4] Strategic Developments - Atour opened 471 new hotels in 2024, a 63% increase year-on-year, with a total of 1,619 operating hotels by the end of the year, up 33.8% [4] - The company’s retail business saw a GMV of 2.592 billion yuan, a substantial growth of 127.7% year-on-year, with over 90% of sales from online channels [7] Competitive Advantage - Atour has established a differentiated competitive advantage through its focus on "cultural experience," leveraging IP collaborations and localized services [7] - The company’s strategic focus on user experience rather than just room occupancy has allowed it to thrive in a competitive market [10] Industry Insights - The hotel industry in China has seen a significant increase in chain hotel penetration, rising from 26% in 2019 to 40.95% [9] - Mid-range and upscale hotels have become the mainstay in new hotel openings, with a notable increase in the number of new mid-range chain hotels in major cities [9]

Core Insights - H World Group reported a revenue of 60 billion yuan in Q4 2024, a year-on-year increase of 7.8%, with hotel revenue reaching 237 billion yuan, up 16.5% [1] - For the full year 2024, the company achieved a total revenue of 239 billion yuan, reflecting a 9.2% increase, while hotel revenue was 928 billion yuan, marking a 15.5% growth [1] Group 1: Financial Performance - In Q4 2024, H World Group's hotel revenue was 237 billion yuan, showing a year-on-year growth of 16.5% [1] - The total revenue for the year 2024 was 239 billion yuan, which is a 9.2% increase compared to the previous year [1] - The company reported a total hotel revenue of 928 billion yuan for the year, reflecting a growth of 15.5% [1] Group 2: Operational Metrics - H World Group's occupancy rate in China was 81.2% in 2024, with a slight increase of 0.2 percentage points year-on-year [2] - The average daily rate (ADR) in China was 289 yuan, while the revenue per available room (RevPAR) was 235 yuan, indicating stable performance [2] - Internationally, key operational metrics for H World Group showed growth, with ADR increasing by 1.5%, occupancy rate rising by 2.7 percentage points, and RevPAR up by 5.9% [2] Group 3: Market Expansion - By the end of 2024, H World Group had 11,025 hotels in operation in China, covering 1,380 cities, an increase of 123 cities from the previous year [3] - The proportion of hotels in third-tier cities and below increased by 2 percentage points to 42% [3] - The company has 2,988 hotels under development, with 54% of these located in third-tier cities and below, which is 12 percentage points higher than the proportion of operating hotels [3] Group 4: Product and Brand Development - H World Group launched new hotel models, including "Hello 2.0" and "Haiyou," focusing on enhancing customer experience and operational efficiency [7][8] - The company reported that 36% of its HanTing hotels are now rated 3.5 stars and above, a 15 percentage point increase from the previous year [9] - The number of mid-to-high-end hotels in operation and under development grew by 35%, reaching 873 and 521 respectively [11] Group 5: Strategic Outlook - H World Group aims to continue its focus on high-quality development and expand its presence in lower-tier cities and untapped markets [11] - The company plans to enhance its brand and service quality, emphasizing customer-centric strategies and product upgrades [11] - H World Group is positioned as a "pathfinder" in the hotel industry, committed to improving service quality in response to government initiatives aimed at boosting consumption [12]

Core Viewpoint - The Peninsula Hotels, a luxury hotel brand with nearly a century of history, has successfully retained talent and fostered employee loyalty through a strong sense of respect and belonging, especially during challenging times like the pandemic [4][6]. Group 1: Employee Retention and Loyalty - The Shanghai Peninsula Hotel has a significant proportion of long-term employees, with 34% of its staff having over ten years of service, highlighting the company's ability to retain talent in a high-turnover industry [2][4]. - The hotel has not laid off employees or enforced unpaid leave during difficult periods, demonstrating a commitment to supporting staff through challenges [6][7]. Group 2: Investment in Employees - The concept of "investing in people" has been emphasized, with the company focusing on recognizing and showcasing the talents of its employees through initiatives like the "Peninsula Vision" video project [7]. - The company prioritizes employee character and attitude over previous hotel brand experience when hiring, fostering a culture of loyalty and personal growth [7][8].

首旅酒店: 北京首旅酒店（集团）股份有限公司关 于召开2025年第二次临时股东会的通知 证券代码：600258 证券简称：首旅酒店 编号：临 2025-007 北京首旅酒店（集团）股份有限公司 关于召开 2025 年第二次临时股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 股东会召开日期：2025年4月11日 召开的日期时间：2025 年 4 月 11 日 14 点 30 分 召开地点：北京市朝阳区雅宝路 10 号凯威大厦三层 301 会议室 至 2025 年 4 月 11 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 本次股东会审议议案及投票股东类型 投票股 序 东类型 议案名称 号 网络投票起止时间：自 2025 年 4 月 11 日 A 股股东 非累积投票议案 借款的关联交易的议案》 议案 1 ...

Summary of Conference Call Notes Industry Overview - The overall consumption market is showing a clear cyclical recovery trend, with a significant stabilization in the consumption environment despite low elasticity [2][3] - The retail sales growth rate rebounded to approximately 4% in February 2024, with the restaurant sector performing particularly well at a growth rate of 4.3% [2][3] - The job market is showing positive signals, with double-digit growth in new hiring numbers since the beginning of the year, and no significant decline observed post-Spring Festival [2][3] Key Insights - The consumption market in 2024 is impacted by the decline in middle-class purchasing power and the diversion of outbound tourism, significantly affecting the duty-free industry [3][4] - Duty-free sales data from Hainan indicates a notable improvement in delivery data since December 2024, with a narrowing decline in average transaction value and overall sales, suggesting signs of consumption recovery [3][4] - The restaurant industry has outperformed the overall retail market in February, benefiting from immediate consumption characteristics and policy stimuli such as consumption vouchers [5] Policy Impact - Consumption-boosting policies, such as birth subsidies and special consumption initiatives, are gradually being implemented, playing a crucial role in stabilizing market confidence and asset prices [6] - The introduction of consumption-related policies post-pandemic reflects the government's emphasis on economic recovery [6] Base Effect and Market Outlook - The low base from 2024 is expected to lead to significant improvements in apparent growth rates this year, particularly in sectors that faced demand pressure starting in April of last year [7] - The overall market trend is positive, with a notable increase in foot traffic during the Spring Festival period and early March, indicating improvements even in traditionally slow seasons [8] - The combination of consumption-boosting policies, low base effects, and emerging hotspots is anticipated to continue driving market growth in the coming months and throughout the year [8]