杭州作为南宋首都临安，是当时世界首屈一指的大都市。从皇宫北面的和宁门通往北通向城市中心的御街，中段的街市最为热闹，《都城纪胜》说："买卖 关朴，酒楼歌馆，直至四鼓方静；而五鼓朝马将动，其有趁卖早市者，复起开张。"林升在《题临安邸》写道："山外青山楼外楼，西湖歌舞几时休。暖风熏 得游人醉，直把杭州作汴州。" 时序流转，至九十年代，杭州城里有了黄龙饭店。许多杭州人关于"外面世界"的念想，最早便是在这萌发的。店里头能做顶地道的粤菜，这并不稀奇——建 立时本就带着粤港的渊源。那时岭南路远，却不承想，坐于西湖边，就能尝到正宗的豉油皇炒虾，喝上煲得浓香的老火汤。《繁花》里有这样一段，至真园 遇困，爷叔指点宝总请来粤菜金厨，凭此一举逆风翻盘。可见当时，一家餐厅若能请来好的粤菜师傅，是有面子、也能稳局面的。三十七年历史的黄龙饭 店，不声不响地已然与杭州融为一体，假设缺少了它，城市记忆似乎就难以完整。 如今，饭店的中餐厅"龙吟阁"，做的便是"浙粤菜"。它以浙江本土当季食材为基础，融入粤式烹饪技艺，形成独具一格的菜式与风格。浙江本地食材深谙一 方水土的本味，而粤菜之妙，则在于"因材施艺"——无论是文火慢炖的老火汤，还是秒速灼烫的 ...

Core Insights - The annualized core inflation rate for Bosnia's service sector from January to September is estimated at 4.33% [1] - The consumer price index for the service sector has an annualized increase of 4.84% [1] Inflation Drivers - The most significant impact on September's monthly inflation came from telephone and fax services, although their price increase was too low to affect the overall core inflation trend for the year [1] - Healthcare service prices and hotel and restaurant service prices are the main contributors to the sustained rise in core inflation from January to September [1] - Personal care services also experienced price increases, which had a notable impact on core inflation due to their high price weight [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company faced short-term performance pressure, reporting a loss in Q3 due to a challenging consumption environment and new store ramp-up costs. Q3 revenue was 566 million yuan, down 4.77%, with a net loss of 41.8 million yuan compared to a profit of 2.44 million yuan in the same period last year [1][10] - The company is expected to benefit from the traditional wedding banquet peak season in Q4, with improved performance anticipated due to the National Day and Mid-Autumn Festival holidays. However, the demand trend for the following year remains to be observed [3][20] Summary by Sections Financial Performance - In Q3, the company reported a revenue of 566 million yuan, a decrease of 4.77%, and a net loss of 41.8 million yuan, compared to a profit of 2.44 million yuan in the same period last year. For the first three quarters, total revenue was 1.896 billion yuan, an increase of 1.66%, while net profit decreased by 63.79% to 30.2 million yuan [1][10] - The company opened three new hotels and two new restaurant locations in the first three quarters, contributing to revenue growth, but incurred significant losses during the new store ramp-up period, totaling approximately 60 million yuan [2][17] Cost and Cash Flow Management - Financial expenses increased by 30% year-on-year, reaching 62.65 million yuan in the first three quarters. Capital expenditures have slowed down, with a decrease of about 24% year-on-year, totaling approximately 690 million yuan [3][18] - Despite profit pressures, the company generated a net cash flow from operating activities of 506 million yuan, a year-on-year increase of 37.41% [3][18] Future Outlook - The company is positioned as a leader in the dining banquet sector, with expectations of market share growth amid industry consolidation. The performance in Q3 is seen as a bottoming out, with potential recovery in Q4 and beyond, contingent on demand recovery and effective management strategies [20][4]

Core Viewpoint - The hotel and catering sector experienced a rise of 2.22% on October 31, with Jinjiang Hotels leading the gains, while the overall stock market indices saw declines [1] Market Performance - The Shanghai Composite Index closed at 3954.79, down 0.81% - The Shenzhen Component Index closed at 13378.21, down 1.14% [1] Individual Stock Performance - Jinjiang Hotels (600754) closed at 22.51, up 3.35% with a trading volume of 179,900 shares and a turnover of 404 million yuan - Junting Hotels (301073) closed at 21.49, up 3.32% with a trading volume of 46,000 shares and a turnover of 98.1 million yuan - Huatian Hotels (000428) closed at 3.26, up 2.19% with a trading volume of 234,300 shares and a turnover of 76.1 million yuan - Other notable performances include Xi'an Catering (000721) up 1.78%, Quanjude (002186) up 1.77%, and Shoulv Hotels (600258) up 1.61% [1] Capital Flow Analysis - The hotel and catering sector saw a net outflow of 7.72 million yuan from institutional investors and 53.78 million yuan from speculative funds, while retail investors contributed a net inflow of 61.49 million yuan [1] - Detailed capital flow for key stocks shows Jinjiang Hotels with a net inflow of 4.45 million yuan from institutional investors, while Junting Hotels had a net outflow of 6.47 million yuan [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company faced short-term performance pressure, reporting a loss in Q3 due to a challenging consumption environment and new store ramp-up costs. Q3 revenue was 566 million yuan, down 4.77%, with a net loss of 41.8 million yuan compared to a profit of 2.44 million yuan in the same period last year [1][10] - The company is expected to benefit from the traditional wedding banquet peak season in Q4, with improved performance anticipated due to the National Day and Mid-Autumn Festival holidays. However, the demand trend for next year remains to be observed [3][20] Summary by Sections Financial Performance - In Q3, the company reported a revenue of 566 million yuan, a decrease of 4.77%, and a net loss of 41.8 million yuan, compared to a profit of 2.44 million yuan in the same period last year. For the first three quarters, total revenue was 1.896 billion yuan, an increase of 1.66%, but net profit decreased by 63.79% to 30.2 million yuan [1][10] - The company opened 3 new Fu Mao hotels and 2 new Tongqinglou locations in the first three quarters, contributing to revenue growth, but these new stores incurred significant losses during their ramp-up period, totaling approximately 60 million yuan in losses for the first three quarters [2][17] Cost and Cash Flow Management - Financial expenses increased by 30% year-on-year, reaching 62.65 million yuan in the first three quarters. Capital expenditures have slowed down, with approximately 690 million yuan spent, a decrease of about 24% year-on-year. Despite profit pressure, the company generated a net cash flow from operating activities of 506 million yuan, up 37.41% [3][18] Future Outlook - The company is positioned as a leader in the formal dining banquet sector, with market share expected to increase amid industry consolidation. The performance in Q3 is seen as a bottoming out, with potential recovery in Q4 and beyond, contingent on demand recovery and effective management adjustments [20][21]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is currently facing performance pressure but is expected to reach a turning point in the future [1] - The report highlights a decline in revenue and net profit for the third quarter of 2025, with a year-on-year decrease of 11.52% in revenue and 13.04% in net profit [7] - The company’s gross margin is under pressure, with an increase in expenses impacting profitability [7] - The forecast for net profit for 2025-2027 is estimated at 0.42 billion, 0.55 billion, and 0.62 billion respectively, with corresponding PE ratios of 68x, 53x, and 46x [7] Financial Performance Summary - For the third quarter of 2025, the company reported revenue of 432 million, a decrease of 11.52% year-on-year, and a net profit of 17 million, down 13.04% year-on-year [7] - For the first three quarters of 2025, total revenue was 1.283 billion, down 8.59% year-on-year, and net profit was 40 million, down 7.88% year-on-year [7] - The gross margin for the third quarter of 2025 was 24.56%, a decrease of 1.78 percentage points year-on-year [7] - The company’s operating expenses have increased, with sales, management, and R&D expense ratios rising compared to the previous year [7] Earnings Forecast - The projected revenue for 2025 is 1.777 billion, reflecting a decrease of 5.0% from the previous year [6] - The expected net profit for 2025 is 42 million, with a growth rate of 27.7% in 2026 and 13.7% in 2027 [6] - The earnings per share (EPS) is forecasted to be 0.11 in 2025, increasing to 0.16 by 2027 [6] Market Performance - The company’s stock has shown a performance of -8% over the last 12 months compared to the CSI 300 index [4]

Market Overview - The hotel and catering sector experienced a decline of 0.64% on October 30, with Tongqinglou leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable stock performances include: - *ST Yunwang: Closed at 1.86, up 1.09% with a trading volume of 336,500 shares and a turnover of 63.08 million yuan [1] - Shoulu Hotel: Closed at 14.30, up 0.14% with a trading volume of 117,900 shares and a turnover of 170 million yuan [1] - Jinjiang Hotel: Closed at 21.78, down 0.27% with a trading volume of 60,800 shares and a turnover of 133 million yuan [1] - Tongqinglou: Closed at 18.82, down 2.49% with a trading volume of 23,700 shares and a turnover of 44.65 million yuan [1] Capital Flow - The hotel and catering sector saw a net outflow of 50.668 million yuan from institutional investors, while retail investors had a net inflow of 53.056 million yuan [1] - Detailed capital flow for specific stocks includes: - Jinling Hotel: Net inflow of 1.7832 million yuan from institutional investors [2] - Tongqinglou: Net outflow of 5.0932 million yuan from institutional investors [2] - Xian Catering: Net outflow of 26.5815 million yuan from institutional investors [2]

Market Overview - The hotel and catering sector experienced a decline of 0.3% on October 29, with Junting Hotel leading the drop [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Individual Stock Performance - Shoulu Hotel (600258) closed at 14.28, with a slight increase of 0.35% and a trading volume of 70,800 shares, totaling 101 million yuan [1] - Jinling Hotel (601007) closed at 7.40, down 0.13%, with a trading volume of 53,200 shares, totaling 39.3 million yuan [1] - Xian Catering (000721) closed at 8.59, down 0.23%, with a trading volume of 106,400 shares, totaling 91.05 million yuan [1] - Jinjiang Hotel (600754) closed at 21.84, down 0.46%, with a trading volume of 71,400 shares, totaling 156 million yuan [1] - Tongqinglou (605108) closed at 19.30, down 0.46%, with a trading volume of 19,400 shares, totaling 37.27 million yuan [1] - Huatian Hotel (000428) closed at 3.23, down 0.62%, with a trading volume of 177,500 shares, totaling 57.09 million yuan [1] - Quanjude (002186) closed at 11.43, down 0.70%, with a trading volume of 49,400 shares, totaling 56.27 million yuan [1] - ST Yunwang (002306) closed at 1.84, down 1.08%, with a trading volume of 434,000 shares, totaling 78.82 million yuan [1] - Junting Hotel (301073) closed at 121.18, down 1.17%, with a trading volume of 33,200 shares, totaling 70.23 million yuan [1] Capital Flow Analysis - The hotel and catering sector saw a net outflow of 42.29 million yuan from institutional investors, while retail investors had a net inflow of 33.27 million yuan [1] - Quanjude (002186) had a net inflow of 2.62 million yuan from retail investors, while institutional investors experienced a net outflow of 1.22 million yuan [2] - Jinling Hotel (601007) saw a net outflow of 1.22 million yuan from institutional investors, with retail investors contributing a net inflow of 3.43 million yuan [2] - Junting Hotel (301073) faced a significant net outflow of 8.88 million yuan from institutional investors, while retail investors had a net inflow of 8.90 million yuan [2] - Jinjiang Hotel (600754) experienced a net outflow of 10.79 million yuan from institutional investors, with retail investors contributing a net inflow of 7.12 million yuan [2]

Market Overview - The hotel and catering sector experienced a decline of 0.78% on October 28, with *ST Yunwang leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Individual Stock Performance - Tongqinglou (605108) saw a closing price of 19.39, with an increase of 1.09% and a trading volume of 20,700 hands, totaling a transaction value of 40.17 million yuan [1] - Quanjude (002186) closed at 11.51, down 0.26%, with a trading volume of 48,400 hands and a transaction value of 55.76 million yuan [1] - Huatian Hotel (000428) closed at 3.25, down 0.31%, with a trading volume of 151,100 hands and a transaction value of 49.14 million yuan [1] - JInling Hotel (601007) closed at 7.41, down 0.40%, with a trading volume of 50,800 hands and a transaction value of 37.75 million yuan [1] - Xianyinshi (000721) closed at 8.61, down 0.69%, with a trading volume of 116,200 hands and a transaction value of 100 million yuan [1] - Shoulu Hotel (600258) closed at 14.23, down 0.77%, with a trading volume of 59,300 hands and a transaction value of 84.48 million yuan [1] - Junxi Hotel (301073) closed at 21.43, down 1.15%, with a trading volume of 25,200 hands and a transaction value of 54.35 million yuan [1] - Jinjiang Hotel (600754) closed at 21.94, down 1.17%, with a trading volume of 73,700 hands and a transaction value of 163 million yuan [1] - *ST Yunwang (002306) closed at 1.86, down 2.62%, with a trading volume of 631,700 hands and a transaction value of 11.7 million yuan [1] Capital Flow Analysis - The hotel and catering sector saw a net outflow of 30.43 million yuan from main funds, while retail investors contributed a net inflow of 43.45 million yuan [1] - The capital flow for individual stocks indicates that *ST Yunwang had a main fund net inflow of 2.82 million yuan, while retail investors contributed a net inflow of 2.81 million yuan [2] - Shoulu Hotel had a main fund net inflow of 2.71 million yuan, but retail investors had a net outflow of 5.99 million yuan [2] - Tongqinglou experienced a main fund net inflow of 1.63 million yuan, while retail investors had a net outflow of 1.87 million yuan [2] - Xianyinshi faced a significant main fund net outflow of 16.41 million yuan, but retail investors had a net inflow of 12.92 million yuan [2]

Investment Rating - The report maintains an "Outperform" rating for the social services industry, expecting it to perform better than the benchmark index in the next 6-12 months [1]. Core Insights - The report highlights that the social services sector has shown stable growth in cultural and tourism consumption during the first three quarters of 2025, with domestic travel reaching 4.998 billion trips, a year-on-year increase of 18.0% [4][30]. - The report anticipates that upcoming policies aimed at promoting service consumption will provide further benefits to the industry [4]. - The social services sector's performance in the last two trading weeks was an increase of 0.83%, ranking 7th among 31 industries in the Shenwan classification [1][12]. Summary by Sections Market Review & Industry Dynamics - The social services sector's sub-sectors showed varied performance, with tourism retail leading at +2.80%, followed by professional services at +1.81% and tourism and scenic spots at +1.13% [16]. - The overall PE (TTM) for the social services industry is 34.83 times, which is at the 31.83% historical percentile, compared to the 13.69 times for the CSI 300 index at the 66.90% historical percentile [20]. Investment Recommendations - The report suggests focusing on companies with strong growth certainty in the travel chain and related industries, including Tongcheng Travel, Huangshan Tourism, and Lijiang Co., among others [4]. - It also highlights the potential benefits for hotel brands like Junting Hotel and Jinjiang Hotel due to the recovery of business travel and increased market share post-pandemic [4]. Industry Company News - The report notes that the domestic travel market remains robust, with a significant increase in both the number of trips and spending, indicating a positive outlook for the sector [30]. - It mentions the recent adjustments to the Hainan duty-free shopping policy, which is expected to enhance the tourism experience and boost consumption [29].