Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company is experiencing short-term disruptions due to industry cycles but is focusing on high-quality expansion and internal improvements. The first quarter revenue met expectations, with hotel operating revenue around 22.5 billion RMB, a year-on-year increase of 14.3%, and total revenue of approximately 5.4 billion RMB, a year-on-year increase of 2.2% [1][11] - The company aims for a revenue growth of 1-5% in Q2, with domestic segments expected to grow by 3-7% and franchise revenue by 18-22%. The management anticipates a narrowing decline in RevPAR in Q2, with a goal of at least maintaining or growing throughout the year [4][18] Summary by Sections Domestic Hotels - In Q1, domestic revenue was 4.481 billion RMB, up 5.5% year-on-year. Direct-operated hotels saw a decline of 9.4%, while franchise revenue increased by 21.1%. The overall RevPAR decreased by 3.9%, with same-store RevPAR down by 8.3% [2][16] - The company opened 694 new hotels and closed 155, with a total of 11,564 hotels by the end of Q1. The company plans to open approximately 2,300 new hotels throughout the year [2][16] Overseas Hotels - Q1 overseas revenue was 918 million RMB, down 11.3%. The decline was primarily due to the transition of 10 direct-operated hotels to a light-asset franchise model and the closure of one direct-operated hotel. The adjusted EBITDA for Q1 was -77 million RMB, indicating an increase in losses due to restructuring [3][17] Financial Forecasts - The company maintains adjusted net profit forecasts for 2025-2027 at 4.66 billion, 5.37 billion, and 6.13 billion RMB, respectively, with a three-year CAGR of 18%. The dynamic PE ratios are projected to be 17, 15, and 13 times for the respective years [5][19] - The company has a shareholder return plan of 2 billion USD over three years, which adds marginal appeal to the investment [5][19]

5月17日，南都记者获悉，近日在第16届广州酒店餐饮业博览会上，广东省餐饮服务行业协会秘书长程 钢在发言时指出，"'新质价值'不是靠卷低价、打补贴带来的，而是在数字化的加持下，比谁的餐品更 有品质，谁的服务更能赢得消费者青睐。"南都此前报道，国家市场监督管理总局党组书记、局长罗文 16日发表文章，再次强调要综合治理"内卷式竞争"问题。 广东省餐饮服务行业协会秘书长程钢发言。 据悉，5月15日，在2025第16届广州酒店餐饮业博览会&第16届广州国际餐饮食材展（简称"CRE广州餐 博会"）上，"餐饮生态·新质价值"分论坛备受关注，广东省餐饮服务行业协会等多位负责人剖析当前餐 饮行业发展趋势，并分享数字化对餐饮行业未来发展新机遇。 广东省餐饮服务行业协会秘书长程钢在发言时表示，当前行业出现了一些非理性竞争苗头——新入局者 以"低价补贴"为武器拓市场，比如几块钱的奶茶咖啡。"这种价格战看似热闹，实则模糊了餐饮业'以食 为本'的核心价值，不仅挤压商家利润空间、削弱创新动力，更可能导致食品安全风险，最终将损害整 个行业的健康发展。" 程钢指出，当前餐饮行业正经历一场深刻的变革：从"流量红利"到"效率红利"，从"规模扩张 ...

Core Insights - The 16th Guangzhou Hotel and Catering Industry Expo and the 16th Guangzhou International Catering Ingredients Exhibition commenced on May 15, 2025, attracting over 50,000 professional visitors on the first day [1][2] - The exhibition covers nine core areas including high-end ingredients, health products, prepared dishes, smart equipment, and central kitchens, with a total exhibition area of 80,000 square meters [1][2] - Over 2,000 enterprises from more than 100 countries and regions are participating, showcasing a wide range of innovative technologies and products [1][2] Industry Developments - The event features a dedicated area for geographical indication products, promoting cooperation between Hunan and Guangdong provinces [2] - A dual-mode approach of "official live streaming + offline exploration" is being utilized to enhance engagement and reach for exhibitors [2] - The event has released several key reports, including the "2024 Guangdong Restaurant Top 100 List" and the "2025 Bay Area Catering Enterprise Report," highlighting market dynamics and growth opportunities [2] Competitive Landscape - The competition segment of the expo has become more specialized, with over 120 professional chef teams participating in the national modern innovative cooking competition, which includes a prepared dish category [2] - The event will host over 30 specialized activities, including the second China (Guangzhou) Noodle and Fast Food Conference and the Central Kitchen Innovation Development Conference [2]

主办方法国商务投资署（Business France）是旨在促进法国经济国际化发展的机构，协助法国企业迈向 国际、推动企业的出口业务，同时肩负推广和接待国际投资者前去法国投资经商的使命。 由Noosh Studio的联合创始人及创意总监Stéphanie SALLETTE女士精心设计的展览空间，以"四季流转· 五感交响"为主题打造出独特的沉浸式体验。参观者在晓庐充满现代建筑美学的空间中穿梭四季场景， 通过互动装置、音景空间与触感体验区的多重维度设计，沉浸于诗意流动的感官剧场。这种艺术化的空 间叙事不仅完美呈现法国品牌对品质与优雅的不懈追求，更以具象化的方式演绎了法式待客艺术的精神 内核。 法国驻广州副总领事卢繁妮女士(Fanny LOUVEL)与邦华集团董事长扶而立先生为展览启幕。来自酒店 餐饮和高端家居行业的专业人士、采购商、博主达人及专业媒体的深度参与，共同搭建起高效商贸对接 平台，推动中法餐桌艺术产业的深度对话。 由法国商务投资署主办的第三届"法式餐桌艺术展"于2025年5月15日至16日在广州晓庐举 办。本届展览汇聚12个法国奢华品牌，在刀叉器具、水晶摆件、餐厨用具及装饰布艺领域展 示了精品力作，向观 ...

Core Insights - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.17% while the Shenzhen Component Index and the ChiNext Index fell by 0.13% and 0.12% respectively, with a total trading volume of 1,291.365 billion yuan [2][7] - The banking, beauty care, and pharmaceutical sectors led the gains, while the defense, computer, and machinery sectors experienced declines [2][7] - The Hang Seng Index fell by 1.87%, and the Hang Seng Technology Index dropped by 3.26%, indicating a challenging environment for Hong Kong stocks [2][7] - In the U.S., the Dow Jones decreased by 0.64%, while the S&P 500 and Nasdaq rose by 0.72% and 1.61% respectively, reflecting a mixed sentiment in the overseas markets [2][7] Industry Analysis - The electric power equipment sector saw a decrease in the total market value held by public funds, amounting to 276.574 billion yuan in Q1 2025, a decline of 14.21% quarter-on-quarter but a slight increase of 3.05% year-on-year [9][10] - The sector's overweight ratio fell to 3.29%, down 1.60 percentage points from the previous quarter, indicating a reduced preference among funds for this sector [9][10] - The top five and ten holdings in the electric power equipment sector showed an increase in concentration, with the CR5 and CR10 ratios rising to 68.70% and 75.59% respectively, while the CR20 ratio decreased [10][11] - The battery and photovoltaic equipment segments faced significant reductions in holdings, while the wind power equipment sector saw increased interest due to accelerated project implementations [11][12] Social Services Sector - The social services sector reported a total revenue of 190.795 billion yuan in 2024, reflecting a year-on-year growth of 6.95%, but the net profit dropped by 31.26% to 7.366 billion yuan [13][14] - The tourism and scenic area segment achieved a revenue of 35.423 billion yuan, up 15.24% year-on-year, with a net profit increase of 7.19% [13][14] - The hotel and catering segment, however, experienced a revenue decline of 1.49% to 29.853 billion yuan, with net profit falling by 19.73% [14][15] - The report suggests that the implementation of vacation policies and the expansion of the inbound consumption market will continue to drive growth in the tourism and related sectors [14][15]

营收增长利润承压，旅游景区业绩稳健 [Table_ReportType] ——社会服务行业 2024 年业绩综述报告[Table_ReportDate] [投资要点： Table_Summary] 社会服务板块全年业绩增收不增利。2024 年上市公司业绩出炉，社会 服务板块增收不增利，营业收入合计 1907.95 亿元，同比增长 6.95%， 在申万一级行业中排名第 3；归母净利润合计 73.66 亿元，同比下降 31.26%，在申万一级行业中排名第 22。 旅游及景区板块：2024 年旅游及景区板块实现营收 354.23 亿元，同比 +15.24%，归母净利润 16.73 亿元，同比+7.19%。五一黄金周居民旅游 热情高涨，旅游市场持续回暖。调休工作日的减少使得更多游客选择拼 假开启早鸟游或节末错峰游，推动长线游目的地表现亮眼，各地创新和 丰富消费场景，以多元供给激发消费潜力、市场活力，为游客带来深度 体验。 3288 酒店餐饮板块：2024 年酒店餐饮板块实现营收 298.53 亿元，同比- 1.49%，归母净利润 15.67 亿元，同比-19.73%。消费承压导致板块业绩 出现波动，全年表现不佳。行业 ...

Group 1 - The A-share market opened higher but experienced a pullback during the day, with the Shanghai Composite Index slightly rising by 0.17% to 3374.87 points, while other major indices declined [1] - Key sectors that performed well included shipping ports, photovoltaic, banking, hotel and catering, and daily chemicals, while military-related stocks such as aerospace and shipbuilding showed significant adjustments [1] - The overnight US stock market saw substantial gains, with the Dow Jones up 2.81%, S&P 500 up 3.26%, and Nasdaq up 4.35%, contrasting with the decline in Hong Kong stocks, where the Hang Seng Index fell by 1.87% [1] Group 2 - A significant factor affecting the foreign exchange market is the upcoming release of the US April CPI, which may influence expectations regarding the Federal Reserve's interest rate decisions [2] - Due to the reduction in tariff risks, market expectations for a rate cut by the Federal Reserve have shifted, with most market participants now anticipating a potential cut in September rather than July [2] Group 3 - The A-share market's weak performance can be attributed to uncertainties surrounding ongoing tariff negotiations and a potential decrease in expectations for economic stimulus policies, particularly fiscal measures [3] - Investors are advised to maintain a watchful stance and consider adjusting their portfolios to include more tariff-sensitive export stocks, as the overall tariff situation has improved significantly [3]

南都讯 记者林敏儿 通讯员黎津慧 2025年"五一"假期过去了，在深圳科技感与烟火气并存的城市地标 ——华强北，一场热火朝天的"服务消费"狂欢正在上演。 数据显示，"五一"期间华强北步行街总体客流超60万人次，同比增长100%；销售额超1亿元，同比增长 85%，均创近年新高。吃、住、游、购、娱全场景覆盖，AI潮玩、低空飞行、医美体验、亲子悦享…… 300多家商户一起"出招"，以"新质乐游购"为主题，实现一站式全链条体验。 新质生产力齐聚，科技消费成打卡主力 科技感满满，是华强北"五一"最具辨识度的标签之一。在无人机、机器人等选品中心专区，无人机、机 器人、AI眼镜、智能穿戴等前沿产品热销，智能硬件销售同比增长30%，成为年轻人、亲子家庭争相打 卡的"潮流科技秀场"。 作为深圳科技创新的缩影，华强北"因地制宜"打造"独一无二"的消费场景，全面释放"新质生产力"的吸 引力——从"深圳首届鹏城低空飞行节"到AI潮玩市集、AR互动体验、脑控无人机赛车体验，多个"只在 电影里见过"的前沿科技产品集中亮相，构建起沉浸式未来生活体验场。全国最大的eVTOL智航V3000 真机模型、全球首款载人飞碟、歼20人形机甲现场亮相， ...

前KPMG交易专家、"酒吧帝国"创始人Jon Adgemis身陷债务危机，面临破产和家庭被驱逐的风险，目 前暂住在亿万富豪投资人位于邦迪的豪华公寓中。 同时，Adgemis仍试图拯救尚未落入债权人之手的少数资产，并与德意志银行、Archibald Capital达成 770万澳元融资协议。然而，其中第二笔60万澳元的付款大部分尚未履约，目前正寻求延长支付期限。 另一方面，与Adgemis关系密切的Damien Hodgkinson所控制的Linchpin Hospitality接手了部分原Public Hospitality场所的运营，并试图重建信贷。但多名消息人士称Adgemis仍暗中参与Linchpin业务，并在相 关邮件中被要求"加入所有报告"。 Adgemis因拖欠摩纳哥商人Gazal高达2600万澳元的款项，近日在联邦法院败诉，Gazal已启动破产申请 程序。若成功，Adgemis将被追溯至去年11月18日宣布破产。 Adgemis于2021年创立Public Hospitality，在疫情期间大举收购酒吧和餐饮场所，资产一度包括悉尼的 Oxford House、The Norfolk以及墨尔本的P ...

Core Viewpoint - The People's Bank of China (PBOC) announced a significant liquidity injection of 1.2 trillion yuan through a reverse repurchase operation during the May Day holiday, aimed at ensuring ample funds in the banking system, which is expected to have a profound impact on the financial market [1] Group 1: Impact on Financial Market - The direct beneficiaries of this operation are banks, as the liquidity will enhance their lending capacity and potentially increase profit margins [2] - Financial stocks, including securities and insurance, are expected to benefit indirectly from the increased liquidity [2] - The injection of funds may also stimulate consumer demand, particularly in sectors such as tourism, hospitality, retail, and furniture, which are likely to attract more investment [2] Group 2: Reasons Supporting A-share Market Performance Post-Holiday - Incremental funds entering the market: Although the 1.2 trillion yuan primarily targets the real economy, some of this liquidity may indirectly flow into the stock market, enhancing market activity [3] - Weight of key sectors: Financial and consumer stocks hold a significant weight in the A-share market; a strong performance in these sectors could substantially increase the likelihood of index gains [4] - Approaching turning point: The A-share market has been consolidating before the holiday, and the PBOC's liquidity injection may act as a catalyst for a market shift [5] Group 3: Historical Context - Historical data indicates that large-scale liquidity injections by the central bank, such as reserve requirement ratio cuts or reverse repos, often lead to an upward trend in the A-share market within 1-3 months, especially during the early stages of economic recovery [5]