Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [4] Core Views - The company is facing performance pressure due to external environmental factors, with a cautious expansion strategy focusing on new stores and menu adjustments [2][3] - The company reported a revenue of 6.074 billion yuan for 2024, a year-on-year increase of 1.5%, but a significant decline in net profit attributable to shareholders, down 87.7% to 56 million yuan [1][3] - The company is optimizing its brand portfolio and enhancing supply chain capabilities, with new store formats and menu updates expected to drive future growth [8] Financial Performance - For 2024, the company achieved a revenue of 60.74 billion yuan, with a core operating profit of 2.52 billion yuan, reflecting a year-on-year decrease of 60.1% [1] - In the second half of 2024, the company reported a net profit of -16 million yuan, compared to 231 million yuan in the same period last year [3] - The company plans to achieve revenues of 67.61 billion yuan, 78.78 billion yuan, and 92.92 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 99 million yuan, 263 million yuan, and 411 million yuan [8][9] Store Expansion and Operations - The company opened 150 new stores in 2024, including 95 for the Taier brand and 28 for the Song Hotpot brand, while closing 69 stores [2] - As of the end of 2024, the total number of Taier stores reached 634, with a same-store sales decline of 18.8% [2] - The company is enhancing its supply chain capabilities with a new center expected to be operational by 2025, which will support core brand ingredient processing and sales [8]

Investment Rating - The investment rating for the company is "Maintain Buy" [5] Core Views - The company reported a revenue of 42.755 billion yuan for 2024, a year-on-year increase of 3.1%, and a net profit of 4.708 billion yuan, up 4.6% year-on-year, with core operating profit rising by 18.7% to 6.230 billion yuan [1] - The company is focusing on shareholder returns, increasing the dividend payout ratio from 90% in 2023 to 95% in 2024 [9] - The company has initiated the "Pomegranate Plan" and is steadily advancing its franchise business, which is expected to open up growth opportunities [4][9] Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 62.1%, an increase of 3.0 percentage points year-on-year, with a significant rise in gross margin to 63.2% in H2 2024 [3] - The net profit for 2024 was 4.708 billion yuan, with a net profit margin of 11.0%, reflecting a slight increase of 0.1 percentage points year-on-year [3] Business Expansion - As of the end of 2024, the company operated 1,355 direct stores, with a net reduction of 19 stores throughout the year, but began a steady expansion in H2 2024 [2] - The company has completed the review and establishment of 13 franchise stores, indicating a commitment to expanding its franchise network [9] Sales and Customer Metrics - The overall average customer spending was 97.5 yuan in 2024, with a slight decrease compared to the previous year, but showing a recovery in H2 2024 [2] - The overall table turnover rate was 4.1 times per day, with a year-on-year increase of 0.3 times, although it showed a slight decline compared to H1 2024 [2] Future Projections - Revenue projections for 2025, 2026, and 2027 are 44.146 billion yuan, 46.880 billion yuan, and 49.751 billion yuan respectively, with net profits expected to be 4.843 billion yuan, 5.568 billion yuan, and 6.218 billion yuan [10]

Investment Rating - The investment rating for the company is "Maintain Buy" [5] Core Views - The company reported a revenue of 42.755 billion yuan in 2024, a year-on-year increase of 3.1%, and a net profit of 4.708 billion yuan, up 4.6% year-on-year, with core operating profit rising by 18.7% to 6.230 billion yuan [1] - The company is focusing on shareholder returns, increasing the dividend payout ratio from 90% in 2023 to 95% in 2024 [9] - The company has initiated the "Pomegranate Plan" and is steadily advancing its franchise business, which is expected to open new growth avenues [4][9] Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 62.1%, an increase of 3.0 percentage points year-on-year, with the second half of 2024 showing a gross margin of 63.2%, up 4.2 percentage points year-on-year [3] - The net profit for 2024 was 4.708 billion yuan, with a net profit margin of 11.0%, reflecting a slight increase of 0.1 percentage points year-on-year [3] Business Expansion - As of the end of 2024, the company operated 1,355 direct stores, with a net reduction of 19 stores throughout the year, but began a steady expansion in the second half of 2024 [2] - The company has completed the review and establishment of 13 franchise stores, indicating a commitment to expanding its franchise network [9] Sales and Customer Metrics - The overall average customer spending in 2024 was 97.5 yuan, with a slight decrease compared to the previous year, but showing a recovery in the second half of 2024 [2] - The overall table turnover rate was 4.1 times per day, with a year-on-year increase of 0.3 times per day, although it showed a slight decline compared to the first half of 2024 [2] Future Projections - Revenue projections for 2025, 2026, and 2027 are 44.146 billion yuan, 46.880 billion yuan, and 49.751 billion yuan respectively, with corresponding net profits of 4.843 billion yuan, 5.568 billion yuan, and 6.218 billion yuan [10]

10日，深度融合 陈皮美食与侨乡 非遗文化，吸引 了众多市民和游 客的关注，为食 客们带来一场别 开生面的美食文 化盛宴。 第八届丽宫国际酒店陈皮美食节开幕 侨乡非遗美食盛 宴来袭！第八届 丽宫国际酒店陈 皮美食节开幕_ 南方+_南方plus 侨乡陈皮宴，舌 尖上的非遗。4 月11日，江门丽 宫国际酒店第八 届陈皮美食节盛 大开幕，本次活 动将持续至5月 本届陈皮美食节 在菜品研发上独 具匠心。据丽宫 国际酒店中厨总 厨郭景烽介绍， 此次美食节中厨 精心推出20道新 品，点心研发团 队也带来10道新 品。这些美食将 陈皮的药效融入 普通食材，既保 留了食材的原汁 原味，又增添了 陈皮的独特风味 与养生功效，让 食客在品尝美味 的同时，还能收 获健康。 陈皮和牛青柑果 活动现场，酒店 精心打造了充满 陈皮文化氛围的 场景。大堂内， 展板全方位展示 陈皮文化、特色 套餐、创新菜式 点心及优惠信 息。柑形服装人 偶、哪吒、青蛙 点，客房、餐饮 消费满200元即 可参与。奖品丰 富多样，涵盖陈 皮饼券、温泉门 票、旅游景点门 票、特色菜式 券、住房券以及 酒店定制购物袋 等，极大地调动 了消费者的参与 积极性。 等网 ...

金十数据4月10日讯，南京商旅公告，公司拟以自有资金6000万元投资设立全资子公司南京旅游酒店管 理有限公司（南旅酒管）。该投资事项已获董事会审议通过，无需提交股东大会审议。南旅酒管将专注 于酒店管理、租赁经营、餐饮管理等业务，旨在深化公司酒店板块布局，加强运营管理能力，实现业务 拓展。 南京商旅：投资6000万元设立全资子公司南旅酒管 ...

Investment Rating - Industry rating: Recommended [1] Core Viewpoints - The announcement by the State Taxation Administration on April 8 promotes the "immediate purchase and refund" service for outbound tourists, expanding it from pilot cities to nationwide implementation [2][3] - The "immediate purchase and refund" policy aims to enhance the shopping experience for foreign tourists by allowing them to receive tax refunds at the point of sale, potentially increasing their shopping willingness and expenditure [3] - The policy is expected to significantly improve the convenience of tax refunds for foreign tourists, thereby boosting their consumption in China [3] Summary by Relevant Sections Event Overview - The "immediate purchase and refund" service measures have been clearly defined and are set to be implemented nationwide, enhancing the shopping experience for foreign tourists [2] Analysis and Judgment - The policy allows for tax refunds to be processed at the time of purchase, making it more appealing for tourists to shop [3] - In Beijing, the sales of tax refund goods exceeded 900 million yuan in 2024, a year-on-year increase of 140%, with an average spending of approximately 230 yuan per tourist [4] - The implementation of this policy has shown significant positive effects in pilot cities, leading to substantial growth in sales and tax refunds [4] Investment Recommendations - The "immediate purchase and refund" policy is expected to drive growth in inbound shopping consumption, benefiting traditional department stores, duty-free retailers, and the tourism hotel industry [8] - Key beneficiaries include companies like China Duty Free Group, Wangfujing, Yonghui Supermarket, and others involved in retail and tourism [8] - The rise of domestic brands and their increasing recognition among global consumers presents additional investment opportunities [8]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][18]. Core Viewpoints - The company is facing short-term operational pressure, with a projected revenue of 14.063 billion yuan in 2024, a decrease of 4.00%, and a net profit of 911 million yuan, down 9.06% [10][18]. - The company has exceeded its store opening target for 2024, opening 1,515 new stores and closing 519, resulting in a net increase of 968 stores, maintaining its position as the largest domestic hotel chain [2][14]. - The company plans to open 1,300 new stores and sign 2,000 contracts in 2025, with expected revenue growth of 2%-7% [4][17]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 14.063 billion yuan, a decline of 4.00%, and a net profit of 911 million yuan, down 9.06% [10][18]. - The fourth quarter of 2024 saw a revenue of 3.273 billion yuan, a decrease of 8.51%, with a net loss of 195 million yuan [10][18]. - The company achieved a cumulative dividend payout ratio of 58.54% for the year, an increase of 5.13 percentage points year-on-year [10][18]. Operational Highlights - The company’s domestic limited-service hotel segment experienced a RevPAR decline of 5.78% in 2024, with the fourth quarter showing a reduced decline of 4.93% compared to the previous quarter [2][14]. - The company’s overseas hotel segment reported a revenue of 4.289 billion yuan, a decrease of 1.0%, with net losses increasing to 437 million yuan [3][16]. Future Outlook - The company is in a gradual integration phase, with expectations for improved performance driven by policy support and operational enhancements [4][17]. - The company aims to achieve a non-GAAP net profit of no less than 12.77 billion yuan in 2025, contingent on industry recovery and internal integration efforts [4][17]. - The company’s financial pressure is expected to ease with anticipated reductions in financial costs due to capital restructuring and interest rate cuts [4][17].

Core Viewpoint - The article discusses the shift in consumer behavior among young people towards high cost-performance consumption, emphasizing practical and affordable luxury experiences rather than excessive spending [3][21][36]. Group 1: Affordable Luxury Experiences - Young consumers are increasingly seeking high-quality experiences at lower prices, such as staying in luxurious hotels in small towns for as low as 260 yuan per night, which includes breakfast and excellent amenities [6][19]. - The trend of "county tourism" is rising, with 27.7% of travel bookings in the first quarter of 2024 coming from mid-sized cities, and 48.1% of travelers being from the post-90s generation [9][19]. - Hotels are innovating by offering "leftover blind boxes," allowing consumers to enjoy high-quality meals at a fraction of the cost, such as a buffet for only 79 yuan [15][19]. Group 2: Health and Wellness Consumption - Young consumers are exploring new health-related consumption options, such as utilizing hospital rehabilitation departments as affordable alternatives to gyms, with costs as low as 200 yuan after insurance reimbursement [22][27]. - The concept of "work therapy hot springs" is gaining popularity, where consumers can enjoy therapeutic baths at low prices, with services often covered by insurance [28][39]. - The health industry is projected to reach a total revenue of 9 trillion yuan in 2024, indicating a significant growth in health-related consumption [39][41]. Group 3: Consumer Behavior Trends - The younger generation is becoming more price-sensitive and quality-conscious, seeking to balance cost and value in their purchasing decisions [36][38]. - The shift towards practical consumption reflects a broader awakening to the pitfalls of consumerism, where consumers are reclaiming their purchasing power by prioritizing utility over status [34][36]. - Businesses must adapt to these changing consumer preferences, as low-cost, low-quality products are likely to be phased out in favor of higher value offerings [38][41].

公司代码：600754/900934 公司简称：锦江酒店/锦江 B 股 上海锦江国际酒店股份有限公司 上海锦江国际酒店股份有限公司全体股东： ）内部控制制度和评价办 法，在内部控制日常监督和专项监督的基础上，我们对公司于2024年12月31日（内部控制评价报告基准 日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露 内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整， 提 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称"企业内 部控制规范体系"），结合上海锦江国际酒店股份有限公司（以下简称"公司" 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][26]. Core Views - The company is expected to face operational pressure in 2024, with a projected revenue of 6.07 billion yuan, a slight increase of 1.5% year-on-year, but a significant decline in core operating profit by 60.1% to 250 million yuan, and a net profit drop of 87.7% to 55.81 million yuan due to cost leverage effects [1][9]. - The core brand's same-store sales are under pressure, leading to a strategic focus on core brand development by selling off non-core brands [2][12]. - The company is actively adapting to market changes by introducing new store formats and maintaining a commitment to a dividend payout ratio of no less than 40% [3][24]. Financial Performance Summary - In 2024, the company achieved a revenue of 6.07 billion yuan, with a year-on-year growth of 1.5%. The net profit for 2024 is projected to be 558.1 million yuan, down 87.7% from the previous year [5][9]. - The core brand, Tai Er, generated revenue of 4.413 billion yuan, a decrease of 1.4%, while the hot pot brand, Song, saw an increase of 11% in revenue to 895 million yuan [2][12]. - The company plans to optimize its store portfolio by closing underperforming locations, with a net closure of 39 stores in 2024 [2][12]. Cost Structure and Profitability - The cost structure shows rigidity, with raw material costs accounting for 35.6% of revenue, employee costs at 28.8%, and usage rights depreciation and rent at 11.7%, leading to a decline in profit margins [3][21]. - The net profit margin for 2024 is expected to be 0.9%, down 6.7 percentage points year-on-year, primarily due to rising costs and impairment losses from store closures [3][21]. Future Outlook - The company has adjusted its profit forecasts for 2025 and 2026, lowering the expected net profit to 216 million yuan and 295 million yuan, respectively, while introducing a new forecast for 2027 at 355 million yuan [4][24]. - The company is focusing on a low-risk, light-asset model for new brand incubation, which is expected to contribute to future growth [4][26].