Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The hotel business performance is being released, and the store structure is being optimized [7] - The company continues to optimize its development and operations, accelerating store openings while upgrading its structure [7] - The company is the third-largest hotel chain in China, backed by the Shoulu Group, which helps in resource integration [7] Financial Performance Summary - For the first half of 2025, the company reported total revenue of 3.661 billion yuan, a year-on-year decrease of 1.93%, while the net profit attributable to shareholders was 397 million yuan, an increase of 11.08% [7] - In Q2 2025, the company achieved a revenue of 1.896 billion yuan, with a year-on-year increase of 0.4%, and a net profit of 254 million yuan, up 7.4% year-on-year [7] - The average RevPar for all hotels in Q2 2025 was 143 yuan, down 5.7% year-on-year, while the occupancy rate was 63.9%, a decrease of 2.0 percentage points year-on-year [7] Store Expansion and Structure Optimization - As of the end of H1 2025, the company had 7,268 hotels and 531,964 rooms, representing a year-on-year increase of 12.25% and 8.12%, respectively [7] - The company opened 364 new stores in Q2 2025, with 87 economy, 99 mid-to-high-end, and 178 light management stores [7] - The proportion of mid-to-high-end hotels and rooms is 29.3% and 42.1%, respectively, with 1,750 stores signed but not yet opened [7] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 908 million, 987 million, and 1.062 billion yuan, respectively, corresponding to PE valuations of 19, 17, and 16 times [7] - The company maintains its earnings forecast, expecting continued growth in net profit [7]

Summary of Key Points Core Viewpoints - The IPO market on the Beijing Stock Exchange is accelerating, with increased participation in new stock offerings, while the Shanghai and Shenzhen markets are experiencing a contraction in new stock issuance [2] - The performance of various industries is diverging significantly, with improvements in profitability for the float glass sector, while coal and livestock industries are expected to maintain negative profit growth [3] - Market sentiment is optimistic, with a notable increase in the number of rising stocks in the Shanghai and Shenzhen markets, indicating a sustained increase in risk appetite among investors [4] Company Research - **Changsha Bank**: The bank reported a revenue of 13.2 billion yuan for the first half of 2025, a year-on-year increase of 1.6%, and a net profit of 4.3 billion yuan, up 5.1% year-on-year. The annualized return on equity was 12.6%, slightly down by 0.6 percentage points [8] - **Suzhou Bank**: The bank achieved a revenue of 6.5 billion yuan, a 1.8% increase year-on-year, with a net profit of 3.13 billion yuan, up 6.2% year-on-year. The annualized return on equity was 12.34%, down by 1 percentage point [9] - **China Energy Construction**: The company reported a revenue of 292.76 billion yuan for the first half of 2025, a 2.7% increase year-on-year, but a net profit decline of 13.8% to 5.43 billion yuan [22] - **China Chemical**: The company achieved a revenue of 90.72 billion yuan, a slight decrease of 0.3% year-on-year, but a net profit increase of 9.3% to 3.1 billion yuan [23] Industry Research - **Magnesium Oxide**: The application potential of magnesium oxide in rare earth metallurgy is promising, with various grades affecting production efficiency and cost [7] - **Phosphate Fertilizers**: The company reported stable revenue growth in the phosphate fertilizer sector, driven by an improved product mix and favorable industry conditions [11] - **Carbon Fiber**: The company anticipates an increase in net profit due to rising sales volumes in the carbon fiber sector, with projections for 2025-2027 showing significant growth [12] - **Specialty Gases**: Despite a decline in profitability due to increased competition, the demand for specialty gases remains strong, supported by new capacity releases [13]

Core Viewpoint - The hotel and catering sector experienced a rise of 0.91% on September 1, with Quan Juding leading the gains, while the overall market indices also showed positive performance [1][2]. Group 1: Market Performance - The Shanghai Composite Index closed at 3875.53, up by 0.46% [1] - The Shenzhen Component Index closed at 12828.95, up by 1.05% [1] Group 2: Individual Stock Performance - Quan Juding (002186) closed at 14.39, with a gain of 3.53% and a trading volume of 347,800 shares, totaling a transaction value of 492 million yuan [1] - Junting Hotel (301073) closed at 25.99, up by 3.22%, with a trading volume of 147,500 shares and a transaction value of 381 million yuan [1] - Jinling Hotel (601007) closed at 8.07, gaining 3.07%, with a trading volume of 231,300 shares and a transaction value of 185 million yuan [1] - Tongqinglou (605108) closed at 21.61, up by 2.42%, with a trading volume of 74,300 shares and a transaction value of 159 million yuan [1] - Huatian Hotel (000428) closed at 3.73, gaining 1.91%, with a trading volume of 295,800 shares and a transaction value of 110 million yuan [1] - Xi'an Catering (000721) closed at 10.55, up by 1.15%, with a trading volume of 821,200 shares and a transaction value of 880 million yuan [1] - Shoulv Hotel (600258) closed at 15.35, gaining 0.66%, with a trading volume of 322,200 shares and a transaction value of 493 million yuan [1] - *ST Yunwang (002306) closed at 1.88, up by 0.53%, with a trading volume of 186,200 shares and a transaction value of 34.93 million yuan [1] - Jinjiang Hotel (600754) closed at 23.04, down by 0.82%, with a trading volume of 159,000 shares and a transaction value of 367 million yuan [1] Group 3: Fund Flow Analysis - The hotel and catering sector saw a net outflow of 38.80 million yuan from institutional funds, while retail investors contributed a net inflow of 30.77 million yuan [2] - Speculative funds recorded a net inflow of 803.19 million yuan into the sector [2]

增持 原评级：增持 市场价格:人民币 21.10 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (15.0) 8.6 (1.1) 21.5 相对上证综指 (33.2) 1.7 (15.8) (15.1) 发行股数 (百万) 260.00 流通股 (百万) 260.00 总市值 (人民币 百万) 5,486.00 3 个月日均交易额 (人民币 百万) 63.39 主要股东 (8%) 8% 24% 39% 55% 71% Aug-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 同庆楼 上证综指 社会服务 | 证券研究报告 — 调整盈利预测 2025 年 9 月 1 日 605108.SH 资料来源：公司公告， Wind ，中银证券 以 2025 年 8 月 29 日收市价为标准 相关研究报告 《同庆楼》20240903 《同庆楼》20240505 《同庆楼》20240117 证券分析师：纠泰民 taimin.jiu@bocichina.com 证券投资咨询业务证 ...

8月30日，新民大街限定步行街又又又来了。 "2025金秋消费季"+"便民市集"+"新民漫游"……整条街秒变citywalk顶流打卡地，逛吃玩购看全拿捏， 一条街涌入上万市民。逛不够!根本逛不够! "2025金秋消费季"8月30日傍晚在新民大街启动，8个特色专区简直是8个沉浸式体验舱，每个都藏着惊 喜。 新兴园直接开启博物馆模式，给大家疯狂安利；中之杰食品那边拿出了中秋礼盒，热闹得不行；金士百 纯生啤酒直接上新听装"经典 1985"；宇泰金银珠宝也不甘示弱，推出金玉满堂等系列新品；榆树钱酒 业带着榆树钱榆小钱六福酒闪亮登场；吉林敖东的玫瑰人参等酵素饮也来助推气氛。还把吉林本地农特 货、出口转内销尖货、人参好品全搬来，妥妥的"吉林宝藏盲盒"。 来自沈阳的游客王女士说："没想到逛一条街，又能买到好吃的，又能买到健康产品，甚至还能买到珠 宝，真是让人大开眼界。" "县咖之王"咖啡区直接封神，延吉咖啡协会携4户咖啡企业亮相展区，远远就能闻到了咖啡的香气。这 些在全国都享有盛名的咖啡厅立刻吸引了无数游客的目光，苹果梨咖啡上架2小时就售罄，还有不死心 的游客不停询问什么时候再上货。 在长春上学的郭同学这周刚开学，就和同学 ...

在酒店餐饮行业个股中，首旅酒店股东户数高于行业平均水平，截至6月30日，酒店餐饮行业平均股东 户数为4.29万户。户均持股市值方面，酒店餐饮行业A股上市公司户均持股市值为15.98万元，首旅酒店 高于行业平均水平。 根据统计，首旅酒店2025年3月31日至2025年6月30日，主力资金净流出3.21亿元，游资资金净流出2.62 亿元，散户资金净流入5.82亿元。 MACD金叉信号形成，这些股涨势不错！ 证券之星消息，近日首旅酒店披露，截至2025年6月30日公司股东户数为4.32万户，较3月31日减少 4279.0户，减幅为9.0%。户均持股数量由上期的2.35万股增加至2.58万股，户均持股市值为36.48万元。 从股价来看，2025年3月31日至2025年6月30日，首旅酒店区间涨幅为8.99%，在此期间股东户数减少 4279.0户，减幅为9.0%。 | | 统计截止日 区间股价涨跌幅 股东户数 增减 | | | 增减比例｜户均持股市值（元） | | 户均持股数(股) | | --- | --- | --- | --- | --- | --- | --- | | 2025-06-30 | 8.99% | ...

Market Overview - The hotel and catering sector increased by 0.31% on August 29, with Xi'an Catering leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Stock Performance - Xi'an Catering (000721) closed at 10.43, up 3.88% with a trading volume of 745,900 shares and a transaction value of 772 million [1] - Tongqinglou (605108) closed at 21.10, up 2.98% with a trading volume of 89,800 shares and a transaction value of 189 million [1] - Junxiang Hotel (301073) closed at 25.18, up 1.21% with a trading volume of 125,600 shares and a transaction value of 318 million [1] - Shoulv Hotel (600258) closed at 15.25, up 0.59% with a trading volume of 131,460 shares and a transaction value of 480 million [1] - Jinjing Hotel (601007) closed at 7.83, up 0.38% with a trading volume of 133,000 shares and a transaction value of 104 million [1] - Huatian Hotel (000428) closed at 3.66, up 0.27% with a trading volume of 251,200 shares and a transaction value of 92.51 million [1] - ST Yunwang (002306) closed at 1.87, unchanged with a trading volume of 203,500 shares and a transaction value of 38.05 million [1] - Jinjiang Hotel (600754) closed at 23.23, down 0.51% with a trading volume of 118,600 shares and a transaction value of 277 million [1] - Quanjude (002186) closed at 13.90, down 4.92% with a trading volume of 408,700 shares and a transaction value of 591 million [1] Capital Flow - The hotel and catering sector experienced a net outflow of 68.2 million from institutional investors, while retail investors saw a net inflow of 55.85 million [1] - Major stocks like Xi'an Catering had a net inflow of 42.26 million from institutional investors, while retail investors had a net outflow of 41.52 million [2] - Tongqinglou saw a net inflow of 11.31 million from institutional investors, with retail investors experiencing a net outflow of 13.88 million [2] - Junxiang Hotel had a net inflow of 7.32 million from institutional investors, while retail investors had a net outflow of 3.98 million [2] - Jinjing Hotel experienced a net outflow of 28.26 million from institutional investors, while retail investors had a net inflow of 3.20 million [2] - Quanjude faced a significant net outflow of 45.29 million from institutional investors, but retail investors had a net inflow of 60.58 million [2] - Shoulv Hotel had a net outflow of 59.30 million from institutional investors, with retail investors seeing a net inflow of 45.98 million [2]

Market Overview - The hotel and catering sector increased by 1.19% on August 28, with Quan Jud leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - Quan Jud (002186) closed at 14.62, with a rise of 2.45% and a trading volume of 490,500 shares, amounting to a transaction value of 723 million yuan [1] - Shoulu Hotel (600258) closed at 15.16, up 1.81%, with a trading volume of 339,500 shares and a transaction value of 513 million yuan [1] - Junxiang Hotel (301073) closed at 24.88, increasing by 1.76%, with a trading volume of 126,300 shares and a transaction value of 314 million yuan [1] - Tongqinglou (605108) closed at 20.49, up 1.34%, with a trading volume of 53,900 shares and a transaction value of 110 million yuan [1] - Jinjiang Hotel (600754) closed at 23.35, increasing by 1.30%, with a trading volume of 188,800 shares and a transaction value of 442 million yuan [1] - Huatian Hotel (000428) closed at 3.65, up 1.11%, with a trading volume of 314,100 shares and a transaction value of 114 million yuan [1] - Jinling Hotel (601007) closed at 7.80, with a slight increase of 0.65%, trading 149,000 shares for a value of 116 million yuan [1] - ST Yunwang (002306) closed at 1.87, down 1.06%, with a trading volume of 285,700 shares and a transaction value of 53.58 million yuan [1] - Xi'an Catering (000721) closed at 10.04, down 1.86%, with a trading volume of 511,200 shares and a transaction value of 521 million yuan [1] Fund Flow Analysis - The hotel and catering sector experienced a net outflow of 39.49 million yuan from institutional funds and 42.57 million yuan from speculative funds, while retail investors saw a net inflow of 82.06 million yuan [1] - Jinjiang Hotel had a net inflow of 34.22 million yuan from institutional funds, while it faced a net outflow of 23.95 million yuan from speculative funds [2] - Huatian Hotel saw a net inflow of 2.51 million yuan from retail investors despite a net outflow from institutional and speculative funds [2] - ST Yunwang experienced a significant net outflow of 7.96 million yuan from institutional funds but had a net inflow of 5.47 million yuan from retail investors [2] - Quan Jud had a net outflow of 10.63 million yuan from institutional funds, with a net inflow of 11.55 million yuan from retail investors [2] - Xi'an Catering faced a net outflow of 27.05 million yuan from institutional funds, while retail investors contributed a net inflow of 30.86 million yuan [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][20]. Core Insights - The company achieved a 43% year-on-year increase in net profit attributable to shareholders for the first half of 2025, with total revenue reaching 148.7 billion yuan, a 39.3% increase [1][8]. - The company is focusing on improving operational quality in Southeast Asia while continuing to expand its store presence in domestic markets, with a total of 53,014 stores by mid-2025 [1][10]. - The subsidiary brand, Lucky Coffee, is entering a growth phase, with over 7,800 stores and significant new product launches contributing to revenue growth [3][16]. Financial Performance - For the first half of 2025, the company reported a gross margin of 31.6%, with a net profit margin of 18.1%, reflecting effective cost control and a decrease in the tax rate [3][12]. - The company plans to increase its adjusted net profit forecasts for 2025-2027 to 60.3 billion, 74.5 billion, and 92.2 billion yuan, respectively, indicating a positive outlook for future earnings [3][16]. - The projected earnings per share for 2025 is 15.88 yuan, with a price-to-earnings ratio of 26.5 [4][17]. Store Expansion and Market Strategy - The company added 7,721 franchise stores in the first half of 2025, with a net increase of 6,534 stores, demonstrating strong franchise growth [1][10]. - The geographical distribution of stores shows a focus on mainland China, with 48,281 stores, while also exploring opportunities in Central Asia and the Americas [2][10]. - The company is seeing a faster growth rate in lower-tier cities, with 57.6% of its stores located in tier-three and below cities [2][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights strong revenue and profit growth for the first half of 2025, with revenue reaching 5.663 billion RMB, a year-on-year increase of 41.2%, and net profit attributable to shareholders at 1.625 billion RMB, up 121.5% year-on-year [7] - The company is experiencing significant scale effects that enhance profitability, with a gross margin of 31.5% and an adjusted net profit margin of 19.2% [7] - The expansion of store locations is progressing steadily, with over 11,179 stores across more than 200 cities in China, marking a 17.5% increase from the previous year [7] - Continuous product innovation is evident, with 52 new products launched in the first half of 2025, including significant advancements in the coffee category [7] - The company is expected to maintain strong growth in net profit for 2025-2027, with projections of 2.232 billion RMB, 2.651 billion RMB, and 3.052 billion RMB respectively, reflecting growth rates of 50.93%, 18.78%, and 15.13% [6][7] Financial Summary - For 2025, the company is projected to achieve a revenue of 10,953 million RMB, with a year-on-year growth rate of 24.59% [6] - The estimated net profit for 2025 is 2,231.52 million RMB, with a significant year-on-year growth of 50.93% [6] - The earnings per share (EPS) is expected to be 0.94 RMB in 2025, increasing to 1.28 RMB by 2027 [6]