Core Viewpoint - The hotel industry is experiencing ongoing price wars, prompting Atour to take proactive measures to reduce costs for its franchisees and enhance their operational confidence [1][4]. Cost Optimization Initiatives - Atour is implementing a series of cost optimization measures through its supply chain, including price reductions on hotel supplies and engineering materials to lower franchisee operating costs [4][5]. - Specific price reductions include a 51.8% decrease in "tea paper cups" and a 10.2% reduction in "lazy cloths," with engineering materials seeing price cuts of up to 11.67% [5][6]. - The company has also committed to eight supply chain procurement promises, including price guarantees and hassle-free after-sales service [6][8]. Financial Performance - In Q1 2025, Atour reported revenue of 1.906 billion yuan, a year-on-year increase of 29.8%, while net profit decreased by 5.5% to 244 million yuan [12]. - The number of hotels operated by Atour grew to 1,727, with a total of 194,559 rooms, marking increases of 32.6% and 31.3% year-on-year, respectively [12][10]. Franchise Model and Cost Structure - The franchise model has been crucial for Atour's rapid expansion, with franchise management hotel revenue reaching 1.032 billion yuan in Q1 2025, a 23.5% increase [12]. - Over 90% of Atour's locations are franchise hotels, and the company charges franchise fees ranging from 5,000 to 8,000 yuan per room, along with ongoing management fees [12][13]. Market Context and Challenges - The hotel industry is facing a decline in average daily rates (ADR) and revenue per available room (RevPAR), with Atour's ADR dropping to 418 yuan in Q1 2025 from 430 yuan in the same period last year [17][18]. - The overall operating costs for Atour increased significantly, with total costs and expenses rising to 1.565 billion yuan in Q1 2025, a 36% increase from the previous year [20].

Core Viewpoint - Nanjing Merchants Tourism Co., Ltd. plans to issue shares and pay cash to acquire 100% equity of Nanjing Huangpu Hotel Co., Ltd., with an asset valuation report assessing the total equity value of the hotel shareholders as of March 31, 2025 [1][4][15]. Group 1: Company Overview - Nanjing Merchants Tourism Co., Ltd. is a publicly listed company with a unified social credit code of 913201001349674289, located at 18 Xiaoxinqiao East Street, Qinhuai District, Nanjing [5]. - Nanjing Tourism Group Co., Ltd. is a limited liability company with a unified social credit code of 913201002496849460, located at 82 Taiping North Road, Xuanwu District, Nanjing [5]. - Nanjing Huangpu Hotel Co., Ltd. was established on September 12, 2002, with a registered capital of 13.848759 million RMB, and is located at 2 Huangpu Road, Xuanwu District, Nanjing [8][9]. Group 2: Transaction Details - The transaction involves Nanjing Merchants Tourism Co., Ltd. issuing shares and paying cash to acquire 100% equity of Nanjing Huangpu Hotel Co., Ltd. [4][15]. - The asset valuation report was prepared by Beifang Yashi Asset Appraisal Co., Ltd., using the asset-based and income approaches to assess the market value of the hotel shareholders' equity [4][15]. - The valuation report is valid until April 29, 2025, and aims to provide a reference for the economic behavior of the acquisition [15]. Group 3: Financial Performance - As of March 31, 2025, Nanjing Huangpu Hotel Co., Ltd. has total assets of 125.27 million RMB and total liabilities of 45.75 million RMB, resulting in a net asset value of 79.51 million RMB [15][17]. - The hotel reported operating revenues of 6.74 million RMB for the year 2023, with a net profit of 0.82 million RMB [10][17]. - The financial performance indicates a stable revenue stream, with a slight increase in net profit compared to previous years [10][17].

Company Overview - Nanjing Commercial Trade and Tourism Co., Ltd. was formerly known as Nanjing Textile Import and Export Co., Ltd. and changed its name on November 17, 2023 [2] - The company is registered in Nanjing, Jiangsu Province, and operates as a joint-stock company with its headquarters located at 18 Xiaoxinqiao East Street, Qinhuai District, Nanjing [2] - The company was approved by the China Securities Regulatory Commission to publicly issue 55 million shares at a price of 8.12 RMB per share on February 5, 2001, and was listed on the Shanghai Stock Exchange on March 6, 2001, with stock code 600250 [2] Business Activities - The company operates in the business services sector, primarily engaging in textile import and export, sales of various products including electronics and chemicals, labor cooperation, hotel management, tourism services, and cultural activities [3] Financial Report Approval - The financial report was approved by the company's board of directors on June 24, 2025 [4] Major Asset Restructuring - The company plans to acquire 100% equity of Nanjing Huangpu Hotel Co., Ltd. from Nanjing Tourism Group through a combination of issuing shares and cash payment, with a total transaction value of 198.8736 million RMB [4][5] - The cash payment portion of the transaction is 29.831 million RMB, while the remaining amount will be settled through the issuance of shares [5] - The share issuance will be conducted privately, with the final issuance price set at 6.92 RMB per share, which is not less than 80% of the average trading price over the previous 120 trading days [5] Asset Details - Nanjing Huangpu Hotel Co., Ltd. has a registered capital of 13.84875 million RMB and is located at 2 Huangpu Road, Xuanwu District, Nanjing [6] - The hotel was established in September 2002 with an initial registered capital of 10 million RMB, with major shareholders including Nanjing Steel Group and Nanjing Xuanwu District State-owned Assets Management Center [7] Financial Performance - As of December 31, 2020, the hotel's book net assets were -15.9125 million RMB, while its market value was assessed at 259.824 million RMB, reflecting an increase rate of 1732.83% [9] - The hotel’s net asset book value as of October 31, 2023, was 103.3446 million RMB, with an assessed value of 303.362 million RMB, indicating an increase rate of 193.54% [9]

Core Viewpoint - The document outlines the legal opinions regarding Nanjing Commercial Tourism Co., Ltd.'s issuance of shares and cash payment for asset acquisition, along with the fundraising for related transactions, emphasizing compliance with relevant laws and regulations [2][5][16]. Transaction Overview - The overall transaction consists of two parts: acquiring 100% equity of Huangpu Hotel for a transaction price of 198.8736 million yuan and raising matching funds through share issuance [7][8]. - The original assessed value of Huangpu Hotel was 221.5854 million yuan, which was adjusted to 198.8736 million yuan due to market changes [7][8]. - The payment for the acquisition will be made through a combination of issuing A-shares and cash [8]. Fundraising Details - The total amount for the fundraising has been adjusted from a maximum of 80 million yuan to 39.831 million yuan, with the funds intended for cash payment, intermediary fees, and related taxes [14][15]. - The fundraising is contingent upon the successful implementation of the asset acquisition [14]. Legal Compliance - The transaction does not constitute a major asset restructuring as per the relevant regulations, and it is classified as an issuance of shares for asset acquisition [16]. - The transaction is deemed a related party transaction since the counterparty is the controlling shareholder, Tourism Group [16]. Asset Information - The target asset is 100% equity of Huangpu Hotel, which has a registered capital of 13.848759 million yuan and operates under various licenses [20][21]. - Huangpu Hotel's equity structure remains unchanged, with Tourism Group as the controlling shareholder [20][21]. Financial Metrics - As of the latest financial data, Huangpu Hotel's total assets amount to 129.7046 million yuan, with a net asset value of 78.3091 million yuan and operating income of 67.9571 million yuan [16].

南京商贸旅游股份有限公司 第十一届十一次董事会决议公告 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。 南京商贸旅游股份有限公司（以下简称南京商旅或公司、上市公司）第十一 届十一次董事会于 2025 年 6 月 24 日在公司三楼会议室召开。会议应出席董事 9 人，实际出席董事 9 人，董事方红渊女士、独立董事黄震方先生、赵恒志先生因 公未能参加现场会议，以通讯方式参与表决。公司监事和高级管理人员列席了本 次会议。 本次会议由董事长沈颖女士主持召开。会议的召集、召开、审议、表决程序 符合有关法律、法规、规章及《公司章程》的规定，所作决议合法有效。 第十一届十一次董事会会议发出表决票 9 份，回收表决票 9 份，审议并通过 以下议案： 一、逐项审议通过《关于调整发行股份及支付现金购买资产并募集配套资 金暨关联交易方案的议案》 公司拟通过发行股份及支付现金的方式购买南京旅游集团有限责任公司（以 下简称旅游集团）持有的南京黄埔大酒店有限公司（以下简称黄埔酒店、标的公 司）100%股权并募集配套资金，鉴于本次交易相关评估资料已过有效 ...

北京市金杜律师事务所上海分所 公司已向本所保证，公司已向本所披露一切足以影响本法律意见书出具的 事实并提供了本所为出具本法律意见书所要求公司提供的原始书面材料、副本 材料、复印材料、承诺函或证明，并无隐瞒记载、虚假陈述和重大遗漏之处； 公司提供给本所的文件和材料是真实、准确、完整和有效的，且文件材料为副 本或复印件的，其与原件一致和相符。 在本法律意见书中，本所仅对本次股东大会召集和召开的程序、出席本次 股东大会人员资格和召集人资格及表决程序、表决结果是否符合有关法律、行 政法规、 关于上海锦江国际酒店股份有限公司 2024 年年度股东大会 之法律意见书 致：上海锦江国际酒店股份有限公司 北京市金杜律师事务所上海分所（以下简称本所）接受上海锦江国际酒店 股份有限公司（以下简称公司）委托，根据《中华人民共和国证券法》 （以下简 称《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监 督管理委员会《上市公司股东会规则》（以下简称《股东会规则》）等中华人民 共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特 别行政区、中国澳门特别行政区和中国台湾省）现行有效的法律、行政法规、 ...

票数 比例（%） 票数 比例（%） 票数 比例（%） A股 523,741,736 99.8333 765,417 0.1459 109,210 0.0208 B股 14,521,900 99.5991 58,456 0.4009 0 0.0000 普通股合计： 538,263,636 99.8269 823,873 0.1528 109,210 0.0203 议案 审议结果：通过 表决情况： 股东类型 同意 反对 弃权 票数 比例（%） 票数 比例（%） 票数 比例（%） A股 523,744,536 99.8338 764,117 0.1457 107,710 0.0205 B股 14,521,900 99.5991 57,455 0.3941 1,001 0.0068 普通股合计： 538,266,436 99.8275 821,572 0.1524 108,711 0.0201 股股票并上市有关事项的议案 审议结果：通过 表决情况： 股东类型 同意 反对 弃权 票数 比例（%） 票数 比例（%） 票数 比例（%） A股 523,737,236 99.8324 766,417 0.1461 112,71 ...

★ 宏观动态 ★ 财政部：5月份全国共销售彩票570.36亿元，同比增长19.8% 5月份，全国共销售彩票570.36亿元，同比增加94.18亿元，增长19.8%，主要原因是5月份体育赛事较多带动竞 猜型彩票销量增长，以及去年同期即开型彩票销量基数较低等。其中，福利彩票机构销售185.29亿元，同比增 加14.71亿元，增长8.6%；体育彩票机构销售385.07亿元，同比增加79.47亿元，增长26.0%。1-5月累计，全国 共销售彩票2633.72亿元，同比增加108.31亿元，增长4.3%。其中，福利彩票机构销售889.79亿元，同比增加 19.60亿元，增长2.3%；体育彩票机构销售1743.93亿元，同比增加88.71亿元，增长5.4%。 成都出台"低空经济14条"，支持低空飞行运营企业积极申请开通载人航线 6月25日消息，成都市发展改革委会同市委军民融合办、市金融管理局、市经信局市新经济委、市交通运输 局、市科技局、市财政局围绕低空基础设施建设、飞行服务监管能力提升、低空应用场景拓展、低空产业支撑 四个方面，制定《成都市加快提升低空飞行能力 培育低空经济市场的若干政策措施》，经市政府同意，于近 日联 ...

Core Viewpoint - Shoulv Hotel has established a wholly-owned subsidiary, Nuo Jin International, to integrate its high-end hotel brands and target luxury market segments, focusing on brand rejuvenation, new brand introduction, vacation product line expansion, and international brand promotion [2] Group 1: Financial Performance - In Q1, Shoulv Hotel's total hotel business profit increased by 47.64% year-on-year, primarily due to an increase in franchise store proportion and cost optimization [2] - The company opened 300 new hotels in Q1, a 46.3% increase year-on-year, with 90 new mid-to-high-end hotels, reflecting a 36.4% growth [2] - As of March 31, 2025, Shoulv Hotel operates 1,998 economy hotels with 166,439 rooms, 2,057 mid-to-high-end hotels with 218,427 rooms, and 3,012 light management hotels with 137,979 rooms [2] Group 2: Operational Metrics - The RevPAR for economy hotels was 114 yuan, down 4.1% year-on-year, with direct-operated hotels at 109 yuan (down 1.6%) and franchise-managed hotels at 115 yuan (down 5.1%) [3] - The RevPAR for mid-to-high-end hotels was 162 yuan, down 6.9% year-on-year, with direct-operated hotels at 192 yuan (down 5.8%) and franchise-managed hotels at 156 yuan (down 6.6%) [3] - The increase in light management hotels alongside the decline in RevPAR indicates a dilution of brand premium due to the company's low-price strategy [3] Group 3: Strategic Initiatives - The establishment of Nuo Jin International reflects Shoulv Hotel's strategy for synergistic development among its hotel brands, aiming for optimized regional market collaboration [3] - The company plans to link its membership system with online travel platforms to expand customer acquisition [3][4] - Shoulv Hotel has a LIFE membership base of 197 million and 3.68 million members in its first-class membership program, indicating a strong customer base [4]

Core Insights - The travel industry is experiencing a surge in demand as the summer vacation season begins, with a notable increase in flight and hotel bookings [1][6] - Family trips and university student travel are identified as the primary demographics driving this summer's travel trends, with long-distance travel accounting for over 60% of bookings [1][6] - The introduction of new routes by airlines and adjustments in train schedules are aimed at facilitating travel to popular summer destinations, particularly in the northwest region of China [2][3] Travel Trends - The number of hotel bookings for popular domestic destinations has increased by 40% year-on-year, indicating a strong recovery in the tourism sector [1] - The top ten cities for summer travel bookings include Beijing, Shanghai, and the newly popular destination of Xinjiang Yili, which has entered the top three for the first time [5] - The hottest destinations for summer travel are identified as Xinjiang, Yunnan, and Northeast China, with significant increases in hotel reservations [3][5] Pricing Dynamics - Airfare and hotel prices have become more affordable, with outbound flight prices decreasing by approximately 15% compared to last year [1][7] - The introduction of new summer routes and increased train services is expected to stabilize travel prices and reduce costs for consumers [3] - The average payment for international tickets has dropped by 15%, with some destinations experiencing price reductions of nearly 20% [7] Outbound Travel Insights - There is a 60% year-on-year increase in bookings for popular outbound travel destinations, driven by lower prices and increased flight availability [7] - The top ten outbound travel destinations include Kuala Lumpur, Seoul, and Osaka, reflecting a growing interest in international travel [7] - The trend of "long layover" tickets is gaining popularity, offering significant savings compared to direct flights, with a 30% increase in bookings for these options [7]