Core Viewpoint - Shanghai Jin Jiang International Hotel Co., Ltd. reported a relatively strong performance in its 2025 semi-annual report despite the challenging conditions in the domestic hotel industry, characterized by weak consumer demand and intense competition [2][3]. Financial Performance - In the first half of 2025, Jin Jiang Hotel achieved operating revenue of 6.526 billion yuan, a year-on-year decrease of 5.31%. However, the net profit attributable to shareholders after deducting non-recurring items was 409 million yuan, reflecting a year-on-year increase of 5.17% [2][5]. - The second quarter of 2025 marked a significant turnaround, with a net profit of 382 million yuan, representing a year-on-year growth of 17.11% and a quarter-on-quarter increase of 1335.32% [2][5]. Strategic Adjustments - Jin Jiang Hotel has implemented a series of reform measures to prepare for the recovery of the industry, moving away from the traditional growth logic of "scale equals growth" to a new growth strategy [3][6]. - The company has strategically exited several hotel properties, which impacted its revenue and net profit figures. Notably, the sale of 100% equity in Fashion Journey Hotel Management Co., Ltd. and the disposal of certain hotel properties contributed significantly to previous financial results [4][5]. Operational Efficiency - The management has initiated organizational reforms and digitalization efforts to enhance operational efficiency, including streamlining decision-making processes and reducing the number of regional divisions [6][7]. - The management expense ratio decreased to 15.62%, down 2.66% year-on-year, indicating improved cost management [8]. Digital Transformation - Jin Jiang Hotel has unified its hotel management systems across 10,000 locations, which is expected to enhance standardized management and operational efficiency [10][11]. - The company has increased its direct connection rate to 75% through the elimination of private connections with OTAs, aiming for an 80% target by the end of the year [12][13].

Core Viewpoint - The financial performance of Jinling Hotel (601007) for the first half of 2025 shows a decline in revenue and net profit compared to the previous year, indicating challenges in the hospitality sector amidst increasing competition [1][3]. Financial Performance - Total revenue for the first half of 2025 was 851 million yuan, a decrease of 7.03% year-on-year [1]. - Net profit attributable to shareholders was 23.25 million yuan, down 3.74% year-on-year [1]. - In Q2 2025, total revenue was 404 million yuan, an increase of 14.34% year-on-year, while net profit was 16.81 million yuan, up 3.3% year-on-year [1]. - The gross margin was 24.77%, a decrease of 4.21% year-on-year, and the net margin was 4.07%, down 17.64% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 144 million yuan, accounting for 16.97% of revenue, an increase of 1.19% year-on-year [1]. - The company reported a significant increase in interest-bearing debt, rising 60% to 255 million yuan [1]. Cash Flow and Receivables - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 70.71% and the average operating cash flow over the past three years to current liabilities at only 15.8% [4]. - Accounts receivable reached 674.83 million yuan, representing 202.9% of net profit, indicating potential liquidity issues [1][4]. Business Model and Strategy - The company's return on invested capital (ROIC) was 3% last year, reflecting weak capital returns, with a historical median ROIC of 3.94% over the past decade [3]. - The business model relies heavily on marketing-driven strategies, necessitating a deeper analysis of the underlying drivers [3]. - Jinling Hotel has been expanding its brand through various operational models, including self-operated, managed, leased, and franchised hotels, with a total of 215 signed hotels across 18 provinces [5][6]. Marketing Initiatives - The company has launched several marketing campaigns, such as the "Jinling Carnival" summer theme and "618 Shopping Festival" promotions, leveraging its extensive hotel network in Jiangsu province [6]. - To attract younger consumers, Jinling Hotel is utilizing new media strategies, including short videos and internet trends, to enhance brand visibility and engagement [6].

Core Viewpoint - Shanghai Jinjiang International Hotel Co., Ltd. reported a relatively strong performance in its 2025 semi-annual report despite the challenging conditions in the hotel industry, indicating a potential recovery phase and strategic reforms undertaken by the company [2][3]. Financial Performance - In the first half of 2025, Jinjiang Hotel achieved operating revenue of 6.526 billion yuan, a year-on-year decrease of 5.31% [3]. - The net profit attributable to shareholders after deducting non-recurring items was 409 million yuan, reflecting a year-on-year increase of 5.17%, marking the best mid-year profit performance since the company went public [3]. - In Q2 2025, the net profit attributable to shareholders after deducting non-recurring items reached 382 million yuan, showing a year-on-year growth of 17.11% and a quarter-on-quarter increase of 1335.32% [3]. Strategic Adjustments - Jinjiang Hotel has implemented a series of reforms to prepare for the recovery of the industry, moving away from the traditional growth logic of "scale equals growth" to a new growth strategy [3][4]. - The company strategically exited several hotel properties, which impacted its revenue and net profit, but allowed for a focus on core operations [4][5]. Operational Efficiency - The management has initiated organizational reforms and digitalization efforts to enhance operational efficiency, including shortening decision-making processes and improving responsiveness to market changes [7][8]. - The management expense ratio decreased to 15.62%, down 2.66% year-on-year, indicating improved cost management [9]. Digital Transformation - Jinjiang Hotel has unified its hotel management systems across 10,000 locations, enhancing standardized management and operational efficiency [12][13]. - The company has increased its direct connection rate to 75% through the elimination of private connections with OTAs, aiming for 80% by the end of the year, which will help streamline pricing and inventory management [17].

Core Viewpoint - Despite the downturn in the hotel industry and intense competition, Jin Jiang Hotels has reported record-breaking performance, indicating a potential recovery and strategic transformation within the company [2][3]. Financial Performance - In the first half of 2025, Jin Jiang Hotels achieved operating revenue of 6.526 billion yuan, a year-on-year decrease of 5.31%. However, the net profit attributable to shareholders was 409 million yuan, reflecting a year-on-year increase of 5.17%, marking the best mid-year profit performance since the company's listing [2][5]. - The second quarter of 2025 showed a significant turnaround, with a net profit of 382 million yuan, a year-on-year increase of 17.11% and a quarter-on-quarter increase of 1335.32% [2][3]. Strategic Reforms - Jin Jiang Hotels has implemented a series of reforms aimed at enhancing operational efficiency, including organizational restructuring and digital transformation, to prepare for industry recovery [8][9]. - The company has shifted from a traditional growth model based on scale to a new growth logic, focusing on improving responsiveness to market changes [3][9]. Organizational Changes - The management has streamlined decision-making processes by reducing the number of regional divisions and empowering local managers, which has led to a 2.66% decrease in management expense ratio to 15.62% [10][11]. - The restructuring has allowed for quicker responses to market demands, with local managers now directly responsible for results [10][11]. Digital Transformation - Jin Jiang Hotels has unified its hotel management systems across 10,000 locations, enhancing operational consistency and management efficiency [14][15]. - The company has increased its direct booking rate to over 75% by eliminating unauthorized connections with online travel agencies (OTAs), aiming for 80% by the end of the year [17][18].

Core Viewpoint - The practice of "brushing orders" has become a survival strategy for many small and medium-sized hotels and homestays, driven by the pressures of platform dominance and the need for visibility in a competitive market [1][12][17] Group 1: Brushing Orders as a Strategy - "Brushing orders," referred to as "supplementing orders" by some hotel owners, aims to increase visibility and attract real customers by manipulating platform algorithms [1][3] - The timing of brushing orders is crucial; hotel owners must strategically choose when to supplement orders based on sales performance and inventory levels [3][4] - For a hotel with around 40 rooms, brushing a few orders can significantly impact occupancy rates, potentially accounting for 25% of total room bookings [6] Group 2: Risks and Limitations - Brushing orders is considered a form of false orders and is legally questionable, as highlighted by regulations from the State Administration for Market Regulation [6][7] - Not all hotels can afford to engage in brushing; franchise hotels and state-owned properties face additional constraints that limit their flexibility [7][8] - The practice can lead to a cycle of dependency on platform ratings and traffic, creating anxiety for hotel owners who may feel trapped by the system [8][12] Group 3: Market Conditions and Challenges - The current market environment is challenging, with many hotels experiencing declining occupancy and pricing pressures, leading to a reliance on platforms for business [10][14] - Some hotel owners express frustration with the platform's practices, feeling that they are incentivized to brush orders while facing penalties if caught [7][11] - The industry is witnessing a trend where hotel owners are looking for guidance on brushing orders, indicating a lack of viable alternatives [11][12] Group 4: Potential Changes in Platform Policies - Recent updates to platform review policies may provide some relief for small hotels, allowing those with ratings of 4.7 and above to gain visibility, though the underlying platform dynamics remain unchanged [16][17] - The ongoing uncertainty in the industry has led many hotel owners to adopt a conservative approach, focusing on cost-cutting and preparing for a prolonged downturn [17]

关于召开2025年第三次临时股东会的通知 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。 重要内容提示： 召开的日期时间：2025 年 9 月 19 日 14 点 30 分 证券代码：600258 证券简称：首旅酒店 编号：临 2025-039 北京首旅酒店（集团）股份有限公司 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 (七)涉及公开征集股东投票权 无 二、 会议审议事项 召开地点：北京市朝阳区雅宝路 10 号凯威大厦三层 301 会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 9 月 19 日 至2025 年 9 月 19 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通 ...

Summary of Key Points Core Viewpoint - Beijing Shoulv Hotel Group Co., Ltd. has reported on the management and usage of raised funds for the first half of 2025, highlighting compliance with regulatory requirements and detailing the allocation of funds for hotel expansion and upgrades. Fundraising Overview - The company was approved to issue 134,348,410 shares at a price of RMB 22.33 per share, raising a total of RMB 2,994,275,995.30, with net proceeds of RMB 2,990,790,514.72 after deducting issuance costs [1][2] - As of June 30, 2025, the company has utilized RMB 1,619,257,322.74 for hotel expansion and upgrades, and RMB 900,000,000.00 for repaying bank loans, totaling RMB 2,519,257,322.74 in usage, leaving a balance of RMB 471,533,191.98 [1][2] Fund Management - The company has established a dedicated fund management system, ensuring that raised funds are stored and managed in specialized accounts [1][2] - As of June 30, 2025, the balance in the fundraising special account was RMB 44,641,805.17, including interest income [1][2] Investment Projects - The company has approved the use of RMB 153,479,401.99 to replace self-raised funds previously invested in hotel expansion and upgrades [2][3] - There were no instances of using idle funds to temporarily supplement working capital as of June 30, 2025 [2][3] Cash Management - The company has utilized idle funds for cash management, investing a total of RMB 8,550,000,000.00 in financial products, with RMB 8,000,000,000.00 redeemed upon maturity [3][6] - As of June 30, 2025, the company has not recovered the principal of RMB 55,000,000.00 from the financial products purchased with idle funds [3][6] Compliance and Reporting - The company has adhered to regulatory requirements and internal management protocols, ensuring accurate and timely disclosure of fundraising usage and management [2][3][6] - There have been no violations in the management and usage of raised funds as of June 30, 2025 [2][3][6]

证券代码：600258 证券简称：首旅酒店 编号：临 2025-040 北京首旅酒店（集团）股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要提示： ●会议召开时间：2025 年 9 月 16 日(星期二) 下午 16:00-17:00 ●会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心网络互动 本次投资者说明会以网络互动形式召开，公司将针对 2025 年上半年度的经 营状况、财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 三、参加人员 公司董事、总经理孙坚先生；公司独立董事李燕女士；公司独立董事伏军先 生；公司独立董事沈杰先生；公司独立董事张焕杰先生；公司副总经理兼财务总 监李向荣女士；公司副总经理、董事会秘书段中鹏先生。 四、投资者参加方式 网登陆上证路演中心 http://roadshow ...

GS-01-02 董事会议事规则 北京首旅酒店（集团）股份有限公司 董事会议事规则 为进一步完善公司法人治理结构，更好地规范北京首旅酒店（集团）股份有 限公司（下称"公司"）董事会的召开、议事、决议等事项，确保董事会的工作 效率和科学决策，根据《中华人民共和国公司法》（下称"《公司法》"）《中华人 民共和国证券法》和《北京首旅酒店（集团）股份有限公司章程》 （下称"《公司 章程》"）等制订本议事规则。 第一章 董事会的组成和下设机构 第一条 公司董事会由 11 名董事组成，其中独立董事 4 名。董事会设董事 长 1 人，副董事长 1 人。董事长、副董事长由董事会以全体董事的过半数选举产 生。 第二条 董事会下设战略委员会、审计委员会、提名委员会以及薪酬与考核 委员会共四个专门委员会。各专门委员会的职责和工作程序等按照《上市公司治 理准则》和各专门委员会的实施细则执行。 专门委员会成员全部由董事组成，其中审计委员会、提名委员会、薪酬与考 核委员会中独立董事应当过半数并担任召集人，审计委员会中至少应有一名独立 董事是会计专业人士。 第三条 各专门委员会可以聘请中介机构提供专业意见，有关费用由公司承 担。 第四条 ...

股票代码：600258 股票简称：首旅酒店 编号：临 2025-035 北京首旅酒店（集团）股份有限公司 第九届董事会第十一次会议决议公告 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。 北京首旅酒店（集团）股份有限公司（以下简称"公司"或"首旅酒店"） 第九届董事会第十一次会议于 2025 年 8 月 27 日（星期三）上午 9：30 以通讯方 式召开。本次会议的通知已于 8 月 17 日以邮件方式送达公司各位董事、监事和 公司高管人员。本次会议应到董事 11 名，11 名董事亲自出席会议。符合《公司 法》和《公司章程》的有关规定。会议提出并经过表决通过以下议案： 一、以赞成 11 票，占全体董事表决票数的 100%；回避 0 票；反对 0 票；弃 权 0 票的表决结果通过了《公司 2025 年半年度报告全文及摘要》。 《公司 2025 年半年度报告》已经 2025 年 8 月 20 日下午 16 时召开的董事会 审计委员会会议事前审核通过，同意提交公司董事会审议。 公司 2025 年半年度报告全文刊登在上交所网站 http ...