吴启元是君亭酒店的创始人和灵魂人物，1944年11月出生的他已满81岁。回顾其履历，自1986年1月就 任杭州六通宾馆任副经理起，吴启元便长期在酒店行业工作。2007年8月君亭酒店创立，吴启元即担任 君亭酒店董事长，直至2024年5月转任君亭酒店终身名誉董事长。 从草创之初至今，君亭酒店目前总市值超54亿元。截至2024年末，君亭酒店投资和管理酒店规模达到 452家酒店，91440间客房，遍布中国28个省、自治区、直辖市。定位于民族品牌、中高端精选酒店领 域，君亭酒店目前拥有"君亭酒店""夜泊君亭""Pagoda君亭""君澜大饭店""君澜度假酒店""景澜酒店"等 多个品牌。 君亭酒店（301073）的创始人吴启元计划出让公司的控制权。在吴启元的带领下，这家定位中高端精选 酒店的企业投资和管理酒店的规模达到452家酒店，遍布中国28个省、自治区、直辖市。 近年来，酒店行业面对着极具挑战与变革的环境。全球政治经济形势的波动导致酒店行业客源结构和预 订销售渠道发生明显变化，商旅客户因公司差旅政策调整而导致量价上的减少，会展、旅游等传统客源 渠道也受到冲击。与此同时，演唱会、体育赛事等活动带来的潮汐型客源增加。 11 ...

Financial Data and Key Metrics Changes - The company's net revenues for Q3 2025 grew by 38.4% year-over-year and 6.5% quarter-over-quarter to RMB 2,628 million [34] - Adjusted net income for Q3 2025 was RMB 488 million, representing a 27.0% increase year-over-year, with an adjusted net profit margin of 18.6% [39] - Adjusted EBITDA for Q3 2025 was RMB 685 million, up by 28.7% year-over-year, with an adjusted EBITDA margin of 26.1% [39] Business Line Data and Key Metrics Changes - In the hotel business, RevPAR was RMB 371.3, representing 97.8% of its level in the same period of 2024, with OCC nearly recovering to 99.9% and ADR reaching 98.1% [8] - Revenues from managed hotels for Q3 2025 were RMB 1,560 million, up 32.3% year-over-year, while revenues from leased hotels were RMB 164 million, down 13.4% year-over-year [34] - Retail business GMV reached RMB 994 million, representing a 75.5% year-over-year increase, although there was a 12.3% quarter-over-quarter decline [22][35] Market Data and Key Metrics Changes - The hotel sector has shown a moderate recovery since Q3, with robust travel and leisure demand, although recovery is uneven across regions [5] - The retail market is increasingly focused on experiential offerings and quality-of-life upgrades, driven by evolving consumer habits and technological advancements [5] Company Strategy and Development Direction - The company aims to achieve a strategic target of 2,000 premier hotels by year-end, having opened 152 new hotels in Q3 2025, marking a 27.1% year-over-year increase in total hotels [10][11] - Atour is focusing on quality-first principles in its rapid expansion, applying rigorous project selection criteria and strict quality standards [11] - The company is committed to enhancing shareholder value through dividends and share repurchase programs, targeting a payout ratio of 100% based on the previous fiscal year's net income [66] Management's Comments on Operating Environment and Future Outlook - Management noted that the market will continue to show divergence, with challenges and uncertainties remaining, but they expect pressure from year-on-year declines in RevPAR to ease in Q4 [44] - The company plans to deepen its understanding of user needs and strengthen foundational capabilities to secure long-term advantages in a volatile market [45] Other Important Information - The company declared a second cash dividend for 2025, totaling approximately USD 50 million, bringing the cumulative dividend total for the year to about USD 108 million [40][66] - The membership base exceeded 108 million by the end of Q3 2025, representing a year-over-year growth of over 30% [30] Q&A Session Summary Question: RevPAR trend since October and outlook for Q4 - Management indicated that RevPAR has shown progressive improvement year-over-year, with expectations for easing pressure in Q4 due to strong demand in core cities [42][44] Question: Recent new hotel signing trends and full-year targets - Management confirmed that new hotel signings are generally in line with last year, with confidence in achieving the full-year guidance of 500 new openings [50][53] Question: Competition in the retail business and revenue guidance adjustments - Management acknowledged increasing competition but emphasized a focus on evolving user needs and raised the full-year retail revenue growth outlook to at least 65% year-on-year [56][60] Question: Update on shareholder returns - Management provided an update on the second dividend distribution and the ongoing share repurchase program, targeting a payout ratio of 100% based on the previous fiscal year's net income [64][66] Question: Plans for Atour Light brand expansion - Management expressed optimism about Atour Light's long-term development and plans to build a dedicated operational system to strengthen its market position [70][73]

Core Insights - Atour Group (NASDAQ: ATAT) reported Q3 2025 financial results with revenue of 2.628 billion RMB, a year-on-year increase of 38.4% [1] - Adjusted net profit reached 488 million RMB, up 27.0% year-on-year [1] - Adjusted EBITDA was 685 million RMB, reflecting a 28.7% year-on-year growth [1] Hotel Business Performance - The number of operating hotels reached 1,948, progressing towards the strategic goal of "2,000 good hotels" [1] - A record 152 new hotels opened in Q3, marking the highest quarterly opening in history [1] - Key operational metrics showed resilience, with average revenue per available room (RevPAR) at 371.3 RMB, recovering to 97.8% of the same period in 2024 [1] Retail Business Growth - The retail segment continued its rapid growth, achieving a GMV of 994 million RMB in Q3, a year-on-year increase of 75.5% [1] - Atour Planet maintained a leading position in the mainstream third-party platform rankings for bedding products [1] - Based on strong retail performance, the company raised its 2025 revenue guidance to a projected 35% year-on-year growth [1] Shareholder Returns - The company announced its second dividend plan for 2025, with a total payout of approximately 108 million USD, representing about 62% of last year's net profit [1] - As of the end of the quarter, Atour's registered members exceeded 108 million, reflecting a year-on-year growth of 30% [1]

远东酒店实业(00037)发布公告，集团截至2025年9月30日止6个月(本期间)的中期业绩预计将取得约800 万港元的净亏损，而截至2024年同期取得净亏损约2300万港元。 预期本集团本期间取得净亏损主要归因本集团投资物业的公允价值减少;及于中国香港营运的酒店业务 和于中国内地营运的服务式物业出租收益下降。 ...

智通财经APP讯，远东酒店实业(00037)发布公告，集团截至2025年9月30日止6个月(本期间)的中期业绩 预计将取得约800万港元的净亏损，而截至2024年同期取得净亏损约2300万港元。 预期本集团本期间取得净亏损主要归因本集团投资物业的公允价值减少;及于中国香港营运的酒店业务 和于中国内地营运的服务式物业出租收益下降。 ...

格隆汇11月25日丨远东酒店实业(00037.HK)公告，集团截至2025年9月30日止6个月中期业绩预计将录得 约800万港元的净亏损，而截至2024年同期录得净亏损约2300万港元。根据现有资料，预期集团本期间 录得净亏损主要归因(i)集团投资物业公允价值减少;及(ii)于香港营运酒店业务和于中国内地营运服务式 物业出租收益下降。 ...

Group 1 - The overall market is expected to enter a sentiment recovery phase as various risk factors approach resolution, with a rebalancing of industry allocations anticipated [1] - The Federal Reserve's dovish stance and the potential for interest rate cuts in December may improve global liquidity expectations [1][2] - Current adjustments in A-share popular sectors and broad indices are nearing historical average levels for emotional corrections, indicating potential short-term reversal signals [1] Group 2 - Emerging technology is expected to remain a key investment theme, with attention also on undervalued consumer stocks and brokerage firms [2] - The improvement in global industrial competitiveness is opening new growth opportunities for Chinese companies, particularly in sectors like internet, semiconductors, media, power equipment, and innovative pharmaceuticals [2] - The financial sector is seen as a crucial mechanism for stabilizing the market, with potential benefits from surging asset management demand and active market trading, focusing on brokerage, insurance, and banking [2]

Group 1 - The A-share market experienced a significant pullback last week, with major indices generally declining. Sectors such as banking and consumer goods showed relatively smaller declines, while media and military industries, which had previously corrected, remained stable. This indicates a continued structural differentiation in the market, with small-cap growth styles under pressure and value and dividend sectors performing relatively well, reflecting intensified competition for funds amid declining risk appetite [1] Group 2 - Domestic economic indicators such as industrial production, consumption, and investment growth rates slowed down in October compared to September. This was influenced by holiday timing and high base effects from last year's policy stimulus, leading to short-term fluctuations in data. The pressure on domestic and external demand still requires policy support, with the need for further implementation of existing policies and timely introduction of new measures [2] - Credit performance from both enterprises and households has been relatively weak, with social financing growth continuing to decline due to reduced government bond issuance. However, new policy financial tools are gradually showing effects, which may support corporate loans. The Ministry of Finance announced the allocation of 500 billion yuan from local government debt limits, which may help stabilize social financing data in the last two months of the year [2] Group 3 - The debate over the AI valuation bubble is intensifying, causing fluctuations in the US stock market. However, data shows that the current Nasdaq index growth and valuation levels are significantly lower than during the tech bubble period from 1995 to 2000. Core companies are also showing accelerated profit releases, with stronger valuation and profit quality compared to that period [3] Group 4 - Following the market pullback in October, the overall financing and trading volume has significantly decreased. However, as various risk factors begin to stabilize, the market is expected to enter a phase of emotional recovery, with increased demand for industry rebalancing and fund reallocation. Factors supporting this include the dovish stance from the Federal Reserve, the necessity for policy intervention to boost growth in light of weak real estate and consumption data, and the current A-share market's adjustment levels approaching historical averages [4] - Emerging technology is expected to remain a key investment theme, with a focus on undervalued consumer sectors and brokerage firms. Specific areas of interest include internet, semiconductor, media, power equipment, and innovative pharmaceuticals in the technology sector, as well as consumer goods, hotels, airlines, and retail in the consumer sector. The financial sector is also highlighted as a crucial area for stabilizing the market and benefiting from increased asset management demand [4]

Core Viewpoint - As winter approaches, consumer activities such as ice and snow tourism, hot spring vacations, and purchasing New Year goods peak, leading to an increase in various consumer disputes, particularly in the tourism, e-commerce, and transportation sectors [1] Group 1: Consumer Behavior - Consumers are increasingly adopting the habit of checking complaints before making purchases, similar to reading reviews before booking hotels or buying products [2] - This proactive approach helps consumers avoid potential pitfalls and make informed decisions based on the historical complaint records of companies [2] Group 2: Channels for Checking Complaints - Consumers can access multiple public channels to check a company's complaint history, including: - Government-led complaint platforms like the national 12315 platform, which provides official data on complaint responses and resolution rates [3] - Industry self-regulatory organization platforms that report on member complaints, suitable for specific service industries [4] - Third-party public complaint platforms, such as Black Cat Complaints, which aggregate information and allow users to search for historical complaints and resolutions [5] Group 3: Industry-Specific Complaint Focus - Different industries have distinct complaint hotspots that consumers should focus on: - Tourism platforms/hotel bookings: Key issues include refund response speed, authenticity of listings, and unauthorized cancellations during holidays [6] - Airlines/railway passenger transport: Complaints often revolve around flight delay compensation, refund and change policies, and service attitudes [6] - Ski resorts/hot spring attractions: Common complaints relate to safety measures, facility maintenance, and ticketing rules [6] - E-commerce for New Year goods: Major dispute points include false promotions, shipping delays, and quality of perishable goods [6] Group 4: Utilizing Complaint Platforms - Modern complaint platforms are enhancing their services to help users protect their rights before and after consumption, exemplified by Black Cat Complaints, which offers easy access through various platforms and a streamlined complaint submission process [7][8] - The platform features a real-time tracking system for complaints, promoting transparency and encouraging companies to prioritize user experience [8] Group 5: Conclusion - In an era of increasing transparency, consumers are empowered to evaluate service quality through complaint data, making it essential to check complaint histories before making purchases [8]

在社会责任方面，《财经新康养》注意到，锦江酒店在2025年半年报中表示，境内有限服务酒店板块形 成"轻改造、重体验"适老化路径，围绕贴心服务、安心守护、健康餐饮三大维度，在住前、住中、住后 全流程，重塑适老化产品服务标准，落地适老化产品服务标准，开启规模化试点推广。 此外，在视障友好建设方面，锦江酒店表示，境内有限服务酒店板块在华南区开启"视障友好"服务试 点，合作专业视障设计团队，基于住客入住全流程，在保障安全、快速响应、尊重尊严与隐私的基本要 求下，发布《"视障友好"服务标准（试行版）》，并经实地调研及视障客群痛点剖析，研发上线"视障 友好"贴纸产品。此外，境内有限服务酒店板块发布《导盲犬接待提示》，重申不可拒绝导盲犬入住要 求。 近日，锦江酒店在互动平台向投资者表示，2025年三季度，公司加速推进度假酒店细分市场布局，在云 南、海南、四川等地发布4条适老化度假产品，并深化庭冉云居、非繁云居等品牌建设。通过精准匹配 银发经济与亲子游需求，提升品牌差异化竞争力。2025年1至9月，锦江酒店实现营收102.41亿元，同比 下降5.09%；实现归母净利润7.46亿元，同比下降32.52%。 锦江酒店阐述，202 ...