为全面提升海南旅游服务质量和形象的指示精神，优化旅游酒店行业服务质量，8月11日，海南省 酒店与餐饮行业协会在全省酒店行业开展"微笑海南游客打赏"试点工作，旨在创新服务模式，优化消费 体验，打造"微笑海南服务品牌"，提升游客满意度与美誉度。 据悉，海南将通过构建"服务品质可视化、消费评价即时化、员工激励常态化"的创新机制，培 育"微笑服务"标杆企业，建立"微笑海南、游客打赏"的服务激励体系，力争实现2025年度试点单位顾客 满意度提升15%，服务投诉率下降30%，打造海南自贸港特色旅游酒店服务品牌。 试点内容主要包括微笑服务标准化建设。试点企业需推行"321服务准则"，即三米微笑、二米问 候、一米主动服务。同时，试点企业需为参与赞赏的试点岗位服务员和试点运营部门设置赞赏码，赞赏 资金须按月将实际客人赞赏金额直接发放至服务人员/服务部门的赞赏账户，严禁挪用或强制摊派。此 外，建议实行"双通道评价"系统，即扫码赞赏同步提交服务评价，并明确赞赏自愿原则，禁止诱导、捆 绑消费，接受市场监管部门抽查。 试点工作分为三个阶段进行：申报遴选阶段(2025年6-8月)，采取企业自荐与协会推荐相结合方式， 首批遴选30家试点单 ...

Core Viewpoint - The company reported a decline in financial performance for the six months ending June 30, 2025, with significant losses attributed to a decrease in hotel portfolio valuation and fair value losses on investment properties and derivatives [1] Financial Performance Summary - The hotel portfolio revenue was approximately HKD 738 million, representing a year-on-year decrease of 4.58% [1] - Net property income was about HKD 174 million, down 3.87% compared to the previous year [1] - The loss attributable to shareholders was approximately HKD 142 million, contrasting with a profit of HKD 43 million in the same period last year [1] - Distributable income was around HKD 28 million, reflecting a year-on-year decrease of approximately 17.65% [1] Valuation and Financial Impact - The valuation of the hotel investment portfolio slightly decreased to HKD 15.764 billion, down from HKD 15.895 billion as of December 31, 2024 [1] - The total fair value losses on investment properties and derivative financial instruments amounted to HKD 171 million [1] - Financing costs decreased by 15.4% (equivalent to HKD 25.1 million) due to a decline in the average Hong Kong Interbank Offered Rate, which partially offset the losses [1]

Core Viewpoint - The company is actively pursuing a globalization strategy to enhance its competitiveness and market value in the context of economic globalization [1][5]. Group 1: Globalization Strategy - On June 5, the company's board approved the issuance of H-shares and listing on the Hong Kong Stock Exchange, marking a significant step in its globalization strategy [2]. - The funds raised from the H-share listing will primarily be used to strengthen and expand overseas operations, repay bank loans, and supplement working capital [2]. - By the end of 2024, the company announced a partnership with RIYAZ to expand its hotel brands into Southeast Asia, targeting six countries including Malaysia and Indonesia [3]. Group 2: Financial Performance - In 2024, the company achieved a total revenue of 14.063 billion yuan, with hotel operations contributing 13.821 billion yuan and overseas hotel revenue reaching 4.256 billion yuan, accounting for 30.8% of hotel revenue [2]. - The RevPAR for overseas limited-service hotels reached 112.27% of the 2019 level, showing a 0.35% increase compared to 2023 [3]. Group 3: Brand Development - The company has built a diverse brand matrix through strategic investments and acquisitions, including the acquisition of the Louvre Group and Vienna Hotel Group [4]. - The company’s brand portfolio covers all categories from high-end to economy, with notable brands like Jinjiang Metropolo and Vienna International [4]. - As of December 2024, the Jinjiang Metropolo brand has opened 228 hotels across over 100 cities in China [4]. Group 4: Future Outlook - The company is positioned for positive growth through its globalization strategy, brand matrix enhancement, and operational optimization, laying a solid foundation for future development [5].

Core Viewpoint - The company reported a decline in hotel portfolio revenue while experiencing significant growth in profit attributable to shareholders after adjustments [1] Financial Performance - Hotel portfolio revenue for the six months ending June 30, 2025, was HKD 737.5 million, representing a year-on-year decrease of 4.6% [1] - Profit attributable to shareholders, excluding fair value changes of investment properties and derivative financial instruments, as well as adjustments related to hotel management fees and licensing arrangements, was HKD 28.4 million, showing a substantial year-on-year increase of 560.5% [1]

近期，高星级酒店美食摆摊，全国各地多有高端酒店物业"甩卖"而无人问津。今年暑期，本应是旅游旺 季但酒店业"唉声一片"。业界在探索也在思考，当酒店业步入深度调整的复杂周期，如何破局重生？8 月8日-9日深圳举办的"中国品牌节"之"酒店业周期破局"论坛上聚焦了该论题。 消费市场在变化 教育部旅游管理教指委副主任、教育部旅游管理专业国家虚拟教研室主任、中国旅游与酒店投资人联盟 主席马勇在分享中讲起一个数字，"现在很多消费者是按情绪来消费，如果能让客人共情的，就买单， 否则就是特种兵旅游，不住宿，不消费。比如说大唐不夜城每晚的游客流量10万人以上，但是人均消费 不到8毛钱"。 著名企业管理专家、品牌营销专家、金必德经济管理研究院院长沈青也介绍，"我规划过的大理古城， 过去游客人均消费是1000-1500，现在的人均消费只有500块钱；住酒店的人少一点，省一点，对酒店的 价格的敏感度越来越高"。 因此，面对消费市场的变局，企业应该如何来变，如何来重新定位，如何来进行业态和盈利模式的创 新？当前，经济增长从粗放式的高速增长到缓慢高质量发展增长，企业的发展动能已切换，企业的发展 逻辑也要跟着发生变化。 如何应对"人均消费不 ...

Group 1 - The hotel industry is experiencing a strong recovery in 2023, driven by the release of pent-up demand for travel and tourism, leading to improved financial performance for major hotel companies [1][2] - Shoulv Hotel (首旅酒店) expects to turn a profit in 2023, with a projected net profit of between 770 million to 830 million yuan, representing a year-on-year increase of 1.352 billion to 1.412 billion yuan, or a growth of 232% to 243% [1] - Huazhu Group reported that its RevPAR (Revenue per Available Room) reached 122% of 2019 levels in 2023, with an ADR (Average Daily Rate) of 299 yuan, up 26.6% year-on-year [2] Group 2 - The average RevPAR is a key indicator reflecting the operational quality and profitability trends of hotels, which has shown significant improvement in 2023 [1] - The tourism industry is expected to continue its strong performance into 2024, with projections of over 6 billion domestic tourist trips and 6 trillion yuan in domestic tourism revenue [3] - Jinjiang Hotels is actively expanding its management services and partnerships to enhance long-term competitiveness and financial performance [4] Group 3 - The hotel management and operations of Lingnan Holdings are also recovering rapidly, focusing on brand expansion and capitalizing on the recovery of business and tourism markets [2] - The success of the TV drama "Blossoms" has boosted the visibility of Jinjiang Hotels' historical properties, leading to increased interest and occupancy [4] - Dongwu Securities highlights that leading hotel companies are showing cash cow attributes with continuous growth in total revenue and profitability levels [5]

Core Insights - Five-star hotels in China are embracing street vending as a viable business strategy amid declining traditional revenue streams [2][6][11] - The shift reflects a broader trend of high-end hotels adapting to changing consumer preferences and economic conditions [14][19] Group 1: Market Trends - Since July, a wave of street vending has swept through five-star hotels across China, including notable establishments in Shanghai, Zhengzhou, and Changsha [2] - The proportion of business travelers at high-star hotels has dropped from 60% to below 50%, with average daily rates (ADR) in first-tier cities declining by 3.7% to 4.2% year-on-year [2][6] - Revenue for five-star hotels has significantly decreased, with some reporting a nearly 40% drop compared to 2019 [6][10] Group 2: Business Adaptation - Hotels like the Yonghe Bojue International Hotel in Zhengzhou have successfully generated daily revenues of around 30,000 yuan from street vending, which helps cover staff wages [2][3] - The Changsha Meixi Lake Jinmao Hotel initially focused on breakfast but quickly expanded to include lunch and dinner offerings due to high demand from local residents [5][8] - The shift to street vending is seen as a necessary survival strategy, allowing hotels to maintain staff and engage with the community [8][12] Group 3: Operational Changes - Hotels are implementing flexible staffing strategies, encouraging employees to take on multiple roles to adapt to fluctuating demand [17][18] - The Yonghe Bojue International Hotel has also reintroduced a "chef at home" service, reflecting a shift in service delivery to meet changing consumer needs [15] - Cost control measures are being adopted, including reducing menu prices and offering budget-friendly meal options to attract more customers [16][18] Group 4: Future Outlook - The initial excitement around street vending is beginning to wane, with revenues at the Yonghe Bojue Hotel dropping from a peak of 100,000 yuan to around 50,000 to 60,000 yuan [19] - Hotel operators express a desire to maintain core business operations while exploring new revenue streams, emphasizing that traditional services remain essential [13][18]

Core Insights - The hotel industry is facing significant challenges in the summer of 2025, with average room prices dropping by 10%-12% and revenue only reaching 70% of budget expectations due to various factors including global economic conditions and increased competition [2][3] - Major hotel groups are expanding despite the downturn, with Huazhu opening 694 new hotels and Jinjiang adding 97, indicating a growing supply in a declining demand environment [2][3] Market Performance - The hotel room occupancy rate for the Berghotel is over 80%, slightly down from previous years, with room prices decreasing by approximately 10% [4][5] - The increase in hotel supply has led to a competitive market where hotels must lower prices to attract guests, contrasting sharply with the past when luxury hotels were in high demand [5] Customer Demographics - There is a noticeable shift in customer demographics, with family travelers becoming the majority during the summer months, prompting hotels to adapt by offering family rooms and tailored services [6][7] - The hotel industry is responding to the decline in business travelers by introducing flexible meeting packages and business discounts to cater to various customer needs [6][11] Operational Strategies - To maintain profitability in a price-sensitive market, hotels are focusing on optimizing operational costs, particularly labor costs, by implementing flexible staffing and smart management systems [7][8] - The rise of budget hotels with smart technology is impacting high-end hotels, necessitating a reevaluation of service offerings and pricing strategies [8] Future Outlook - The hotel industry anticipates a market downturn around mid-August 2025, with strategies in place to attract business travelers through government events and special promotions for families [9][10] - Hotels are enhancing their marketing efforts through social media and online travel agencies to reach younger families and business clients, while also improving service quality through staff training [12]

Core Insights - The 19th China Brand Festival was held in Shenzhen, where industry leaders discussed the future of brand development in the new era [1][2] - Cheng Xinhua, Chairman and CEO of Dongcheng Group, released a new book titled "The Power to Cross Cycles," emphasizing the importance of high cost-performance in the hotel industry [2][4] - The book launch was accompanied by a forum focusing on breaking through industry cycles, featuring discussions on strategies for the hotel sector [5][7] Company Overview - Dongcheng Group has achieved a "tenfold growth in five years," ranking among the top five hotel groups in China and the top fourteen globally [2][13] - The company has maintained a long-term commitment to high cost-performance and has adapted its strategies to embrace digital technology and younger demographics [7][13] - Dongcheng's future vision is likened to a forest, emphasizing sustainable growth rather than short-term gains [7] Industry Trends - The hotel industry is facing challenges due to economic slowdowns and shifting consumer trends, necessitating enhanced risk resilience among industry players [5][9] - Experts at the forum highlighted the need for differentiation and innovation in the hotel sector to overcome existing bottlenecks [9][11] - The importance of leveraging AI and data analytics for operational efficiency and customer engagement was emphasized by various industry leaders [11][13] Recognition and Achievements - Dongcheng Group was recognized in the "Top Brand 2025 China Brand 500 Strong" list, with a brand value of 10.466 billion [13]

Core Viewpoint - The launch of the book "The Power to Cross Cycles: My 18 Years of Entrepreneurship in China's Hotel Industry" by Cheng Xinhua, founder and CEO of Dongcheng Group, highlights the company's journey and insights into the hotel industry, emphasizing high cost-performance and long-termism as key strategies for navigating industry cycles [1][4][9]. Group 1: Book Launch and Event Highlights - The book was officially launched at the 19th China Brand Festival, attended by notable figures from cultural and business sectors, enhancing the event's significance [3]. - Cheng Xinhua's speech shared practical examples of Dongcheng's strategies for overcoming industry challenges, focusing on the company's evolution and strategic insights [4][7]. Group 2: Company Growth and Strategy - Dongcheng Group, founded in 2006, has achieved rapid growth, becoming one of the top five hotel groups in China and the top fourteen globally, recognized as a "dark horse" in the industry [4]. - The company has adopted a long-term perspective, emphasizing high cost-performance as a guiding principle for development, which resonates with current market trends [7][9]. Group 3: Industry Insights and Trends - The hotel industry is transitioning from rapid growth to stable growth, necessitating a shift in operational focus from expansion to efficiency and profitability [7]. - Cheng Xinhua's insights reflect a broader understanding of consumer trends, advocating for localized innovation and a commitment to balancing business growth with social responsibility [8]. Group 4: Brand Value and Recognition - Dongcheng Group has been recognized in the "Top Brand 2025 China Brand 500 Strong" list, achieving a brand value of 10.466 billion, indicating its strong market presence and potential for future growth [11].