原价1999元的酒店代订只要450元；2999元的酒店899元就能拿下；五折起订，全国七折……随着2025年 国庆长假临近，酒店预订进入高峰，一些社交平台、二手交易平台和电商平台上涌现的大量"超低价代 订"服务再次吸引大批游客。 第二类，源于高级会员利用积分、免房券、会员折扣等方式代为预订，赚取差价。这类订单价格通常未 低到"离谱"，但违反会员协议，酒店查实有权作废订单。 《每日经济新闻》记者调查发现，除了常见的信用卡盗刷、会员积分转让等个人行为外，国内酒店代订 已悄然形成一条隐蔽且成熟的灰色产业链。 林伟在酒店行业积累了超过20年的丰富经验。在接受记者采访时，他详细讲述了市面上低价代订酒店的 来源，以及从酒店端到消费端整个产业链的运作模式。也有酒店集团回应记者称，酒店代订客单价低在 一定程度上损害了公司利益，但"马甲"太多，实在难以根除。 代订"打折"：趋之若鹜的低价诱惑 "这里房间很难订，又是临时的，要么满房，要么价格特别高。我就坐在酒店大堂，一边跟商家沟通， 一边找酒店。商家还把我拉黑了，又找平台，平台也不解决问题。"从2020年开始，在二手交易平台用 过多次酒店代订的周香，2025年暑假第一次栽了跟头 ...

Financial Performance - In the first half of 2025, the company achieved operating revenue of CNY 2,089.60 million, an increase of 8.52% year-on-year [2] - The net profit attributable to shareholders was CNY 49.53 million, up 24.39% compared to the same period last year [2] - The net asset attributable to shareholders at the end of the period was CNY 2,260.86 million, remaining stable year-on-year [2] - The net cash flow from operating activities was CNY 124.78 million, with a debt-to-asset ratio of 39.03% and a weighted average return on equity of 2.16% [2] Travel and Tourism Business - The core enterprise for travel services is Guangzhou Guangzhilv International Travel Agency, which achieved operating revenue of CNY 1,535.71 million in the first half of 2025, a year-on-year increase of 11.78% [3] - Outbound tourism (excluding Hong Kong and Macau) generated revenue of CNY 848.81 million, while domestic tourism revenue was CNY 498.20 million [3] - The net profit for the travel business was CNY 23.29 million, reflecting a growth of 34.91% year-on-year [3] Hotel Business - The hotel business reported revenue of CNY 118.56 million in the first half of 2025, a 1.60% increase year-on-year [4] - The net profit from hotel operations was CNY 9.73 million, up 23.26% compared to the previous year [4] - The accommodation sector's revenue grew by 18.49% compared to the same period in 2019 [4] New Retail and Cultural Products - The company developed 87 cultural products in the first half of 2025, with 16 selected as part of the first batch of "Guangzhou Gifts" [6] - The new retail initiatives generated nearly CNY 0.70 million in revenue, with significant growth in seasonal food sales [6] Duty-Free Business - The company, in collaboration with China Duty Free Group and others, established a duty-free company with a registered capital of CNY 45 million, holding a 19.50% stake [8] - The first city duty-free store opened on August 26, 2025, marking a significant step in implementing national duty-free policies [8] - Future plans include leveraging travel agency and hotel resources to enhance duty-free shopping experiences for travelers [9]

Group 1 - The company Hongda Co., Ltd. (SH 600331) announced the convening of its 10th Board of Directors meeting on September 10, 2025, to discuss the establishment of a compliance committee [1] - For the fiscal year 2024, the revenue composition of Hongda Co., Ltd. is as follows: Chemical industry accounts for 57.09%, Metallurgical industry for 39.42%, Other businesses for 2.98%, and Hotel industry for 0.5% [1] - As of the report date, the market capitalization of Hongda Co., Ltd. is 29.8 billion yuan [1]

原价1999元的酒店代订只要450元；2999元的酒店899元就能拿下；五折起订，全国七折⋯⋯ 随着国庆长假临近，酒店预订进入高峰，一些社交平台、二手交易平台和电商平台上涌现的大量"超低价代订"服务再次吸引了大批游客。这些订单背后， 既有人顺利入住、实现"省钱自由"，也有人遭遇订单临时取消、到店无房、退款无门，假期和心情一同"泡汤"。 《每日经济新闻》记者（以下简称"每经记者"）调查发现，除了常见的信用卡盗刷、会员积分转让等个人行为外，国内酒店代订已悄然形成一条隐蔽且成 熟的灰色产业链。该产业链从上游的房源获取，到中游的多级分销，再到下游的社交平台、二手交易平台及电商平台的销售，背后涉及酒店集团、协议公 司、中间商、个人代理等多重角色，各个环节紧密相连，利益关系错综复杂。 林伟在酒店行业积累了超过20年的丰富经验。在接受每经记者采访时，他详细讲述了市面上低价代订酒店的来源，以及从酒店端到消费端整个产业链的运 作模式。也有酒店集团回应每经记者称，酒店代订客单价低在一定程度上损害了公司利益，但"马甲"太多，实在难以根除。 图源 | 每日经济新闻资料图 代订房价"打骨折"：难以抗拒的低价诱惑 "这里房间很难订，又是 ...

Core Insights - The travel industry is experiencing significant profit differentiation, with leading companies like Ctrip and Huazhu showing strong performance, while traditional players like Overseas Chinese Town are struggling [2][3]. Industry Overview - Among 38 listed travel companies, 29 reported profits, while 9 incurred losses, indicating a strong overall profitability in the sector [3]. - Ctrip leads the industry with a revenue of 28.714 billion yuan, a year-on-year increase of 16.21%, and a net profit of 9.194 billion yuan, up 11.94% [4][6]. Company Performance - China Duty Free Group follows Ctrip with a revenue of 28.151 billion yuan, down 9.96%, and a net profit of 2.599 billion yuan, down 20.81%, affected by market fluctuations [6]. - Huazhu Group reported a revenue of 11.821 billion yuan, a 3.46% increase, and a net profit of 2.438 billion yuan, a significant rise of 41.25% [6]. - Tibet Tourism and Guilin Tourism turned profitable with net profit increases of 181.22% and 141.94%, respectively, due to increased visitor numbers and recovery of past debts [7]. Sector Analysis - The OTA segment shows strong growth, with Ctrip, Tongcheng Travel, and Tuniu all achieving double-digit revenue growth, highlighting market recovery [10]. - Scenic area companies face challenges due to increased competition and reliance on ticket sales, which may not meet evolving consumer demands [11]. - Hotel companies like Huazhu continue to thrive, while others like Jinjiang Hotels and Huatian Hotels face declines due to market conditions [17][18]. Conclusion - The travel industry is at a crossroads, with leading companies leveraging supply chain management and digital transformation to maintain competitive advantages, while struggling firms must innovate and optimize operations to survive [18].

最近，一位在广西阳朔某高星酒店工作的读者朋友阿澜加了我微信。 她称自己刚出院，但最难受的不是病情，是这几天发生的一些事情让她心灰意冷，开始考虑是不是得换 个工作。 我问她怎么了，阿澜发来一张超长的截图，吐槽近期的狗血经历。 她说自己是本地人，在这家酒店已经干了快10年，刚毕业就入职，一路做线上销售，也一路熬过来，虽 然本地员工没有住宿、交通补贴，每月比别人少近1000块，也没太计较。 直到前段时间天降横祸，阿澜才发现很多事情开始变了味。 当时，她骑车出了事故，拍了片子后，医生说尾椎骨疑似骨裂，建议立刻住院检查。 周日，她把住院的情况发到了工作群里，小部门和大部门的领导都在，部门领导表示理解和支持，表示 会协调分工，让她好好休息、配合治疗。 出于对工作的责任感，阿澜住院时还带了电脑。 但现实却是，周一一上班，小部门领导就开始艾特她，问她负责线上渠道的销量怎么跟进，阿澜想着已 经做完第一个治疗，就打开电脑把数据做完发过去了。 中午刚吃完饭，阿澜躺下来准备休息，小部门领导和大领导突然拎着水果出现在她病房，她形容自己那 一瞬间的感受不是惊喜，是惊吓。 大领导看到阿澜的病床边放着电脑和眼镜，第一反应是："你这是怎么回事 ...

Summary of Conference Call Records Industry Overview - The service chain industry in China has significant growth potential compared to the mature market in the U.S., which has 27 service consumption companies with a market value exceeding $10 billion, while China has only 7, indicating a vast market opportunity [1][4] - Service consumption demonstrates resilience and growth potential, serving as a key driver for long-term consumption upgrades, even during economic fluctuations [1][4] Key Insights and Arguments - The rise in chain store rates presents structural opportunities, as chains offer standardization and branding advantages over standalone stores, leading to higher occupancy rates and operational efficiency in the hotel sector [1][4] - The performance of the social service industry in the first half of 2025 saw rapid growth in certain sectors, such as tea drinks and hotels, which are less correlated with macroeconomic trends, resulting in superior stock performance and higher valuations [2][3] - Investment in service chains is justified by the emergence of scalable brands in China, such as Yum, Huazhu, and Haidilao, with trends indicating market expansion into lower-tier cities and upward market segmentation [3][4] Investment Considerations - When selecting service industry companies for investment, focus on product quality and operational strength to ensure long-term competitiveness and growth potential [7][10] - Different positioning strategies exist among brands: cost-oriented brands focus on extreme cost efficiency, while mid-to-high-end brands emphasize personalized experiences [9][10] Market Trends and Future Outlook - The hotel industry is currently in a downward cycle due to oversupply, with RevPAR not yet positive; however, large chain hotels with strong product capabilities and operational efficiency can still gain market share [20] - The trend of service chain brands expanding into lower-tier markets is notable, with brands like Huazhu and Mixue actively entering these areas [15][20] - The beverage industry is experiencing good growth, driven by consumer demand for quality and emotional value, with ready-to-drink beverages becoming popular [19][20] Risks and Challenges - The service chain industry faces risks during different lifecycle stages, particularly in the growth phase where rapid expansion may not be sustainable [10][11] - The restaurant sector shows a divergence in performance, with fast food brands generally performing well, while traditional dining experiences face challenges [18][19] Additional Insights - The infrastructure supporting the development of service chains includes improved supply chains, automation, and enhanced online and offline channels [5][6] - The phenomenon of brand and category exposure can enhance consumer recognition and sales, rather than causing market cannibalization [6][10] - The recent trend of the tea beverage industry shows a rapid iteration cycle, with some brands successfully navigating challenges to achieve recovery [12][16] This summary encapsulates the key points from the conference call records, highlighting the potential and challenges within the service chain industry in China, along with investment considerations and market trends.

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the discretionary sector, including Nike, Midea Group, JD Group, Haier Smart Home, Anta Sports, Gree Electric, and others [1]. Core Insights - The report emphasizes the focus on consumer sub-sectors with favorable risk/reward ratios, highlighting bottom opportunities in the market [1][4]. - The performance of various consumer sectors is analyzed, with gold and jewelry, overseas cosmetics, and domestic cosmetics showing positive growth, while luxury goods and overseas sportswear sectors experienced declines [4][12]. Sector Performance Review - Weekly performance rankings indicate that the gold and jewelry sector led with a 4.0% increase, followed by overseas cosmetics at 1.7% and domestic cosmetics at 1.4%. In contrast, overseas sportswear saw a significant decline of 4.2% [4][12]. - Monthly performance shows overseas cosmetics leading with an 8.8% increase, while overseas sportswear experienced a decline of 2.9% [12]. - Year-to-date performance highlights gold and jewelry with a remarkable 175.3% increase, while overseas sportswear faced a decline of 12.0% [12][13]. Sector Valuation Analysis - Most sectors are valued below their average over the past five years, with the overseas sportswear sector expected PE at 34.3 times, which is 61% of its historical average. The domestic sportswear sector is expected to have a PE of 14.1 times, 80% of its historical average [9][18]. - The gold and jewelry sector's expected PE is 27.1 times, 48% of its historical average, while the luxury goods sector is expected at 24.3 times, 44% of its historical average [9][18]. - The report indicates that all sectors' expected PE for 2025 is lower than their historical averages, with only the household goods sector's EV/EBITDA exceeding its historical average [18].

Group 1: Platform Advantages - Xiaohongshu has 300 million monthly active users, with 50% being post-95s and 35% post-00s, indicating a young and high-potential consumer base [1][9] - 90% of the content on the platform is user-generated content (UGC), and 70% of daily users engage in search behavior, supported by over 80 million contributors [1][9] - Travel content on Xiaohongshu has seen a growth of 149%, while urban travel content has surged by 243%, making it the top category [1][11] Group 2: Market Insights in the Hospitality Industry - The travel trend for 2024 is strong, with a 56% year-on-year increase in travel searches for the May Day holiday and a 38% increase for the Spring Festival [1][46] - Searches for summer travel are expected to peak, with significant growth in related search volumes [1][46] - Users are increasingly focused on the emotional value and added benefits of hotels, with a notable interest in unique hotel types such as hot spring, resort, and family-friendly hotels [1][49] Group 3: Marketing Methodology of Xiaohongshu - Xiaohongshu employs an AIPS user behavior path, utilizing a combination of long-term operations and short-term IP breakthroughs, alongside the KFS model to drive conversions [2] - The platform builds a knowledge base (KB) matrix for content, with KOLs selected based on their influence and relevance to create engaging content [2] - Conversion strategies include CID mini-programs and live-streaming, with performance metrics assessed across various dimensions such as audience engagement and data feedback [2]

Core Viewpoint - The article discusses the success of OYO, a budget hotel chain, highlighting its upcoming IPO and the potential for significant market valuation despite its low-cost business model [5][6][10]. Group 1: OYO's Business Model and Market Position - OYO operates over 22,700 hotels with approximately 119,000 rooms, maintaining an average price of around 50 yuan per night, which has led to high occupancy rates [8]. - The company has faced criticism from competitors for its aggressive pricing strategies, which some describe as "predatory pricing" [8]. - OYO achieved its first full-year net profit in 2023, with a net profit of 6.23 billion rupees (approximately 500 million yuan) for the fiscal year 2024, largely driven by markets outside India [8]. Group 2: IPO Plans and Financial Health - OYO is preparing for an IPO with a target valuation of $8 billion (approximately 57.2 billion yuan), with positive feedback from investment banks [6][9]. - The company has been actively reducing its debt, having repaid over 130 billion yuan in debt in 2024, which has helped improve its financial standing [12]. - OYO's strategy includes rebranding to shed its "budget hotel" image and expand its high-end hotel brand, SUNDAY, into 30 countries by 2026 [10][13]. Group 3: Historical Context and Growth Trajectory - OYO was founded by Ritesh Agarwal, who dropped out of college to pursue entrepreneurship, initially starting with a service model before pivoting to hotel ownership [18][19]. - The company quickly gained traction, becoming a unicorn by 2018 with a valuation of $5 billion, and raised significant funding from major investors like SoftBank [20]. - Despite facing substantial losses during the pandemic, OYO has managed to stabilize and is now positioned for growth and a successful IPO [21].