2025.05. 23 本文字数：2216，阅读时长大约4分钟 作者 | 第 一财经 马一凡 又一豪华五星级酒店被摆上法拍"货架"，前途未卜。根据阿里法拍平台，大理第一家高端国际品牌酒 店——大理实力希尔顿酒店即将于5月29日进行公开司法拍卖。 这座大理首个高端国际品牌酒店首次法拍能否顺利成交尚不得而知。从去年下半年开始，高端豪华酒 店的交易热度开始下降，与此同时，更多此类酒店被摆上货架等待买家。 今年5月14日，富力地产发布公告称，旗下广州富力空港假日酒店第二次拍卖结果出炉，最终因无人 报名而流拍。 该酒店已于4月22日一拍流拍，首次起拍价为2.77亿元，5月12日至13日再次进行了拍卖，起拍价直 接降低约5500万元至2.22亿元，相当于评估价3.96亿元的56%，但仍然无人应拍。 与之情况相似的还有深圳金沙湾万豪酒店，这是中国第一家万豪度假型酒店，由于投资方佳兆业陷入 债务危机，法院强制执行相关资产以偿还债权人。2023年12月6日，该酒店首次被强制拍卖，评估 价为23.87亿元，起拍价定为16亿多元，但最终流拍。2024年5月，该酒店第二次拍卖，起拍价降至 13亿多元，依然无人竞拍。 一位上海酒店业内 ...

Investment Rating - The report maintains an "Outperform" rating for the social services industry [1] Core Insights - The overall revenue of the sector is steadily increasing, but the recovery in performance is slower, with significant differentiation among sub-sectors. Attention is recommended for cyclical recovery sectors such as human resources and exhibitions, as well as resilient sectors like tourism and scenic spots [1][2] - In 2024, the social services sector achieved a total revenue of 191.54 billion, a year-on-year increase of 36.57%, while the net profit attributable to shareholders was 7.48 billion, a year-on-year decrease of 18.21%. The overall profitability has declined [10][14] - In Q1 2025, the sector generated a revenue of 44.84 billion, a year-on-year increase of 38.75%, with a net profit of 1.81 billion, a year-on-year increase of 33.06% [20][22] Summary by Sections Sector Summary - The revenue growth rate outperformed the profit growth rate, with the professional services and education sectors performing better. In 2024, the professional services sector saw a year-on-year increase of 79.57%, while the education sector's profit level improved significantly [10][14] - In Q1 2025, the professional services sector led with a revenue growth of 89.62%, followed by tourism and scenic spots at 7.39% [22] Tourism - The domestic travel market shows strong resilience, with a total of 5.615 billion domestic tourists in 2024, a year-on-year increase of 14.80% [34] - The cross-border travel market is experiencing high demand, with inbound tourists reaching 132 million in 2024, a year-on-year increase of 60.8% [40] Hotels - Business travel demand is still recovering, with the RevPAR expected to be under pressure throughout 2024 [13] Catering - The catering market is expected to see slower revenue growth in 2024, with Q1 2025 showing some improvement [16] Duty-Free - Duty-free sales in offshore areas are showing marginal improvement, with city channels expected to contribute to growth [18] Human Resources - The human resources sector is experiencing stable data operations, but employment market pressures remain [22] Exhibitions - The domestic exhibition market is steadily growing, with the number of exhibitions remaining stable in 2024 [24]

Group 1: Company Name Change - Xinhua Group plans to change its name from "Xinhua Cultural Tourism Development Co., Ltd." to "Beijing Tongguan Yingxin Cultural Tourism Development Co., Ltd." and its stock abbreviation from "Xinhua" to "Yingxin Development" [1] Group 2: H World Group Financial Performance - H World Group reported a net profit attributable to shareholders of approximately RMB 894 million for Q1 2025, a year-on-year increase of about 35% [2] - The total revenue for H World Group in Q1 2025 was RMB 22.5 billion, reflecting a year-on-year increase of 14.3% [2] - The company expects revenue growth of 1% to 5% for Q2 2025 compared to Q2 2024 [2] Group 3: Atour Group Financial Performance - Atour Group achieved a revenue of RMB 1.906 billion in Q1 2025, representing a year-on-year growth of 29.8% [3] - The adjusted net profit for Atour in Q1 2025 was RMB 345 million, a year-on-year increase of 32.3% [3] - Atour has raised its full-year revenue guidance, expecting a growth of 25% to 30% for 2025 [3] Group 4: Elderly Services Development - The Ministry of Civil Affairs and 19 other departments issued guidelines to encourage the development of services for elderly social participation, aiming for a preliminary policy environment by 2029 [4] - The guidelines emphasize the need for diverse and personalized employment opportunities for the elderly by 2035 [4][5] - The initiative includes enhancing cultural services for the elderly and promoting travel and leisure products tailored to their needs [5] Group 5: Real Estate Auction - Shanghai Tengqi Zhisheng Commercial Management acquired 65 commercial properties in Minhang District for approximately RMB 249.6 million, which is about 56% of the assessed value [6] - The properties had a total construction area of 9,438.23 square meters and were previously auctioned unsuccessfully [6] - The acquiring company was established in April 2025 and is involved in various commercial management services [6]

Core Viewpoint - Atour Group (NASDAQ: ATAT) is expected to achieve a revenue growth of 25%-30% year-on-year in 2025, driven by strong performance in both its hotel and retail businesses [2][13]. Financial Performance - In Q1 2025, Atour Group reported a revenue of 1.906 billion RMB, representing a year-on-year increase of 29.8% [5]. - The adjusted net profit for the same period was 345 million RMB, up 32.3% year-on-year [5]. - Adjusted EBITDA reached 474 million RMB, reflecting a growth of 33.8% compared to the previous year [5]. Operational Highlights - During Q1, Atour opened 121 new hotels, marking a 24.7% increase year-on-year, bringing the total number of hotels to 1,727 with 194,559 rooms [7]. - The company has a pipeline of 755 projects, progressing towards its strategic goal of "Chinese Experience, 2,000 Great Hotels" [7]. - Key operational metrics included an average revenue per available room (RevPAR) of 304 RMB, a daily average room rate (ADR) of 418 RMB, and an occupancy rate (OCC) of 70.2% [7]. Product Development - Atour accelerated its product matrix optimization by launching the "Atour 3.6" and "Light Stay 3.3" products, enhancing the accommodation experience [8]. - The "Atour 3.6" product aims to set a new benchmark for mid-to-high-end business travel with a design philosophy of "coexistence with nature" [8]. - The "Light Stay 3.3" product is positioned as a key driver for achieving the brand's goal of 1,000 stores [8]. Retail Business Growth - Atour's retail business generated a GMV of 845 million RMB in Q1, a significant year-on-year increase of 70.9%, with over 90% of sales coming from online channels [10]. - The launch of the Atour Planet Deep Sleep Temperature Control Mattress Pro 2.0 achieved sales leadership on platforms like Tmall and Douyin within its first month [11]. - As of March 31, 2025, Atour's registered membership exceeded 96 million, a growth of 35.4% year-on-year [11]. Future Outlook - The company has raised its full-year revenue guidance based on strong retail performance and stable growth expectations [13]. - Atour plans to distribute approximately $58 million in dividends in 2025 and has announced a share repurchase plan totaling up to $400 million over three years [13].

长和 分时图 日K线 周K线 月K线 45.00 -0.10 -0.22% 0.44% 0.29% 0.16% 0.00% 0.16% 0.29% 0.44% 44.90 44.97 45.03 45.10 45.17 45.23 45.30 09:30 10:30 12:00/13:00 14:00 16:10 1500 5万 10万 15万 NAVER - 2025 年 NAVER 分析师日的主要要点 - 买入。我们的主要要点是：1）"服务型" 人工智能（AI）与竞争对手的 "代理型" 人工智能之 间的争论正在浮现，前者似乎更侧重于在适应新技术和不断变化的消费者行为的同时保护传统业务，而后者旨在更具颠覆性；2）商务部门在 "追赶" Coupang 方面显得更为积极，同时强调 NAVER 在品牌方面的差异化价值，其更 "以商家为中心" 的方法可能导致有竞争力的定价和选 择，并有利于可持续性；3）新任命的首席财务官（CFO）表示，将为增长进行积极投资，与公司之前的战略相比，重心转向收入增长而非盈 利能力。12 个月目标价为 330,000 韩元。 业绩 | 携程、华住、安踏、万国数据、Dixon 携程 - 2 ...

Core Insights - "Inbound tourism" has become a new focal point for various cities, with Shenzhen emerging as a key destination for foreign visitors due to favorable policies and geographical advantages [10][7][11] Group 1: Inbound Tourism Data - As of May 19, 2024, Shenzhen's border inspection station recorded over 100 million inbound and outbound passengers, achieving this milestone 24 days earlier than the previous year [1] - The number of foreign visitors entering Shenzhen reached 2.64 million, a 41% increase year-on-year, with visa-free entries accounting for 560,000, marking a 105% increase [1][10] Group 2: Consumer Trends - Foreign tourists are increasingly drawn to Shenzhen's manufacturing, particularly in the jewelry and electronics sectors, with significant interest in diamond products and innovative tech gadgets [1][2] - Popular products among foreign visitors include drones, AI glasses, and other high-tech items, which are often more affordable than in their home countries [2][10] Group 3: Economic Impact - The influx of foreign tourists has led to a surge in business opportunities, particularly in shopping and dining, with many establishments adapting to cater to this demographic [3][5] - The hospitality sector has seen a notable increase in foreign guest occupancy, with some hotels reporting up to 50% of their guests being international [5][6] Group 4: Strategic Recommendations - Experts suggest that Shenzhen should enhance its appeal by creating technology experience landmarks and improving multilingual guidance systems to better serve foreign tourists [8][11] - The city is encouraged to leverage its unique cultural and historical sites alongside its technological advancements to create a distinctive tourism brand [11][10]

以下是华住集团 FY25 Q1 的财报电话会纪要，财报解读请移步《量价齐跌！华住还能深蹲起跳么？ - LongPort》 一、财报核心信息回顾 2.1 高管陈述核心信息 1、市场趋势与运营表现 RevPAR 承压：同比下降3.9%，ADR 降2.6%，入住率降1%，主因 2024 年行业供给集中释放。 2、网络扩张与储备 | | Huazhu Group results wrap | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Rmb '00mm 1Q19 2Q19 | 3Q19 4Q19 1Q28 2023 | 3023 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 1Q25E | var. | | Total revenue 23.9 | 28.6 30.6 29.1 44.8 55.3 | 62.9 | 55.9 | 52.8 | 61.5 | 64.4 | 60.2 | 54.0 | 54.9 | -1.7% | | yoy 14 ...

Core Viewpoint - The overall performance of Huazhu Group in Q1 2025 reflects a slowdown in the hotel and travel industry, with key operating metrics declining, but the company has managed to control expenses effectively through organizational restructuring and an increased focus on a franchise model [1][6]. Group 1: Revenue and Performance Metrics - RevPAR (Revenue per Available Room) for Huazhu in Q1 was 208 RMB/night, a 4% year-on-year decline, marking a new low since the pandemic recovery began in 2023 [2][3]. - The decline in RevPAR was primarily driven by a decrease in average daily rate (ADR) and occupancy rates, with the ADR dropping to 272 RMB, reflecting a 2.9% year-on-year decrease [5]. - Total revenue for Q1 reached 5.4 billion RMB, a 2% increase, slightly below market expectations of 5.5 billion RMB [3][5]. Group 2: Business Strategy and Market Position - Despite the downturn in the domestic hotel market, Huazhu opened 695 new hotels in Q1, aiming for a total of 2,300 new openings for the year, focusing on lower-tier cities where the chain penetration is still below 30% [2][3]. - The franchise model's revenue contribution increased from 39% to 46% year-on-year, leading to a slight improvement in gross margin to 33% [4][5]. Group 3: Cost Management and Future Guidance - The company achieved a significant reduction in management expense ratio to 9%, the lowest in history, due to improved operational efficiency from organizational restructuring [4][5]. - Adjusted EBITDA for Q1 was 1.7 billion RMB, a 27% increase year-on-year, exceeding market expectations [4][5]. - For Q2, the company projects revenue growth of 1%-5%, indicating a cautious outlook on the overall recovery of the hotel and travel sector [4][6].

Core Insights - Atar Group reported Q1 2025 revenue of 1.906 billion yuan, a year-on-year increase of 29.8% [2] - Adjusted net profit for the same period was 345 million yuan, up 32.3% year-on-year [2] - The company raised its full-year revenue guidance, expecting a growth of 25% to 30% for 2025 [2] Financial Performance - Q1 adjusted EBITDA reached 474 million yuan, reflecting a 33.8% year-on-year growth [2] - The total number of hotels operated by Atar Group reached 1,727, with 194,559 rooms [2] - The company opened 121 new hotels in Q1, a 24.7% increase compared to the previous year [2] Shareholder Returns - Atar Group announced a total dividend payout of approximately 58 million USD for 2025 [2] - A three-year share repurchase plan was also announced, with a total buyback amount not exceeding 400 million USD [2] Retail Business Growth - The retail business GMV for Q1 was 845 million yuan, a significant year-on-year increase of 70.9% [3] - Online channels accounted for over 90% of the retail sales [3] - The registered member count surpassed 96 million, marking a 35.4% year-on-year growth [3] Product Development - The company launched new products "Atar 3.6" and "Light Stay 3.3" to enhance the accommodation experience [3] - A one-stop renewal solution "Atar 3.5SE" was introduced to further tap into growth potential in the accommodation sector [2][3] Strategic Vision - The CEO emphasized the commitment to the "Chinese Experience" strategy, aiming to enhance brand and product strength [3] - The focus is on deepening the integration of accommodation and retail businesses to provide superior customer experiences [3]

Core Insights - Atour Group reported a revenue of 1.906 billion yuan for Q1 2025, representing a year-on-year growth of 29.8% [1] - The adjusted net profit for the same period was 345 million yuan, up 32.3% year-on-year [1] - Adjusted EBITDA reached 474 million yuan, reflecting a 33.8% increase compared to the previous year [1] Financial Performance - Average revenue per available room (RevPAR) was 304 yuan, at 92.8% of the level from the same period in 2024 [1] - Daily average room rate (ADR) stood at 418 yuan, which is 97.2% of the level from the same period in 2024 [1] - Occupancy rate (OCC) was 70.2%, compared to 95.8% in the same period of 2024 [1] Business Expansion - As of March 31, 2025, Atour had 1,727 operating hotels, marking a 32.6% year-on-year increase [1] - The company is progressing towards its strategic goal of reaching "two thousand good stores" [1] Retail Business Growth - The gross merchandise volume (GMV) for Atour's retail business reached 845 million yuan, showing a year-on-year growth of 70.9% [1] - The membership system has been enhanced, promoting the integration of accommodation and retail businesses, leading to increased cross-consumption [1] - The number of registered members surpassed 96 million, reflecting a 35.4% year-on-year growth [1] Future Outlook - Atour has raised its full-year performance guidance, expecting a revenue growth of 25%-30% for 2025 [1] - The company announced a share repurchase plan of up to 400 million USD over three years and a dividend plan for 2025, totaling approximately 58 million USD [1] Strategic Vision - The founder and CEO of Atour emphasized the commitment to the "Chinese experience" strategy, aiming to enhance brand and product strength while deepening the integration of accommodation and retail businesses [2]