Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a significant decline in net profit due to high base effects from the previous year, but the non-recurring net profit showed a year-on-year increase [3][4] - The company is progressing well with its store opening plans, having opened 673 new hotels in the first half of 2025, with a net increase of 380 hotels [6] - The company is focusing on a light-asset model, with a significant increase in franchise hotels while reducing directly operated hotels [6] Financial Performance - In H1 2025, the company achieved operating revenue of 6.526 billion yuan, a year-on-year decrease of 5.31%, and a net profit attributable to shareholders of 371 million yuan, down 56.27% [3] - The non-recurring net profit for H1 2025 was 409 million yuan, reflecting a year-on-year increase of 5.17% [3] - The gross profit margin for H1 2025 was 36.28%, a decrease of 3.57 percentage points year-on-year, primarily due to declining room rates [5] RevPAR Analysis - The RevPAR for limited-service hotels in H1 2025 was 146.0 yuan, down 5.10% year-on-year, with average room rates decreasing by 6.15% [4] - The RevPAR for full-service hotels in H1 2025 was 215.67 yuan, down 10.23% year-on-year [4] - The company’s overseas limited-service hotels achieved a RevPAR of 38.88 euros, a year-on-year decrease of 1.67%, but the average room rate increased by 2.27% [5] Store Opening Strategy - The company plans to open 1,300 new hotels in 2025 and has signed contracts for 2,000 new hotels [6] - The franchise strategy is being deepened, with a net increase of 414 franchise hotels in H1 2025 [6] Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downwards, with net profit estimates of 1.006 billion yuan, 1.205 billion yuan, and 1.412 billion yuan respectively [6][7] - The current stock price corresponds to a P/E ratio of 25 for 2025, 21 for 2026, and 18 for 2027 [6][7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's profit margin is under pressure due to new projects, and it is expected to wait for the second half of the year for store performance improvement [1][8] - The company reported a revenue of 326 million yuan in 1H2025, a year-on-year decrease of 1.24%, and a net profit attributable to shareholders of 6.2 million yuan, down 54.96% year-on-year [8] - The company has opened 262 hotels with a total of 50,228 rooms and has 212 hotels under development with 43,884 rooms [8] - The company is expanding its overseas market cooperation and has signed contracts for 16 franchise stores, with 4 already in operation [8] Financial Performance Summary - Revenue forecast for 2023A to 2027E shows growth from 534 million yuan in 2023 to 939 million yuan in 2027, with a revenue growth rate of 56.2% in 2023 and expected to stabilize at 15% from 2026 onwards [7][9] - The net profit attributable to shareholders is projected to increase from 31 million yuan in 2023 to 90 million yuan in 2027, with a significant growth rate of 80.5% in 2027 [7][9] - The company's gross profit margin for 1H2025 was 28.16%, down 3.02 percentage points year-on-year, influenced by external demand weakness and increased costs from new store openings [8] Valuation Metrics - The current market capitalization corresponds to a PE ratio of 158X for 2025E, 99X for 2026E, and 55X for 2027E [8] - The company’s ROE is expected to improve from 3.1% in 2023 to 8.4% in 2027 [7][9] - The EPS is projected to rise from 0.16 yuan in 2023 to 0.46 yuan in 2027 [7][9]

Group 1 - The tourism and hotel sector experienced a significant rally, with Sanxia Tourism hitting the daily limit up, and other companies such as Junting Hotel, Jinling Hotel, Huatian Hotel, and Shoulu Hotel also seeing gains [1] - Related ETFs showed notable trading volumes, with the tourism ETF (159766) recording a transaction amount of 81.1689 million yuan, and the tourism ETF (562510) with a transaction amount of 24.8938 million yuan [1]

Core Viewpoint - SJM Holdings Limited (新濠国际发展) reported a significant increase in net revenue and a return to profitability for the six months ending June 30, 2025, driven by improved performance in its gaming and hotel operations [1] Financial Performance - The company achieved a net revenue of HKD 19.965 billion, representing a year-on-year increase of 12.38% [1] - The profit attributable to shareholders was HKD 351 million, marking a turnaround from a loss to profitability [1] - Basic earnings per share were HKD 0.18 [1] Operational Insights - The improvement in profitability was primarily attributed to enhanced performance in gaming and non-gaming operations, although increased business activity led to higher operating costs, partially offsetting gains [1] - The company recognized an impairment of HKD 27.3 million related to the Mocha casinos, which are set to cease operations by the end of 2025 [1] - An additional impairment of HKD 5 million was recorded for certain properties, plants, and equipment due to the lack of improvement in the performance of the new SJM casino [1]

Core Viewpoint - The event "Night Economy Carnival in Chongqing" successfully attracted over 200,000 visitors and generated significant sales, showcasing the potential of the night economy in the Chengdu-Chongqing economic circle [1][3][12]. Group 1: Event Overview - The event took place from August 25 to 30 in Baisha Town, Jiangjin District, Chongqing, featuring over 50 participating enterprises and more than 100 vendors [1]. - The carnival included various activities, blending traditional and modern elements, and created a vibrant atmosphere with high participation rates [4][6]. Group 2: Sales and Economic Impact - The event achieved offline sales of 3 million yuan and online sales of 5 million yuan through e-commerce live streaming, with over 10 million views [3]. - The total consumption generated by the event exceeded 20 million yuan, significantly boosting the local economy and demonstrating the strong impact of the night economy [12]. Group 3: Visitor Engagement - The event attracted families and young people, with various engaging activities such as traditional games and competitions, enhancing the overall experience [4][6]. - The atmosphere was lively, with long queues at food stalls and a high level of consumer enthusiasm, indicating a strong demand for local cuisine and products [9][11]. Group 4: Marketing and Exposure - The event gained substantial online exposure, with over 40 million views across various social media platforms, highlighting its popularity and reach [14][15][18]. - Topics related to the event trended on social media, generating significant user engagement and interest in the night market [15][18]. Group 5: Future Prospects - The local government plans to continue expanding the night economy by integrating cultural displays, consumption promotion, and tourism, aiming to establish the region as a leading night economy hub in China [42].

丨证券研究报告丨 赵刚 杨会强 马健轩 SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 公司研究丨点评报告丨锦江酒店（600754.SH） [Table_Title] 2025 年半年度报告点评：公司降本成效明显， 门店保持稳健增长 报告要点 [Table_Summary] 2025 年上半年，公司实现营业收入 65.26 亿元，同比下降 5.31%，实现归母净利润 3.71 亿元， 同比下降 56.27%，扣非归母净利润 4.09 亿元，同比增长 5.17%。展望未来，短期内，公司延 续较高开店计划，预计 2025 年新增开业酒店 1300 家，新增签约酒店 2000 家，中长期看好公 司"12+3+1"品牌发展战略。预计 2025-2027 年公司归母净利润分别为 10.48、13.01、14.99 亿元，对应 PE 分别为 23/19/16X，维持"买入"评级。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 锦江酒店（600754.SH） cjzqdt1111 ...

Core Points - Sanya City has implemented specific measures to boost market confidence and promote the recovery of the tourism industry [1] - The measures include timely disbursement of subsidy funds to eligible tourism enterprises [1] - Insurance claims processing has been expedited to improve efficiency for affected businesses [1] Financial Support - A "green channel" has been established for the disbursement of subsidy funds to tourism enterprises after the submission of complete documentation [1] - Financial institutions are encouraged to enhance support and activate emergency financial services post-disaster [1] Operational Efficiency - Approval processes for upgrading and renovating tourism facilities have been streamlined to provide efficient services [1] - A "green channel" for tourism enterprise upgrades has been opened, offering policy support for planning and construction permits [1] Market Stability - Strict measures are in place to combat price gouging and ensure the stability of market prices for materials and services needed for recovery [1] - A collaborative mechanism for supply assurance has been established to prioritize orders for key tourism enterprises [1]

Core Viewpoint - Atour's Q2 2025 financial report shows significant growth in revenue and net profit, driven by both hotel and retail businesses, indicating a strong brand synergy and market positioning [1][2][4]. Financial Performance - Total revenue for Q2 2025 reached 2.469 billion RMB, a year-on-year increase of 37.4%, with adjusted net profit at 427 million RMB, up 30.2% [1]. - The hotel business contributed 58.7% of total revenue, while retail business accounted for 39.1%, reflecting a growing importance of retail in Atour's revenue mix [1]. - The retail business saw a substantial increase, with revenue reaching 965 million RMB in Q2 2025, nearly doubling from the previous year [6][5]. Business Model and Growth Drivers - Atour's dual-engine model, combining hotel and retail operations, enhances brand premium and market competitiveness [2][12]. - The retail business's gross merchandise volume (GMV) reached 1.144 billion RMB in Q2 2025, a year-on-year growth of 84.6%, with online sales maintaining over 90% of total sales [6][7]. - The company has raised its full-year revenue guidance for 2025, expecting a 30% increase compared to 2024, primarily due to retail business growth [4][5]. Market Position and Stock Performance - Following the financial report, Atour's stock price reached a new high of 39.37 RMB, reflecting investor confidence and market optimism [2][4]. - The company is considering a secondary listing in Hong Kong, which may provide a buffer against potential delisting risks in the U.S. market [10][11]. Operational Strategies - Atour has initiated a supply chain price reduction strategy aimed at enhancing profitability for franchisees while maintaining brand integrity [16][19]. - The average daily rate (ADR) for Atour hotels in Q2 2025 was 433 RMB, showing a slight year-on-year decline, indicating a need for strategic pricing adjustments [13][14]. Brand Strategy and Challenges - The brand's positioning as a lifestyle experience provider is crucial for maintaining its premium pricing strategy, despite challenges in occupancy rates compared to competitors [21][22]. - The balance between maintaining brand premium and increasing occupancy rates is a critical decision point for Atour, impacting long-term brand perception and profitability [20][21].

Core Viewpoint - Atour Group is increasingly focusing on its retail business, particularly sleep products like pillows and quilts, as its hotel operations face declining key performance indicators such as average room revenue and occupancy rates [1][3][9]. Group 1: Financial Performance - In the first half of 2025, Atour Group reported a revenue of 4.374 billion yuan, a year-on-year increase of 34%, and a net profit of approximately 668 million yuan, up 19.02% [3]. - The retail business revenue reached 9.65 billion yuan in Q2 2025, accounting for nearly 40% of total revenue, while hotel business revenue growth was only 26.5% [9]. - The average room revenue for Q2 2025 was 343 yuan, with a daily average room price of 422 yuan, and an occupancy rate of 76.4% [6]. Group 2: Business Strategy - Atour Group is shifting its strategy towards a "sleep product" focus, with significant sales in pillows, which have sold over 380 million units in 2024 [9]. - The company has adopted a light-asset strategy, with 98% of its hotels being franchised, leading to quality control issues and increased customer complaints [2][13]. Group 3: Market Challenges - Despite revenue growth, Atour faces challenges such as declining average room revenue, daily average room prices, and occupancy rates compared to previous years [8][17]. - Complaints regarding service quality and hygiene issues have surged, impacting the brand's reputation and customer trust [11][16]. - The reliance on retail sales has raised concerns about product competitiveness due to the emergence of cheaper alternatives in the market [10][17]. Group 4: Future Outlook - Atour's CEO has set a strategic goal of reaching 2,000 high-end hotels, but existing operational issues may hinder this ambition [18].

Core Viewpoint - The "Deeply in Love, Setting Sail: Collective Wedding on the Sea" event in Shenzhen aims to promote the "sweet economy" in Bao'an District, combining romantic experiences with consumer activities [1][5]. Group 1: Event Overview - The event took place on August 29 at Shenzhen Airport Terminal, featuring activities such as receiving marriage certificates at sea, drum ceremonies, and themed photography [1]. - The "Sweet Economy" activity month in Bao'an District started on August 20 and will last until September 20, 2025, marking a new phase of large-scale and brand development for the sweet economy [5]. Group 2: Government Initiatives - To handle the peak in marriage registrations, Bao'an District has increased appointment availability and improved facilities, ensuring accurate and safe registration processes [7]. - The district promotes extended service hours and has upgraded the registration environment, including themed exhibition areas and collective certificate issuance [7]. Group 3: Local Business Engagement - Various local business districts are participating in the event with themed promotions and activities, such as the collaboration between New An Street and major shopping centers to create romantic consumer experiences [7]. - The event encourages businesses in the wedding, hotel, and jewelry sectors to offer exclusive activities and services, enhancing the romantic atmosphere for both travelers and local residents [7]. Group 4: Economic Impact - The initiative is part of Bao'an District's efforts to deepen marriage customs reform and expand the sweet economy, aiming to enhance citizen happiness and stimulate domestic demand [5][7].