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].

Group 1 - The Qixi Festival, a traditional Chinese holiday, sees many young couples choosing this romantic day to register their marriages, hoping for a happy and fulfilling new life together [1] - Various scenic spots are offering special discounts and services for newlyweds during the Qixi Festival [1] Group 2 - The marriage registration center at Moonlight Island in Qiandao Lake, Zhejiang, officially opened on August 29, where couples can enjoy a warm ceremony and receive their marriage certificates [5] - Qiandao Lake scenic area provides multiple benefits for newlyweds, including hotel accommodations, sightseeing discounts, and a special "Love Ferry" service to and from Moonlight Island [5] Group 3 - In Chengdu, Sichuan, over 2,000 couples are registering for marriage daily at local scenic area registration offices, with the "Rongcheng Happy Event" initiative offering various discounts for couples marrying from June to the end of the year [7] Group 4 - In Xiaogan, Hubei, a summer consumption season themed around Qixi has been launched, integrating intangible cultural heritage with exhibitions and sales [10] - Visitors can engage in traditional customs such as needle threading and moon gazing, while also experiencing unique local crafts like Xiaogan paper-cutting [10] Group 5 - A rice field concert in Shenyang, Liaoning, adds a romantic atmosphere to the Qixi Festival, featuring a mix of classic and contemporary songs alongside local folk music [13] - The natural sounds of the rice fields enhance the overall experience for attendees, creating a unique ambiance [13]

Financial Performance - The company reported total revenue of 326 million yuan for the first half of 2025, a decrease of 1.24% year-on-year [1] - The net profit attributable to shareholders was 6.17 million yuan, down 54.96% compared to the previous year [1] - In Q2 2025, total revenue was 164 million yuan, reflecting a decline of 3.62% year-on-year, while net profit was 3.31 million yuan, a decrease of 63.34% [1] - The gross margin was 28.16%, down 9.68% year-on-year, and the net margin was 2.38%, down 54.16% [1] - Total expenses (selling, administrative, and financial) amounted to 88.87 million yuan, accounting for 27.23% of revenue, an increase of 7.17% year-on-year [1] Accounts Receivable and Cash Flow - The company's accounts receivable were significant, with accounts receivable to net profit ratio reaching 330.28% [1][3] - Operating cash flow per share was 0.6 yuan, an increase of 3.51% year-on-year [1] Historical Performance and Business Model - The company's return on invested capital (ROIC) was 3.47% last year, indicating weak capital returns [3] - The historical median ROIC since the company went public is 18.52%, suggesting better investment returns in the past [3] - The company's performance relies heavily on marketing-driven strategies, necessitating a deeper analysis of the underlying factors [3] Fund Holdings - The largest fund holding shares in the company is the CITIC Securities Selected Growth Mixed Fund A, with 45,000 shares held [4] - The fund's current scale is 15 million yuan, and its latest net value is 1.2865, reflecting a 0.09% decline from the previous trading day, but a 64.96% increase over the past year [4]