General Principles - The purpose of the working rules is to improve the corporate governance structure and establish a sound assessment and compensation management system for directors and senior management, in accordance with relevant laws and regulations [1] - The Compensation and Assessment Committee is a specialized working body established by the Board of Directors and is accountable to the Board [1] Composition of the Committee - The Compensation and Assessment Committee should consist of three to five directors, with independent directors making up the majority [2] - The committee members are nominated by the chairman, more than half of the independent directors, or one-third of all directors, and are elected and appointed by the Board [2] - The committee has a chairperson who is an independent director, responsible for leading the committee's work [2] Responsibilities and Authority - The main responsibilities include researching and reviewing assessment standards for directors and senior management, and proposing recommendations [3] - The committee is responsible for reviewing and examining the compensation policies and plans for directors and senior management, ensuring transparency in the compensation process [3] - The committee supervises the execution of the compensation system and ensures that no director participates in determining their own compensation [3] Meeting Procedures - The human resources department provides necessary materials for the committee's reference, including financial indicators and performance evaluations [4] - The committee evaluates directors and senior management based on performance standards and discusses compensation amounts and reward methods [4] - Meetings require the presence of at least two-thirds of the committee members and can be held in various formats, including in-person or via telecommunication [5][6] Confidentiality and Documentation - Meeting records must be kept, and the opinions of attending members should be documented [7] - Members attending the meetings are bound by confidentiality obligations and must not disclose any related information [7] Implementation and Effectiveness - The working rules will take effect upon the listing of the company's H shares on the Hong Kong Stock Exchange, and the previous rules will automatically become invalid [8]

Core Viewpoint - The company has established a board diversity policy aimed at enhancing the performance and sustainability of the organization through diverse board member selection, including gender diversity [1][2][5]. General Requirements - All board member appointments will be based on merit while considering the benefits of diversity, including gender diversity [2]. - The board and the nomination committee will evaluate multiple factors for selecting candidates, such as diversity of perspectives, qualifications, time commitment, reputation, and potential contributions [2][3]. Procedures, Monitoring, Reporting, and Disclosure - The nomination committee is responsible for examining and nominating board candidates according to the established policy and relevant regulations [3]. - The committee will review the policy annually to ensure its effectiveness and report on the board's composition and diversity policy implementation in the corporate governance report [3][4]. - The summary of the policy, including measurable gender diversity goals and measures for establishing a talent pool for potential board successors, will be disclosed in the annual report [3][4]. Additional Provisions - The policy will take effect upon approval by the board and the listing of the company's H-shares on the Hong Kong Stock Exchange [4]. - The board is responsible for interpreting and amending the policy as necessary [4].

证券代码：600258 证券简称：首旅酒店 编号：临 2025-029 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 每股分配比例 A 股每股现金红利0.36元（含税） ? 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/23 | － | 2025/6/24 | 2025/6/24 | | ? 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 25 日的2024年年度股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 本次利润分配以方案实施前的公司总股本1,116,603,126股为基数，每股派发现金红利 ，共计派发现金红利401,977,125.36元。 三、 相关日期 ...

Investment Rating - The report assigns a "Buy" rating to the company [4] Core Insights - Junting Hotels is a leader in mid-to-high-end hotel management, leveraging strong operational capabilities to create a business and leisure service matrix [1][14] - The company is expanding its franchise business and collaborating with international hotel giants to enhance inbound tourism and business travel demand [2][3] - The company aims to transform into a hotel management platform, with multiple revenue streams expected to contribute to growth [8] Company Overview - Junting Hotels operates under three main brands: Junting, Junlan, and Jinglan, with a focus on unique cultural characteristics and tailored services [1][14] - The company has established a joint venture for franchise operations, targeting a thousand stores within three years, covering key urban areas and tourist cities [3][14] Financial Performance - The company has experienced revenue growth, with projected revenues of 806 million, 1.062 billion, and 1.437 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 19.2%, 31.8%, and 35.3% [8][10] - The net profit is expected to reach 64 million, 128 million, and 230 million yuan for the same years, with corresponding EPS of 0.33, 0.66, and 1.18 yuan [8][10] Industry Context - The hotel industry is entering a phase of stock competition, with an increasing focus on mid-range and high-end hotel chains, while luxury hotel chain growth is under pressure [41][44] - The demand for high-quality service experiences is rising, leading to a shift in consumer preferences towards mid-range and high-end hotels [41][44]

Group 1 - The core viewpoint of the article highlights the competitive and fragmented nature of the hotel market in Jiangsu, driven by local pride and economic strength among its cities [4][18][36] - The hotel market in Jiangsu shows significant growth in hotel bookings due to the "Super League" football event, with increases of 150% in Huai'an, 67% in Suqian, and 54% in Xuzhou [1][3] - Jiangsu's hotel market is characterized by a "scattered" structure, with only 10% of the total hotel count located in the provincial capital, Nanjing, which lags behind cities like Wuxi and Suzhou [3][11] Group 2 - The report indicates that Jiangsu has a total of 41,704 hotels, with Wuxi leading in quantity at 6,101 hotels, while Lianyungang has the least at 1,011 hotels [8][9][11] - The hotel market in Jiangsu is predominantly low-end, with 77.77% of hotels classified as such, while high-end hotels account for only 2.29% [14][16] - The average room price in southern Jiangsu is significantly higher at 480 yuan per night compared to 290 yuan in northern Jiangsu, despite northern Jiangsu experiencing a higher growth rate in hotel numbers [17][18] Group 3 - The competition for high-end hotels in Jiangsu is intense, particularly between Suzhou and Nanjing, with Suzhou having a higher number of five-star hotels [20][21] - Suzhou has seen a significant increase in high-end hotel developments, with 115 high-end hotels confirmed, driven by the demand for international conferences [23][25] - The article notes that the hotel market in Jiangsu is influenced by prominent figures such as Ji Qi, founder of Huazhu Group, who has significantly impacted the domestic hotel industry [31][35]

□ 双 木 前几天，听到一位消费者抱怨，他去广西德天、巴马旅游，入住了一家还算不错的酒店，本来一路上景 美、人美、食美，但是住到酒店里发现床不美了，床垫薄薄一层，布下面就是弹簧铁丝，非常硌人，非 常难受，导致他一宿睡不好觉，第二天起来没精神，旅游也没玩好。的确，再好的风景、美食，只要睡 不好觉，就对什么都没了兴致，可以说，"劣床毁所有"。 很多宾馆有一个误区，认为外面看得见的地方，如房间风格环境、大堂、外墙等，需要高档装修，漂亮 大气，而看不见的地方，如床垫等，就觉得能省则省，不需要那么高的品质，殊不知，床垫才是关系到 入住体验和睡眠质量的最重要一环，一张劣质的床垫，就是酒店最低的那块短板，拉低了酒店的形象和 档次，破坏住客的入住体验。睡不好觉，再美的风景也无心欣赏，再美味的食物也味同嚼蜡。 从消费者的角度来看，睡眠质量直接影响到他们的身心健康和旅行体验。在忙碌的旅途中，人们渴望在 酒店里得到充分的休息和放松，如果酒店不能提供一张舒适的床垫，让住客睡个好觉，那么住客对酒店 的满意度必然会大打折扣。 从酒店业的角度来看，床垫的好坏不仅仅是一个舒适度的问题，更关系到酒店的形象和口碑。一张好的 床垫，能够带给住客好 ...

Core Insights - The report highlights a shift in the Chinese hotel industry from "price wars" to "value wars," emphasizing high cost-performance as a decisive investment strategy [1][3] - The report indicates that consumer behavior is becoming more rational and cautious, driven by economic slowdown and demographic changes, leading to a focus on high cost-performance in hotel services [4][11] Industry Trends - The report notes that in 2024, China's per capita disposable income growth is expected to drop to 5.1% from 10.3% in 2023, reflecting a trend towards more pragmatic consumer spending [3][4] - The consumer confidence index in December 2024 is projected to be 86.4, a decrease of 1.37 percentage points year-on-year, indicating a cautious consumer sentiment [3][4] Investment Dynamics - The average occupancy rate, room prices, and RevPAR (Revenue per Available Room) in the hotel sector are expected to decline in 2024, prompting investors to prioritize return on investment and cost sensitivity [4][5] - The report outlines a strategic model for high cost-performance hotels, focusing on cost control, quality assurance, and experience enhancement as key components [5][11] Company Strategies - Dongcheng Group has developed a comprehensive high cost-performance solution that includes optimizing product design, reducing costs through modular construction, enhancing revenue through membership operations, and ensuring consistent service quality [7][9] - The group aims to provide better value for consumers while achieving high returns for investors, thereby shortening the ramp-up period for new hotels and lowering supply chain costs [7][9] Performance Metrics - The report introduces the China Hotel Cost-Performance Index (CHCPI), a quantifiable metric for evaluating hotel value based on location, service quality, hardware facilities, and customer experience [12][13] - Dongcheng Group's brands have excelled in the CHCPI rankings, showcasing their competitive advantages in various market segments [12][13] Competitive Landscape - In the economy hotel segment, City Convenience ranked first with a cost-performance index of 1.09, attributed to its balance of hardware facilities and cost control [13] - In the mid-range segment, Berman Hotel topped the list with a score of 1.42, demonstrating superior performance across hardware, service quality, and customer experience indices [13][14] - The report emphasizes that high cost-performance will continue to be a core trend in the budget hotel market, with a focus on optimizing product services and reducing construction costs [11][15]

"以前准备检查台账耗时耗力，现在扫码就能提供全部资料，我们能更专注于经营。"6月18日，新疆维 吾尔自治区塔城地区乌苏市渝龙大酒店有限公司食品安全总监孟健说。 为深入推进"放管服"改革，创新市场监管方式，自6月1日起，乌苏市市场监管局在全市推行"扫码检 查"智慧监管新模式，实现监管全流程数字化，推动监管效能与执法透明度提升。 执法人员借助"塔通办智慧监管平台"APP扫描二维码，即可自动识别检查对象，避免误查；现场调取数 据、录入检查结果并实时同步至监管平台，确保检查全程留痕、数据可追溯，完成从传统"人海战术"到 智慧监管的转变。同时，检查全程采用无纸化操作，结果录入电子表单、拍照取证上传、企业负责人电 子签字确认一气呵成，单次检查时间平均缩短50%。"扫码检查"的数据实时同步传送至地区监管平台， 系统还能自动归集违法线索，助力跨部门联合惩戒。此外，市民扫码即可查看商家资质、信用等级、最 新检查结果与整改情况，以及执法人员信息和检查时间，实现公众监督全透明。 乌苏市市场监管局还将推进两大升级，一是联通"企业信用码"，整合监管二维码与商户信用公示码，实 现"一码查信用、一码管风险"；二是构建"AI预警"模型，依据 ...

Core Viewpoint - The announcement details an increase in shareholding by a significant shareholder of Shanghai Jin Jiang International Hotel Co., Ltd., specifically by its action in increasing the stake of Jin Jiang International Hotel Group (Hong Kong) Investment Management Co., Ltd. in the company's B shares, which now totals 1% of the company's total share capital [1]. Group 1: Shareholding Changes - Jin Jiang International Hotel Group (Hong Kong) Investment Management Co., Ltd. increased its shareholding in the company by acquiring 10,710,013 B shares, raising its total shareholding from 0% to 1% of the company's total share capital [2]. - Following this increase, the combined shareholding of Jin Jiang Capital and its action in concert with Jin Jiang Hong Kong rose from 45.05% to 46.05% [1][2]. Group 2: Compliance and Future Plans - The increase in shareholding complies with the relevant laws and regulations of the People's Republic of China and does not trigger a mandatory tender offer, nor does it change the company's controlling shareholder or actual controller [2]. - The company will continue to monitor Jin Jiang Hong Kong's acquisition of B shares and will ensure timely disclosure of information by the shareholders [2].

Core Insights - The article highlights the successful international expansion of Wanda Hotels and Resorts, showcasing its ability to adapt and localize its luxury hotel brand management in various global markets [1][3][5] Group 1: Global Expansion Strategy - Wanda Hotels and Resorts has accelerated its overseas expansion through a light-asset brand management model, establishing landmark hotel projects in diverse cultural settings [1][5] - The company has developed a unique survival strategy that balances localization and globalization, as defined by its president, Ning Qifeng, emphasizing the importance of "globalization rooted in local markets" [3][6] Group 2: Operational Excellence - The transition to a light-asset model began in 2017, integrating hotel design, construction, and management into a unified entity, which has optimized investment costs by 20% [5][6] - Wanda Hotels has established a core competitive advantage through a dual-engine approach of "owner thinking" and "professional management capabilities," leading to a strong brand premium and efficient operational management [5][6] Group 3: Localization and Market Adaptation - The company emphasizes the need for deep understanding and integration into local market ecosystems, rather than merely replicating domestic models [6][7] - A key aspect of localization is the development of adaptable brand standards that align with local conditions, requiring high levels of professional competence and cross-cultural communication [7][9] Group 4: Cultural Integration and Brand Value - Wanda Hotels leverages its Chinese brand identity to connect with local markets while providing tailored services for both local and international guests [9][11] - The company has implemented culturally relevant service details, such as offering Chinese-speaking staff and familiar food options, to enhance the guest experience for international travelers [9][11]