Core Viewpoint - The announcement details the revisions to the Articles of Association and related rules of Jinling Hotel Co., Ltd., including the abolition of the supervisory board and the transfer of its powers to the audit committee of the board of directors [1][2]. Summary by Sections Company Structure and Governance - The company will no longer have a supervisory board; its powers will be assumed by the audit committee of the board of directors [1]. - The Articles of Association will now serve as a binding document for the organization and behavior of the company, shareholders, and directors, with legal enforceability [1][2]. Share Capital and Shareholder Rights - The total number of shares is set at 390 million, all of which are ordinary shares with a par value of 1 yuan each [2]. - Shareholders are limited to transferring no more than 25% of their shares annually during their term of office, and shares cannot be transferred within one year of listing [3][4]. Share Issuance and Financial Contributions - The company will issue shares based on principles of openness, fairness, and justice, ensuring equal rights for all shares of the same category [1][2]. - The company can increase capital through various methods, including public offerings and private placements, as decided by the shareholders' meeting [2]. Rights and Obligations of Shareholders - Shareholders have the right to receive dividends and participate in decision-making processes, including the right to request meetings and propose agenda items [5][6]. - Shareholders must comply with laws and the Articles of Association, and they are liable for any damages caused by abusing their rights [15][39]. Meeting Procedures - The company will hold shareholder meetings at its registered office or other designated locations, allowing for both in-person and online participation [17][18]. - The board of directors is responsible for convening meetings and must ensure that all relevant documentation is available for shareholders [25][26].

这是半佛仙人的第1805篇原创 1 我永远不会相信任何一个酒店的热水壶。 毕竟没人能知道哪个住客就曾经用它们干过什么离谱的事情，以及煮过什么东西。 真的，我投过民宿，我有时候看到客户干的事情真的很无助。 所以我绝对不会用酒店的烧水壶。 就像我绝不会使用能拿下来的喷头洗澡一样，你也不知道这东西洗过什么。 所以我随身都会带一个折叠烧水壶或者电热杯。 直到，我前段时间住了一次锦江之星，我发现房间里的热水壶用的竟然是一次性内胆…… 很遗憾的是，我的想象力一直都很好。 就，这个热水壶的壶盖下面有一层一次性封膜，必须先揭开封膜才能用——也是为了证明确实没被别人用过。 打开以后就会看到一个用铝箔做的内胆，包括壶盖和水接触的那一面也可以用铝箔隔开来。 打开这个热水壶的时候，我看到了一阵眩目的白光。 是铝箔在眼球上的反射吗？ 不，是天亮了。 点击关注下方账号，你将感受到一个朋克的灵魂，且每篇文章 都有惊喜。 2 喜欢拿酒店热水壶整活的客人肯定是少数，但这样的人本来也不需要多，只要有那么一捏捏，就足以让所有热水壶都变得令人困惑。 因为他们不会只干一次。 一个习惯了把酒店热水壶当内衣消毒柜的人，会一次一次又一次地重复同样的操作。 ...

Core Viewpoint - The article discusses the challenges faced by Chinese students studying hotel management in Switzerland, highlighting the high costs of education and the reality of entry-level jobs in the industry, which may not meet the expectations set by their expensive education [2][10][36]. Tuition and Costs - The total cost of studying hotel management in Switzerland amounts to approximately 1.51 million Swiss Francs over four years, which includes tuition and service fees, as well as living expenses such as food and health insurance [2][3][46]. - Breakdown of costs includes course fees and service fees for each year, with the first year costing 31,500 Swiss Francs and the final year costing 41,030 Swiss Francs [2]. Employment Reality - Graduates often find themselves starting from the bottom, performing basic tasks such as washing dishes and cleaning, despite their extensive training [5][11]. - The article emphasizes that the hotel industry requires starting from entry-level positions and working up through various roles, which can be disheartening for graduates who invested heavily in their education [11][43]. Industry Perception - The Swiss hotel management program is recognized as prestigious, but graduates may struggle to find specialized roles, often being perceived as generalists rather than experts in a specific area [6][8][10]. - There is a growing concern among graduates about the value of their degree in the job market, especially as competition increases and employers favor candidates with more relevant experience or local connections [24][25][34]. Market Trends - The global hotel industry is projected to grow at an annual rate of 7.1%, potentially reaching a market size of over 1.2 trillion USD by 2028, indicating a positive long-term outlook for those who can remain in the industry [46]. - However, the article suggests that the path to success in the hotel industry is slow and requires patience, as many graduates may not see immediate financial returns on their investment [48][50].

Core Viewpoint - H World Group (华住集团) experienced a significant stock decline of 4.7% following the release of its Q1 2025 unaudited financial results, reflecting market concerns about its performance amidst industry pressures [1][2]. Financial Performance - In Q1 2025, H World Group reported hotel revenue of 22.5 billion RMB, a year-on-year increase of 14.3% [1]. - The company's total revenue for the quarter was 5.395 billion RMB, showing a year-on-year growth of 2.2%, attributed to the substantial increase in management franchise and licensing income under its light-asset model [1]. - However, the revenue saw a quarter-on-quarter decline of 10.4% [1]. Operational Metrics - As of the end of Q1 2025, H World Group operated 11,685 hotels, with 11,564 located in China, including 552 leased and owned hotels and 11,012 managed franchise and licensed hotels [1]. - The average daily room rate (ADR) for H World China in Q1 was 272 RMB, down from 280 RMB in the same period last year and 277 RMB in the previous quarter [1][2]. - The occupancy rate for H World China was 76.2%, which, while significantly above the industry average, represented a decline from 77.2% year-on-year and 80.0% quarter-on-quarter [2]. Profitability - H World Group achieved a net profit attributable to shareholders of 894 million RMB in Q1, marking a year-on-year increase of 35.7% [2]. - The company's EBITDA for the quarter was 1.615 billion RMB, also showing substantial year-on-year growth [2]. Future Outlook - For Q2 2025, H World Group anticipates revenue growth between 1% to 5%, or 3% to 7% excluding certain factors [2]. - The CEO emphasized a commitment to long-term strategies, focusing on quality network expansion, brand positioning, and enhancing sales capabilities through its membership program [2].

Core Viewpoint - Huazhu Group reported a revenue of 5.4 billion yuan in Q1 2025, reflecting a year-on-year increase of 2.2%, while hotel operating revenue reached 22.5 billion yuan, up 14.3% year-on-year. The net profit attributable to shareholders was 894 million yuan, a 35.7% increase year-on-year [2] Financial Performance - In Q1 2025, Huazhu Group's average daily rate (ADR) was 272 yuan, down 2.9% year-on-year, and the average revenue per available room (RevPAR) was 208 yuan, down 3.7% year-on-year. The occupancy rate (OCC) for all operating hotels was 76.2%, a decrease from 77.2% in the same period last year [3][4] - The company opened 694 new hotels and closed 155, with 2,865 hotels in the pipeline, slightly down from the previous quarter. The focus is on high-quality growth, emphasizing profitability over scale [4] Market Dynamics - The business travel market has shown slow recovery over the past two years, with external factors like US-China tariffs impacting small and export-oriented enterprises, creating uncertainty for the company's RevPAR forecasts [4] - Despite challenges, the company maintains a positive outlook on the consumption and tourism market, expecting a narrowing decline in RevPAR in Q2 2025 and aiming for sustained growth throughout the year [4] Strategic Focus - Huazhu Group is upgrading its "Golden Triangle" brands, with a significant increase in the proportion of higher-rated products. The number of mid-to-high-end hotels increased by 36% year-on-year to 933, with 523 more in the pipeline [5] - The company aims to capture market share in the mid-to-high-end segment, particularly in first- and second-tier cities, viewing this as a critical area for growth and brand development [5] - Revenue for Q2 2025 is projected to grow between 1% to 5%, with management and franchise income expected to rise by 18% to 22% [5]

Core Viewpoint - The hotel industry is facing significant challenges from "wool party" guests who exploit hotel services for personal gain, leading to financial losses and operational difficulties for hotels [4][30][58]. Group 1: Industry Challenges - A recent incident involved a young woman who stayed in multiple hotels, claiming various issues to receive refunds, ultimately leading to her arrest [5][6][56]. - Guests are increasingly sophisticated in their tactics, treating hotel stays as opportunities to exploit services rather than as genuine transactions [30][31][58]. - Complaints and negative reviews can severely impact hotel operations, forcing staff to comply with unreasonable demands to avoid financial repercussions [39][41]. Group 2: Guest Behavior - Some guests have developed elaborate strategies to obtain free services, such as requesting excessive amenities or pretending to be corporate clients to access complimentary meals [10][18][30]. - The tactics employed by these guests often involve psychological manipulation, leveraging the "customer is king" mentality to pressure hotel staff [42][46][58]. - The phenomenon of "wool party" guests has evolved into a specialized skill set, where individuals are well-versed in hotel policies and employee vulnerabilities [31][36][37]. Group 3: Potential Solutions - Industry professionals suggest that hotel management and owners need to adopt a firmer stance against unreasonable guest demands and collaborate with online travel agencies to address malicious reviews [58][59]. - Training hotel staff to recognize and respond to exploitative behavior is crucial, although it is acknowledged that this is a challenging task [57][58]. - A collective effort from hotel leadership and platforms is necessary to create an environment where employees feel empowered to refuse unreasonable requests without fear of backlash [58][59].

Group 1 - The Thai government is implementing measures to boost the economy in response to the potential impact of U.S. tariffs, including extending corporate income tax exemptions for SMEs from 3 to 5 years and increasing the exemption amount to 100% of the investment amount [1][2] - A total investment plan of 99.7 billion Thai Baht (approximately 21.76 billion RMB) has been approved for data centers and renewable energy, with strict requirements for foreign investments to ensure they bring high technology to Thailand [1] - The International Monetary Fund (IMF) has lowered Thailand's economic growth forecast for the year to 1.8% due to the impact of U.S. tariffs, emphasizing the need for Thailand to diversify trade and restructure its economy [2] Group 2 - Thailand is actively strengthening economic cooperation with other ASEAN countries, including elevating its relationship with Vietnam to a comprehensive strategic partnership and aiming to increase bilateral trade from over 20 billion USD to 25 billion USD [3] - The Thai government is also collaborating with Indonesia to promote ASEAN economic integration and address global geopolitical and economic uncertainties, with bilateral trade currently at 18 billion USD [3]

Financial Data and Key Metrics Changes - In Q1 2025, the group's revenue increased by 2.2% year over year to RMB 5.4 billion, aligning with guidance [19] - Adjusted EBITDA grew by 5.3% year over year to RMB 1.5 billion, with Lexi Huazhu's adjusted EBITDA increasing by 5.8% year over year to RMB 1.6 billion [23] - Operating cash flow generated in Q1 was RMB 580 million, with cash and cash equivalents at RMB 11.8 billion, indicating a solid cash position of RMB 6.5 billion [23] Business Line Data and Key Metrics Changes - Revenue from Lexi Huazhu grew by 5.5% year over year, while DH revenue decreased by 11.3% year over year due to the transformation of 10 leased hotels to franchised hotels [20] - The number of upper midscale hotels in operation increased by 36% year over year to 933, with the pipeline growing by 22% year over year to 523 [11] - The proportion of managed and franchised hotels increased to 46%, up from 38% in Q1 2024, with asset-light hotels in the pipeline at 57% [16] Market Data and Key Metrics Changes - RevPAR declined by 3.9% year over year, with ADR decreasing by 2.6% and occupancy rate declining slightly by one percentage point [6] - The company noted strong performance in North Africa and the Middle East, with RevPAR for legacy DH improving by 12.7% to €65 [15] - The company reported a positive year-over-year growth in industry RevPAR during the Labor Day holiday, indicating a recovery in leisure travel demand [8] Company Strategy and Development Direction - The company is focusing on differentiated strategies for products and services to capture rising leisure demand, particularly from emerging travelers [8] - There is a commitment to maintaining a strong growth momentum in the upper midscale segment while upgrading products and core brands to meet evolving customer demands [11] - The company aims to achieve a leading position in market share while ensuring profitability for newly opened hotels [55] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding leisure travel demand, despite uncertainties related to tariff issues [7] - For Q2 2025, management expects RevPAR to decline at a low single digit but to narrow on a sequential basis, with a focus on stabilizing revenue [28] - The management acknowledged that the business travel segment is under pressure primarily due to supply issues rather than demand [29] Other Important Information - The company opened 695 hotels and closed 155 in Q1 2025, with a pipeline of 2,865 hotels by quarter end [9] - The member base increased to nearly 280 million, with room nights generated through the central reservation system accounting for 65.1% [13] - The company is actively pursuing asset-light transactions to improve profitability and reduce overhead costs [34] Q&A Session Summary Question: Expectations on RevPAR for Q2 2025 and full year 2025 - Management expects RevPAR to decline at a low single digit for Q2 2025, with efforts to stabilize it amid uncertainties [28] Question: Specific reasons behind business travel weakness - Management indicated that the weakness is more related to supply issues rather than demand, with significant supply increases over the past two years [29] Question: Further plans on DH strategy to improve profitability - Management is focused on asset-light transactions and reducing overhead costs, with ongoing restructuring efforts [34] Question: Evaluation of competition landscape in limited service - Management noted that fixed costs, particularly rental costs, have been declining, and operational efficiency is being improved to maintain competitiveness [37] Question: Reasons for the gap between blended RevPAR and like-for-like RevPAR - The gap is attributed to continuous product upgrades and pressures from supply surges, with efforts to optimize revenue management [49]

Core Insights - The newly opened "Shangri-La Water Heart" in Hangzhou represents a significant transformation for the Shangri-La Group, aiming to blend luxury accommodation with local cultural experiences [1][3] - The hotel is positioned as the first establishment under the luxury brand Shangri-La Signatures, reflecting the group's ambition to redefine its brand image in the luxury market [3][5] - The renovation retains historical elements while introducing modern design, aiming to create a unique identity that resonates with both local and international guests [1][5] Company Strategy - Shangri-La Group has been updating its brand image since 2021, launching a new branding initiative and modern design styles to appeal to a younger demographic [5][7] - The introduction of the Shangri-La Signatures brand is part of a broader strategy to compete in a rapidly evolving hotel market, where consumer preferences are shifting towards personalized and unique experiences [3][7] - The group operates four brands, including Shangri-La, JEN, Kerry, and Traders, with JEN targeting independent business and leisure travelers, showcasing successful innovation within the portfolio [7] Market Position - Despite the recent renovations and new openings, Shangri-La's traditional image remains entrenched in consumer perception, posing challenges in attracting a younger audience [7][8] - The competitive landscape in first-tier cities has intensified, with consumers having more choices, leading to a need for Shangri-La to differentiate itself beyond being a safe choice [7][8] - The success of the Shangri-La Signatures brand will depend on its ability to establish a strong presence and expand beyond the initial offering, which currently appears to be a standalone project [8]

Group 1 - The core viewpoint of the article is the introduction of a comprehensive policy package to support the development of high-end hotels in Rizhao City, aimed at enhancing the local tourism and hospitality industry [1][3]. Group 2 - The policy defines "high-end hotels" as newly constructed and operated hotels in Rizhao City that meet national star rating standards [3]. - The policy encourages high-end hotel projects to prioritize locations with convenient public transportation and rich tourism resources, while also supporting the revitalization of existing land [3]. - The planning review standards for new high-end hotels will be optimized, allowing for relaxed green space ratios, building density, and parking requirements [3]. Group 3 - The land supply methods encouraged by the policy include long-term leasing, "rent first then let," flexible lease terms, and a combination of leasing and selling [3]. - During the land supply phase, the policy allows for the processing of relevant planning permits to be expedited based on project maturity, enabling immediate commencement of construction upon land acquisition [3]. - New high-end hotel projects will be classified as lodging land, with land sold through public bidding and a minimum bidding deposit set at 20% of the starting price [3]. Group 4 - The land price can be paid in installments, with a maximum payment period of one year, and the initial payment must be at least 50% of the total land price within one month [3]. - The land price assessment for lodging land will be adjusted based on the commercial land benchmark price in the area, with a correction factor of 0.7 [3]. - New high-end hotel projects will benefit from a "green channel" for approvals, featuring a "one-stop" service and online parallel approvals, with simplified and expedited procedures [3]. Group 5 - The Rizhao City Commerce Department focuses on cultivating key players, brand building, and management services, successfully attracting high-end hotel brands such as Sheraton, Hilton, and Kaiyuan Senbo [4]. - The city has guided several high-end hotels to achieve national-level certifications, forming a brand matrix for high-end hotels in Rizhao [4]. - The Rizhao Cultural and Tourism Bureau has actively promoted the "Leisure Stay Rizhao" initiative, leading to the successful creation of five-star hotels, marking a significant milestone for the city's hospitality sector [4].