Core Viewpoint - The company reported a slight decline in revenue for 2024, with a total income of 7.75 billion, reflecting a year-over-year decrease of 0.5%, while net profit showed a modest increase of 1.4% to 806 million [1] Financial Performance - For the full year 2024, the hotel business generated 7.2 billion in revenue, down 0.58% year-over-year, while the scenic area business saw a slight increase to 520 million, up 0.07% [1] - In Q4 2024, total revenue was 1.86 billion, a decrease of 1.05% year-over-year, with net profit dropping significantly by 25% to 83 million [1][2] - The overall profit margin for hotels in 2024 was 890 million, up 3.5% year-over-year, while scenic area profits fell by 7.1% to 230 million [2] - Q4 2024 saw a gross margin of 34.44%, an increase of 1.4 percentage points, while the sales expense ratio rose to 8.4%, up 1.8 percentage points [2] Operational Performance - In Q4 2024, the overall RevPAR (Revenue per Available Room) was 134, down 3% year-over-year, with a decline in ADR (Average Daily Rate) of 0.6% and occupancy rate down by 1.5 percentage points [3] - The company opened 1,353 new hotels in 2024, a year-over-year increase of 12.5%, with a net increase of 739 hotels, up 163.9% [4] - For Q4 2024, 401 new hotels were opened, with 48% being light management hotels [4] Membership and Product Development - By the end of 2024, the company had 197 million members, a growth of 30.8% year-over-year [5] - The company launched the upgraded "Home 4.0" product in the first half of 2024, with the proportion of "Home 3.0" and above products increasing from 58.5% to 71.8% by year-end [5] Future Outlook - The company plans to open 1,500 new hotels in 2025, aiming to further increase the proportion of standard management and mid-to-high-end hotels [4][5] - Projected net profits for 2025 to 2027 are estimated at 910 million, 1.02 billion, and 1.14 billion respectively, with corresponding PE ratios of 17, 15, and 13 [5]