8月25日，曲江文旅发布2025年半年度报告。 期间，公司实现营业收入 5.32亿元，同比下降30.95%。 归属于上市公司股东的净利润-1388.07万元，亏损额有所减少；归属于上市公司股东的扣除非经常性损 益的净利润-7074.02万元。 其中，景区运营管理业务约占营业收入的 50.38%，酒店餐饮业务占营业收入的 23.67%，旅游商品销售 和电子商务业务收入占比2.24%，旅游服务（旅行社）业务占营业收入的 5.36%，园林绿化业务占营业 收入的0.37%，体育项目业务占营业收入的 17.98%。 ...

本报（chinatimes.net.cn）记者张蓓 见习记者 陈炳衡 实习记者 侯靖霖 北京报道 暑期向来是酒店业的黄金时段，然而2025年的暑期，酒店市场却意外地迎来了"寒冷一夏"。在全球经 济、市场供需、消费观念、自然气候等多重复杂因素交织影响下，酒店行业也迎来了严峻的挑战。 一方面，记者从浩华发布的行业报告了解到，今年上半年全国酒店行业整体平均房价下浮10%—12%、 收益率仅达到预算70%。另一方面，大量新店准备开业，以三大酒店集团为例，华住（HTHT.US）在其 财报中称，今年Q1华住新开业门店达694家，关店155家，待开业酒店数量为2865家。锦江酒店 （600754.SH）Q1财报显示，报告期内净增开业酒店97家；首旅酒店（600258.SH）Q1新开店300家，同 比增长46.3%。 在收入减少，但竞争对手增加的市场环境中，酒店总经理们如何精准剖析市场困境，制定及执行有效的 破局策略，成了实现逆袭的关键。 8月6日，《华夏时报》记者对伯豪瑞廷酒店总经理芦键进行了独家专访，针对酒店行业在房价和入住率 以及目标客群的变化等一系列问题进行深入探讨。 《华夏时报》：今年暑期，酒店房价价格表现如何？同 ...

Core Viewpoint - The long-term trend of improving corporate profitability in state-owned enterprises remains unchanged, with expectations for a recovery in overseas manufacturing activities under the backdrop of potential interest rate cuts by the Federal Reserve [1] Group 1: Economic Conditions - The labor market in the U.S. showed signs of weakening in the second quarter, creating conditions for the Federal Reserve to initiate interest rate cuts [1] - Since July, the external trade environment in the U.S. has stabilized, indicating marginal improvements in the economic sector [1] Group 2: Investment Recommendations - The first recommendation is to invest in upstream resource products (copper, aluminum, oil and petrochemicals) and capital goods (engineering machinery, heavy trucks, forklifts), as well as intermediate products (steel), which will benefit from the recovery of overseas manufacturing and domestic "anti-involution" policies [1] - The second recommendation suggests that equities will outperform bonds in the future, with non-bank financials benefiting from the bottoming of capital returns in the long-term asset side [1] - The third recommendation focuses on consumer sectors aligned with domestic policies centered around "people's livelihood," highlighting dividend-type consumption (food and beverages, home appliances) and certain service industries (hotels, restaurants, leisure tourism) [1]

酒店经营遭遇困难也好，新媒体时代餐饮求新求变也罢，五星级酒店可以"拉下脸来"出街摆摊，让自己 与普通市民的日常生活更贴近，让酒店员工多了一个开源创收的方式，同时在客观上也倒逼整个餐饮市 场求新求变、积极求存，光有这个想法就值得称许，有了走出去的行动则更是了不起。 五星级大厨穿戴整齐，在街边挥勺炒菜……日前，郑州一五星级酒店摆地摊一天收入3万元的消息引发 热议，媒体梳理发现，包括山东、江苏、浙江、广东等多地的五星级酒店已有不少都动了起来，而且往 往叫好又叫座，成为当地"夜经济"一景。 每个出街摆摊的酒店都开了不止一个直播，动辄关注者数万，各家外摆的看点也在花样翻新：厨师一水 的五星级装扮，餐饮拼了命地推各家特色，再有就是董事长、总经理下场掌勺……事实上在此之前，星 级酒店餐饮的"降维打击"就已经开始，邀约网红探店、推价格亲民的套餐，各家酒店在短视频平台捉对 厮杀已经好一阵子，百来块就可以在星级酒店吃一桌特色美味、体验星级环境，星级酒店在新媒体平台 的"低姿匍匐"抢市场，可以说一直都花样翻新。 至于说有论者忧虑五星级酒店抢了小摊贩的市场，可能才是对市场百态的一种误解。高品质餐饮的出 摊，在客观上拉高整体街谈餐饮的 ...

Core Viewpoint - The high-end hotel industry in China is undergoing significant changes, with traditional business models being challenged and new strategies emerging to attract customers and improve profitability [3][20][21]. Group 1: Industry Background - High-end hotels were once the center of attention, catering to elite clientele and influencing social events, but they are now facing declining relevance and profitability [3][4]. - The entry of foreign hotel chains in the 1980s established a dominant market presence, but local competition and changing consumer preferences have eroded their market share [7][10]. - The annual return on investment for five-star hotels in China is low, ranging from 0.3% to 4%, indicating a challenging financial landscape [11][20]. Group 2: Market Dynamics - The real estate sector has historically supported the hotel industry, but tightening regulations and market pressures have led to a surge in hotel asset sales [18][19]. - Major hotel groups like Marriott have reported strong performance, with a 73% year-on-year increase in signed room contracts, indicating a potential recovery in certain segments [7][21]. - The shift in consumer behavior, with a focus on unique experiences and value, is reshaping the competitive landscape for high-end hotels [42][47]. Group 3: Strategic Responses - High-end hotels are diversifying their offerings, including food and beverage services, to enhance customer experience and drive revenue [50][52]. - Collaborations with local platforms like Meituan are being explored to tap into a broader customer base and reduce customer acquisition costs [31][36]. - The integration of lifestyle elements into hotel offerings is becoming essential, as consumers seek more than just accommodation [48][49]. Group 4: Future Outlook - The hotel industry must adapt to changing consumer demands and preferences, focusing on personalized experiences and enhanced service quality to remain competitive [60][62]. - The potential for growth exists in lower-tier cities, where new hotel openings are planned to capture emerging consumer segments [35][36]. - Failure to adapt to these market changes could result in further financial distress for high-end hotels, as evidenced by recent bankruptcies in the sector [57][63].

Core Viewpoint - The high-end hotel industry in China is undergoing significant changes, facing challenges from both domestic competition and shifting consumer preferences, leading to a decline in traditional revenue sources and a need for innovation in service offerings and customer engagement [4][10][35]. Group 1: Historical Context and Market Dynamics - The emergence of five-star hotels in China began in the 1980s with foreign brands like Hilton and Marriott taking the lead, benefiting from favorable policies and market conditions [3]. - Over time, domestic hotel brands have gained traction, causing foreign hotels to lose their dominant position, with many international hotel groups reporting poor performance in the Greater China region [4][6]. - The investment return rate for five-star hotels in China is low, ranging from 0.3% to 4%, indicating that many high-end hotels are not profitable despite their prestigious status [6][9]. Group 2: Current Challenges and Consumer Behavior - The high-end hotel sector is experiencing a decline in traditional customer bases, such as government receptions and business travel, due to policy changes and cost-cutting measures by companies [18][12]. - Consumers are increasingly seeking unique and personalized experiences, leading to a shift in demand from mere accommodation to integrated lifestyle offerings [28][30]. - The collaboration between high-end hotels and local platforms like Meituan is seen as a strategic move to tap into younger consumer segments and enhance customer loyalty through innovative membership programs [20][25]. Group 3: Strategic Responses and Innovations - Major hotel chains like Marriott are adapting by diversifying their offerings, including food and beverage services, to attract a broader customer base and improve profitability [31][33]. - The partnership with Meituan has resulted in a significant increase in bookings, particularly among younger consumers, highlighting the effectiveness of leveraging local platforms for customer acquisition [22][25]. - High-end hotels are exploring new business models that integrate various lifestyle elements, aiming to create a more holistic experience for guests beyond just accommodation [30][34].