中国旅游月度报告 ——2025 年 11 月增长趋势向好：酒店每间可供出租客房收入（RevPAR）同比 + 2.1%、海南离岛免税同比 + 27%

Summary of China Tourism Monthly Conference Call Industry Overview - Industry Focus: China tourism sector, specifically lodging, Hainan duty-free sales, and Chinese outbound travel Key Points Lodging Sector - Hotel RevPAR: In November 2025, the blended RevPAR for China hotels increased by 2.1% YoY, compared to 2.6% YoY in October 2025, indicating resilience despite being a low season [1][2] - Average Daily Rate (ADR): Increased by 2.9% YoY, while occupancy (OCC) decreased by 0.8% YoY [2] - Segment Performance: - Economy segment RevPAR rose by 3.8% YoY (ADR +4.4%, OCC -0.6%) - Upscale & luxury segments saw a 2.1% YoY increase (ADR +1.4%, OCC +0.7%) - Midscale & upper midscale segments experienced a decline of 2.2% YoY (ADR -1.3%, OCC -0.8%) [2] - Year-to-Date Performance: For the first 11 months of 2025, the blended RevPAR declined by 3.9% YoY with ADR down 1.0% and OCC down 2.9% [2] Duty-Free Sales - Hainan Duty-Free Sales: Accelerated to 27% YoY in November from 13.1% YoY in October, driven by new policies, wealth effects, and concert events [1][3] - Per Capita Spending: Increased by 41% YoY to Rmb 7,232, while the number of buyers saw a decline of 10% YoY [3] - Product Imports: Cosmetics imports rebounded to 4% YoY from a decline of 41% YoY in October, apparel imports rose by 14%, while watch imports fell by 20% YoY [3] - Future Outlook: Positive sales trends are expected to continue into the peak season, potentially aiding in the earnings recovery of CTG Duty Free [3] Outbound Travel - Travel Trends: There was a deceleration in Chinese outbound travel in November compared to October, attributed to the typical low season for leisure travel [4] - Travel to Japan: Growth slowed to 3% YoY, reaching only 75% of 2019 levels, down from 98% in October, influenced by recent travel warnings from the Chinese government [4] - Shift in Demand: Anticipated shift in demand towards other Asian destinations or increased domestic tourism [4] Companies Mentioned - Atour Lifestyle Holdings Ltd (ATAT.O) - BTG Hotels (600258.SS) - China CYTS Tours Holding (600138.SS) - China Tourism Group Duty Free Corp (601888.SS) - H World (HTHT.O) - Samsonite Group SA (1910.HK) - Shanghai Jinjiang International Hotels (600754.SS) - Shangri-La (0069.HK) - Songcheng Performance Development (300144.SZ) [34] Additional Insights - The hotel sector is expected to maintain a stable RevPAR trend into December, with Atour identified as a top pick due to its rapid expansion and focus on sleep-oriented retail [1] - The duty-free sector's recovery is bolstered by favorable policies and consumer spending patterns, indicating a positive outlook for earnings in the upcoming peak season [3]