2025 年 4 月 30 日 公司研究 25Q1 利润端增长较好，开店结构持续优化 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 ——首旅酒店（600258.SH）2025 年一季报点评 增持（维持） 当前价：14.80 元 作者 -23% -12% -1% 10% 21% 04/24 07/24 10/24 01/25 首旅酒店 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 14.08 | 14.90 | -7.83 | | 绝对 | 11.19 | 14.37 | -3.66 | | 资料来源：Wind | | | | 相关研报 24 年分红力度提升，25 年开店目标扩大至 1500 家——首旅酒店（600258.SH）2024 年年报点评（2025-04-01） 高基数下 24Q3Revpar 承压，标准店占比提 升——首旅酒店（600258.SH）2024 年三季 报点评（2024-11-03） 上半年盈利能力提升，加速优化酒店产品结 构——首旅酒店（600 ...

Investment Rating - The report maintains the investment rating for the company [3] Core Views - The company is projected to experience steady revenue growth, with expected revenues of 7751.22 million in 2024, increasing to 8592.36 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 4% [8] - The net profit is forecasted to rise from 820.09 million in 2024 to 1210.41 million in 2027, indicating a strong growth trajectory [8] - The report highlights improvements in key financial ratios, including a projected net profit margin increase from 10.40% in 2024 to 13.81% in 2027 [8] Financial Summary - **Balance Sheet**: Total assets are expected to grow from 24885.18 million in 2024 to 27918.70 million in 2027, while total liabilities will decrease from 13064.67 million to 12809.87 million over the same period [7] - **Cash Flow Statement**: Operating cash flow is projected to decrease from 3370.87 million in 2024 to 2225.03 million in 2027, while net cash increase is expected to rise significantly from 113.90 million to 1605.99 million [7] - **Profit and Loss Statement**: The company anticipates an increase in EBITDA from 3494.80 million in 2024 to 2553.30 million in 2027, with a consistent growth in operating profit [8] Key Financial Ratios - The report indicates a decrease in the debt-to-asset ratio from 52.50% in 2024 to 45.88% in 2027, suggesting improved financial stability [8] - Return on equity (ROE) is expected to rise from 6.89% in 2024 to 7.95% in 2027, reflecting enhanced profitability [8] - The price-to-earnings (P/E) ratio is projected to decline from 20.51 in 2024 to 13.94 in 2027, indicating potential undervaluation of the stock [8]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,765,413,982.68, a decrease of 4.34% compared to CNY 1,845,458,817.94 in the same period last year[4] - Net profit attributable to shareholders increased by 18.37% to CNY 142,704,757.44 from CNY 120,562,905.79 year-on-year[4] - The total profit for the period was 202.04 million yuan, an increase of 16.42% compared to the previous year, with hotel business profit rising by 47.64% to 76.50 million yuan[13] - Net profit for Q1 2025 reached approximately ¥160.12 million, an increase of 19.73% compared to ¥133.78 million in Q1 2024[35] - Operating profit for Q1 2025 was approximately ¥202.11 million, up 19.49% from ¥169.19 million in Q1 2024[34] - Total comprehensive income for Q1 2025 was approximately ¥159.19 million, compared to ¥133.79 million in Q1 2024[35] Cash Flow and Assets - The net cash flow from operating activities rose by 12.95% to CNY 673,437,789.17 compared to CNY 596,236,020.36 in the previous year[4] - Cash flow from operating activities for Q1 2025 was negative at CNY -5,385,668.84, compared to a positive CNY 6,177,453.25 in Q1 2024[46] - The total current assets as of March 31, 2025, amounted to 3,254,074,859.83 RMB, an increase from 3,098,815,311.86 RMB at the end of 2024[29] - The company's total liabilities decreased from 13,064,669,248.36 RMB at the end of 2024 to 12,814,641,334.92 RMB as of March 31, 2025[31] - The ending cash and cash equivalents balance for Q1 2025 was approximately ¥1.39 billion, down from ¥1.60 billion in Q1 2024[38] Hotel Operations - The average daily rate (ADR) for hotels was CNY 228, down 2.0% year-on-year, while the revenue per available room (RevPAR) was CNY 141, a decline of 4.6%[9] - The occupancy rate (Occ) was 61.7%, a decrease of 1.7 percentage points compared to the previous year[9] - As of March 31, 2025, the company operated a total of 7,084 hotels, with 2,057 mid-to-high-end hotels accounting for 29.0% of the total[14] - The average RevPAR for all hotels was 124 yuan, a decrease of 5.3% year-on-year, while the average room rate was 212 yuan, down 2.5%[21] - For mature hotels (over 18 months), RevPAR was 125 RMB, a year-on-year decrease of 8.5%; average daily rate was 211 RMB, down 4.6%; occupancy rate was 59.3%, down 2.5 percentage points[24] - In Q1 2025, the average occupancy rate for economy hotels was 63.4%, down 4.0 percentage points year-on-year[28] Expansion and Development - A total of 300 new stores were opened during the reporting period, representing a 46.3% increase year-on-year, with 192 standard management hotels opened, up 88.2%[10] - The proportion of mid-to-high-end hotels among new openings reached 30%, with 90 new mid-to-high-end hotels opened, a year-on-year increase of 36.4%[10] - The company has signed contracts for 1,724 new stores that are either not yet opened or in the process of being signed as of March 31, 2025[18] - The company's franchise operations accounted for 99.0% of new openings, with the proportion of franchise-operated stores rising to 91.6% by the end of the reporting period[10] Strategic Initiatives - The company anticipates a positive outlook for the tourism economy in 2025, with expectations for record highs in domestic travel and spending[9] - The company plans to enhance member engagement through a comprehensive upgrade of the "LIFE Club" membership program, expanding benefits across various lifestyle scenarios[11] - The company is focusing on digital transformation and AI technology to improve operational efficiency and management capabilities[12] Financial Position - The total assets at the end of the reporting period were CNY 24,794,991,324.63, a slight decrease of 0.36% from CNY 24,885,179,791.50 at the end of the previous year[4] - The company's total equity attributable to shareholders increased by 1.22% to CNY 11,840,652,456.28 from CNY 11,698,230,149.86 at the end of the previous year[4] - The total equity increased to CNY 11,915,977,607.29 from CNY 11,890,427,273.06, reflecting a growth of 0.2%[42] - The company's accounts receivable rose to CNY 20,225,743.93 from CNY 4,332,632.16, an increase of 367.5%[41] Cash Flow from Investing and Financing Activities - Cash flow from investing activities for Q1 2025 showed a net outflow of approximately ¥153.42 million, compared to a net inflow of ¥29.02 million in Q1 2024[38] - Cash flow from financing activities for Q1 2025 resulted in a net outflow of approximately ¥423.94 million, compared to a net outflow of ¥213.67 million in Q1 2024[38] - The net cash flow from investing activities was -129,819,413.69, a decrease from 64,732,323.18 in the previous period[47] - The net cash flow from financing activities was -72,464,062.33, down from 92,536,931.50 in the prior period[47] - Total cash outflow from investing activities was 763,153,543.41, significantly higher than 350,404,913.62 last year[47] Accounting Standards - The company will implement new accounting standards starting from 2025, which may affect the financial statements[47]

证券代码：600258 证券简称：首旅酒店 编号：临 2025-026 北京首旅酒店（集团）股份有限公司 2024年年度股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 4 月 25 日 (二)股东会召开的地点：北京市朝阳区建国门外大街 3 号京伦饭店二层会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 333 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 597,130,153 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 53.4773 | 注：公司总股本为 1,116, 603, 126 股，全部为普通股 A 股。出席本次股东会股东全部为 A 股股东。 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 因公司董事长李云女 ...

北京市朝阳区建国路 79 号华贸中心 2 号写字楼 28 层 28/F, Tower 2, China Central Place, No. 79, Jianguo Road Chaoyang District, Beijing, 100025, P.R.China 总机: 86-10- 8567 3688 传真: 86-10-6440 2915 北京市中伦文德律师事务所 关于北京首旅酒店（集团）股份有限公司 2024年年度股东会的 法 律 意 见 书 致：北京首旅酒店（集团）股份有限公司 北京市中伦文德律师事务所（以下称"本所"）接受北京首旅酒店（集团）股份 有限公司（以下称"公司"）的委托，指派本所律师出席了公司 2024 年年度股东会（以 下称"本次股东会"），对公司本次股东会的召集和召开程序、出席本次股东会人员的 资格和召集人资格、表决程序和表决结果的合法性、有效性，依据《中华人民共和国 公司法》（以下称"《公司法》"）《中华人民共和国证券法》（以下称"《证券法》"）《上 市公司股东大会规则》（以下称"《股东大会规则》"）《上海证券交易所上市公司自律 监管指引第 1 号——规范运作》（以下称"《自律监 ...

股票代码：600258 股票简称：首旅酒店 编号：临 2025-025 北京首旅酒店（集团）股份有限公司 关于使用闲置募集资金进行现金管理到期赎回 并继续进行现金管理进展的公告 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： 继续现金管理委托理财产品总金额：人民币 1.5 亿元； ●到期赎回委托理财产品名称、金额： 招商银行股份有限公司上海分行结构性存款 1.5 亿元； 招商银行股份有限公司上海分行结构性存款 0.5 亿元； ●继续现金管理委托理财产品名称、金额： 招商银行股份有限公司上海分行结构性存款【NSH07805】1.5 亿元； ●委托理财期限：自董事会审议通过的决策有效期内购买，单笔委托理财期 限最长不超过 1 年； 本次到期赎回的结构性存款期限分别为 90 天、91 天；继续现金管理的结构性 存款期限分别为 91 天； ●履行的审议程序： 2024 年 12 月 20 日，公司召开第九届董事会第三次会议及第九届监事会第三 次会议，审议通过了《关于公司使用闲置募集资金进行现金管理的议案》。在不 影响募 ...

Group 1 - The A-share tourism and hotel sector has experienced a decline, with several stocks such as Tongqinglou, Dalian Shengya, Xi'an Yinshi, Quanjude, Shoulu Hotel, and Xiyu Tourism dropping over 5% [1]

石基集团与首旅酒店（600258）集团联合宣布，双方战略合作再获突破性进展：截至目前，首旅集团旗 下及酒店集团管理的13家酒店已成功切换至石基Cambridge云PMS，随着北京国际饭店于近期正式上 线，长安街沿线的8家酒店已全面上线Cambridge云PMS。这也是双方深化合作过程中的重要里程碑。 (石基信息（002153）) ...

北京首旅酒店（集团）股份有限公司 2024 年年度股东会 会议文件 2025 年 4 月 25 日 1 目录： | 议案一：《公司 年度董事会工作报告》…………………………………………3 | 2024 | | --- | --- | | 议案二：《公司 年度独立董事述职报告》……………………………………11 | 2024 | | 议案三：《公司 年度监事会工作报告》………………………………………44 | 2024 | | 议案四：《公司 年度财务决算报告》…………………………………………49 | 2024 | | 议案五：《公司 年度利润分配的预案》………………………………………51 | 2024 | | 议案六：《公司 年年度报告全文及摘要》……………………………………55 | 2024 | | 议案七：《公司 年度借款额度申请的议案》…………………………………64 | 2025 | | 议案八：《2025 年度关于对控股子公司财务资助额度的议案》…………………65 | | | 议案九：《2025 年度向控股股东首旅集团获得财务资助额度的关联交易议案》66 | | | 议案十：《关于公司与控股股东首旅集团及 ...

致:北京首旅酒店(集团)股份有限公司 北京市中伦文德律师事务所(以下称"本所")接受北京首旅酒店(集团)股份 有限公司(以下称"公司")的委托,指派本所律师出席了公司 2025年第二次临时股 东会(以下称"本次股东会"),对公司本次股东会的召集和召开程序、出席本次股东 会人员的资格和召集人资格、表决程序和表决结果的合法性、有效性,依据《中华人 民共和国公司法》(以下称"《公司法》")《中华人民共和国证券法》(以下称"《证券 法》")《上市公司股东大会规则》(以下称"《股东大会规则》")《上海证券交易所上市 公司自律监管指引第1号 -- 规范运作》(以下称"《自律监管指引第1号》")等相关 法律法规及规范性文件以及《北京首旅酒店(集团)股份有限公司章程》(以下称"《公 司章程》")进行了认真地审查。 本所律师根据《中华人民共和国律师法》《律师事务所从事证券法律业务管理办 法》等规定,按照律师行业公认的业务标准、道德规范及勤勉尽责精神,对公司提供 的文件进行了核查和验证,并据此进行了独立的判断,现出具本法律意见书。 一、本次股东会的召集、召开程序 (一)本次股东会的召集程序 本次股东会由公司董事会召集。公司董事会 ...