Investment Rating - The investment rating for the company is "Buy" with a target price indicating a relative return of over 20% within the next six months [8][19]. Core Views - The company is expected to experience a slight decline in revenue for 2024, projected at 7.75 billion yuan, a decrease of 0.5% year-on-year, while the net profit attributable to shareholders is expected to grow by 1.4% to 810 million yuan [1][2]. - The company plans to accelerate the opening of standard hotels, targeting 1,500 new openings in 2025, which is anticipated to contribute to future performance growth [4][5]. - The company has shown resilience in its operating metrics, with a RevPAR of 167 yuan in 2024, down 3.2% year-on-year, but better than industry averages [3][5]. Financial Performance Summary - For 2024, the hotel business is expected to generate 7.2 billion yuan in revenue, a decrease of 0.6%, while the total profit for this segment is projected to increase by 3.5% to 890 million yuan [2]. - The company’s gross margin is expected to improve slightly to 38.4%, with a net profit margin of 10.4%, reflecting a 0.2 percentage point increase [5][7]. - The company plans to distribute a cash dividend of 0.36 yuan per share for 2024, with a payout ratio of 49.85%, up from 30.9% in 2023 [1][5]. Operational Metrics - The company reported a RevPAR of 154 yuan in Q4 2024, a decrease of 1.2% year-on-year, indicating a narrowing decline compared to previous quarters [3][5]. - The occupancy rate (OCC) for 2024 is projected at 68.2%, down 0.6 percentage points year-on-year, while the average daily rate (ADR) is expected to be 245 yuan, down 2.3% [3][5]. Expansion Plans - By the end of 2024, the company aims to have 7,002 hotels, an increase of 11.8% year-on-year, with a significant focus on expanding its standard and mid-to-high-end hotel segments [4][5]. - The company has a reserve of 1,743 potential new hotels, with 943 of these being standard hotels, indicating a robust pipeline for future growth [4][5].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company achieved a revenue of 7.751 billion RMB in 2024, a slight decrease of 0.54% year-on-year, while the net profit attributable to shareholders was 806 million RMB, reflecting a growth of 1.41% year-on-year [3][8] - The company's RevPAR (Revenue per Available Room) for all hotels was 167 RMB, down 3.2% year-on-year, indicating resilience in operations compared to the overall industry decline [3][8] - The company opened 1,353 new stores in 2024, a 12.5% increase year-on-year, and plans to open 1,500 new stores in 2025, supported by a reserve of 1,743 stores as of the end of 2024 [8] Summary by Sections Financial Performance - The company reported a total revenue of 77.51 billion RMB in 2024, with a slight decline of 0.54% year-on-year. The hotel business generated 72.35 billion RMB in revenue, down 0.58%, while the scenic area business saw a revenue of 5.16 billion RMB, up 0.07% [8] - The net profit attributable to shareholders was 8.06 billion RMB, with a growth of 1.41% year-on-year, and the net profit excluding non-recurring items was 7.33 billion RMB, up 1.92% [8] Operational Metrics - The company’s RevPAR, occupancy rate (OCC), and average daily rate (ADR) showed a decline of 4.7%, 1.4 percentage points, and 2.6% respectively, but these declines were less severe than the overall market, indicating operational resilience [8] - The company achieved a net increase of 739 stores, a significant growth of 163.9% year-on-year, with a focus on improving the quality of new openings [8] Future Outlook - The company aims to open 1,500 new stores in 2025, with a strong pipeline of 1,743 stores already reserved, which is expected to support its growth targets [8] - The company is also focusing on high-quality development, with 412 new mid-to-high-end hotels opened in 2024, a 45.6% increase year-on-year [8]

Core Insights - The company reported a revenue of 7.751 billion yuan for 2024, a year-over-year decrease of 0.5%, and a net profit attributable to shareholders of 806 million yuan, an increase of 1.4% year-over-year [1] - In Q4 2024, the company achieved a revenue of 1.862 billion yuan, down 1% year-over-year, with a net profit of 83 million yuan, a decline of 25% year-over-year [1] Business Segment Performance - Hotel operations generated revenue of 5.067 billion yuan in 2024, down 5% year-over-year, with a gross margin of 18.7%, a decrease of 2.6 percentage points [1] - Hotel management revenue reached 2.168 billion yuan, an increase of 12% year-over-year, with a gross margin of 77.7%, up 1.6 percentage points [1] - Scenic area business revenue was stable at 516 million yuan, with a gross margin of 66.1%, down 2.6 percentage points year-over-year [1] Hotel Performance Metrics - The average RevPar for the company's hotels in Q4 2024 was 134 yuan, a decrease of 3.0% year-over-year, with an occupancy rate of 61.1%, down 1.5 percentage points [1] - The full-year RevPar for 2024 was 147 yuan, down 4.7% year-over-year, with an average daily rate (ADR) of 229 yuan, down 2.6% year-over-year, and an occupancy rate of 64.2%, down 1.4 percentage points [1] Expansion and Future Plans - In Q4 2024, the company opened 401 new stores, with a net increase of 253 stores, totaling 1,353 new stores for the year, a 13% increase year-over-year [2] - The company plans to open 1,500 new stores in 2025, focusing on increasing the proportion of standard management and mid-to-high-end hotels [2] - As of December 31, 2024, the company had a store reserve of 1,743, with 943 standard management hotels, an 11% year-over-year increase [2] Financial Forecast - The company forecasts revenues of 8 billion yuan, 8.2 billion yuan, and 8.5 billion yuan for 2025 to 2027, representing year-over-year growth of 3%, 3%, and 4% respectively [2] - Net profits are expected to be 910 million yuan, 1.01 billion yuan, and 1.11 billion yuan for the same period, with year-over-year growth of 13%, 11%, and 10% respectively [2]

事件 风险提示：宏观经济增长放缓风险；扩张进展不及预期风险；竞争格局恶化风险。 公司发布2024 年年度报告。2024 年公司实现收入77.5 亿元，同比下滑0.5%，归母净利润为8.1 亿元， 同比增长1.4%，扣非归母净利润为7.3 亿元，同比增长1.9%。单四季度，公司实现收入18.6 亿元，同比 下滑1.1%，归母净利润为0.8亿元，同比下滑24.7%，扣非归母净利润为0.7 亿元，同比下滑23.5%。 四季度经营有所承压，酒店、景区业务兼具压力2024Q4 公司收入同比下滑1.1%，其中酒店业务/景区运 营收入同比分别下滑0.8%/2.3%，景区与酒店业务经营压力略上行。收入端压力向利润端传导，公司利 润总额下滑10.4%，其中酒店业务/景区运营利润总额同比分别-15.8%/+2.8%，酒店运营负经营杠杆更为 明显。从成本费用细项来看，2024Q4 公司毛利率/销售费用率/管理费用率/财务费用率同比分别 +1.4pct/+1.8pct/-0.2pct/-0.2pct。 标准管理酒店开店数量创新高，开店结构持续高质量发展2024 年公司新开酒店1353 家，完成年初 1,200-1,400 家开业指引 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing accelerated store openings and an improved structure, with a focus on high-quality development through product upgrades and market expansion [6] - The company reported a slight decline in revenue for 2024, with total revenue of 7,751 million yuan, a year-on-year decrease of 0.54%, while net profit increased by 1.41% to 806 million yuan [6] - The company is strategically expanding its mid-to-high-end hotel offerings, with a significant increase in the number of new openings and net openings, particularly in the standard management hotel segment [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 7,796 million yuan, with a projected growth rate of 0.6% [5] - The forecasted net profit for 2025 is 903 million yuan, reflecting an 11.9% year-on-year increase [5] - The company plans to maintain a cash dividend of 4.02 billion yuan, which represents 49.85% of the annual net profit [6]

4Q24 业绩略低于预期，维持"持有"评级：4Q24 首旅酒店录得收入人民币18.5 亿元，同比下降1.1%，归 母净利润为8,300 万元，同比下降24.7%，略低于我们的预期。其中，毛利率在结构改善的带动下，同 比提升1.4ppt 至34.4%。同时，公司在行业下行周期加大销售费用，销售费用率同比提升1.8ppt 至 8.4%，费用率同比有所提升。我们下调了2025-2026E 盈利预测，并下调目标价至14.8 元，维持"持 有"评级。 4Q24 酒店经营仍旧承压：4Q24 首旅酒店在高基数的影响下，RevPAR同比下降3%。其中ADR 同比下 降0.6%，OCC 同比下降1.5 个百分点。 但如剔除轻管理酒店的影响，RevPAR 同比下降1.2%，主要是OCC 仅同比下降0.3 个百分点。我们认 为，随着整体行业走出高基数的困境，展望2025 年首旅酒店RevPAR 有望企稳。 开店速度持续增长，并将在2025 年延续：4Q24 公司新开店401 家，开店数量创单季历史新高。同时， 公司预计将继续在2025 年加快开店步伐，新开约1,500 家。但我们认为，在现有的门店升级计划下，关 店将持续，公司为达 ...

事件：首旅酒店发布2024 年报，24 年实现营收77.51 亿元，同比-0.5%；归母净利润8.06 亿元，同比 +1.4%。24Q4 公司实现营收18.62 亿元，同比-1.1%；归母净利润0.83 亿元，同比-24.7%。24 年公司拟 现金分红4.02 亿元，分红率为49.85%，较23 年有所提升（23 年分红率为30.9%）。 24Q4 新开店数量为401 家，新开店中，经济型/中高端/轻管理分别为108/99/193家。 全年盈利能力同比小幅提升，24Q4 销售费用率上升明显。24 年/24Q4 公司毛利率分别为38.4%/34.4%， 分别同比+0.2/+1.4pcts。 24 年/24Q4 公司期间费用率分别为23.7%/24.5%，分别同比+0.2/+1.6pcts；其中，24 年销售/ 管理/ 财务 费用率分别为7.4%/10.8%/4.6% ， 分别同比+0.1/-0.4/-0.6pcts。全年来看，公司各项费用管控较严。 24Q4 销售/管理/财务费用率分别为8.4%/10.7%/4.5%，分别同比+1.8/-0.2/-0.2pcts。全年及Q4 的销售费用 率增加主要系支付OTA ...

北京首旅酒店（集团）股份有限公司与第二大股东 携程上海及其关联方 2024 年度日常关联交易情况 及 2025 年度预计日常关联交易的补充公告 股票代码：600258 股票简称：首旅酒店 编号：临 2025-023 一、日常关联交易情况 （一）日常关联交易已履行的审批程序 2025 年 3 月 24 日，公司独立董事召开了 2025 年第二次专门会议，审议通过 2025 年度与第二大股东携程上海及其关联方预计发生的日常关联交易，同意将 《公司与第二大股东携程上海及其关联方 2024 年度日常关联交易情况及 2025 年 1 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： ●北京首旅酒店（集团）股份有限公司（以下简称"公司"）于 2025 年 3 月 29 日披露了《公司与第二大股东携程上海及其关联方 2024 年度日常关联交易 情况及 2025 年度预计日常关联交易公告》（临 2025-014 号），现将 2025 年 1-2 月底与关联方实际发生的数据进行补充披露。 ●2024 年度公司与第二大股东携程旅游信 ...

及 2025 年度预计日常关联交易的补充公告 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： 股票代码：600258 股票简称：首旅酒店 编号：临2025-022 北京首旅酒店（集团）股份有限公司 与控股股东首旅集团及其关联方 2024 年度日常关联交易情况 ●北京首旅酒店（集团）股份有限公司（以下简称"公司"）于 2025 年 3 月 29 日披露了《公司与控股股东首旅集团及其关联方 2024 年度日常关联交易 情况及 2025 年度预计日常关联交易公告》（临 2025-013 号），现将 2025 年 1-2 月底与关联方实际发生的数据进行补充披露。 ●公司与控股股东首旅集团及其所属企业（以下简称"关联方"）2025 年 1-2 月实际发生金额 2,693.39 万元（未经审计），预计 2025 年度发生日常关联 交易共计 21,138 万元不变。 ●该关联交易议案需提交股东会审议，控股股东首旅集团及其关联方需回 避表决。 一、 日常关联交易情况 （一）日常关联交易已履行的审批程序 2025 年 3 月 2 ...

北京首旅酒店（集团）股份有限公司 ●本次增资额将全部用于环汇置业按持股比例偿还各股东公司借款。 ●增资后，公司对环汇置业的剩余股东借款仍由环汇置业按年息 6%支付资 金占用费，并按季度结算。 ●本次关联交易为 2024 年 4 月 20 日披露的"公司收购控股股东首旅集团持 有的北京环汇置业有限公司 9%股权及债权的关联交易"的后期变动调整事项。 ●公司独立董事对本次重大关联交易事项召开了专门会议进行了事前审核， 发表了明确的审核意见。 会议文件 北京首旅酒店(集团)股份有限公司 2025 年第二次临时股东会 议案：《关于与关联方共同以现金方式对合资公司进行增资 并由其偿还股东借款的关联交易的议案》 ●关联交易概述：北京首旅酒店（集团）股份有限公司（以下简称"首旅酒 店"或"公司"）拟与本公司控股股东北京首都旅游集团有限责任公司（以下简 称"首旅集团"）及同一控制人关联企业王府井集团股份有限公司（以下简称"王 府井"）等各方股东，共同以现金方式，按股权比例向北京环汇置业有限公司（以 下简称"环汇置业"或"标的公司"）增资，环汇置业增资总额 326,000 万元， 并由其偿还各方股东前期投入的股东借款，其中本公 ...