Investment Rating - The report maintains a "Buy" rating for Shoulu Hotel (600258) with a target price based on the last closing price of 16.90 [1][10]. Core Insights - Shoulu Hotel is investing in new hotel constructions to expand its assets, focusing on mid-to-high-end hotel segments in key urban areas, which reflects a strategic move to optimize its development model and capitalize on industry recovery opportunities [4][6]. - The company is adopting a dual approach of "new construction and leasing" to balance long-term asset accumulation with short-term profit realization, which aligns with the trend of combining light and heavy asset models in the hotel industry [8][9]. Summary by Sections Investment Projects - Shoulu Hotel's subsidiary, Home Inn (China), plans to invest 280.51 million yuan in a new hotel in Suzhou, with an expected internal rate of return (IRR) of about 4% and a construction period of 14 months [3][4]. - The company also intends to lease a property in Beijing for 322.75 million yuan, with an expected IRR of approximately 12% and a construction period of 9-10 months [3][4]. Strategic Positioning - The projects are strategically located in high-potential areas, covering the Yangtze River Delta and Beijing-Tianjin-Hebei economic zones, which are crucial for long-term performance growth [5][6]. - The Suzhou project is positioned in a provincial high-tech zone, benefiting from strong business and leisure demand, while the Beijing project is near major cultural and tourism attractions, enhancing its market presence [5][6]. Brand and Market Strategy - Both projects focus on mid-to-high-end brands, with a multi-brand strategy to cater to different customer segments, thereby avoiding internal brand competition and enhancing overall market competitiveness [7][8]. - The company aims to optimize its product structure and reduce reliance on low-end economy hotels, aligning with the trend of consumer upgrading in the hotel industry [7][8]. Financial Projections - Revenue and profit forecasts indicate a positive outlook, with expected net profits of 8.44 billion, 9.49 billion, and 10.87 billion yuan for 2025-2027, reflecting growth rates of 4.65%, 12.51%, and 14.47% respectively [10][12]. - The projected earnings per share (EPS) for 2025-2027 are 0.76, 0.85, and 0.97 yuan, with corresponding price-to-earnings (PE) ratios of 22X, 20X, and 17X [10][12].

Core Viewpoint - The company is strategically expanding its presence in the mid-to-high-end hotel sector by investing in two key projects in high-potential regions, aiming to optimize its development model and capitalize on industry recovery opportunities [2][3]. Project Summaries - The company plans to invest 280.51 million yuan in a new hotel property in Suzhou, with a construction period of 14 months and an expected internal rate of return (IRR) of approximately 4% [1]. - A lease agreement for a property in Beijing's Tongzhou District is set for 10 years, with a total investment of approximately 43.6 million yuan, including renovation costs, and an expected IRR of about 12% [1]. Regional Focus - Both projects are strategically located in core economic zones: the Suzhou project in the Yangtze River Delta and the Beijing project in the Beijing-Tianjin-Hebei region, aligning with the trend of focusing on core areas in the domestic hotel industry [2]. - The Suzhou project is positioned in a provincial high-tech zone, benefiting from strong business and leisure demand due to its proximity to major cities and established enterprises [2]. - The Beijing project is near the Universal Studios cultural tourism core area, which is expected to generate significant visitor traffic, enhancing the hotel's market presence [3]. Product Structure - Both projects focus on mid-to-high-end brands, aiming to upgrade the company's offerings and reduce reliance on low-end hotels [4]. - The Suzhou project will feature the "Jian Guo Pu Yin" and "Home Inn Select" brands, while the Beijing project will introduce three core brands: "Jian Guo Bo Cui," "Jian Guo Pu Yin," and "Jian Guo Fei Man" [4]. - The company emphasizes a differentiated strategy to avoid internal brand competition, targeting various customer segments within the mid-to-high-end market [4]. Development Model - The company employs a dual model of "new construction + leasing," balancing long-term asset accumulation with short-term profit realization [5]. - The Suzhou project, being a new build, focuses on long-term asset value, while the Beijing project, through leasing, allows for quicker operational deployment and immediate revenue generation [5]. Revenue Expectations - The expected IRR for the Suzhou project is around 4%, reflecting the long-term nature of new hotel developments, while the Beijing project is projected to have an IRR of approximately 12%, benefiting from its strategic location and operational model [6]. - This differentiation in expected returns aligns with the company's strategy to balance long-term stability with short-term profitability [6].

北京首旅酒店（集团）股份有限公司 2026 年第一次临时股东会 会议文件 2026 年 3 月 5 日 1 北京首旅酒店(集团)股份有限公司 2026 年第一次临时股东会 议案：《关于间接全资控股子公司租赁湾里·汀云小镇 1-5#酒店 项目暨关联交易的议案》 关联交易简要内容 关联交易标的名称：湾里汀云小镇 1-5#酒店项目 关联交易事项 北京首旅酒店（集团）股份有限公司（以下简称"首旅酒店"或者"公司"） 间接全资控股子公司如家酒店连锁(中国)有限公司（以下简称"如家（中国）"） 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 关联企业共同参股投资的北京环汇置业有限公司（以下简称"环汇置业"）签署 了《商业房屋租赁合同》，租赁期 10 年，其中租赁期租金含税总金额为 29,859.071684 万元；物业费含税总金额为 2,415.469927 万元，两项合计含税 总金额为 32,274.541611 万元。另，租赁保证金 506.74572 万元。根据多品牌集 群方案及其工程以及配套设施设备的建设规划，后续拟投资 10,818.6 万元用于 装修和运营，打造建国铂萃、建国璞隐、建国 ...

Group 1 - The core investment project involves the construction of new hotel properties by Beijing Shoulv Hotel Group Co., Ltd.'s indirect wholly-owned subsidiary, Homeinns Hotel Chain (China) Co., Ltd. [2][3] - The total estimated investment for the project is 280.51 million yuan, with funding sourced from Homeinns' own funds [3][10]. - The project is located at 1066 Luxin Avenue, Fenhu High-tech Zone, Wujiang District, Suzhou, Jiangsu Province, covering a planned total construction area of approximately 26,000 square meters [7][8]. Group 2 - The project includes the construction of two hotel properties along with related renovations and supporting works, with an estimated construction period of 14 months [11][19]. - The board of directors approved the investment proposal on February 11, 2026, and it does not require shareholder meeting approval [4][12]. - The investment does not involve related party transactions and does not constitute a major asset restructuring [5][12]. Group 3 - The project aims to strengthen the company's mid-to-high-end hotel brand positioning, enhancing market competitiveness and contributing to regional economic development [22][23]. - The project is strategically significant for leveraging opportunities in the Yangtze River Delta economic zone and accelerating brand asset deployment in East China [22][23]. - The investment is expected to have no significant impact on the company's overall revenue and profit [24].

Group 1 - Unisplendour plans to raise no more than 5.57 billion yuan through a private placement to acquire a 6.98% stake in H3C and for other projects [1] - Dawi Technology's Zhangbei data center project will not involve computing power leasing and is expected to have minimal revenue contribution in 2025 [2] - Kaixin Network's subsidiary signed a settlement agreement with Legend IP, which is expected to positively impact the company's profit by approximately 200 million yuan [3] Group 2 - Newray plans to acquire a 70% stake in PCB tool company Huilian Electronics for no more than 700 million yuan, enhancing its market position [4] - Shangwei New Materials' embodied intelligent robot business is still in the product development stage and has not yet generated revenue [5] - Lanshi Heavy Industry's deputy general manager is under investigation for suspected violations, but the company's operations remain unaffected [6] Group 3 - Tianji Technology is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations, but its operations are normal [8] - Top Group expects a net profit decline of 3% to 13% in 2025, despite revenue growth of 8.08% to 14.10% [9] - Shoulu Hotel's subsidiary plans to invest 281 million yuan in a new hotel property project, expected to enhance its business scale and profitability [10] Group 4 - Pingzhi Information plans to raise no more than 1 billion yuan for the construction of a domestic intelligent computing center [11] - Dongfang Guoxin's Inner Mongolia intelligent computing center project has been partially completed, contributing a small revenue share [12] - Zhongwei Semiconductor intends to allocate 1 billion yuan of surplus fundraising for a new investment project [13] Group 5 - Guolin Technology plans to issue up to 16.5 million shares, which will increase its total share capital to 201 million shares [14] - Dabeinong reported a 22.71% year-on-year increase in pig sales in January [15] - Qiu Tai Technology sold 41.48 million mobile camera modules in January, a 19.5% year-on-year increase [19]

Group 1 - The company Shoulv Hotel announced that its 14th meeting of the 9th board of directors was held on February 11, 2026, via telecommunication [1] - The meeting reviewed the proposal regarding the leasing of the Bayli Tingyun Town Hotel Project 1-5 by an indirectly wholly-owned subsidiary, which involves related party transactions [1] Group 2 - The news highlights a significant rise in the stock prices of film-related companies due to the introduction of a powerful Chinese video model capable of generating 15-second videos for commercial delivery with just a few prompts [1]

北京首旅酒店（集团）股份有限公司独立董事 2026年第一次专门会议审议事项的独立意见公告 北京首旅酒店（集团）股份有限公司（以下简称"公司"）独立董事于 2026 年 2 月 3 日 16：00 点召开专门会议，会议就公司《关于间接全资控股子公司租 赁湾里·汀云小镇 1-5#酒店项目暨关联交易的议案》进行了审议，形成一致决 议并发表独立意见： 独立董事：李燕 伏军 沈杰 张焕杰 2026 年 2 月 12 日 公司本次关联交易符合国家相关的产业政策以及公司整体战略发展方向，对 于公司进一步获得北京城市副中心发展先机、承接环球影城外溢效应、加快酒店 品牌资产和业务布局具有战略意义，为今后中高端酒店业务的拓展打好基础。公 司本次关联交易事项符合中国证监会、上海证券交易所和公司的有关规定，不存 在损害公司及股东，特别是中小股东利益的情形。因此，独立董事一致同意公司 将此次关联交易事项提交董事会审议，经出席会议的非关联董事表决通过后，将 上述关联交易事项提交公司 2026 年第一次临时股东会审议。 特此公告。 ...

证券代码：600258 证券简称：首旅酒店 公告编号：临 2026-003 北京首旅酒店（集团）股份有限公司 关于间接全资控股子公司租赁 湾里·汀云小镇 1-5#酒店项目暨关联交易的公告 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： 关联交易简要内容 关联交易标的名称：湾里汀云小镇 1-5#酒店项目 关联交易事项 北京首旅酒店（集团）股份有限公司（以下简称"首旅酒店"或者"公司"） 间接全资控股子公司如家酒店连锁(中国)有限公司（以下简称"如家（中国）"） 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 关联企业共同参股投资的北京环汇置业有限公司（以下简称"环汇置业"）签署 了《商业房屋租赁合同》，租赁期 10 年，其中租赁期租金含税总金额为 29,859.071684 万元；物业费含税总金额为 2,415.469927 万元，两项合计含税 总金额为 32,274.541611 万元。另，租赁保证金 506.74572 万元。根据多品牌集 群方案及其工程以及配套设施设备的建设规划，后续 ...

证券代码：600258 证券简称：首旅酒店 公告编号：临 2026-005 北京首旅酒店（集团）股份有限公司 关于间接全资控股子公司投资 新建酒店物业（含装修及配套工程）项目的公告 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： 投资标的名称： 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"） 间接全资控股子公司如家酒店连锁（中国）有限公司（以下简称"如家（中国）"）； 新建酒店物业（含装修及配套工程）项目（以下简称"项目"）。 投资金额：总投资估算 28,051 万元（最终投资总额以工程竣工结 算为准），资金来源为如家（中国）自有资金。 交易实施尚需履行的审批及其他相关程序 公司于 2026 年 2 月 11 日召开第九届董事会第十四次会议，审议通过了《关 于公司间接全资控股子公司投资新建酒店物业（含装修及配套工程）项目的议案》。 本事项在董事会审议权限范围内，无须提交公司股东会审议。 本次项目投资事项不涉及关联交易，不构成重大资产重组。 风险提示：项目后期建设、运营及所处外部环境变化等，不 ...

一、 召开会议的基本情况 (一) 股东会类型和届次 2026年第一次临时股东会 证券代码：600258 证券简称：首旅酒店 公告编号：临 2026-004 北京首旅酒店（集团）股份有限公司 关于召开2026年第一次临时股东会的通知 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： 网络投票起止时间：自2026 年 3 月 5 日 至2026 年 3 月 5 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2026 年 3 月 5 日 14 点 30 分 召开地点：北京市朝阳区雅宝路 10 号凯 ...