北京首旅酒店（集团）股份有限公司 第九届董事会第十四次会议决议公告 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。 北京首旅酒店（集团）股份有限公司（以下简称"公司"或"首旅酒店"） 第九届董事会第十四次会议于 2026 年 2 月 11 日上午 9：30 以通讯方式召开，本 次会议的通知已于 2 月 6 日以邮件方式送达公司各位董事和公司高管人员。公司 董事 11 名，全部出席会议。本次会议的召集、召开及表决程序符合《公司法》 《公司章程》的有关规定，所做的决议合法有效。 一、以赞成 5 票，占本项议案有表决权票数的 100%；公司董事长李云女士、 董事孙坚先生、董事袁首原先生、董事霍岩先生、董事张聪女士和董事陆斌先生 为关联董事，因此回避表决 6 票；反对 0 票；弃权 0 票的表决结果通过了《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》。 本项议案详见《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》临 2026-003 号。 股票代码：600258 股票简 ...

Core Viewpoint - Shoulv Hotel (600258.SH) announced a significant investment in a new project through its subsidiary, Home Inn (China), involving a long-term lease agreement and substantial renovation plans [1] Group 1: Lease Agreement - Home Inn (China) signed a commercial property lease agreement with Beijing Capital Tourism Group and related enterprises for a duration of 10 years [1] - The total rental amount, including tax, is approximately 298.59 million yuan, while the property management fee amounts to about 24.15 million yuan, leading to a combined total of approximately 322.75 million yuan [1] - A security deposit of approximately 5.07 million yuan is also required under the lease agreement [1] Group 2: Project Investment - The company plans to invest approximately 108.19 million yuan for renovation and operational setup, focusing on three core hotel brands: Jianguo Platinum, Jianguo Puyin, and Jianguo Feiman [1] - The total projected investment for the project is around 435.99 million yuan [1]

首旅酒店晚间公告，公司间接全资控股子公司如家酒店连锁（中国）有限公司拟投资新建酒店物业（含 装修及配套工程）项目，总投资估算2.81亿元，资金来源为如家（中国）自有资金。项目位于江苏省苏 州市吴江区汾湖高新区芦莘大道1066号，规划总建筑面积约2.6万平方米，主要包括新建两栋酒店物业 及装修和相关配套工程。项目建设周期估算1年2个月，预计开工时间为2026年3月9日，预计内部收益率 约4%。项目投资完成后，将有助于提升公司中高端酒店的业务规模和盈利能力。 ...

Group 1 - Alibaba's Qianwen and Fliggy have partnered with over 40 global travel brands to provide exclusive subsidies and value-added benefits for AI users [1] - Initial partners include major airlines such as China Eastern Airlines, China Southern Airlines, and Emirates, as well as hotel brands like Wanda Hotels and Shanghai Disneyland [1] - The AI collaboration aims to enhance the travel experience by enabling users to easily identify their needs and match them with travel services through natural language interactions [1][2] Group 2 - The integration of AI is expected to transform consumer behavior in the travel industry, with 2026 being highlighted as a pivotal year for AI-driven consumption [3] - Airlines are encouraged to leverage platforms like Qianwen and Fliggy to optimize supply-side offerings and capture AI-driven traffic opportunities [3] - The rapid development of AI is anticipated to significantly impact the entire cultural and tourism industry, potentially serving as a critical turning point for hotel and travel enterprises [3]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [3]. Core Insights - The 2026 Spring Festival will feature a "9-day no work adjustment" policy, leading to a high public satisfaction rate of 92.9%. This extended holiday is expected to significantly boost travel and consumption during the Spring Festival period [7][8]. - The aviation sector anticipates a record passenger volume of 95 million during the 40-day Spring Festival travel period, representing a year-on-year increase of 5.3%. The number of flights planned by domestic airlines is expected to reach 657,000, also up by 5% [8]. - The domestic tourism market is experiencing diverse growth, with family travel becoming increasingly popular. The proportion of family travelers is expected to reach 39%, while the elderly demographic (aged 60 and above) will account for 19% of travelers [18][20]. - There is a notable increase in outbound travel demand, with booking volumes rising nearly 40% year-on-year. Southeast Asia is dominating international travel routes, capturing nearly 50% of outbound flights, while flights to Japan have decreased significantly [31][40]. Summary by Sections 1. Expansion of Aviation and Railway Capacity - The Spring Festival travel period will see a significant increase in passenger flow, with the aviation sector expecting 95 million passengers, and the railway sector projecting 539 million passengers, both reflecting a 5% increase year-on-year [8][16]. 2. Emergence of Diverse Customer Groups - Family travel is on the rise, with a notable increase in the average booking price for family accommodations, which is 9% higher than other types. The demand for larger, more private accommodations is also increasing, with a 77% year-on-year growth in bookings for standalone villas during the winter holiday [18][20]. 3. Restructuring of Destination Patterns - Outbound travel is seeing a shift, with Thailand regaining its position as the top destination. The demand for long-haul and differentiated travel experiences is becoming mainstream, with a significant increase in interest for destinations like Turkey and New Zealand [31][42]. 4. Investment Analysis Recommendations - The report suggests focusing on companies that can leverage the benefits of the extended holiday and the growth in inbound and long-haul outbound travel. Recommended sectors include tourism attractions, exhibition and sports events, human resources, hotels, and duty-free retail [43].

Investment Rating - The report maintains a "Positive" investment rating for the hotel industry [15] Core Insights - The cyclical nature of the hotel industry is primarily due to the lag in supply-side adjustments, and a low chain rate tends to exacerbate industry volatility. The current cycle of the hotel industry in China is still unfolding, with the industry expected to enter a recovery phase [5][10] - The demand in the hotel industry can be divided into business travel and leisure travel, with key indicators such as domestic tourist numbers and per capita tourism spending reflecting market scale and consumption intensity. The PMI index serves as a critical forward-looking indicator for business travel demand [9][26] - The report emphasizes the importance of precise positioning of leading companies when industry data shows reversal signals, as this is key to capturing cyclical opportunities and realizing returns [5][11] Summary by Sections Supply and Demand Dynamics - The hotel industry's demand can be split into business travel and leisure travel, with business travel being influenced by the PMI index, which reflects macroeconomic conditions and corporate activity levels. Leisure travel demand is measured by domestic tourist numbers and per capita spending, both of which show an upward trend [9][26] - Supply-side indicators include the total number of hotels, the structure of different hotel grades, and the chain rate, with forward-looking indicators such as fixed asset investment in the accommodation and catering sectors indicating trends in supply adjustments [9][33] Industry Cycles and Current Stage - The cyclical nature of the hotel industry is characterized by supply-side adjustments lagging behind demand changes, leading to periods of oversupply or undersupply. The report identifies the current phase as a recovery period, with expectations of a gradual improvement in demand and supply dynamics [10][52] - Historical analysis shows that the hotel industry in China has experienced cycles of approximately 5-7 years, with the current cycle still in progress and expected to transition into a recovery phase [10][52] Investment Strategy - The report outlines a core investment strategy focused on left-side positioning within the cyclical context of the hotel industry. Key indicators for investment timing include occupancy rates (OCC), average daily rates (ADR), and revenue per available room (RevPAR), with buy signals occurring when these indicators show signs of improvement [73][75] - The correlation between PMI and RevPAR is highlighted, indicating that hotel groups with strong operational control can effectively capture trends and shorten lag periods, thus enhancing investment opportunities [11][66] Differentiation Among Hotel Companies - The report notes significant differences among listed hotel companies in terms of development stages and structural characteristics, with some companies in mature operational phases while others are still expanding or optimizing their structures. This differentiation leads to varied growth trajectories and profitability characteristics across the industry [13][116]

证券日报网讯 2月10日，首旅酒店在互动平台回答投资者提问时表示，公司将抓住文旅市场稳步增长机 遇，秉承"发展为先、产品为王、会员为本、经营至上"等核心战略，不断提升酒店规模和经营效率；同 时，关注并购市场潜在机会和适当的市场时机推动公司外延发展。 （文章来源：证券日报） ...

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The report highlights the upcoming "2026 Spring Festival Special Activity Plan" aimed at boosting consumption during the holiday season [3] - It emphasizes the positive outlook for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and anti-monopoly measures in the OTA sector [4] - The report also notes the potential in the gold and jewelry market, recommending stocks with low valuations and improved competitive landscapes [4] - The impact of subsidies on the milk tea sector is acknowledged, with specific recommendations for brands benefiting from these subsidies [4] - AI applications and undervalued new consumer sectors are identified as areas of interest, with several companies recommended for investment [4] Summary by Sections Travel and Hospitality - The report recommends several hotel stocks, including Huazhu Group, ShouLai Hotel, and JinJiang Hotels, as well as duty-free stocks like China Duty Free Group [4] - Scenic spots such as Emei Mountain A, Jiuhua Tourism, and Huangshan Tourism are highlighted as investment opportunities [4] Gold and Jewelry - Stocks like Caibai Co., Luk Fook Holdings, and Laopuhuangjin are recommended based on short-term data exceeding expectations and improved competitive dynamics [4] New Consumer Trends - Companies such as Kangnait Optical, Huatu Shanding, and Tianli International Holdings are suggested for their potential in AI applications and new consumer trends [4] Low Valuation and High Dividend Stocks - Recommendations include Jiangsu Guotai, Yum China, and Haidilao, focusing on low valuation and high dividend yield stocks [4] Market Performance - The report notes a decline of 0.91% in the retail sector and a rise of 0.70% in consumer services, ranking them 20th and 9th respectively among 30 industries [4] - Notable stock performances include Junting Hotel (+10.38%) and Haidilao (+8.64%) [4] Industry Updates - The report discusses the issuance of a special activity plan by multiple government departments to promote various consumption sectors [4] - It also mentions the acceptance of the first commercial real estate REITs by the Shenzhen Stock Exchange [4] - Recent acquisitions, such as Meituan's purchase of Dingdong Maicai's China business for approximately $717 million, are highlighted [4]

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The report highlights the upcoming "2026 Spring Festival Special Activity Plan" aimed at boosting consumption during the holiday season [3] - It emphasizes optimism towards tourism-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and ongoing anti-monopoly measures in the OTA sector [4] - The report also suggests a favorable outlook for the gold and jewelry sector, recommending stocks with low valuations and improved competitive landscapes [4] - The impact of subsidies on the milk tea industry is noted, with specific recommendations for brands benefiting from these initiatives [4] - AI applications and undervalued new consumer sectors are highlighted, with several companies recommended for investment [4] Summary by Sections Investment Highlights - The report suggests continued optimism for tourism-related sectors, recommending specific companies such as Huazhu Group, ShouLai Hotel, and China Duty Free Group [4] - It also recommends gold and jewelry companies like Caibai Co., Luk Fook Holdings, and Laopuhuangjin, focusing on those with short-term data exceeding expectations [4] - The milk tea sector is expected to benefit from subsidies, with recommendations for brands like Guming and Hushang Ayi [4] - AI and new consumer applications are highlighted, with recommendations for companies like Kangnait Optical and Huatu Shanding [4] - Low valuation and high dividend yield stocks are recommended, including Jiangsu Guotai and Haidilao [4] Market Review - The report notes a decline of 0.91% in the retail sector and a rise of 0.70% in consumer services, ranking them 20th and 9th respectively among 30 industries [4] - Notable stock performances include Junting Hotel (+10.38%) and Haidilao (+8.64%) [4] Industry Updates - The report mentions the issuance of a special activity plan by multiple government departments to promote various consumption sectors [4] - It also notes the acceptance of the first commercial real estate REITs by the Shenzhen Stock Exchange, expanding the scope to retail, hotels, and office buildings [4] - Recent acquisitions, such as Meituan's purchase of Dingdong Maicai's China business for approximately $717 million, are highlighted [4] Company Announcements - Key announcements include the resignation of the general manager of HeBai Group and the signing of a land compensation agreement by a subsidiary of an agricultural products company [4]

Group 1 - The "Export China" series of events is part of China's proactive approach to expand its autonomous opening-up and increase imports, aiming to create new opportunities for countries worldwide [1] - The event aims to strengthen supply-demand matching and attract high-quality products and services to China, facilitating their entry into e-commerce platforms, supermarkets, and shopping districts [1] - Beijing is positioned as a significant window for foreign trade and import expansion, with the Ministry of Commerce supporting the city in enhancing its role as a new highland for opening up [1] Group 2 - Beijing is committed to deepening its construction as an international consumption center, leveraging its vast market space, efficient circulation system, and open institutional environment to attract international quality goods and services [2] - The city plans to integrate imports with consumption, aiming to become the preferred destination for global quality goods and services entering the Chinese market [2] - Efforts will be made to improve the cross-border logistics system and create a first-class business environment, while also addressing entry barriers and reducing operational costs for businesses [2]