2025 年 04 月 30 日 同庆楼 (605108) ——坚定战略逆势拓店，新店加速爬坡释放业绩增量 上 市 公 司 社会服务 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 21.37 | | 一年内最高/最低（元） | 29.94/15.32 | | 市净率 | 2.4 | | 股息率%（分红/股价） | 1.92 | | 流通 A 股市值（百万元） | 5,556 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 8.79 | | 资产负债率% | 58.74 | | 总股本/流通 A 股（百万） | 260/260 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01-3 ...

证券研究报告 同庆楼 (605108 CH) "双春"回暖，期待 25 年利润改善 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 30 日│中国内地 | 餐饮 | 同庆楼 2024 年实现营收 25.25 亿/yoy+5.14%，归母净利 1.00 亿 /yoy-67.09%，扣非净利 0.94 亿/yoy-63.05%，扣非净利率 3.71%/-6.85pct， 利润超出业绩预告上限主要系递延所得税费用（0.27 亿）达到豁免条件。 1Q25 实现营收 6.92 亿/yoy+0.17%，归母净利 0.52 亿/yoy-21.36%，扣非 净利 0.48 亿/yoy-25.96%，扣非净利率 6.90%/yoy-2.43pct。公司 2024-1Q25 加快推进富茂酒楼扩张步伐，24 年内新开大型门店 8 家，1Q25 新开 5 家， 重资产门店投资爬坡期较长，削弱公司盈利能力。展望未来，我们预计开店 高峰期已过，随 25 年"双春年"婚礼宴席需求渐进企稳，待新店爬坡结束， 有望撬动较大利润弹性。维持"买入"评级。 高基数下 24 年餐饮宴席经营承压 ...

Summary of Tongqinglou Conference Call Company Overview - **Company**: Tongqinglou - **Industry**: Catering and Hospitality Key Financial Performance - **Q1 2025 Revenue**: 692 million CNY, up 1.17% YoY - **Q1 2025 Net Profit**: 51.82 million CNY, down 21.36% YoY due to unmet revenue expectations and fixed costs remaining unchanged [2][3][4] - **2024 Revenue**: 2.525 billion CNY, up 5.14% YoY; net profit was 108.73 million CNY, exceeding previous forecasts [3][4] Wedding Banquet Trends - **2025 Wedding Bookings**: Increased by 51% compared to 2024, with expected total banquet revenue reaching around 5 billion CNY [5][7] - **Monthly Variability**: Wedding bookings are influenced by auspicious dates, with peaks in May and October [5][7] Strategic Initiatives - **Cost Management**: Increased financing costs and stabilization of box business consumption are key concerns for 2025 [5][6] - **Menu and Store Renovation**: Adjustments in menu structure and renovation of 10 old stores to enhance competitiveness and cater to mass consumption [6][23] - **Food Business Growth**: 2024 food sales reached 310 million CNY, with a focus on mooncakes, rice dumplings, and pastries for 2025 [12][14] Market Conditions and Challenges - **Impact of Spring Festival**: Revenue in January and February 2025 decreased by 12.05% YoY due to the timing of the Spring Festival [3][4] - **Consumer Behavior**: A trend towards more affordable dining options has been noted, with adjustments made to the menu to attract family gatherings [23] New Store Openings and Performance - **New Openings**: 9 new stores opened in Hangzhou by March 31, 2025, despite initial losses [11][21] - **Performance of Existing Stores**: Mixed results with some stores showing profitability while others are still adjusting [9][19][20] Future Outlook - **Profitability Goals**: The company aims to maintain a net profit margin of over 30% in 2025 [4][16] - **Capital Expenditure**: Planned capital expenditure of approximately 700 million CNY for new store openings and renovations [21][22] Additional Insights - **Consumer Incentives**: Suggestions for government-issued dining vouchers to stimulate the market, particularly for weddings and family gatherings [18][27] - **Market Share Growth**: Increased market share attributed to brand trust and stability, especially in the Hefei region [27] This summary encapsulates the key points from the conference call, highlighting the financial performance, strategic initiatives, market conditions, and future outlook for Tongqinglou.

除上述补充内容外，公司于 2025 年 4 月 29 日在上海证券交易所网站披露的《同 庆楼关于 2024 年日常关联交易执行情况及 2025 年日常关联交易预计的公告》（公告 编号：2025-022）的其他内容不变。 特此公告。 同庆楼餐饮股份有限公司董事会 2025 年 4 月 30 日 证券代码：605108 证券简称：同庆楼 公告编号：2025-026 同庆楼餐饮股份有限公司 关于 2025 年日常关联交易预计的补充公告 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。 同庆楼餐饮股份有限公司(以下简称"公司")于 2025 年 4 月 29 日在上海证券交 易所网站披露了《同庆楼关于 2024 年日常关联交易执行情况及 2025 年日常关联交易 预计的公告》（公告编号：2025-022）。现根据《上海证券交易所上市公司公告格式 第七号——上市公司日常关联交易公告》的要求，在"2025 年度日常关联交易预计 金额和类别"项目中补充披露"本年年初至披露日与关联人累计已发生的交易金额"， 除补充事项外，原公告其他内容不变。现 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The banquet demand is recovering, and attention should be paid to the performance release of new stores [7] - The company is expected to benefit from its established brand in the banquet catering market and the ongoing expansion of its restaurant and hotel operations [7] - The new store openings are anticipated to improve performance, although initial losses from these stores may impact overall profitability [7] Financial Summary - Total revenue for 2023 is projected at 2,401 million, with a year-on-year growth of 43.76%. For 2024, revenue is expected to reach 2,525 million, reflecting a 5.14% increase [1] - The net profit attributable to the parent company for 2023 is estimated at 304.11 million, with a significant year-on-year increase of 224.91%. However, for 2024, it is expected to drop to 100.08 million, a decrease of 67.09% [1] - The earnings per share (EPS) for 2023 is projected at 1.17, which is expected to decline to 0.38 in 2024 before recovering to 0.85 in 2025 [1] - The price-to-earnings (P/E) ratio is forecasted to be 52.81 for 2024, decreasing to 23.89 in 2025 and further to 14.60 in 2026 [1] Store Expansion and Performance - The company plans to open 4 new restaurant locations in 2024, including 3 banquet halls and 1 wedding banquet center, with a total area increase of 46% [7] - By the end of 2024, the company will have 127 direct-operated stores, with a mix of brands including Tongqinglou and Fumao [7] - The capital expenditure for 2025 is planned between 500 to 700 million, with expectations to open 3 to 5 new restaurant locations and upgrade 20 existing stores [7] Market and Demand Outlook - The banquet demand is expected to recover in 2025, which is a double-spring year, leading to improved performance as new stores ramp up operations [7] - The company anticipates that the performance of new stores will gradually improve, alleviating some of the profit pressure caused by initial losses [7]

Core Viewpoint - The company has effectively managed its fundraising and investment projects, ensuring compliance with regulations and timely reporting of financial activities [3][15][18]. Fundraising and Investment Management - In 2022, the company directly invested 57.93 million RMB in fundraising projects and utilized 195 million RMB of idle funds for temporary working capital, which was fully returned by November 10, 2022 [1]. - For 2023, the company directly invested 124.97 million RMB in fundraising projects and used 196.86 million RMB of idle funds, fully returned by April 17, 2024 [1]. - In 2024, the company planned to invest 120.39 million RMB in fundraising projects and used 160 million RMB of idle funds, with 50 million RMB returned by December 31, 2024, leaving 110 million RMB yet to be returned [1][11]. Fundraising Usage and Financial Status - As of December 31, 2024, the company had cumulatively used 642.83 million RMB of fundraising, with a remaining balance of 92.47 million RMB in the fundraising account [2]. - The net interest income from the fundraising account, after deducting bank fees, was 26.13 million RMB [2]. Regulatory Compliance and Oversight - The company has established a fundraising management system to ensure proper storage, approval, usage, and supervision of funds, complying with relevant laws and regulations [3]. - The company signed tripartite supervision agreements with banks and sponsors to ensure compliance with fundraising regulations [3][4][6]. Changes in Fundraising Projects - The company has made adjustments to the locations of its fundraising projects, moving some hotel projects from Shanghai, Changzhou, and Hangzhou to Hefei, Anqing, and Nanjing [8][14]. - The company established a wholly-owned subsidiary, Anqing Fumao Hotel Management Co., Ltd., to implement the new hotel projects in Anqing [8]. Financial Reporting and Audit - The company received a positive verification report from its auditing firm, confirming compliance with fundraising management regulations and proper usage of funds [17][18]. - The company plans to continue its relationship with the auditing firm for the 2025 fiscal year, ensuring ongoing compliance and oversight [31][32].

国元证券股份有限公司关于同庆楼餐饮股份有限公司 2024 年度募集资金存放与实际使用情况的核查意见 国元证券股份有限公司（以下简称"国元证券"、"保荐机构"）作为同庆楼 餐饮股份有限公司（以下简称"同庆楼"或"公司"）首次公开发行股票的持续 督导保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所上市 公司自律监管指引第 1 号—规范运作》《上市公司监管指引第 2 号——上市公司 募集资金管理和使用的监管要求》及《上海证券交易所股票上市规则》等相关法 律法规及规范性的规定，对同庆楼 2024 年度募集资金存放与实际使用情况进行 了审慎核查，具体情况及核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会证监发行字[2020]50 号文核准，公司于 2020 年 7 月向社会公开发行人民币普通股（A 股）5,000.00 万股，每股发行价为 16.70 元，应募集资金总额为人民币 83,500.00 万元，根据有关规定扣除发行费用 9,970.00 万元后，实际募集资金金额为 73,530.00 万元。该募集资金已于 2020 年 7 月 10 日到账。上述资金到账情况业经容诚会计师事务所（特 ...

国元证券股份有限公司关于同庆楼餐饮股份有限公司 首发募集资金投资项目结项暨节余募集资金永久补充流动 资金并注销专户的核查意见 国元证券股份有限公司（以下简称"国元证券"、"保荐机构"）作为同庆 楼餐饮股份有限公司（以下简称"同庆楼"或"公司"）首次公开发行股票的持 续督导保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所上 市公司自律监管指引第 1 号—规范运作》《上市公司监管指引第 2 号——上市公 司募集资金管理和使用的监管要求》及《上海证券交易所股票上市规则》等相关 法律法规及规范性的规定，对同庆楼首发募集资金投资项目结项暨节余募集资金 永久补充流动资金并注销专户进行了审慎核查，具体情况及核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会证监许可[2020]50号文核准，公司向社会公众公 开发行人民币普通股（A股）股票5,000万股，发行价格为16.7元/股。本次募集 资金总额为人民币83,500.00万元，扣除各项发行费用合计人民币9,970.00万元 后，实际募集资金净额为人民币73,530.00万元。上述募集资金已全部到账，并 由容诚会计师事务所（特殊普通合伙）审验，出具容 ...

审计报告 同庆楼餐饮股份有限公司 容诚审字[2025]230Z2564 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-6 | | 2 | 合并资产负债表 | 1 | | 3 | 合并利润表 | 2 | | 4 | 合并现金流量表 | 3 | | 5 | 合并所有者权益变动表 | 4-5 | | 6 | 母公司资产负债表 | 6 | | 7 | 母公司利润表 | 7 | | 8 | 母公司现金流量表 | 8 | | 9 | 母公司所有者权益变动表 | 9-10 | | 10 | 财务报表附注 | 11 - 128 | 审 计 报 告 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 容诚审字[2025]230Z2564 ...

【RSM】容 诚 1、专项审计报告 2、附表 委托单位：同庆楼餐饮股份有限公司 审计单位：容诚会计师事务所(特殊普通合伙) 关于同庆楼餐饮股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 非经营性资金占用及其他关联资金 往来情况专项说明 同庆楼餐饮股份有限公司 容诚专字[2025]230Z1212 号 容诚会计师事务所(特殊普通合伙) 中国 北京 关于同庆楼餐饮股份有限公司 非经营性资金占用及其他关联资金往来情况专项说明 容诚专字[2025]230Z1212 号 同庆楼餐饮股份有限公司全体股东: 我们接受委托,依据中国注册会计师审计准则审计了同庆楼餐饮股份有限公 司(以下简称"同庆楼"或"公司")2024年12月31日的合并及母公司资产负 债表,2024年度的合并及母公司利润表、合并及母公司现金流量表和合并及母公 司所有者权益变动表以及财务报表附注,并于 2025年4月 27日出具了容诚审字 [2025]230Z2564 号的无保留意见审计报告。 根据中国证券监督管理委员会《上市公司监管指引第 8 号 -- 上市公司资金 往来、对外担保的监管要求》的要求及上海证券交易所《上海 ...