远东研究·行业研究 2026 年 3 月 5 日 作者： 邮箱： 简尚波 research@fecr.com.cn 中国旅游行业信用观察（2026） 摘 要 从行业政策来看，中央持续出台旅游业相关制度，对于促进 旅游业发展发挥重要作用。从近期来看，国务院及其部门出台的 旅游业支持政策重点包括促进旅游市场消费、推动旅游业数字化 和高质量发展等方面。近年来，我国旅游交通基础设施日臻完善、 文旅 IP 流量带动区域旅游发展成为旅游行业变化的重要关注点。 债券市场是旅游企业融资重要渠道，截至 2025 年底，Wind 酒店、餐馆与休闲行业存量债券 280 只，余额 1891.24 亿元，涉 及主体 59 家。本文选取其中 24 家旅游业样本企业进行信用分析。 从存量债券到期情况看，2026 年和 2027 年系样本企业现有 存量债券偿债高峰年。从主体评级来看，以 AA+为级别中枢，AA （含）以上企业占 95.83%。从 2023 年底至 2025 年底的主体评级 迁移来看，等级稳定率为 83.33%、上调率为 16.67%。 从业务状况看：样本企业品牌实力与所属区域资源禀赋整体 强劲。多数企业位居旅游资源发达城市乃 ...

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].

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]

人民财讯12月18日电，企查查APP显示，近日，北京首旅私募基金管理有限公司成立，法定代表人为李 源光，注册资本为3000万元，经营范围包含：私募股权投资基金管理、创业投资基金管理服务。企查查 股权穿透显示，该公司由北京首都旅游集团有限责任公司及其旗下北京首旅资本管理有限公司共同持 股。 ...

Core Viewpoint - Wangfujing is one of China's largest retail groups, with a strong brand influence and a diverse product line, primarily engaged in commodity retail and commercial property leasing [1] Group 1: Business Performance - In Q3 2025, Wangfujing reported revenue of 7.709 billion yuan, ranking 2nd in the industry, surpassing the industry average of 1.866 billion yuan and the median of 1.069 billion yuan [2] - The main business composition includes retail revenue of 4.569 billion yuan, accounting for 85.22%, and leasing revenue of 792 million yuan, accounting for 14.78% [2] - The net profit for the same period was 141 million yuan, ranking 3rd in the industry, above the industry average of 39.2834 million yuan and the median of 53.5549 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Wangfujing's debt-to-asset ratio was 49.37%, slightly down from 49.59% year-on-year, but higher than the industry average of 48.09% [3] - The gross profit margin was 37.99%, down from 40.17% year-on-year, and lower than the industry average of 45.34% [3] Group 3: Executive Compensation - The total compensation for President Shang Xiping was 1.9323 million yuan in 2024, an increase of 416,000 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.35% to 101,300, while the average number of circulating A-shares held per shareholder increased by 6.77% to 11,100 [5] - The top circulating shareholder, Southern CSI 500 ETF, held 11.4227 million shares, a decrease of 211,900 shares from the previous period [5] Group 5: Market Outlook - Analysts from Shenwan Hongyuan noted that the company's H1 2025 performance met expectations, with net profit decline attributed to market environment changes [5] - The retail market is undergoing structural adjustments, with the outlet business showing resilience [5] - The company is expected to face short-term operational pressure but is actively adjusting its business model for long-term growth [6]

Core Viewpoint - Quanjude, a well-known brand in Chinese cuisine, particularly famous for its roast duck, has shown strong financial performance in the restaurant industry, ranking second in both revenue and net profit among its peers [2][3]. Group 1: Company Overview - Quanjude was established on June 16, 1994, and listed on the Shenzhen Stock Exchange on November 20, 2007, with its headquarters in Beijing [1]. - The company operates primarily in the restaurant service and food processing sectors, focusing on high-end roast duck dishes under the "Quanjude" brand [1]. Group 2: Financial Performance - For Q3 2025, Quanjude reported revenue of 958 million yuan, ranking second in the industry, with the top competitor, Tongqinglou, generating 1.896 billion yuan [2]. - The revenue breakdown shows that restaurant services accounted for 495 million yuan (78.53%), product sales for 122 million yuan (19.34%), and rental income for 13.39 million yuan (2.13%) [2]. - The net profit for the same period was 27.32 million yuan, also placing the company second in the industry, significantly above the industry average of 14.13 million yuan [2]. Group 3: Financial Ratios - As of Q3 2025, Quanjude's debt-to-asset ratio was 41.52%, slightly down from 41.59% year-on-year, which is significantly lower than the industry average of 69.39% [3]. - The gross profit margin for Q3 2025 was 17.79%, down from 20.06% year-on-year, but still higher than the industry average of 10.97% [3]. Group 4: Management and Shareholder Information - The total compensation for General Manager Zhou Yanlong was 813,200 yuan in 2024, an increase of 298,200 yuan from 2023 [4]. - As of September 30, 2025, the number of A-share shareholders increased by 18.19% to 37,000, while the average number of circulating A-shares held per shareholder decreased by 15.39% to 8,281.63 [5].

Core Viewpoint - Beijing Shoulv Hotel Group Co., Ltd. reported a slight decline in total assets and operating income for the first half of 2025, while net profit and total profit showed an increase compared to the same period last year [1]. Financial Summary - Total assets at the end of the reporting period were approximately 24.47 billion RMB, a decrease of 1.68% from the previous year [1]. - Operating income for the period was approximately 3.66 billion RMB, down 1.93% year-on-year [1]. - Total profit reached approximately 548.72 million RMB, an increase of 14.04% compared to the previous year [1]. - Net profit attributable to shareholders was approximately 397.14 million RMB, up 11.08% year-on-year [1]. - The net profit after deducting non-recurring gains and losses was approximately 335.60 million RMB, a slight increase of 3.81% from the previous year [1]. Operational Strategy - The company plans to focus on standard management hotel development and steadily advance its opening plan for 2025, emphasizing regional market development and refined market layout [5]. - There will be an acceleration in the cultivation of innovative hotel products and the introduction of new market segments, while maintaining product consistency across brands [5]. - The company aims to enhance service quality through standardized service processes and personalized brand experiences, targeting both existing and new customer segments [6]. Marketing and Digital Strategy - The company will leverage digital tools to optimize store operations and implement a multi-dimensional pricing management mechanism to improve operational efficiency [6]. - There is a focus on enhancing AI applications in revenue management and digital platform construction to improve online traffic coordination [7]. - The company will also strengthen customer relationship management and expand its customer base through various marketing strategies during peak seasons [6].

Core Viewpoint - The financial company has established a comprehensive internal control system and adheres to regulatory requirements, demonstrating effective risk management and operational stability [16]. Group 1: Company Overview - The financial company, established in 2013, has a registered capital of 2 billion RMB and provides financial management services to the Beijing Capital Tourism Group and its subsidiaries [2][3]. - The shareholders include Beijing Capital Tourism Group (56.64%), Wangfujing Group (25%), and China Quanjude Group (12.5%) [2]. Group 2: Internal Control and Risk Management - The company has a well-defined governance structure with a board of directors, risk control committee, and audit committee to oversee risk management and compliance [5][6]. - The risk control committee is responsible for approving risk management frameworks and monitoring risk levels across various categories [5]. - The audit committee supervises internal controls and audits, ensuring compliance with financial regulations [6]. Group 3: Financial Performance - As of June 30, 2025, the company reported total assets of approximately 12.71 billion RMB and net profit of approximately 42.83 million RMB for the first half of 2025 [13][14]. - The capital adequacy ratio stands at 21.58%, exceeding regulatory requirements, while the liquidity ratio is 69.52% [14]. Group 4: Business Operations - The company offers various services, including deposit acceptance, loan processing, and financial consulting for its member units [4][8]. - The company has implemented a robust internal control system to manage risks associated with its financial operations [10][12]. Group 5: Risk Assessment - The financial company has not encountered significant operational risks or regulatory penalties since its inception, indicating a stable operational environment [14][16]. - The company maintains a strong focus on risk management, ensuring that all regulatory indicators are met [16].

来源：金融界 2025年8月1日上海清算所网站披露公告，为保证北京首都旅游集团有限责任公司2024年度第十三期中期 票据（品种一）付息工作顺利进行现将有关事宜公告。该债券简称"24首旅MTN013A"，债券代码 102400897，发行金额人民币6亿元，起息日为2024年8月9日，发行期限5年期，债项余额人民币6亿元， 最新评级情况为AAA（债项）、AAA（主体），本计息期债项利率2.22%，利息兑付日为2025年8月9日 （如遇法定节假日或休息日则顺延至下一工作日），本期应偿付利息金额1332万元。托管在银行间市场 清算所股份有限公司的债券，其付息资金由发行人在规定时间前划付至指定收款账户后由清算所在付息 日划付至债券持有人指定银行账户。根据规定投资者投资本期中期票据所应缴纳的税款由投资者承担。 ...

证券代码：600859 证券简称：王府井 编号：临 2025－045 王府井集团股份有限公司 关于控股股东权益变动触及 1%的提示性公告 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： ● 本次权益变动系王府井集团股份有限公司（以下简称"公司"或"王府 井"）注销以集中竞价方式所回购股份导致。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"）因本次股份注销导致持股比例被动增加。 ● 本次权益变动后，首旅集团的持股数量不变，持股比例由回购股份注销前 的 32.84%增加至回购股份注销后的 33.17%。 | 权益变动时间 | | 2025 年 5 月 | 16 | 日 | | --- | --- | --- | --- | --- | | | | 权益变动数 | | 权益变动比 | | 变动方式 | 变动日期 | 股份种类 | | | | | | 量（股） | | 例（%） | ● 本次权益变动不会导致公司控股股东及实际控制人发生变化。 一、本次权益变动基本情况 名称 北京首都旅游集团有限责任公司 信 ...