Shoulv Hotel 2025 Financial Report: Embracing a New Era of National Accommodation with High-Quality Development

On the evening of March 30, 2026, First Hotel (Group) Co., Ltd. (600258.SH) released its 2025 annual report. As of the end of the reporting period, First Hotel (Group) operated a total of 7,802 hotels, and the number of hotel rooms in operation increased to 555,000; of these, 1,510 new stores were opened, setting a new historical high. During the reporting period, First Hotel (Group) achieved operating revenue of RMB 7.61 billion, basically flat year over year, of which hotel management revenue increased by 11.1% year over year; it achieved net profit attributable to shareholders of RMB 810 million, up 0.6% year over year.

Benefiting from the concentrated release of leisure and tourism demand, the company’s operating data has shown a clear rebound trend quarter by quarter. During the “May Day” and “National Day” periods, First Hotel’s operating performance surpassed that of the same period in 2024. In the fourth quarter, RevPAR (revenue per available room) turned positive year over year, laying a solid foundation for a steady start to 2026.

Sun Jian, General Manager of First Hotel (Group) and Chairman and CEO of Homeinns Hotel Group, said: “In 2025, First Hotel, adhering to a high-quality development strategy, made breakthroughs in both scale expansion and structural optimization. At the same time, the Group continued to refine its product strength, and the core product matrix won recognition from the investment market. Looking ahead to 2026, the development path anchored by the ‘15th Five-Year Plan’ toward building a tourism power and enriching the supply of high-quality tourism products is clearer. First Hotel will continue to focus on the 10,000-store goal, and, around the moving panorama of different regions across China, meet people’s eager expectations for a better life with high-quality products and services.”

Driving high-quality growth with standard stores, and accumulating momentum through structural optimization

First Hotel actively implements the development strategy of “scale first,” fully developing standardized management hotels, and promoting structural upgrades. During the reporting period, First Hotel opened 1,510 new stores, a historical high, up 11.6% year over year. Of these, 832 standardized management hotels were newly opened, up 17.2%. While maintaining overall growth in store count, First Hotel is committed to promoting the concentration of resources toward core brands and potential regions.

This strategic resolve is also reflected in its pipeline store resources. As of the end of the reporting period, standardized management hotels accounted for 74.6% of the pipeline stores, up 20.5 percentage points year over year, laying a solid foundation for scale expansion and structural optimization in 2026.

While expanding standard stores, First Hotel has long adhered to a development strategy mainly driven by franchised membership, and this model has demonstrated strong adaptability and expansion efficiency in expansion into lower-tier markets. As of the end of the reporting period, the proportion of stores operated by First Hotel via franchised membership rose to 92.9%, driving a rapid increase in the share of hotel management revenue.

As a result, the Group has continued to densify its store network in lower-tier markets, reflecting the strong momentum of consumption room in the mass market. Whether along the banks of the Huangpu River or in county towns in Northwest China, travelers can experience lodging of the same standard across different latitudes and longitudes. First Hotel is committed to using the strength of standardization to eliminate the gap in experience between regions. This is the quality transformation behind scale expansion, and it is also First Hotel’s plain commitment to China’s accommodation industry infrastructure.

From mainstream lodging to high-end luxury ecosystems, building a vision of national stays

In 2025, China’s economic fundamentals remained steady. The business travel market continued to show a gradual recovery trend, and leisure tourism heat ran through all seasons. “A moving China” not only reflects economic vitality, but also nurtures a broad outlook for structural upgrades in the lodging industry.

As the ballast for First Hotel’s product matrix, the new generation of economy hotels represented by Homeinns, through optimizing investment models and refreshing its brand, has continued to solidify its market position and accelerate store openings for economy hotels. As of the end of the reporting period, the proportion of Homeinns products of 3.0 and above within that brand’s stores has increased to 81.5%, further enhancing product consistency in the market. Of these, in 2025, Homeinns 4.0 newly opened 174 stores, and the number of stores in the pipeline reached 257, further highlighting the product’s market potential.

Caption: Homeinns 4.0 public area

Beyond economy hotels, mid-to-high-end hotels have also become the strategic growth track that the investment market is most focused on. As of the end of the reporting period, First Hotel opened 430 mid-to-high-end hotels; the room supply share of mid-to-high-end hotels increased to 42.3%, and the revenue share had risen to 60.6%. The ongoing effectiveness of structural optimization on the supply side continued to be released. Leveraging mid-to-high-end products enabled scalable profit realization, and product strength has effectively converted into momentum for brand repurchases.

Among them, the Jianguo Puray Hideaway Hotel, featuring “Eastern-inspired aesthetic” as its brand characteristic, has shown strong development momentum thanks to both cultural depth and commercial value. As of the end of the reporting period, the number of stores already opened and in reserve for the Jianguo Puray Hideaway Hotel reached 143, and it is gradually becoming a window for showcasing Eastern aesthetics and national confidence to the world.

Caption: Jianguo Puray Hideaway Hotel — public area

In 2025, the Group used “Nojin International” as its strategic pivot to comprehensively coordinate the global layout of the high-end luxury segment. During the reporting period, the Jinguo Hotel Global Store rose along the Beijing-Honghe Canal, emerging as a new cultural landmark; NoLan Hotel settled in Wanli, reshaping the city’s cover with fashion and art styles. From mainstream lodging to people-oriented luxury, First Hotel has built a vivid “moving China” lodging landscape.

From green operations to cultural heritage, building a “beautiful for the entire region” through sustainable responsibility

While fully推进 product strength upgrades and stable growth in operations, First Hotel always treats environmental, social and governance (ESG) as an important yardstick for measuring a company’s long-term value. During the reporting period, First Hotel’s Wind ESG rating rose to the “AA” level, and its overall score ranked first among hotels, restaurants, and leisure industries.

First Hotel has always integrated the green philosophy throughout the entire process of hotel construction and operations, relying on intelligent technologies to drive synergistic energy savings and carbon reduction efficiency. In addition to ongoing green operations and social public welfare, First Hotel is committed to extending corporate responsibility to cultural inheritance and value co-creation. During the reporting period, First Hotel successfully held the “Puray New Guochao Culture Festival,” and launched the “Intangible Cultural Heritage Support Plan.” Relying on a hotel network and a membership system covering across the country, it has built a normalized intangible cultural heritage exhibition and experience platform. This practice not only promotes the integration and symbiotic coexistence of commercial innovation and cultural inclusiveness, but also demonstrates the sense of responsibility and commitment of China’s leading hotel groups in building cultural confidence.

Caption: Free intangible cultural heritage activities held at the Jianguo Puray Hideaway — Kashgar Ancient City scenic area store during the Puray New Guochao Culture Festival activities

Deepening member value + empowering operations with intelligence, jointly building the foundation for growth

In 2025, First Hotel (Group) continued to advance the development of a dual-member ecosystem. During the reporting period, “HomeLIFE Club” achieved an all-round upgrade of member benefits, and strengthened the attractiveness of segmented markets through “Youth Card 2.0” aimed at college students. “Shouxianghui BRAVO,” which offers an exciting lifestyle and travel services specifically for high-end members, also delivered impressive results. Through themed humanistic experience activities under “Wonderful Chang’an Street,” it created a brand experience with cultural depth, effectively increasing member participation and brand influence. As of the end of the reporting period, the total number of dual members reached 210 million.

While strengthening the member ecosystem, First Hotel is accelerating proprietary technology research and development and open cooperation to continuously empower front-end operations. As a vivid practice of the Group’s digital transformation, “AI Digital Store Manager” can provide decision support to hotel general managers, such as traffic forecasting, historical operations diagnosis, intelligent VOC analysis, and dynamic pricing, truly turning AI into the left and right arms of hotel operations. By the end of 2025, the AI Digital Store Manager has covered more than 3,900 stores.

In 2026, a new chapter of the “15th Five-Year Plan” begins, and in the wave of building a tourism power, the culture-and-tourism (culture, tourism, and travel) industry has become an important lever for upgrading service consumption quality.

On the new journey ahead, First Hotel will uphold the main line of structural optimization and high-quality development with the responsibility and担当 of a national enterprise. It will improve the ecosystem from basic accommodation to high-end luxury products by using standard stores as a growth engine; it will deepen ESG foundations through green operations and cultural inheritance, so that commercial resilience and humanistic warmth cover every detail of the lodging ecosystem. It will continue to lead in the new stage of development, and build a high-quality development sample for China’s national hotel brands.

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