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2021-06-15

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2021-06-15

IPO to the moon

Atour Hotel rushes to IPO again: cash flow is tight, feelings need more payers

2021-06-15

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In 2019, Atour Hotel began to plan to go public. At that time, A-shares were the first choice, and China Securities Construction Investment provided listing guidance. Later, in January 2020, the counseling agency was replaced by CICC and applied for listing on the Growth Enterprise Market, but it ultimately \"failed\" in early 2021. In this way, after 21 months, Atour Hotel \"dreamed\" of A shares.</p><p>Unlike some Internet companies that benefited from the epidemic, hotels, tourism, catering and other industries have been greatly impacted. Although it has begun to recover, it has not yet reached pre-epidemic levels. Then why is Atour in a hurry for IPO? There are several speculations in the industry: one is the current favor and high valuation of \"chain\" signs in the current primary and secondary markets; Another saying is that Atour may be in a dilemma in terms of cash flow.</p><p>The real answer to this question may have to be found in the prospectus.</p><p>Hotel IP</p><p>Generally speaking, according to the business model, hotels can be divided into two categories: direct operation and franchise. Among them, the direct sales model obtains income from room rates or catering businesses through self-owned or leased properties; Franchise modes can be divided into two types: franchise and management franchise. Specifically, management franchising will generally send a management team to control the quality of operation, while franchising only authorizes brands, trademarks, business methods, etc., and does not send a team.</p><p>Similar to many domestic hotel chains, Atour mainly adopts the management franchise mode. Judging from the prospectus, Atour Hotel's revenue consists of three parts: management franchise hotel revenue, rental hotel revenue, retail business revenue and others.</p><p><img src=\"https://static.tigerbbs.com/339b086b3f7290c64fa82bf8211407a6\" tg-width=\"1080\" tg-height=\"677\" referrerpolicy=\"no-referrer\"></p><p>Among them, managing the revenue of franchised hotels is its main business. The prospectus shows that in 2019 and 2020, this part of the revenue will be 840 million yuan and 926 million yuan respectively, a year-on-year increase of 10%, accounting for 53.6% and 59.1% of the total revenue. This is mainly due to the increase in the number of managed franchised hotels. The number of managed franchise hotels under Atour increased by 37.3% from 391 in 2019 to 537 in 2020.</p><p>In contrast, leasing hotels is the only one of Atour's three business revenues that has declined. According to the prospectus, the revenue from direct sales in 2020 will be 496 million yuan, down 19% from 615 million yuan in 2019. This is mainly because due to the impact of the epidemic, the hotel business will be greatly affected throughout 2020, not only the occupancy rate, but also the revenue from available rooms.</p><p>According to the prospectus, the overall occupancy rate of leased hotels by Atour Hotels (including requisitioned hotels) in 2020 will be 67.7%. Among them, it fell to 32.6% in the first quarter, and rose to 73.1%, 81.7% and 79.1% in the following three quarters. In contrast, the overall occupancy rate of rental hotels in 2019 was 83%, 15 percentage points higher than in 2020. In terms of revenue per saleable room (RePAR), Atour Hotel fell from 463.7 yuan in 2019 to 334.1 yuan in 2020, a decline of 28%.</p><p><img src=\"https://static.tigerbbs.com/dfbce8abd6c1d21bed8f753998c4b04c\" tg-width=\"1080\" tg-height=\"643\" referrerpolicy=\"no-referrer\"></p><p>Compared with other hotel players, Atour's big difference is the introduction of retail scenes in hotel spaces. In 2019 and 2020, retail revenue and others were 112 million yuan and 144 million yuan, accounting for 7.15% and 9.2% of total revenue. This is mainly related to the expansion of the number of hotels. GMV increased by 29.5% from 82.8 million yuan in 2019 to 107 million yuan in 2020.</p><p>It is understood that as of March 31, 2021, Atour Hotel has a total of 1,136 SKUs, of which 75.2% are private brand products, which can be mainly divided into three series: TOUR PLANET, SAVHE and Z2GO & CO, covering sleep-related products, Personal care and travel necessities.</p><p>Regarding the business model of Atour Hotel, founder Wang Haijun (nickname Yeluyin) once described it as \"hotel + crowd + IP\", by \"introducing more cross-border IP to create higher popularity\". As of the end of March 2021, Atour Hotels has a total of 14 IP hotels with the themes of music, basketball, literature, etc. The average room rate (ADR) of sold rooms in theme hotels reached 469.1 yuan, 15.4% higher than that of hotels of the same level.</p><p>It is worth mentioning that the prospectus shows that as of the end of March 2021, Atour Hotels owns 608 hotels in 131 cities across the country, with 71,100 guest rooms; Another 299 hotels with a total of 32,600 rooms are under construction. According to data from Frost & Sullivan, Atour Hotels is the largest mid-to-high-end hotel chain brand in China.</p><p>However, if the scope is expanded, Atour Hotel can only be said to be of medium scale. As of the end of 2020, Huazhu has a total of 6,789 hotels in operation around the world, and 2,413 mid-range and high-end hotels in operation; Jinjiang has opened 9,406 hotels and 4,422 mid-range hotels.</p><p>Cash flow \"anxiety\"</p><p>In terms of financial data, Atour Hotel's revenue in 2019 and 2020 was basically the same, at 1.5671 billion yuan and 1.5666 billion yuan respectively, and its net profit was 60.83 million yuan and 37.82 million yuan, a year-on-year decrease of 37.8%. Entering the first quarter of 2021, Atour Hotel's revenue was 420 million yuan, and its net profit was 11.469 million yuan.</p><p>Putting this achievement in the context of the epidemic, Atour Hotel's performance is still good. Most domestic hotel groups will experience both revenue and profit declines in 2020.</p><p><ul><li>Huazhu Group's operating income in 2020 was 10.196 billion yuan, a year-on-year decrease of 9%; The net loss was 2.192 billion yuan, a year-on-year plunge of 224%.</li><li>Jinjiang Hotel achieved revenue of 9.998 billion yuan, a year-on-year decrease of 34.45%; Net profit was 110 million yuan, a year-on-year decrease of 89.9%.</li><li>BTG Homeinns' revenue was 5.282 billion yuan, a year-on-year decrease of 36.45%; The net loss was-585 million yuan, a year-on-year decrease of 146%.</li></ul>The reason for this situation is not only related to management operations, acquisitions and other factors, but also related to product structure. From the perspective of the hotel industry, groups with a relatively high proportion of asset-heavy investment or leasing suffer even heavier losses, while groups with light asset operations, especially franchising, suffer controllable losses or even profitability.</p><p>According to the prospectus, as of the end of 2020, the number of Atour hotels totaled 570, including 33 directly operated (leased) hotels, accounting for only 5.8%. In contrast, Huazhu Group's directly-operated stores accounted for 11.1%, BTG Homeinns accounted for 23%, and Jinjiang Group accounted for 9.93%.</p><p>However, under the good performance, Atour Hotel also has many hidden worries. In terms of net profit margin, as the epidemic normalized, the net profit margin of Atour Hotel began to rise. The net profit margins in 2019 and 2020 were 3.88% and 2.4%, respectively. Entering the first quarter of 2021, Atour Hotel's profit margin reached 2.73%, but it has not yet returned to the pre-epidemic level.</p><p>In terms of debt ratio, Atour Hotel continues to rise. According to the prospectus, in Q1 of 2019, 2020 and 2021, the debt ratios of Atour Hotels were 67.96%, 71.5%, and 72.85% respectively. This debt level is not low among peers. The asset-liability ratio of BTG Hotel is around 50%, and that of Jinjiang Hotel is below 65%.</p><p>In terms of current assets, in 2019 and 2020, Atour Hotel was 963 million yuan and 1.17 billion yuan respectively. However, current liabilities also reached 677 million yuan and 898 million yuan during the same period, resulting in net current assets of 286 million yuan and 271 million yuan, a year-on-year decrease of 5%. There are not too many net current assets, which may affect the expansion pace of Atour Hotel in the future.</p><p>In this regard, Atour Hotel believes that this is mainly caused by two aspects: First, the increase in accrued expenses and other payables, mainly including the money collected or to be collected from customers or travel agencies on behalf of franchisees for reservation management hotels; Second, the income tax payable increases.</p><p><img src=\"https://static.tigerbbs.com/35db8c7c40bd9c7a87b1f5e0c219281e\" tg-width=\"1080\" tg-height=\"643\" referrerpolicy=\"no-referrer\"></p><p>At the same time, mezzanine capital is also a thorny issue for Atour Hotel. The so-called mezzanine capital is a kind of capital with returns and risks between equity investment and debt investment, and its essence is long-term unsecured debt venture capital. When an enterprise goes bankrupt and liquidates, the order of repayment comes after the priority creditors and before the shareholders. Mezzanine debt, like senior debt, requires the financier to repay the principal and interest on time.</p><p>According to the prospectus, Atour Hotel has mezzanine capital of 829 million yuan and 881 million yuan in 2019 and 2020. As of the end of March 2021, the mezzanine capital of Atour Hotel has reached 895 million yuan, mainly redeemable Series B (167 million yuan) and Series C (728 million yuan) stocks.</p><p>This also led to Atour Hotels' total deficits reaching 300 million yuan, 316 million yuan and 318 million yuan in Q1 of 2019, 2020 and 2021. This is also an important reason why Atour Hotel is anxious to go public.</p><p>According to public information, Atour Hotel has completed four rounds of financing. Among them, the transaction amounts of Series B financing and Series C financing are US $30 million and US $100 million respectively. The latest financing occurred in 2017, and the investor was Dehui Capital and where to go. The specific amount is unknown.</p><p>\"Catch\" young people</p><p>For the hotel industry, the epidemic has brought not only shocks, but also opportunities. During this period, many small and medium-sized hotels were squeezed out, providing space for other enterprises.</p><p>With the normalization of the epidemic, China's hotel industry has ushered in a recovery. The hotel chain industry will also usher in a new pattern, and the penetration rate will continue to increase. This mainly develops in two directions: one is the continuous increase in the supply of mid-range hotels in large cities, and the other is the rapid layout of budget hotels in sinking markets..</p><p>At present, major hotel groups have deployed expansion plans. Among them, Jinjiang Hotel plans to increase the number of domestic hotels to 15,000 in the next three years, doubling that of the second half of 2020; BTG Hotel has made clear the plan of 10,000 stores, and the stock of hotels will reach 10,000 in the next three years, which is greatly improved compared with the opening speed of the previous two years; Huazhu also further emphasized the plan of \"thousands of cities and thousands of stores\".</p><p>On the other hand, mid-to-high-end is also the focus of hotel giants. Huazhu invested in mid-to high-end brands such as Orange Crystal, Manxin, Huajiantang and Xiyue to expand its share in the mid-to high-end hotel market. Among them, as of the end of 2020, its All-Season Hotel has opened 1,000 stores; At the end of 2020, BTG Home Inns had 1,165 mid-to-high-end hotels, accounting for 23.8%, and 128,200 guest rooms, accounting for 29.7% of the total guest rooms.</p><p>Faced with the accelerated layout of hotel giants in the middle and high end, Atour Hotel, which suffers from financial troubles, is still facing considerable pressure although it is also stepping up its expansion pace.</p><p>In addition, in the \"hotel + crowd + IP\" model of Atour Hotel, the crowd refers more to young people. In the prospectus, Atour Hotel devoted a large space to introducing its efforts to expand its young customer base. In 2020, the proportion of customers under the age of 30 at Atour Hotel was 24.3%, and the proportion of customers between the ages of 30 and 40 was 45.8%. Among them, customers under the age of 30 contributed 35% of the total transaction price (room night and retail revenue).</p><p>At the same time, in order to improve user stickiness, Atour Hotels also launched an A-Card membership plan. As of the end of March 2021, the cumulative number of registered members exceeded 25 million, with a compound annual growth rate of 79.6% from 2015 to 2020, of which registered members under the age of 30 The compound annual growth rate of members is 113%.</p><p>However, Atour relies on hotel IP to create a differentiated experience, but it is difficult to achieve standard replication, and the investment cost is uncontrollable. In addition, other mid-to-high-end hotels in the market are constantly emphasizing personalization and theming, such as all-season, which advocates Zen aesthetics, orange crystal, which focuses on alternative five-star, Lavande, which highlights \"natural aroma\", and Zhe Coffee, which combines \"coffee culture\". With changes in segmented and positioned customer groups, brand updates and iterations, it is still a great challenge for Atour to continue to capture the hearts of young people.</p><p>If Atour Hotel is successfully listed, it can temporarily alleviate the financial constraints, but it will not solve all problems. The listing is just the beginning, and a larger and deeper \"war\" is waiting for Atour in the future.</p>","source":"lsy1585101920501","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Atour Hotel rushes to IPO again: cash flow is tight, feelings need more payers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAtour Hotel rushes to IPO again: cash flow is tight, feelings need more payers\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">资本侦探</strong><span class=\"h-time small\">2021-06-15 11:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/a0ff0679e83c76acec45a03953ba4e4c\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p>Atour Hotel hit the IPO again, but this time it was replaced by Nasdaq.</p><p>Recently, the official website of the U.S. Securities and Exchange Commission (SEC) showed that Atour Hotel has officially submitted a prospectus with the stock code \"ATAT\".</p><p>The road to listing of Atour Hotel has really experienced many twists and turns. In 2019, Atour Hotel began to plan to go public. At that time, A-shares were the first choice, and China Securities Construction Investment provided listing guidance. Later, in January 2020, the counseling agency was replaced by CICC and applied for listing on the Growth Enterprise Market, but it ultimately \"failed\" in early 2021. In this way, after 21 months, Atour Hotel \"dreamed\" of A shares.</p><p>Unlike some Internet companies that benefited from the epidemic, hotels, tourism, catering and other industries have been greatly impacted. Although it has begun to recover, it has not yet reached pre-epidemic levels. Then why is Atour in a hurry for IPO? There are several speculations in the industry: one is the current favor and high valuation of \"chain\" signs in the current primary and secondary markets; Another saying is that Atour may be in a dilemma in terms of cash flow.</p><p>The real answer to this question may have to be found in the prospectus.</p><p>Hotel IP</p><p>Generally speaking, according to the business model, hotels can be divided into two categories: direct operation and franchise. Among them, the direct sales model obtains income from room rates or catering businesses through self-owned or leased properties; Franchise modes can be divided into two types: franchise and management franchise. Specifically, management franchising will generally send a management team to control the quality of operation, while franchising only authorizes brands, trademarks, business methods, etc., and does not send a team.</p><p>Similar to many domestic hotel chains, Atour mainly adopts the management franchise mode. Judging from the prospectus, Atour Hotel's revenue consists of three parts: management franchise hotel revenue, rental hotel revenue, retail business revenue and others.</p><p><img src=\"https://static.tigerbbs.com/339b086b3f7290c64fa82bf8211407a6\" tg-width=\"1080\" tg-height=\"677\" referrerpolicy=\"no-referrer\"></p><p>Among them, managing the revenue of franchised hotels is its main business. The prospectus shows that in 2019 and 2020, this part of the revenue will be 840 million yuan and 926 million yuan respectively, a year-on-year increase of 10%, accounting for 53.6% and 59.1% of the total revenue. This is mainly due to the increase in the number of managed franchised hotels. The number of managed franchise hotels under Atour increased by 37.3% from 391 in 2019 to 537 in 2020.</p><p>In contrast, leasing hotels is the only one of Atour's three business revenues that has declined. According to the prospectus, the revenue from direct sales in 2020 will be 496 million yuan, down 19% from 615 million yuan in 2019. This is mainly because due to the impact of the epidemic, the hotel business will be greatly affected throughout 2020, not only the occupancy rate, but also the revenue from available rooms.</p><p>According to the prospectus, the overall occupancy rate of leased hotels by Atour Hotels (including requisitioned hotels) in 2020 will be 67.7%. Among them, it fell to 32.6% in the first quarter, and rose to 73.1%, 81.7% and 79.1% in the following three quarters. In contrast, the overall occupancy rate of rental hotels in 2019 was 83%, 15 percentage points higher than in 2020. In terms of revenue per saleable room (RePAR), Atour Hotel fell from 463.7 yuan in 2019 to 334.1 yuan in 2020, a decline of 28%.</p><p><img src=\"https://static.tigerbbs.com/dfbce8abd6c1d21bed8f753998c4b04c\" tg-width=\"1080\" tg-height=\"643\" referrerpolicy=\"no-referrer\"></p><p>Compared with other hotel players, Atour's big difference is the introduction of retail scenes in hotel spaces. In 2019 and 2020, retail revenue and others were 112 million yuan and 144 million yuan, accounting for 7.15% and 9.2% of total revenue. This is mainly related to the expansion of the number of hotels. GMV increased by 29.5% from 82.8 million yuan in 2019 to 107 million yuan in 2020.</p><p>It is understood that as of March 31, 2021, Atour Hotel has a total of 1,136 SKUs, of which 75.2% are private brand products, which can be mainly divided into three series: TOUR PLANET, SAVHE and Z2GO & CO, covering sleep-related products, Personal care and travel necessities.</p><p>Regarding the business model of Atour Hotel, founder Wang Haijun (nickname Yeluyin) once described it as \"hotel + crowd + IP\", by \"introducing more cross-border IP to create higher popularity\". As of the end of March 2021, Atour Hotels has a total of 14 IP hotels with the themes of music, basketball, literature, etc. The average room rate (ADR) of sold rooms in theme hotels reached 469.1 yuan, 15.4% higher than that of hotels of the same level.</p><p>It is worth mentioning that the prospectus shows that as of the end of March 2021, Atour Hotels owns 608 hotels in 131 cities across the country, with 71,100 guest rooms; Another 299 hotels with a total of 32,600 rooms are under construction. According to data from Frost & Sullivan, Atour Hotels is the largest mid-to-high-end hotel chain brand in China.</p><p>However, if the scope is expanded, Atour Hotel can only be said to be of medium scale. As of the end of 2020, Huazhu has a total of 6,789 hotels in operation around the world, and 2,413 mid-range and high-end hotels in operation; Jinjiang has opened 9,406 hotels and 4,422 mid-range hotels.</p><p>Cash flow \"anxiety\"</p><p>In terms of financial data, Atour Hotel's revenue in 2019 and 2020 was basically the same, at 1.5671 billion yuan and 1.5666 billion yuan respectively, and its net profit was 60.83 million yuan and 37.82 million yuan, a year-on-year decrease of 37.8%. Entering the first quarter of 2021, Atour Hotel's revenue was 420 million yuan, and its net profit was 11.469 million yuan.</p><p>Putting this achievement in the context of the epidemic, Atour Hotel's performance is still good. Most domestic hotel groups will experience both revenue and profit declines in 2020.</p><p><ul><li>Huazhu Group's operating income in 2020 was 10.196 billion yuan, a year-on-year decrease of 9%; The net loss was 2.192 billion yuan, a year-on-year plunge of 224%.</li><li>Jinjiang Hotel achieved revenue of 9.998 billion yuan, a year-on-year decrease of 34.45%; Net profit was 110 million yuan, a year-on-year decrease of 89.9%.</li><li>BTG Homeinns' revenue was 5.282 billion yuan, a year-on-year decrease of 36.45%; The net loss was-585 million yuan, a year-on-year decrease of 146%.</li></ul>The reason for this situation is not only related to management operations, acquisitions and other factors, but also related to product structure. From the perspective of the hotel industry, groups with a relatively high proportion of asset-heavy investment or leasing suffer even heavier losses, while groups with light asset operations, especially franchising, suffer controllable losses or even profitability.</p><p>According to the prospectus, as of the end of 2020, the number of Atour hotels totaled 570, including 33 directly operated (leased) hotels, accounting for only 5.8%. In contrast, Huazhu Group's directly-operated stores accounted for 11.1%, BTG Homeinns accounted for 23%, and Jinjiang Group accounted for 9.93%.</p><p>However, under the good performance, Atour Hotel also has many hidden worries. In terms of net profit margin, as the epidemic normalized, the net profit margin of Atour Hotel began to rise. The net profit margins in 2019 and 2020 were 3.88% and 2.4%, respectively. Entering the first quarter of 2021, Atour Hotel's profit margin reached 2.73%, but it has not yet returned to the pre-epidemic level.</p><p>In terms of debt ratio, Atour Hotel continues to rise. According to the prospectus, in Q1 of 2019, 2020 and 2021, the debt ratios of Atour Hotels were 67.96%, 71.5%, and 72.85% respectively. This debt level is not low among peers. The asset-liability ratio of BTG Hotel is around 50%, and that of Jinjiang Hotel is below 65%.</p><p>In terms of current assets, in 2019 and 2020, Atour Hotel was 963 million yuan and 1.17 billion yuan respectively. However, current liabilities also reached 677 million yuan and 898 million yuan during the same period, resulting in net current assets of 286 million yuan and 271 million yuan, a year-on-year decrease of 5%. There are not too many net current assets, which may affect the expansion pace of Atour Hotel in the future.</p><p>In this regard, Atour Hotel believes that this is mainly caused by two aspects: First, the increase in accrued expenses and other payables, mainly including the money collected or to be collected from customers or travel agencies on behalf of franchisees for reservation management hotels; Second, the income tax payable increases.</p><p><img src=\"https://static.tigerbbs.com/35db8c7c40bd9c7a87b1f5e0c219281e\" tg-width=\"1080\" tg-height=\"643\" referrerpolicy=\"no-referrer\"></p><p>At the same time, mezzanine capital is also a thorny issue for Atour Hotel. The so-called mezzanine capital is a kind of capital with returns and risks between equity investment and debt investment, and its essence is long-term unsecured debt venture capital. When an enterprise goes bankrupt and liquidates, the order of repayment comes after the priority creditors and before the shareholders. Mezzanine debt, like senior debt, requires the financier to repay the principal and interest on time.</p><p>According to the prospectus, Atour Hotel has mezzanine capital of 829 million yuan and 881 million yuan in 2019 and 2020. As of the end of March 2021, the mezzanine capital of Atour Hotel has reached 895 million yuan, mainly redeemable Series B (167 million yuan) and Series C (728 million yuan) stocks.</p><p>This also led to Atour Hotels' total deficits reaching 300 million yuan, 316 million yuan and 318 million yuan in Q1 of 2019, 2020 and 2021. This is also an important reason why Atour Hotel is anxious to go public.</p><p>According to public information, Atour Hotel has completed four rounds of financing. Among them, the transaction amounts of Series B financing and Series C financing are US $30 million and US $100 million respectively. The latest financing occurred in 2017, and the investor was Dehui Capital and where to go. The specific amount is unknown.</p><p>\"Catch\" young people</p><p>For the hotel industry, the epidemic has brought not only shocks, but also opportunities. During this period, many small and medium-sized hotels were squeezed out, providing space for other enterprises.</p><p>With the normalization of the epidemic, China's hotel industry has ushered in a recovery. The hotel chain industry will also usher in a new pattern, and the penetration rate will continue to increase. This mainly develops in two directions: one is the continuous increase in the supply of mid-range hotels in large cities, and the other is the rapid layout of budget hotels in sinking markets..</p><p>At present, major hotel groups have deployed expansion plans. Among them, Jinjiang Hotel plans to increase the number of domestic hotels to 15,000 in the next three years, doubling that of the second half of 2020; BTG Hotel has made clear the plan of 10,000 stores, and the stock of hotels will reach 10,000 in the next three years, which is greatly improved compared with the opening speed of the previous two years; Huazhu also further emphasized the plan of \"thousands of cities and thousands of stores\".</p><p>On the other hand, mid-to-high-end is also the focus of hotel giants. Huazhu invested in mid-to high-end brands such as Orange Crystal, Manxin, Huajiantang and Xiyue to expand its share in the mid-to high-end hotel market. Among them, as of the end of 2020, its All-Season Hotel has opened 1,000 stores; At the end of 2020, BTG Home Inns had 1,165 mid-to-high-end hotels, accounting for 23.8%, and 128,200 guest rooms, accounting for 29.7% of the total guest rooms.</p><p>Faced with the accelerated layout of hotel giants in the middle and high end, Atour Hotel, which suffers from financial troubles, is still facing considerable pressure although it is also stepping up its expansion pace.</p><p>In addition, in the \"hotel + crowd + IP\" model of Atour Hotel, the crowd refers more to young people. In the prospectus, Atour Hotel devoted a large space to introducing its efforts to expand its young customer base. In 2020, the proportion of customers under the age of 30 at Atour Hotel was 24.3%, and the proportion of customers between the ages of 30 and 40 was 45.8%. Among them, customers under the age of 30 contributed 35% of the total transaction price (room night and retail revenue).</p><p>At the same time, in order to improve user stickiness, Atour Hotels also launched an A-Card membership plan. As of the end of March 2021, the cumulative number of registered members exceeded 25 million, with a compound annual growth rate of 79.6% from 2015 to 2020, of which registered members under the age of 30 The compound annual growth rate of members is 113%.</p><p>However, Atour relies on hotel IP to create a differentiated experience, but it is difficult to achieve standard replication, and the investment cost is uncontrollable. In addition, other mid-to-high-end hotels in the market are constantly emphasizing personalization and theming, such as all-season, which advocates Zen aesthetics, orange crystal, which focuses on alternative five-star, Lavande, which highlights \"natural aroma\", and Zhe Coffee, which combines \"coffee culture\". With changes in segmented and positioned customer groups, brand updates and iterations, it is still a great challenge for Atour to continue to capture the hearts of young people.</p><p>If Atour Hotel is successfully listed, it can temporarily alleviate the financial constraints, but it will not solve all problems. The listing is just the beginning, and a larger and deeper \"war\" is waiting for Atour in the future.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/nf8XzhiFjQoRb9OFk2Z41g\">资本侦探</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a0ff0679e83c76acec45a03953ba4e4c","relate_stocks":{"ATAT":"亚朵"},"source_url":"https://mp.weixin.qq.com/s/nf8XzhiFjQoRb9OFk2Z41g","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167543350","content_text":"亚朵酒店再次冲击IPO，不过这次换成了纳斯达克。\n近日，美国证券交易委员会（SEC）官网显示，亚朵酒店已正式递交了招股书，股票代码为“ATAT”。\n亚朵酒店的上市之路真是几经波折。2019年，亚朵酒店就开始计划上市，当时A股是第一选择，由中信建投进行上市辅导。后来在2020年1月，辅导机构换成了中金公司，申请在创业板上市，但最终在2021年初“折戟”。就这样，在历经21个月后，亚朵酒店“梦断”A股。\n不同于受益于疫情的部分互联网企业，酒店、旅游、餐饮等行业受冲击较大。目前虽然已经开始复苏，但仍未达到疫情前水平。那亚朵为何着急IPO呢？业内有几种猜测：一种是当下一、二级市场当前对“连锁”招牌的青睐和高估值；还有一种说法是，亚朵在现金流方面或正处在窘境。\n这个问题的真正答案，或许还得从招股书中寻找。\n酒店IP化\n一般来说，酒店按照经营模式，可分为直营和加盟两类。其中，直营模式通过自有或者租赁物业，从房费或餐饮等业务取得收入；加盟模式可分为特许经营和管理加盟两种。具体区分的话，管理加盟一般会派驻管理团队把控经营质量，特许加盟则只是授权品牌、商标、经营方式等，不派驻团队。\n亚朵跟国内很多连锁酒店类似，主要采用的是管理加盟模式。从招股书来看，亚朵酒店的收入由三部分组成：管理加盟酒店收入，租赁酒店收入，以及零售业务收入和其他。\n\n其中，管理加盟酒店收入是其主要业务。招股书显示，2019年和2020年，这部分收入分别为8.4亿元和9.26亿元，同比增长10%，占总营收比例为53.6%和59.1%。这主要是由于管理加盟酒店数量的增长。亚朵旗下的管理加盟酒店的数量，从2019年的391 家增长37.3%到2020年的537家。\n相比之下，租赁酒店是亚朵三块业务收入中唯一下滑的。招股书显示，2020年直营带来的收入为4.96亿元，较2019年的6.15亿元下滑19%。这主要是因为受疫情影响，2020年全年酒店业务都受到很大影响，不仅仅是入驻率，还有可售房收入。\n招股书显示，2020年亚朵酒店（包括被征用酒店）租赁酒店的总体入住率为67.7%。其中，一季度更是跌到了32.6%，随后三个季度回升到73.1%、81.7%和79.1%。相比之下，2019年租赁酒店的的整体入住率为83%，比2020年高了15个百分点。在每间可售房收入（RePAR）方面，亚朵酒店从2019年的463.7元跌到了2020年的334.1元，下滑幅度达到28%。\n\n与其他酒店玩家相比，亚朵很大的一个不同是在酒店空间引入零售场景。2019年和2020年，零售收入及其他为1.12亿元和1.44亿元，占总营收比例为7.15%和9.2%。这主要跟酒店数量的扩张有关，GMV从2019 年的 8280万元增长29.5%至 2020 年的1.07 亿元。\n据了解，截至2021年3月31日，亚朵酒店总共拥有1136个SKU，其中75.2%为自有品牌产品，主要可分为TOUR PLANET、SAVHE和Z2GO&CO三大系列，涵盖睡眠相关产品、个人护理以及旅行必需品等品类。\n关于亚朵酒店的商业模式，创始人王海军（花名耶律胤）曾描述为“酒店+人群+IP”，通过“引入更多的跨界IP，打造更高的知名度”。截至2021年3月底，亚朵酒店共有14家以音乐、篮球、文学等为主题的IP酒店。主题酒店的已售客房平均房价（ADR）达到469.1 元，比同等级酒店高出15.4%。\n值得一提的是，招股书显示，截至2021年3月底，亚朵酒店在全国131座城市管有608家酒店，客房数为7.11万间；另有299家酒店、累计3.26万间客房正在建设中。弗若斯特沙利文的数据显示，亚朵酒店是中国最大的中高端连锁酒店品牌。\n不过，如果把范围扩大一下，亚朵酒店只能说属于中等规模。截至2020年底，华住全球在营酒店共有6789家酒店，中档及高端酒店在营2413家；锦江开业的酒店达到9406家，中端酒店达4422家。\n现金流“焦虑”\n财务数据方面，亚朵酒店2019年、2020年的营收基本持平，分别为15.671亿元和 15.666 亿元，净利润为6083万元和3782万元，同比下滑37.8%。进入2021年第一季度，亚朵酒店收入为4.2亿元，净利为1146.9万元。\n把这个成绩放在疫情的大背景下，亚朵酒店的表现还是不错。国内大部分酒店集团，在2020年都遭遇营收和利润双降。\n\n华住集团2020年营业收入101.96亿元，同比下降9%；净亏损21.92亿元，同比暴跌224%。\n锦江酒店实现营收99.98亿元，同比下降34.45%；净利润1.1亿元，同比下降89.9%。\n首旅如家营收为52.82亿元，同比下降36.45%；净亏损-5.85亿元，同比下降146%。\n\n之所以会出现这种情况，除了管理运营、收购等因素外，还跟产品结构有关。从酒店行业来看，以重资产投资或者租赁占比较高的集团损失更为惨重，而以轻资产运营尤其是特许经营为主的集团相反亏损可控甚至于盈利。\n招股书显示，截至2020年底，亚朵酒店数量总计570家，其中直营（租赁）酒店33家，占比仅为5.8%。相比之下，华住集团的直营店占比为11.1%，首旅如家为23%，锦江集团为9.93%。\n不过，在不错的业绩下面，亚朵酒店也有不少隐忧。净利率方面，随着疫情进入常态化，亚朵酒店的净利率开始回升。2019年和2020年的净利率分别为3.88%和2.4%。进入2021年一季度，亚朵酒店利润率达到了2.73%，但还未回到疫情前水平。\n负债率方面，亚朵酒店持续走高。招股书显示，2019年、2020年和2021年Q1，亚朵酒店负债率分别为67.96%、71.5%、72.85%。这一负债水平在同行中并不算低，首旅酒店资产负债率在50%左右，锦江酒店在65%以下。\n流动资产方面，2019年和2020年，亚朵酒店分别为9.63亿元和11.7亿元。但同期流动负债也达到了6.77亿元和8.98亿元，导致净流动资产为2.86亿元和2.71亿元，同比下滑5%。并不太多的净流动资产，可能会影响接下来亚朵酒店的扩张步伐。\n对此，亚朵酒店认为这主要有两个方面导致：第一，应计费用和其他应付款项增加，主要包括代加盟商为预订管理酒店向客户或旅行社收取或将收取的款项；第二，应付所得税增加。\n\n同时，对亚朵酒店来说，夹层资本也是一个棘手的问题。所谓夹层资本，是一种收益、风险在股权投资和债权投资之间的一种资本，本质是长期无担保的债权类风险资本。企业破产清算时候，清偿顺位排在优先债权人之后，在股东之前。夹层债务与优先债务一样，要求融资方按期还本付息。\n招股书显示，亚朵酒店2019年和2020年有8.29亿元、8.81亿元的夹层资本。截至2021年年3月底，亚朵酒店的夹层资本更是达到8.95亿元，主要为可赎回B轮（1.67亿元）和C轮（7.28亿元）股票。\n这也导致亚朵酒店在2019年、2020年和2021年Q1，总赤字达到3亿元、3.16亿元和3.18亿元。这也是亚朵酒店着急上市的重要原因。\n据公开消息，亚朵酒店已完成四轮融资。其中B轮融资和C轮融资的交易金额，分别为3000万美元和1亿美元。最近一次融资发生在2017年，投资方是德晖资本及去哪儿，具体金额不详。\n“抓住”年轻人\n对酒店行业来说，疫情带来的不仅仅是冲击，也带来了机遇。在这期间，很多中小酒店被挤出，为其他企业提供了空间。\n随着疫情进入常态化，中国酒店行业迎来复苏。连锁酒店行业也将迎来新的格局，渗透率将会继续提高，这主要往两个方向发展：一个是大型城市的中端酒店供给不断提升，另一个是下沉市场中经济型酒店快速布局。\n目前，各大酒店集团已经部署了扩张计划。其中，锦江酒店计划，未来3年将境内酒店数量达到1.5万家，较2020年下半年实现翻倍；首旅酒店明确了万店计划，未来3年存量开业酒店达到万家，较前两年的开店速度有较大幅度的提升；华住也进一步强调“千城万店”计划。\n另一方面，中高端也是酒店巨头发力的重点。华住投入桔子水晶、漫心、花间堂、禧玥等中高档品牌，扩大其在中高端酒店市场的份额。其中，截至2020年底，旗下全季酒店已经开出1000家店；首旅如家2020年底，中高端酒店数量1165家，占比23.8%，客房间数12.82万间，占总客房间数的29.7%。\n面对酒店巨头在中高端的加速布局，遭受资金困扰的亚朵酒店，虽然也在加紧扩张步伐，但仍面临着不小的压力。\n另外，在亚朵酒店“酒店+人群+IP”模式中，人群更多的是指年轻人。在招股书中，亚朵酒店用很大篇幅介绍了其拓展年轻客群的努力。2020年，亚朵酒店30岁以下的客户比例为24.3%，30岁到40岁的客户比例45.8%。其中，30岁以下的客户，贡献了总交易价格（间夜和零售收入）的35%。\n同时，为提高用户黏性，亚朵酒店还推出A-Card会员计划，截至2021年3月底的注册会员累计超过2500万，2015年至2020年的复合年增长率为79.6%，其中30岁以下注册会员的复合年增长率为113%。\n不过，亚朵依靠酒店IP化打造差异体验，但这很难做到标准复制，投资成本也并不可控。除此之外，市场上其他中高端酒店也在不断强调个性化与主题化，比如倡导禅意美学的全季、主打另类五星的桔子水晶、突出“天然香气”的丽枫、结合“咖啡文化”的喆啡。随着细分定位客群的变化、品牌更新迭代等，亚朵如何持续抓住年轻人的心，依旧是一个极大的挑战。\n亚朵酒店如果成功上市，可以暂时缓解资金紧张状况，但并不能解决所有问题。上市只是一个开始，未来更大范围、更深层次的“战争”在等着亚朵。","news_type":1,"symbols_score_info":{"ATAT":0.9}},"isVote":1,"tweetType":1,"viewCount":339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187023599,"gmtCreate":1623731237811,"gmtModify":1704209836263,"author":{"id":"3583887961660865","authorId":"3583887961660865","name":"Havcu","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583887961660865","idStr":"3583887961660865"},"themes":[],"htmlText":"Xiao Peng best","listText":"Xiao Peng best","text":"Xiao Peng best","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187023599","repostId":"1197323307","repostType":4,"repost":{"id":"1197323307","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1623729206,"share":"https://ttm.financial/m/news/1197323307?lang=en_US&edition=fundamental","pubTime":"2021-06-15 11:53","market":"us","language":"zh","title":"XPeng vehicles: The automatic parking function was used more than 260,000 times in May","url":"https://stock-news.laohu8.com/highlight/detail?id=1197323307","media":"老虎资讯综合","summary":"小鹏汽车：5月小鹏自动泊车功能单月成功使用次数超26万，NGP使用里程突破500万公里。","content":"<p><a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>: In May, XPeng's automatic parking function was successfully used more than 260,000 times in a single month, and the mileage of NGP exceeded 5 million kilometers.</p><p><img src=\"https://static.tigerbbs.com/c0a2bd179fe14f0c1a6b454da25f388c\" tg-width=\"500\" tg-height=\"1623\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>XPeng vehicles: The automatic parking function was used more than 260,000 times in May</title>\n<style 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#7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXPeng vehicles: The automatic parking function was used more than 260,000 times in May\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-15 11:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>: In May, XPeng's automatic parking function was successfully used more than 260,000 times in a single month, and the mileage of NGP exceeded 5 million kilometers.</p><p><img src=\"https://static.tigerbbs.com/c0a2bd179fe14f0c1a6b454da25f388c\" tg-width=\"500\" tg-height=\"1623\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4aa4c2246df411f68e16a21f6d365311","relate_stocks":{"XPEV":"小鹏汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197323307","content_text":"小鹏汽车：5月小鹏自动泊车功能单月成功使用次数超26万，NGP使用里程突破500万公里。","news_type":1,"symbols_score_info":{"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":661,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187029946,"gmtCreate":1623731192885,"gmtModify":1704209833839,"author":{"id":"3583887961660865","authorId":"3583887961660865","name":"Havcu","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583887961660865","idStr":"3583887961660865"},"themes":[],"htmlText":"Let’s go now","listText":"Let’s go now","text":"Let’s go now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187029946","repostId":"2143734679","repostType":4,"isVote":1,"tweetType":1,"viewCount":191,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":187027377,"gmtCreate":1623731444499,"gmtModify":1704209844371,"author":{"id":"3583887961660865","authorId":"3583887961660865","name":"Havcu","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583887961660865","idStr":"3583887961660865"},"themes":[],"htmlText":"Jp Morgan good sis","listText":"Jp Morgan good sis","text":"Jp Morgan good sis","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187027377","repostId":"1193820370","repostType":4,"repost":{"id":"1193820370","kind":"news","pubTimestamp":1623725162,"share":"https://ttm.financial/m/news/1193820370?lang=en_US&edition=fundamental","pubTime":"2021-06-15 10:46","market":"us","language":"zh","title":"JPMorgan CEO: Has hoarded US $500 billion, bargain-hunting after rate hike","url":"https://stock-news.laohu8.com/highlight/detail?id=1193820370","media":"智通财经","summary":"该行在“有效地囤积”现金，而不是用它来购买国债或其他投资。","content":"<p>Author: Li Dan</p><p>While there is no clear prediction of when the Fed may withdraw easing, JPMorgan Chase, the largest bank in the United States by assets, is already \"hoarding ammunition\" and preparing to sweep goods when the Fed rate hike earlier than expected.</p><p>On Monday, June 14, Eastern Time, JPMorgan Chase CEO Dimon said in an online meeting that as future rising inflation may force the Federal Reserve to rate hike, JPMorgan Chase is already \"effectively hoarding\" cash instead of using the funds to buy U.S. Treasury Bond and other investment products. This is to buy assets with higher returns during a rate hike. Dimon says:</p><p>\"We have a lot of cash and a lot of capacity, and we're going to be very patient. Because I think it's very likely that inflation will be more than temporary.\" \"We already have $500 billion in cash on our balance sheet. In fact, we've been effectively hoarding more and more cash, waiting for investment opportunities when interest rates go higher. I do expect interest rates to go up and inflation to go up, and we're preparing for that.\" Also on Monday, James Gorman, CEO of another Wall Street giant Morgan Stanley, also mentioned in an interview with the media that he expects the situation of rising inflation to last and the Federal Reserve may be forced to rate hike earlier than expected.</p><p>\"The question is when the Fed will act. It has to do it at some point. I think it is more likely that it will come earlier than the current dot plot suggests, rather than later than that.\" The dot plot of interest rates updated after the Federal Reserve meeting in March this year shows that most Fed officials expect the current near-zero interest rate to remain unchanged until the end of 2023. The statement at the April Federal Reserve meeting acknowledged that COVID-19 vaccine vaccination had driven the economy strengthened, but believed that the rise in inflation was due to temporary factors, and pointed out that the industries hardest hit by the epidemic were still weak, reiterating the forward guidance on interest rates since September last year, allowing \"to achieve inflation moderately above 2% over a period of time, so that the average inflation over a period of time can reach 2%.\"</p><p>However, the core PCE price index of the United States released since then in April hit the fastest year-on-year growth rate since 1992, and the CPI and core CPI in May hit the fastest growth rates since 2008 and 1992 respectively. Last week, Bank of America warned that as U.S. inflation hit new highs in April and May, as labor shortages and signs of inflation continue to emerge, the confidence of both the Federal Reserve and the market is becoming increasingly unconvincing. Sustained inflation is beginning to lay the foundation from this moment. \"History shows that once inflation is higher, it is difficult to control it without triggering a recession\".</p><p>JPMorgan Chase's second-quarter trading revenue may plummet by 38%, lowering its net interest income forecast for this year</p><p>While warning that the Federal Reserve may rate hike ahead of schedule, Dimon also mentioned on Monday that the bank's trading revenue will drop significantly after the outbreak of the epidemic last year.</p><p>Dimon said that in the second quarter of this year, JPMorgan Chase's fixed income and stock trading revenue will be \"more normal\", with trading revenue slightly over $6 billion, which is lower than the special period during the epidemic a year ago. This means that the bank's trading revenue this quarter will decrease by about 38% from the record $9.7 billion in the second quarter of last year, a decline that exceeds Wall Street consensus expectations. According to a Bloomberg survey, even JPMorgan Chase's average trading revenue expectation, which analysts have fallen, is $6.5 billion.</p><p>Dimon said that the revenue of investment banking business in the second quarter is expected to increase by about 20% year-on-year, and the revenue of investment banking related to M&A consulting and stock and bond issuance in the quarter may be among the best in the history of the bank.</p><p>Dimon revealed that JPMorgan Chase expects net interest income of $52.5 billion this year, down from the previous estimate of $55 billion. \"I know it's a bit disappointing,\" he said.</p><p>After Dimon's speech, JPMorgan Chase's stock price accelerated its intraday decline, falling more than 2.2% at one point, and finally closed down 1.7%. The five largest U.S. bank stocks all fell on Monday, with JPMorgan Chase leading the loser.</p><p><img src=\"https://static.tigerbbs.com/935b6edc71fb0a29bda0608c03e31add\" tg-width=\"640\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JPMorgan CEO: Has hoarded US $500 billion, bargain-hunting after rate hike</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJPMorgan CEO: Has hoarded US $500 billion, bargain-hunting after rate hike\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经</strong><span class=\"h-time small\">2021-06-15 10:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Author: Li Dan</p><p>While there is no clear prediction of when the Fed may withdraw easing, JPMorgan Chase, the largest bank in the United States by assets, is already \"hoarding ammunition\" and preparing to sweep goods when the Fed rate hike earlier than expected.</p><p>On Monday, June 14, Eastern Time, JPMorgan Chase CEO Dimon said in an online meeting that as future rising inflation may force the Federal Reserve to rate hike, JPMorgan Chase is already \"effectively hoarding\" cash instead of using the funds to buy U.S. Treasury Bond and other investment products. This is to buy assets with higher returns during a rate hike. Dimon says:</p><p>\"We have a lot of cash and a lot of capacity, and we're going to be very patient. Because I think it's very likely that inflation will be more than temporary.\" \"We already have $500 billion in cash on our balance sheet. In fact, we've been effectively hoarding more and more cash, waiting for investment opportunities when interest rates go higher. I do expect interest rates to go up and inflation to go up, and we're preparing for that.\" Also on Monday, James Gorman, CEO of another Wall Street giant Morgan Stanley, also mentioned in an interview with the media that he expects the situation of rising inflation to last and the Federal Reserve may be forced to rate hike earlier than expected.</p><p>\"The question is when the Fed will act. It has to do it at some point. I think it is more likely that it will come earlier than the current dot plot suggests, rather than later than that.\" The dot plot of interest rates updated after the Federal Reserve meeting in March this year shows that most Fed officials expect the current near-zero interest rate to remain unchanged until the end of 2023. The statement at the April Federal Reserve meeting acknowledged that COVID-19 vaccine vaccination had driven the economy strengthened, but believed that the rise in inflation was due to temporary factors, and pointed out that the industries hardest hit by the epidemic were still weak, reiterating the forward guidance on interest rates since September last year, allowing \"to achieve inflation moderately above 2% over a period of time, so that the average inflation over a period of time can reach 2%.\"</p><p>However, the core PCE price index of the United States released since then in April hit the fastest year-on-year growth rate since 1992, and the CPI and core CPI in May hit the fastest growth rates since 2008 and 1992 respectively. Last week, Bank of America warned that as U.S. inflation hit new highs in April and May, as labor shortages and signs of inflation continue to emerge, the confidence of both the Federal Reserve and the market is becoming increasingly unconvincing. Sustained inflation is beginning to lay the foundation from this moment. \"History shows that once inflation is higher, it is difficult to control it without triggering a recession\".</p><p>JPMorgan Chase's second-quarter trading revenue may plummet by 38%, lowering its net interest income forecast for this year</p><p>While warning that the Federal Reserve may rate hike ahead of schedule, Dimon also mentioned on Monday that the bank's trading revenue will drop significantly after the outbreak of the epidemic last year.</p><p>Dimon said that in the second quarter of this year, JPMorgan Chase's fixed income and stock trading revenue will be \"more normal\", with trading revenue slightly over $6 billion, which is lower than the special period during the epidemic a year ago. This means that the bank's trading revenue this quarter will decrease by about 38% from the record $9.7 billion in the second quarter of last year, a decline that exceeds Wall Street consensus expectations. According to a Bloomberg survey, even JPMorgan Chase's average trading revenue expectation, which analysts have fallen, is $6.5 billion.</p><p>Dimon said that the revenue of investment banking business in the second quarter is expected to increase by about 20% year-on-year, and the revenue of investment banking related to M&A consulting and stock and bond issuance in the quarter may be among the best in the history of the bank.</p><p>Dimon revealed that JPMorgan Chase expects net interest income of $52.5 billion this year, down from the previous estimate of $55 billion. \"I know it's a bit disappointing,\" he said.</p><p>After Dimon's speech, JPMorgan Chase's stock price accelerated its intraday decline, falling more than 2.2% at one point, and finally closed down 1.7%. The five largest U.S. bank stocks all fell on Monday, with JPMorgan Chase leading the loser.</p><p><img src=\"https://static.tigerbbs.com/935b6edc71fb0a29bda0608c03e31add\" tg-width=\"640\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.zhitongcaijing.com/content/detail/493694.html\">智通财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7e2f636e805bfca87903ab08fc842298","relate_stocks":{"JPM":"摩根大通"},"source_url":"https://www.zhitongcaijing.com/content/detail/493694.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"1193820370","content_text":"作者：李丹\n虽然没有明确预测美联储可能何时撤除宽松，但美国资产规模最大的银行摩根大通已经在“囤积弹药”，准备在美联储比预期更早加息时大举扫货。\n美东时间6月14日周一，摩根大通CEO戴蒙在线上会议中表示，由于未来通胀上行可能迫使美联储加息，摩根大通已经在“有效地囤积”现金，而不是用这些资金买入美国国债和其他投资品。这样的做法是为了在加息时能买入收益升高的资产。戴蒙说：\n\n “我们有大笔现金，也很有能力，我们会非常有耐心。因为我想，很有可能通胀将不仅仅是暂时的。”“我们的资产负债表里已经有5000亿美元现金。实际上，我们一直在有效地囤积越来越多的现金，等待利率走高时出现的投资机会。我的确预计利率会升高，通胀会增加，我们在为此做准备。”\n\n同在周一，另一华尔街巨头摩根士丹利的CEO James Gorman接受媒体采访时也提到，他预计通胀升高的形势可能持久，美联储可能被迫比预期更早加息。\n\n “问题是美联储何时行动。它不得不在某个时候出手。我认为，更倾向于比当前点阵图暗示的（时间）来得更早，而不是来得比那还迟，这种可能性大。”\n\n今年3月美联储会后更新的利率点阵图显示，联储大多数官员预计，直到2023年末，都将保持目前的近零利率不变。4月的美联储会议声明承认新冠疫苗接种推动经济走强，但认为通胀上升时源于暂时的因素，并且指出最受疫情打击的行业还疲软，重申了去年9月以来的利率前瞻指引，容许“在一段时间内实现通胀适度高于2%，以便让一段时间内的平均通胀达到2%”。\n但此后公布的美国4月核心PCE物价指数创1992年来最快同比增速，5月CPI和核心CPI分别创2008年和1992年来最快增速。上周美国银行警告，在美国4月、5月通胀连续创出新高之际，随着劳动力短缺和通胀迹象不断出现，美联储和市场的自信都在变得越来越令人难以信服，未来更持续的通胀正从此刻开始打下基础。“历史表明，一旦通胀走高，就很难在不引发经济衰退的情况下加以控制”。\n摩根大通二季度交易收入恐剧减38% 下调今年净利息收入预期\n警告美联储可能提前加息的同时，戴蒙本周一还提到该行的交易收入在经历去年疫情的大爆发后会明显下降。\n戴蒙说，今年二季度，摩根大通的固定收益和股票交易收入将“更为正常”，交易收入将略高于60亿美元，比一年前疫情期间的特殊时期要低。这意味着，本季度该行交易收入将较去年二季度创纪录的97亿美元减少约38%，降幅超过华尔街共识预期。彭博调查显示，即使是分析师已经下降的摩根大通交易收入预期均值也有65亿美元。\n戴蒙称，二季度投资银行业务的收入将有望同比增长约20%，当季并购顾问和股债发行相关投行收入可能在该行史上名列前茅。\n戴蒙透露，摩根大通预计今年的净利息收入为525亿美元，低于此前预计的550亿美元。他说：“我知道有点令人失望。”\n戴蒙讲话后，摩根大通股价盘中加速下跌，跌幅一度超过2.2%，最终收跌1.7%。美国五大银行股周一当日齐跌，摩根大通跌幅居前。","news_type":1,"symbols_score_info":{"JPM":0.9}},"isVote":1,"tweetType":1,"viewCount":280,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187022853,"gmtCreate":1623731337472,"gmtModify":1704209840804,"author":{"id":"3583887961660865","authorId":"3583887961660865","name":"Havcu","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583887961660865","idStr":"3583887961660865"},"themes":[],"htmlText":"IPO to the moon","listText":"IPO to the moon","text":"IPO to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187022853","repostId":"1167543350","repostType":4,"repost":{"id":"1167543350","kind":"news","pubTimestamp":1623727614,"share":"https://ttm.financial/m/news/1167543350?lang=en_US&edition=fundamental","pubTime":"2021-06-15 11:26","market":"us","language":"zh","title":"Atour Hotel rushes to IPO again: cash flow is tight, feelings need more payers","url":"https://stock-news.laohu8.com/highlight/detail?id=1167543350","media":"资本侦探","summary":"亚朵酒店再次冲击IPO，不过这次换成了纳斯达克。\n近日，美国证券交易委员会（SEC）官网显示，亚朵酒店已正式递交了招股书，股票代码为“ATAT”。\n亚朵酒店的上市之路真是几经波折。2019年，亚朵酒店","content":"<p><img src=\"https://static.tigerbbs.com/a0ff0679e83c76acec45a03953ba4e4c\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p>Atour Hotel hit the IPO again, but this time it was replaced by Nasdaq.</p><p>Recently, the official website of the U.S. Securities and Exchange Commission (SEC) showed that Atour Hotel has officially submitted a prospectus with the stock code \"ATAT\".</p><p>The road to listing of Atour Hotel has really experienced many twists and turns. In 2019, Atour Hotel began to plan to go public. At that time, A-shares were the first choice, and China Securities Construction Investment provided listing guidance. Later, in January 2020, the counseling agency was replaced by CICC and applied for listing on the Growth Enterprise Market, but it ultimately \"failed\" in early 2021. In this way, after 21 months, Atour Hotel \"dreamed\" of A shares.</p><p>Unlike some Internet companies that benefited from the epidemic, hotels, tourism, catering and other industries have been greatly impacted. Although it has begun to recover, it has not yet reached pre-epidemic levels. Then why is Atour in a hurry for IPO? There are several speculations in the industry: one is the current favor and high valuation of \"chain\" signs in the current primary and secondary markets; Another saying is that Atour may be in a dilemma in terms of cash flow.</p><p>The real answer to this question may have to be found in the prospectus.</p><p>Hotel IP</p><p>Generally speaking, according to the business model, hotels can be divided into two categories: direct operation and franchise. Among them, the direct sales model obtains income from room rates or catering businesses through self-owned or leased properties; Franchise modes can be divided into two types: franchise and management franchise. Specifically, management franchising will generally send a management team to control the quality of operation, while franchising only authorizes brands, trademarks, business methods, etc., and does not send a team.</p><p>Similar to many domestic hotel chains, Atour mainly adopts the management franchise mode. Judging from the prospectus, Atour Hotel's revenue consists of three parts: management franchise hotel revenue, rental hotel revenue, retail business revenue and others.</p><p><img src=\"https://static.tigerbbs.com/339b086b3f7290c64fa82bf8211407a6\" tg-width=\"1080\" tg-height=\"677\" referrerpolicy=\"no-referrer\"></p><p>Among them, managing the revenue of franchised hotels is its main business. The prospectus shows that in 2019 and 2020, this part of the revenue will be 840 million yuan and 926 million yuan respectively, a year-on-year increase of 10%, accounting for 53.6% and 59.1% of the total revenue. This is mainly due to the increase in the number of managed franchised hotels. The number of managed franchise hotels under Atour increased by 37.3% from 391 in 2019 to 537 in 2020.</p><p>In contrast, leasing hotels is the only one of Atour's three business revenues that has declined. According to the prospectus, the revenue from direct sales in 2020 will be 496 million yuan, down 19% from 615 million yuan in 2019. This is mainly because due to the impact of the epidemic, the hotel business will be greatly affected throughout 2020, not only the occupancy rate, but also the revenue from available rooms.</p><p>According to the prospectus, the overall occupancy rate of leased hotels by Atour Hotels (including requisitioned hotels) in 2020 will be 67.7%. Among them, it fell to 32.6% in the first quarter, and rose to 73.1%, 81.7% and 79.1% in the following three quarters. In contrast, the overall occupancy rate of rental hotels in 2019 was 83%, 15 percentage points higher than in 2020. In terms of revenue per saleable room (RePAR), Atour Hotel fell from 463.7 yuan in 2019 to 334.1 yuan in 2020, a decline of 28%.</p><p><img src=\"https://static.tigerbbs.com/dfbce8abd6c1d21bed8f753998c4b04c\" tg-width=\"1080\" tg-height=\"643\" referrerpolicy=\"no-referrer\"></p><p>Compared with other hotel players, Atour's big difference is the introduction of retail scenes in hotel spaces. In 2019 and 2020, retail revenue and others were 112 million yuan and 144 million yuan, accounting for 7.15% and 9.2% of total revenue. This is mainly related to the expansion of the number of hotels. GMV increased by 29.5% from 82.8 million yuan in 2019 to 107 million yuan in 2020.</p><p>It is understood that as of March 31, 2021, Atour Hotel has a total of 1,136 SKUs, of which 75.2% are private brand products, which can be mainly divided into three series: TOUR PLANET, SAVHE and Z2GO & CO, covering sleep-related products, Personal care and travel necessities.</p><p>Regarding the business model of Atour Hotel, founder Wang Haijun (nickname Yeluyin) once described it as \"hotel + crowd + IP\", by \"introducing more cross-border IP to create higher popularity\". As of the end of March 2021, Atour Hotels has a total of 14 IP hotels with the themes of music, basketball, literature, etc. The average room rate (ADR) of sold rooms in theme hotels reached 469.1 yuan, 15.4% higher than that of hotels of the same level.</p><p>It is worth mentioning that the prospectus shows that as of the end of March 2021, Atour Hotels owns 608 hotels in 131 cities across the country, with 71,100 guest rooms; Another 299 hotels with a total of 32,600 rooms are under construction. According to data from Frost & Sullivan, Atour Hotels is the largest mid-to-high-end hotel chain brand in China.</p><p>However, if the scope is expanded, Atour Hotel can only be said to be of medium scale. As of the end of 2020, Huazhu has a total of 6,789 hotels in operation around the world, and 2,413 mid-range and high-end hotels in operation; Jinjiang has opened 9,406 hotels and 4,422 mid-range hotels.</p><p>Cash flow \"anxiety\"</p><p>In terms of financial data, Atour Hotel's revenue in 2019 and 2020 was basically the same, at 1.5671 billion yuan and 1.5666 billion yuan respectively, and its net profit was 60.83 million yuan and 37.82 million yuan, a year-on-year decrease of 37.8%. Entering the first quarter of 2021, Atour Hotel's revenue was 420 million yuan, and its net profit was 11.469 million yuan.</p><p>Putting this achievement in the context of the epidemic, Atour Hotel's performance is still good. Most domestic hotel groups will experience both revenue and profit declines in 2020.</p><p><ul><li>Huazhu Group's operating income in 2020 was 10.196 billion yuan, a year-on-year decrease of 9%; The net loss was 2.192 billion yuan, a year-on-year plunge of 224%.</li><li>Jinjiang Hotel achieved revenue of 9.998 billion yuan, a year-on-year decrease of 34.45%; Net profit was 110 million yuan, a year-on-year decrease of 89.9%.</li><li>BTG Homeinns' revenue was 5.282 billion yuan, a year-on-year decrease of 36.45%; The net loss was-585 million yuan, a year-on-year decrease of 146%.</li></ul>The reason for this situation is not only related to management operations, acquisitions and other factors, but also related to product structure. From the perspective of the hotel industry, groups with a relatively high proportion of asset-heavy investment or leasing suffer even heavier losses, while groups with light asset operations, especially franchising, suffer controllable losses or even profitability.</p><p>According to the prospectus, as of the end of 2020, the number of Atour hotels totaled 570, including 33 directly operated (leased) hotels, accounting for only 5.8%. In contrast, Huazhu Group's directly-operated stores accounted for 11.1%, BTG Homeinns accounted for 23%, and Jinjiang Group accounted for 9.93%.</p><p>However, under the good performance, Atour Hotel also has many hidden worries. In terms of net profit margin, as the epidemic normalized, the net profit margin of Atour Hotel began to rise. The net profit margins in 2019 and 2020 were 3.88% and 2.4%, respectively. Entering the first quarter of 2021, Atour Hotel's profit margin reached 2.73%, but it has not yet returned to the pre-epidemic level.</p><p>In terms of debt ratio, Atour Hotel continues to rise. According to the prospectus, in Q1 of 2019, 2020 and 2021, the debt ratios of Atour Hotels were 67.96%, 71.5%, and 72.85% respectively. This debt level is not low among peers. The asset-liability ratio of BTG Hotel is around 50%, and that of Jinjiang Hotel is below 65%.</p><p>In terms of current assets, in 2019 and 2020, Atour Hotel was 963 million yuan and 1.17 billion yuan respectively. However, current liabilities also reached 677 million yuan and 898 million yuan during the same period, resulting in net current assets of 286 million yuan and 271 million yuan, a year-on-year decrease of 5%. There are not too many net current assets, which may affect the expansion pace of Atour Hotel in the future.</p><p>In this regard, Atour Hotel believes that this is mainly caused by two aspects: First, the increase in accrued expenses and other payables, mainly including the money collected or to be collected from customers or travel agencies on behalf of franchisees for reservation management hotels; Second, the income tax payable increases.</p><p><img src=\"https://static.tigerbbs.com/35db8c7c40bd9c7a87b1f5e0c219281e\" tg-width=\"1080\" tg-height=\"643\" referrerpolicy=\"no-referrer\"></p><p>At the same time, mezzanine capital is also a thorny issue for Atour Hotel. The so-called mezzanine capital is a kind of capital with returns and risks between equity investment and debt investment, and its essence is long-term unsecured debt venture capital. When an enterprise goes bankrupt and liquidates, the order of repayment comes after the priority creditors and before the shareholders. Mezzanine debt, like senior debt, requires the financier to repay the principal and interest on time.</p><p>According to the prospectus, Atour Hotel has mezzanine capital of 829 million yuan and 881 million yuan in 2019 and 2020. As of the end of March 2021, the mezzanine capital of Atour Hotel has reached 895 million yuan, mainly redeemable Series B (167 million yuan) and Series C (728 million yuan) stocks.</p><p>This also led to Atour Hotels' total deficits reaching 300 million yuan, 316 million yuan and 318 million yuan in Q1 of 2019, 2020 and 2021. This is also an important reason why Atour Hotel is anxious to go public.</p><p>According to public information, Atour Hotel has completed four rounds of financing. Among them, the transaction amounts of Series B financing and Series C financing are US $30 million and US $100 million respectively. The latest financing occurred in 2017, and the investor was Dehui Capital and where to go. The specific amount is unknown.</p><p>\"Catch\" young people</p><p>For the hotel industry, the epidemic has brought not only shocks, but also opportunities. During this period, many small and medium-sized hotels were squeezed out, providing space for other enterprises.</p><p>With the normalization of the epidemic, China's hotel industry has ushered in a recovery. The hotel chain industry will also usher in a new pattern, and the penetration rate will continue to increase. This mainly develops in two directions: one is the continuous increase in the supply of mid-range hotels in large cities, and the other is the rapid layout of budget hotels in sinking markets..</p><p>At present, major hotel groups have deployed expansion plans. Among them, Jinjiang Hotel plans to increase the number of domestic hotels to 15,000 in the next three years, doubling that of the second half of 2020; BTG Hotel has made clear the plan of 10,000 stores, and the stock of hotels will reach 10,000 in the next three years, which is greatly improved compared with the opening speed of the previous two years; Huazhu also further emphasized the plan of \"thousands of cities and thousands of stores\".</p><p>On the other hand, mid-to-high-end is also the focus of hotel giants. Huazhu invested in mid-to high-end brands such as Orange Crystal, Manxin, Huajiantang and Xiyue to expand its share in the mid-to high-end hotel market. Among them, as of the end of 2020, its All-Season Hotel has opened 1,000 stores; At the end of 2020, BTG Home Inns had 1,165 mid-to-high-end hotels, accounting for 23.8%, and 128,200 guest rooms, accounting for 29.7% of the total guest rooms.</p><p>Faced with the accelerated layout of hotel giants in the middle and high end, Atour Hotel, which suffers from financial troubles, is still facing considerable pressure although it is also stepping up its expansion pace.</p><p>In addition, in the \"hotel + crowd + IP\" model of Atour Hotel, the crowd refers more to young people. In the prospectus, Atour Hotel devoted a large space to introducing its efforts to expand its young customer base. In 2020, the proportion of customers under the age of 30 at Atour Hotel was 24.3%, and the proportion of customers between the ages of 30 and 40 was 45.8%. Among them, customers under the age of 30 contributed 35% of the total transaction price (room night and retail revenue).</p><p>At the same time, in order to improve user stickiness, Atour Hotels also launched an A-Card membership plan. As of the end of March 2021, the cumulative number of registered members exceeded 25 million, with a compound annual growth rate of 79.6% from 2015 to 2020, of which registered members under the age of 30 The compound annual growth rate of members is 113%.</p><p>However, Atour relies on hotel IP to create a differentiated experience, but it is difficult to achieve standard replication, and the investment cost is uncontrollable. In addition, other mid-to-high-end hotels in the market are constantly emphasizing personalization and theming, such as all-season, which advocates Zen aesthetics, orange crystal, which focuses on alternative five-star, Lavande, which highlights \"natural aroma\", and Zhe Coffee, which combines \"coffee culture\". With changes in segmented and positioned customer groups, brand updates and iterations, it is still a great challenge for Atour to continue to capture the hearts of young people.</p><p>If Atour Hotel is successfully listed, it can temporarily alleviate the financial constraints, but it will not solve all problems. The listing is just the beginning, and a larger and deeper \"war\" is waiting for Atour in the future.</p>","source":"lsy1585101920501","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Atour Hotel rushes to IPO again: cash flow is tight, feelings need more payers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAtour Hotel rushes to IPO again: cash flow is tight, feelings need more payers\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">资本侦探</strong><span class=\"h-time small\">2021-06-15 11:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/a0ff0679e83c76acec45a03953ba4e4c\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p>Atour Hotel hit the IPO again, but this time it was replaced by Nasdaq.</p><p>Recently, the official website of the U.S. Securities and Exchange Commission (SEC) showed that Atour Hotel has officially submitted a prospectus with the stock code \"ATAT\".</p><p>The road to listing of Atour Hotel has really experienced many twists and turns. In 2019, Atour Hotel began to plan to go public. At that time, A-shares were the first choice, and China Securities Construction Investment provided listing guidance. Later, in January 2020, the counseling agency was replaced by CICC and applied for listing on the Growth Enterprise Market, but it ultimately \"failed\" in early 2021. In this way, after 21 months, Atour Hotel \"dreamed\" of A shares.</p><p>Unlike some Internet companies that benefited from the epidemic, hotels, tourism, catering and other industries have been greatly impacted. Although it has begun to recover, it has not yet reached pre-epidemic levels. Then why is Atour in a hurry for IPO? There are several speculations in the industry: one is the current favor and high valuation of \"chain\" signs in the current primary and secondary markets; Another saying is that Atour may be in a dilemma in terms of cash flow.</p><p>The real answer to this question may have to be found in the prospectus.</p><p>Hotel IP</p><p>Generally speaking, according to the business model, hotels can be divided into two categories: direct operation and franchise. Among them, the direct sales model obtains income from room rates or catering businesses through self-owned or leased properties; Franchise modes can be divided into two types: franchise and management franchise. Specifically, management franchising will generally send a management team to control the quality of operation, while franchising only authorizes brands, trademarks, business methods, etc., and does not send a team.</p><p>Similar to many domestic hotel chains, Atour mainly adopts the management franchise mode. Judging from the prospectus, Atour Hotel's revenue consists of three parts: management franchise hotel revenue, rental hotel revenue, retail business revenue and others.</p><p><img src=\"https://static.tigerbbs.com/339b086b3f7290c64fa82bf8211407a6\" tg-width=\"1080\" tg-height=\"677\" referrerpolicy=\"no-referrer\"></p><p>Among them, managing the revenue of franchised hotels is its main business. The prospectus shows that in 2019 and 2020, this part of the revenue will be 840 million yuan and 926 million yuan respectively, a year-on-year increase of 10%, accounting for 53.6% and 59.1% of the total revenue. This is mainly due to the increase in the number of managed franchised hotels. The number of managed franchise hotels under Atour increased by 37.3% from 391 in 2019 to 537 in 2020.</p><p>In contrast, leasing hotels is the only one of Atour's three business revenues that has declined. According to the prospectus, the revenue from direct sales in 2020 will be 496 million yuan, down 19% from 615 million yuan in 2019. This is mainly because due to the impact of the epidemic, the hotel business will be greatly affected throughout 2020, not only the occupancy rate, but also the revenue from available rooms.</p><p>According to the prospectus, the overall occupancy rate of leased hotels by Atour Hotels (including requisitioned hotels) in 2020 will be 67.7%. Among them, it fell to 32.6% in the first quarter, and rose to 73.1%, 81.7% and 79.1% in the following three quarters. In contrast, the overall occupancy rate of rental hotels in 2019 was 83%, 15 percentage points higher than in 2020. In terms of revenue per saleable room (RePAR), Atour Hotel fell from 463.7 yuan in 2019 to 334.1 yuan in 2020, a decline of 28%.</p><p><img src=\"https://static.tigerbbs.com/dfbce8abd6c1d21bed8f753998c4b04c\" tg-width=\"1080\" tg-height=\"643\" referrerpolicy=\"no-referrer\"></p><p>Compared with other hotel players, Atour's big difference is the introduction of retail scenes in hotel spaces. In 2019 and 2020, retail revenue and others were 112 million yuan and 144 million yuan, accounting for 7.15% and 9.2% of total revenue. This is mainly related to the expansion of the number of hotels. GMV increased by 29.5% from 82.8 million yuan in 2019 to 107 million yuan in 2020.</p><p>It is understood that as of March 31, 2021, Atour Hotel has a total of 1,136 SKUs, of which 75.2% are private brand products, which can be mainly divided into three series: TOUR PLANET, SAVHE and Z2GO & CO, covering sleep-related products, Personal care and travel necessities.</p><p>Regarding the business model of Atour Hotel, founder Wang Haijun (nickname Yeluyin) once described it as \"hotel + crowd + IP\", by \"introducing more cross-border IP to create higher popularity\". As of the end of March 2021, Atour Hotels has a total of 14 IP hotels with the themes of music, basketball, literature, etc. The average room rate (ADR) of sold rooms in theme hotels reached 469.1 yuan, 15.4% higher than that of hotels of the same level.</p><p>It is worth mentioning that the prospectus shows that as of the end of March 2021, Atour Hotels owns 608 hotels in 131 cities across the country, with 71,100 guest rooms; Another 299 hotels with a total of 32,600 rooms are under construction. According to data from Frost & Sullivan, Atour Hotels is the largest mid-to-high-end hotel chain brand in China.</p><p>However, if the scope is expanded, Atour Hotel can only be said to be of medium scale. As of the end of 2020, Huazhu has a total of 6,789 hotels in operation around the world, and 2,413 mid-range and high-end hotels in operation; Jinjiang has opened 9,406 hotels and 4,422 mid-range hotels.</p><p>Cash flow \"anxiety\"</p><p>In terms of financial data, Atour Hotel's revenue in 2019 and 2020 was basically the same, at 1.5671 billion yuan and 1.5666 billion yuan respectively, and its net profit was 60.83 million yuan and 37.82 million yuan, a year-on-year decrease of 37.8%. Entering the first quarter of 2021, Atour Hotel's revenue was 420 million yuan, and its net profit was 11.469 million yuan.</p><p>Putting this achievement in the context of the epidemic, Atour Hotel's performance is still good. Most domestic hotel groups will experience both revenue and profit declines in 2020.</p><p><ul><li>Huazhu Group's operating income in 2020 was 10.196 billion yuan, a year-on-year decrease of 9%; The net loss was 2.192 billion yuan, a year-on-year plunge of 224%.</li><li>Jinjiang Hotel achieved revenue of 9.998 billion yuan, a year-on-year decrease of 34.45%; Net profit was 110 million yuan, a year-on-year decrease of 89.9%.</li><li>BTG Homeinns' revenue was 5.282 billion yuan, a year-on-year decrease of 36.45%; The net loss was-585 million yuan, a year-on-year decrease of 146%.</li></ul>The reason for this situation is not only related to management operations, acquisitions and other factors, but also related to product structure. From the perspective of the hotel industry, groups with a relatively high proportion of asset-heavy investment or leasing suffer even heavier losses, while groups with light asset operations, especially franchising, suffer controllable losses or even profitability.</p><p>According to the prospectus, as of the end of 2020, the number of Atour hotels totaled 570, including 33 directly operated (leased) hotels, accounting for only 5.8%. In contrast, Huazhu Group's directly-operated stores accounted for 11.1%, BTG Homeinns accounted for 23%, and Jinjiang Group accounted for 9.93%.</p><p>However, under the good performance, Atour Hotel also has many hidden worries. In terms of net profit margin, as the epidemic normalized, the net profit margin of Atour Hotel began to rise. The net profit margins in 2019 and 2020 were 3.88% and 2.4%, respectively. Entering the first quarter of 2021, Atour Hotel's profit margin reached 2.73%, but it has not yet returned to the pre-epidemic level.</p><p>In terms of debt ratio, Atour Hotel continues to rise. According to the prospectus, in Q1 of 2019, 2020 and 2021, the debt ratios of Atour Hotels were 67.96%, 71.5%, and 72.85% respectively. This debt level is not low among peers. The asset-liability ratio of BTG Hotel is around 50%, and that of Jinjiang Hotel is below 65%.</p><p>In terms of current assets, in 2019 and 2020, Atour Hotel was 963 million yuan and 1.17 billion yuan respectively. However, current liabilities also reached 677 million yuan and 898 million yuan during the same period, resulting in net current assets of 286 million yuan and 271 million yuan, a year-on-year decrease of 5%. There are not too many net current assets, which may affect the expansion pace of Atour Hotel in the future.</p><p>In this regard, Atour Hotel believes that this is mainly caused by two aspects: First, the increase in accrued expenses and other payables, mainly including the money collected or to be collected from customers or travel agencies on behalf of franchisees for reservation management hotels; Second, the income tax payable increases.</p><p><img src=\"https://static.tigerbbs.com/35db8c7c40bd9c7a87b1f5e0c219281e\" tg-width=\"1080\" tg-height=\"643\" referrerpolicy=\"no-referrer\"></p><p>At the same time, mezzanine capital is also a thorny issue for Atour Hotel. The so-called mezzanine capital is a kind of capital with returns and risks between equity investment and debt investment, and its essence is long-term unsecured debt venture capital. When an enterprise goes bankrupt and liquidates, the order of repayment comes after the priority creditors and before the shareholders. Mezzanine debt, like senior debt, requires the financier to repay the principal and interest on time.</p><p>According to the prospectus, Atour Hotel has mezzanine capital of 829 million yuan and 881 million yuan in 2019 and 2020. As of the end of March 2021, the mezzanine capital of Atour Hotel has reached 895 million yuan, mainly redeemable Series B (167 million yuan) and Series C (728 million yuan) stocks.</p><p>This also led to Atour Hotels' total deficits reaching 300 million yuan, 316 million yuan and 318 million yuan in Q1 of 2019, 2020 and 2021. This is also an important reason why Atour Hotel is anxious to go public.</p><p>According to public information, Atour Hotel has completed four rounds of financing. Among them, the transaction amounts of Series B financing and Series C financing are US $30 million and US $100 million respectively. The latest financing occurred in 2017, and the investor was Dehui Capital and where to go. The specific amount is unknown.</p><p>\"Catch\" young people</p><p>For the hotel industry, the epidemic has brought not only shocks, but also opportunities. During this period, many small and medium-sized hotels were squeezed out, providing space for other enterprises.</p><p>With the normalization of the epidemic, China's hotel industry has ushered in a recovery. The hotel chain industry will also usher in a new pattern, and the penetration rate will continue to increase. This mainly develops in two directions: one is the continuous increase in the supply of mid-range hotels in large cities, and the other is the rapid layout of budget hotels in sinking markets..</p><p>At present, major hotel groups have deployed expansion plans. Among them, Jinjiang Hotel plans to increase the number of domestic hotels to 15,000 in the next three years, doubling that of the second half of 2020; BTG Hotel has made clear the plan of 10,000 stores, and the stock of hotels will reach 10,000 in the next three years, which is greatly improved compared with the opening speed of the previous two years; Huazhu also further emphasized the plan of \"thousands of cities and thousands of stores\".</p><p>On the other hand, mid-to-high-end is also the focus of hotel giants. Huazhu invested in mid-to high-end brands such as Orange Crystal, Manxin, Huajiantang and Xiyue to expand its share in the mid-to high-end hotel market. Among them, as of the end of 2020, its All-Season Hotel has opened 1,000 stores; At the end of 2020, BTG Home Inns had 1,165 mid-to-high-end hotels, accounting for 23.8%, and 128,200 guest rooms, accounting for 29.7% of the total guest rooms.</p><p>Faced with the accelerated layout of hotel giants in the middle and high end, Atour Hotel, which suffers from financial troubles, is still facing considerable pressure although it is also stepping up its expansion pace.</p><p>In addition, in the \"hotel + crowd + IP\" model of Atour Hotel, the crowd refers more to young people. In the prospectus, Atour Hotel devoted a large space to introducing its efforts to expand its young customer base. In 2020, the proportion of customers under the age of 30 at Atour Hotel was 24.3%, and the proportion of customers between the ages of 30 and 40 was 45.8%. Among them, customers under the age of 30 contributed 35% of the total transaction price (room night and retail revenue).</p><p>At the same time, in order to improve user stickiness, Atour Hotels also launched an A-Card membership plan. As of the end of March 2021, the cumulative number of registered members exceeded 25 million, with a compound annual growth rate of 79.6% from 2015 to 2020, of which registered members under the age of 30 The compound annual growth rate of members is 113%.</p><p>However, Atour relies on hotel IP to create a differentiated experience, but it is difficult to achieve standard replication, and the investment cost is uncontrollable. In addition, other mid-to-high-end hotels in the market are constantly emphasizing personalization and theming, such as all-season, which advocates Zen aesthetics, orange crystal, which focuses on alternative five-star, Lavande, which highlights \"natural aroma\", and Zhe Coffee, which combines \"coffee culture\". With changes in segmented and positioned customer groups, brand updates and iterations, it is still a great challenge for Atour to continue to capture the hearts of young people.</p><p>If Atour Hotel is successfully listed, it can temporarily alleviate the financial constraints, but it will not solve all problems. The listing is just the beginning, and a larger and deeper \"war\" is waiting for Atour in the future.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/nf8XzhiFjQoRb9OFk2Z41g\">资本侦探</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a0ff0679e83c76acec45a03953ba4e4c","relate_stocks":{"ATAT":"亚朵"},"source_url":"https://mp.weixin.qq.com/s/nf8XzhiFjQoRb9OFk2Z41g","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167543350","content_text":"亚朵酒店再次冲击IPO，不过这次换成了纳斯达克。\n近日，美国证券交易委员会（SEC）官网显示，亚朵酒店已正式递交了招股书，股票代码为“ATAT”。\n亚朵酒店的上市之路真是几经波折。2019年，亚朵酒店就开始计划上市，当时A股是第一选择，由中信建投进行上市辅导。后来在2020年1月，辅导机构换成了中金公司，申请在创业板上市，但最终在2021年初“折戟”。就这样，在历经21个月后，亚朵酒店“梦断”A股。\n不同于受益于疫情的部分互联网企业，酒店、旅游、餐饮等行业受冲击较大。目前虽然已经开始复苏，但仍未达到疫情前水平。那亚朵为何着急IPO呢？业内有几种猜测：一种是当下一、二级市场当前对“连锁”招牌的青睐和高估值；还有一种说法是，亚朵在现金流方面或正处在窘境。\n这个问题的真正答案，或许还得从招股书中寻找。\n酒店IP化\n一般来说，酒店按照经营模式，可分为直营和加盟两类。其中，直营模式通过自有或者租赁物业，从房费或餐饮等业务取得收入；加盟模式可分为特许经营和管理加盟两种。具体区分的话，管理加盟一般会派驻管理团队把控经营质量，特许加盟则只是授权品牌、商标、经营方式等，不派驻团队。\n亚朵跟国内很多连锁酒店类似，主要采用的是管理加盟模式。从招股书来看，亚朵酒店的收入由三部分组成：管理加盟酒店收入，租赁酒店收入，以及零售业务收入和其他。\n\n其中，管理加盟酒店收入是其主要业务。招股书显示，2019年和2020年，这部分收入分别为8.4亿元和9.26亿元，同比增长10%，占总营收比例为53.6%和59.1%。这主要是由于管理加盟酒店数量的增长。亚朵旗下的管理加盟酒店的数量，从2019年的391 家增长37.3%到2020年的537家。\n相比之下，租赁酒店是亚朵三块业务收入中唯一下滑的。招股书显示，2020年直营带来的收入为4.96亿元，较2019年的6.15亿元下滑19%。这主要是因为受疫情影响，2020年全年酒店业务都受到很大影响，不仅仅是入驻率，还有可售房收入。\n招股书显示，2020年亚朵酒店（包括被征用酒店）租赁酒店的总体入住率为67.7%。其中，一季度更是跌到了32.6%，随后三个季度回升到73.1%、81.7%和79.1%。相比之下，2019年租赁酒店的的整体入住率为83%，比2020年高了15个百分点。在每间可售房收入（RePAR）方面，亚朵酒店从2019年的463.7元跌到了2020年的334.1元，下滑幅度达到28%。\n\n与其他酒店玩家相比，亚朵很大的一个不同是在酒店空间引入零售场景。2019年和2020年，零售收入及其他为1.12亿元和1.44亿元，占总营收比例为7.15%和9.2%。这主要跟酒店数量的扩张有关，GMV从2019 年的 8280万元增长29.5%至 2020 年的1.07 亿元。\n据了解，截至2021年3月31日，亚朵酒店总共拥有1136个SKU，其中75.2%为自有品牌产品，主要可分为TOUR PLANET、SAVHE和Z2GO&CO三大系列，涵盖睡眠相关产品、个人护理以及旅行必需品等品类。\n关于亚朵酒店的商业模式，创始人王海军（花名耶律胤）曾描述为“酒店+人群+IP”，通过“引入更多的跨界IP，打造更高的知名度”。截至2021年3月底，亚朵酒店共有14家以音乐、篮球、文学等为主题的IP酒店。主题酒店的已售客房平均房价（ADR）达到469.1 元，比同等级酒店高出15.4%。\n值得一提的是，招股书显示，截至2021年3月底，亚朵酒店在全国131座城市管有608家酒店，客房数为7.11万间；另有299家酒店、累计3.26万间客房正在建设中。弗若斯特沙利文的数据显示，亚朵酒店是中国最大的中高端连锁酒店品牌。\n不过，如果把范围扩大一下，亚朵酒店只能说属于中等规模。截至2020年底，华住全球在营酒店共有6789家酒店，中档及高端酒店在营2413家；锦江开业的酒店达到9406家，中端酒店达4422家。\n现金流“焦虑”\n财务数据方面，亚朵酒店2019年、2020年的营收基本持平，分别为15.671亿元和 15.666 亿元，净利润为6083万元和3782万元，同比下滑37.8%。进入2021年第一季度，亚朵酒店收入为4.2亿元，净利为1146.9万元。\n把这个成绩放在疫情的大背景下，亚朵酒店的表现还是不错。国内大部分酒店集团，在2020年都遭遇营收和利润双降。\n\n华住集团2020年营业收入101.96亿元，同比下降9%；净亏损21.92亿元，同比暴跌224%。\n锦江酒店实现营收99.98亿元，同比下降34.45%；净利润1.1亿元，同比下降89.9%。\n首旅如家营收为52.82亿元，同比下降36.45%；净亏损-5.85亿元，同比下降146%。\n\n之所以会出现这种情况，除了管理运营、收购等因素外，还跟产品结构有关。从酒店行业来看，以重资产投资或者租赁占比较高的集团损失更为惨重，而以轻资产运营尤其是特许经营为主的集团相反亏损可控甚至于盈利。\n招股书显示，截至2020年底，亚朵酒店数量总计570家，其中直营（租赁）酒店33家，占比仅为5.8%。相比之下，华住集团的直营店占比为11.1%，首旅如家为23%，锦江集团为9.93%。\n不过，在不错的业绩下面，亚朵酒店也有不少隐忧。净利率方面，随着疫情进入常态化，亚朵酒店的净利率开始回升。2019年和2020年的净利率分别为3.88%和2.4%。进入2021年一季度，亚朵酒店利润率达到了2.73%，但还未回到疫情前水平。\n负债率方面，亚朵酒店持续走高。招股书显示，2019年、2020年和2021年Q1，亚朵酒店负债率分别为67.96%、71.5%、72.85%。这一负债水平在同行中并不算低，首旅酒店资产负债率在50%左右，锦江酒店在65%以下。\n流动资产方面，2019年和2020年，亚朵酒店分别为9.63亿元和11.7亿元。但同期流动负债也达到了6.77亿元和8.98亿元，导致净流动资产为2.86亿元和2.71亿元，同比下滑5%。并不太多的净流动资产，可能会影响接下来亚朵酒店的扩张步伐。\n对此，亚朵酒店认为这主要有两个方面导致：第一，应计费用和其他应付款项增加，主要包括代加盟商为预订管理酒店向客户或旅行社收取或将收取的款项；第二，应付所得税增加。\n\n同时，对亚朵酒店来说，夹层资本也是一个棘手的问题。所谓夹层资本，是一种收益、风险在股权投资和债权投资之间的一种资本，本质是长期无担保的债权类风险资本。企业破产清算时候，清偿顺位排在优先债权人之后，在股东之前。夹层债务与优先债务一样，要求融资方按期还本付息。\n招股书显示，亚朵酒店2019年和2020年有8.29亿元、8.81亿元的夹层资本。截至2021年年3月底，亚朵酒店的夹层资本更是达到8.95亿元，主要为可赎回B轮（1.67亿元）和C轮（7.28亿元）股票。\n这也导致亚朵酒店在2019年、2020年和2021年Q1，总赤字达到3亿元、3.16亿元和3.18亿元。这也是亚朵酒店着急上市的重要原因。\n据公开消息，亚朵酒店已完成四轮融资。其中B轮融资和C轮融资的交易金额，分别为3000万美元和1亿美元。最近一次融资发生在2017年，投资方是德晖资本及去哪儿，具体金额不详。\n“抓住”年轻人\n对酒店行业来说，疫情带来的不仅仅是冲击，也带来了机遇。在这期间，很多中小酒店被挤出，为其他企业提供了空间。\n随着疫情进入常态化，中国酒店行业迎来复苏。连锁酒店行业也将迎来新的格局，渗透率将会继续提高，这主要往两个方向发展：一个是大型城市的中端酒店供给不断提升，另一个是下沉市场中经济型酒店快速布局。\n目前，各大酒店集团已经部署了扩张计划。其中，锦江酒店计划，未来3年将境内酒店数量达到1.5万家，较2020年下半年实现翻倍；首旅酒店明确了万店计划，未来3年存量开业酒店达到万家，较前两年的开店速度有较大幅度的提升；华住也进一步强调“千城万店”计划。\n另一方面，中高端也是酒店巨头发力的重点。华住投入桔子水晶、漫心、花间堂、禧玥等中高档品牌，扩大其在中高端酒店市场的份额。其中，截至2020年底，旗下全季酒店已经开出1000家店；首旅如家2020年底，中高端酒店数量1165家，占比23.8%，客房间数12.82万间，占总客房间数的29.7%。\n面对酒店巨头在中高端的加速布局，遭受资金困扰的亚朵酒店，虽然也在加紧扩张步伐，但仍面临着不小的压力。\n另外，在亚朵酒店“酒店+人群+IP”模式中，人群更多的是指年轻人。在招股书中，亚朵酒店用很大篇幅介绍了其拓展年轻客群的努力。2020年，亚朵酒店30岁以下的客户比例为24.3%，30岁到40岁的客户比例45.8%。其中，30岁以下的客户，贡献了总交易价格（间夜和零售收入）的35%。\n同时，为提高用户黏性，亚朵酒店还推出A-Card会员计划，截至2021年3月底的注册会员累计超过2500万，2015年至2020年的复合年增长率为79.6%，其中30岁以下注册会员的复合年增长率为113%。\n不过，亚朵依靠酒店IP化打造差异体验，但这很难做到标准复制，投资成本也并不可控。除此之外，市场上其他中高端酒店也在不断强调个性化与主题化，比如倡导禅意美学的全季、主打另类五星的桔子水晶、突出“天然香气”的丽枫、结合“咖啡文化”的喆啡。随着细分定位客群的变化、品牌更新迭代等，亚朵如何持续抓住年轻人的心，依旧是一个极大的挑战。\n亚朵酒店如果成功上市，可以暂时缓解资金紧张状况，但并不能解决所有问题。上市只是一个开始，未来更大范围、更深层次的“战争”在等着亚朵。","news_type":1,"symbols_score_info":{"ATAT":0.9}},"isVote":1,"tweetType":1,"viewCount":339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187023599,"gmtCreate":1623731237811,"gmtModify":1704209836263,"author":{"id":"3583887961660865","authorId":"3583887961660865","name":"Havcu","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583887961660865","idStr":"3583887961660865"},"themes":[],"htmlText":"Xiao Peng best","listText":"Xiao Peng best","text":"Xiao Peng best","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187023599","repostId":"1197323307","repostType":4,"repost":{"id":"1197323307","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1623729206,"share":"https://ttm.financial/m/news/1197323307?lang=en_US&edition=fundamental","pubTime":"2021-06-15 11:53","market":"us","language":"zh","title":"XPeng vehicles: The automatic parking function was used more than 260,000 times in May","url":"https://stock-news.laohu8.com/highlight/detail?id=1197323307","media":"老虎资讯综合","summary":"小鹏汽车：5月小鹏自动泊车功能单月成功使用次数超26万，NGP使用里程突破500万公里。","content":"<p><a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>: In May, XPeng's automatic parking function was successfully used more than 260,000 times in a single month, and the mileage of NGP exceeded 5 million kilometers.</p><p><img src=\"https://static.tigerbbs.com/c0a2bd179fe14f0c1a6b454da25f388c\" tg-width=\"500\" tg-height=\"1623\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>XPeng vehicles: The automatic parking function was used more than 260,000 times in May</title>\n<style 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href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>: In May, XPeng's automatic parking function was successfully used more than 260,000 times in a single month, and the mileage of NGP exceeded 5 million kilometers.</p><p><img src=\"https://static.tigerbbs.com/c0a2bd179fe14f0c1a6b454da25f388c\" tg-width=\"500\" tg-height=\"1623\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4aa4c2246df411f68e16a21f6d365311","relate_stocks":{"XPEV":"小鹏汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197323307","content_text":"小鹏汽车：5月小鹏自动泊车功能单月成功使用次数超26万，NGP使用里程突破500万公里。","news_type":1,"symbols_score_info":{"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":661,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187029946,"gmtCreate":1623731192885,"gmtModify":1704209833839,"author":{"id":"3583887961660865","authorId":"3583887961660865","name":"Havcu","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583887961660865","idStr":"3583887961660865"},"themes":[],"htmlText":"Let’s go now","listText":"Let’s go now","text":"Let’s go now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187029946","repostId":"2143734679","repostType":4,"repost":{"id":"2143734679","kind":"news","pubTimestamp":1623728437,"share":"https://ttm.financial/m/news/2143734679?lang=en_US&edition=fundamental","pubTime":"2021-06-15 11:40","market":"fut","language":"zh","title":"Star investor: Bitcoin is the bubble, crude oil is the big bull","url":"https://stock-news.laohu8.com/highlight/detail?id=2143734679","media":"智通财经","summary":"美国机构投资者名人堂成员Rich Bernstein针对比特币敲响了警钟。\nBernstein警告称，比特币就是一个泡沫，加密货币热潮正迫使投资者远离那些能够获取更大收益的市场，尤其是原油。\n“这太疯","content":"<p>Rich Bernstein, a member of the American Institutional Investor Hall of Fame, sounded the alarm about Bitcoin.</p><p>Bernstein warned that the Bitcoin is a bubble, and the cryptocurrency boom is forcing investors away from markets that can make greater returns, especially crude oil.</p><p>\"This is crazy,\" Richard Bernstein Advisors CEO and CIO Rich Bernstein said in an interview. \"Bitcoin has been in a bear market, but everyone likes this asset. On the contrary, crude oil has been in a bull market, but basically, investors never care about the crude oil market.\"</p><p>Bernstein believes that crude oil is the most overlooked bull market.</p><p>He said: \"The commodity market is going through a big bull market, but everyone is saying it doesn't matter.\"</p><p>WTI crude oil is currently trading close to its highest level since October 2018, closing at $70.88 on Monday, up 96% from the past year, data shows.</p><p>Although Bitcoin has risen by about 13% in the past week, its price has fallen by 35% in the past two months.</p><p>Although Bitcoin rose rapidly last year, Bernstein believes that it is unsustainable for Bitcoin to return to this level. He believes that the frenzy for Bitcoin and other cryptocurrencies has turned into a dangerous parabola.</p><p>\"Bubbles are different from speculation, because the impact of bubbles will go out of financial markets and go deep into social life,\" Bernstein said. \"Of course, holding cryptocurrencies now is very similar to holding most technology stocks, and you can also start to see People talk about cryptocurrencies at cocktail parties.\"</p><p>Right now, Bernstein's most bullish isn't on companies built to innovate or disrupt the economy. He was bearish on tech stocks in 2019.</p><p>\"If you pick the wrong direction in the next year or two, or five years, then your portfolio could be hit hard,\" Bernstein said.</p><p>Finally, Bernstein predicts that inflation will catch many investors off guard, but he expects that at some point, the trend will turn.</p><p>\"In six months, 12 months or 18 months, growth investors will buy energy, materials and industrials because that's where growth is going,\" he said.</p>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Star investor: Bitcoin is the bubble, crude oil is the big bull</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStar investor: Bitcoin is the bubble, crude oil is the big bull\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经</strong><span class=\"h-time small\">2021-06-15 11:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Rich Bernstein, a member of the American Institutional Investor Hall of Fame, sounded the alarm about Bitcoin.</p><p>Bernstein warned that the Bitcoin is a bubble, and the cryptocurrency boom is forcing investors away from markets that can make greater returns, especially crude oil.</p><p>\"This is crazy,\" Richard Bernstein Advisors CEO and CIO Rich Bernstein said in an interview. \"Bitcoin has been in a bear market, but everyone likes this asset. On the contrary, crude oil has been in a bull market, but basically, investors never care about the crude oil market.\"</p><p>Bernstein believes that crude oil is the most overlooked bull market.</p><p>He said: \"The commodity market is going through a big bull market, but everyone is saying it doesn't matter.\"</p><p>WTI crude oil is currently trading close to its highest level since October 2018, closing at $70.88 on Monday, up 96% from the past year, data shows.</p><p>Although Bitcoin has risen by about 13% in the past week, its price has fallen by 35% in the past two months.</p><p>Although Bitcoin rose rapidly last year, Bernstein believes that it is unsustainable for Bitcoin to return to this level. He believes that the frenzy for Bitcoin and other cryptocurrencies has turned into a dangerous parabola.</p><p>\"Bubbles are different from speculation, because the impact of bubbles will go out of financial markets and go deep into social life,\" Bernstein said. \"Of course, holding cryptocurrencies now is very similar to holding most technology stocks, and you can also start to see People talk about cryptocurrencies at cocktail parties.\"</p><p>Right now, Bernstein's most bullish isn't on companies built to innovate or disrupt the economy. He was bearish on tech stocks in 2019.</p><p>\"If you pick the wrong direction in the next year or two, or five years, then your portfolio could be hit hard,\" Bernstein said.</p><p>Finally, Bernstein predicts that inflation will catch many investors off guard, but he expects that at some point, the trend will turn.</p><p>\"In six months, 12 months or 18 months, growth investors will buy energy, materials and industrials because that's where growth is going,\" he said.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/493836.html\">智通财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/683b0ebafc925391c935f27da1a18832","relate_stocks":{"UCO":"二倍做多彭博原油ETF","USO":"美国原油ETF","CAN":"嘉楠科技","DUG":"二倍做空石油与天然气ETF(ProShares)","SCO":"二倍做空彭博原油指数ETF","DWT":"三倍做空原油ETN","DDG":"ProShares做空石油与天然气ETF","EBON":"亿邦国际"},"source_url":"http://www.zhitongcaijing.com/content/detail/493836.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2143734679","content_text":"美国机构投资者名人堂成员Rich Bernstein针对比特币敲响了警钟。\nBernstein警告称，比特币就是一个泡沫，加密货币热潮正迫使投资者远离那些能够获取更大收益的市场，尤其是原油。\n“这太疯狂了，”Richard Bernstein Advisors首席执行官兼首席信息官Rich Bernstein接受采访时表示，“比特币一直处于熊市，但所有人却喜欢这种资产。相反，原油一直处于牛市，但基本上，投资者从来不在乎原油市场。”\nBernstein认为，原油才是最被忽视的牛市。\n他表示：“大宗商品市场正在经历一轮大牛市，但所有人却表示无关紧要。”\n数据显示，目前WTI原油交易价格接近2018年10月以来创下的最高水平，在周一收于70.88美元，较过去一年上涨了96%。\n而比特币尽管在过去一周上涨了约13%，但在过去两个月，其价格却下跌了35%。\n虽然比特币曾在去年出现了快速上涨，但Bernstein认为，比特币再回到这个水平是不可持续的。他认为，对比特币和其他加密货币的狂热已经变成了危险的抛物线现象。\n“泡沫不同于投机，因为泡沫的影响将走出金融市场，深入到社会生活中，”Bernstein称，“当然，现在持有加密货币，和持有大多数科技股很相似，你也可以开始看到人们在鸡尾酒会上谈论加密货币的情况。”\n目前，Bernstein最看好的不是为了创新或颠覆经济而建立的公司，他曾在2019年看跌科技股。\nBernstein表示：“如果你在接下来的一年或两年，或在五年内选错了方向，那么你的投资组合可能会遭受重创。”\n最后，Bernstein预测，通胀将使许多投资者措手不及，但他预计，在某个时候，趋势将发生转变。\n他表示：“在6个月、12个月或18个月后，成长型投资者将买入能源、材料和工业类股，因为这是增长的方向。”","news_type":1,"symbols_score_info":{"CAN":0.9,"EBON":0.9,"DUG":0.9,"BTCmain":0.9,"SCO":0.9,"DWT":0.9,"CLmain":0.9,"DDG":0.9,"DWTIF":0.9,"XBTmain":0.9,"UWTIF":0.9,"UCO":0.9,"BZmain":0.9,"USO":0.9,"QMmain":0.9}},"isVote":1,"tweetType":1,"viewCount":191,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}