BTG Hotels Group Co Ltd

BTG Hotels released its 2026 interim report, with total operating revenue of 3.58 billion yuan and net profit attributable to the parent company of 441 million yuan, an increase of 43.6 million yuan compared with the same period last year, achieving four consecutive years of growth and a year-on-year increase of 10.98%. Net cash inflow from operating activities was 1.462 billion yuan, the asset-liability ratio was 48.94%, the gross margin was 40.27%, ROE was 3.67%, and diluted earnings per share was 0.39 yuan. The number of shareholders was 42,100, and the top ten shareholders held 53.39% of the total share capital.

As the Mid-Autumn Festival and National Day holidays approach, travel booking momentum continues to build, and multiple brokerages are upbeat on the travel sector's prospects. Valuations for scenic-spot operators are near bottom levels, and the hotel industry's supply-demand improvement has reached a confirmed inflection point. According to data from Tongcheng Travel, as of August 24, search interest for the keywords Mid-Autumn Festival and National Day on its platform rose 116 percent month on month, while bookings made more than 30 days in advance for the two holidays grew more than 20 percent year on year. Guotai Haitong estimates that taking three days of leave between the two holidays could create a 13-day continuous break, potentially unleashing demand for long-haul domestic travel, outbound travel, and in-depth tours. Scenic-spot stocks are generally trading at relatively low levels, and the brokerage suggests positioning around two main themes: low valuations offering a margin of safety, and the delivery of project catalysts. In the hotel sector, Soochow Securities notes that the early part of the summer may have marked the bottom for travel demand, with marginal improvement imminent and supply-demand dynamics likely to improve. East Money Securities believes the supply-demand gap in the hotel industry is narrowing, and in the second half of the year investors should closely track how the summer season and the Mid-Autumn and National Day peak periods play out. Institutions are focusing on Jiuhua Tourism and BTG Hotels. Jiuhua Tourism achieved operating revenue of 500 million yuan in the first half of 2026, up 3.43 percent year on year, with net profit attributable to shareholders of 152 million yuan, up 7.27 percent. BTG Hotels posted first-quarter 2026 operating revenue of 1.777 billion yuan, up 0.66 percent year on year, and net profit attributable to shareholders of 169 million yuan, up 18.51 percent.

On July 24, the hotel and catering concept fell 3.11% during the session. Among related constituent stocks, Junting Hotel dropped 4.75%, Tongqinglou fell 3.47%, Xi'an Catering declined 3.28%, Quanjude slipped 3.16%, and BTG Hotels decreased 2.66%. A research report from Northeast Securities pointed out that the inflection point for hotel industry supply growth has emerged in 2026, with the supply-demand relationship shifting from imbalance to gradual improvement. In the first quarter of 2026, revenue per available room for major hotel groups turned positive year-on-year. The industry's competitive strategy has shifted from trading price for volume to balancing volume and price, with average daily rates recovering first and price wars significantly easing.