{"id":780999,"date":"2026-05-17T10:34:49","date_gmt":"2026-05-17T02:34:49","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=780999"},"modified":"2026-05-17T10:34:49","modified_gmt":"2026-05-17T02:34:49","slug":"%e5%8d%8e%e4%bd%8f%ef%bc%9a%e7%94%a9%e6%8e%89%e5%8c%85%e8%a2%b1%e3%80%81%e8%bd%bb%e8%a3%85%e4%b8%8a%e9%98%b5%ef%bc%8c%e8%bf%98%e6%98%af%e9%85%92%e5%ba%97%e7%95%8c%e7%9a%84%e4%bc%98%e7%ad%89%e7%94%9f","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=780999","title":{"rendered":"\u534e\u4f4f\uff1a\u7529\u6389\u5305\u88b1\u3001\u8f7b\u88c5\u4e0a\u9635\uff0c\u8fd8\u662f\u9152\u5e97\u754c\u7684\u4f18\u7b49\u751f"},"content":{"rendered":"<blockquote>\n<p>\u6587 | \u6d77\u8c5a\u7814\u7a76<\/p>\n<\/blockquote>\n<p>\u5317\u4eac\u65f6\u95f4 2026 \u5e74 5 \u6708 15 \u65e5\u7f8e\u80a1\u76d8\u524d\uff0c\u534e\u4f4f\uff081179.HK\/HTHT.O\uff09\u53d1\u5e03\u4e86 2026 \u5e74 1 \u5b63\u5ea6\u8d22\u62a5\u3002\u6574\u4f53\u6765\u8bf4\uff0c\u534e\u4f4f\u4e00\u5b63\u5ea6\u7684\u8868\u73b0\u8fd8\u662f\u4e0d\u9519\u7684<strong>\uff0c\u5e95\u5c42\u7ecf\u8425\u6570\u636e\u5728\u53bb\u5e74\u4e0b\u534a\u5e74\u8f6c\u6b63\u540e\u4ecd\u5728\u8fdb\u4e00\u6b65\u4fee\u590d\uff0c\u4f46\u552f\u4e00\u7f8e\u4e2d\u4e0d\u8db3\u7684\u5730\u65b9\u5728\u4e8e\u5546\u65c5\u590d\u82cf\u504f\u5f31\u7684\u60c5\u51b5\u4e0b\u516c\u53f8\u52a0\u5927\u4e86\u9500\u552e\u8d39\u7528\u7684\u6295\u653e\u4e00\u5b9a\u7a0b\u5ea6\u4fb5\u8680\u4e86\u516c\u53f8\u5229\u6da6\u7aef\u7684\u91ca\u653e\u3002<\/strong><\/p>\n<p><strong>1\u3001RevPAR \u540c\u6bd4\u8fdb\u4e00\u6b65\u6269\u5927<\/strong>\u3002\u4ece\u6700\u6838\u5fc3\u7684\u7ecf\u8425\u6307\u6807\u6bcf\u95f4\u53ef\u552e\u623f\u6536\u5165\uff08RevPAR\uff09\u770b\uff0c\u4e00\u5b63\u5ea6\u534e\u4f4f\u6bcf\u95f4\u53ef\u552e\u623f\u6536\u5165\u4e3a 214 \u5143\/\u665a\uff0c\u540c\u6bd4\u589e\u957f 2.9%\uff0c\u5728\u53bb\u5e74\u4e0b\u534a\u5e74\u540c\u6bd4\u8f6c\u6b63\u540e\u8fdb\u4e00\u6b65\u4fee\u590d<strong>\u3002<\/strong>\u62c6\u5206\u6765\u770b\uff0c<strong>ADR \u540c\u6bd4\u589e\u957f 4.8% \u8fbe\u5230 285 \u5143\/\u665a\uff0c\u4e3a\u6838\u5fc3\u9a71\u52a8\uff0c\u4e3b\u8981\u662f\u7531\u4e8e\u6c49\u5ead 3.5\/4.0\u3001\u5168\u5b63 5.0 \u7b49\u65b0\u7248\u672c\u4ea7\u54c1\u5360\u6bd4\u63d0\u5347\u5e26\u6765\u7684\u7ed3\u6784\u6027\u6ea2\u4ef7\u4ecd\u5728\u91ca\u653e\u3002<\/strong>OCC \u4e3a 75.1%\uff0c\u540c\u6bd4\u4e0b\u6ed1 1.1pct\uff0c\u63a8\u6d4b\u867d\u7136\u4f11\u95f2\u65c5\u6e38\u6bd4\u8f83\u65fa\u76db\uff0c\u4f46\u5546\u65c5\u8868\u73b0\u6574\u4f53\u4ecd\u7136\u504f\u5f31\uff0c\u62c9\u4f4e\u4e86\u6574\u4f53\u7684\u5165\u4f4f\u7387\u3002<\/p>\n<p>\u5bf9\u4e8e<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e6%ac%a7%e6%b4%b2\" title=\"View all posts in \u6b27\u6d32\" target=\"_blank\" class=\"tag_link\">\u6b27\u6d32<\/a>\u5e02\u573a\uff0c<strong>\u4e00\u5b63\u5ea6<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e6%ac%a7%e7%9b%9f\" title=\"View all posts in \u6b27\u76df\" target=\"_blank\" class=\"tag_link\">\u6b27\u76df<\/a>\u4f01\u4e1a\u4f1a\u8bae\u9891\u6b21\u589e\u52a0\u53e0\u52a0\u6b27\u6d32\u5165\u5883\u6e38\u7684\u6062\u590d\uff0cRevPAR \u540c\u6bd4\u589e\u957f 5.3% \u8fbe\u5230 80 \u6b27\u5143\/\u665a\uff0c\u91cf\u4ef7\u8d21\u732e\u76f8\u5bf9\u5747\u8861\uff0c\u8868\u73b0\u4f18\u4e8e\u56fd\u5185\u3002<\/strong><\/p>\n<p><strong>2\u3001\u5f00\u5e97\u8282\u594f\u4fdd\u6301\u9ad8\u4f4d<\/strong>\u3002\u5f00\u5e97\u6570\u91cf\u4e0a\u770b\uff0c\u4e00\u5b63\u5ea6\u51c0\u65b0\u589e 357 \u5bb6\u95e8\u5e97\uff0c\u5176\u4e2d\u65b0\u5f00\u5e97 537 \u5bb6\uff0c\u5f00\u5e97\u8282\u594f\u4ecd\u7136\u6bd4\u8f83\u9ad8\uff0c<strong>\u5176\u4e2d\u4e2d\u9ad8\u7aef\u54c1\u724c\uff08\u5168\u5b63\u3001\u6854\u5b50\u6c34\u6676\u3001\u7f8e\u5c45\uff09\u4ecd\u7136\u662f\u7edd\u5bf9\u589e\u957f\u5f15\u64ce<\/strong>\uff0c<strong>\u7ecf\u6d4e\u578b<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e9%85%92%e5%ba%97\" title=\"View all posts in \u9152\u5e97\" target=\"_blank\" class=\"tag_link\">\u9152\u5e97<\/a>\u66f4\u591a\u4ee5\u7ffb\u65b0\u6539\u9020\u4e3a\u4e3b<\/strong>\uff0c\u6b64\u5916\uff0c<strong>\u503c\u5f97\u6ce8\u610f\u7684\u662f\u534e\u4f4f\u4e00\u5b63\u5ea6\u5173\u5e97 180 \u5bb6\uff0c\u660e\u663e\u52a0\u5927\u4e86\u5bf9\u4f4d\u7f6e\u5dee\u3001\u8001\u5316\u3001\u4e8f\u635f\u95e8\u5e97\u7684\u51fa\u6e05\u529b\u5ea6\uff0c\u8ffd\u6c42\u9ad8\u8d28\u91cf\u589e\u957f\u3002<\/strong><\/p>\n<p><strong>3\u3001\u8425\u6536\u73af\u6bd4\u5c0f\u5e45\u63d0\u901f\u3002<\/strong>\u4e00\u5b63\u5ea6\u534e\u4f4f\u96c6\u56e2\u603b\u8425\u6536 60 \u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f 11%\uff0c\u73af\u6bd4\u53bb\u5e74\u56db\u5b63\u5ea6\u6709\u6240\u63d0\u901f\u3002<strong>\u5176\u4e2d\u52a0\u76df\u4e1a\u52a1\u53d7\u76ca\u4e8e\u95e8\u5e97\u623f\u91cf\u7684\u589e\u52a0\u4ee5\u53ca RevPAR \u8f6c\u6b63\u5e26\u6765\u7684\u5355\u5e97\u6d41\u6c34\u63d0\u5347\uff0c\u540c\u6bd4\u589e\u957f 20% \u8fbe\u5230 30 \u4ebf\u5143\uff0c\u5360\u6bd4\u8fdb\u4e00\u6b65\u62c9\u9ad8\u4e86 3.7pct \u8fbe\u5230 50%\u3002<\/strong>\u76f4\u8425\u4e1a\u52a1\u6536\u5165\u7ea6 28 \u4ebf\u5143\uff0c\u540c\u6bd4\u4e0b\u964d 1.4%\uff0c\u964d\u5e45\u73af\u6bd4\u6536\u7a84\uff0c<strong>\u6d77\u8c5a\u541b\u63a8\u6d4b\u4e3b\u8981\u662f\u9ad8\u7aef\u76f4\u8425\u54c1\u724c\uff08\u79a7\u73a5\u3001\u82b1\u95f4\u5802\u7b49\uff09\u8868\u73b0\u76f8\u5bf9\u8f83\u597d\u3002<\/strong><\/p>\n<p><strong>4\u3001\u9500\u552e\u8d39\u7528\u6295\u653e\u9636\u6bb5\u6027\u6709\u6240\u63d0\u5347<\/strong>\u3002\u7531\u4e8e\u516c\u53f8\u8f7b\u8d44\u4ea7\u6218\u7565\u7684\u6301\u7eed\u63a8\u8fdb\uff0c\u52a0\u76df\u4e1a\u52a1\u5360\u6bd4\u8f83\u53bb\u5e74\u540c\u671f\u660e\u663e\u63d0\u5347\uff0c\u5e26\u52a8\u6bdb\u5229\u7387\u63d0\u5347 5.8pct \u8fbe\u5230 39%\u3002\uff08\u52a0\u76df\u6a21\u5f0f\u8282\u7701\u79df\u91d1\u3001\u4eba\u529b\u7b49\u521a\u6027\u6210\u672c\uff0c\u6bdb\u5229\u7387\u66f4\u9ad8\uff09\u3002\u8d39\u7528\u7aef\uff0c<strong>\u6d77\u8c5a\u541b\u63a8\u6d4b\u7531\u4e8e\u5546\u65c5\u590d\u82cf\u504f\u5f31\u3001\u884c\u4e1a\u5185\u5377\u52a0\u5267\uff0c\u534e\u4f4f\u9636\u6bb5\u6027\u52a0\u5927\u4e86\u5728\u793e\u4ea4<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%aa%92%e4%bd%93\" title=\"View all posts in \u5a92\u4f53\" target=\"_blank\" class=\"tag_link\">\u5a92\u4f53<\/a>\u3001\u77ed\u89c6\u9891\u7b49\u65b0\u5174\u6e20\u9053\u4e0a\u5bf9\u4e2d\u9ad8\u7aef\u54c1\u724c\u7684\u66dd\u5149\uff0c\u9500\u552e\u8d39\u7528\u7387\u5c0f\u5e45\u63d0\u5347 0.3pct \u8fbe\u5230 4.8%\uff0c<\/strong>\u7ba1\u7406\u8d39\u7528\u7387\u6574\u4f53\u5e73\u7a33\uff0c\u6700\u7ec8\uff0c\u534e\u4f4f\u8c03\u6574\u540e EBITDA \u8fbe\u5230 18.6 \u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f 24%\uff0c\u5c0f\u5e45\u8d85\u51fa\u5e02\u573a\u4e00\u81f4\u9884\u671f\uff0817.7 \u4ebf\u5143\uff09\u3002<\/p>\n<p><strong>5\u3001\u8d22\u52a1\u6838\u5fc3\u4fe1\u606f\u56de\u987e<\/strong><\/p>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/05\/16\/483fe5319d2ec15c78e4cf7fb9e63f0d_1778929353.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x882\/gravity\/center\/crop\/!1440x882&ext=.jpeg\" width=\"2351\" height=\"1440\" alt=\"\u534e\u4f4f\uff1a\u7529\u6389\u5305\u88b1\u3001\u8f7b\u88c5\u4e0a\u9635\uff0c\u8fd8\u662f\u9152\u5e97\u754c\u7684\u4f18\u7b49\u751f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<p><strong>\u6d77\u8c5a\u541b\u6574\u4f53\u89c2\u70b9\uff1a<\/strong><\/p>\n<p>\u6574\u4f53\u6765\u8bf4\uff0c\u9664\u4e86\u516c\u53f8\u9636\u6bb5\u6027\u9500\u552e\u8d39\u7528\u7684\u6295\u653e\u5c0f\u5e45\u8d70\u9ad8\u5916\uff0c\u4e00\u5b63\u5ea6\u6574\u4f53\u516c\u53f8\u7684\u589e\u957f\u8d28\u91cf\u5176\u5b9e\u8fd8\u662f\u6bd4\u8f83\u9ad8\u7684\u3002<strong>\u65e0\u8bba\u662f RevPAR \u8fde\u7eed\u4e09\u4e2a\u5b63\u5ea6\u7684\u6b63\u589e\u957f\uff08\u884c\u4e1a\u5185\u7387\u5148\u8f6c\u6b63\uff09\u3001\u52a0\u76df\u6536\u5165\u5360\u6bd4\u6301\u7eed\u65b0\u9ad8\u3001\u8fd8\u662f DH \u4e1a\u52a1\u626d\u4e8f\u540e\u5f00\u59cb\u76c8\u5229\u90fd\u8bf4\u660e\u534e\u4f4f\u6b63\u5728\u4ece\u5468\u671f\u4fee\u590d\u5207\u6362\u5230\u7ed3\u6784\u6027\u589e\u957f\u9636\u6bb5\u3002<\/strong><\/p>\n<p>\u6b64\u5916\uff0c\u6211\u4eec\u501f\u7740\u534e\u4f4f\u8fd9\u4efd\u8d22\u62a5\u4e5f\u804a\u804a\u9152\u5e97\u884c\u4e1a\u7684\u8fb9\u9645\u53d8\u5316\uff1a<\/p>\n<p>\u4e00\u65b9\u9762\uff0c\u4ece\u4f9b\u7ed9\u6d4b\u6765\u770b\uff0c<strong>\u8fc7\u53bb\u4e24\u5e74\u9152\u5e97\u884c\u4e1a\u6700\u5927\u7684\u77db\u76fe\uff0c\u4e0d\u662f\u6ca1\u4eba\u4f4f\uff0c\u800c\u662f\u4f9b\u7ed9\u91ca\u653e\u592a\u5feb\u3001\u4ef7\u683c\u4f53\u7cfb\u88ab\u51b2\u6563\u3002\u5c24\u5176\u662f\u4e2d\u9ad8\u7aef\u9152\u5e97\uff0c\u8fc7\u53bb\u51e0\u5e74\u9879\u76ee\u624e\u5806\u5f00\u3001\u7269\u4e1a\u6539\u9020\u5feb\u3001\u52a0\u76df\u5546\u9884\u671f\u9ad8\uff0c\u7ed3\u679c\u662f\u5927\u91cf\u65b0\u4f9b\u7ed9\u5728\u9700\u6c42\u6ca1\u5b8c\u5168\u8ddf\u4e0a\u7684\u65f6\u5019\u96c6\u4e2d\u5165\u573a\uff0c\u4ef7\u683c\u7aef\u5148\u88ab\u6253\u7a7f\u3002<\/strong><\/p>\n<p>\u968f\u7740\u52a0\u76df\u5546<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e6%8a%95%e8%b5%84\" title=\"View all posts in \u6295\u8d44\" target=\"_blank\" class=\"tag_link\">\u6295\u8d44<\/a>\u56de\u62a5\u5468\u671f\u7684\u5ef6\u957f\uff0c<strong>\u5168\u56fd\u9152\u5e97\u623f\u95f4\u6570\u540c\u6bd4\u589e\u901f\u5df2\u7ecf\u4ece 25 \u5e74 11 \u6708\u7684 9% \u56de\u843d\u5230\u5f53\u524d 6.5% \u5de6\u53f3\uff0c\u867d\u7136\u76f8\u8f83\u4e8e 3%-5% \u7684\u6b63\u5e38\u6c34\u5e73\u4ecd\u7136\u504f\u9ad8\uff0c\u4f46\u8d8b\u52bf\u4e0a\u5df2\u7ecf\u660e\u663e\u53cd\u6620\u51fa\u4f9b\u7ed9\u4fa7\u7684\u7ed3\u6784\u6027\u964d\u6e29\u3002<\/strong><\/p>\n<p><strong>\u800c\u4ece\u9700\u6c42\u7aef\u770b\uff0c<\/strong>\u6839\u636e\u6587\u65c5\u90e8\u516c\u5e03\u7684\u6570\u636e\uff0c<strong>Q1 \u4eba\u5747\u51fa\u6e38 3.2 \u6b21\uff0c\u540c\u6bd4\u5927\u5e45\u589e\u957f 41%<\/strong>\uff0c<strong>\u5728 1-4 \u6708\u53ef\u9009\u6d88\u8d39\u91cc\u65c5\u6e38\u590d\u82cf\u6700\u5feb\uff0c\u6062\u590d\u81f3 2019 \u5e74\u7684 128%\uff08\u9ad8\u4e8e\u9910\u996e 115%\u3001\u96f6\u552e 108%\uff09\u3002<\/strong><\/p>\n<p>\u62c6\u5206\u6765\u770b\uff0c<strong>\u8fd9\u91cc\u6700\u91cd\u8981\u7684\u589e\u91cf\u5728\u4e8e\u5468\u672b\u77ed\u9014\u6e38\u5360\u6bd4\u5927\u5e45\u63d0\u5347\u4e86 7-8pct \u5230 78%<\/strong>\uff0c\u518d\u7ed3\u5408\u6d88\u8d39\u7ed3\u6784\u4e0a\u95e8\u7968\u652f\u51fa\u5360\u6bd4\u7684\u4e0b\u6ed1\uff08\u4ece 2019 \u5e74 42% \u4e0b\u964d\u81f3 28%\uff09\uff0c\u4f4f\u5bbf\u3001\u4f53\u9a8c\u3001\u9910\u996e\u5360\u6bd4\u63d0\u5347<strong>\u8bf4\u660e\u4f11\u95f2\u65c5\u6e38\u7684\u9700\u6c42\u6b63\u5728\u4ece &ldquo;\u8282\u5047\u65e5\u8109\u51b2\u5f0f\u6d88\u8d39&rdquo; \u9010\u6b65\u8f6c\u53d8\u4e3a &ldquo;\u9ad8\u9891\u6b21\u3001\u5e38\u6001\u5316\u3001\u4f53\u9a8c\u5f0f\u7684\u65e5\u5e38\u521a\u9700&rdquo;\u3002<\/strong><\/p>\n<p>\u8fd9\u79cd\u53d8\u5316\uff0c\u5bf9\u4e8e\u9152\u5e97\u65b9\u6765\u8bf4\uff0c<strong>\u5165\u4f4f\u7387\u6ce2\u52a8\u7684\u4e0b\u964d\u4e5f\u610f\u5473\u7740\u9152\u5e97\u65e0\u9700\u518d\u901a\u8fc7\u6781\u7aef\u964d\u4ef7\u4fc3\u9500\u7684\u65b9\u5f0f\u586b\u8865\u6de1\u5b63\u7684\u7a7a\u7f3a\u623f\u6e90<\/strong>\uff0c<strong>\u91cd\u5fc3\u53ef\u4ee5\u4ece\u4ef7\u683c\u6218\u8f6c\u4e3a\u9152\u5e97\u81ea\u8eab\u4ea7\u54c1\u8d28\u91cf\u7684\u5347\u7ea7<\/strong>\uff0c<strong>\u5728\u6d77\u8c5a\u541b\u770b\u6765\u6700\u5148\u5403\u5230\u7ea2\u5229\u7684\u4e5f\u662f\u534e\u4f4f\u8fd9\u7c7b\u4e2d\u9ad8\u7aef\u5360\u6bd4\u9ad8\u3001\u4f1a\u5458\u5f3a\u3001\u6536\u76ca\u7ba1\u7406\u7cfb\u7edf\u66f4\u52a0\u6210\u719f\u7684\u5934\u90e8\u4f01\u4e1a\u3002<\/strong><\/p>\n<p>\u5c55\u671b 2026 \u5e74\uff0c\u4ece\u534e\u4f4f\u81ea\u8eab\u7684\u6267\u884c\u5c42\u9762\u6765\u770b\uff0c<strong>\u54c1\u724c\u5347\u7ea7\u548c\u4e0b\u6c89\u5e02\u573a\u6301\u7eed\u5f00\u5e97\u4ecd\u7136\u662f\u4e24\u6761\u6700\u6838\u5fc3\u7684\u589e\u957f\u4e3b\u7ebf<\/strong>\uff0c<strong>\u4e00\u65b9\u9762\u662f\u901a\u8fc7\u5728\u4e00\u4e8c\u7ebf\u57ce\u5e02\u91cd\u70b9\u53d1\u5c55\u5168\u5b63\u5927\u89c2\uff08\u9ad8\u7aef\u5546\u52a1\uff09\u3001\u57ce\u9645\uff08\u57ce\u5e02\u7cbe\u9009\uff09\u3001\u6c34\u6676\uff08\u8f7b\u5962\uff09\u3001\u7f8e\u5c45\uff08\u56fd\u9645\u4e2d\u6863\uff09\u56db\u5927\u54c1\u724c\uff0c\u8fdb\u4e00\u6b65\u63d0\u5347\u4e2d\u9ad8\u7aef\u54c1\u724c\u7684\u5360\u6bd4\uff0c\u53e6\u4e00\u65b9\u9762\u901a\u8fc7\u63a8\u51fa &ldquo;\u6c49\u5ead\u5feb\u6377&rdquo; \u7b49\u8f7b\u91cf\u5316\u4ea7\u54c1\uff0c\u964d\u4f4e\u52a0\u76df\u95e8\u69db\uff0c\u52a0\u901f\u62a2\u5360\u4e0b\u6c89\u5e02\u573a\uff0c<\/strong>\u8fd9\u7c7b\u5347\u7ea7\u7684\u4ef7\u503c\uff0c<strong>\u4e0d\u53ea\u662f\u8ba9\u95e8\u5e97 &ldquo;\u770b\u8d77\u6765\u66f4\u597d&rdquo;\uff0c\u800c\u662f\u80fd\u652f\u6491\u66f4\u5f3a\u7684 ADR\uff0c\u66f4\u77ed\u7684\u5efa\u9020\u5468\u671f\uff0c\u4ee5\u53ca\u5728\u4f4e\u7ebf\u57ce\u5e02\u66f4\u5f3a\u7684\u964d\u7ef4\u6253\u51fb\u80fd\u529b<\/strong>\u3002<\/p>\n<p><strong>\u4ee5\u4e0b\u4e3a\u8be6\u7ec6\u89e3\u8bfb\uff1a<\/strong><\/p>\n<p><strong>\u4e00\u3001RevPAR \u540c\u6bd4\u8fdb\u4e00\u6b65\u6269\u5927<\/strong><\/p>\n<p>\u7167\u4f8b\uff0c\u5728\u62c6\u8d22\u52a1\u4e4b\u524d\uff0c\u8fd8\u662f\u5148\u770b\u6700\u5e95\u5c42\u7684\u7ecf\u8425\u6307\u6807\uff1a<\/p>\n<p><strong>1.1 ADR \u52a0\u901f\u4fee\u590d\uff0c\u7ed3\u6784\u6027\u6ea2\u4ef7\u6301\u7eed\u91ca\u653e<\/strong><\/p>\n<p>\u4ece\u6700\u6838\u5fc3\u7684\u7ecf\u8425\u6307\u6807\u6bcf\u95f4\u53ef\u552e\u623f\u6536\u5165\uff08RevPAR\uff09\u770b\uff0c<strong>\u4e00\u5b63\u5ea6\u534e\u4f4f\u4e2d\u56fd RevPAR \u4e3a 214 \u5143\/\u665a\uff0c\u540c\u6bd4\u589e\u957f\u7ea6 2.8%\uff0c\u5ef6\u7eed\u4e86\u81ea 2025Q3 \u4ee5\u6765\u8fde\u7eed\u4e09\u4e2a\u5b63\u5ea6\u7684\u6b63\u589e\u957f\u6001\u52bf\uff0c\u4e14\u589e\u901f\u73af\u6bd4\u56db\u5b63\u5ea6\uff08+1.8%\uff09\u6709\u6240\u63d0\u5347\uff0c\u91cf\u4ef7\u62c6\u5206\u770b\uff1a<\/strong><\/p>\n<p><strong>ADR\uff08\u5e73\u5747\u65e5\u623f\u4ef7\uff09<\/strong>\uff1a285 \u5143\/\u665a\uff0c\u540c\u6bd4\u589e\u957f\u7ea6 4.8%\uff0c\u589e\u901f\u73af\u6bd4\u56db\u5b63\u5ea6\uff08+4.0%\uff09\u8fdb\u4e00\u6b65\u63d0\u5347\uff0c\u9664\u4e86\u884c\u4e1a\u672c\u8eab\u4f9b\u9700\u683c\u5c40\u6539\u5584\u5916\uff0c\u5bf9\u4e8e\u534e\u4f4f\u6765\u8bf4\uff0c\u5728\u6d77\u8c5a\u541b\u770b\u6765\uff0c<strong>\u534e\u4f4f\u5728\u8fd9\u8f6e\u6bd4\u90e8\u5206\u540c\u4e1a\u66f4\u65e9\u4fee\u590d ADR \u7684\u6838\u5fc3\u539f\u56e0\u5728\u4e8e\u5148\u4e8e\u884c\u4e1a\u8fdb\u884c\u4ea7\u54c1\u7ed3\u6784\u7684\u5347\u7ea7\u3002<\/strong>\u6bd5\u7adf\u6c49\u5ead 3.5\u3001\u5168\u5b63 4.0\u3001\u6854\u5b50 2.0 \u8fd9\u4e9b\u4e0d\u662f\u7b80\u5355\u7684 &ldquo;\u88c5\u4fee\u66f4\u597d&rdquo;\uff0c\u800c\u662f\u4ece\u8bbe\u8ba1\u3001\u576a\u6548\u3001\u5efa\u9020\u5468\u671f\u3001\u5ba2\u7fa4\u8bc6\u522b\u5230\u4f1a\u5458\u8f6c\u5316\u7684\u7efc\u5408\u80fd\u529b\u7684\u63d0\u5347\u3002<\/p>\n<p><strong>OCC\uff08\u5165\u4f4f\u7387\uff09<\/strong>\uff1a75.1%\uff0c\u540c\u6bd4\u4e0b\u6ed1\u7ea6 1.1pct\u3002<strong>\u867d\u7136\u4f11\u95f2\u65c5\u6e38\u5f3a\u52b2\uff0c\u4f46\u5546\u65c5\u9700\u6c42\u867d\u7136\u5728\u6062\u590d\uff0c\u4f46\u8fd8\u8c08\u4e0d\u4e0a\u5f3a\u590d\u82cf\uff0c\u66f4\u591a\u662f &ldquo;\u89e6\u5e95\u56de\u7a33&rdquo;<\/strong>\u3002\u53e6\u5916\uff0c\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c<strong>\u6210\u719f\u95e8\u5e97\uff08\u5728\u8425\u8d85\u8fc7 18 \u4e2a\u6708\uff09\u7684 OCC \u964d\u5e45\u660e\u663e\u5c0f\u4e8e\u6574\u4f53\uff0c\u8bf4\u660e\u65b0\u5e97\u722c\u5761\u4e5f\u9020\u6210\u4e86 OCC \u7684\u627f\u538b\u3002<\/strong><\/p>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/05\/16\/a9d25e11f77e8c771339fd268f08fd72_1778929353.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x623\/gravity\/center\/crop\/!1440x623&ext=.jpeg\" width=\"1265\" height=\"548\" alt=\"\u534e\u4f4f\uff1a\u7529\u6389\u5305\u88b1\u3001\u8f7b\u88c5\u4e0a\u9635\uff0c\u8fd8\u662f\u9152\u5e97\u754c\u7684\u4f18\u7b49\u751f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/05\/16\/6d9280a91244eedd8a83713a60b9d0fb_1778929353.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x1108\/gravity\/center\/crop\/!1440x1108&ext=.jpeg\" width=\"1258\" height=\"968\" alt=\"\u534e\u4f4f\uff1a\u7529\u6389\u5305\u88b1\u3001\u8f7b\u88c5\u4e0a\u9635\uff0c\u8fd8\u662f\u9152\u5e97\u754c\u7684\u4f18\u7b49\u751f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<p><strong>1.2 \u6b27\u6d32\u5e02\u573a\u7a33\u5065\u590d\u82cf\uff0cDH \u5f00\u59cb\"\u9020\u8840\"<\/strong><\/p>\n<p>1Q26 Legacy-DH \u7684 RevPAR \u7ea6 80 \u6b27\u5143\/\u665a\uff0c\u540c\u6bd4\u589e\u957f\u7ea6 5%\u3002\u4ece\u91cf\u4ef7\u7684\u8d21\u732e\u4e0a\u770b\uff1a<\/p>\n<p><strong>OCC\uff1a<\/strong>63.3%\uff0c\u540c\u6bd4\u63d0\u5347\u7ea6 2.1pct\uff0c\u4e3b\u8981\u53d7\u76ca\u4e8e\u6b27\u6d32\u6625\u5b63\u5546\u52a1\u6d3b\u52a8\u7684\u56de\u6696\u4ee5\u53ca\u5165\u5883\u6e38\u9700\u6c42\u7684\u6301\u7eed\u589e\u957f\u3002<\/p>\n<p><strong>ADR<\/strong>\uff1a\u7ea6 127 \u6b27\u5143\/\u665a\uff0c\u540c\u6bd4\u589e\u957f\u7ea6 1.6%\uff0c\u8868\u73b0\u7a33\u5065\u3002<\/p>\n<p>\u4f46\u8fd9\u91cc\u5176\u5b9e\u66f4\u91cd\u8981\u7684\u662f\u76c8\u5229\u7aef\u7684\u53d8\u5316\uff0c<strong>\u8fc7\u53bb\u5e02\u573a\u770b DH \u57fa\u672c\u53ea\u6709\u4e24\u4e2a\u8bcd\uff1a\u91cd\u8d44\u4ea7\u3001\u4f4e\u6548\u7387\u3002\u4f46 DH \u4e00\u5b63\u5ea6\u7ecf\u8c03\u6574 EBITDA \u7ea6 0.6 \u4ebf\u7f8e\u5143\uff0c\u5ef6\u7eed\u4e86 2025Q4 \u626d\u4e8f\u540e\u7684\u76c8\u5229\u6001\u52bf\uff0c\u8bf4\u660e\u6b64\u524d\u7684<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e9%87%8d%e7%bb%84\" title=\"View all posts in \u91cd\u7ec4\" target=\"_blank\" class=\"tag_link\">\u91cd\u7ec4<\/a>\uff08\u7269\u4e1a\u51fa\u552e\u56de\u79df\u3001\u52a0\u76df\u8f6c\u5316\u3001\u6210\u672c\u4f18\u5316\uff09\u5df2\u7ecf\u4ea7\u751f\u4e86\u5b9e\u8d28\u6027\u6548\u679c\uff0cDH \u5c06\u4ece\"\u5386\u53f2\u5305\u88b1\"\u8f6c\u53d8\u4e3a\"\u589e\u957f\u671f\u6743\"\u3002<\/strong><\/p>\n<p><strong>\u5c55\u671b\u6765\u770b\uff0c\u6b27\u6d32\u9152\u65c5\u5e02\u573a\u7684\u590d\u82cf\u4ecd\u5728\u8fdb\u884c\u4e2d\uff0c\u7279\u522b\u662f\u5fb7\u56fd\u4f5c\u4e3a\u534e\u4f4f DH \u4e1a\u52a1\u7684\u6838\u5fc3\u5e02\u573a\uff0c\u53d7\u76ca\u4e8e\u5c55\u4f1a\u7ecf\u6d4e\u548c\u5546\u52a1\u5dee\u65c5\u7684\u56de\u6696\uff0c\u57ce\u9645\u54c1\u724c\u7684\u8868\u73b0\u4e5f\u6bd4\u8f83\u4eae\u773c\u3002<\/strong><\/p>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/05\/16\/feb3fc4e38a35b30b25226a8aa029da2_1778929353.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x713\/gravity\/center\/crop\/!1440x713&ext=.jpeg\" width=\"1301\" height=\"645\" alt=\"\u534e\u4f4f\uff1a\u7529\u6389\u5305\u88b1\u3001\u8f7b\u88c5\u4e0a\u9635\uff0c\u8fd8\u662f\u9152\u5e97\u754c\u7684\u4f18\u7b49\u751f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/05\/16\/ef9229a0ed8be0d554da421ac63b5ebd_1778929353.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x1344\/gravity\/center\/crop\/!1440x1344&ext=.jpeg\" width=\"1294\" height=\"1208\" alt=\"\u534e\u4f4f\uff1a\u7529\u6389\u5305\u88b1\u3001\u8f7b\u88c5\u4e0a\u9635\uff0c\u8fd8\u662f\u9152\u5e97\u754c\u7684\u4f18\u7b49\u751f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<p><strong>1.3 \u5f00\u5e97\u8282\u594f\u4fdd\u6301\u9ad8\u4f4d\uff0c\u7ed3\u6784\u6301\u7eed\u4f18\u5316<\/strong><\/p>\n<p>\u5f00\u5e97\u6570\u91cf\u4e0a\u770b\uff0c\u4e00\u5b63\u5ea6\u51c0\u65b0\u589e 357 \u5bb6\u95e8\u5e97\uff0c\u5176\u4e2d\u65b0\u5f00\u5e97 537 \u5bb6\uff0c\u5f00\u5e97\u8282\u594f\u4ecd\u7136\u6bd4\u8f83\u9ad8\uff0c<strong>\u5176\u4e2d\u4e2d\u9ad8\u7aef\u54c1\u724c\uff08\u5168\u5b63\u3001\u6854\u5b50\u6c34\u6676\u3001\u7f8e\u5c45\uff09\u4ecd\u7136\u662f\u7edd\u5bf9\u589e\u957f\u5f15\u64ce<\/strong>\uff0c<strong>\u7ecf\u6d4e\u578b\u9152\u5e97\u66f4\u591a\u4ee5\u7ffb\u65b0\u6539\u9020\u4e3a\u4e3b<\/strong>\uff0c\u6b64\u5916\uff0c<strong>\u503c\u5f97\u6ce8\u610f\u7684\u662f\u534e\u4f4f\u4e00\u5b63\u5ea6\u5173\u5e97 180 \u5bb6\uff0c\u660e\u663e\u52a0\u5927\u4e86\u5bf9\u4f4d\u7f6e\u5dee\u3001\u8001\u5316\u3001\u4e8f\u635f\u95e8\u5e97\u7684\u51fa\u6e05\u529b\u5ea6\uff0c\u8ffd\u6c42\u9ad8\u8d28\u91cf\u589e\u957f\u3002<\/strong><\/p>\n<p><strong>\u672a\u6765\u534e\u4f4f\u62d3\u5c55\u7684\u65b9\u5411\u4e5f\u5f88\u6e05\u6670\uff0c\u4e00\u6761\u662f\u54c1\u724c\u5411\u4e0a<\/strong>\uff1a\u5168\u5b63\u3001\u6854\u5b50\u3001\u57ce\u9645\u3001\u6854\u5b50\u6c34\u6676\u3001\u6f2b\u5fc3\u3001\u7f8e\u5c45\u7b49\u4e2d\u9ad8\u7aef\u54c1\u724c\u7ee7\u7eed\u627f\u62c5\u7ed3\u6784\u5347\u7ea7\u4efb\u52a1\uff1b<\/p>\n<p><strong>\u53e6\u4e00\u6761\u662f\u6e17\u900f\u5411\u4e0b<\/strong>\uff1a\u5728\u4f4e\u7ebf\u57ce\u5e02\u5bfc\u5165\u5347\u7ea7\u7248\u6c49\u5ead\u3001\u5168\u5b63\uff0c\u5229\u7528\u54c1\u724c\u4e0e\u6548\u7387\u4f18\u52bf\u5bf9\u5355\u4f53\u9152\u5e97\u5f62\u6210\u964d\u7ef4\u6253\u51fb<\/p>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/05\/16\/6f7d79a7813a4fba1610a84c6d956959_1778929353.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x720&ext=.jpeg\" width=\"1252\" height=\"626\" alt=\"\u534e\u4f4f\uff1a\u7529\u6389\u5305\u88b1\u3001\u8f7b\u88c5\u4e0a\u9635\uff0c\u8fd8\u662f\u9152\u5e97\u754c\u7684\u4f18\u7b49\u751f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/05\/16\/5fbe4a26fb85a9f9a847ca7095579391_1778929353.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x743\/gravity\/center\/crop\/!1440x743&ext=.jpeg\" width=\"1283\" height=\"662\" alt=\"\u534e\u4f4f\uff1a\u7529\u6389\u5305\u88b1\u3001\u8f7b\u88c5\u4e0a\u9635\uff0c\u8fd8\u662f\u9152\u5e97\u754c\u7684\u4f18\u7b49\u751f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<p><strong>\u4e8c\u3001\u52a0\u76df\u6536\u5165\u9ad8\u589e\uff0c\u8f7b\u8d44\u4ea7\u98de\u8f6e\u52a0\u901f<\/strong><\/p>\n<p><strong>2.1 \u96c6\u56e2\u6574\u4f53\u8425\u6536\u8d85\u9884\u671f<\/strong><\/p>\n<p>\u4e00\u5b63\u5ea6\u534e\u4f4f\u96c6\u56e2\u603b\u8425\u6536 60 \u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f 11%\uff0c\u73af\u6bd4\u53bb\u5e74\u56db\u5b63\u5ea6\u6709\u6240\u63d0\u901f\u3002<strong>\u5176\u4e2d\u52a0\u76df\u4e1a\u52a1\u53d7\u76ca\u4e8e\u95e8\u5e97\u623f\u91cf\u7684\u589e\u52a0\u4ee5\u53ca RevPAR \u8f6c\u6b63\u5e26\u6765\u7684\u5355\u5e97\u6d41\u6c34\u63d0\u5347\uff0c\u540c\u6bd4\u589e\u957f 20% \u8fbe\u5230 30 \u4ebf\u5143\uff0c\u5360\u6bd4\u8fdb\u4e00\u6b65\u62c9\u9ad8\u4e86 3.7pct \u8fbe\u5230 50%\u3002<\/strong><\/p>\n<p>\u76f4\u8425\u4e1a\u52a1\u6536\u5165\u7ea6 28 \u4ebf\u5143\uff0c\u540c\u6bd4\u4e0b\u964d 1.4%\uff0c\u964d\u5e45\u73af\u6bd4\u6536\u7a84\uff0c\u6d77\u8c5a\u541b\u63a8\u6d4b\u4e3b\u8981\u662f\u53d7\u76ca\u4e8e\u4e00\u7ebf\u57ce\u5e02\u5546\u52a1\u6d3b\u52a8\u7684\u56de\u6696\uff0c\u4ee5\u53ca\u79a7\u73a5\u3001\u82b1\u95f4\u5802\u7b49\u9ad8\u7aef\u76f4\u8425\u54c1\u724c\u7684\u7a33\u5b9a\u8d21\u732e\u3002<\/p>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/05\/16\/88ce1a093b151fbfc7a78bcff6e6f078_1778929353.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x731\/gravity\/center\/crop\/!1440x731&ext=.jpeg\" width=\"1093\" height=\"555\" alt=\"\u534e\u4f4f\uff1a\u7529\u6389\u5305\u88b1\u3001\u8f7b\u88c5\u4e0a\u9635\uff0c\u8fd8\u662f\u9152\u5e97\u754c\u7684\u4f18\u7b49\u751f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/05\/16\/29619ad893b89cbf01339e3fe85d621c_1778929353.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x800\/gravity\/center\/crop\/!1440x800&ext=.jpeg\" width=\"1038\" height=\"577\" alt=\"\u534e\u4f4f\uff1a\u7529\u6389\u5305\u88b1\u3001\u8f7b\u88c5\u4e0a\u9635\uff0c\u8fd8\u662f\u9152\u5e97\u754c\u7684\u4f18\u7b49\u751f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/05\/16\/ffd6da0cbace2f9d0355c411f9b591db_1778929353.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x685\/gravity\/center\/crop\/!1440x685&ext=.jpeg\" width=\"974\" height=\"464\" alt=\"\u534e\u4f4f\uff1a\u7529\u6389\u5305\u88b1\u3001\u8f7b\u88c5\u4e0a\u9635\uff0c\u8fd8\u662f\u9152\u5e97\u754c\u7684\u4f18\u7b49\u751f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<p><strong>2.2 \u8f7b\u8d44\u4ea7\u8f6c\u578b\u5e26\u52a8\u6bdb\u5229\u7387\u6301\u7eed\u6269\u5f20<\/strong><\/p>\n<p>\u7531\u4e8e\u52a0\u76df\u4e1a\u52a1\u5360\u6bd4\u7684\u6301\u7eed\u63d0\u5347\uff08\u52a0\u76df\u6a21\u5f0f\u8282\u7701\u79df\u91d1\u3001\u4eba\u529b\u7b49\u521a\u6027\u6210\u672c\uff0c\u6bdb\u5229\u7387\u663e\u8457\u9ad8\u4e8e\u76f4\u8425\uff09\uff0c\u5e26\u52a8\u6bdb\u5229\u7387\u63d0\u5347 5.8pct \u8fbe\u5230 39%\u3002<\/p>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/05\/16\/e9ff629e5ba4ed34b5c62334c789c282_1778929353.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x688\/gravity\/center\/crop\/!1440x688&ext=.jpeg\" width=\"1149\" height=\"549\" alt=\"\u534e\u4f4f\uff1a\u7529\u6389\u5305\u88b1\u3001\u8f7b\u88c5\u4e0a\u9635\uff0c\u8fd8\u662f\u9152\u5e97\u754c\u7684\u4f18\u7b49\u751f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<p>\u5177\u4f53\u6765\u770b\uff0c\u4e00\u65b9\u9762\uff0c\u968f\u7740\u534e\u4f4f\u6301\u7eed\u5173\u95ed\u91cd\u8d44\u4ea7\u3001\u52a0\u76df\u5360\u6bd4\u7684\u8fdb\u4e00\u6b65\u63d0\u5347\uff0c\u79df\u91d1\u5360\u6bd4\u4e0b\u964d 2pct \u8fbe\u5230 35%\uff0c\u53e6\u4e00\u65b9\u9762\uff0c<strong>\u4f34\u968f\u534e\u4f4f\u96c6\u91c7\u538b\u4ef7\u3001\u6570\u5b57\u5316\u63a7\u8017\u80fd\u529b\u7684\u589e\u5f3a\uff0c\u6298\u65e7\u644a\u9500\u3001\u7269\u6599\u5360\u6bd4\u4e5f\u5747\u5c0f\u5e45\u4e0b\u6ed1 1pct\uff0c\u4ec5\u4eba\u529b\u6210\u672c\u56e0\u5f00\u5e97\u6269\u5f20\u3001\u85aa\u916c\u7684\u63d0\u5347\uff0c\u5360\u6bd4\u5c0f\u5e45\u63d0\u5347 1pct \u8fbe\u5230 6%\u3002<\/strong><\/p>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/05\/16\/9dc5895da463110bd91f622443d11318_1778929353.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x771\/gravity\/center\/crop\/!1440x771&ext=.jpeg\" width=\"1266\" height=\"678\" alt=\"\u534e\u4f4f\uff1a\u7529\u6389\u5305\u88b1\u3001\u8f7b\u88c5\u4e0a\u9635\uff0c\u8fd8\u662f\u9152\u5e97\u754c\u7684\u4f18\u7b49\u751f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<p><strong>2.3 \u9500\u552e\u8d39\u7528\u9636\u6bb5\u6027\u8d70\u9ad8<\/strong><\/p>\n<p>\u8d39\u7528\u7aef\uff0c<strong>\u6d77\u8c5a\u541b\u63a8\u6d4b\u7531\u4e8e\u5546\u65c5\u590d\u82cf\u504f\u5f31\u3001\u884c\u4e1a\u5185\u5377\u52a0\u5267\uff0c\u534e\u4f4f\u9636\u6bb5\u6027\u52a0\u5927\u4e86\u5728\u793e\u4ea4\u5a92\u4f53\u3001\u77ed\u89c6\u9891\u7b49\u65b0\u5174\u6e20\u9053\u4e0a\u5bf9\u4e2d\u9ad8\u7aef\u54c1\u724c\u7684\u66dd\u5149\uff0c\u9500\u552e\u8d39\u7528\u7387\u5c0f\u5e45\u63d0\u5347 0.3pct \u8fbe\u5230 4.8%\uff0c<\/strong>\u7ba1\u7406\u8d39\u7528\u7387\u6574\u4f53\u5e73\u7a33\uff0c\u6700\u7ec8\uff0c\u534e\u4f4f\u8c03\u6574\u540e EBITDA \u8fbe\u5230 18.6 \u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f 24%\uff0c\u5c0f\u5e45\u8d85\u51fa\u5e02\u573a\u4e00\u81f4\u9884\u671f\uff0817.7 \u4ebf\u5143\uff09\u3002<\/p>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/05\/16\/9f2e31cb7e7afac8e35a2fc9fed1e41e_1778929353.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x698\/gravity\/center\/crop\/!1440x698&ext=.jpeg\" width=\"1303\" height=\"632\" alt=\"\u534e\u4f4f\uff1a\u7529\u6389\u5305\u88b1\u3001\u8f7b\u88c5\u4e0a\u9635\uff0c\u8fd8\u662f\u9152\u5e97\u754c\u7684\u4f18\u7b49\u751f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<p>(\u6765\u6e90\uff1a\u949b\u5a92\u4f53)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u6587 | \u6d77\u8c5a\u7814\u7a76 \u5317\u4eac\u65f6\u95f4 2026 \u5e74 5 \u6708 15 \u65e5\u7f8e\u80a1\u76d8\u524d\uff0c\u534e\u4f4f\uff081179.HK\/HTHT.O\uff09\u53d1\u5e03\u4e86 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[280,241,186,26,140,170],"views":29,"_links":{"self":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/780999"}],"collection":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=780999"}],"version-history":[{"count":0,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/780999\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=780999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=780999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=780999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}