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德胧大数据平台 · 月报 · 三店经营分析

Delonix Monthly · 3-Hotel Operating Analysis　|　数据截至 Data through 2026-06　|　来源 Source: FineBI Monthly_Data + 竞对分析 Competitor tracking (Mar-Jun 2026)

Central Park MJJCP

Model J Hotel Jakarta Central Park · 雅加达中西部 Slipi/Grogol 区 · West-Central Jakarta
量价齐升 · 三店最健康的增长引擎 / Volume + price rising together · the healthiest growth engine

亮点 Highlights

  • RevPAR 3→6月 +45.0%（581k→843k），OCC(84→95%)与ADR(690k→891k)同步走高，量价齐升，三店最健康。
    RevPAR +45% Mar-Jun with both OCC and ADR climbing — the healthiest profile of the three.
  • 竞对全面领先：OCC 94.9% vs 竞对均值 64.6%（+30.3pp），ADR 891k vs 587k（+51.7%），高价仍满房。
    Beats peers on both: OCC +30.3pp and ADR +51.7% vs the competitor average — premium price with a full house.
  • 直销占比三店最高（6月 33.4%，3→6月 23%→33%），OTA佣金压力相对最低。
    Highest direct-booking share (33.4%, up from 23%) — the lowest OTA-commission drag.
  • 单房效率领先：收入排名 #4，但售房仅 2897 间夜（对手多为 2 倍体量），单房产出更高。
    Best per-room efficiency: #4 on revenue with roughly half the room-nights of larger rivals.

痛点 Pain points

  • OCC 已近天花板（94.7%），6月环比 OCC +0.9%、TTV +1.0%，增长明显放缓，靠冲量已到顶。
    OCC is near the ceiling (94.7%); June MoM slowed to ~+1% — volume-led growth is largely exhausted.
  • 仍 66.6% 依赖 OTA，且 Trip 单一渠道占 OTA 近半（1029/2062），渠道过度集中。
    Still 66.6% OTA-dependent, and Trip alone is nearly half of OTA volume — heavy channel concentration.
  • DBI 6月环比 -11.8%，管理收入项波动偏大。
    DBI fell -11.8% MoM — some volatility in management-income lines.
  • 被 SANTIKA(4.68b)、Ciputra(4.37b) 以约 2 倍房量在总收入上反超，规模上限受限。
    Out-scaled on total revenue by SANTIKA / Ciputra, which carry ~2x the room count.

① 季度分析 Quarterly Analysis

Q1'26→Q2'26：TTV +41.5%、RevPAR +39.8%（570k→797k）、ADR +16.8%、OCC +15.5pp，Q2 为强势放量季；自 Q4'25(RevPAR 441k) 起爆发式爬坡。2025-09 开业，无去年同期，重点看环比与爬坡趋势。
Q1'26→Q2'26: TTV +41.5%, RevPAR +39.8% (570k→797k), ADR +16.8%, OCC +15.5pp — an explosive Q2, ramping from Q4'25. Opened 2025-09, so no YoY yet — focus on the quarter-over-quarter ramp.

季度 TTV Quarterly TTV (b IDR)
季度 OCC Quarterly OCC (%)
季度 ADR & RevPAR Quarterly ADR & RevPAR (k)

② 运营 KPI 逐项：趋势 + 竞对 Ops-KPI item by item: trend + competitor

CP/BSD 2025 下半年开业，无去年同期，重点看月度趋势；竞对对比见每项说明。 / Opened H2 2025, no YoY — focus on the monthly trend; competitor context in each caption.

收入 Revenue
量价效率 Occupancy · Rate · Efficiency
渠道入住占比 Occupancy by channel
管理收入 Management income

③ 渠道结构：间夜 & ADR Channel structure: room-nights & ADR

6月售房 3096：直销(百达屋) 1034（33.4%）+ OTA 2062（66.6%）；直销占比 3→6月 23%→33% 持续改善，三店最高。OTA 内 Trip 1029（近半）、Agoda 494、Tiket 365。ADR：直销约 615k 低于 OTA 约 780k（低价换直连），可评估直销小幅提价。竞对：SANTIKA/Ciputra 以约 2 倍房量打价格战，需守住 OTA 转化。
June 3096 room-nights: direct (Betterwood) 1034 (33.4%) + OTA 2062 (66.6%); direct share up 23%→33%, the highest of the three. Within OTA, Trip 1029 (nearly half), Agoda 494, Tiket 365. ADR: direct ~615k below OTA ~780k. Watch SANTIKA/Ciputra price competition on OTA conversion.

直销 vs OTA 间夜 & 直销占比 Direct vs OTA RN + direct %
各 OTA 渠道间夜 Room-nights by OTA channel
各渠道 ADR ADR by channel (k)
直销 vs OTA ADR Direct vs OTA ADR (k)

④ 竞对分析 Competitive positioning (Mar-Jun 2026)

收入趋势 vs 竞对 Revenue trend vs competitors (b IDR)
6月 OCC / ADR vs 竞对均值 June OCC / ADR vs competitor average

BSD Carstensz MJBSDC

Model J Hotel BSD Carstensz · 坦格朗 BSD / Gading Serpong 区 · Tangerang BSD
满房但低价 · 6月量价双承压 / High occupancy but underpriced · June under pressure

亮点 Highlights

  • OCC 对竞对形成碾压：6月 80.5% vs 竞对均值 52.7%（+27.8pp），入住基本盘极强。
    Crushes peers on occupancy: 80.5% vs a 52.7% competitor average (+27.8pp).
  • 6月 ADR 逆势环比 +7.8%（649k→699k），出现首次明显提价动作。
    June ADR rose +7.8% MoM (649k→699k) — the first clear rate-lift move.
  • 直销占比持续改善（3→6月 23.6%→30.4%），APP自订 OCC 3-6月 +20.5%。
    Direct share keeps improving (23.6%→30.4%); app self-booking occupancy +20.5% Mar-Jun.
  • SZ 收入与 DBI（6月环比 +5%）向好。
    SZ income and DBI (+5% MoM in June) trending up.

痛点 Pain points

  • 三店唯一收入下滑店：6月 TTV 环比 -6.1%、OCC 环比 -9.7%（89.3%→80.6%），为最弱月。
    The only declining store: June TTV -6.1% and OCC -9.7% MoM (89.3%→80.6%) — its weakest month.
  • ADR 仅为区域高端 Herloom(1.02m)/Harris(1.07m) 的 60-68%，满房未转化为溢价。
    ADR is only 60-68% of premium peers Herloom / Harris — occupancy is not being monetized.
  • 渠道畸形：Agoda 954 间夜 vs Trip 仅 77，Trip 几乎缺位。
    Channel imbalance: Agoda 954 room-nights vs Trip just 77 — Trip is nearly absent.
  • OTA 评分 9.0 处竞对中游（Episode 9.22 / Harris 9.46），提价背书乏力；RevPAR 3-6月 -0.3% 停滞。
    OTA score 9.0 is mid-pack (Episode 9.22 / Harris 9.46), weakening pricing support; RevPAR flat (-0.3%).

① 季度分析 Quarterly Analysis

Q1'26→Q2'26：TTV +17.2%、RevPAR +16.0%、OCC +9.5pp、ADR +3.1%，Q2 整体好于 Q1，但 6月单月转弱拖累；Q4'25(RevPAR 552k) 已接近 Q2'26(570k)，增长偏平台期。2025-08 开业，无去年同期，看环比趋势。
Q1'26→Q2'26: TTV +17.2%, RevPAR +16.0%, OCC +9.5pp, ADR +3.1% — Q2 beat Q1, but June specifically weakened. Q4'25 (RevPAR 552k) was already close to Q2'26 (570k) — growth is plateauing. Opened 2025-08, no YoY — read the trend.

季度 TTV Quarterly TTV (b IDR)
季度 OCC Quarterly OCC (%)
季度 ADR & RevPAR Quarterly ADR & RevPAR (k)

② 运营 KPI 逐项：趋势 + 竞对 Ops-KPI item by item: trend + competitor

CP/BSD 2025 下半年开业，无去年同期，重点看月度趋势；竞对对比见每项说明。 / Opened H2 2025, no YoY — focus on the monthly trend; competitor context in each caption.

收入 Revenue
量价效率 Occupancy · Rate · Efficiency
渠道入住占比 Occupancy by channel
管理收入 Management income

③ 渠道结构：间夜 & ADR Channel structure: room-nights & ADR

6月售房 2684：直销 815（30.4%）+ OTA 1869（69.6%）；直销占比稳步升至 30.4%。OTA 内 Agoda 954 独大、Traveloka 419、Tiket 396，Trip 仅 77 严重缺位（对标 CP 的 Trip 1029）。6月 OTA 间夜大跌是 OCC 下滑主因。ADR：各渠道 650-700k 区间，整体偏低。
June 2684 room-nights: direct 815 (30.4%) + OTA 1869 (69.6%); direct share up to 30.4%. Within OTA, Agoda 954 dominates, Traveloka 419, Tiket 396, but Trip is only 77 (vs CP's 1029). The June OTA drop drove the occupancy decline. ADR sits at 650-700k across channels — low overall.

直销 vs OTA 间夜 & 直销占比 Direct vs OTA RN + direct %
各 OTA 渠道间夜 Room-nights by OTA channel
各渠道 ADR ADR by channel (k)
直销 vs OTA ADR Direct vs OTA ADR (k)

④ 竞对分析 Competitive positioning (Mar-Jun 2026)

收入趋势 vs 竞对 Revenue trend vs competitors (b IDR)
6月 OCC / ADR vs 竞对均值 June OCC / ADR vs competitor average

Airport MJJSHA

Model J Jakarta Soekarno-Hatta Airport · 雅加达苏加诺-哈达机场区 · Soekarno-Hatta Airport
稳健基本盘 · 唯一可年同比且全面转正 / Stable base · the only store with YoY, all positive

亮点 Highlights

  • 补齐早期数据后 1-6月已可完整年同比，RevPAR 全面高于去年：Q2 同比 +7.0%、Q1 +1.5%（以价补量）、6月 +5.8%；ADR 同比 Q1 +4.8%、Q2 +4.2%。
    With early data backfilled, full Jan–Jun YoY is available and RevPAR is above last year throughout: Q2 +7.0%, Q1 +1.5% (rate-led), June +5.8%; ADR YoY Q1 +4.8%, Q2 +4.2%.
  • OCC 对竞对领先：93.8% vs 竞对均值 81.4%（+12.5pp）。
    Occupancy leads peers: 93.8% vs an 81.4% average (+12.5pp).
  • Q1→Q2 强势爬坡：RevPAR +17.1%、ADR +9.1%、OCC +6.3pp。
    Strong Q1→Q2 ramp: RevPAR +17.1%, ADR +9.1%, OCC +6.3pp.
  • 收入基本盘稳定，6月 2.02b 持续高位运行。
    Stable revenue base, holding high at 2.02b in June.

痛点 Pain points

  • OTA 依赖三店最高：6月直销仅 24.9%、OTA 75.1%。
    Highest OTA dependency of the three: direct only 24.9%, OTA 75.1% in June.
  • 直销/自有APP渠道同比萎缩：BW_OCC 同比 -17.5%、DBI -22.9%、SZ -16.8% —— 增长是靠 OTA 佣金买来的。
    Direct / own-app channels are shrinking YoY (Betterwood OCC -17.5%, DBI -22.9%, SZ -16.8%) — growth is being bought via OTA commission.
  • ADR 远低于同区 Anara(1.15m)/Grand Anara(821k)，满房却未提价。
    ADR is far below area rivals Anara (1.15m) / Grand Anara (821k) despite a full house.
  • 收入排名停在 #5/7，被 Anara(4.96b) 大幅领先；6月环比仅 +0.9%，增长放缓。
    Stuck at #5/7 on revenue, well behind Anara (4.96b); June MoM only +0.9% — decelerating.

① 季度分析 Quarterly Analysis

补齐 2024-11 至 2025-03 数据后已可完整年同比。Q1'26 vs Q1'25：TTV -1.3%、OCC -3.0pp（2025 年 1-2 月接近满房、基数高），但 ADR +4.8%、RevPAR +1.5% —— 量微降、价仍领涨；Q2'26 vs Q2'25 全面转正：OCC +2.4pp、ADR +4.2%、RevPAR +7.0%、TTV +4.0%。H1 呈「以价补量」，RevPAR 稳步高于去年。季度图已纳入 2024-Q4 开业爬坡季（11 月为 11 天试营业、基数偏低）。
With Nov 2024–Mar 2025 backfilled, full YoY is now available. Q1'26 vs Q1'25: TTV -1.3%, OCC -3.0pp (Jan–Feb 2025 were near-full, a high base) but ADR +4.8% and RevPAR +1.5% — volume slightly down, rate leading. Q2'26 vs Q2'25 all positive: OCC +2.4pp, ADR +4.2%, RevPAR +7.0%, TTV +4.0%. H1 is a rate-led lift, with RevPAR steadily above last year. The quarterly view now includes the 2024-Q4 soft-opening quarter (Nov was an 11-day partial month, so its base is low).

季度 TTV Quarterly TTV (b IDR)
季度 OCC Quarterly OCC (%)
季度 ADR & RevPAR Quarterly ADR & RevPAR (k)

② 运营 KPI 逐项：趋势 + 竞对 Ops-KPI item by item: trend + competitor

Airport 每项叠加 2025 vs 2026 年同比曲线；CP/BSD 为开业以来月度趋势。 / Airport overlays 2025 vs 2026 (YoY); CP/BSD show the monthly trend since opening.

收入 Revenue
量价效率 Occupancy · Rate · Efficiency
渠道入住占比 Occupancy by channel
管理收入 Management income

③ 渠道结构：间夜 & ADR Channel structure: room-nights & ADR

6月售房 2537：直销 631（24.9%）+ OTA 1906（75.1%），OTA 依赖三店最高、直销最低。OTA 内 Agoda 945、Trip 785 双巨头，Traveloka 114。直销占比同比萎缩（BW_OCC 同比 -17.5%）是核心隐忧。ADR：直销约 615k vs OTA 约 750k。
June 2537 room-nights: direct 631 (24.9%) + OTA 1906 (75.1%) — the highest OTA reliance and lowest direct share of the three. Agoda 945 and Trip 785 lead OTA, Traveloka 114. The YoY erosion of direct share (Betterwood OCC -17.5%) is the core concern. ADR: direct ~615k vs OTA ~750k.

直销 vs OTA 间夜 & 直销占比 Direct vs OTA RN + direct %
各 OTA 渠道间夜 Room-nights by OTA channel
各渠道 ADR ADR by channel (k)
直销 vs OTA ADR Direct vs OTA ADR (k)

④ 竞对分析 Competitive positioning (Mar-Jun 2026)

收入趋势 vs 竞对 Revenue trend vs competitors (b IDR)
6月 OCC / ADR vs 竞对均值 June OCC / ADR vs competitor average
数据说明 / Notes. 金额单位：k=千印尼盾(IDR ’000)，b=十亿印尼盾，m=百万印尼盾；OCC 为入住率。 店内 KPI（趋势/季度/同比）取自各店 Monthly_Data（FineBI 月报）；TTV 含客房+早餐+F&B+其他，故高于竞对"月收入"（仅客房口径）。 竞对基准（OCC/ADR/RevPAR/收入排名/OTA评分）取自竞对分析专项每日采集数据（2026-03至06，按月汇总），与店内 Inv.OCC/ADR 口径略有差异，用于相对定位。 Airport 2024-11 试营业、2025-03 起纳入 FineBI；其 2024-11 至 2025-03 经营数据由《印尼区会员&经营业绩追踪日报》Sheet2 补齐（Sheet2 Total Revenue 与 FineBI TTV 已验证：4-6月逐月完全吻合），故 1-6月 均可年同比。其中 2025 年 1-2 月的管理收入(DGI/DBI/SZ/SC)按 TTV 比例估算（当期 FineBI 未录）。BSD 2025-08、CP 2025-09 开业（暂无同比，看趋势）。
Amounts: k = IDR ’000, b = IDR billion, m = IDR million. In-hotel KPIs (trend/quarter/YoY) come from each hotel's Monthly_Data (FineBI); TTV includes rooms + breakfast + F&B + other, so it exceeds the competitor "monthly revenue" (room-only basis). Competitor benchmarks come from the daily competitor tracking (Mar-Jun 2026, monthly rollup); calibers differ slightly from in-hotel Inv.OCC/ADR and are used for relative positioning. Airport soft-opened 2024-11 and entered FineBI from 2025-03; its Nov 2024–Mar 2025 figures are backfilled from the tracking daily report (Sheet2), whose Total Revenue matches FineBI TTV exactly for Apr–Jun, so full Jan–Jun YoY is available. BSD 2025-08 and CP 2025-09 (no YoY yet — trend focus).