智通财经APP讯，大酒店(00045)发布公告，2025年第二季度半岛酒店大中华地区平均可出租客房收入为 2448港元;其他亚洲地区为2821港元;美国为5415港元，欧洲为7838港元。 2025年第二季度半岛酒店大中华地区平均房租为3883港元;其他亚洲地区为4608港元;美国为7534港元及 欧洲为12549港元。 2025年第二季度半岛酒店大中华地区客房出租率为63%;其他亚洲地区客房出租率为61%;美国为72%及 欧洲为62%。 ...

大酒店(00045)发布2025年中期业绩，集团营业收入32.81亿港元，同比增长13%;股东应占亏损2.89亿港 元，同比收窄35%;每股亏损0.17港元。 伦敦半岛住宅公寓共有24套，截至2025年6月30日，已有17套完成销售，另有1套于2025年7月完成销 售。目前，最后6套住宅公寓已正式推出发售。 于2025年6月30日，集团的股东应占净资产达355亿港元，而集团的净对外债务与资产总值比率为25%， 仍属可以接受的水平。 ...

Core Viewpoint - The company reported a revenue of HKD 3.281 billion for the first half of 2025, reflecting a year-on-year growth of 13% [1] - The loss attributable to shareholders narrowed to HKD 289 million, a decrease of 35% compared to the previous year [1] - The company has successfully sold 17 out of 24 residential units in the London Peninsula project as of June 30, 2025, with one additional unit sold in July 2025 [1] Financial Performance - Revenue for the first half of 2025 reached HKD 3.281 billion, marking a 13% increase year-on-year [1] - The loss attributable to shareholders was HKD 289 million, which is a 35% reduction from the previous year [1] - Earnings per share stood at a loss of HKD 0.17 [1] Asset and Debt Management - As of June 30, 2025, the company's net assets attributable to shareholders amounted to HKD 35.5 billion [1] - The ratio of net external debt to total assets was 25%, indicating a manageable level of debt [1]

截至2025年6月30日止6个月，集团的综合营运利息、税项、折旧及摊销前营业盈利上升63%至6.43亿港 元，去年同期为3.95亿港元。计入2024年出售伦敦半岛住宅公寓所带来的收益，综合利息、税项、折旧 及摊销前营业盈利上升了19%。 于2025年6月30日，集团的股东应占净资产达355亿港元，而本集团的净对外债务与资产总值比率为 25%，仍属可以接受的水平。 格隆汇8月6日丨大酒店(00045.HK)公布中期业绩，2025年上半年，集团取得强劲的营运业绩，综合营运 收入较去年增长13%至32.81亿港元(撇除2024年同期出售4套伦敦半岛住宅公寓所带来的非经常性收入 17.07亿港元)；股东应占亏损为2.89亿港元，亏损同比收窄35%；股东应占基本亏损2.16亿港元，亏损同 比收窄16%，每股亏损0.17港元。 伦敦半岛住宅公寓共有24套，截至2025年6月30日，已有17套完成销售，另有1套于2025年7月完成销 售。目前，最後6套住宅公寓已正式推出发售。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 THE HONGKONG AND SHANGHAI HOTELS, LIMITED （於香港註冊成立的有限公司） （股份代號：45） 未經審核營運數據 – 2025 年第二季度 香港上海大酒店有限公司 (「本公司」) 的 2025 及 2024 年季度未經審核營運數據如下： 半島酒店 | 平均可出租客房 收入 (港元) | | 2025 | | | | 2024 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 第一季 | 第二季 | 第三季 | 第四季 | 第一季 | 第二季 | 第三季 | 第四季 | | 大中華地區 | 2,211 | 2,448 | | | 2,327 | 2,447 | 2,081 | 2,937 | | 歐洲 | 4,343 | 7,838 | | | 3,665 | 6,416 | 8,548 ...

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The Group reported strong H1 2025 operating results, with revenue up 13% and EBITDA up 63%, narrowing loss attributable to shareholders to HKD 289 million 2025 Interim Results Summary | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | **Operating Revenue^ (HKD Million)** | 3,281 | 2,908 | 13% | | **Operating EBITDA^ (HKD Million)** | 643 | 395 | 63% | | **Loss Attributable to Shareholders (HKD Million)** | (289) | (448) | 35% (Loss Narrowed) | | **Basic Loss Attributable to Shareholders (HKD Million)** | (216) | (257) | 16% (Loss Narrowed) | | **Metric** | **As of June 30, 2025** | **As of December 31, 2024** | **Change** | | **Net Asset Value Per Share (HKD)** | 21.30 | 21.24 | – | | **Net External Debt to Total Assets Ratio** | 25% | 23% | +2pp | - Excluding the non-recurring income from the sale of London Peninsula residential apartments in the same period of 2024, the Group's consolidated operating revenue achieved a **robust 13% growth**[2](index=2&type=chunk) - The London Peninsula residential apartment project is progressing well, with **17 out of 24 units sold** as of June 30, 2025, and the remaining **6 units officially launched** to the market[2](index=2&type=chunk) - Loss attributable to shareholders narrowed from **HKD 448 million** in the prior year to **HKD 289 million**, primarily due to a reduction in unrealized revaluation losses on investment properties (from **HKD 139 million** to **HKD 61 million**)[2](index=2&type=chunk)[11](index=11&type=chunk) [CEO Review](index=3&type=section&id=CEO%20Review) [Business Performance](index=4&type=section&id=Business%20Performance) The Group's business segments, including Hotels, Commercial Properties, and Peak Tram, showed mixed performance, with strong international hotel and Peak Tram results offsetting weakness in Greater China [Hotels Segment](index=4&type=section&id=Hotels%20Segment) The Hotels segment's total revenue grew 14% year-on-year, driven by strong double-digit growth in New York, Tokyo, Paris, and London Peninsula hotels, while Greater China hotels saw revenue declines due to weak demand Hotel Revenue Performance (HKD Million) | Hotel | Revenue (HKD Million) | Year-on-Year Change (in HKD) | | :--- | :--- | :--- | | The Peninsula Hong Kong | 518 | – | | The Peninsula Shanghai* | 212 | -3% | | The Peninsula Beijing | 149 | -6% | | The Peninsula London | 373 | +12% | | The Peninsula Paris* | 426 | +23% | | The Peninsula Istanbul* | 206 | +36% | | The Peninsula New York | 348 | +54% | | The Peninsula Chicago | 286 | +6% | | The Peninsula Beverly Hills* | 341 | +9% | | The Peninsula Tokyo | 499 | +24% | | The Peninsula Bangkok | 121 | +18% | | The Peninsula Manila | 118 | +6% | - Following a major renovation completed in 2024, The Peninsula New York demonstrated strong performance in H1 2025, with revenue increasing by **54% year-on-year**[33](index=33&type=chunk) - The Peninsula Tokyo showed strong growth momentum, benefiting from international group business and the cherry blossom season, with Revenue Per Available Room (RevPAR) significantly increasing by **28% year-on-year**[41](index=41&type=chunk) - Due to weak demand in the Greater China region, The Peninsula Beijing's Revenue Per Available Room (RevPAR) decreased by **9% year-on-year**[23](index=23&type=chunk) [Commercial Properties Segment](index=11&type=section&id=Commercial%20Properties%20Segment) Commercial Properties recurring revenue grew 5%, with Hong Kong's Repulse Bay Complex and The Peak Tower outperforming, while St. John's Building revenue declined due to a weak office market, and Vietnam's The Landmark land use rights expire in January 2026 - Hong Kong's Repulse Bay Complex outperformed the previous year, with both residential revenue and occupancy rates improving[47](index=47&type=chunk) - Due to a weak and oversupplied Hong Kong office market, St. John's Building's H1 2025 revenue declined, with its occupancy rate falling to **78%**[49](index=49&type=chunk) - The joint venture and land use rights for The Landmark property in Vietnam will expire and dissolve in **January 2026**, with no possibility of extension[49](index=49&type=chunk)[50](index=50&type=chunk) [Peak Tram, Retail and Other Businesses Segment](index=13&type=section&id=Peak%20Tram%2C%20Retail%20and%20Other%20Businesses%20Segment) This segment's revenue grew 15% year-on-year, primarily driven by the Peak Tram business, which saw a 17% revenue increase and record passenger volume, with other businesses showing mixed growth Segment Business Revenue Performance (HKD Million) | Business | Revenue (HKD Million) | Year-on-Year Change | | :--- | :--- | :--- | | Peak Tram | 171 | +17% | | Quail Lodge Golf Club | 74 | +27% | | Peninsula Merchandising | 64 | +7% | | Tai Pan Laundry | 30 | -7% | - The Peak Tram business performed robustly, achieving a **record-high passenger volume** during the May Golden Week holiday, driving an increase in ticket sales[51](index=51&type=chunk) [Talent Development](index=14&type=section&id=Talent%20Development) The Group focuses on talent development and succession, with a new recruitment website increasing job applications by 25%, and a global full-time workforce of 7,698 employees at period-end - The Group launched a new recruitment website, successfully increasing job applications by **25%** and strengthening the company's talent pool[57](index=57&type=chunk) - As of June 30, 2025, the Group employed a total of **7,698 full-time staff**[58](index=58&type=chunk) [Valued Legacy (Sustainability)](index=14&type=section&id=Valued%20Legacy) The Group advances its 'Valued Legacy 2030 Vision' sustainability strategy, achieving BREEAM certification for new hotels, expanding renewable energy use, and raising USD 4.8 million for Turkiye earthquake relief - Both The Peninsula London and The Peninsula Istanbul received **'Excellent' certification** under the Building Research Establishment Environmental Assessment Method (BREEAM)[60](index=60&type=chunk) - To aid earthquake-affected areas in Turkiye, the Group's 'Hope for Turkiye' initiative, funded by allocations from global Peninsula hotel room revenues, successfully raised **USD 4.8 million** in donations[62](index=62&type=chunk) [Outlook](index=15&type=section&id=Outlook) The Group maintains a cautiously optimistic H2 outlook, expecting strong European and American hotel performance, but anticipating continued geopolitical and trade impacts in Greater China and Hong Kong, while focusing on prudent expense management - Business at The Peninsula Paris, Tokyo, Beverly Hills, and the newly renovated New York is expected to remain strong[63](index=63&type=chunk) - Geopolitical concerns and trade tensions are anticipated to continue adversely impacting the Group's hotels in Greater China[64](index=64&type=chunk) - The ongoing trend of Hong Kong residents traveling north to Shenzhen for consumption may affect the Group's food and beverage revenue in Hong Kong[64](index=64&type=chunk) - The Group will continue to prudently manage business expenses to navigate the weak market conditions[65](index=65&type=chunk) [Financial Review](index=17&type=section&id=Financial%20Review) [Financial Performance Summary](index=17&type=section&id=Financial%20Performance%20Summary) In H1 2025, the Group's consolidated operating revenue rose 13% to HKD 3.3 billion, and operating EBITDA grew 63% to HKD 643 million, with loss attributable to shareholders narrowing to HKD 289 million and available funds reaching HKD 3.5 billion - Excluding the impact of residential sales, consolidated operating revenue increased by **13% year-on-year**, primarily driven by significant revenue growth from The Peninsula New York, London, and Tokyo[71](index=71&type=chunk) - Basic loss attributable to shareholders narrowed from **HKD 257 million** in the prior year to **HKD 216 million**[72](index=72&type=chunk) - As of end-June 2025, the Group had unutilized credit facilities of **HKD 2.7 billion** and cash of **HKD 832 million**, totaling **HKD 3.5 billion** in available funds, indicating ample liquidity[73](index=73&type=chunk) [Adjusted Net Asset Value](index=18&type=section&id=The%20Group%27s%20Adjusted%20Net%20Asset%20Value) Adjusting hotels and golf courses to fair value would increase shareholders' net assets by 14% to HKD 40.402 billion, with adjusted net asset value per share at HKD 24.24 Adjusted Shareholders' Net Assets (HKD Million) | Item | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Shareholders' Net Assets (Financial Statements) | 35,507 | 35,401 | | Adjustment of Hotels and Golf Courses to Fair Value | 4,895 | 4,632 | | **Adjusted Shareholders' Net Assets** | **40,402** | **40,033** | | **Net Asset Value Per Share (HKD)** | 21.30 | 21.24 | | **Adjusted Net Asset Value Per Share (HKD)** | **24.24** | **24.01** | [Basic Loss Attributable to Shareholders](index=18&type=section&id=The%20Group%27s%20Basic%20Profit%20or%20Loss%20Attributable%20to%20Shareholders) To reflect core operating performance, the Group's basic loss attributable to shareholders, excluding non-recurring items, improved to HKD 216 million for H1 2025 from HKD 257 million in the prior year Reconciliation of Basic Loss Attributable to Shareholders (HKD Million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss Attributable to Shareholders | (289) | (448) | | Add: Net Loss on Investment Property Valuation* | 73 | 153 | | Add: Non-recurring Expenses** | – | 38 | | **Basic Loss Attributable to Shareholders** | **(216)** | **(257)** | [Income Statement Analysis](index=19&type=section&id=Income%20Statement%20Analysis) Operating revenue grew 13% this period, driving a 63% increase in operating EBITDA, though total revenue declined 29% year-on-year; depreciation and amortization rose, and taxes increased, resulting in a 35% narrowed loss attributable to shareholders of HKD 289 million Key Income Statement Items (HKD Million) | Item | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,281 | 2,908 | 13% | | Operating EBITDA | 643 | 395 | 63% | | Residential Sales Revenue | – | 1,707 | Not Applicable | | Total EBITDA | 643 | 542 | 19% | | Depreciation and Amortization | (358) | (333) | (8%) | | Net Finance Costs | (362) | (366) | 1% | | Fair Value Loss on Investment Properties | (61) | (139) | 56% | | **Loss Attributable to Shareholders** | **(289)** | **(448)** | **35%** | - Depreciation and amortization expenses increased, primarily due to the completion of renovation works at The Peninsula New York in **2024**[80](index=80&type=chunk) - The increase in taxation was mainly due to improved profitability at The Peninsula Tokyo, Repulse Bay Complex, The Peak Tower, and The Peak Tram[80](index=80&type=chunk) [Statement of Financial Position Analysis](index=25&type=section&id=Statement%20of%20Financial%20Position%20Analysis) As of June 30, 2025, the Group's total assets were HKD 55.946 billion, shareholders' net assets HKD 35.507 billion, and net asset value per share HKD 21.30, largely stable, with fixed assets and interest-bearing loans increasing Statement of Financial Position Summary (HKD Million) | Item | As of June 30, 2025 | As of December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Fixed Assets | 49,399 | 47,864 | 3% | | **Total Assets** | **55,946** | **54,176** | **3%** | | Interest-Bearing Loans | (14,566) | (13,389) | (9%) | | **Total Liabilities** | **(20,390)** | **(18,730)** | **(9%)** | | **Shareholders' Equity** | **35,507** | **35,401** | **–** | - The total fair value of the Group's property assets is approximately **HKD 62.7 billion**, exceeding their carrying value of **HKD 54.1 billion** in the financial statements[103](index=103&type=chunk) [Cash Flow Statement Analysis](index=28&type=section&id=Cash%20Flow%20Statement%20Analysis) Net cash inflow from recurring operating activities reached HKD 366 million, a nine-fold increase from the prior year, driven by strong operating EBITDA; the Group continued project investments and successfully issued JPY 16 billion in private placement Samurai bonds - Net cash inflow from recurring operating activities, after deducting normal capital expenditure, was **HKD 366 million**, a significant increase from only **HKD 38 million** in the prior year (excluding residential sales)[108](index=108&type=chunk) - Total project-related cash outflow amounted to **HKD 331 million**, primarily for The Peninsula London development, capital injection into The Peninsula Istanbul, and The Peninsula New York renovation[108](index=108&type=chunk) - In June 2025, the Group successfully issued **JPY 16 billion** (approximately **HKD 869 million**) in private placement Samurai bonds, expanding its financing channels[109](index=109&type=chunk) [Treasury Management](index=29&type=section&id=Treasury%20Management) The Group maintains a robust financial position with HKD 2.7 billion in unutilized credit facilities and a 25% net debt to total assets ratio, while successfully issuing its first JPY 16 billion private placement Samurai bond and refinancing a GBP 425 million green syndicated loan, with 62% of committed credit facilities now green or sustainability-linked - The Group successfully issued its first **JPY 16 billion** private placement Samurai bond and completed refinancing for a **GBP 425 million** green syndicated loan, effectively expanding financing channels and extending debt maturity[111](index=111&type=chunk) - As of June 30, 2025, the Group's net external debt to total assets ratio remained at a **healthy 25%**[110](index=110&type=chunk) - The Group is committed to sustainable finance, with **62%** of its total committed credit facilities classified as green loans or sustainability-linked loans as of period-end[112](index=112&type=chunk) [Dividends](index=30&type=section&id=Dividends) The company's dividend policy aims for stable and sustainable dividends; however, due to the basic loss recorded for the period, the Board decided not to declare an interim dividend for H1 2025 - Given the basic loss recorded, the company did not declare or pay an interim dividend for the six months ended June 30, 2025 (H1 2024: nil)[116](index=116&type=chunk) [Consolidated Financial Statements](index=31&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Income Statement and Consolidated Statement of Comprehensive Income](index=31&type=section&id=Consolidated%20Income%20Statement%20and%20Consolidated%20Statement%20of%20Comprehensive%20Income) For H1 2025, the Group recorded revenue of HKD 3.281 billion and a loss attributable to shareholders of HKD 289 million, with other comprehensive income of HKD 395 million, primarily from exchange gains, resulting in a positive total comprehensive income of HKD 106 million Income Statement and Comprehensive Income Statement Summary (HKD Million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 3,281 | 4,615 | | **Loss for the Period** | **(289)** | **(448)** | | Other Comprehensive Income for the Period | 395 | 82 | | **Total Comprehensive Income for the Period** | **106** | **(366)** | [Consolidated Statement of Financial Position](index=33&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were HKD 55.946 billion, total liabilities HKD 20.390 billion, and net assets HKD 35.556 billion, maintaining a robust financial position Statement of Financial Position Summary (HKD Million) | Item | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **55,946** | **54,176** | | **Total Liabilities** | **20,390** | **18,730** | | **Net Assets** | **35,556** | **35,446** | | **Total Equity Attributable to Shareholders** | **35,507** | **35,401** | [Condensed Consolidated Cash Flow Statement](index=35&type=section&id=Condensed%20Consolidated%20Cash%20Flow%20Statement) For H1 2025, net cash inflow from operating activities was HKD 610 million, with net cash outflows from investing activities of HKD 571 million and financing activities of HKD 220 million, resulting in HKD 560 million cash and cash equivalents at period-end Cash Flow Statement Summary (HKD Million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 610 | 1,853 | | Net Cash Outflow from Investing Activities | (571) | (731) | | Net Cash Outflow from Financing Activities | (220) | (1,259) | | **Net Decrease in Cash and Cash Equivalents** | **(181)** | **(137)** | | **Cash and Cash Equivalents at Period-End** | **560** | **560** | [Notes to the Financial Statements](index=36&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) [Note 3: Segment Reporting](index=37&type=section&id=Note%203.%20Segment%20Reporting) The Group's business is managed across three segments: Hotels, Commercial Properties, and Peak Tram & Other Businesses, with Hotels as the largest revenue contributor at HKD 2.483 billion, Commercial Properties revenue decreasing, and Peak Tram & Other Businesses growing steadily Segment Revenue and Operating Profit (HKD Million) | Segment | Revenue (2025 H1) | Revenue (2024 H1) | Operating Profit (2025 H1) | Operating Profit (2024 H1) | | :--- | :--- | :--- | :--- | :--- | | Hotels | 2,483 | 2,174 | 115 | (98) | | Commercial Properties | 455 | 2,142 | 224 | 360 | | Peak Tram, Retail and Other Businesses | 343 | 299 | (54) | (53) | | **Consolidated** | **3,281** | **4,615** | **285** | **209** | [Note 9: Property, Plant and Equipment](index=43&type=section&id=Note%209.%20Investment%20Properties%2C%20Other%20Property%2C%20Plant%20and%20Equipment) During the period, the Group incurred HKD 202 million for London Peninsula development and HKD 102 million for Hong Kong Peninsula fixed assets; investment properties were revalued, resulting in a net loss of HKD 61 million due to Hong Kong property market decline - A net loss of **HKD 61 million** was recorded due to the revaluation of investment properties, which has been recognized in the consolidated income statement[139](index=139&type=chunk) [Note 17: Interest-Bearing Loans](index=49&type=section&id=Note%2017.%20Interest-Bearing%20Loans) As of June 30, 2025, the Group's total interest-bearing loans increased to HKD 14.566 billion, with HKD 9.15 billion repayable within one year, and the Group issued HKD 869 million (JPY 16 billion) in private placement Samurai bonds Interest-Bearing Loans Summary (HKD Million) | Item | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Total Available Credit Facilities | 17,370 | 16,308 | | Amount Utilized | 14,591 | 13,420 | | **Total Interest-Bearing Loans (Recognized)** | **14,566** | **13,389** | [Note 20: Commitments](index=51&type=section&id=Note%2020.%20Commitments) As of June 30, 2025, the Group's total capital commitments significantly decreased to HKD 480 million, with HKD 95 million in contracted but unprovided commitments primarily for existing properties and major renovations Capital Commitments (HKD Million) | Item | Contracted | Authorized but Not Contracted | Total | | :--- | :--- | :--- | :--- | | Capital Commitments | 89 | 340 | 429 | | Share of Commitments in Joint Ventures and Associates | 6 | 45 | 51 | | **Total** | **95** | **385** | **480** | [Corporate Governance and Other Information](index=52&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Corporate Governance and Risk Management](index=52&type=section&id=Corporate%20Governance%20and%20Risk%20Management) The Board confirmed the Group's compliance with the HKEX Corporate Governance Code in H1 2025, and its risk management and internal control systems were deemed effective and adequate, with no material issues found - The Company has complied with all code provisions and recommended best practices of the Corporate Governance Code for the six months ended June 30, 2025, with minor disclosed exceptions[160](index=160&type=chunk) - The Board reviewed and confirmed that the Group's risk management and internal control systems remained effective and adequate in H1 2025[161](index=161&type=chunk) [Other Information](index=53&type=section&id=Other%20Information) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed listed securities; all directors confirmed compliance with the securities dealing code, and no interim dividend was declared due to basic loss - Neither the company nor any of its subsidiaries purchased, sold, or redeemed the company's listed securities during the period[163](index=163&type=chunk) - Given the basic loss recorded by the company, the Board resolved not to declare an interim dividend for the six months ended June 30, 2025[165](index=165&type=chunk)

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 香港上海大酒店有限公司 | | | 呈交日期: | 2025年8月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00045 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,666,939,850 | | 0 | | 1,666,939,850 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 1,6 ...

Core Viewpoint - The Hong Kong stock market has been performing well, prompting leading companies in various sectors, including the hotel industry, to accelerate their IPOs in Hong Kong, with Jin Jiang International Hotel Group aiming to become the first "A+H" dual-listed hotel group in China [2][3]. Industry Overview - The hotel industry is experiencing a dichotomy, with continuous expansion in scale but declining profitability. As of the end of 2024, China's accommodation facilities are projected to reach approximately 570,000, with a total room count of about 19.27 million, reflecting a 9% growth in hotel facilities and a 7% growth in room numbers [3]. - Despite the increase in hotel numbers, demand has not kept pace, leading to a supply-demand imbalance. Domestic travel is expected to reach 5.615 billion trips in 2024, a 14.8% increase year-on-year, but still only 93.49% of the 2019 level [3]. - The hotel industry is facing a decline in key operational metrics, with occupancy rates dropping to 58.8% (down 2.5% year-on-year) and average room prices decreasing by 5.8% to 200 yuan [3]. Company Performance - Jin Jiang Hotel reported a revenue decline of 4% to 14.063 billion yuan in 2024, with net profit decreasing by 9.06% to 911 million yuan. The RevPAR for Jin Jiang's full-service hotels saw a significant drop of 10.8% [4][10]. - The company operates 13,416 hotels with a total of 1,290,988 rooms, making it the largest hotel group in China and the second largest globally by room count [8][9]. Strategic Intent of IPO - The primary goals of Jin Jiang's IPO in Hong Kong include optimizing capital structure and reducing financial leverage by replacing high-interest debt with equity financing, thereby improving profit margins and balance sheet health [5]. - The IPO aims to deepen internationalization strategies, enhancing the company's recognition among global investors and facilitating future overseas acquisitions [5]. - The company seeks to improve its equity structure by attracting a more diverse range of international investors, enhancing liquidity and flexibility for future capital operations [5]. Challenges and Opportunities - The hotel industry is currently facing significant challenges, including supply-demand imbalances and price wars, which are unlikely to be resolved in the short term. This environment has made investors more cautious about hotel sector investments [7]. - Jin Jiang Hotel's performance in the domestic market has been under pressure, with revenue and profit declines expected to continue into 2025 [10]. - The company has faced difficulties in its overseas expansion, particularly in Southeast Asia, where cultural differences have hindered effective management and resource integration [12]. Market Reception - The market's response to Jin Jiang's IPO remains uncertain, with concerns about whether the company can effectively address its existing issues and enhance its competitiveness post-listing [6][13]. - The company's stock performance in the A-share market has been lackluster, with a current price of 22.21 yuan and a TTM P/E ratio of 31.35, indicating cautious market sentiment [13][14].

Core Viewpoint - Lihua Hotel has signed a strategic cooperation agreement with Shanxi Xinjinshang Winery Group to manage the Fenxing Hotel, aiming to develop it into a business resort brand in Shanxi [1][3][5]. Group 1: Strategic Cooperation - The partnership will leverage Lihua Hotel's management expertise and the unique resources of Fenxing Hotel, including its geographical location and cultural heritage, to enhance service quality and brand influence [3][6]. - The collaboration is part of Lihua Hotel's strategy to explore brand operation models in different locations, following its initial management output project with Yanmenguan Wangjiu Fort [5][11]. Group 2: Company Background - Shanxi Xinjinshang Winery Group, established in 2009, has evolved from the Fenxing Distillery founded in 1979, becoming a comprehensive group involved in winery operations, hotel management, and cultural promotion [5][6]. - Lihua Hotel, operational since 2008, is a key government reception hotel in Shanxi, recognized as a five-star and green hotel, with projected revenue of 289 million yuan for 2024 [6][7]. Group 3: Industry Context - The hotel industry is facing a downturn, with average occupancy rates dropping from 61.31% in 2023 to 58.81% in 2024, and average daily rates (ADR) decreasing from over 210 yuan to 199.92 yuan [7]. - In response to industry challenges, Lihua Hotel has initiated a light asset development strategy, focusing on brand building and operational management to mitigate risks associated with fixed asset investments [11].

Core Viewpoint - Guangsheng Real Estate has been committed to innovative, coordinated, green, open, and shared development concepts, actively participating in urban construction in Guangzhou and enhancing the public cultural space along the Pearl River [1] Group 1: Hotel Renovation and Design - The Kai Xuan Ramada Hotel has implemented a "Green Beauty Enhancement" project, transforming its design to integrate ecological greenery and scenic views, creating a multifunctional "green" square for various activities [2] - The hotel has upgraded its public areas and parking facilities, introducing a new entrance and a public square while ensuring privacy and enhancing service quality to attract visitors [3] Group 2: Cultural and Community Engagement - The hotel features a food market in the newly established southern square, promoting community engagement and cultural exchange [6] - An artistic installation named "Kai Xuan Red Ribbon," inspired by traditional Chinese culture, has been set up to connect the hotel with guests, symbolizing warmth and quality service [7]