2021年，伊斯坦布尔万达文华酒店开业，标志着万达酒店及度假村成为中国酒店行业向海外输出豪华酒店品牌管理的先行者。近年来，其海外步伐持续加 速，通过轻资产输出品牌管理模式，成功打造多个地标级酒店项目：从刷新万象天际线并承办东盟峰会的万象拉萨翁万达文华酒店，到诠释泰式"慢旅居"的 曼谷宜喜兰万达锦华公寓，再到融入兰纳古韵的清迈万达文华度假酒店•北国之宫。这些项目不仅是地理坐标的延伸，更是万达酒店将品牌深植多元文化土 壤的能力印证。 清迈万达文华度假酒店•北国之宫 这种"在地生根"的功力，源于万达酒店及度假村对全球化本质的深刻认知。这正是万达酒店及度假村总裁宁奇峰所定义的"全球化扎根"的具象表达。历经十 余年出海磨砺，这家中国酒管公司在本土化与全球化的张力中，探索出一套独特的生存法则。 专业赋能筑基：轻资产驱动稳健出海 万达酒店及度假村总裁 宁奇峰 万达酒店及度假村的轻资产出海之路，植根于深刻的战略转型与专业酒店管理能力的持续锻造。早期的海外布局更多依托地产项目的重资产持有模式，然 而，其轻资产转型之路始于2017年的关键整合：将酒店设计研究院、建设公司与管理公司合并，组建全新实体，整合设计、建设、管理三大核心环 ...

| (03004) | | | | | --- | --- | --- | --- | | 江苏宁沪高速公路 | 10.440 | 10.520 | 0.57% | | (00177) | | | | | 嘉里建设(00683) | 18.880 | 19.360 | 0.57% | | 万洲国际(00288) | 7.280 | 7.350 | 0.55% | | 港灯－ＳＳ(02638) | 5.720 | 5.780 | 0.52% | | 富邦沪深港高股息 | 14.460 | 14.490 | 0.49% | | (03190) | | | | | ＧＸ０３月债－Ｕ | 7.040 | 7.040 | 0.43% | | (09440) | | | | | 农业银行(01288) | 5.150 | 5.160 | 0.39% | | 中国财险(02328) | 15.560 | 15.560 | 0.39% | | 恒隆集团(00010) | 11.360 | 11.380 | 0.35% | | 贤能集团(01730) | 3.020 | 3.020 | 0.33% | | 粤港湾控股(0139 ...

据国家市场监管总局最新披露，太盟（珠海）管理咨询合伙企业（有限合伙）、高和丰德（北京）企业 管理服务有限公司、腾讯控股有限公司、京东旗下北京市潘达商业管理有限公司、阳光人寿保险股份有 限公司直接或通过其各自关联方共同设立合营企业，并通过合营企业收购大连万达商业管理集团股份有 限公司直接或间接持有的48家目标公司的100%股权。 这是近两年以来，王健林出售万达广场动作最大的一次。根据列表，这48家目标公司分别涉及北京、广 州、成都、杭州、南京、武汉、厦门、福州、泉州、莆田等，共计39个城市的48座万达广场。国家市场 监管总局于5月21日无条件批准该交易，但具体金额未披露。 截至记者发稿，万达未就此事作出官方回应。 近日，"王健林再卖48座万达广场"登上热搜。 此次交易的收购方，基本都是万达的"老熟人"。比如，2018 年 1 月腾讯控股、苏宁、融创、京东与大 连万达集团签署战略投资协议，以 340 亿元入股万达商业，收购大连万达商管在香港退市时引入的投资 人持有的约14% 股份。 2024年3月30日，为解决上市受阻的对赌危机，大连万达商管集团宣布，与太盟投资集团、阿布扎比投 资局、穆巴达拉投资公司、中信资本、 ...

2024年度，万达酒店旗下高星酒店在酒店口碑管理平台慧评系统上得分及好评率分别为97.05分、 96.45%，差评率为近三年最低，仅3.03%，万达酒店品牌核查平均分达到90.6，同比提升1.6分。 此外，万达酒店自主创新研发了万达文旅数字化平台，整合渠道和会员服务，以更聚合的方式为旅客提 供便捷、高效、个性化且全方位的优质住宿体验。通过该平台还可以整合酒店、滑雪场、约车、商户、 餐饮、户外运动等多方面设施，有效提高商户管理和运营效率。 北京商报讯（记者 吴其芸）4月30日，北京商报记者从万达酒店发展有限公司（以下简称"万达酒店"） 获悉，万达酒店正式发布首份独立《2024环境、社会及管治报告》。据悉，报告严格遵循香港联交所 《ESG报告守则》，参考TCFD气候相关财务披露、IFRS S2气候相关披露、GRI全球报告倡议组织等国 际标准进行编制。 据介绍，2024年，万达酒店业务版图持续拓展，新开业酒店50家，管理酒店总数突破200家，足迹遍布 全球280余座城市。其中，"华"系列品牌酒店通过融合东方美学与现代服务理念，为全球旅客提供特色 的住宿体验。 报告显示，对于旅客需求，万达酒店24小时工单回应率及响应 ...

2025年4月29日，万达酒店发展有限公司（股票代码：00169.HK）正式发布首份独立《2024环境、社会及管治报告》，以可量化行动积极回应行业可持续发 展命题。这份报告系统呈现万达酒店在ESG领域的战略布局与实践成果，标志着其在可持续发展领域迈入全新阶段，更彰显了其作为民族酒店品牌领军者， 推动酒旅行业绿色转型的责任与担当。 战略引领，构建业务拓展新格局 作为香港联交所主板上市公司，万达酒店发展将可持续发展理念深度融入企业战略核心，建立了由董事会直接领导的ESG三级管治架构。报告严格遵循香港 联交所《ESG报告守则》，参考TCFD气候相关财务披露、IFRS S2气候相关披露、GRI全球报告倡议组织等国际标准进行编制，充分体现了公司对标世界一 流的专业追求。 2024年，万达酒店业务版图持续拓展，新开业酒店50家，管理酒店总数突破200家，足迹遍布全球280余座城市。其中，"华"系列品牌酒店通过融合东方美学 与现代服务理念，为全球宾客提供独具特色的住宿体验。 以人为本，打造可持续发展新生态 万达酒店始终将员工视为企业的宝贵财富，构建了全方位的人才培养体系。针对高星酒店和生活方式酒店分别推出"五级金字塔"和" ...

Financial Performance - In 2024, the Group achieved total revenue of HK$990 million, with hotel operations contributing HK$720 million[12]. - The Group's revenue increased by approximately 0.8% to approximately HK$991.4 million for the year 2024, compared to HK$983.1 million in 2023[69]. - Revenue from hotel operation and management services rose by 0.5% to approximately HK$724.3 million in 2024, driven by a 3.9% increase in hotel management services revenue to approximately HK$566.4 million[72]. - Hotel operation income from rooms decreased by 13.0% to approximately HK$58.2 million, primarily due to intense market competition[72]. - Investment properties leasing revenue increased by 5.8% to approximately HK$94.1 million in 2024, attributed to higher average rental rates[72]. - Gross profit decreased to approximately HK$413.5 million, with a gross profit margin of 41.7%, down from 42.6% in 2023[77]. - The segment profit for hotel operation and management services dropped by 26.8% to approximately HK$138.3 million in 2024, primarily due to increased costs and impairment losses[86]. - The segment loss for hotel design and construction management services increased by 177.1% to approximately HK$98.5 million in 2024, attributed to low-margin renovation projects[87]. - The segment profit from investment properties leasing decreased by 10.0% to approximately HK$42.5 million in 2024, mainly due to increased net valuation losses[89]. - The segment loss from trading and leasing of overseas properties plunged by 1,796.4% to approximately HK$1,045.9 million in 2024, primarily due to increased impairment losses[90]. - Other income and gains, net, decreased significantly to approximately HK$25.0 million in 2024 from HK$133.7 million in 2023, mainly due to discontinued interest income from long-term receivables[91]. - Selling and administrative expenses rose by approximately 9.3% to approximately HK$152.1 million in 2024, primarily due to increased advertising and IT service fees[92]. - The Group recorded a loss attributable to equity holders of the Company of approximately HK$590.9 million in 2024[101]. - For the year ended December 31, 2024, the company reported a loss attributable to owners of the parent of HK$590.9 million, a significant decrease from a profit of HK$165.2 million in 2023, representing a change of HK$756.0 million[102]. - Total assets decreased by 21.3% to HK$3,583.7 million in 2024 from HK$4,552.6 million in 2023, while total liabilities increased by 9.7% to HK$1,388.8 million[104]. - Net assets attributable to equity holders of the parent fell by 18.5% to HK$2,070.5 million in 2024 from HK$2,708.0 million in 2023[104]. - Long-term receivables plummeted by 98.4% to approximately HK$29.7 million as of December 31, 2024, down from HK$1,879.0 million in 2023, primarily due to the enforcement of the mortgage on condominium units[105]. - The deferred amount and relevant interest accrued from the Chicago Project amounted to approximately HK$1,938 million, with a significant portion secured by the mortgage on the condominium units[106]. - An impairment loss of approximately HK$984.4 million was recognized as of June 30, 2024, due to the expected credit loss analysis related to the deferred amount[110]. - Following the completion of the delivery of condominium units, properties held for sale were recognized at approximately HK$799.6 million, leading to an impairment loss of approximately HK$1,046 million for long-term receivables[114]. - As of December 31, 2024, the company had no long-term receivables arising from the deferred amount from the Chicago Project, a decrease from HK$1,879.0 million in 2023[115]. - The company engaged Cushman & Wakefield for the valuation of 37 condominium units, using a market approach based on prevailing market sales prices[113]. - The company entered into an enforcement agreement regarding the condominium units, which included various representations and warranties from the debtor and guarantor[111]. - As of December 31, 2024, the Group's cash amounted to approximately HK$382.0 million, an increase from HK$359.2 million as of December 31, 2023, with RMB constituting 95% of total cash[119][120]. - The current ratio improved to 2.27 as of December 31, 2024, compared to 1.16 as of December 31, 2023; excluding the transfer of HK$799.6 million from long-term receivables, the current ratio would be 1.27[120][122]. - The Group had no interest-bearing loans as of December 31, 2024, down from HK$4.3 million as of December 31, 2023[121][122]. - Total debts were nil as of December 31, 2024, compared to HK$4.3 million in 2023, resulting in a net cash position of HK$382.0 million[124][125]. - The Group had no significant investments or material acquisitions during the year[135][139]. Hotel Operations - The Group opened 50 new hotels, increasing the total number of hotels under management to over 200, with a total room capacity exceeding 40,200 rooms[12]. - The Group expanded its hotel network from 157 hotels with 33,900 rooms as of December 31, 2023, to 204 hotels with over 40,200 rooms as of December 31, 2024[23]. - As of December 31, 2024, there were an additional 376 hotels contracted for management that were still under development[23]. - The Group's hotel operations included 4 leased-and-operated hotels, accounting for approximately 2.0% of all hotels in operation[34]. - Managed hotels comprised 190 properties, representing approximately 93.1% of the total hotels in operation[36]. - The Group's hotel brands include ultra-luxury, luxury, and premium categories, targeting various customer segments[29]. - The hotel management model allows property owners to use the Group's brand and requires adherence to brand standards[37]. - The Group's leases typically range from 15 to 20 years, with an initial rent-free period of 2 to 15 months[35]. - The total number of hotel rooms managed by the Group as of December 31, 2024, was 40,200[33]. - The Group's multi-brand strategy aims to cater to distinct customer preferences and needs[28]. - The hotel brands include Wanda Reign, Wanda Vista, Wanda Realm, and others, each offering unique service features[30]. - As of December 31, 2024, the company operated four leased-and-operated hotels, accounting for approximately 2.0% of all hotels in operation[38]. - The company managed 190 hotels, representing about 93.1% of its total operational hotels as of December 31, 2024[39]. - The company had ten franchised hotels, which accounted for approximately 4.9% of all operational hotels as of December 31, 2024[41]. - The occupancy rate for all hotels decreased to 53.9% in 2024 from 55.9% in 2023[46]. - The average daily room rate for all hotels fell to RMB 456 in 2024 from RMB 499 in 2023[47]. - The RevPAR for all hotels decreased by approximately 11.8% to RMB 246 in 2024, down from RMB 279 in 2023[50]. - The occupancy rate for leased-and-operated hotels was 66.5% in 2024, slightly down from 66.9% in 2023[50]. - The average daily room rate for leased-and-operated hotels decreased to RMB 243 in 2024 from RMB 260 in 2023[50]. - The RevPAR for leased-and-operated hotels was RMB 162 in 2024, down from RMB 174 in 2023[50]. - The decline in RevPAR was attributed to a return to rational mass consumption and the explosive growth of limited-service hotels in 2024[51]. - The occupancy rate for all hotels in Q4 2024 was 53.5%, a decrease from 53.9% in Q4 2023[53]. - The average daily room rate for all hotels in Q4 2024 was RMB 418, down from RMB 470 in Q4 2023[55]. - RevPAR for all hotels in Q4 2024 was RMB 224, compared to RMB 253 in Q4 2023, reflecting a decline[55]. - The occupancy rate for leased-and-operated hotels in Q4 2024 was 66.8%, slightly up from 66.2% in Q4 2023[55]. - The average daily room rate for franchised hotels in Q4 2024 was RMB 465, an increase from RMB 398 in Q4 2023[55]. - The average daily room rate for managed hotels in Q4 2024 was RMB 421, down from RMB 483 in Q4 2023[55]. - The company plans to add 54 new hotels in 2025 to expand its hotel network[66]. - The domestic tourist market in the PRC is expected to continue growing in 2025 due to economic recovery and favorable national policies[66]. - The occupancy rate for limited-service hotels in Q4 2024 was 57.8%, down from 59.7% in Q4 2023[53]. Strategic Initiatives - The Group's asset-light strategy was successfully implemented with the completion of Latsavong Wanda Vista Vientiane and Wanda Jin Residences The Ease Sierra Bangkok[13]. - The Group launched "multi-brand" projects in Beijing and Changchun, aiming to create synergies between brands and redefine industry standards[13]. - The strategic partnership with NIO Power integrates premium hospitality with green mobility, promoting sustainable development[17]. - The Group's pre-sale livestream campaign for the "Changbai Mountain Wanda International Resort Snow Season Promotion" set a Guinness World Record for the largest display of hotel orders[14]. - The Group continues to optimize its structure to enhance internationalization and brand excellence[13]. - The Chairman expressed gratitude to shareholders, partners, and employees for their support and emphasized the commitment to innovation and transformation in the hotel industry[18]. - The Group plans to add 54 new hotels by 2025 as part of its expansion strategy[68]. Corporate Governance and Management - Mr. Liu Yingwu appointed as executive director in January 2024, previously served as executive vice president of Wanda Hotel Management Group since March 2024[148]. - Mr. Han Xu has been overseeing all financial operations of Dalian Wanda Group since April 2023, bringing extensive experience in finance and general management[153]. - Mr. Zhang Chunyuan appointed as non-executive director in January 2025, has held various positions within Dalian Wanda Group since September 2008[154]. - Mr. He Zhiping has been an independent non-executive director since March 2018, with a background in mechanical engineering and extensive experience in various companies[158]. - Mr. Liu has extensive experience in commercial planning and design, including hotel design management[151]. - Mr. Ning Qifeng has been the chairman since April 2021 and has rich experience in property development and management[150]. - Dalian Wanda Group has a controlling stake in the Company, indicating strong financial backing and operational support[153]. - The Company is focused on expanding its market presence through strategic appointments and leveraging experienced management[151]. - The management team has a strong educational background, with degrees from reputable institutions such as Hefei University of Technology and Dongbei University of Finance and Economics[149][153]. - The Company is committed to enhancing its operational efficiency and financial performance through experienced leadership and strategic initiatives[156]. - Dr. Teng Bing Sheng has extensive experience in mergers and acquisitions, serving as an independent non-executive director for multiple companies including Yangtze Optical Fibre and Cable Joint Stock Limited Company since January 2020[161]. - Dr. Chen Yan has been a professor in accounting at Dongbei University of Finance and Economics since July 2005, contributing to financial accounting evaluations for various organizations[163]. - Ms. Hui Wai Man has over 35 years of professional experience in public accounting and corporate finance, serving as the company secretary since December 2000[164]. - Dr. Chen served as an independent director for Liaoning SC Technology Co., Limited from March 2018 to December 2023, and has been involved in risk assessment and internal control systems[163]. - Dr. Teng has held various independent director positions in companies listed on both the Hong Kong and Shanghai Stock Exchanges, showcasing his strategic management expertise[162]. - The company has a strong governance structure with independent non-executive directors bringing diverse expertise in finance, accounting, and strategic management[161]. - Dr. Chen is a non-practising member of the Chinese Institute of Certified Public Accountants and has been involved in financial evaluations for national funds since 2015[165]. - Ms. Hui is a fellow member of several accounting and governance institutes, indicating a high level of professional recognition in her field[164]. - The company emphasizes the importance of internal control and risk management, as demonstrated by Dr. Chen's previous roles in assessing internal control systems[165]. - The board of directors includes members with significant academic and practical experience, enhancing the company's strategic decision-making capabilities[161]. Corporate Social Responsibility and Sustainability - The Group has committed to reducing carbon emissions through green building and energy-saving measures, contributing to environmental protection[186]. - The Group has complied with all relevant laws and regulations that significantly impact the Company during the year ended December 31, 2024[187]. - The Group emphasizes a customer-oriented culture, taking 'Customer First' as one of its core values to enhance customer satisfaction[188]. - The Group has established fair and comprehensive employment policies to attract and retain talent, improving staff morale[189]. - The Group recognizes the importance of corporate social responsibility and aims to maintain sound relationships with society[186]. - The Group has introduced eco-friendly measures in its investment property leasing business to promote sustainable development[186]. - The Group emphasizes corporate social responsibility and environmental sustainability through initiatives like green building and energy-saving measures[190]. - The Company prioritizes customer satisfaction and has established mechanisms for handling customer service and complaints[191]. - The Group is committed to employee welfare and aims to improve morale and talent retention through fair employment policies[191]. - The Company has allocated resources to ensure compliance with relevant laws and regulations, maintaining good relationships with regulatory bodies[190]. - The Group has implemented environmental measures to reduce carbon emissions and minimize ecological impact[190]. Dividend Policy - No final dividend was recommended for the year, consistent with the previous year[138][142]. - The Company aims to maintain a sustainable and stable dividend policy, balancing shareholder expectations with prudent capital management[196]. - The dividend policy considers factors such as earnings per share, reasonable return on investment for shareholders, financial conditions, and market sentiment[200]. - The Company will regularly review and reassess its dividend policy and its effectiveness as necessary[200].

Core Viewpoint - Wanda Hotel Development is selling its hotel management business to Tongcheng Travel for approximately 24.97 billion yuan, as part of a strategy to address financial challenges and unlock value in its hotel management segment [4][5][6]. Group 1: Transaction Details - The transaction involves the sale of 100% equity of Wanda Hotel Management (Hong Kong) Limited to Tongcheng Travel's wholly-owned subsidiary [4]. - Wanda Hotel Development expects to net approximately 24 billion HKD from the transaction, which will be proposed to be distributed to shareholders as dividends [4][7]. - The valuation of the hotel management business is set at 9.5 times its adjusted EBITDA for 2023, reflecting current market conditions and comparable company valuations [7]. Group 2: Financial Implications - Based on a 65.04% controlling stake, Wanda Group is expected to recover around 15.6 billion HKD from this sale, which is relatively small compared to its substantial debt obligations [5]. - The company plans to retain the proceeds for general operational funds or future investments, with a significant portion likely flowing to its controlling shareholder, Wanda Group [8][7]. Group 3: Strategic Rationale - Wanda Hotel Development believes that the sale will unlock part of the value of its hotel management segment, especially given the conservative market sentiment towards its investment property leasing business [7]. - Tongcheng Travel sees significant growth potential in the Chinese hotel management market and views the acquisition as a means to enhance its competitiveness in the high-end hotel sector [11]. Group 4: Business Overview - Wanda Hotel Management operates a range of hotel brands, including luxury and high-end options, with a total of 204 hotels currently in operation and over 40,200 rooms [12][13].

Core Viewpoint - Wanda Hotel Development Company demonstrates resilience and growth potential despite macroeconomic fluctuations and intensified industry competition, driven by diversified business layout, refined operational management, and innovative strategies [1] Financial Performance - Total revenue for 2024 is approximately HKD 990 million, with hotel operation revenue around HKD 720 million [2] - The number of managed hotels increased to 204, with a total room count of 40,203 [2] - Revenue per available room (RevPAR) is RMB 246, average daily rate (ADR) is RMB 456, and occupancy rate is 53.9% [2] Membership Growth - The membership ecosystem accelerated, with a total of 17 million members and over 500,000 paying members by the end of 2024 [2] - During the 2024 Double Eleven shopping festival, total sales on the Fliggy platform reached RMB 291 million, a 14% year-on-year increase, maintaining the top position among domestic hotel groups for four consecutive years [2] Global Expansion - In 2024, 50 new hotels opened, bringing the total managed hotels to over 200, extending Wanda's commitment to exceptional service and unique experiences globally [3] - New hotel openings include the "Wanda Wenhua Hotel" in Istanbul and the "Wanda Jin Hua Apartment Hotel" in Bangkok, showcasing Chinese culture and expanding the brand's global footprint [3] Innovation and Efficiency - Wanda Hotel is exploring optimal hotel efficiency solutions through multi-brand strategies in Beijing and Changchun, enhancing service diversity [5] - The company launched the "Jing Sheng Hotel" in collaboration with Tencent Esports and Jingxiang Technology, targeting high-end esports enthusiasts [6] - A partnership with Huawei's HarmonyOS aims to develop a smart hotel ecosystem, starting with a smart model room project in Beijing [6] Sustainability Initiatives - As a leading national hotel brand, Wanda integrates sustainable development into its core strategy, exemplified by a strategic partnership with NIO Energy to combine high-end hotel experiences with smart electric vehicle services [7]

Financial Performance - For the year ended December 31, 2024, total revenue was HKD 991,375,000, a slight increase from HKD 983,068,000 in 2023, representing a growth of approximately 0.3%[4] - The gross profit for the year was HKD 413,467,000, down from HKD 419,021,000 in the previous year, indicating a decrease of about 1.3%[4] - The net loss for the year was HKD 989,408,000, compared to a profit of HKD 191,050,000 in 2023, marking a significant decline[4] - Total comprehensive loss for the year amounted to HKD 1,051,641,000, contrasting with a comprehensive income of HKD 160,016,000 in 2023[5] - The basic and diluted loss per share for the year was HKD (12.6), compared to earnings of HKD 3.5 per share in 2023[4] Asset and Liability Changes - Non-current assets decreased to HKD 1,780,313,000 from HKD 3,791,098,000, reflecting a reduction of approximately 53%[6] - Current assets increased significantly to HKD 1,803,386,000 from HKD 761,509,000, representing an increase of about 137%[6] - Total liabilities increased, with current liabilities rising to HKD 792,923,000 from HKD 654,459,000, an increase of approximately 21%[6] - The company's equity decreased to HKD 2,194,930,000 from HKD 3,286,433,000, indicating a decline of about 33%[7] - Total assets as of December 31, 2024, amounted to HKD 3,583.699 million, with segment assets for hotel operations at HKD 587.755 million[13] Revenue Breakdown - Total revenue for the year ended December 31, 2024, was HKD 991.375 million, with external sales from hotel operations at HKD 724.347 million[13] - Revenue from hotel management services was 566,432 thousand HKD in 2024, up from 545,102 thousand HKD in 2023, indicating a growth of about 3.2%[20] - The company reported a decrease in revenue from major clients, with Client A contributing 241,951 thousand HKD in 2024 compared to 294,759 thousand HKD in 2023, a decline of approximately 17.9%[19] Impairment and Losses - The company reported a substantial increase in financial and contract asset impairment losses, totaling HKD 1,149,024,000, compared to HKD 103,422,000 in the prior year[4] - The impairment loss on property, plant, and equipment was 13,419 thousand HKD in 2024, while there was no such loss reported in 2023[26] - The impairment loss provision for trade receivables increased to 242,330,000 HKD in 2024 from 162,974,000 HKD in 2023, reflecting a significant rise in overdue contracts[39] Operational Metrics - The average occupancy rate for all hotels decreased from 55.9% in 2023 to 53.9% in 2024, representing a decline of about 3.6%[66] - Average daily room rate (ADR) for all hotels fell from RMB 499 in 2023 to RMB 456 in 2024, a decrease of approximately 8.6%[66] - Average revenue per available room (RevPAR) decreased from RMB 279 in 2023 to RMB 246 in 2024, a decline of about 11.8%[68] Employee and Operational Expansion - The group employed approximately 585 full-time employees across China (including Hong Kong) and the United States as of December 31, 2024[102] - The company managed 157 hotels with 33,900 rooms as of December 31, 2023, and plans to expand to 204 hotels with over 40,200 rooms by December 31, 2024[55] Dividends and Recommendations - No final dividend is recommended for the year ending December 31, 2024, consistent with the previous year[50] - The company has no significant post-reporting date events that need to be disclosed[51] Strategic Initiatives - The company employs a multi-brand strategy to cater to different customer preferences and needs[56] - The company plans to expand its hotel network by adding 54 new hotels by 2025, in response to the recovery of the domestic tourism market in China[73]

Hotel Network Expansion - The Group expanded its hotel network from 157 hotels with over 33,900 rooms as of December 31, 2023, to 174 hotels with over 36,600 rooms as of June 30, 2024[6]. - An additional 360 hotels have been contracted for management but are still under development and have not commenced operation as of June 30, 2024[6]. - The Group plans to add 42 new hotels in 2024 to expand its hotel network[79]. Hotel Management and Operations - The Group operates hotels under three models: leased-and-operated, managed, and franchised[6]. - The hotel management services are provided by Wanda Hotel Management Group, a leading hotel services provider in the PRC[5]. - The hotel business segment includes hotel operation and management services, hotel design, and construction management services[5]. - The Group's comprehensive capabilities in hotel management and operation support its growth strategy in the hospitality sector[5]. - The Group's strategic focus includes enhancing customer experience through a multi-brand strategy targeting distinct customer segments[9]. - The company is responsible for recruiting and training hotel staff in leased-and-operated hotels, while hotel owners bear the costs of developing and operating managed hotels[18][22]. - The company offers training, reservation, and support services to franchised hotels, ensuring they operate under brand standards[24][26]. Financial Performance - The financial performance for the six months ended June 30, 2024, will be detailed in the financial review section of the report[1]. - Revenue for the six months ended June 30, 2024, was HK$492,954,000, an increase from HK$464,089,000 in the same period of 2023, representing a growth of approximately 6%[121]. - The Group reported revenue of approximately HK$493.0 million for the Period, representing a 6.2% year-on-year increase over the corresponding period in 2023[38]. - Revenue from hotel operation and management services increased by 7.7% to approximately HK$361.5 million, driven by an increase in the number of hotels under management[40]. - Hotel management service revenue rose by 8.5% to approximately HK$275.6 million, compared to approximately HK$254.1 million for the corresponding period in 2023[40]. - The Group reported a loss attributable to equity holders of approximately HK$514.9 million, a significant decrease from a profit of HK$140.0 million in the same period of 2023, representing a change of HK$654.9 million[69]. - The net loss for the period was HK$895,591,000, compared to a profit of HK$165,133,000 in the same period last year, reflecting a significant decline[121]. Key Performance Indicators - Revenue per available room (RevPAR) is a key performance indicator frequently reviewed by senior management, influenced by occupancy rates and average daily rates[28]. - RevPAR decreased by approximately 9.6% to RMB 244 compared to RMB 270 in the corresponding period in 2023[30]. - Occupancy rate for all hotels was 51.1%, down from 53.4% in 2023[30]. - Average daily room rate for all hotels was RMB 478, a decrease from RMB 507 in 2023[30]. - In Q2 2024, occupancy rate for all hotels was 53.0%, compared to 55.7% in Q2 2023[33]. - Average daily room rate in Q2 2024 for all hotels was RMB 453, down from RMB 495 in Q2 2023[33]. - Franchised hotels had a RevPAR of RMB 140 in Q2 2024, down from RMB 205 in Q2 2023[34]. Cost and Expenses - The cost of sales rose by 13.6% to approximately HK$273.8 million, with hotel operation and management services costs increasing by 14.1% to approximately HK$193.2 million[43]. - Hotel operation income from rooms of four leased-and-operated hotels decreased by 14.3% to approximately HK$28.5 million due to intense market competition[40]. - Hotel operation and management services costs increased by 14.1% to approximately HK$193.2 million, driven by an increase in employee headcount[44]. - Selling and administrative expenses decreased by 7% to approximately HK$62.9 million during the Period, compared to HK$67.6 million for the corresponding period in 2023[63]. - The ratio of selling and administrative expenses over revenue decreased to 12.8% for the Period from 14.6% for the corresponding period in 2023[63]. Assets and Liabilities - Total assets as of June 30, 2024, were approximately HK$3,543.2 million, down from HK$4,552.6 million as of December 31, 2023, indicating a decrease of 22.1%[70]. - The Group's net assets attributable to equity holders of the parent decreased to HK$2,335.6 million as of June 30, 2024, from HK$3,286.4 million as of December 31, 2023, a decline of 29.0%[70]. - The Group maintained a net cash position as of June 30, 2024, with total debts of HK$2,479 million and cash and bank balances of HK$368.1 million[74]. - The Group's interest-bearing loans decreased to approximately HK$2.5 million as of June 30, 2024, from HK$4.3 million as of December 31, 2023[72]. - The Group's total liabilities decreased by $910,939,000, reflecting a strategic focus on reducing debt[127]. Shareholder Information - Mr. He Zhiping holds a long position of 150,000,000 shares in Dalian Wanda Commercial Management Group Co., Ltd, representing approximately 0.55% of the issued share capital[81]. - The Group will continue to prudently seek profitable investment opportunities to enhance profitability and maximize shareholder returns[79]. - The company has disclosed that no directors or key executives hold any interests or short positions in the company's shares as of June 30, 2024[88]. - The beneficial ownership of shares by Wang Jianlin is noted, although specific numbers are not provided in the documents[91]. Corporate Governance - The Company has adopted the Model Code as its own code of conduct regarding securities transactions by the Directors, with all Directors confirming compliance during the Period[107]. - The Company has complied with the Corporate Governance Code during the Period, except for a deviation from code provision C.2.1[108]. - Mr. Ning has been serving as both Chairman and acting CEO, which deviates from the Corporate Governance Code, but the Board believes this structure facilitates effective execution of business strategies[109]. - The Board comprises one other executive Director, two non-executive Directors, and three independent non-executive Directors, ensuring a balanced power structure[109]. Impairment and Valuation - The Group recognized an impairment loss of approximately HK$984.4 million (or approximately USD126 million) based on the value of 37 condominium units mortgaged to the Group[60]. - The provision for impairment of long-term receivables increased to HK$1,068,433,000 as of June 30, 2024, from HK$84,500,000 at the beginning of the year[168]. - The Group reported no valuation gain or loss on investment properties during the period, contrasting with a net valuation loss of approximately HK$1.1 million in the same period last year[48]. Future Outlook - Future outlook includes continued expansion in hotel management and potential new market entries[5]. - The Group expects the domestic tourist market in the PRC to continue growing in the coming years due to economic recovery[79].