Core Viewpoint - Shanghai Jinjiang International Hotel Co., Ltd. reported a relatively strong performance in its 2025 semi-annual report despite the challenging conditions in the hotel industry, indicating a potential recovery phase and strategic reforms undertaken by the company [2][3]. Financial Performance - In the first half of 2025, Jinjiang Hotel achieved operating revenue of 6.526 billion yuan, a year-on-year decrease of 5.31% [3]. - The net profit attributable to shareholders after deducting non-recurring items was 409 million yuan, reflecting a year-on-year increase of 5.17%, marking the best mid-year profit performance since the company went public [3]. - In Q2 2025, the net profit attributable to shareholders after deducting non-recurring items reached 382 million yuan, showing a year-on-year growth of 17.11% and a quarter-on-quarter increase of 1335.32% [3]. Strategic Adjustments - Jinjiang Hotel has implemented a series of reforms to prepare for the recovery of the industry, moving away from the traditional growth logic of "scale equals growth" to a new growth strategy [3][4]. - The company strategically exited several hotel properties, which impacted its revenue and net profit, but allowed for a focus on core operations [4][5]. Operational Efficiency - The management has initiated organizational reforms and digitalization efforts to enhance operational efficiency, including shortening decision-making processes and improving responsiveness to market changes [7][8]. - The management expense ratio decreased to 15.62%, down 2.66% year-on-year, indicating improved cost management [9]. Digital Transformation - Jinjiang Hotel has unified its hotel management systems across 10,000 locations, enhancing standardized management and operational efficiency [12][13]. - The company has increased its direct connection rate to 75% through the elimination of private connections with OTAs, aiming for 80% by the end of the year, which will help streamline pricing and inventory management [17].

Core Viewpoint - Despite the downturn in the hotel industry and intense competition, Jin Jiang Hotels has reported record-breaking performance, indicating a potential recovery and strategic transformation within the company [2][3]. Financial Performance - In the first half of 2025, Jin Jiang Hotels achieved operating revenue of 6.526 billion yuan, a year-on-year decrease of 5.31%. However, the net profit attributable to shareholders was 409 million yuan, reflecting a year-on-year increase of 5.17%, marking the best mid-year profit performance since the company's listing [2][5]. - The second quarter of 2025 showed a significant turnaround, with a net profit of 382 million yuan, a year-on-year increase of 17.11% and a quarter-on-quarter increase of 1335.32% [2][3]. Strategic Reforms - Jin Jiang Hotels has implemented a series of reforms aimed at enhancing operational efficiency, including organizational restructuring and digital transformation, to prepare for industry recovery [8][9]. - The company has shifted from a traditional growth model based on scale to a new growth logic, focusing on improving responsiveness to market changes [3][9]. Organizational Changes - The management has streamlined decision-making processes by reducing the number of regional divisions and empowering local managers, which has led to a 2.66% decrease in management expense ratio to 15.62% [10][11]. - The restructuring has allowed for quicker responses to market demands, with local managers now directly responsible for results [10][11]. Digital Transformation - Jin Jiang Hotels has unified its hotel management systems across 10,000 locations, enhancing operational consistency and management efficiency [14][15]. - The company has increased its direct booking rate to over 75% by eliminating unauthorized connections with online travel agencies (OTAs), aiming for 80% by the end of the year [17][18].

智通财经APP获悉，8月29日，中国证监会公布《境外发行上市备案补充材料要求(2025年8月22日— 2025年8月28日)》。中国证监会对锦江酒店等10家企业出具补充材料要求。其中，证监会要求锦江酒店 说明公司及境内子公司取得烟草零售许可相关情况等事项。据悉，锦江酒店(600754.SH)已于2025年6月 29日向港交所主板提交上市申请，东方证券国际为独家保荐人。 证监会请锦江酒店补充说明以下事项，请律师核查并出具明确的法律意见： 一、进一步说明公司的子公司是否存在《境内企业境外发行证券和上市管理试行办法》第八条规定的不 得境外发行上市的情形。 二、请对照《监管规则适用指引——境外发行上市类第2号》有关规定，说明公司股本中国有股份相关 情况。 据招股书披露，截至2024年12月31日，锦江酒店已经开业的酒店家数达到13,416家，客房间数1,290,988 间。根据弗若斯特沙利文，按已经开业的酒店家数计算，公司是中国及全球最大的酒店集团；截至同 日，按已经开业的客房间数计算，亦是中国最大、全球第二大的酒店集团。 三、公司及下属公司开发、运营的网站、APP、小程序、公众号等产品情况，收集和存储用户信息规 模 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional documentation from Jin Jiang Hotels (600754) and nine other companies regarding their overseas listing applications, particularly focusing on the company's tobacco retail license and data protection measures [1][2]. Group 1: Regulatory Requirements - CSRC has asked Jin Jiang Hotels to clarify whether its subsidiaries fall under the prohibitions outlined in Article 8 of the "Interim Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises" [2]. - The company is required to provide information on its shareholding structure in accordance with the "Guidance on Regulatory Rules for Overseas Issuance and Listing - No. 2" [2]. - Jin Jiang Hotels must detail the development and operation of its digital platforms, including user data collection and storage practices, and measures for personal information protection [2]. Group 2: Business Operations and Growth - As of December 31, 2024, Jin Jiang Hotels has opened 13,416 hotels with a total of 1,290,988 guest rooms, making it the largest hotel group in China and the second largest globally based on room count [3]. - The company operates hotels through two business models: owned and leased hotels, and franchised and managed hotels, effectively expanding its network through a light asset model [3]. - The number of franchised and managed hotel rooms increased from 1,025,618 on December 31, 2022, to 1,214,788 by December 31, 2024, representing a compound annual growth rate of 8.8% [3].

Market Overview - The hotel and catering sector increased by 0.31% on August 29, with Xi'an Catering leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Stock Performance - Xi'an Catering (000721) closed at 10.43, up 3.88% with a trading volume of 745,900 shares and a transaction value of 772 million [1] - Tongqinglou (605108) closed at 21.10, up 2.98% with a trading volume of 89,800 shares and a transaction value of 189 million [1] - Junxiang Hotel (301073) closed at 25.18, up 1.21% with a trading volume of 125,600 shares and a transaction value of 318 million [1] - Shoulv Hotel (600258) closed at 15.25, up 0.59% with a trading volume of 131,460 shares and a transaction value of 480 million [1] - Jinjing Hotel (601007) closed at 7.83, up 0.38% with a trading volume of 133,000 shares and a transaction value of 104 million [1] - Huatian Hotel (000428) closed at 3.66, up 0.27% with a trading volume of 251,200 shares and a transaction value of 92.51 million [1] - ST Yunwang (002306) closed at 1.87, unchanged with a trading volume of 203,500 shares and a transaction value of 38.05 million [1] - Jinjiang Hotel (600754) closed at 23.23, down 0.51% with a trading volume of 118,600 shares and a transaction value of 277 million [1] - Quanjude (002186) closed at 13.90, down 4.92% with a trading volume of 408,700 shares and a transaction value of 591 million [1] Capital Flow - The hotel and catering sector experienced a net outflow of 68.2 million from institutional investors, while retail investors saw a net inflow of 55.85 million [1] - Major stocks like Xi'an Catering had a net inflow of 42.26 million from institutional investors, while retail investors had a net outflow of 41.52 million [2] - Tongqinglou saw a net inflow of 11.31 million from institutional investors, with retail investors experiencing a net outflow of 13.88 million [2] - Junxiang Hotel had a net inflow of 7.32 million from institutional investors, while retail investors had a net outflow of 3.98 million [2] - Jinjing Hotel experienced a net outflow of 28.26 million from institutional investors, while retail investors had a net inflow of 3.20 million [2] - Quanjude faced a significant net outflow of 45.29 million from institutional investors, but retail investors had a net inflow of 60.58 million [2] - Shoulv Hotel had a net outflow of 59.30 million from institutional investors, with retail investors seeing a net inflow of 45.98 million [2]

Core Insights - The strategic partnership between Jin Jiang Hotels (China) and Malaysian hotel management group RIYAZ marks a significant milestone for Chinese hotel brands expanding internationally [1] - The collaboration aims to develop over 180 hotel projects in Malaysia, Indonesia, Vietnam, Laos, Cambodia, and the Philippines over the next five years [1] Group 1 - Jin Jiang Hotels celebrates its 90th anniversary with the signing of a strategic cooperation agreement in Kuala Lumpur [1] - A new hotel management company, RJJ Hotels, has been established specifically for this partnership [1] - The agreement includes a management license for Jin Jiang's five brands: Jin Jiang Metropolo, Lavande, Jin Jiang Inn, Jinhui, and Cloud Residence [1] Group 2 - RJJ Hotels will oversee the development, construction support, and operational management of the hotel projects in the six targeted countries [1] - The partnership aims to ensure high-quality implementation of new hotel projects through collaboration with Jin Jiang's stationed teams [1]

Core Viewpoint - Jinjiang Hotels (600754) reported disappointing financial results for the first half of 2025, with a significant decline in net profit and revenue compared to the previous year [1][3]. Financial Performance - The total operating revenue for the first half of 2025 was 6.526 billion yuan, a decrease of 5.31% year-on-year [1]. - The net profit attributable to shareholders was 371 million yuan, down 56.27% year-on-year [1]. - In Q2 2025, the operating revenue was 3.585 billion yuan, a decline of 2.74% year-on-year, while the net profit was 335 million yuan, down 49.12% year-on-year [1]. - The gross profit margin was 36.28%, a decrease of 8.97% year-on-year, and the net profit margin was 6.18%, down 57.06% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 1.793 billion yuan, accounting for 27.47% of revenue, a decrease of 12.71% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) was 0.35 yuan, down 55.7% year-on-year [1]. - The return on invested capital (ROIC) for the previous year was 3.88%, indicating weak capital returns [3]. - The company's cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 80.79% [3]. - The interest-bearing debt ratio reached 30.38%, highlighting potential debt concerns [3]. Market Position and Fund Holdings - The largest fund holding Jinjiang Hotels is the Fortune China Tourism Theme ETF, which has reduced its holdings [4]. - The fund's current size is 2.955 billion yuan, with a recent net value of 0.7111, reflecting a 2.01% decline from the previous trading day [4].

Core Viewpoint - Jinjiang Hotels reported a decline in revenue and net profit for the first half of 2025, attributing the downturn to weakened market demand and strategic exits from certain hotel properties [1][3]. Financial Performance - The company achieved operating revenue of 6.53 billion yuan, a year-on-year decrease of 5.3% [1] - Net profit attributable to shareholders was 371 million yuan, down 56.3% year-on-year [1] - Excluding non-recurring items, net profit was 409 million yuan, an increase of 5.2% [1] - Operating cash flow net amount was 1.331 billion yuan, a decline of 35.1% year-on-year [1] - In Q2, operating revenue was 3.58 billion yuan, down 2.7% year-on-year, and net profit was 335 million yuan, down 49.1% [1] Hotel Business Performance - The hotel business generated approximately 6.423 billion yuan in revenue, a decrease of 5.14% year-on-year [3] - Net profit from the hotel business was about 240 million yuan, down 66.16% [3] - Domestic hotel revenue was approximately 4.575 billion yuan, down 4.25%, while overseas revenue was about 1.848 billion yuan, down 7.27% [3] - RevPAR for full-service hotels was 215.67 yuan, down 10.23%, and for limited-service hotels was 145.99 yuan, down 5.1% [3] Expansion and Strategic Partnerships - Jinjiang Hotels announced a strategic partnership with Malaysia's RIYAZ Group to expand over 180 hotel projects in Southeast Asia over the next five years [2][5] - The company aims to enhance hotel operational efficiency and management efficiency while expanding into lower-tier markets [1] - As of June 30, 2025, Jinjiang Hotels had a total of 13,796 operating hotels and 1,332,853 guest rooms [4] Southeast Asia Market Strategy - The company is focusing on penetrating high-growth markets in Southeast Asia, including Malaysia, Indonesia, Vietnam, Laos, Cambodia, and the Philippines [5][6] - Jinjiang Hotels plans to establish a self-circulating management mechanism in Southeast Asia, combining local and Chinese teams to enhance operational capabilities [6]

Core Viewpoint - Jinjiang Hotels reported a revenue of 6.526 billion yuan and a net profit attributable to shareholders of 371 million yuan for the first half of 2025, with a year-on-year growth of 5.17% in net profit after deducting non-recurring items, despite a decline in net profit compared to the same period last year due to the absence of non-recurring gains from asset disposals [1] Group 1: Financial Performance - The company achieved an operating income of 6.526 billion yuan and a net profit of 371 million yuan in the first half of 2025 [1] - The net profit attributable to shareholders decreased year-on-year primarily due to the lack of non-recurring gains from the previous year's asset disposals, which amounted to 459 million yuan [1] - The net profit after deducting non-recurring items was 409 million yuan, reflecting a year-on-year growth of 5.17% [1] Group 2: Strategic Initiatives - Jinjiang Hotels is implementing a reform program focused on "refining, strengthening, and solidifying" its operations, which includes a significant restructuring of its organizational framework to enhance management efficiency [1] - The company has streamlined its domestic limited-service hotel segment from "7 major centers and 37 departments" to "13 departments and 2 business units," consolidating regional units into 6 for localized management [1] - The company is adopting a "12+3+1" brand strategy to strengthen its core brands, which is expected to enhance market presence and create a positive interaction between brand momentum and scale effects [1] Group 3: Digital Transformation - The WeHotel global hotel internet platform is facilitating the digital transformation of Jinjiang Hotels, with a focus on developing a member management system and comprehensive technical product matrix [2] - The company is enhancing its member system by breaking down data barriers and linking various online platforms to provide differentiated and scenario-based member experiences [2] - As of June 30, 2025, the total number of effective members reached 20.163 million, indicating a strong focus on member engagement and contribution [2] Group 4: Global Expansion - Jinjiang Hotels is accelerating its globalization strategy, particularly in Southeast Asia, by partnering with local hotel management groups and establishing localized teams for integrated management [3] - The company aims to achieve a target of opening 500 hotels in Southeast Asia within five years, emphasizing industry chain collaboration and the integration of tourism routes and supply chain systems [3] - In Europe, the company is revitalizing its operations by focusing on core businesses, disposing of non-core assets, and planning to issue H-shares for funding hotel upgrades and digital transformation [3]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, attributed to weakened market demand and strategic exits from certain hotel properties, while maintaining a focus on high-quality development and global competitiveness [3][5][9]. Financial Performance - The company achieved consolidated operating revenue of 652,635,000 CNY, a decrease of 5.31% compared to the same period last year [3]. - The net profit attributable to shareholders was 37,067,000 CNY, down 56.27% year-on-year [3]. - The net profit after deducting non-recurring gains and losses was 40,862,000 CNY, an increase of 5.17% year-on-year [3]. - As of June 30, 2025, total assets were 4,566,269,000 CNY, a decrease of 0.97% from the end of the previous year [3]. - Total liabilities were 2,987,934,000 CNY, down 1.8% from the end of the previous year [3]. - The net assets attributable to shareholders were 1,547,995,000 CNY, an increase of 0.46% from the end of the previous year [3]. - The asset-liability ratio was 65.43%, a decrease of 0.56 percentage points year-on-year [3]. Hotel Business Overview - The hotel business generated consolidated operating revenue of 642,276,000 CNY, a decrease of 5.14% year-on-year [5]. - The net profit attributable to the hotel business segment was 23,954,000 CNY, down 66.16% year-on-year [5]. - Revenue from full-service hotels in mainland China was 12,232,000 CNY, an increase of 18.16% year-on-year [9]. - Revenue from limited-service hotels in mainland China was 445,223,000 CNY, a decrease of 4.74% year-on-year [9]. - The company opened 673 new hotels and exited 293, resulting in a net increase of 380 hotels [6]. Operational Developments - As of June 30, 2025, the total number of opened hotels reached 13,796, with a total of 1,332,853 rooms [6]. - The company has signed contracts for a total of 17,771 hotels, with a total of 1,681,446 rooms [7]. - The company is focusing on international expansion and improving operational efficiency through various strategic initiatives [10]. Fundraising and Financial Management - The company raised approximately 4,978,545,167.30 CNY through a non-public offering of shares in 2021 [28]. - As of June 30, 2025, the company had used 304,506,880 CNY of the raised funds, with a remaining balance of 225,636,510 CNY [29]. - The company has implemented strict management protocols for the use of raised funds to ensure compliance and proper allocation [30].