Core Insights - The core viewpoint of the report indicates that Jin Jiang International Hotel Co., Ltd. experienced a decline in both revenue and net profit for the first half of 2025, attributed to weakened market demand and strategic exits from certain hotel properties [1][2] Financial Performance - In the first half of 2025, Jin Jiang Hotel achieved operating revenue of 6.526 billion yuan and a net profit attributable to shareholders of 371 million yuan, both showing a year-on-year decline [1] - The net profit excluding non-recurring gains was 409 million yuan, reflecting a year-on-year increase of 5.17% [1] - The decline in overall revenue was primarily due to reduced market demand and the strategic exit from several hotel properties [1] Strategic Developments - Jin Jiang Hotel is actively pursuing a digital transformation, with the WeHotel global hotel internet platform facilitating the upgrade from traditional business models [2] - The company has enhanced its membership system by breaking down data barriers, providing differentiated and scenario-based benefits to improve member engagement and contribution rates [2] - As of June 30, 2025, the total number of effective members reached 20.163 million [2] Business Segments - The full-service hotel segment in China reported a consolidated operating revenue of 122 million yuan, marking an 18.16% year-on-year increase [2] - In the limited-service hotel sector, 86% of newly opened hotels in the first half of 2025 belonged to the company's main brands, an increase of approximately 3 percentage points compared to the same period last year [2]

Core Insights - The company reported a consolidated revenue of 6.526 billion yuan for the first half of 2025, representing a year-on-year decrease of 5.31% [1] - The net profit attributable to shareholders was 371 million yuan, down 56.27% compared to the same period last year [1] - The net cash flow from operating activities was 1.33 billion yuan, which is a decline of 35.11% year-on-year [1]

Core Viewpoint - Jinjiang Hotels reported a strong performance in the first half of 2025, with operating revenue of 6.526 billion yuan and a net profit of 409 million yuan, reflecting a year-on-year growth of 5.17%, despite a decline in net profit attributable to the parent company due to the absence of non-recurring gains from asset disposals in the previous year [1][2] Group 1: Financial Performance - The company achieved operating revenue of 6.526 billion yuan in the first half of 2025, with a net profit of 409 million yuan, marking a 5.17% increase year-on-year [1] - The decline in net profit attributable to the parent company was due to the absence of non-recurring gains from the sale of assets in the previous year, which had generated 459 million yuan [1] Group 2: Operational Efficiency and Management - Jinjiang Hotels streamlined its management structure from "7 major centers and 37 departments" to "13 departments and 2 business units," enhancing management efficiency and reducing management costs, with the management expense ratio dropping to 15.62%, a decrease of 2.66 percentage points year-on-year [2] - The company focused on brand development, with 86% of new hotel openings in the domestic limited-service hotel segment coming from its main brands, an increase of approximately 3 percentage points from the previous year [2] Group 3: Customer Engagement and Membership - The company enhanced its central client operations, with a 15% year-on-year increase in order night volume from central clients, contributing to revenue growth and risk resilience [3] - The "Jinjiang Hui" membership program surpassed 200 million members, with a central booking rate increase of 11.36 percentage points from January to June, and membership contribution rate exceeding 70% [3] Group 4: Digital Transformation - Jinjiang Hotels is building an efficient digital operation system through three core initiatives: integrating a "three-platform" system for brand, membership, and supply chain management, achieving unified membership systems, and promoting business-financial integration for improved operational efficiency [4] Group 5: Global Expansion Strategy - The company is accelerating its global expansion, focusing on Southeast Asia and Europe, with plans to develop over 180 hotel projects in collaboration with RJJ Hotels in countries like Malaysia, Indonesia, and Vietnam [5][6] - In Europe, Jinjiang Hotels is revitalizing its operations by focusing on core business development and asset upgrades, with 14 renovated hotels showing significant improvements in revenue and customer satisfaction [7] Group 6: Future Outlook - Jinjiang Hotels aims to strengthen its industry leadership through internal reforms and global expansion, contributing to the international influence of Chinese service brands and supporting high-quality economic development in China [7]

Core Insights - Jin Jiang Hotels reported a decline in revenue and net profit for the first half of 2025, with total revenue approximately 6.53 billion yuan, down 5.31% year-on-year, and net profit attributable to shareholders around 370 million yuan, down 56.27% year-on-year [1][2] Financial Performance - The total revenue for the reporting period was 6,526,349,847.97 yuan, compared to 6,892,028,466 yuan in the same period last year [2] - The total profit for the period was 657,679,853.82 yuan, down from 1,255,425,541 yuan year-on-year [2] - The net profit attributable to shareholders was 370,672,566.22 yuan, a decrease from 847,570,586 yuan year-on-year [2] - The net profit after deducting non-recurring items was 408,615,948.50 yuan, up from 388,515,172 yuan year-on-year, indicating a 5.17% increase [2] Hotel Business Performance - Revenue from hotel operations was approximately 6.42 billion yuan, a decline of 5.14% year-on-year, with a net profit of about 240 million yuan, down 66.16% [3] - Revenue from hotels in mainland China was approximately 4.58 billion yuan, down 4.25% year-on-year, while revenue from overseas operations was about 1.85 billion yuan, down 7.27% [3] - The company has been operating at a loss in overseas markets since 2020, with cumulative losses reported from 2020 to 2024 [3] Expansion and Strategic Moves - During the reporting period, Jin Jiang Hotels opened 673 new hotels and exited 293, resulting in a net increase of 380 hotels [3] - The company is pursuing a Hong Kong IPO, which, if successful, would make it the first hotel group in China to be listed in both A-share and H-share markets [4] - The company has faced significant operational pressure, with revenue and profit both declining from 2022 to 2024 [4] Market Performance - As of August 27, Jin Jiang Hotels' stock price fell by 1.75% to 23.05 yuan per share, with a total market capitalization of 24.6 billion yuan [4]

Core Insights - The core viewpoint of the article highlights the financial performance of Jin Jiang International Hotel Co., Ltd. for the first half of 2025, indicating a decline in both revenue and net profit compared to the previous year [1] Financial Performance - Jin Jiang Hotel reported a revenue of 6.526 billion yuan, representing a year-on-year decrease of 5.31% [1] - The net profit attributable to shareholders was 371 million yuan, showing a significant decline of 56.27% year-on-year [1] Hotel Operations - During the reporting period, Jin Jiang Hotel opened 673 new hotels and closed 293, resulting in a net increase of 380 hotels [1] - The company added 10 full-service hotels and closed 1, leading to a net increase of 9 full-service hotels [1] - For limited-service hotels, 663 were newly opened while 292 were closed, resulting in a net increase of 371 limited-service hotels [1] - As of June 30, 2025, the total number of opened hotels reached 13,796, with a total of 1,332,853 guest rooms [1]

Core Points - The board of directors of Shanghai Jin Jiang International Hotel Co., Ltd. held its fifth meeting of the eleventh session on August 26, 2025, with all nine directors present, complying with the Company Law and the company's articles of association [1] - The meeting approved several resolutions, including the 2025 semi-annual report, risk assessment report of Jin Jiang International Group Finance Co., Ltd., and special report on the use of raised funds [2][3] - The board also approved amendments to the management measures for shares held by directors and senior management, insider information management system, risk management system, and conflict of interest management system, all effective upon the listing of H shares on the Hong Kong Stock Exchange [4][5] Summary by Category Financial Reports - The board approved the 2025 semi-annual report and its summary, which had been reviewed by the audit, risk control, and compliance committee [2] - A special report on the storage and actual use of raised funds for the first half of 2025 was also approved [2] Risk Management - The board approved a continuous risk assessment report for Jin Jiang International Group Finance Co., Ltd. [2] - Amendments to the company's risk management system were approved to enhance risk control and management efficiency [4] Governance and Compliance - The board approved revisions to the management measures for shares held by directors and senior management, aligning with Hong Kong's regulatory requirements [3] - The insider information management system was revised to comply with relevant laws and regulations [3] - A new conflict of interest management system was established to prevent conflicts between directors, senior management, and the company [5]

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-045 上海锦江国际酒店股份有限公司 第十一届董事会第五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海锦江国际酒店股份有限公司（以下简称"公司"、"本公司"）于 2025 年 8 月 15 日以电话、电子邮件和书面形式发出了关于召开第十一届董事会第五次 会议的通知，会议于 2025 年 8 月 26 日下午在上海静安昆仑大酒店董事会议室召 开，会议应到董事 9 名，实到董事 9 名。本次会议出席人数、召开程序、议事内 容均符合《中华人民共和国公司法》（以下简称"《公司法》"）和《上海锦江 国际酒店股份有限公司章程》（以下简称"《公司章程》"）的规定。会议由公 司董事长张晓强先生主持，公司部分高管列席了本次会议。会议审议并通过了如 下决议： 一、关于公司 2025 年半年度报告及摘要的议案 2025 年半年度报告及摘要详见上海证券交易所网站（www.sse.com.cn） 本议案已经公司董事会审计、风控与合规委员会审议通 ...

上海锦江国际酒店股份有限公司2025 年半年度报告 公司代码：600754/900934 公司简称：锦江酒店/锦江 B 股 上海锦江国际酒店股份有限公司 2025 年半年度报告 1 / 220 上海锦江国际酒店股份有限公司2025 年半年度报告 重要提示 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资者 注意投资风险。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、是否存在违反规定决策程序对外提供担保的情况 否 九、是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、重大风险提示 公司已在本报告中详细阐述存在的行业风险、市场风险等，敬请查阅"管理层讨论与分析"部分的 内容。 十一、其他 √适用 □不适用 本半年度报告分别以中文和英文两种文字印制，在对两种语言文本的说明上存在歧义时，以中文文 本为准。 3 / 220 | 第一节 | 释义 5 | | | --- | --- | --- | | 第二节 | 公司简介和主 ...

截至 2025 年 6 月 30 日止，本公司以前年度使用募集资金人民币 297,570.86 万元，本年度使用募集资金人民币 6,936.02 万元，累计使用募集资金人民币 304,506.88 万元（其中未包含募集资金产生的银行手续费用人民币 1.80 万元）。尚 未使用的募集资金余额计人民币 225,636.51 万元（其中包含募集资金产生的利息 收入人民币 32,290.67 万元）。 1 证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-046 二、募集资金存放和管理情况 为规范募集资金的管理和使用，本公司根据《上海证券交易所上市公司自律 监管指引第 1 号——规范运作》等有关法律、法规的规定，结合本公司实际情况 制定了本公司《募集资金管理办法》，对所有募集资金实行专户存储，实行严格的 审批程序，以保证专款专用。 上海锦江国际酒店股份有限公司 2025 年半年度募集资金存放与实际使用情况 的专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海锦江国际酒店股份有限公司（以 ...

Core Viewpoint - Jin Jiang Hotels is accelerating its international expansion by partnering with Malaysian hotel management group RIYAZ to develop over 150 hotel projects in Southeast Asia over the next five years [1][5][6]. Group 1: Strategic Partnership - Jin Jiang Hotels (China) has signed a management license agreement with RIYAZ, which has established RJJ Hotels specifically for this collaboration [1][5]. - The partnership aims to develop and manage hotel projects under five Jin Jiang brands in Malaysia, Indonesia, Vietnam, Laos, Cambodia, and the Philippines [1][5][6]. - A joint management agreement for the Jin Jiang Duzhou project in Sarawak, Malaysia, has been signed, marking the brand's entry into the Malaysian market [5][6]. Group 2: Expansion Plans - Jin Jiang Hotels plans to establish over 500 hotels in Southeast Asia within five years, combining self-development and projects with RJJ [1][6]. - The company will deploy local teams in Southeast Asia to create a localized workforce, integrating Chinese and local employees [6][9]. Group 3: Operational Strategy - The expansion strategy is characterized by a "light asset entry + local integration" model, aiming for a self-circulating management mechanism [6][9]. - Jin Jiang Hotels will leverage its global procurement platform and tourism services to enhance project implementation and optimize local adaptation [9][10]. Group 4: Market Context - Southeast Asia is identified as a strategic growth market for Jin Jiang, with the region's tourism sector being a key driver for economic prosperity [10]. - China has been the largest source of tourists for countries like Vietnam, Thailand, and Malaysia for three consecutive years, contributing over 25% of tourism revenue [10].