Core Insights - Jin Jiang Hotels has established a strong growth engine through a diverse brand matrix, positioning itself as the largest hotel group in China and the second largest globally in terms of room count [1] Group 1: Brand Strategy - The brand layout of Jin Jiang Hotels covers the entire market spectrum from economy to high-end, with economy brands like Jin Jiang Inn and 7 Days catering to budget-conscious travelers [1] - Mid-range brands such as Vienna International and Lavande focus on enhancing quality and experience, targeting specific consumer groups with unique themes and services [1] - High-end brands like J and Kunlun offer luxurious facilities and exceptional service, appealing to high-end business and leisure travelers [1] Group 2: Operational Efficiency - The implementation of the "three-in-one" reform has led to the establishment of a "three-platform" support system, optimizing resource allocation across brands, membership, and supply chains [2] - As of the end of 2024, Jin Jiang Hotels has signed contracts for over 17,000 hotels, totaling 1.64 million rooms, with more than 200 million effective members [2] - The company has a widespread domestic presence with 13,416 operational hotels and has expanded its global footprint to 55 countries and regions through acquisitions [2] Group 3: Innovation and Financial Performance - Jin Jiang Hotels is pushing for brand innovation with the "12+3+1" strategy, aiming to create 12 brands with over 1,000 stores each by 2028 and develop three core mid-to-high-end brands [3] - In 2024, the company reported a revenue of 14.063 billion yuan, with domestic hotel business revenue at 9.565 billion yuan and overseas hotel business revenue at 4.256 billion yuan [3] - The proportion of mid-to-high-end hotels has increased, with 60.76% of its stores classified as mid-range or above by the end of 2024 [3] Group 4: Future Prospects - Jin Jiang Hotels has submitted an application for listing on the Hong Kong Stock Exchange, which, if successful, would make it the first hotel group in China to achieve a dual listing [3] - The funds raised from the listing will be used for overseas expansion, digital transformation, loan repayment, and working capital supplementation [3] - The company plans to leverage its brand matrix advantage to deepen its domestic market presence and increase investments in European and Asia-Pacific markets to enhance global competitiveness [3]

Core Viewpoint - Jin Jiang Hotels is accelerating its efforts to become the first hotel company listed in both A-share and H-share markets, despite facing significant challenges in its financial performance and market response [1][2]. Group 1: Company Overview - Jin Jiang Hotels has over 13,000 hotels and nearly 1.3 million rooms, leading the domestic chain hotel industry by a margin of 20.4% and 18.6% in hotel and room numbers compared to its closest competitor, Huazhu Group [1]. - The company is preparing to issue H-shares, with plans to raise funds primarily for expanding overseas operations, repaying bank loans, and supplementing working capital [1]. Group 2: Financial Performance - In 2024, Jin Jiang Hotels reported total revenue of 14.063 billion yuan, a decrease of nearly 600 million yuan compared to 2023, and a net profit of 911 million yuan, marking the first decline since the pandemic [2]. - The company's revenue and net profit are significantly lower than its peers, with Huazhu Group's revenue and net profit being 1.70 times and 3.35 times that of Jin Jiang Hotels, respectively [4]. - In Q1 2025, the company experienced an 8.2% decline in total revenue to 2.909 billion yuan, and a staggering 81% drop in net profit to 36.01 million yuan, resulting in a net profit margin of only 1.8% [6]. Group 3: Operational Challenges - The average daily rate (ADR) for Jin Jiang's limited-service hotels was approximately 240.67 yuan in 2024, a 4.4% decrease year-on-year, with an occupancy rate of 65.4%, which is lower than its competitors [4]. - In Q1 2025, the occupancy rate slightly improved to 60.9%, but the ADR fell to 225.83 yuan, indicating ongoing pricing pressures due to oversupply and weak consumer demand [6]. Group 4: International Operations and Risks - Jin Jiang Hotels has incurred over 300 million euros in losses from its overseas operations over the past five years, primarily due to aggressive acquisitions, including the full acquisition of the Louvre Hotels Group for 12.88 billion euros [7][8]. - The company has provided substantial guarantees for loans to its overseas subsidiaries, with 88.57 billion yuan in total guarantees, representing 57.5% of its net assets, which raises concerns about financial risk [9]. - As of Q1 2025, the company's goodwill reached 11.484 billion yuan, accounting for 73.2% of its net assets, posing a risk of significant impairment if overseas operations do not improve [11].

Group 1 - The outbound tourism market in China is experiencing significant growth, with platforms like Fliggy and Mafengwo reporting increases in bookings and search interest for overseas travel [1] - The China Tourism Research Institute indicates that the outbound tourism market is entering a new period of prosperity, supported by data from the past ten quarters [1] - Jin Jiang Hotels is accelerating its overseas expansion to capitalize on the recovery of outbound tourism, positioning itself as a representative enterprise in the industry [1] Group 2 - Jin Jiang is one of the first Chinese hotel companies to expand internationally, establishing a global hotel operation network across five continents through partnerships and acquisitions [2] - The company has integrated various hotel brands, including Radisson and Louvre Hotels Group, to enhance its competitive edge in the global market [2][3] - Jin Jiang's overseas brand restructuring includes a five-year upgrade plan for Louvre Hotels Group, focusing on improving operational capabilities and optimizing cost structures [3] Group 3 - Southeast Asia remains a top destination for Chinese tourists, prompting Jin Jiang to expand its presence in the region with plans to open over 100 hotels in six Southeast Asian countries within five years [4] - Recent hotel signings include the first Jin Jiang Dujun hotel in Laos and the first Lavande hotel in Malaysia, reflecting the company's commitment to regional growth [4] Group 4 - Jin Jiang is adopting a unified platform approach for its overseas expansion, integrating products, channels, standards, and services to enhance the travel experience for Chinese tourists [6] - The "Jin Jiang Hui" platform, with over 200 million members, offers comprehensive travel services, including hotel bookings and travel arrangements, enhancing customer loyalty and engagement [6] - The platform's member repurchase rate and points redemption rate have seen significant increases, indicating strong customer satisfaction and retention [6] Group 5 - As more Chinese tourists travel abroad, there is a growing demand for familiar, convenient, and predictable lodging experiences, which Jin Jiang aims to provide [7] - The company's international expansion is expected to create collaborative opportunities within the overseas hospitality ecosystem, setting a new standard for Chinese hotel internationalization [7]

Core Viewpoint - Shanghai Jin Jiang International Hotel Co., Ltd. (hereinafter referred to as "Jin Jiang Hotel") has released its 2025 half-year performance forecast, indicating a significant decline in net profit compared to the previous year, primarily due to the absence of non-recurring gains that were present in the same period last year [1][4][5]. Financial Performance Summary - Jin Jiang Hotel expects to achieve a net profit attributable to shareholders of between 360 million to 400 million yuan for the first half of 2025, a decrease of 448 million to 488 million yuan compared to the same period last year, representing a year-on-year decline of 52.81% to 57.53% [1][4]. - The company anticipates a net profit attributable to shareholders after deducting non-recurring gains of between 390 million to 410 million yuan, which would show a slight increase of 1.48 million to 21.48 million yuan, or a year-on-year growth of 0.38% to 5.53% [1][4]. - In the first half of 2024, the company reported a total profit of 1.255 billion yuan and a net profit attributable to shareholders of 848 million yuan [4]. Reasons for Performance Change - The primary reason for the expected decrease in net profit is the lack of similar non-recurring gains in the first half of 2025, as the previous year included a tax-adjusted non-recurring gain of 459 million yuan from the sale of a subsidiary and strategic exits from several properties [4][5]. - In the first quarter of 2025, Jin Jiang Hotel's revenue was approximately 2.942 billion yuan, a year-on-year decrease of 8.25%, and the net profit attributable to shareholders was about 36.01 million yuan, down 81.03% year-on-year [5]. Strategic Focus and Future Outlook - Jin Jiang Hotel is focusing on divesting non-core assets to concentrate resources on hotel operations and brand development, which is expected to enhance long-term profitability [5]. - The company is committed to improving hotel operational efficiency, management efficiency, and upgrading its membership system to enhance service quality and expand into lower-tier markets [5]. - Jin Jiang Hotel has submitted an IPO application to the Hong Kong Stock Exchange, aiming to become the first hotel company listed in both A-share and H-share markets [5][7]. Use of IPO Proceeds - The funds raised from the IPO will be allocated to capital expenditures to strengthen overseas hotel operations, digital transformation, repayment of high-interest bank loans, and general corporate purposes [7]. - The company is integrating its global hotel internet platform, procurement platform, and shared services platform to enhance operational management and improve efficiency [7].

7月14日晚间，锦江酒店发布了2025年半年度业绩预告，从内容来看，锦江酒店2025上半年度整体经营 呈现"营收与净利润短期调整，核心业务盈利能力稳步提升"的特点，其中扣除非经常性损益后的净利润 为3.9亿元到4.1亿元，预计实现同比增长0.38%至5.53%，显示出公司在聚焦主业、资产结构优化及运营 管理方面的积极成效。 锦江酒店在半年度业绩预告中表示，2025年下半年公司将牢牢把握国内外市场形势发展的机遇，坚定推 进核心战略，积极提升酒店经营效率和管理效率，持续升级会员体系，提升服务质量，稳步推进规模化 扩张和深度布局下沉市场，努力提升经营业绩。 扁平化改革初显成效 近年来，国内酒店市场步入转型阶段，转向服务革新、资产盘活、技术升级与品牌较量等多个层面。这 种全方位的竞争，正驱动着整个行业及相关企业朝着更精细、更具特色的方向发展。 作为国内酒店行业的领军者，锦江酒店积极求变，聚焦结构优化与运营效率提升。据悉，锦江酒店(中 国区)正全力推进新一轮深化改革，在组织架构调整上，以"做精总部、做强区域、做实省区"为核心理 念，开展组织扁平化改革，并全面推行属地化管理模式。 此番调整意义重大，锦江酒店通过总部赋予区 ...

Core Insights - The latest annual ranking of the "Top 205 Global Hotel Groups" has been published, reflecting the development trajectory of the global hotel industry based on data from the end of 2024 [2] Group 1: Rankings and Performance - Marriott International retains the top position with 1,667,331 rooms across 9,131 hotels, an increase from 1,560,687 rooms and 8,566 hotels in 2023 [3] - Jin Jiang International Holdings Co., Ltd. ranks second with 1,454,335 rooms and 14,377 hotels, up from 1,342,161 rooms and 13,250 hotels in the previous year [3] - Hilton ranks third with 1,268,206 rooms and 8,447 hotels, compared to 1,182,937 rooms and 7,530 hotels in 2023 [3] - H World Group moves up to fourth place with 1,088,218 rooms and 11,147 hotels, an increase from 912,444 rooms [3][4] - IHG Hotels & Resorts ranks fifth with 987,125 rooms and 6,629 hotels, up from 946,203 rooms [3] Group 2: Trends and Changes - The number of hotel groups on the list has decreased by over one-third from 2019 to 2024, indicating a trend of consolidation in the industry [6][10] - The top 50 list includes 21 Chinese companies, an increase from 19 the previous year, highlighting the growing influence of Chinese hotel groups [5] - The industry is entering a new phase characterized by stronger brands and increased concentration, with many rising companies demonstrating strong capital, technology, or brand capabilities [8] Group 3: Brand Performance - HanTing Hotel from H World Group tops the single brand ranking with 359,475 rooms, followed by Holiday Inn Express from IHG with 343,957 rooms [11][13] - Jin Jiang International Holdings has seven brands listed, the highest number among the groups, reflecting its extensive portfolio [13] - The ranking of brands shows a competitive landscape where mid-range and economy segments are undergoing significant restructuring [13]

Core Viewpoint - Jin Jiang International Hotel Company expects a significant decline in net profit for the first half of 2025, projecting a decrease of approximately 52.81% to 57.53% compared to the same period last year, primarily due to the absence of non-recurring income from asset disposals in the previous year [2][4]. Financial Performance - For the first half of 2025, the company anticipates a net profit attributable to shareholders between 360 million to 400 million yuan, a drop from the previous year's profit by about 4.48 billion to 4.88 billion yuan [2]. - Jin Jiang's revenue from 2022 to 2024 was 11.31 billion yuan, 14.65 billion yuan, and 14.06 billion yuan respectively, with net profits of 127 million yuan, 1 billion yuan, and 911 million yuan [5]. - The average revenue per available room (RevPAR) has decreased, indicating a decline in profitability amid increasing competition in the hotel industry [5]. Expansion Strategy - Jin Jiang Hotel is in a phase of aggressive expansion, with plans to add 1,300 new hotels in 2025 and 2,000 new signed contracts [4]. - The company has a significant international presence, with operations in 55 countries and regions, and aims to enhance its overseas business through capital investment and management efficiency improvements [6][9]. Market Position - As of December 31, 2024, Jin Jiang Hotel operates 13,400 hotels with 1.29 million rooms, making it the largest hotel group in China and the second largest globally by room count [4]. - The company’s overseas revenue accounted for approximately 30% of total income in recent years, with stable gross profit margins compared to declining margins in the domestic market [6][7]. IPO Plans - Jin Jiang Hotel is pursuing a dual listing in Hong Kong, aiming to become the first hotel group in China to achieve an "A+H" listing [8]. - The funds raised from the IPO will be allocated to expanding overseas operations, repaying bank loans, and enhancing working capital [9].

证券代码：600754/900934 证券简称：锦江酒店/锦江 B 股 公告编号：2025-041 上海锦江国际酒店股份有限公司 上。 归属于上市公司股东的净利润为36,000万元到40,000万元。 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 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。 经财务部门初步测算，预计2025年半年度实现归属于上市公司股东的净利润 为36,000万元到40,000万元，与上年同期（法定披露数据）相比，将减少48,757 万元到44,757万元，同比下降57.53%到52.81%。 重要内容提示： 预计2025年半年度实现归属于上市公司股东的扣除非经常性损益后的净利润 为39,000万元到41,000万元，与上年同期（法定披露数据）相比，将增加148万元 到2,148万元，同比增长0.38%到5.53%。 （三）本业绩预告未经注册会计师审计。 二、上年同期经营业绩和财务状况 东的净利润为84,757.06万元；实现归属于上市公司股东的扣除非经常性损益后的 净利润为38,851.5 ...

本 次 回 购 注 销 后 ， 公 司 总 股 本 已 由 原 来 的 1,070,044,063 股 减 少 至 内容见下： 原条款内容 修订后条款内容 证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-039 上海锦江国际酒店股份有限公司 关于修订《公司章程》的公告 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"）于 2025 年 7 月 14 日召 开第十一届董事会第三次会议，审议通过了《关于修改公司章程的议案》，同意公 司减少注册资本，并对《公司章程》进行修订。具体情况如下： 鉴于公司 2024 年限制性股票激励计划第一个解除限售期公司层面业绩考核不 达标，及 2024 年限制性股票激励计划部分激励对象发生异动，公司已合计回购注 销激励对象持有的已获授但未解锁部分限制性股票 2,625,259 股。 第六条 公司注册资本为人民币壹拾亿零柒仟 第 六 条 公 司 注 册 资 本 为 人 民 币 零肆万肆仟零陆拾叁元。 1,067,418 ...

Fundraising Overview - The company has completed a private placement of 112,107,623 shares at a price of 44.60 RMB per share, raising a total of approximately 4.98 billion RMB after deducting issuance costs [1] - As of April 30, 2025, the company has utilized approximately 303.71 million RMB of the raised funds, leaving a balance of approximately 225.87 million RMB, which includes interest income of about 31.72 million RMB [2] Regulatory Agreement - The company signed a tripartite supervision agreement for the special account of raised funds with Shanghai Jinjiang City Hotel Management Co., Ltd., Industrial and Commercial Bank of China (ICBC) Shanghai Bund Branch, and Shenwan Hongyuan Securities [2][3] - The special account is exclusively for the "hotel renovation and upgrade project" and cannot be used for other purposes [3] Supervision and Compliance - Shenwan Hongyuan Securities is responsible for ongoing supervision of the use of raised funds, ensuring compliance with relevant laws and regulations [3][5] - The agreement stipulates that Shenwan Hongyuan can conduct on-site investigations and written inquiries regarding the use of funds, and the company must cooperate with these investigations [5][6] Account Management - The special account has a current balance of 0 RMB, indicating that funds are being utilized as intended [3] - The agreement will remain in effect until all funds are fully utilized and the account is legally closed [6]