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].

Market Performance - The hotel and catering sector increased by 2.29% on August 25, with Quan Jud leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Individual Stock Performance - Quan Jud (002186) closed at 13.74, up 10.01% with a trading volume of 345,100 shares and a transaction value of 452 million [1] - Shou Lv Hotel (600258) closed at 15.14, up 3.20% with a trading volume of 346,700 shares and a transaction value of 517 million [1] - Xi'an Catering (000721) closed at 10.44, up 2.65% with a trading volume of 936,300 shares and a transaction value of 26.68 million [1] - Junting Hotel (301073) closed at 25.33, up 2.63% with a trading volume of 141,500 shares and a transaction value of 356 million [1] - Tongqing Lou (605108) closed at 20.86, up 1.81% with a trading volume of 66,300 shares and a transaction value of 137 million [1] - Jin Jiang Hotel (600754) closed at 23.61, up 0.85% with a trading volume of 156,300 shares and a transaction value of 367 million [1] - Jinling Hotel (601007) closed at 7.96, up 0.76% with a trading volume of 195,700 shares and a transaction value of 155 million [1] - Huatian Hotel (000428) closed at 3.71, up 0.54% with a trading volume of 480,900 shares and a transaction value of 179 million [1] - ST Yunwang (002306) closed at 1.93, unchanged with a trading volume of 256,300 shares and a transaction value of 49.29 million [1] Capital Flow - The hotel and catering sector saw a net inflow of 122 million from main funds, while retail investors experienced a net outflow of 1.04 billion [1] - The main funds' net inflow for Quan Jud was 78.36 million, accounting for 17.34% of its trading volume [2] - Shou Lv Hotel had a main fund net inflow of 36.59 million, representing 7.08% of its trading volume [2] - Junting Hotel recorded a main fund net inflow of 12.87 million, accounting for 3.62% of its trading volume [2] - Jin Jiang Hotel had a main fund net inflow of 304.15 thousand, representing 0.83% of its trading volume [2] - Tongqing Lou saw a main fund net inflow of 228.29 thousand, accounting for 1.66% of its trading volume [2]

Core Insights - The economic hotel sector, previously overshadowed by mid-to-high-end and luxury hotels, is experiencing renewed interest and activity in 2023 [1] - Economic hotels are increasingly favored by diverse user groups, including job-seeking graduates, leisure travelers, and business travelers, due to their affordability and convenience [5][11] Group 1: Economic Hotel Demand - Young job seekers are utilizing economic hotels like Qinghe Yizhan for affordable accommodation during job hunts, with offerings such as free stays for applicants [2] - Travelers are returning to clean and budget-friendly economic hotels, with prices typically ranging from 300 to 400 yuan per night, highlighting their value proposition [3] - Corporate travel expenses are decreasing, with companies tightening budgets and opting for economic hotels as a cost-saving measure [4] Group 2: Hotel Brand Strategies - Hanting has positioned itself as a national brand with a focus on cleanliness and comfort, boasting over 359,475 rooms, making it the largest hotel brand globally [6][11] - Shangkeyou targets lower-tier cities, emphasizing cost reduction and affordability, with an average room price around 170 yuan [8] - City Convenience Hotel balances mid-range experiences with economic pricing, achieving a 20% reduction in construction costs while maintaining quality [9] Group 3: Market Trends and Statistics - Economic hotels account for 40% to 55% of major hotel groups' portfolios, serving as a stable revenue source [11] - As of 2023, over 70% of the accommodation market is in the mid-to-low-end segment, with economic hotels comprising over 40% of this category [11] - The chain hotel rate for economic hotels is only 29.96%, indicating significant room for growth in the market [11][16] Group 4: Digital Transformation and Brand Influence - The shift towards digitalization in hotel operations is crucial for enhancing supply chain efficiency and customer experience [14][15] - Brand influence remains a key factor in the economic hotel sector, with established brands like Hanting and Jinjiang leading the market [17] - The economic hotel segment is seen as a testing ground for hotel groups to innovate and adapt to market demands, ensuring resilience in fluctuating market conditions [18]

Core Insights - Jinjiang Hotels is expanding into Southeast Asia, driven by the region's large population and growth opportunities, while also recognizing the complexities of international operations [1][3][5] - The company aims to integrate into local tourism markets rather than merely pursuing rapid expansion and short-term profits [2][10] - Jinjiang has prior experience in international markets, having previously entered the Philippines and South Korea, and is now focusing on building a capable team for scaling operations in Southeast Asia [3][4][6] Market Opportunities - Southeast Asia is a mature tourism destination, with Malaysia receiving over 25 million international visitors last year and aiming for 35.6 million by 2026 [3][5] - Vietnam has seen a 22.5% increase in international visitors in the first seven months of this year, with a significant portion coming from mainland China [3][5] - The geographical proximity and cultural ties between China and Southeast Asia provide a favorable environment for Jinjiang's expansion [5][6] Strategic Approach - Jinjiang plans to establish a mixed team of 20% expatriates and 80% local hires to ensure effective communication and operational efficiency [6][10] - The company is focused on building a strong local team and adapting its operational standards to meet local market needs while maintaining quality [9][10] - Jinjiang's strategy includes leveraging its existing customer base and loyalty programs to attract both local and international guests [10][12] Brand Development - The company intends to introduce multiple brands, including Jinjiang Metropolo, Lavande, and Jinjiang Inn, to cater to different market segments in Southeast Asia [9][10] - Jinjiang is committed to a gradual approach, prioritizing quality and brand recognition over rapid expansion [10][12] - The company aims to create a positive feedback loop by activating local consumer bases and enhancing membership through localized operations [10][12] Team and Leadership - The leadership team, including Zhang Zhonghao, has extensive experience in building brands and navigating market challenges, which is crucial for the success of the Southeast Asia initiative [12][13] - The company emphasizes the importance of cultural integration and support for local teams to overcome operational challenges [11][12]

Core Insights - Jinjiang Hotels is expanding into Southeast Asia, driven by the region's large population, developmental gaps, and cultural proximity, marking a significant opportunity for domestic brands [2][3][4] - The company emphasizes a strategic approach to overseas expansion, focusing on building a local team and adapting to the regional market while avoiding short-term profit pressures [2][10][18] - Jinjiang has a history of international operations, having previously entered markets like the Philippines and South Korea, which provides a foundation for its current expansion efforts [3][4][15] Market Opportunities - Southeast Asia is a mature tourism destination, with Malaysia expecting to receive 35.6 million international tourists by 2026, and Vietnam seeing a 22.5% increase in international visitors in the first seven months of this year [3][4] - The company plans to establish a presence in multiple Southeast Asian countries, including Malaysia, Indonesia, Laos, Vietnam, Cambodia, and the Philippines, with a focus on key urban areas and established properties [15][16] Strategic Approach - Jinjiang is adopting a light-asset model for its overseas operations, collaborating with local partners to navigate the market effectively [7][10] - The company aims to create a mixed team of 20% expatriates and 80% local hires to ensure smooth operations and cultural integration [10][13] - A focus on long-term brand establishment and local consumer engagement is prioritized over immediate financial returns [17][18] Operational Plans - The first project under Jinjiang's Southeast Asia strategy is the Jinjiang Duzhou hotel in Laos, set to open in January next year, with plans for a hotel in Malaysia's Kuala Lumpur to follow [11][13] - Jinjiang is establishing subsidiaries in each target market to manage local operations, ensuring that standards are met while adapting to local conditions [13][14] Customer Engagement - The company recognizes the importance of activating local consumer bases while leveraging its existing membership platforms to attract both domestic and international travelers [16][17] - Jinjiang aims to create a positive feedback loop by enhancing local membership and integrating its services into the Southeast Asian market [17][18]

Market Overview - On August 21, the hotel and catering sector rose by 0.07% compared to the previous trading day, with Huazhong Hotel leading the gains [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Individual Stock Performance - Huazhong Hotel (code: 000428) closed at 3.61, up 1.40% with a trading volume of 387,800 shares and a transaction value of 139 million [1] - Junting Hotel (code: 301073) closed at 24.68, up 1.36% with a trading volume of 142,900 shares and a transaction value of 352 million [1] - Jinjiang Hotel (code: 600754) closed at 23.39, up 1.34% with a trading volume of 184,000 shares and a transaction value of 428 million [1] - Other notable performances include Jining Hotel (code: 601007) with a slight increase of 0.13% and Xian Catering (code: 000721) down by 0.20% [1] Capital Flow Analysis - The hotel and catering sector experienced a net outflow of 91.614 million from institutional investors and 59.3465 million from speculative funds, while retail investors saw a net inflow of 151 million [1] - Jinjiang Hotel had a net inflow of 36.1067 million from institutional investors, while it faced a net outflow of 13.1479 million from speculative funds [2] - Xian Catering saw a net outflow of 10.3595 million from institutional investors but a net inflow of 72.7358 million from retail investors [2]

在成本控制方面，公司通过精细化管理取得了显著成效。依托集中采购优势，有效降低了物资采购成 本，同时通过能源管理系统的优化，减少了不必要的能源消耗。通过优化资源配置和提升工作效率，实 现了运营成本的合理管控，保障了企业的盈利能力。 服务创新是锦江酒店全年工作的重点之一。2024年，公司推出了多项特色服务举措，旨在提升客户的入 住体验。例如，在部分门店引入智能客控系统，让客人能够通过手机便捷控制房间内的设备；优化餐饮 服务，结合地方特色推出个性化餐食，满足不同客户的口味需求。这些举措得到了客户的广泛认可，提 升了品牌的美誉度。 数字化建设是锦江酒店提升运营效能的重要方向。公司持续优化官方数字化平台 WeHotel，作为整合预 订、会员服务的核心载体，通过不断完善功能模块，中央预订系统不断迭代，实现订单处理效率及客户 预订体验双提升，为业务开展提供坚实的技术支撑。同时，全球采购平台（GPP）的规模化应用持续深 化，通过数字化手段实现供应链协同，为门店运营提供高效支持。 锦江酒店 （600754.SH）作为国内酒店行业的重要力量，在复杂的市场环境中，始终坚守品质底线，通 过品牌结构优化、服务标准升级等举措，保持了企业 ...

Market Overview - The hotel and catering sector increased by 3.16% on August 20, with Xi'an Catering leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Stock Performance - Key stocks in the hotel and catering sector showed significant gains, with Xi'an Catering closing at 9.85, up 10.06%, and Quanjude at 12.82, up 8.00% [1] - Other notable performers included ST Yunwang, Tongqinglou, and Huatian Hotel, with respective increases of 4.79%, 3.19%, and 2.89% [1] Capital Flow - The hotel and catering sector saw a net inflow of 310 million yuan from institutional investors, while retail investors experienced a net outflow of 227 million yuan [1] - Specific stock capital flows indicated that Xi'an Catering had a net inflow of 229 million yuan from institutional investors, despite a net outflow of 104 million yuan from retail investors [2]

Group 1 - The core viewpoint of the article highlights the financial performance and stock market activity of Jin Jiang Hotels, indicating a decline in revenue and net profit for the first quarter of 2025 [1][3] - As of August 19, 2025, Jin Jiang Hotels' stock closed at 22.68 yuan, down 0.53%, with a trading volume of 88,400 lots and a transaction amount of 201 million yuan [1] - The company experienced a net outflow of main funds amounting to 17.48 million yuan, representing 8.7% of the transaction amount, with significant outflows from large orders [1] Group 2 - For the first quarter of 2025, Jin Jiang Hotels reported total operating revenue of 2.942 billion yuan, a year-on-year decrease of 8.25%, and a net profit attributable to shareholders of 36.01 million yuan, down 81.03% year-on-year [1] - The company's current ratio is 0.836, quick ratio is 0.833, and debt-to-asset ratio stands at 65.34% [1] - Jin Jiang International Hotel Co., Ltd. was established in 1994 and is primarily engaged in the accommodation industry, with a registered capital of 10.700 billion yuan [1][2]

风险提示：文中涉及数据仅供参考，不构成投资建议。市场有风险，投资需谨慎。 本文源自：金融界 作者：A股君 锦江酒店主营业务包括全服务型酒店营运及管理、有限服务型酒店营运及管理、食品及餐饮业务。公司 控股股东为上海锦江资本有限公司，实际控制人为上海市国资委。公司旗下运营30余个酒店品牌，截至 2024年底已开业酒店达13416家，客房总数129万间。 公司近期向港交所递交上市申请，计划发行不超过总股本15%的H股，募集资金拟用于拓展海外业务、 偿还银行贷款及补充营运资金。2024年公司海外酒店业务收入42.56亿元，占总营收比重超过30%，但 境外业务已连续五年亏损。截至2025年一季度末，公司短期债务合计超过65亿元，长期借款68.5亿元。 锦江酒店8月19日股价报22.68元，较前一交易日下跌0.12元，跌幅0.53%。当日开盘价为22.80元，最高 触及22.91元，最低下探22.63元，成交量为88399手，成交金额2.01亿元。 8月19日主力资金净流出1748.47万元，占流通市值比为0.08%。近五日主力资金累计净流出180.07万 元，占流通市值比为0.01%。 ...