上海锦江国际酒店股份有限公司 舆情管理制度 第一章 总 则 第一条 为提高上海锦江国际酒店股份有限公司（以下简称"公司"）舆情 管理能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对公司股价、 商业信誉及正常生产经营活动造成的影响，切实维护全体股东尤其是中小投资者 合法权益，根据相关法律、法规和规范性文件及《上海锦江国际酒店股份有限公 司章程》（以下简称"公司章程"）的有关规定，结合公司实际情况，特制定本 制度。 第二条 本制度所称舆情主要包括： （一）网络、报刊、电视、广播等媒体对公司进行的报道； （二）社会上存在的已经或将给公司造成重大影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较 大影响的事件信息。 第三条 本制度适用于公司及合并报表范围内的各级子公司、分公司。 第二章 舆情管理的组织体系及其工作职责 第四条 公司应对各类舆情实行统一领导、统一组织、快速反应、协同应对 的工作机制。 第五条 公司成立应对舆情管理工作领导小组（以下简称"舆情工作组"）， 由公司董事长任组长，董事会秘书任 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-002 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。 重要内容提示： 上海锦江国际酒店股份有限公司 关于控股股东一致行动人增持公司 B 股股份 及后续增持计划的公告 ● 首次增持情况：2025 年 2 月 28 日，上海锦江国际酒店股份有限公司（以 下简称"公司"）控股股东上海锦江资本有限公司（以下简称"锦江资本"）一 致行动人锦江国际酒店集团（香港）投资管理有限公司（以下简称"锦江香港") 通过上海证券交易所以集中竞价交易方式首次增持公司 B 股股份 500,000 股，占 公司总股本的 0.0467%。本次增持后，锦江香港将按照增持计划，继续择机增持公 司 B 股股份。 ● 增持计划情况：公司于 2025 年 2 月 28 日收到锦江资本的函，锦江资本一 致行动人锦江香港拟通过上海证券交易所允许的方式（包括但不限于集中竞价交 易、大宗交易等）增持公司 B 股股份。增持 B 股股份数不低于 900 万股（含本数）， 不超过 1,800 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-001 本次担保是否有反担保：无 对外担保逾期的累计金额：无 上海锦江国际酒店股份有限公司 关于为全资子公司海路投资提供担保的公告 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。 重要内容提示： 被担保人名称：本公司全资子公司 Sailing Investment Co, S.à r.l. （卢森堡海路投资有限公司，以下简称"海路投资"） 本次担保金额：29,950 万欧元，截至本公告日，公司为海路投资担保的 余额为 72,480 万欧元。 特别风险提示：海路投资存在资产负债率超过 70%的情形，请投资者注意 投资风险。 一、担保情况概述 于 2025 年 2 月 24 日，上海锦江国际酒店股份有限公司（以下简称"锦江酒 店"、"本公司"或"公司"）与中国民生银行股份有限公司上海自贸试验区分 行（以下简称"民生银行"）就海路投资申请 29,950 万欧元综合授信合同签署《最 高额保证合同》。 上述担保事项已经公司第十届董事会第二十七次会议、 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][2][29] Core Views - The acquisition of minority stakes in core brands is expected to enhance growth and boost market confidence. The acquisition involves cash payments totaling 17.14 billion, with 60-70% of the transaction proceeds committed to purchasing the company's stock, thereby aligning interests and improving market sentiment [2][3][10] - The core mid-range hotel brands, including Lavande, Xana, and Coffetel, have shown strong profitability and growth potential. In 2023, the net profits for these brands were 2.69 billion, 0.82 billion, and 0.77 billion respectively, indicating solid performance [1][20][21] Summary by Sections Acquisition Details - The company plans to acquire 38% of Lavande for 11 billion, 32.3% of Xana for 2.9 billion, and 38% of Coffetel for 3.24 billion. Post-acquisition, the company will hold 95% of these brands, with a goal of achieving 100% ownership after the cancellation of the remaining 5% held by the original founders [5][10][20] Financial Projections - The company has slightly revised its profit forecasts for 2024-2026, projecting net profits of 12.1 billion, 13.8 billion, and 16.5 billion respectively. The PE ratios for these years are estimated at 24, 21, and 17 times [2][29][32] - The acquisition is expected to enhance the company's net profit by approximately 1.6 billion, contributing positively to future performance [25][27] Market Position and Growth - The mid-range hotel brands are crucial to the company's revenue structure, with Lavande, Xana, and Coffetel accounting for significant portions of the overall hotel openings. In 2023, these brands opened 1199, 616, and 526 new locations respectively, representing 80% of the net openings in the mid-range segment [20][21][26] - The brands have maintained a strong growth trajectory, with a combined net profit margin of 34%, 29%, and 30% for Lavande, Xana, and Coffetel in 2023 [21][25]

Investment Rating - The investment rating for the company is "Buy" with a current price of 26.98 CNY and a target value of 33.40 CNY, maintaining the previous rating of "Buy" [10]. Core Views - The report highlights the effective motivation of the management team as the company continues to integrate its operations in China and advance structural adjustments. The exit of the 622 model marks a significant change, enhancing the company's control over subsidiaries and improving operational efficiency [8][18]. - The acquisition of minority stakes in Lavande, Xana, and Coffetel is expected to bolster profits, with an estimated increase of approximately 1.8 billion CNY in net profit attributable to the parent company after the acquisitions are completed [18]. - The report projects net profits for the years 2024 to 2026 to be 12.1 billion CNY, 14.9 billion CNY, and 17.5 billion CNY respectively, indicating a clear upward improvement path [18]. Financial Summary - The company's revenue for 2023 is projected at 14,649 million CNY, with a growth rate of 29.5%. The expected revenue for 2024 is 14,384 million CNY, showing a slight decline of 1.8% [19]. - The net profit attributable to the parent company for 2023 is estimated at 1,002 million CNY, with a significant growth rate of 691.1%. For 2024, the net profit is projected to be 1,210 million CNY, reflecting a growth rate of 20.8% [19]. - The report provides a detailed financial outlook, including EBITDA projections of 4,916 million CNY for 2024, with a steady increase expected in subsequent years [19].

Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Views - The company plans to acquire minority stakes in three subsidiaries (Lavande, Xana, and Coffetel) for a total of 1.715 billion yuan, which is expected to enhance performance and consolidate resources [4] - Post-acquisition, the subsidiaries will become wholly-owned, with no new goodwill added, and the transaction valuations are reasonable (2023 PE multiples of 10.64x, 10.66x, and 10.62x) [5] - The acquisition will improve decision-making efficiency and resource integration, with 60%-70% of the transaction proceeds to be used for purchasing the company's shares, aligning interests [6] Financial Projections - Revenue for 2024-2026 is projected at 14.0/14.87/15.27 billion yuan, with YoY growth of -4.4%/+6.2%/+2.7% [7] - Net profit attributable to shareholders is forecasted at 1.256/1.457/1.730 billion yuan, with YoY growth of +25%/+16%/+19% [7] - EPS for 2024-2026 is estimated at 1.17/1.36/1.62 yuan, with PE ratios of 22x/19x/16x based on the closing price of 26.24 yuan on December 24, 2024 [7] Financial Performance - 2023 revenue was 14.649 billion yuan, with a YoY growth of 29.5%, while 2024 revenue is expected to decline by 4.4% to 14.001 billion yuan [11] - Net profit in 2023 was 1.002 billion yuan, with a YoY growth of 691.1%, and is expected to grow by 25.4% in 2024 to 1.256 billion yuan [11] - Gross margin improved from 33.3% in 2022 to 42.0% in 2023, and is projected to further increase to 48.5% by 2026 [11] Valuation Metrics - The company's PE ratio for 2024-2026 is estimated at 22x/19x/16x, with a PB ratio of 1.57x/1.45x/1.33x [15] - ROE is expected to improve from 6.0% in 2023 to 8.2% by 2026 [15]

Investment Rating - The report maintains a "Buy" rating for Jinjiang Hotels, projecting a significant recovery in profitability and market position over the next few years [2][11]. Core Views - Jinjiang Hotels, as China's largest hotel chain, is expected to leverage its brand and operational strengths for continued network expansion. The company is positioned to recover profitability as business travel demand rebounds, following a period of strategic resource integration during the pandemic [2][12]. - The acquisition of minority stakes in the Plateno brand is anticipated to enhance Jinjiang's market share and profitability, with projected net profits from these acquisitions contributing approximately 1.6 billion yuan [12][13]. Financial Summary - The forecasted net profits for Jinjiang Hotels from 2024 to 2026 are 1.24 billion yuan, 1.42 billion yuan, and 1.53 billion yuan, respectively, with corresponding P/E ratios of 22.61, 19.80, and 18.34 [2][11]. - The total revenue for 2024 is projected at 14.20 billion yuan, with a slight decrease from 2023's 14.65 billion yuan, followed by a gradual increase in subsequent years [11][12]. - The company's total assets are expected to remain stable around 50 billion yuan, with a slight increase in shareholder equity from 16.68 billion yuan in 2023 to 20.55 billion yuan by 2026 [7][11]. Market Data - The closing price of Jinjiang Hotels is reported at 26.24 yuan, with a market capitalization of approximately 28.08 billion yuan [15]. - The company has a price-to-book ratio of 1.65, indicating a reasonable valuation relative to its equity [15]. Industry Outlook - The hotel industry is expected to see a balance in supply and demand by 2025, with RevPAR projected to stabilize. Jinjiang Hotels is anticipated to outperform the industry due to its strategic expansions and operational efficiencies [12][13].

Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Views - The acquisition of minority stakes in Lavanda, Xana, and Coffetel will enhance the company's performance, with an expected profit increase of approximately 146 million yuan based on 2023's net profit levels [1]. - The transaction's price-to-earnings (PE) ratio is lower than the industry average, indicating a reasonable valuation for the acquisition [1]. - The acquisition is expected to improve internal management efficiency by consolidating resources and reducing management costs [1]. Financial Summary - The company reported a revenue of 14,649 million yuan in 2023, with a growth rate of 33.08% compared to 2022 [3]. - The net profit attributable to the parent company for 2023 was 1,002 million yuan, reflecting a significant increase of 782.71% from the previous year [3]. - The projected net profits for 2024E, 2025E, and 2026E are 1,201 million yuan, 1,427 million yuan, and 1,741 million yuan, respectively, with corresponding PE ratios of 23.38X, 19.67X, and 16.13X [1][3]. Acquisition Details - The company acquired 38%, 32%, and 38% stakes in Lavanda, Xana, and Coffetel for 11.01 billion yuan, 2.90 billion yuan, and 3.24 billion yuan, respectively [1][5]. - Post-acquisition, the company will hold 95% of the shares in these three entities, which are expected to contribute positively to the overall performance [1][5]. - The financial performance of the acquired companies in 2023 includes net profits of 269 million yuan for Lavanda, 82 million yuan for Xana, and 77 million yuan for Coffetel, with net profit margins of 33.7%, 28.9%, and 29.9%, respectively [1][5].

Plateno Investment Limited 拟股权收购所涉及的 Lavande Holdings Limited 股东全部权益价值的 资产评估报告 东洲评报字【2024】第 1444 号 本资产评估报告依据中国资产评估准则编制 (报告书、附件、评估说明及明细表) 共３卷 第１卷 共 1 册 第 1 册 上海东洲资产评估有限公司 2024年8月28日 资产评估报告 东洲评报字【2024】第 1444 号 明 HE 一、本资产评估报告依据财政部发布的资产评估基本准则和中国资产评估协会发 布的资产评估执业准则和职业道德准则编制。 二、委托人或者其他资产评估报告使用人应当按照法律、行政法规规定和资产评 估报告载明的使用范围使用资产评估报告;委托人或者其他资产评估报告使用人违反 前述规定使用资产评估报告的,资产评估机构及资产评估专业人员不承担责任。 三、资产评估报告仅供委托人、资产评估委托合同中约定的其他资产评估报告使 用人和法律、行政法规规定的资产评估报告使用人使用;除此之外,其他任何机构和个 人不能成为资产评估报告的使用人。 四、资产评估报告使用人应当正确理解和使用评估结论,评估结论不等同于评估 对象可实 ...

本资产评估报告依据中国资产评估准则编制 Plateno Investment Limited 拟股权收购所涉及的 Coffetel Holdings Limited 股东全部权益价值的 资产评估报告 al and the 东洲评报字【2024】第 1453 号 (报告书、评估说明、评估明细表及附件) 共3卷 第1卷 共1册 第1册 上海东洲资产评估有限公司 2024 年 8 月 28 日 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3131020001202402172 | | --- | --- | | 合同编号: | 东洲评委(202405136)号 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 东洲评报字【2024】第1453号 | | 报告名称: | Plateno Investment Limited拟股权收购所涉及的 Coffetel Holdings Limited股东全部权益价值的 资产评估报告 | | 评估结论: | 820,024,957.03元 | | 评估报告日: | 2024年08月28日 | | 评估机构名称: | 上海东洲资产评估有 ...