一、事件：国庆长假 2025国庆中秋假期讲连休共计8天。 黄山9月1日起购买"黄山旅游一卡通（全国版）"自动赠送200元文旅消费券礼包，发放至"黄山旅游官方平台"小程序； 杭州西湖区："2025杭州西湖文旅消费券"，9月4日10:00-9月6日23:59为新一期，全国用户可参与，后续轮次持续至12月 30日。 出境游强劲复苏 据去哪儿平台数据显示，今年暑期，热门城市的国际机票预订量已回升至疫情前的五成以上。同时，文旅部公布的恢复 出境团队游第三批名单中，日本和韩国成为了暑期热门目的地，其预订量相比年初激增近10倍，且机票价格较之前下降 了大约四成。 此外，飞猪数据显示，7月平台上的签证办理量同比激增13倍以上。其中，日本等目的地的签证办理量已超越2019年同 期，而韩国、印度、芬兰、卢森堡、瑞典等地的本地玩乐服务日均履约量也已全面恢复至疫情前水平。 据文旅部数据显示，2025年上半年，国内居民出游人次32.85亿，同比增长20.6%；国内居民出游花费3.15万亿元，同比 增长15.2%。据中国旅游研究院预测，2025年暑期国内旅游人次有望突破25亿人次，总消费规模预计达1.8万亿元。 多地将在9月发放文旅消费 ...

来源：新浪港股 【深度】锦江酒店冲刺"A+H"：国内降价保入住、海外失血成包袱 近百亿担保商誉高企埋暗雷 近日，锦江酒店收到证监会关于本次境外上市的备案反馈意见，具体反馈如下： 一、进一步说明发行人子公司是否存在《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，说明发行人股本中国有股份 相关情况。 三、发行人及下属公司开发、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、数据收集使用情况，是否存在向第三方提供信息、信息数据跨境流动的情形，以及上市前后个人信 息保护和数据安全的安排或措施。 反外资准入政策的明确依据;(3)除上述外,发行人及境 内子公司经营范围和实际业务经营是否涉及《外商投资准入 特别管理措施(负面清单)(2024年版)》外资禁止或限制 准入领域。 五、请说明募集资金投向是否符合境外投资相关规定, 并提供明确依据。 请你公司补充说明以下事项,请律师核查并出具明确的 法律意见: 一、进一步说明发行人子公司是否存在《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 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江 B 股 公告编号：2025-047 上海锦江国际酒店股份有限公司 关于股份性质变更暨 2024 年限制性股票激励计划 权益授予的进展公告 经公司与上海证券交易所和中国证券登记结算有限责任公司上海分公司确 认，本次预留授予 108 名激励对象实际出资认购的 84.54 万股限制性股票将由无 限售条件流通股变更为有限售条件流通股，股份来源为公司从二级市场回购的本 公司人民币 A 股普通股股票。 公司股本结构变更情况如下： 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。 根据《上市公司股权激励管理办法》、上海证券交易所和上海锦江国际酒店 股份有限公司（以下简称"公司"或"本公司"）2024 年限制性股票激励计划 （以下简称"本激励计划"）的规定，本激励计划限制性股票预留授予条件已经 成就。根据公司 2024 年第一次临时股东大会授权，公司于 2025 年 8 月 8 日召开 第十一届董事会第四次会议，审议通过了《关于向 2024 年限制性股票激励计划 激励对象授予预留部 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江 B 股 公告编号：2025-047 上海锦江国际酒店股份有限公司 关于股份性质变更暨 2024 年限制性股票激励计划 权益授予的进展公告 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。 根据《上市公司股权激励管理办法》、上海证券交易所和上海锦江国际酒店 股份有限公司（以下简称"公司"或"本公司"）2024 年限制性股票激励计划 （以下简称"本激励计划"）的规定，本激励计划限制性股票预留授予条件已经 成就。根据公司 2024 年第一次临时股东大会授权，公司于 2025 年 8 月 8 日召开 第十一届董事会第四次会议，审议通过了《关于向 2024 年限制性股票激励计划 激励对象授予预留部分限制性股票的议案》，同意以 2025 年 8 月 8 日为预留授 予日，向 117 名激励对象授予 91.38 万股限制性股票，授予价格为 11.15 元/股。 具体内容详见公司披露的相关公告。 公司股本结构变更情况如下： 1 | 股份类型 | 本次变更前 | | 增减变动 | 本 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Views - The company has shown initial results in cost reduction and efficiency improvement, with a focus on high-quality development [1]. - The hotel business performance has been flat, but there are signs of marginal improvement in the second quarter [2]. - The overseas operations are showing signs of recovery, although adjustments in management are still needed [3]. - The company is actively expanding its hotel network and enhancing its competitive edge through digital transformation and member system improvements [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 6.526 billion RMB, a year-on-year decrease of 5.31%, and a net profit attributable to shareholders of 371 million RMB, down 56.27% [1]. - The second quarter saw revenue of 3.585 billion RMB, a decrease of 2.74% year-on-year, with a net profit of 335 million RMB, down 49.12% [1]. Hotel Business Operations - The hotel business revenue for H1 2025 was 6.422 billion RMB, down 5.14% year-on-year, with a net profit of 240 million RMB, down 66.16% [2]. - The domestic hotel business revenue was 4.575 billion RMB, down 4.25% year-on-year, primarily due to a subdued business travel environment [2]. Overseas Operations - In H1 2025, overseas limited-service hotel revenue was 2.37 billion EUR, down 9.02%, with a net loss of 45.15 million EUR [3]. - The company is focusing on debt restructuring and improving profitability through various financial strategies [3]. Expansion and Strategy - As of H1 2025, the company operated 13,796 hotels, with 673 new openings and 293 closures, resulting in a net increase of 380 hotels [4]. - The company has signed contracts for 17,771 hotels, with a reserve of 3,975 hotels, indicating strong market share growth [4]. Profit Forecast and Valuation - The report maintains profit forecasts with expected EPS of 0.95, 1.17, and 1.33 RMB for 2025, 2026, and 2027 respectively [5]. - The target price is set at 27.55 RMB, based on a 29x PE for 2025 [5].

Group 1 - The hotel industry has experienced a significant boost this summer, with a strong demand for quality travel and unique experiences, as evidenced by the increase in average order prices by 9.9% year-on-year during the summer travel season [1] - High-end hotels are performing well, with occupancy rates exceeding 70% in locations like Sanya, where innovative activities such as coral reef observation camps have become popular [2] - The trend of traveling to events, such as concerts and exhibitions, has surged, with hotel and attraction searches around event venues increasing significantly, exemplified by a more than 7-fold increase in searches following the sale of concert tickets [2] Group 2 - The recovery of outbound tourism has been rapid, with popular destinations including Japan, Thailand, and South Korea seeing substantial growth in hotel bookings, such as a 98% increase in orders for hotels in Okinawa, Japan [3] - Hotels in destinations like Uzbekistan are adapting to cater to Chinese tourists, offering services such as Chinese-speaking concierge and traditional tea sets to enhance the guest experience [3] - Traditional tourist destinations like Indonesia and Australia continue to thrive, with family-friendly services being introduced in hotels to attract Chinese tourists, including free accommodation for children and dedicated entertainment activities [4] Group 3 - The cruise market has also seen a strong recovery, with over 1.377 million travelers passing through Shanghai's cruise port this year, marking a 48.71% year-on-year increase [4] - The demand for family-oriented cruise experiences has risen, with over 60% of guests being families, leading to increased bookings for family room types and entertainment facilities [4] - The cruise ship "Spectrum of the Seas" achieved record-high occupancy rates during the summer, indicating robust demand in the cruise sector [4]

Core Insights - The hotel industry is undergoing a strategic transformation from "scale expansion" to "value cultivation" in member operations, with Jin Jiang Hui as a leading example of this shift [1] - Jin Jiang Hui has launched nearly 30 summer cultural and tourism activities, leveraging user insights and ecological operational strategies to stand out in a competitive market [1] User Engagement - Jin Jiang Hui's APP and mini-program saw a nearly 15% increase in monthly active users during the summer, with a 106% month-on-month increase in activity participation [3] - The platform has created a complete closed loop of "digital user assets - diversified consumption scenarios - instant value realization," transforming members from "transients" to "residents" through high-frequency, strongly related scenario designs [3] Points Redemption - In a single month, nearly 600 million points were consumed, showcasing Jin Jiang Hui's innovative construction of a "points equal rights" value closed loop [5] - The integration of points redemption across various sectors, such as global travel projects and Michelin restaurant bookings, has transformed the points system from a promotional tool to a value currency, significantly increasing member lifetime value (LTV) [5] Comprehensive Ecosystem - Jin Jiang Hui's unique four-dimensional service ecosystem encompasses "eating, staying, traveling, and playing," supported by the extensive hospitality industry chain of Jin Jiang International Group [7] - The integration of cultural consumption resources, such as performance tickets and intangible cultural heritage experiences, expands member rights beyond traditional offerings, enhancing the emotional value of membership [7] - The evolution of the membership system signifies a fundamental shift from maintaining transactional relationships to co-creating lifecycle value, indicating a transition from price competition to value symbiosis in the industry [7]

去年底，锦江酒店（中国区）与马来西亚本土酒管集团RIYAZ达成合作，宣布正式进入东南亚市场。 半年后，在锦江品牌90周年之际，锦江酒店（中国区）迈出了实质性的一步——2025年8月27日，与马 来西亚酒管企业RJJ Hotels（RIYAZ集团为此次合作特别成立的酒管公司）在吉隆坡正式签署管理许可协 议，确立了战略合作伙伴关系，宣布未来五年内携手将包括锦江都城、麗枫、锦江之星、暻阁、云居在 内的五大民族品牌，在马来西亚、印度尼西亚、越南、老挝、柬埔寨、菲律宾落地拓展超180家门店。 作者 | 江江 统筹 | 黄嘉翔 视觉 | 思乐 免签东风下，今年的出境游市场显著复苏。多家平台数据显示，境外旅游产品预订量大幅增长。中国旅 游研究院也指出，出境游市场已进入繁荣新周期。 尤其是东南亚市场。数据显示，2025年东南亚预计吸引1.2亿国际游客，旅游收入突破3500亿美元，占区 域GDP的比重将提升至8.5%，其中越南、马来西亚、泰国等国增速领先，展现出强劲的发展势头。 阳光、热浪、沙滩、美食，依托得天独厚的旅游资源，东南亚国家无疑是众多中产家庭"说走就走"的第 一站，也是全球酒店业增长的新引擎、新蓝海。酒店企业们陆续 ...

Core Viewpoint - The hotel and catering sector experienced a rise of 0.91% on September 1, with Quan Juding leading the gains, while the overall market indices also showed positive performance [1][2]. Group 1: Market Performance - The Shanghai Composite Index closed at 3875.53, up by 0.46% [1] - The Shenzhen Component Index closed at 12828.95, up by 1.05% [1] Group 2: Individual Stock Performance - Quan Juding (002186) closed at 14.39, with a gain of 3.53% and a trading volume of 347,800 shares, totaling a transaction value of 492 million yuan [1] - Junting Hotel (301073) closed at 25.99, up by 3.22%, with a trading volume of 147,500 shares and a transaction value of 381 million yuan [1] - Jinling Hotel (601007) closed at 8.07, gaining 3.07%, with a trading volume of 231,300 shares and a transaction value of 185 million yuan [1] - Tongqinglou (605108) closed at 21.61, up by 2.42%, with a trading volume of 74,300 shares and a transaction value of 159 million yuan [1] - Huatian Hotel (000428) closed at 3.73, gaining 1.91%, with a trading volume of 295,800 shares and a transaction value of 110 million yuan [1] - Xi'an Catering (000721) closed at 10.55, up by 1.15%, with a trading volume of 821,200 shares and a transaction value of 880 million yuan [1] - Shoulv Hotel (600258) closed at 15.35, gaining 0.66%, with a trading volume of 322,200 shares and a transaction value of 493 million yuan [1] - *ST Yunwang (002306) closed at 1.88, up by 0.53%, with a trading volume of 186,200 shares and a transaction value of 34.93 million yuan [1] - Jinjiang Hotel (600754) closed at 23.04, down by 0.82%, with a trading volume of 159,000 shares and a transaction value of 367 million yuan [1] Group 3: Fund Flow Analysis - The hotel and catering sector saw a net outflow of 38.80 million yuan from institutional funds, while retail investors contributed a net inflow of 30.77 million yuan [2] - Speculative funds recorded a net inflow of 803.19 million yuan into the sector [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a significant decline in net profit due to high base effects from the previous year, but the non-recurring net profit showed a year-on-year increase [3][4] - The company is progressing well with its store opening plans, having opened 673 new hotels in the first half of 2025, with a net increase of 380 hotels [6] - The company is focusing on a light-asset model, with a significant increase in franchise hotels while reducing directly operated hotels [6] Financial Performance - In H1 2025, the company achieved operating revenue of 6.526 billion yuan, a year-on-year decrease of 5.31%, and a net profit attributable to shareholders of 371 million yuan, down 56.27% [3] - The non-recurring net profit for H1 2025 was 409 million yuan, reflecting a year-on-year increase of 5.17% [3] - The gross profit margin for H1 2025 was 36.28%, a decrease of 3.57 percentage points year-on-year, primarily due to declining room rates [5] RevPAR Analysis - The RevPAR for limited-service hotels in H1 2025 was 146.0 yuan, down 5.10% year-on-year, with average room rates decreasing by 6.15% [4] - The RevPAR for full-service hotels in H1 2025 was 215.67 yuan, down 10.23% year-on-year [4] - The company’s overseas limited-service hotels achieved a RevPAR of 38.88 euros, a year-on-year decrease of 1.67%, but the average room rate increased by 2.27% [5] Store Opening Strategy - The company plans to open 1,300 new hotels in 2025 and has signed contracts for 2,000 new hotels [6] - The franchise strategy is being deepened, with a net increase of 414 franchise hotels in H1 2025 [6] Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downwards, with net profit estimates of 1.006 billion yuan, 1.205 billion yuan, and 1.412 billion yuan respectively [6][7] - The current stock price corresponds to a P/E ratio of 25 for 2025, 21 for 2026, and 18 for 2027 [6][7]