Core Viewpoint - The dual listing model of "A+H" is gaining momentum in China, with Jinjiang Hotels being the first hotel giant to pursue an H-share listing in Hong Kong to enhance its global strategy and connect with international capital markets [1][4]. Company Overview - Jinjiang Hotels plans to issue H-shares not exceeding 15% of its total share capital post-issuance, with an option for an additional 15% through an overallotment [4]. - The company aims to use the raised funds for expanding overseas operations, repaying bank loans, and supplementing working capital, indicating a focus on internationalization despite current performance challenges [4][5]. Financial Performance - In 2024, Jinjiang Hotels reported total revenue of 14.063 billion yuan, a decrease of 4% year-on-year, and a net profit of 911 million yuan, down 9.06% [6]. - The company experienced a significant decline in quarterly performance, with the fourth quarter showing a net loss of 195 million yuan and a gross margin drop of 7.05 percentage points to 33.09% [6][8]. - The limited-service hotel segment, which constitutes 99.37% of its portfolio, saw a revenue decline of 4.62% to approximately 13.58 billion yuan [8]. Market Context - Jinjiang Hotels' move to list in Hong Kong is seen as a catalyst for accelerating its international expansion, providing access to global investors and enhancing its capital structure [11]. - The company has previously faced challenges in its overseas ventures, particularly with the acquisition of the Louvre Hotels Group, which has been underperforming since 2020 [12][14]. - The competitive landscape shows that while Jinjiang remains a leader in scale, its performance contrasts sharply with peers like Huazhu Group and Shoulv Hotels, which have shown growth [9][11]. Future Outlook - Jinjiang Hotels plans to open 1,300 new hotels in 2025, a reduction from 1,515 in 2024, with projected revenue growth of 2% to 7% [14]. - The company’s recent financial results indicate ongoing challenges, with a first-quarter revenue drop of 8.25% and a net profit decline of 81.03% [14]. - The current IPO climate in Hong Kong, with a significant increase in new listings and capital raised, presents a potential opportunity for Jinjiang to secure funding for its international operations [15].

Group 1: Education Industry Insights - The high school education sector is expected to benefit from demographic and policy dividends, leading to an increase in degree supply [1][3] - There is a strong demand for high school education, with a stable population demand projected for the next 7-8 years, as the number of eligible students is expected to remain robust until around 2032-2033 [2][3] - Government policies are supporting the expansion of high school education resources, promoting the integration of vocational and general education [3][4] Group 2: Private High School Growth - The proportion of private high schools is continuously increasing, with private high schools accounting for 30% of the total number of high schools in 2023, up from 17% in 2011 [4] - In 2023, there were 15,381 high schools in China, with 4,567 being private institutions, and the number of students in private high schools reached 548,000, representing 20% of total high school enrollment [4] Group 3: Company Overview - Taili Technology - Taili Technology is a leading provider of home storage solutions, with its core product, vacuum storage bags, leading in e-commerce market share and steady revenue growth [1][6] - The company is expected to achieve revenues of 1.148 billion, 1.262 billion, and 1.369 billion yuan from 2025 to 2027, with corresponding net profits of 99 million, 103 million, and 108 million yuan, reflecting growth rates of 12.5%, 4.8%, and 4.3% respectively [6][7] - Taili Technology's products are characterized by significant competitive advantages in material research and development, with a focus on innovation and a dual-track operation model of self-owned brands and ODM/OEM [7][8] Group 4: Market Trends and Sales Channels - The global home goods market is projected to exceed 851.98 billion USD by 2025, with a high demand for storage products [6] - Taili Technology has established a diversified sales model, with online direct sales contributing 71% of revenue in 2024, and its vacuum storage bags ranking first in category sales on platforms like Tmall and JD [8] - The company has successfully implemented a data-driven operation model, enhancing customer retention rates between 18% and 23% [8]

日前，锦江酒店（600754）公告称：为深入推进公司的全球化战略，加强与境外资本市场对接，进一步提升公 司治理透明度和规范化水平，公司拟于境外发行股份（H 股）并在香港联合交易所有限公司上市。本次拟发行 的H股股数不超过本次发行后公司总股本的15%（超额配售权行使前）。相关募集资金在扣除相关发行费用后， 将用于（包括但不限于）进一步加强及拓展海外业务、偿还银行贷款及补充营运资金等。 此前2020年9月，华住集团已通过在香港交易所主板完成二次上市的方式，成为"美股+港股"双重主要上市企 业，以期长期服务于品牌全球化与资本国际化。彼时有评论称，华住集团的主要业务集中在中国及亚洲，港股 更贴近本土投资者，有助于提升公司流动性和估值合理性。若企业主要业务集中在亚太地区，香港上市有助于 吸引东南亚投资者，便于进一步商业拓展。 工商资料显示，作为锦江酒店的控股股东，上海锦江资本有限公司就曾在2006年12月在香港联交所主板上市， 股票代码为02006.HK。2022年10月3日，锦江资本被上海锦江国际（集团）有限公司私有化，从港股退市，以改 变当时估值、股价和流动性均长期低迷的情况。 锦江酒店开业品牌运营情况。（图源：公 ...

Investment Rating - The report rates the social services industry as "Overweight" indicating a positive outlook for the sector [4]. Core Insights - The report highlights the resurgence of instant film photography, particularly the popularity of "Peel Apart" film and the new "Life Four Frames" photo booths, driven by nostalgia and unique consumer experiences [5][11]. - The scarcity of Peel Apart film, with global inventory dropping below 500,000 boxes, has led to a dramatic price increase, with prices soaring from around 65-70 RMB per pack to 2800-3300 RMB on second-hand platforms, earning it the nickname "Paper Moutai" [9][11]. - The "Life Four Frames" photo booths have modernized the traditional photo booth experience, offering various backgrounds and instant photo printing, appealing to younger consumers [11][12]. Summary by Sections 1. New Trends in Photography - Peel Apart film has gained immense popularity due to its unique aesthetic and the limited availability of products from major manufacturers like Polaroid and Fujifilm, which have ceased production [8][9]. - The "Life Four Frames" photo booths have evolved from traditional photo booths, providing a more interactive and customizable experience for users [11]. 2. Market Performance Review - The social services sector saw a 2.09% increase in its index from June 2 to June 6, outperforming the broader market [13]. - Key stocks in the social services sector, such as ST United and Jinling Hotel, experienced significant gains, with increases of 21.46% and 11.87% respectively [18]. 3. Company Announcements - Companies in the retail and social services sectors are actively engaging in stock buybacks and shareholder reduction plans, indicating a focus on enhancing shareholder value [26][27]. 4. Industry Developments - The report notes significant developments in the social services industry, including record passenger numbers during the Dragon Boat Festival, showcasing a recovery in travel and tourism [30]. - The introduction of new technologies and partnerships, such as the investment in Acai Travel by Amadeus, reflects ongoing innovation within the industry [30]. 5. Valuation of Key Companies - The report provides a detailed valuation of key companies in the human resources, tourism, and hotel sectors, indicating a favorable outlook for these industries as they recover from previous downturns [32][33].

访问36氪出海网站 letschuhai.com ，获取更多全球商业相关资讯。 公司动态 小米未来5年内将在海外开拓10000家门店 6月3日消息，在小米集团2025投资者大会上，雷军向投资者汇报了小米的发展近况。小米今年已经开始把新零售模式在全球范围内铺开。下一步，小米在全 球范围内都会大力推进新零售战略，建设强有力的高效渠道。目前，小米在国际市场的新零售布局刚刚开始，我们计划未来5年内，在海外开拓10000家门 店。（新浪财经） 消息称小红书估值升至260亿美元 6月5日，据彭博社报道，在近期通过一家大型基金的交易中，小红书的估值飙升至260亿美元。这一最新估值并非来自公开融资，而是通过金沙江创投旗下 的一份股份交易文件。据彭博社获得的金沙江创投内部文件显示，小红书占据了该 GSR 基金资产的91%，截至3月底的基金净资产价值换算后，小红书估值 从此前报告的200亿美元大幅跃升至260亿美元。分析指出，这一估值突破了小红书在2021年新冠疫情期间的历史峰值，为业界普遍预期的今年 IPO 计划注 入强劲动力。（华尔街见闻） 甜啦啦印尼10店同步开业 36氪出海获悉，甜啦啦在印尼北苏门答腊省10家新店同步开业 ...

Group 1: Domestic Travel Trends - During the 2025 Dragon Boat Festival holiday, domestic travel reached 119 million trips, a year-on-year increase of 5.7% [1] - Total domestic travel expenditure during the holiday was 42.73 billion yuan, reflecting a year-on-year growth of 5.9% [1] - In Beijing, 8.21 million tourists were received during the holiday, marking a 5.4% increase compared to the previous year [1] - Beijing's tourism revenue during the holiday was 10.77 billion yuan, up 6.7% year-on-year [1] Group 2: Commercial Developments - The Wuhan Shanshan Outlets project is 95% complete, with the first batch of merchants expected to enter by mid to late June [2] - The project covers approximately 130,000 square meters and aims to attract over 250 well-known brands, marking Hubei's first lakeside outlet [2] Group 3: Corporate Investments - Haichang Ocean Park announced a strategic investment from Xiangyuan Holdings, involving the issuance of 5.1 billion new shares at a subscription price of 0.45 HKD per share, totaling 2.295 billion HKD [3] - The subscription price represents a discount of approximately 46.43% compared to the previous trading day's closing price [3] - If successful, Xiangyuan Holdings will become the controlling shareholder of Haichang Ocean Park [3] Group 4: Corporate Actions - Jinjiang Hotels plans to issue H-shares overseas and list on the Hong Kong Stock Exchange to enhance its global strategy and improve governance transparency [4] - The proposed issuance will not exceed 15% of the total share capital post-issuance, with an option for overall coordinators to exercise an additional 15% over-allotment [4] Group 5: Operational Issues - At the Atour Hotel in Hangzhou, a "hospital pillowcase" incident led to the hotel being removed from the Atour Group's app and mini-program [5] - The hotel acknowledged a serious operational oversight due to a supplier's error and has terminated its relationship with the supplier [5] - The hotel has conducted a thorough inspection of all room linens to prevent similar issues in the future [5]

Group 1 - The core point of the article is that Shanghai Jin Jiang International Hotel Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and attract international capital for overseas business expansion [2][6] - The funds raised from the H-share issuance will be used for strengthening and expanding overseas operations, repaying bank loans, and supplementing working capital [2][6] - Jin Jiang Hotel's H-share issuance scale will not exceed 15% of the total share capital after issuance, with an option for an additional 15% through an over-allotment option [2] Group 2 - Jin Jiang Hotel's main business includes full-service and limited-service hotel operations and management, as well as food and beverage services [3] - The company aims to improve corporate governance transparency and standardization through the H-share listing [6] - Jin Jiang Hotel's overseas hotel business generated revenue of 4.256 billion yuan, accounting for over 30% of total hotel revenue in 2024 [7] Group 3 - The company is focusing on debt restructuring and optimizing its organizational structure to improve profitability in its overseas operations [8] - Jin Jiang Hotel is accelerating its expansion into Southeast Asia, with plans to develop projects in Malaysia, Indonesia, Vietnam, Laos, Cambodia, and the Philippines [8] - The international listing is expected to enhance the company's global brand recognition and attract international talent [9]

Group 1: Hong Kong Stock Market Performance - As of May 2025, the total market capitalization of the Hong Kong securities market reached HKD 40.9 trillion, representing a 5% increase month-on-month and a 24% increase year-on-year [1] - The average daily trading amount in May was HKD 210.3 billion, up 50% compared to the same period last year [1] - In the first five months of the year, there were 29 new listings on the Hong Kong Stock Exchange, a 38% increase year-on-year, with IPO fundraising amounting to HKD 77.7 billion, a staggering 709% increase from the previous year [1] Group 2: Company Developments - Sanhua Intelligent Controls successfully passed the hearing for listing on the Hong Kong Stock Exchange, marking a significant step in its internationalization strategy. The company's projected revenues for 2022, 2023, and 2024 are RMB 21.348 billion, RMB 24.558 billion, and RMB 27.947 billion, respectively, with net profits of RMB 2.608 billion, RMB 2.934 billion, and RMB 3.112 billion [2] - Jiangnan Buyi announced plans to acquire land use rights in Hangzhou for a modern park integrating digital R&D and intelligent warehousing, indicating a proactive approach to business expansion despite the uncertainty of the bidding outcome [3] - Jinjiang Hotels announced its intention to issue shares and list in Hong Kong to enhance its global strategy and improve governance. The funds raised will be used to expand overseas operations, repay bank loans, and supplement working capital, despite a decline in revenue and net profit in 2024 [4] Group 3: Market Indices - The Hang Seng Index closed at 23,906.97, with a daily increase of 1.07% [5] - The Hang Seng Tech Index reached 5,319.96, reflecting a 1.93% increase [5] - The National Enterprises Index stood at 8,684.73, up by 1.26% [5]

Core Viewpoint - The company, Jinjiang Hotels, has announced the decision to issue H-shares and list them on the Hong Kong Stock Exchange, aiming to raise capital for future business development [1][2]. Group 1: H-share Issuance Details - The H-shares will be issued at a nominal value of RMB 1.00 per share, with the issuance method being a public offering in Hong Kong and international placement [1]. - The total number of H-shares to be issued will not exceed 15% of the company's total share capital post-issuance, with an option for an additional 15% through an overallotment option [2]. - The pricing of the H-shares will be determined based on market conditions and will consider the interests of existing shareholders [2]. Group 2: Target Investors and Regulatory Compliance - The issuance will target both international investors and qualified domestic investors, including those participating in the public offering in Hong Kong [3]. - The validity period for the resolutions related to the H-share listing is set for 24 months from the date of approval by the shareholders' meeting [3]. Group 3: Previous Fundraising Activities - Jinjiang Hotels has previously raised a total of RMB 9.518 billion through two rounds of fundraising, with the latest round occurring in 2021 at a price of RMB 44.60 per share [6]. - The company’s stock is currently trading below the price at which it was issued in previous fundraising rounds [6].

Group 1 - The core viewpoint of the article is that Jinjiang Hotels plans to launch an H-share issuance to enhance its global strategy and improve governance transparency, with funds aimed at expanding overseas operations, repaying bank loans, and supplementing working capital [1] - The planned H-share issuance will not exceed 15% of the total share capital post-issuance, with the final scale and ratio to be determined by the board of directors based on market conditions and regulatory approvals [1] - The company is in the early stages of this listing plan and will consider the interests of existing shareholders before proceeding within 24 months after shareholder approval [1] Group 2 - Jinjiang Hotels has entered a substantial phase of international expansion, particularly focusing on the Southeast Asian market, with plans to collaborate with Malaysian hotel management group RIYAZ to introduce five brands [2] - The company's overseas hotel operations have shown significant recovery, with RevPAR reaching 112.27% of 2019 levels in 2024, reflecting a 0.35% increase from 2023 [2] - In 2024, the company reported a decline in revenue from its overseas limited-service hotel business, with a revenue of €55.607 million, down 1.80% year-on-year, and a net loss of €5.689 million, which increased by €339,000 compared to the previous year [2] Group 3 - The company aims to optimize the capital structure of the French Louvre Group through the upcoming fundraising, which will also support cost control and financial optimization measures [3] - The Louvre Hotels Group operates several well-known brands, including Tulip Lodging, Kyriad, Campanile, and Golden Tulip, and has plans for further international brand expansion [3] - The trend of A-share companies pursuing H-share listings has been increasing, with several companies initiating H-share plans driven by internationalization strategies and financing efficiency [3]