Financial Performance - Total revenue for Q3 2025 was CNY 3,714,756,787.79, a decrease of 4.71% year-on-year[3] - Net profit attributable to shareholders was CNY 375,388,081.97, an increase of 45.45% compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 430,895,576.94, up 72.18% year-on-year[3] - Total profit for the period was CNY 539,655,484.27, reflecting a year-on-year increase of 3.92%[3] - Basic earnings per share for Q3 2025 was CNY 0.35, an increase of 45.83% year-on-year[3] - For the first nine months of 2025, the company reported a consolidated operating revenue of RMB 1,024,111 million, down 5.09% year-on-year[13] - The net profit attributable to shareholders for the same period was RMB 74,606 million, a decrease of 32.52% year-on-year[13] - Total operating revenue for the first three quarters of 2025 was CNY 10,241,106,635.76, a decrease of 5.1% compared to CNY 10,790,338,252.67 in the same period of 2024[35] - Net profit for the first three quarters of 2025 was CNY 799,319,134.97, a decline of 37.7% compared to CNY 1,284,076,648.20 in 2024[37] - Operating profit for the first three quarters of 2025 was CNY 1,223,324,732.14, down 32.5% from CNY 1,813,883,988.10 in 2024[36] - Earnings per share for the first three quarters of 2025 was CNY 0.70, compared to CNY 1.03 in the same period of 2024[37] Assets and Liabilities - Total assets at the end of the reporting period were CNY 45,686,083,783.66, a decrease of 0.92% from the end of the previous year[4] - As of September 30, 2025, the total assets amounted to RMB 4,568,608 million, a decrease of 0.92% from the end of the previous year[12] - The total liabilities were RMB 2,958,476 million, down 2.77% from the end of the previous year[12] - Total liabilities as of the reporting date were CNY 29,584,757,998.32, a decrease from CNY 30,427,462,145.03 in the previous year[33] - The company's total liabilities decreased from approximately 13.98 billion CNY to 11.54 billion CNY year-on-year[32] - Total equity increased to CNY 16,101,325,785.34 from CNY 15,682,506,423.53 year-over-year[33] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 2,789,760,045.28, down 19.58% year-on-year[3] - The company's cash flow from operating activities showed a net inflow of RMB 278,976 million, a decrease of 19.58% year-on-year[15] - Operating cash flow for the first three quarters of 2025 was CNY 2,789,760,045.28, a decrease of 19.6% compared to CNY 3,468,880,561.14 in the same period of 2024[38] - Total cash inflow from investment activities decreased significantly to CNY 1,182,052,401.51, down 69.9% from CNY 3,920,687,271.63 in the previous year[39] - Net cash flow from financing activities was negative at CNY -3,619,638,182.17, an improvement from CNY -5,182,548,847.78 in the same period last year[39] Hotel Operations - The company opened 343 new hotels in Q3 2025, resulting in a net increase of 212 hotels[18] - As of September 30, 2025, the total number of opened hotels reached 14,008, with a total of 1,356,932 rooms[20] - The total number of hotels in operation as of September 30, 2025, was 14,008, with a net increase of 592 hotels compared to the previous year[42] - The total number of mid-range hotels opened was 8,724, with a net increase of 657 hotels in the first three quarters of 2025[42] - The total number of comparable hotels reached 10,641, with 6,914 mid-range hotels and 3,727 economy hotels[47] Revenue by Segment - The hotel business in mainland China generated revenue of RMB 721,865 million for the first nine months of 2025, a decrease of 1.99% year-on-year[17] - In Q3 2025, the company's full-service hotel business in mainland China achieved consolidated revenue of 60.8 million CNY, a year-on-year increase of 5.76%[22] - The limited-service hotel business in mainland China generated consolidated revenue of 2,583.3 million CNY, up 2.09% year-on-year; however, the service fee revenue decreased by 4.58% to 99.57 million CNY[22] - The food and beverage business generated consolidated revenue of 50.19 million CNY in Q3 2025, a decrease of 15.29% compared to the same period last year[26] - The company's limited-service hotel business outside mainland China reported consolidated revenue of 12.444 million EUR, a decline of 23.34% year-on-year[24] Performance Metrics - The weighted average return on net assets was 2.38%, an increase of 0.85 percentage points compared to the previous year[4] - The average room rate (ADR) for full-service hotels was 461.49 CNY, with an occupancy rate of 56.27%, resulting in a RevPAR of 259.68 CNY, reflecting a decrease of 4.65% year-on-year[23] - The average room rate for limited-service hotels was 245.01 CNY, with an occupancy rate of 69.77%, leading to a RevPAR of 170.94 CNY, down 1.99% year-on-year[23] - The average occupancy rate for limited-service hotels in Q3 2025 was 69.77%, a decrease from 73.36% in Q3 2024[45] - The average room rate for limited-service hotels in Q3 2025 was CNY 245.01, an increase from CNY 237.74 in Q3 2024[45] - The average occupancy rate for mid-range hotels decreased by 1.98% year-on-year to 66.67% in the first nine months of 2025, with direct-operated hotels at 69.16% and franchised hotels at 66.62%[47] - The average room price for mid-range hotels fell by 4.98% year-on-year to ¥248.95, with direct-operated hotels at ¥319.46 and franchised hotels at ¥247.51[47] - RevPAR (Revenue per Available Room) for mid-range hotels decreased by 7.72% year-on-year to ¥165.97, with direct-operated hotels at ¥220.94 and franchised hotels at ¥164.89[47] - The average occupancy rate for economy hotels decreased by 0.41% year-on-year to 60.66%, with direct-operated hotels at 59.30% and franchised hotels at 60.94%[47] - The average room price for economy hotels decreased by 6.00% year-on-year to ¥170.22, with direct-operated hotels at ¥175.96 and franchised hotels at ¥169.07[47] - RevPAR for economy hotels decreased by 6.63% year-on-year to ¥103.26, with direct-operated hotels at ¥104.34 and franchised hotels at ¥103.03[47] Shareholder Actions - The controlling shareholder's action plan to increase B shares includes acquiring between 9 million and 18 million shares within 12 months, with 15,270,030 shares held as of September 30, 2025[27]

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-058 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。 本次修订后的《公司章程》全文详见上海证券交易所网站（www.sse.com.cn）。 本次《公司章程》修订由公司董事会授权公司经营管理层负责向市场监督管 1 理局办理《公司章程》变更备案相关具体事项，办理人员在办理备案过程中，可 按照市场监督管理局或其他政府有关部门提出的意见或要求对本次修改事项进行 相应调整。以上修改最终以经市场监督管理局备案为准。 根据公司 2024 年第一次临时股东大会审议通过的《关于提请股东大会授权董 事会办理 2024 年限制性股票激励计划相关事宜的议案》作出的授权，本次修订《公 司章程》无需提交股东会审议。 特此公告。 上海锦江国际酒店股份有限公司董事会 2025年10月31日 2 上海锦江国际酒店股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日 召开第十一届董事会第七次会议，审议 ...

Core Insights - The event "2025 National Cultural and Tourism Listed Companies Shanghai Tour" highlighted the growing importance of the cultural and tourism industry in boosting consumer spending, with nearly 100 listed companies participating in the event [5][6] - Shanghai is positioning itself as a core area for future cultural and tourism industry development, with a focus on investment and consumption [5][6][13] Industry Development - Shanghai has developed a unique urban tourism resource over 40 years, characterized by urban, comprehensive, and international tourism [6] - The cultural and tourism sector in Xu Hui District is projected to exceed 150 billion yuan in revenue by 2024, accounting for over 20% of the city's total [6] - The Shanghai International Tourism Resort has established a "full-domain tourism" development model centered around Disneyland, enhancing the tourism industry in Shanghai and Pudong New Area [6] New Business Models - Companies are integrating "IP + AI + consumption" to drive growth in the cultural and tourism sector, with significant projects planned in Shanghai [7] - The Xu Hui District has introduced policies supporting cultural and creative industries, offering up to 30 million yuan in funding [8] - The industry is shifting from traditional tourism to a focus on lifestyle and emotional value, with an emphasis on technology integration [9] Investment Opportunities - The event underscored the importance of urban renewal projects in the cultural and tourism sector, with Shanghai's mature market and innovative environment facilitating new project development [11] - Companies are eager to collaborate on projects in micro-vacation, cultural creative districts, and digital tourism [11][12] - The discussion around investing in Shanghai's cultural and tourism sector has gained traction, with many companies expressing interest in future investments [13]

Core Insights - The hotel industry is experiencing a significant downturn, with young consumers opting for camping and car sleeping instead of traditional hotel stays, reflecting a shift in consumer behavior and spending patterns [1][3][35] - Despite an increase in domestic travel during the holiday period, average per capita spending has decreased, indicating a trend towards consumption downgrade [4][10] Group 1: Holiday Spending and Hotel Occupancy - During the recent holiday, the average occupancy rate for hotels in major cities was only 58%, with economy hotels dropping below 50% [3][10] - The average per capita spending during the holiday was 911 yuan, translating to less than 114 yuan per person per day, a 13% decrease compared to the previous year [4][10] - The drastic price hikes in economy hotels have made them unaffordable for many, leading to a preference for camping as a more cost-effective option [5][9] Group 2: Price Trends in the Hotel Industry - Prices for economy hotels have surged, with some hotels seeing increases of over 30%, while luxury hotels have maintained more stable pricing [8][9] - For example, the price of a room at a budget hotel increased from 202 yuan to 930 yuan within a few days, highlighting the volatility in pricing during peak travel times [7][9] - The disparity in pricing strategies has created a situation where luxury hotels are perceived as more cost-effective compared to economy options [9][10] Group 3: Industry Challenges and Structural Changes - The hotel industry is facing a structural crisis, with both high-end and budget hotels experiencing declining demand [11][16] - Major hotel groups have reported negative growth in revenue per available room (RevPAR), indicating widespread financial strain across the sector [12][16] - The reliance on franchise models is being challenged as operational costs for franchisees rise, leading to potential instability in the business model [19][20] Group 4: Adaptation and Transformation Strategies - Hotel groups are increasingly looking to diversify their revenue streams by enhancing supply chain efficiencies and developing retail operations [22][24] - For instance, a hotel group has successfully integrated retail sales into its business model, significantly boosting revenue from non-hotel services [24][26] - The focus is shifting towards building direct relationships with consumers through loyalty programs and personalized experiences, moving away from dependence on online travel agencies (OTAs) [27][31] Group 5: Future Outlook - The current trends indicate a fundamental transformation in the hotel industry, where success will depend on the ability to integrate various services and create emotional connections with consumers [35] - The industry is moving towards a model that prioritizes supply chain efficiency and customer loyalty over traditional metrics like room count and location [35]

Core Insights - The annual Double Eleven shopping festival has seen a significant influx of hotels into live streaming, as they compete for user attention amidst increased supply and changing consumer demands [1][2] - Hotels are shifting from traditional business and tourism accommodations to becoming destinations for emotional experiences, catering to younger consumers seeking local getaways and unique experiences [1][6] Industry Trends - In 2024, major hotel chains such as Huazhu Group, Jinjiang Hotels, Shoulv Hotels, and Atour Group opened a total of 5,782 new hotels, indicating a substantial increase in supply [1] - The rise of live streaming and short videos has amplified the emotional value associated with hotels, with platforms showcasing scenic views and unique experiences to attract customers [1][6] Consumer Behavior - There is a notable shift in consumer behavior from "on-demand booking" to "pre-purchasing" hotel stays, with 71.99% of pre-sale orders during the recent holiday season being high-value products [6][10] - The trend of "first stock, then book" has emerged, allowing hotels to secure potential customers in advance [10] Marketing Strategies - Hotels are leveraging live streaming to showcase their unique offerings, with examples like Club Med's successful live stream generating a GMV of 13 million in a single day [3] - The use of "staff accounts" for live streaming has gained popularity among chain hotels, enhancing trust and reducing costs by providing detailed information directly from hotel staff [4][8] Internet Platforms' Role - Major internet companies are increasingly entering the hotel market, with platforms like Douyin (TikTok) and JD.com optimizing hotel operations and enhancing visibility [7][9] - Douyin's "Heartbeat List" quantifies emotional experiences, helping hotels understand consumer preferences and improve their offerings [9][13] Market Dynamics - The hotel industry is undergoing a transformation, with a focus on unique content and experiences to avoid price wars and enhance customer engagement [6][11] - High-end hotels are increasingly integrating diverse offerings such as dining, entertainment, and family-friendly activities to create comprehensive vacation experiences [11][12]

Core Viewpoint - The company is adapting to consumer trends by enhancing brand value and influence, aiming to create a more dynamic brand matrix [1] Group 1: Brand Strategy - The company is focusing on full-service hotels to leverage synergies, expand international perspectives, and enhance brand competitiveness and management capabilities [1] - The limited-service hotel segment is optimizing strategies based on core resources and main brand development [1] Group 2: Development Goals - The company has launched a "12+3+1" brand development strategy, aiming to establish 12 mature brands by 2028 to maintain scale growth and leadership in the hotel industry [1] - The strategy includes nurturing three competitive mid-to-high-end brands with a focus on quality and consumer experience [1] - Additionally, the company plans to support one apartment and resort track to create a vacation industry cluster, positioning itself as a new model for hotel and tourism integration [1]

证券日报网讯锦江酒店（600754）10月28日在互动平台回答投资者提问时表示，公司经营成果受多重因 素影响，管理层始终勤勉尽责，致力于提升运营效率与股东价值。业绩表现与行业环境、宏观消费环境 等密切相关，公司已持续推进改革优化，包括组织调整、品牌升级与数字化转型。公司将继续努力改善 经营，增强盈利能力，回馈投资者。 ...

Market Overview - The hotel and catering sector experienced a decline of 0.78% on October 28, with *ST Yunwang leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Individual Stock Performance - Tongqinglou (605108) saw a closing price of 19.39, with an increase of 1.09% and a trading volume of 20,700 hands, totaling a transaction value of 40.17 million yuan [1] - Quanjude (002186) closed at 11.51, down 0.26%, with a trading volume of 48,400 hands and a transaction value of 55.76 million yuan [1] - Huatian Hotel (000428) closed at 3.25, down 0.31%, with a trading volume of 151,100 hands and a transaction value of 49.14 million yuan [1] - JInling Hotel (601007) closed at 7.41, down 0.40%, with a trading volume of 50,800 hands and a transaction value of 37.75 million yuan [1] - Xianyinshi (000721) closed at 8.61, down 0.69%, with a trading volume of 116,200 hands and a transaction value of 100 million yuan [1] - Shoulu Hotel (600258) closed at 14.23, down 0.77%, with a trading volume of 59,300 hands and a transaction value of 84.48 million yuan [1] - Junxi Hotel (301073) closed at 21.43, down 1.15%, with a trading volume of 25,200 hands and a transaction value of 54.35 million yuan [1] - Jinjiang Hotel (600754) closed at 21.94, down 1.17%, with a trading volume of 73,700 hands and a transaction value of 163 million yuan [1] - *ST Yunwang (002306) closed at 1.86, down 2.62%, with a trading volume of 631,700 hands and a transaction value of 11.7 million yuan [1] Capital Flow Analysis - The hotel and catering sector saw a net outflow of 30.43 million yuan from main funds, while retail investors contributed a net inflow of 43.45 million yuan [1] - The capital flow for individual stocks indicates that *ST Yunwang had a main fund net inflow of 2.82 million yuan, while retail investors contributed a net inflow of 2.81 million yuan [2] - Shoulu Hotel had a main fund net inflow of 2.71 million yuan, but retail investors had a net outflow of 5.99 million yuan [2] - Tongqinglou experienced a main fund net inflow of 1.63 million yuan, while retail investors had a net outflow of 1.87 million yuan [2] - Xianyinshi faced a significant main fund net outflow of 16.41 million yuan, but retail investors had a net inflow of 12.92 million yuan [2]

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-056 上海锦江国际酒店股份有限公司 关于注销公司回购专用证券账户库存股的实施公告 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： 根据《中华人民共和国公司法》、《上市公司股份回购规则》和《上海证券 交易所上市公司自律监管指引第 7 号——回购股份》等有关法律法规，股票回购专 用证券账户中的库存股应当在三年内按照依法披露的用途进行转让，未按照披露用 途转让的，应当在期限届满前注销。基于上述原因，上海锦江国际酒店股份有限公 司（以下简称"公司"）于 2025 年 9 月 8 日以通讯表决方式召开第十一届董事会 第六次会议，会议审议通过了《关于注销公司回购专用证券账户库存股的议案》， 同意注销回购专用证券账户中的 1,120,360 股剩余库存股。本次注销完成后，公司 总股本将由 1,067,418,804 股变更为 1,066,298,444 股。 本次注销的相关情况： | 回购专用证券账户股份数量 | | 本次注销股份数量 ...

Market Overview - The hotel and catering sector increased by 0.07% on October 27, with Quan Juding leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Key stocks in the hotel and catering sector showed varied performance: - Quan Juding (002186) closed at 11.54, up 0.61% with a trading volume of 62,200 shares and a turnover of 71.56 million yuan [1] - Jinling Hotel (601007) closed at 7.44, up 0.54% with a trading volume of 68,400 shares and a turnover of 50.76 million yuan [1] - Shoulv Hotel (600258) closed at 14.34, up 0.28% with a trading volume of 98,200 shares and a turnover of 140 million yuan [1] - Other notable performances include: - Jinjia Hotel (600754) at 22.20, up 0.23% [1] - Junting Hotel (301073) at 21.68, up 0.14% [1] - Xianyin Food (000721) at 8.67, down 0.23% [1] - ST Yunwang (002306) at 1.91, down 4.98% [1] Capital Flow - The hotel and catering sector experienced a net outflow of 16.73 million yuan from institutional funds and 13.68 million yuan from speculative funds, while retail investors saw a net inflow of 30.41 million yuan [1] - Detailed capital flow for key stocks includes: - Quan Juding had a net inflow of 5.98 million yuan from institutional funds, but a net outflow of 4.32 million yuan from speculative funds [2] - Jinling Hotel saw a net inflow of 1.15 million yuan from institutional funds, with a net outflow of 0.99 million yuan from speculative funds [2] - ST Yunwang had a significant net outflow of 3.95 million yuan from institutional funds, but a net inflow of 1.18 million yuan from speculative funds [2] - Junting Hotel experienced a net outflow of 7.33 million yuan from institutional funds, with a notable net inflow of 16.18 million yuan from retail investors [2]