Core Viewpoint - The company is utilizing part of its idle raised funds for cash management to enhance fund efficiency and generate investment returns while ensuring the safety of the raised funds [1][3][9]. Cash Management Overview - Cash management trustee: Shanghai Pudong Development Bank Co., Ltd. Zhabei Branch [1] - Cash management amount: RMB 100 million [1] - Cash management purpose: To effectively reduce idle fund costs and enhance the value preservation and appreciation of raised funds [3][9]. - Cash management product: Time deposit [5][9] - Cash management duration: Three months [5][10] Fund Source and Usage - The source of funds for cash management is part of the idle raised funds from the non-public offering of shares in 2021 [4][6]. - The company raised a net amount of approximately RMB 4.98 billion from the non-public offering, with the funds fully received by March 9, 2021 [7]. Cash Management Redemption - The company redeemed the time deposit of RMB 100 million on September 30, 2025, with a return of RMB 24.72 thousand [3]. Board Approval Process - The board approved the cash management plan on June 30, 2025, allowing the use of up to RMB 1.9 billion of idle raised funds for cash management within 12 months [1][11].

证券代码:600754/900934 证券简称:锦江酒店/锦江B股 公告编号:2025-055 上海锦江国际酒店股份有限公司 关于使用部分闲置募集资金进行现金管理到期 赎回并继续进行现金管理的进展公告 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。 重要内容提示： 现金管理受托方：上海浦东发展银行股份有限公司闸北支行（以下简称 "浦发银行闸北支行"） 现金管理履行的审议程序：上海锦江国际酒店股份有限公司（以下简称 "锦江酒店"、"公司"或"本公司"）于 2025 年 6 月 30 日召开公司第十一届 董事会第二次会议，审议通过了《关于使用部分闲置募集资金进行现金管理的议 案》，同意公司自董事会审议通过之日起 12 个月内使用不超过 190,000.00 万元 暂时闲置募集资金进行现金管理，在前述额度和期限内，资金可循环滚动使用， 单个产品的持有期限不超过 12 个月。具体内容详见公司于 2025 年 7 月 1 日在上 海证券交易所网站(www.sse.com.cn)披露的《上海锦江国际酒店股份有限公司关 于使用部分闲置募集资 ...

Group 1: Overall Market Performance - During the 2025 National Day and Mid-Autumn Festival holiday, Fliggy reported a 48% increase in GMV compared to last year, with service users growing by 30%, leading the tourism market [1] - Hotel stays during the holiday period saw a significant increase, with Fliggy reporting a 78% rise in hotel night stays compared to the previous year [1] - Huazhu Group's hotels received over 10.55 million guests during the holiday, a 36% increase from the same period last year, with foreign guests increasing by 75% [2] Group 2: Specific Company Performance - Fliggy's domestic flight and global hotel bookings reached historical peaks, with record single-day highs in both metrics [1] - Jinjiang Hotels reported a 4% increase in average occupancy rate, with over 13 million guests served, marking a more than 30% increase year-on-year [1] - Huazhu Group's overall hotel occupancy rate exceeded 80% during the holiday, peaking at over 98% on October 3, with more than 8,100 locations fully booked [2]

Summary of the Hotel Industry and Travel Insights Industry Overview - The hotel industry performed well during the 2025 National Day holiday, but a decline of approximately 3-4% is expected in Q4 due to an oversupply of hotels in recent years, leading to a short-term supply-demand imbalance. There may be opportunities for supply-demand restructuring next year [1][5][9]. Key Performance Metrics - During the 2025 National Day holiday, Huazhu Group's RevPAR (Revenue per Available Room) reached 105.1%, an increase of 5 percentage points year-on-year. The average room rate was 393 RMB, up 4% year-on-year, with an occupancy rate of 88.2%, up 1.1 percentage points [2]. - Jinjiang Group reported an ADR (Average Daily Rate) of 366 RMB, a 4.5% increase year-on-year, with an occupancy rate of 85.5%, up 4 percentage points. RevPAR was 312 RMB, an increase of 8.6 percentage points year-on-year [2]. Consumer Behavior and Preferences - Consumers are increasingly prioritizing customer experience, safety, and hygiene, leading to a preference for chain brands over individual inns. During the 2025 National Day holiday, chain hotels performed well, while homestays saw poor occupancy [3][11]. - Huazhu's OTA (Online Travel Agency) orders accounted for 40% of bookings, while member orders made up about 50% during the holiday, indicating effective control over OTA order ratios by leading hotel chains [3][16]. Pricing Dynamics - The significant price increases by Huazhu and Jinjiang are related to budget planning based on last year's revenue performance, with ADR rising over 4%, indicating strong demand. However, consumer sensitivity to high prices may limit future price increases [7][8]. - Despite the rapid increase in hotel supply, prices are not expected to drop significantly due to budget pressures on operators. New hotels are primarily concentrated in lower-tier markets, gradually moving towards mid-range and high-end products, allowing for pricing power during peak holiday periods [9][10]. Market Trends and Future Outlook - The hotel industry is expected to face challenges in Q4 due to an oversupply, but the exit of smaller hotels may create opportunities for RevPAR improvement next year [5]. - The 2025 National Day holiday's extension to 8 days did not significantly boost hotel demand, as most travelers preferred shorter trips [13][14]. - The government has shown limited intervention in hotel pricing, allowing market forces to dictate prices, although some cities had previously implemented price control measures [10]. Conclusion - The hotel industry is navigating a complex landscape of supply-demand dynamics, consumer preferences, and pricing strategies. While current performance metrics are strong, future challenges related to oversupply and consumer price sensitivity will require careful monitoring and strategic adjustments by industry players [1][5][9].

Summary of Hotel Industry Conference Call Industry Overview - The hotel industry experienced a strong performance during the National Day holiday in 2025, with chain hotel Average Daily Rate (ADR) increasing due to high consumer trust in chain brands, stable pricing strategies, and a preference for family travel [2][3][6] - Mid-range hotels like Atour and Hilton Garden Inn performed exceptionally well, while the economy segment saw HanTing leading [2][7] - The peak booking period was from October 1 to 4, 2025, extending one day compared to the previous year [2][8] - The industry is expected to see a positive RevPAR year-on-year only by the second half of 2026 due to multiple factors including a slowdown in new contracts and strong demand [2][9] Key Performance Metrics - During the National Day period, Huazhu Group reported an ADR of 393 RMB, an occupancy rate (OCC) of 88.2%, and a RevPAR of 346.6 RMB, reflecting a year-on-year increase of 4%, 1.1 percentage points, and 5.1% respectively [3] - Jinjiang Group's ADR was 366 RMB, with an OCC of 85.5% and a RevPAR of 312 RMB, showing increases of 4.5%, 4 percentage points, and 8.6% respectively [3] - The overall performance was strong despite a decline compared to the May Day holiday due to the longer duration of the National Day holiday [3] Regional Performance - Key cities such as Beijing, Shanghai, Chengdu, Nanjing, Hangzhou, Suzhou, Chongqing, and Tianjin showed strong hotel performance, while Shenzhen and Guangzhou's RevPAR was weaker due to typhoon impacts [5] - The North China region, including Beijing-Tianjin-Hebei and Shanxi, saw RevPAR increases of 100% to 120% [5] - Southwest and Northwest regions benefited from rich tourism resources and relatively low hotel supply, enhancing their pricing power [5] Future Outlook - The hotel supply side is expected to decrease in the second half of 2026, with many poorly performing hotels facing closure or rebranding [10][11] - The industry is experiencing a cleansing phenomenon, particularly affecting single hotels, with about 80% of the affected being independent hotels [13] - Major hotel groups like Huazhu and Jinjiang continue to expand despite overall supply slowing down, focusing on increasing market share [16] Investment and Financial Metrics - Full Season hotels have the best investment return rate, with a payback period of approximately 4 to 4.5 years, translating to a return rate of 23-24% [15] - HanTing leads in the economy segment with a payback period of about 5 years in high-tier cities and slightly shorter in lower-tier cities [15] - The investment landscape is shifting, with a growing proportion of younger investors and those with government connections entering the market [24][25] Booking Trends - The proportion of bookings through Central Reservation Systems (CRS) is increasing, with Huazhu at approximately 65% and Atour at around 60% [4][19] - The trend is moving towards enhancing member contribution rates, aiming for a 70% self-owned channel and 30% OTA channel [4][19] Key Challenges - The hotel industry faces challenges such as increased competition, saturation in key markets, and the need for strategic rebranding to attract customers [17][18] - The overall demand for business travelers has increased in absolute terms but decreased as a percentage of total guests due to the growing number of hotels [12] Conclusion - The hotel industry is poised for a complex recovery, with strong performance indicators during peak seasons but facing challenges in supply and market saturation. The focus on strategic expansion and rebranding will be crucial for navigating the evolving landscape.

Core Insights - The hospitality industry is increasingly adopting "accommodation+" models to enhance consumer experience and meet new demands during holiday periods [1][2][3] Group 1: Accommodation+ Initiatives - Various hotels are launching unique "accommodation+" experiences, such as the Shangri-La Hotel in Hohhot offering a "stay + Mongolian robe experience" and the Marriott in Lijiang providing a "stay + intangible cultural heritage woodblock printing experience" [1] - Jinjiang Hotels is promoting "hotel + destination" packages, including a Disney shuttle service at the Shanghai Baolong Radisson Hotel and a maritime-themed room package at the Shanghai Lingang Jinjiang International Hotel [2] - The Ultraman-themed hotel at Shanghai Haichang Ocean Park is experiencing high demand, indicating a shift towards experiential consumption in the hotel sector [3] Group 2: Consumer Trends and Engagement - The transition from traditional accommodation to experiential consumption reflects consumers' pursuit of enhanced quality in their spending [3] - Hotels are integrating various aspects of consumer experience, such as dining, travel, and entertainment, to create a cohesive consumption environment, which fosters stronger emotional connections with customers [3] - Jinjiang Hotels is incorporating unique experiences into its membership system, such as a touring comedy show across 12 cities, enhancing member engagement through experiential offerings [3] Group 3: Policy Support and Industry Growth - The accommodation sector plays a crucial role in stimulating domestic demand and is expected to benefit from supportive policies aimed at high-quality development [4][5] - Future policies are anticipated to focus on diversifying product offerings, revitalizing existing resources, and promoting innovative business models, including the conversion of idle commercial properties into hotels [5] - The push for digitalization and standardization in the accommodation industry is expected to enhance operational efficiency and service quality, leveraging technologies like AI and IoT [5]

Market Overview - The hotel and catering sector experienced a decline of 0.54% on September 30, with Junting Hotel leading the drop [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Individual Stock Performance - Key stocks in the hotel and catering sector showed varied performance, with Tongqinglou up 0.20% and Junting Hotel down 2.00% [1] - The closing prices and changes for notable stocks include: - Tongqinglou: 19.94, +0.20% - Junting Hotel: 22.52, -2.00% - Xianyin Food: 86.8, -0.77% [1] Capital Flow Analysis - The hotel and catering sector saw a net outflow of 118 million yuan from main funds, while retail investors contributed a net inflow of 104 million yuan [1] - The capital flow for individual stocks indicates significant outflows for several companies, including: - Junting Hotel: -20.59 million yuan from main funds - Xianyin Food: -20.04 million yuan from main funds [2] - Retail investors showed a positive net inflow in stocks like Xianyin Food, with 23.14 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：2025-054 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 9 月 30 日（星期二）至 10 月 14 日（星期二）16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 JJIR@jinjianghotels.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 上海锦江国际酒店股份有限公司 关于召开 2025 年半年度业绩说明会的公告 上海锦江国际酒店股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日发布《上海锦江国际酒店股份有限公司 2025 年半年度报告》，为便于广大投资 者更全面深入地了解公司 2025 年半年度的经营成果、财务状况，公司计划于 2025 年 10 月 15 日上午 10:30-11:30 举行 2025 年半年度业绩说明会，就投资者关心的 问题进行交流。 本公司董事会及全体董事保 ...

Core Insights - The Sanya Bay No.1 cultural and commercial complex, developed by Zhuhai Investment Holdings and Zhuhai Duty-Free Group, is set to officially open on October 1, coinciding with the National Day holiday and marking a significant milestone in the Hainan Free Trade Port construction [1][3] Group 1: Project Overview - Sanya Bay No.1 is recognized as a key project in Hainan for four consecutive years, representing a successful integration of free trade port policy benefits and an excellent business environment [3] - The complex aims to create an immersive commercial space that combines global premium products, quality dining, family entertainment, and local culture, catering to diverse consumer needs throughout the day [4][6] Group 2: Design and Features - The project features a well-planned layout from basement to four floors, incorporating a premium supermarket, quality restaurants, fashion brands, and family entertainment centers, addressing consumer demand for diverse experiences [6] - Designed by top international firms BENOY and GENSLER, the complex showcases a 380-meter mountain-sea architectural display and a stunning naked-eye 3D giant screen, enhancing both aesthetic appeal and experiential quality [6] Group 3: Night Economy and Cultural Integration - Sanya Bay No.1 is strategically positioned to tap into the night economy, offering a complete consumption experience from day to night, with plans for themed events like "Sea Breeze Music Concerts" and "Electronic Music Parties" [7] - The project will feature three major art exhibitions at its opening, enhancing Hainan's cultural depth and soft power, and providing a platform for international dialogue and local cultural expression [8][10] Group 4: Brand and Market Impact - The project has attracted 168 brands, including 25 first stores in Hainan and 23 first stores in Sanya, which will enhance consumer choices and shift the regional commercial landscape towards a more experiential and high-quality model [13] - Sanya Bay No.1 aims to create synergies with surrounding dining, accommodation, transportation, and cultural tourism sectors, thereby increasing visitor stay duration and spending intensity [15] Group 5: Future Prospects - The complex is expected to continuously inject commercial vitality into the city through steady operations and ongoing innovations, while also serving as a link between the Greater Bay Area and the Hainan Free Trade Port [16]

Core Insights - Hotel prices are significantly increasing ahead of the National Day holiday, with some hotels raising prices from approximately 90 yuan to around 1000 yuan, representing a more than tenfold increase [2] Price Trends - The overall price trend for hotels in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen shows a notable increase during the National Day period, with a significant differentiation among various hotel brands [2] - Economy and mid-range hotel brands are the most sensitive to the holiday price surge, generally achieving double-digit percentage increases [2] Economy Segment Performance - Among economy brands, Home Inn saw an average price increase of 27.1%, the highest in this category [2] - Hanting followed with a price rise of 20.6%, while Jinjiang Inn experienced a 25.9% increase [2] Mid-Range Segment Performance - In the mid-range category, Vienna Hotels recorded the largest price increase at 32.0% [2] - Other mid-range brands also showed strong performance, with All Seasons increasing by 21.3%, Atour by 18.3%, and Lavande by 15.8% [2] - Orange Crystal exhibited a more moderate increase of 6.2%, indicating its closer positioning to the high-end market [2]