Market Overview - The hotel and catering sector experienced a decline of 1.19% on September 26, with Junting Hotel leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Individual Stock Performance - ST Yunwang (002306) closed at 1.80, up 0.56% with a trading volume of 139,900 shares and a turnover of 25.04 million yuan [1] - Huazhen Hotel (000428) closed at 3.31, down 0.60% with a trading volume of 313,900 shares and a turnover of 104 million yuan [1] - Shoulv Hotel (600258) closed at 14.79, down 0.60% with a trading volume of 148,600 shares and a turnover of 220 million yuan [1] - Jinling Hotel (601007) closed at 7.38, down 0.67% with a trading volume of 63,600 shares and a turnover of 47.06 million yuan [1] - Jinjiang Hotel (600754) closed at 23.23, down 1.15% with a trading volume of 95,100 shares and a turnover of 222 million yuan [1] - Quanjude (002186) closed at 11.45, down 1.21% with a trading volume of 53,600 shares and a turnover of 61.68 million yuan [1] - Tongqinglou (605108) closed at 19.61, down 2.24% with a trading volume of 31,800 shares and a turnover of 62.63 million yuan [1] - Xianyinshi (000721) closed at 8.97, down 2.39% with a trading volume of 239,900 shares and a turnover of 217 million yuan [1] - Junting Hotel (301073) closed at 23.08, down 2.53% with a trading volume of 64,700 shares and a turnover of 152 million yuan [1] Capital Flow Analysis - The hotel and catering sector saw a net outflow of 109 million yuan from main funds, while retail investors had a net inflow of 126 million yuan [1] - The following stocks experienced significant net outflows from main funds: - ST Yunwang: -1.04 million yuan [2] - Tongqinglou: -2.29 million yuan [2] - Jinling Hotel: -2.33 million yuan [2] - Quanjude: -4.65 million yuan [2] - Huazhen Hotel: -7.27 million yuan [2] - Jinjiang Hotel: -15.70 million yuan [2] - Junting Hotel: -18.53 million yuan [2] - Shoulv Hotel: -24.43 million yuan [2] - Xianyinshi: -32.72 million yuan [2]

Core Points - The company has provided a guarantee of €55 million for its wholly-owned subsidiary, Shanghai Jin Jiang Holdings (Hong Kong) Co., Ltd. [2][3] - The guarantee is part of a comprehensive credit facility agreement with China Minsheng Bank for restructuring existing Euro-denominated bank loans and supporting the daily operations of Group du Louvre [6] Summary by Sections Guarantee Overview - On September 25, 2025, the company signed a "Maximum Guarantee Contract" with China Minsheng Bank for a credit facility of €55 million for Jin Jiang Hong Kong [3] - The board of directors and the annual shareholders' meeting approved the guarantee, allowing management to operate within a limit of €150 million for related borrowings [3][6] Basic Information of the Guaranteed Entity - Jin Jiang Hong Kong has a registered capital of €350,108,782 and is fully owned by Shanghai Jin Lu Investment Management Co., Ltd. [4] - As of June 30, 2025, Jin Jiang Hong Kong reported total assets of €35,212,000 and total liabilities of €398,000, with no bank loans or related party loans [4] Main Contents of the Guarantee Contract - The guarantor is Jin Jiang Hotel, and the creditor is Minsheng Bank [5] - The guarantee amount is €55 million, with a term of one year, covering principal, interest, penalties, and costs related to enforcing the guarantee [6] Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary for restructuring existing loans and supporting the daily operations of Group du Louvre, with risks considered manageable and not detrimental to the company's operations [6] Board of Directors' Opinion - The authorized guarantee amount aligns with the company's operational needs, and the risks associated with the guarantee are controllable, ensuring no adverse impact on normal operations [6] Total External Guarantees - As of the announcement date, the company and its wholly-owned subsidiaries have total external guarantees amounting to approximately RMB 963.72 million, with no overdue guarantees reported [6]

（记者 曾健辉） 每经AI快讯，锦江酒店9月25日晚间发布公告称，截至本公告披露日，公司及下属全资子公司实际发生 的对外担保总额为人民币约96.37亿元（其中欧元担保约为10.72亿元，折合人民币约为89.67亿元；人民 币担保为6.7亿元），占公司最近一期经审计的归母净资产的62.54%，不存在逾期担保。 每经头条（nbdtoutiao）——"9·24"一周年，A股总市值破116万亿元！四大变革重塑中国资本市场新生 态 每日经济新闻 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-053 上海锦江国际酒店股份有限公司 关于为全资子公司锦江香港提供担保的公告 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：上海锦江股份（香港）有限公司（以下简称"锦江香港"） 一、担保情况概述 于 2025 年 9 月 25 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"）就锦江香港申请 5,500 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三十八次会议、2024年年度股东会审 议通过。股东会批准并授权公司经营管理层在不超过150,000万欧元的额度范围内 操作锦江香港、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"）及 Group du Louvre（卢浮集团，以下简称"GDL"）借 款或透支的担保的具体 ...

Overview - The company Shanghai Jin Jiang International Hotel Co., Ltd. has provided a guarantee for its wholly-owned subsidiary Groupe du Louvre (GDL) for a loan of €73.5 million [2][4]. Guarantee Details - The guarantee was signed on September 23, 2025, with the Industrial and Commercial Bank of China for GDL's loan application [2]. - The board of directors and the annual shareholders' meeting approved the guarantee, allowing the management to operate within a limit of €150 million for GDL and its subsidiaries [2][5]. Subsidiary Information - GDL has a registered capital of €652,037,000 and operates in the hotel and restaurant industry [3]. - As of June 30, 2025, GDL's total assets were €159,695.41 million, with total liabilities of €120,341.74 million, resulting in a net asset value of €39,353.67 million [3]. Guarantee Conditions - The guarantee amount is €73.5 million, with a total outstanding guarantee balance for GDL of €287 million [4]. - There are no collateral guarantees for this loan, and there are no overdue guarantees reported [4][6]. Financial Implications - The company has a total of RMB 982,056.47 million in external guarantees, with €109,095.04 million in euro guarantees, which is 63.73% of the latest audited net assets [6].

Core Viewpoint - Jinjiang Hotels announced that as of the date of the announcement, the total amount of external guarantees provided by the company and its wholly-owned subsidiaries is RMB 982,056.47 million, which accounts for 63.73% of the company's most recent audited net assets attributable to shareholders [2] Summary by Category - **External Guarantees**: The total external guarantees amount to RMB 982,056.47 million, which includes guarantees in euros amounting to 109,095.04 million, equivalent to RMB 915,056.47 million, and guarantees in RMB amounting to 67,000 million [2] - **Financial Ratios**: The guarantees represent 63.73% of the company's latest audited net assets attributable to shareholders [2] - **Overdue Guarantees**: The company confirmed that there are no overdue guarantees [2]

Group 1 - The company, Jinjiang Hotels, announced that as of the date of the announcement, the total external guarantees provided by the company and its wholly-owned subsidiaries amounted to approximately RMB 9.821 billion, with Euro guarantees around RMB 1.091 billion and RMB guarantees of RMB 670 million [1] - The total guarantees represent 63.73% of the company's most recent audited net assets attributable to shareholders, indicating a significant level of leverage [1] - The company confirmed that there are no overdue guarantees, suggesting a stable financial position regarding its obligations [1] Group 2 - The industry is currently facing heightened scrutiny regarding bidding processes, particularly in large-scale national procurement, where companies are required to provide clear explanations for low bids [1] - This situation has garnered widespread attention across the industry, indicating potential shifts in procurement practices and regulatory oversight [1]

被担保人名称：Groupe du Louvre（卢浮集团，以下简称"GDL"） 本次担保金额：7,350 万欧元，截至本公告日，公司为 GDL 担保的余额为 28,700 万欧元。 证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-052 上海锦江国际酒店股份有限公司 关于为全资子公司 GDL 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： 特别风险提示：GDL 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 9 月 23 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"）与中国工商银行股份有限公司上海市外滩支行（以 下简称"工商银行"）就 GDL 申请 7,350 万欧元（系借新还旧）流动资金借款合 同签署《保证合同》。 上述担保事项已经公司第十届董事会第三十八次会议、2024年年度股东会审 议通过。股东会批准并授权公司经营管理层在不超过150,000万欧元的额度范围内 操作上海 ...

Core Insights - The global hotel industry is witnessing significant changes, with Jin Jiang International Group ranking second globally and first in China according to the 2024 "Top 205 Global Hotel Groups" list by HOTELS magazine [1] - Jin Jiang Hotels (China) is leveraging a refined brand matrix to cater to diverse market needs and investment preferences, focusing on three key brands: Radisson RED, Kyriad, and Campanile [1] Radisson RED - Radisson RED targets the high-end lifestyle segment, appealing to Gen Z and emerging middle-class consumers who seek emotional value, design, and immersive cultural experiences [2][3] - The brand emphasizes a unique positioning as a lifestyle destination, integrating local culture into modern design, with each hotel reflecting its locality [3] - The product concept "Room + X" enhances the traditional lodging experience by offering a multifaceted space that includes social, artistic, dining, and fitness elements [5] - Investment potential is strong, with a room cost of 180,000 to 200,000 RMB and an average room rate of 800 to 1,000 RMB in prime locations, with a payback period of 4 to 5 years [5] Kyriad - Kyriad is positioned as an international mid-range business hotel brand, focusing on local market needs while maintaining international standards [6][7] - The brand has rapidly expanded in China, with over 560 locations expected by the end of 2024, indicating strong market acceptance [7] - The V3.0 product version offers five core experiences: sleep quality, health, intelligence, environmental sustainability, and exploration, enhancing guest engagement [9][10][11][12] - The investment model is characterized by stability and efficiency, with a total cost of 95,000 to 100,000 RMB per room and a payback period of approximately 3.4 years [13] Campanile - Campanile, also from the Louvre Hotels Group, targets the mid-range market with a focus on flexibility, style, and operational efficiency [17][18] - The brand is designed as a "city living room," appealing to young business travelers who value quality and cost-effectiveness [18] - The product design is adaptable, offering various investment models to suit different property conditions, enhancing operational viability [24] - The investment cost is approximately 85,000 RMB per room, with a payback period of around 3 years, making it attractive for investors seeking quick returns [24] Conclusion - Jin Jiang Hotels (China) has established a comprehensive brand pyramid with Radisson RED for high-end markets, Kyriad for mid-range business travelers, and Campanile for flexible mid-range solutions [25] - Each brand benefits from Jin Jiang International Group's robust platform, including a vast membership base, supply chain management, operational expertise, and financial support, making them viable options for hotel investors [26]

Core Insights - The rise of domestic brands in China's consumer market is a significant trend, with local brands achieving remarkable success and market penetration [2][3][4] - The hospitality industry is undergoing a transformation, challenging the long-standing dominance of international hotel brands and redefining high-end standards [6][7][9] Domestic Brand Success - Anker's power banks and other local brands have shown impressive growth, with Anker achieving a 66.96% revenue increase in Europe and Suida River Coffee topping sales charts on Tmall [2] - During the "618" shopping festival, 70% of the top 100 brands on JD.com were domestic, with a 270% year-on-year increase in searches for products featuring intangible cultural heritage [2] Hospitality Industry Transformation - The traditional perception of high-end hotels being synonymous with international brands is fading, as local hotel groups like Jin Jiang, Huazhu, and Shoulv expand rapidly [6][10] - The average room rates and occupancy rates of five-star hotels in China have shown a downward trend, contrasting with the growth of local hotel brands [6] Local Hotel Brand Innovations - Local hotel brands are innovating by integrating cultural experiences into their offerings, challenging the conventional high-end hotel model [9][10][26] - Jin Jiang's new "National Goods Alliance" concept aims to create a brand cluster that emphasizes Chinese culture and digital operations, positioning itself against international hotel brands [9][10] Market Positioning and Strategy - Jin Jiang Group holds a significant market share, with 60.48% of the top 10 hotel groups in China, indicating a shift from scale expansion to value output [10][25] - The "National Goods Alliance" reflects a collective effort to enhance cultural confidence and redefine quality in the hospitality sector [10][29] Consumer Preferences and Feedback - Consumer feedback on platforms like Ctrip and Meituan highlights the appeal of local hotel brands, emphasizing cultural atmosphere, attentive service, and high cost-performance ratios [30][34] - The "National Goods Alliance" is gaining recognition not only among domestic travelers but also among international visitors, enhancing its brand image globally [30][34] Future Outlook - The "National Goods Alliance" aims to transition from a local benchmark to a global brand by focusing on product innovation, service quality, and cultural output [39] - The collaboration with Malaysian hotel management groups signifies a strategic move to explore international markets while maintaining quality and cultural relevance [35][36]