Core Viewpoint - The incident involving the 7 Days Inn at Taiyuan Airport South Station highlights serious issues regarding fire safety compliance and brand management within the hotel industry, raising concerns about the integrity of franchise operations and the responsibilities of brand owners [1][3][6]. Company Summary - 7 Days Inn was founded in 2005 and went public in 2009, later privatized by Plateno Group in 2013, and subsequently acquired by Jinjiang International in 2015, becoming part of one of the largest hotel chains in China [1]. - The current operator of the implicated hotel has filed a lawsuit against 7 Days Inn (Shenzhen) Management Co., Ltd. and its former shareholders for failing to provide necessary fire safety certifications [1][3]. - The hotel operator claims that upon taking over the hotel in May 2023, they were assured that all necessary permits were in place, yet discovered that the fire sprinkler system was not connected to any water supply [3][5]. Industry Summary - Jinjiang Hotels has accelerated its expansion in 2024, opening 1,515 new hotels, bringing the total to over 13,000, despite facing a decline in revenue and net profit, with a revenue of 14.063 billion yuan, down 4% year-on-year, and a net profit of 911 million yuan, down 9.06% [6]. - The average daily rate (ADR), occupancy rate (OCC), and revenue per available room (RevPAR) for budget hotels, including 7 Days Inn, have all seen declines in 2024 [6]. - The legal responsibilities regarding fire safety in franchise models remain ambiguous, with existing laws not clearly delineating the responsibilities of brand owners and franchisees, leading to potential gaps in oversight [9][10][11].

Core Viewpoint - The company reported a decline in key financial metrics for the first quarter of 2025, indicating challenges in the hotel business amidst a complex global economic environment. The company aims to enhance its operational capabilities and maintain a focus on high-quality development. Financial Performance - As of March 31, 2025, total assets amounted to 45.51 billion yuan, a decrease of 1.30% from the previous year. Total liabilities were 29.73 billion yuan, down 2.28%. The net assets attributable to shareholders increased by 0.51% to 15.49 billion yuan [5]. - For Q1 2025, the company achieved operating revenue of 294.16 million yuan, a decline of 8.25% year-on-year. Operating profit fell by 71.71% to 9.39 million yuan, and net profit attributable to shareholders dropped by 81.03% to 3.60 million yuan [5]. - The net cash flow from operating activities was 60.28 million yuan, down 40.84% compared to the same period last year [5]. Hotel Business Overview - In Q1 2025, the hotel business generated consolidated revenue of 288.82 million yuan, a decrease of 8.15% year-on-year. Full-service hotel revenue increased by 31.39% to 5.92 million yuan, while limited-service hotel revenue decreased by 8.72% to 282.90 million yuan [5]. - Revenue from hotels in mainland China was 211.60 million yuan, down 6.37%, while revenue from overseas hotels was 77.22 million yuan, a decline of 12.69% [5]. - The company opened 226 new hotels and closed 129, resulting in a net increase of 97 hotels, bringing the total number of operating hotels to 13,513 with a total of 1,308,751 rooms as of March 31, 2025 [6]. Shareholder Information - The company received a plan from its controlling shareholder to increase its holdings of B shares by no less than 9 million shares and no more than 18 million shares within 12 months [9]. - As of March 31, 2025, the controlling shareholder held 3,769,990 B shares [9]. Stock Repurchase Plan - The company plans to repurchase and cancel 2,625,259 shares of restricted stock due to performance criteria not being met, with a total repurchase amount of approximately 31.11 million yuan [19][29]. - Following the repurchase, the total share capital will decrease to 1,067,418,804 shares [27].

Group 1 - The A-share tourism and hotel sector is experiencing a downturn, with companies like Zhongxin Tourism and Xiangyuan Cultural Tourism seeing declines of over 3% [1] - Other companies such as Lijiang Co., Three Gorges Tourism, Jinjiang Group, and China Youth Travel also followed the downward trend [1]

表决结果：同意 3 票，反对 0 票，弃权 0 票。 特此公告。 上海锦江国际酒店股份有限公司监事会 一、关于 2025 年第一季度报告的议案 表决结果：9 票同意、0 票反对、0 票弃权。 二、关于回购注销 2024 年限制性股票激励计划部分限制性股票的议案 根据《上市公司股权激励管理办法》及《上海锦江国际酒店股份有限公司 2024 年限制性股票激励计划（草案）》（以下简称"《2024 年限制性股票激励计划》"） 的相关规定，鉴于《2024 年限制性股票激励计划》第一个解除限售期公司层面业 绩考核不达标及部分首次授予激励对象离职或发生职务变更情形，同意回购并注 销首次授予激励对象已授予但尚未解除限售的 2,625,259 股限制性股票，回购资 金总额为 31,111,737.76 元。本次回购注销完成后，公司限制性股票激励计划将 按照法规要求继续执行。 证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-017 上海锦江国际酒店股份有限公司 第十届监事会第二十一次会议决议公告 本公司监事会及全体监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 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-015 上海锦江国际酒店股份有限公司 第十届董事会第三十九次会议决议公告 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。 上海锦江国际酒店股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日 以电话、电子邮件和书面形式发出会议通知，2025 年 4 月 29 日以通讯方式召开第 十届董事会第三十九次会议，会议应参加表决董事 9 名，实际参加表决董事 9 名。 会议审议并通过了如下决议： 一、关于公司 2024 年度环境、社会与公司治理（ESG）报告的议案； 2024 年度 ESG 报告详见上海证券交易所网站（www.sse.com.cn）。 表决结果：9 票同意、0 票反对、0 票弃权。 二、关于 2025 年第一季度报告的议案 根据《上市公司股权激励管理办法》及《上海锦江国际酒店股份有限公司 2024 年限制性股票激励计划（草案）》（以下简称"《2024 年限制性股票激励计划》"） 的相关规定，鉴于《2024 年限制性股票激 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-016 一、本次激励计划已履行的相关程序及实施情况 1.2024年8月9日，公司召开第十届董事会第三十二次会议和第十届监事会第十 六次会议，审议通过了《关于<上海锦江国际酒店股份有限公司2024年限制性股票 激励计划（草案）>及其摘要的议案》、《关于<上海锦江国际酒店股份有限2024年 限制性股票激励计划实施考核办法>和<上海锦江国际酒店股份有限2024年限制性股 1 票激励计划实施管理办法>的议案》等议案。公司监事会对本激励计划的相关事项 进行核实并出具了相关核查意见。 上海锦江国际酒店股份有限公司 关于回购注销 2024 年限制性股票激励计划 部分限制性股票的公告 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： 本次回购激励对象已获授但尚未解除限售的限制性股票 2,625,259 股，涉及 人数 142 人，占公司回购前总股本的 0.25%；本次回购注销完成后，公司总股本将 减少至 1,067,418,804 股。 本次 ...

北京市金杜律师事务所上海分所 关于上海锦江国际酒店股份有限公司 2024 年限制性股票激励计划回购注销部分已授予限制性股票事项的 法律意见书 致：上海锦江国际酒店股份有限公司 北京市金杜律师事务所上海分所（以下简称本所）受上海锦江国际酒店股份有 限公司（以下简称公司或上市公司或锦江酒店）委托，作为公司 2024 年限制性股 票激励计划（以下简称本计划）的专项法律顾问，根据《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上市 公司股权激励管理办法》（2025 修正）（以下简称《管理办法》）1、国务院国有资产 监督管理委员会和财政部《国有控股上市公司（境内）实施股权激励试行办法》（以 下简称《试行办法》）等法律、行政法规、部门规章及规范性文件（以下简称法律 法规）和《上海锦江国际酒店股份有限公司章程》（以下简称《公司章程》）及《上 海锦江国际酒店股份有限公司 2024 年限制性股票激励计划（草案）》（以下简称《激 励计划（草案）》）的有关规定，就公司本次回购注销部分已授予限制性股票（以下 简称"本次回购注销"）所涉及的相关事宜出具本法律意见书。 为出具本法律意见 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥2,941,576,615.63, a decrease of 8.25% compared to ¥3,206,217,975.61 in the same period last year[4]. - Net profit attributable to shareholders was ¥36,012,056.27, down 81.03% from ¥189,885,897.98 year-on-year[4]. - The net cash flow from operating activities decreased by 40.84% to ¥602,813,184.39 from ¥1,018,979,657.96 in the previous year[4]. - Basic and diluted earnings per share were both ¥0.0337, reflecting an 81.01% decline from ¥0.1775 in the same period last year[4]. - The company reported a total revenue of RMB 294.16 million for Q1 2025, representing a decline of 8.25% year-over-year[13]. - The net profit attributable to shareholders for Q1 2025 was RMB 36.01 million, down 81.03% compared to the same period last year[13]. - The company reported a decrease in sales revenue from services, with cash received from sales of goods and services at approximately ¥3.22 billion, down 11.3% from ¥3.63 billion in Q1 2024[35]. - Total operating revenue for Q1 2025 was approximately ¥2.94 billion, a decrease of 8.25% from ¥3.21 billion in Q1 2024[32]. - Net profit for Q1 2025 was approximately ¥51.85 million, a significant decline of 79.6% compared to ¥254.57 million in Q1 2024[33]. - Total comprehensive income for Q1 2025 was approximately ¥92.22 million, down 66.1% from ¥272.32 million in Q1 2024[33]. Assets and Liabilities - Total assets at the end of the reporting period were ¥45,508,565,552.75, a decrease of 1.30% from ¥46,109,968,568.56 at the end of the previous year[5]. - As of March 31, 2025, the company's total current assets amounted to approximately CNY 11.45 billion, a decrease of 8.06% from CNY 12.46 billion on December 31, 2024[27]. - The company's cash and cash equivalents were CNY 8.11 billion, down from CNY 9.09 billion, reflecting a decline of 10.75%[27]. - The total liabilities of the company as of March 31, 2025, were CNY 29.73 billion, a decrease of 2.28% from CNY 30.43 billion at the end of 2024[29]. - The company's non-current assets totaled CNY 34.06 billion, an increase of 1.20% from CNY 33.65 billion at the end of 2024[28]. - The company's total equity as of March 31, 2025, was CNY 15.77 billion, an increase from CNY 15.68 billion at the end of 2024[29]. - The company's short-term borrowings increased to CNY 1.09 billion, up from CNY 950.81 million, reflecting a rise of 14.36%[29]. Hotel Operations - The hotel business generated consolidated revenue of RMB 288.82 million in Q1 2025, a decrease of 8.15% year-over-year[14]. - The company opened 226 new hotels and closed 129, resulting in a net increase of 97 hotels, totaling 13,513 hotels as of March 31, 2025[15]. - The total number of hotels in operation reached 12,348 as of March 31, 2025, an increase from 12,245 at the end of 2024[40]. - The average occupancy rate for full-service hotels was 42.52% in Q1 2025, compared to 41.91% in Q1 2024, showing an increase[20]. - The average occupancy rate for limited-service hotels in Q1 2025 is 53.34%, down from 60.66% in Q4 2024[44]. - The total number of signed limited-service hotels is 1,306 as of March 31, 2025, up from 1,302 as of December 31, 2024[44]. - The total number of rooms in signed limited-service hotels is 107,987 as of March 31, 2025, an increase from 107,815 as of December 31, 2024[44]. Cash Flow and Investments - The net cash flow from operating activities for Q1 2025 was RMB 602.81 million, down 40.84% year-over-year[13]. - Cash inflow from investment activities in Q1 2025 was approximately ¥389.40 million, compared to ¥43.78 million in Q1 2024[35]. - The company reported a net cash flow from investing activities of approximately ¥119.74 million, a significant improvement compared to a net outflow of ¥333.42 million in the previous period[36]. - The company experienced a net decrease in cash and cash equivalents of approximately ¥622.09 million, contrasting with an increase of ¥211.37 million in the previous period[36]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 67,340, including 47,378 A-share shareholders and 19,962 B-share shareholders[10]. - The largest shareholder, Shanghai Jinjiang Capital Co., Ltd., held 45.05% of the shares, totaling 482,007,225 shares[10]. - The controlling shareholder plans to increase its stake in the company by acquiring between 9 million and 18 million B shares within 12 months[22]. Strategic Developments - The company completed the acquisition of 100% equity in Lavande, Xana, and Coffetel, finalizing the buyout of minority shareholders and the cancellation of the remaining 5% equity[24]. - The company plans to continue expanding its hotel portfolio and enhancing its service offerings to improve overall performance in the upcoming quarters[36].

| 关于本报告 | 02 | | --- | --- | | 董事长致辞 | 03 | | 走进锦江酒店 | 04 | | 共赴锦程 ESG 蓝图 | 08 | | --- | --- | | ESG 战略及路径 | 09 | | ESG 管治架构 | 10 | | ESG 意识提升 | 12 | | 利益相关方沟通 | 13 | | 双重重要性调研评估结果 | 14 | | 2024 年 ESG 核心亮点 | 16 | | 附录 | 100 | | --- | --- | | 附录一：ESG 绩效表 | 100 | | 附录二：指标索引表 | 106 | | 推行绿色建造 | 20 | | --- | --- | | 践行绿色经营 | 23 | | 创新绿色服务 | 38 | 01 锦色 - 绿色礼遇 02 锦心 - 人本关怀 03 锦诚 - 责任治理 | 助力员工发展 | | --- | | 聚力伙伴权益 | | 致力社会公益 | | 坚守尽责治理 | 80 | | --- | --- | | 保障合法合规 | 86 | | 规范企业行为 | 96 | 目录 CONTENTS 41 55 73 关于本报告 ...