Core Insights - The company reported a revenue of 6.53 billion yuan, a year-on-year decrease of 5.3% [1] - The net profit attributable to shareholders was 371 million yuan, down 56.3% year-on-year [1] - The net profit excluding non-recurring items was 409 million yuan, an increase of 5.2% year-on-year [1] - The net operating cash flow was 1.331 billion yuan, a decline of 35.1% year-on-year [1] Operational Performance - During the reporting period, the company opened 673 new hotels and closed 293, resulting in a net increase of 380 hotels, bringing the total to 13,796 hotels with 1.3329 million rooms by the end of June [1] - The company has a signed hotel reserve of 17,771 hotels, with 663 new limited-service hotels opened, and the franchise model's share increased, with the main brand's new openings accounting for 86%, up 3 percentage points from the previous year [1] Cost Control - The company implemented a flat organizational structure reform, streamlining the domestic limited-service hotel segment into 13 departments and 2 business units, which reduced the management expense ratio to 15.62%, a decrease of 2.66 percentage points year-on-year [1] - The domestic full-service hotel business achieved a revenue of 122 million yuan, an increase of 18.16% year-on-year [1]

Core Viewpoint - Despite expanding its hotel network by 380 new openings in the first half of 2025, Jinjiang Hotels (600754), the largest hotel group in China, has faced a decline in both revenue and net profit, indicating a challenging operational environment [1][2]. Financial Performance - In the first half of 2025, Jinjiang Hotels reported operating revenue of 6.526 billion yuan, a year-on-year decrease of 5.31%, and a net profit attributable to shareholders of 371 million yuan, down 56.27% [1][2]. - The company's hotel business generated approximately 6.423 billion yuan in revenue, a decline of 5.14%, with a net profit of about 240 million yuan, down 66.16% [2][4]. Key Operational Metrics - The average revenue per available room (RevPAR) for full-service hotels decreased by 10% to 216.67 yuan, while mid-range and economy hotels also saw declines of 7% and 4% respectively [2][3]. - The average room rate for full-service hotels fell from 511 yuan to 461 yuan, and for limited-service hotels from 246 yuan to 231 yuan, indicating a price reduction strategy that has not compensated for revenue losses [4][5]. Expansion Strategy - Jinjiang Hotels continues to pursue an expansion strategy primarily through a franchise model, with over 96% of its 12,650 domestic hotels being franchise operations [5][6]. - The company faces challenges in maintaining brand standards and managing increased operational complexity due to rapid expansion [5]. International Operations - Jinjiang Hotels' international operations, particularly through the Louvre Group, have been a significant drag on overall performance, with continuous losses reported over the past five years [6][7]. - In the first half of 2025, the overseas limited-service hotel segment reported a net loss of 4.515 million euros, exacerbating the financial strain on the company [6][7]. IPO Plans - The company is seeking to initiate an IPO in Hong Kong to address its financial challenges, particularly the ongoing losses from its overseas operations [6][8]. - The funds raised from the IPO are intended for capital expenditures in overseas hotels, digital transformation, and debt repayment, aiming to alleviate financial pressure and improve capital structure [7][8].

丨证券研究报告丨 赵刚 杨会强 马健轩 SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 公司研究丨点评报告丨锦江酒店（600754.SH） [Table_Title] 2025 年半年度报告点评：公司降本成效明显， 门店保持稳健增长 报告要点 [Table_Summary] 2025 年上半年，公司实现营业收入 65.26 亿元，同比下降 5.31%，实现归母净利润 3.71 亿元， 同比下降 56.27%，扣非归母净利润 4.09 亿元，同比增长 5.17%。展望未来，短期内，公司延 续较高开店计划，预计 2025 年新增开业酒店 1300 家，新增签约酒店 2000 家，中长期看好公 司"12+3+1"品牌发展战略。预计 2025-2027 年公司归母净利润分别为 10.48、13.01、14.99 亿元，对应 PE 分别为 23/19/16X，维持"买入"评级。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 锦江酒店（600754.SH） cjzqdt1111 ...

Core Viewpoint - Shanghai Jin Jiang International Hotel Co., Ltd. reported a relatively strong performance in its 2025 semi-annual report despite the challenging conditions in the domestic hotel industry, characterized by weak consumer demand and intense competition [2][3]. Financial Performance - In the first half of 2025, Jin Jiang Hotel achieved operating revenue of 6.526 billion yuan, a year-on-year decrease of 5.31%. However, the net profit attributable to shareholders after deducting non-recurring items was 409 million yuan, reflecting a year-on-year increase of 5.17% [2][5]. - The second quarter of 2025 marked a significant turnaround, with a net profit of 382 million yuan, representing a year-on-year growth of 17.11% and a quarter-on-quarter increase of 1335.32% [2][5]. Strategic Adjustments - Jin Jiang Hotel has implemented a series of reform measures to prepare for the recovery of the industry, moving away from the traditional growth logic of "scale equals growth" to a new growth strategy [3][6]. - The company has strategically exited several hotel properties, which impacted its revenue and net profit figures. Notably, the sale of 100% equity in Fashion Journey Hotel Management Co., Ltd. and the disposal of certain hotel properties contributed significantly to previous financial results [4][5]. Operational Efficiency - The management has initiated organizational reforms and digitalization efforts to enhance operational efficiency, including streamlining decision-making processes and reducing the number of regional divisions [6][7]. - The management expense ratio decreased to 15.62%, down 2.66% year-on-year, indicating improved cost management [8]. Digital Transformation - Jin Jiang Hotel has unified its hotel management systems across 10,000 locations, which is expected to enhance standardized management and operational efficiency [10][11]. - The company has increased its direct connection rate to 75% through the elimination of private connections with OTAs, aiming for an 80% target by the end of the year [12][13].

Core Viewpoint - Shanghai Jinjiang International Hotel Co., Ltd. reported a relatively strong performance in its 2025 semi-annual report despite the challenging conditions in the hotel industry, indicating a potential recovery phase and strategic reforms undertaken by the company [2][3]. Financial Performance - In the first half of 2025, Jinjiang Hotel achieved operating revenue of 6.526 billion yuan, a year-on-year decrease of 5.31% [3]. - The net profit attributable to shareholders after deducting non-recurring items was 409 million yuan, reflecting a year-on-year increase of 5.17%, marking the best mid-year profit performance since the company went public [3]. - In Q2 2025, the net profit attributable to shareholders after deducting non-recurring items reached 382 million yuan, showing a year-on-year growth of 17.11% and a quarter-on-quarter increase of 1335.32% [3]. Strategic Adjustments - Jinjiang Hotel has implemented a series of reforms to prepare for the recovery of the industry, moving away from the traditional growth logic of "scale equals growth" to a new growth strategy [3][4]. - The company strategically exited several hotel properties, which impacted its revenue and net profit, but allowed for a focus on core operations [4][5]. Operational Efficiency - The management has initiated organizational reforms and digitalization efforts to enhance operational efficiency, including shortening decision-making processes and improving responsiveness to market changes [7][8]. - The management expense ratio decreased to 15.62%, down 2.66% year-on-year, indicating improved cost management [9]. Digital Transformation - Jinjiang Hotel has unified its hotel management systems across 10,000 locations, enhancing standardized management and operational efficiency [12][13]. - The company has increased its direct connection rate to 75% through the elimination of private connections with OTAs, aiming for 80% by the end of the year, which will help streamline pricing and inventory management [17].

在行业景气度低迷与激烈竞争态势下，锦江酒店为何能够交 出"破纪录"的成绩单？ 作者： 黄一帆 封图：企业官网 8月27日，国内酒店业代表企业之一的上海锦江国际酒店股份有限公司（600754.SZ，下称"锦江酒 店"）发布了2025年半年度报告。 这份报告出现在行业的低谷时刻。在国内消费疲软、竞争白热化的情况下，酒店业正面临如何破解 深度"内卷"、供给过度的难题。 2025年上半年，锦江酒店实现营业收入65.26亿元，同比下降5.31%；扣非后归属于上市公司股东 的净利润为4.09亿元，同比增幅为5.17%。4.09亿元是锦江酒店上市以来所取得的最佳中期利润业 绩。 值得注意的是，在这份"破纪录"的成绩单中，锦江酒店凭借2025年第二季度单季业绩向外释放了 强烈转折信号：在第二季度，锦江酒店实现扣非后归母净利润3.82亿元，同比增长17.11%，环比 增长1335.32%。 在行业景气度低迷与激烈竞争态势下，锦江酒店为何能够交出上述答卷？ 锦江酒店表示，在过去一段时间里，该公司采取一系列改革措施，为行业景气度复苏做好充分准 备。行业景气底部恰恰也是推动改革、持续优化调整的战略机遇期。该公司正在跳出酒店业传统 的 ...

智通财经APP获悉，8月29日，中国证监会公布《境外发行上市备案补充材料要求(2025年8月22日— 2025年8月28日)》。中国证监会对锦江酒店等10家企业出具补充材料要求。其中，证监会要求锦江酒店 说明公司及境内子公司取得烟草零售许可相关情况等事项。据悉，锦江酒店(600754.SH)已于2025年6月 29日向港交所主板提交上市申请，东方证券国际为独家保荐人。 证监会请锦江酒店补充说明以下事项，请律师核查并出具明确的法律意见： 一、进一步说明公司的子公司是否存在《境内企业境外发行证券和上市管理试行办法》第八条规定的不 得境外发行上市的情形。 二、请对照《监管规则适用指引——境外发行上市类第2号》有关规定，说明公司股本中国有股份相关 情况。 据招股书披露，截至2024年12月31日，锦江酒店已经开业的酒店家数达到13,416家，客房间数1,290,988 间。根据弗若斯特沙利文，按已经开业的酒店家数计算，公司是中国及全球最大的酒店集团；截至同 日，按已经开业的客房间数计算，亦是中国最大、全球第二大的酒店集团。 三、公司及下属公司开发、运营的网站、APP、小程序、公众号等产品情况，收集和存储用户信息规 模 ...

8月29日，中国证监会公布《境外发行上市备案补充材料要求(2025年8月22日—2025年8月28日)》。中 国证监会对锦江酒店（600754）等10家企业出具补充材料要求。其中，证监会要求锦江酒店说明公司及 境内子公司取得烟草零售许可相关情况等事项。据悉，锦江酒店(600754.SH)已于2025年6月29日向港交 所主板提交上市申请，东方证券国际为独家保荐人。 三、公司及下属公司开发、运营的网站、APP、小程序、公众号等产品情况，收集和存储用户信息规 模、数据收集使用情况，是否存在向第三方提供信息、信息数据跨境流动的情形，以及上市前后个人信 息保护和数据安全的安排或措施。 四、请说明：(1)公司及境内子公司取得烟草零售许可相关情况；(2)公司的境内子公司增值电信业务不 违反外资准入政策的明确依据；(3)除上述外，公司及境内子公司经营范围和实际业务经营是否涉及 《外商投资准入特别管理措施(负面清单)(2024年版)》外资禁止或限制准入领域。 五、请说明募集资金投向是否符合境外投资相关规定，并提供明确依据。 据招股书披露，截至2024年12月31日，锦江酒店已经开业的酒店家数达到13,416家，客房间数1,2 ...

Market Overview - The hotel and catering sector increased by 0.31% on August 29, with Xi'an Catering leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Stock Performance - Xi'an Catering (000721) closed at 10.43, up 3.88% with a trading volume of 745,900 shares and a transaction value of 772 million [1] - Tongqinglou (605108) closed at 21.10, up 2.98% with a trading volume of 89,800 shares and a transaction value of 189 million [1] - Junxiang Hotel (301073) closed at 25.18, up 1.21% with a trading volume of 125,600 shares and a transaction value of 318 million [1] - Shoulv Hotel (600258) closed at 15.25, up 0.59% with a trading volume of 131,460 shares and a transaction value of 480 million [1] - Jinjing Hotel (601007) closed at 7.83, up 0.38% with a trading volume of 133,000 shares and a transaction value of 104 million [1] - Huatian Hotel (000428) closed at 3.66, up 0.27% with a trading volume of 251,200 shares and a transaction value of 92.51 million [1] - ST Yunwang (002306) closed at 1.87, unchanged with a trading volume of 203,500 shares and a transaction value of 38.05 million [1] - Jinjiang Hotel (600754) closed at 23.23, down 0.51% with a trading volume of 118,600 shares and a transaction value of 277 million [1] - Quanjude (002186) closed at 13.90, down 4.92% with a trading volume of 408,700 shares and a transaction value of 591 million [1] Capital Flow - The hotel and catering sector experienced a net outflow of 68.2 million from institutional investors, while retail investors saw a net inflow of 55.85 million [1] - Major stocks like Xi'an Catering had a net inflow of 42.26 million from institutional investors, while retail investors had a net outflow of 41.52 million [2] - Tongqinglou saw a net inflow of 11.31 million from institutional investors, with retail investors experiencing a net outflow of 13.88 million [2] - Junxiang Hotel had a net inflow of 7.32 million from institutional investors, while retail investors had a net outflow of 3.98 million [2] - Jinjing Hotel experienced a net outflow of 28.26 million from institutional investors, while retail investors had a net inflow of 3.20 million [2] - Quanjude faced a significant net outflow of 45.29 million from institutional investors, but retail investors had a net inflow of 60.58 million [2] - Shoulv Hotel had a net outflow of 59.30 million from institutional investors, with retail investors seeing a net inflow of 45.98 million [2]

中国酒店品牌"走出去"迎来新的里程碑。锦江品牌创立90周年之际，中国头部酒店企业锦江酒店（中国 区）与马来西亚本土酒店管理集团RIYAZ的战略合作协议8月27日在马来西亚吉隆坡正式签署。RIYAZ 集团为此次合作特别成立的酒店管理公司RJJ Hotels也首度亮相。发布会上，锦江酒店（中国区）和RJJ Hotels正式签署管理许可协议，宣布未来五年内将在马来西亚、印度尼西亚、越南、老挝、柬埔寨、菲 律宾合力拓展超180个酒店项目。RJJ Hotels后续将负责锦江酒店（中国区）旗下锦江都城、麗枫、锦江 之星、暻阁、云居五大品牌在上述六国的酒店项目开发、筹建支持及运营管理工作，并与锦江酒店（中 国区）的派驻团队一起，合力推动新拓酒店项目的高质量落地。（解放日报） ...