Group 1 - The 2025 National Day and Mid-Autumn Festival holiday will have a total of 8 consecutive days off, which is expected to boost travel demand [1] - The Chinese government announced a temporary visa-free policy for Russian passport holders from September 15, 2025, to September 14, 2026, leading to a significant increase in flight searches from Moscow [1] - South Korea will implement a temporary visa-free policy for Chinese group tourists starting September 29, 2025, lasting until June 2026, further enhancing travel opportunities [1] Group 2 - International flight bookings for popular cities have rebounded to over 50% of pre-pandemic levels during this summer, indicating a strong recovery in outbound tourism [2] - Japan and South Korea have emerged as popular destinations, with booking volumes increasing nearly tenfold compared to the beginning of the year, and flight prices dropping by approximately 40% [2] - Visa applications on the Fliggy platform surged over 13 times year-on-year in July, with Japan's visa applications surpassing 2019 levels [2] Group 3 - Various cities in China, including Guangdong, Hangzhou, and Chengdu, are set to issue cultural and tourism consumption vouchers in September to stimulate local tourism [3] - Guangdong will distribute 20 million yuan worth of vouchers starting September 12, while Chengdu will launch its second round of tourism accommodation vouchers from September 21 to October 28 [3] - Other regions, such as Huangshan and Yulin, are also implementing similar voucher programs to encourage spending in the tourism sector [3] Group 4 - The National Development and Reform Commission has proposed measures to cultivate new consumption scenarios in cultural tourism, aiming to create influential themed tourism routes [4] - Following this announcement, stocks related to tourism, such as Tibet Tourism and Dalian Shengya, experienced significant price increases [5] Group 5 - Related concept stocks include travel agencies like Zhongxin Tourism and China Youth Travel Service, scenic spots like Songcheng Performance and Huangshan Tourism, and hotel chains such as Jinjiang Hotels and Huazhu Group [8]

Group 1 - The core viewpoint of the article highlights that Jinjiang Hotels is pushing for an "A+H" listing while facing challenges such as domestic price cuts to maintain occupancy and significant overseas losses [1] - Jinjiang Hotels has received feedback from the China Securities Regulatory Commission regarding its overseas listing, which includes several inquiries about compliance with regulations [1][2] - The company is required to clarify whether its subsidiaries meet the criteria for overseas issuance and listing as per the relevant regulations [3] Group 2 - The regulatory feedback requests detailed information on the company's websites, apps, and data handling practices, including user information collection and cross-border data flow [1][3] - Jinjiang Hotels must provide legal opinions confirming compliance with tobacco retail licensing and foreign investment policies for its domestic subsidiaries [3] - The company is also asked to explain the intended use of raised funds and ensure alignment with overseas investment regulations [2][3]

Core Points - The company has approved the grant of 913,800 restricted stocks to 117 incentive objects at a price of 11.15 RMB per share as part of its 2024 restricted stock incentive plan [1][2] - As of August 20, 2025, the company has received a total of 9,426,210 RMB from 108 incentive objects for the stock subscription [2] - The stock structure has been updated, with 845,400 shares changing from unrestricted to restricted circulation, sourced from the company's repurchased A-shares [2] Group 1 - The company’s board approved the grant of restricted stocks on August 8, 2025, as part of the 2024 incentive plan [1] - The subscription payment for the incentive plan has been verified, confirming the amount received from the incentive objects [2] - The stock structure remains unchanged in total shares, but the classification of some shares has been modified [2]

证券代码：600754/900934 证券简称：锦江酒店/锦江 B 股 公告编号：2025-047 上海锦江国际酒店股份有限公司 关于股份性质变更暨 2024 年限制性股票激励计划 权益授予的进展公告 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。 根据《上市公司股权激励管理办法》、上海证券交易所和上海锦江国际酒店 股份有限公司（以下简称"公司"或"本公司"）2024 年限制性股票激励计划 （以下简称"本激励计划"）的规定，本激励计划限制性股票预留授予条件已经 成就。根据公司 2024 年第一次临时股东大会授权，公司于 2025 年 8 月 8 日召开 第十一届董事会第四次会议，审议通过了《关于向 2024 年限制性股票激励计划 激励对象授予预留部分限制性股票的议案》，同意以 2025 年 8 月 8 日为预留授 予日，向 117 名激励对象授予 91.38 万股限制性股票，授予价格为 11.15 元/股。 具体内容详见公司披露的相关公告。 公司股本结构变更情况如下： 1 | 股份类型 | 本次变更前 | | 增减变动 | 本 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Views - The company has shown initial results in cost reduction and efficiency improvement, with a focus on high-quality development [1]. - The hotel business performance has been flat, but there are signs of marginal improvement in the second quarter [2]. - The overseas operations are showing signs of recovery, although adjustments in management are still needed [3]. - The company is actively expanding its hotel network and enhancing its competitive edge through digital transformation and member system improvements [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 6.526 billion RMB, a year-on-year decrease of 5.31%, and a net profit attributable to shareholders of 371 million RMB, down 56.27% [1]. - The second quarter saw revenue of 3.585 billion RMB, a decrease of 2.74% year-on-year, with a net profit of 335 million RMB, down 49.12% [1]. Hotel Business Operations - The hotel business revenue for H1 2025 was 6.422 billion RMB, down 5.14% year-on-year, with a net profit of 240 million RMB, down 66.16% [2]. - The domestic hotel business revenue was 4.575 billion RMB, down 4.25% year-on-year, primarily due to a subdued business travel environment [2]. Overseas Operations - In H1 2025, overseas limited-service hotel revenue was 2.37 billion EUR, down 9.02%, with a net loss of 45.15 million EUR [3]. - The company is focusing on debt restructuring and improving profitability through various financial strategies [3]. Expansion and Strategy - As of H1 2025, the company operated 13,796 hotels, with 673 new openings and 293 closures, resulting in a net increase of 380 hotels [4]. - The company has signed contracts for 17,771 hotels, with a reserve of 3,975 hotels, indicating strong market share growth [4]. Profit Forecast and Valuation - The report maintains profit forecasts with expected EPS of 0.95, 1.17, and 1.33 RMB for 2025, 2026, and 2027 respectively [5]. - The target price is set at 27.55 RMB, based on a 29x PE for 2025 [5].

Group 1 - The hotel industry has experienced a significant boost this summer, with a strong demand for quality travel and unique experiences, as evidenced by the increase in average order prices by 9.9% year-on-year during the summer travel season [1] - High-end hotels are performing well, with occupancy rates exceeding 70% in locations like Sanya, where innovative activities such as coral reef observation camps have become popular [2] - The trend of traveling to events, such as concerts and exhibitions, has surged, with hotel and attraction searches around event venues increasing significantly, exemplified by a more than 7-fold increase in searches following the sale of concert tickets [2] Group 2 - The recovery of outbound tourism has been rapid, with popular destinations including Japan, Thailand, and South Korea seeing substantial growth in hotel bookings, such as a 98% increase in orders for hotels in Okinawa, Japan [3] - Hotels in destinations like Uzbekistan are adapting to cater to Chinese tourists, offering services such as Chinese-speaking concierge and traditional tea sets to enhance the guest experience [3] - Traditional tourist destinations like Indonesia and Australia continue to thrive, with family-friendly services being introduced in hotels to attract Chinese tourists, including free accommodation for children and dedicated entertainment activities [4] Group 3 - The cruise market has also seen a strong recovery, with over 1.377 million travelers passing through Shanghai's cruise port this year, marking a 48.71% year-on-year increase [4] - The demand for family-oriented cruise experiences has risen, with over 60% of guests being families, leading to increased bookings for family room types and entertainment facilities [4] - The cruise ship "Spectrum of the Seas" achieved record-high occupancy rates during the summer, indicating robust demand in the cruise sector [4]

Core Insights - The hotel industry is undergoing a strategic transformation from "scale expansion" to "value cultivation" in member operations, with Jin Jiang Hui as a leading example of this shift [1] - Jin Jiang Hui has launched nearly 30 summer cultural and tourism activities, leveraging user insights and ecological operational strategies to stand out in a competitive market [1] User Engagement - Jin Jiang Hui's APP and mini-program saw a nearly 15% increase in monthly active users during the summer, with a 106% month-on-month increase in activity participation [3] - The platform has created a complete closed loop of "digital user assets - diversified consumption scenarios - instant value realization," transforming members from "transients" to "residents" through high-frequency, strongly related scenario designs [3] Points Redemption - In a single month, nearly 600 million points were consumed, showcasing Jin Jiang Hui's innovative construction of a "points equal rights" value closed loop [5] - The integration of points redemption across various sectors, such as global travel projects and Michelin restaurant bookings, has transformed the points system from a promotional tool to a value currency, significantly increasing member lifetime value (LTV) [5] Comprehensive Ecosystem - Jin Jiang Hui's unique four-dimensional service ecosystem encompasses "eating, staying, traveling, and playing," supported by the extensive hospitality industry chain of Jin Jiang International Group [7] - The integration of cultural consumption resources, such as performance tickets and intangible cultural heritage experiences, expands member rights beyond traditional offerings, enhancing the emotional value of membership [7] - The evolution of the membership system signifies a fundamental shift from maintaining transactional relationships to co-creating lifecycle value, indicating a transition from price competition to value symbiosis in the industry [7]

Core Viewpoint - The outbound tourism market in China is experiencing significant recovery, particularly in Southeast Asia, which is projected to attract 120 million international tourists and generate over $350 billion in tourism revenue by 2025, accounting for 8.5% of the region's GDP [2][3]. Group 1: Market Dynamics - Southeast Asia is becoming a primary destination for middle-class families in China, driven by its unique tourism resources and potential for hotel industry growth [3]. - The recovery of the outbound tourism market is supported by various platforms reporting a substantial increase in overseas travel product bookings [2]. Group 2: Company Strategy - Jinjiang Hotels has accelerated its expansion into Southeast Asia, signing a management agreement with RJJ Hotels to establish over 180 hotels in Malaysia, Indonesia, Vietnam, Laos, Cambodia, and the Philippines within five years [5][7]. - The company aims to build a localized team and adapt its brands to local markets while maintaining consistent quality standards [10][11]. Group 3: Operational Approach - Jinjiang's new "2.0 version" of going abroad emphasizes deep integration with local markets, focusing on sustainable business practices and long-term partnerships [9][10]. - The company is building a mixed team of 20% Chinese and 80% local staff to enhance communication and market understanding, which is crucial for successful overseas operations [13]. Group 4: Competitive Advantages - Jinjiang's robust supply chain system supports its international expansion, providing comprehensive procurement services to over 17,000 hotels globally [18][20]. - The company leverages its experience from managing the Hilton Garden Inn brand in China to effectively localize foreign brands in Southeast Asia [23][24]. - Jinjiang benefits from favorable government relations and trade agreements, enhancing its operational capabilities in the region [26]. Group 5: Future Outlook - The company is focused on quality over rapid expansion, prioritizing the establishment of high-quality initial projects before scaling up [30]. - Jinjiang's digital transformation efforts, including the unification of management systems across 10,000 hotels, position it for efficient operations and consistent service delivery in international markets [35].

Core Viewpoint - The hotel and catering sector experienced a rise of 0.91% on September 1, with Quan Juding leading the gains, while the overall market indices also showed positive performance [1][2]. Group 1: Market Performance - The Shanghai Composite Index closed at 3875.53, up by 0.46% [1] - The Shenzhen Component Index closed at 12828.95, up by 1.05% [1] Group 2: Individual Stock Performance - Quan Juding (002186) closed at 14.39, with a gain of 3.53% and a trading volume of 347,800 shares, totaling a transaction value of 492 million yuan [1] - Junting Hotel (301073) closed at 25.99, up by 3.22%, with a trading volume of 147,500 shares and a transaction value of 381 million yuan [1] - Jinling Hotel (601007) closed at 8.07, gaining 3.07%, with a trading volume of 231,300 shares and a transaction value of 185 million yuan [1] - Tongqinglou (605108) closed at 21.61, up by 2.42%, with a trading volume of 74,300 shares and a transaction value of 159 million yuan [1] - Huatian Hotel (000428) closed at 3.73, gaining 1.91%, with a trading volume of 295,800 shares and a transaction value of 110 million yuan [1] - Xi'an Catering (000721) closed at 10.55, up by 1.15%, with a trading volume of 821,200 shares and a transaction value of 880 million yuan [1] - Shoulv Hotel (600258) closed at 15.35, gaining 0.66%, with a trading volume of 322,200 shares and a transaction value of 493 million yuan [1] - *ST Yunwang (002306) closed at 1.88, up by 0.53%, with a trading volume of 186,200 shares and a transaction value of 34.93 million yuan [1] - Jinjiang Hotel (600754) closed at 23.04, down by 0.82%, with a trading volume of 159,000 shares and a transaction value of 367 million yuan [1] Group 3: Fund Flow Analysis - The hotel and catering sector saw a net outflow of 38.80 million yuan from institutional funds, while retail investors contributed a net inflow of 30.77 million yuan [2] - Speculative funds recorded a net inflow of 803.19 million yuan into the sector [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a significant decline in net profit due to high base effects from the previous year, but the non-recurring net profit showed a year-on-year increase [3][4] - The company is progressing well with its store opening plans, having opened 673 new hotels in the first half of 2025, with a net increase of 380 hotels [6] - The company is focusing on a light-asset model, with a significant increase in franchise hotels while reducing directly operated hotels [6] Financial Performance - In H1 2025, the company achieved 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% [3] - The non-recurring net profit for H1 2025 was 409 million yuan, reflecting a year-on-year increase of 5.17% [3] - The gross profit margin for H1 2025 was 36.28%, a decrease of 3.57 percentage points year-on-year, primarily due to declining room rates [5] RevPAR Analysis - The RevPAR for limited-service hotels in H1 2025 was 146.0 yuan, down 5.10% year-on-year, with average room rates decreasing by 6.15% [4] - The RevPAR for full-service hotels in H1 2025 was 215.67 yuan, down 10.23% year-on-year [4] - The company’s overseas limited-service hotels achieved a RevPAR of 38.88 euros, a year-on-year decrease of 1.67%, but the average room rate increased by 2.27% [5] Store Opening Strategy - The company plans to open 1,300 new hotels in 2025 and has signed contracts for 2,000 new hotels [6] - The franchise strategy is being deepened, with a net increase of 414 franchise hotels in H1 2025 [6] Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downwards, with net profit estimates of 1.006 billion yuan, 1.205 billion yuan, and 1.412 billion yuan respectively [6][7] - The current stock price corresponds to a P/E ratio of 25 for 2025, 21 for 2026, and 18 for 2027 [6][7]