Core Viewpoint - Jinjiang Hotels (600754) reported disappointing financial results for the first half of 2025, with a significant decline in net profit and revenue compared to the previous year [1][3]. Financial Performance - The total operating revenue for the first half of 2025 was 6.526 billion yuan, a decrease of 5.31% year-on-year [1]. - The net profit attributable to shareholders was 371 million yuan, down 56.27% year-on-year [1]. - In Q2 2025, the operating revenue was 3.585 billion yuan, a decline of 2.74% year-on-year, while the net profit was 335 million yuan, down 49.12% year-on-year [1]. - The gross profit margin was 36.28%, a decrease of 8.97% year-on-year, and the net profit margin was 6.18%, down 57.06% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 1.793 billion yuan, accounting for 27.47% of revenue, a decrease of 12.71% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) was 0.35 yuan, down 55.7% year-on-year [1]. - The return on invested capital (ROIC) for the previous year was 3.88%, indicating weak capital returns [3]. - The company's cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 80.79% [3]. - The interest-bearing debt ratio reached 30.38%, highlighting potential debt concerns [3]. Market Position and Fund Holdings - The largest fund holding Jinjiang Hotels is the Fortune China Tourism Theme ETF, which has reduced its holdings [4]. - The fund's current size is 2.955 billion yuan, with a recent net value of 0.7111, reflecting a 2.01% decline from the previous trading day [4].

Core Viewpoint - Jinjiang Hotels reported a decline in revenue and net profit for the first half of 2025, attributing the downturn to weakened market demand and strategic exits from certain hotel properties [1][3]. Financial Performance - The company achieved operating revenue of 6.53 billion yuan, a year-on-year decrease of 5.3% [1] - Net profit attributable to shareholders was 371 million yuan, down 56.3% year-on-year [1] - Excluding non-recurring items, net profit was 409 million yuan, an increase of 5.2% [1] - Operating cash flow net amount was 1.331 billion yuan, a decline of 35.1% year-on-year [1] - In Q2, operating revenue was 3.58 billion yuan, down 2.7% year-on-year, and net profit was 335 million yuan, down 49.1% [1] Hotel Business Performance - The hotel business generated approximately 6.423 billion yuan in revenue, a decrease of 5.14% year-on-year [3] - Net profit from the hotel business was about 240 million yuan, down 66.16% [3] - Domestic hotel revenue was approximately 4.575 billion yuan, down 4.25%, while overseas revenue was about 1.848 billion yuan, down 7.27% [3] - RevPAR for full-service hotels was 215.67 yuan, down 10.23%, and for limited-service hotels was 145.99 yuan, down 5.1% [3] Expansion and Strategic Partnerships - Jinjiang Hotels announced a strategic partnership with Malaysia's RIYAZ Group to expand over 180 hotel projects in Southeast Asia over the next five years [2][5] - The company aims to enhance hotel operational efficiency and management efficiency while expanding into lower-tier markets [1] - As of June 30, 2025, Jinjiang Hotels had a total of 13,796 operating hotels and 1,332,853 guest rooms [4] Southeast Asia Market Strategy - The company is focusing on penetrating high-growth markets in Southeast Asia, including Malaysia, Indonesia, Vietnam, Laos, Cambodia, and the Philippines [5][6] - Jinjiang Hotels plans to establish a self-circulating management mechanism in Southeast Asia, combining local and Chinese teams to enhance operational capabilities [6]

Core Viewpoint - Jinjiang Hotels reported a revenue of 6.526 billion yuan and a net profit attributable to shareholders of 371 million yuan for the first half of 2025, with a year-on-year growth of 5.17% in net profit after deducting non-recurring items, despite a decline in net profit compared to the same period last year due to the absence of non-recurring gains from asset disposals [1] Group 1: Financial Performance - The company achieved an operating income of 6.526 billion yuan and a net profit of 371 million yuan in the first half of 2025 [1] - The net profit attributable to shareholders decreased year-on-year primarily due to the lack of non-recurring gains from the previous year's asset disposals, which amounted to 459 million yuan [1] - The net profit after deducting non-recurring items was 409 million yuan, reflecting a year-on-year growth of 5.17% [1] Group 2: Strategic Initiatives - Jinjiang Hotels is implementing a reform program focused on "refining, strengthening, and solidifying" its operations, which includes a significant restructuring of its organizational framework to enhance management efficiency [1] - The company has streamlined its domestic limited-service hotel segment from "7 major centers and 37 departments" to "13 departments and 2 business units," consolidating regional units into 6 for localized management [1] - The company is adopting a "12+3+1" brand strategy to strengthen its core brands, which is expected to enhance market presence and create a positive interaction between brand momentum and scale effects [1] Group 3: Digital Transformation - The WeHotel global hotel internet platform is facilitating the digital transformation of Jinjiang Hotels, with a focus on developing a member management system and comprehensive technical product matrix [2] - The company is enhancing its member system by breaking down data barriers and linking various online platforms to provide differentiated and scenario-based member experiences [2] - As of June 30, 2025, the total number of effective members reached 20.163 million, indicating a strong focus on member engagement and contribution [2] Group 4: Global Expansion - Jinjiang Hotels is accelerating its globalization strategy, particularly in Southeast Asia, by partnering with local hotel management groups and establishing localized teams for integrated management [3] - The company aims to achieve a target of opening 500 hotels in Southeast Asia within five years, emphasizing industry chain collaboration and the integration of tourism routes and supply chain systems [3] - In Europe, the company is revitalizing its operations by focusing on core businesses, disposing of non-core assets, and planning to issue H-shares for funding hotel upgrades and digital transformation [3]

公司代码：600754、900934 公司简称：锦江酒店、锦江B股 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到http://www.sse.com.cn/网站仔细阅读半年度报告全文。 1.2本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3本公司第十一届董事会第五次会议于2025年8月26日审议通过了本半年度报告。公司全体董事出席董 事会会议。 1.4本半年度报告未经审计。本公司按中国企业会计准则编制2025年半年度财务报表。 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 第二节 公司基本情况 2.1公司简介 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 □适用 √不适用 2.5控股股东或实际控制人变更情况 □适用 √不适用 2.6在半年度报告批准报出日存续的债券情况 □适用 √不适用 第三节 ...

Core Insights - The core viewpoint of the report indicates that Jin Jiang International Hotel Co., Ltd. experienced a decline in both revenue and net profit for the first half of 2025, attributed to weakened market demand and strategic exits from certain hotel properties [1][2] Financial Performance - In the first half of 2025, Jin Jiang Hotel achieved operating revenue of 6.526 billion yuan and a net profit attributable to shareholders of 371 million yuan, both showing a year-on-year decline [1] - The net profit excluding non-recurring gains was 409 million yuan, reflecting a year-on-year increase of 5.17% [1] - The decline in overall revenue was primarily due to reduced market demand and the strategic exit from several hotel properties [1] Strategic Developments - Jin Jiang Hotel is actively pursuing a digital transformation, with the WeHotel global hotel internet platform facilitating the upgrade from traditional business models [2] - The company has enhanced its membership system by breaking down data barriers, providing differentiated and scenario-based benefits to improve member engagement and contribution rates [2] - As of June 30, 2025, the total number of effective members reached 20.163 million [2] Business Segments - The full-service hotel segment in China reported a consolidated operating revenue of 122 million yuan, marking an 18.16% year-on-year increase [2] - In the limited-service hotel sector, 86% of newly opened hotels in the first half of 2025 belonged to the company's main brands, an increase of approximately 3 percentage points compared to the same period last year [2]

Core Insights - The company reported a consolidated revenue of 6.526 billion yuan for the first half of 2025, representing a year-on-year decrease of 5.31% [1] - The net profit attributable to shareholders was 371 million yuan, down 56.27% compared to the same period last year [1] - The net cash flow from operating activities was 1.33 billion yuan, which is a decline of 35.11% year-on-year [1]

Core Viewpoint - Jinjiang Hotels reported a strong performance in the first half of 2025, with operating revenue of 6.526 billion yuan and a net profit of 409 million yuan, reflecting a year-on-year growth of 5.17%, despite a decline in net profit attributable to the parent company due to the absence of non-recurring gains from asset disposals in the previous year [1][2] Group 1: Financial Performance - The company achieved operating revenue of 6.526 billion yuan in the first half of 2025, with a net profit of 409 million yuan, marking a 5.17% increase year-on-year [1] - The decline in net profit attributable to the parent company was due to the absence of non-recurring gains from the sale of assets in the previous year, which had generated 459 million yuan [1] Group 2: Operational Efficiency and Management - Jinjiang Hotels streamlined its management structure from "7 major centers and 37 departments" to "13 departments and 2 business units," enhancing management efficiency and reducing management costs, with the management expense ratio dropping to 15.62%, a decrease of 2.66 percentage points year-on-year [2] - The company focused on brand development, with 86% of new hotel openings in the domestic limited-service hotel segment coming from its main brands, an increase of approximately 3 percentage points from the previous year [2] Group 3: Customer Engagement and Membership - The company enhanced its central client operations, with a 15% year-on-year increase in order night volume from central clients, contributing to revenue growth and risk resilience [3] - The "Jinjiang Hui" membership program surpassed 200 million members, with a central booking rate increase of 11.36 percentage points from January to June, and membership contribution rate exceeding 70% [3] Group 4: Digital Transformation - Jinjiang Hotels is building an efficient digital operation system through three core initiatives: integrating a "three-platform" system for brand, membership, and supply chain management, achieving unified membership systems, and promoting business-financial integration for improved operational efficiency [4] Group 5: Global Expansion Strategy - The company is accelerating its global expansion, focusing on Southeast Asia and Europe, with plans to develop over 180 hotel projects in collaboration with RJJ Hotels in countries like Malaysia, Indonesia, and Vietnam [5][6] - In Europe, Jinjiang Hotels is revitalizing its operations by focusing on core business development and asset upgrades, with 14 renovated hotels showing significant improvements in revenue and customer satisfaction [7] Group 6: Future Outlook - Jinjiang Hotels aims to strengthen its industry leadership through internal reforms and global expansion, contributing to the international influence of Chinese service brands and supporting high-quality economic development in China [7]

Core Insights - Jin Jiang Hotels reported a decline in revenue and net profit for the first half of 2025, with total revenue approximately 6.53 billion yuan, down 5.31% year-on-year, and net profit attributable to shareholders around 370 million yuan, down 56.27% year-on-year [1][2] Financial Performance - The total revenue for the reporting period was 6,526,349,847.97 yuan, compared to 6,892,028,466 yuan in the same period last year [2] - The total profit for the period was 657,679,853.82 yuan, down from 1,255,425,541 yuan year-on-year [2] - The net profit attributable to shareholders was 370,672,566.22 yuan, a decrease from 847,570,586 yuan year-on-year [2] - The net profit after deducting non-recurring items was 408,615,948.50 yuan, up from 388,515,172 yuan year-on-year, indicating a 5.17% increase [2] Hotel Business Performance - Revenue from hotel operations was approximately 6.42 billion yuan, a decline of 5.14% year-on-year, with a net profit of about 240 million yuan, down 66.16% [3] - Revenue from hotels in mainland China was approximately 4.58 billion yuan, down 4.25% year-on-year, while revenue from overseas operations was about 1.85 billion yuan, down 7.27% [3] - The company has been operating at a loss in overseas markets since 2020, with cumulative losses reported from 2020 to 2024 [3] Expansion and Strategic Moves - During the reporting period, Jin Jiang Hotels opened 673 new hotels and exited 293, resulting in a net increase of 380 hotels [3] - The company is pursuing a Hong Kong IPO, which, if successful, would make it the first hotel group in China to be listed in both A-share and H-share markets [4] - The company has faced significant operational pressure, with revenue and profit both declining from 2022 to 2024 [4] Market Performance - As of August 27, Jin Jiang Hotels' stock price fell by 1.75% to 23.05 yuan per share, with a total market capitalization of 24.6 billion yuan [4]

财报显示，报告期内，锦江酒店新增开业酒店673家，开业退出酒店293家，净增开业酒店380家。其中 全服务型酒店新开业10家，开业退出酒店1家，净增开业酒店9家；有限服务型酒店新开业663家，开业 退出酒店292家，净增开业酒店371家。截至2025年6月30日，已经开业的酒店合计达到13796家，已经开 业的酒店客房总数达到1332853间。 北京商报讯（记者 吴其芸）8月27日，上海锦江国际酒店股份有限公司（以下简称"锦江酒店"）发布 2025年半年度报告，报告期内，锦江酒店实现营业收入65.26亿元，同比下降5.31%；归属于上市公司股 东的净利润3.71亿元，同比下降56.27%。 ...

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"、"本公司"）于 2025 年 8 月 15 日以电话、电子邮件和书面形式发出了关于召开第十一届董事会第五次 会议的通知，会议于 2025 年 8 月 26 日下午在上海静安昆仑大酒店董事会议室召 开，会议应到董事 9 名，实到董事 9 名。本次会议出席人数、召开程序、议事内 容均符合《中华人民共和国公司法》（以下简称"《公司法》"）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》"）的规定。会议由公 司董事长张晓强先生主持，公司部分高管列席了本次会议。会议审议并通过了如 下决议： 一、关于公司 2025 年半年度报告及摘要的议案 本议案已经公司董事会审计、风控与合规委员会审议通过。 表决结果：9 票同意、0 票反对、0 票弃权。 证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-045 上海锦江国际酒店股份有限公司 第十一届董事会第五次会议决议公告 根据《香港联合交易所有限公司证 ...