Core Viewpoint - The company, Shanghai Jin Jiang International Hotel Co., Ltd., is advancing its IPO journey in Hong Kong, aiming to enhance its international strategy and capital management [1][3]. Group 1: IPO Progress - On June 29, the company submitted its listing application to the Hong Kong Stock Exchange, with Dongfang Securities International as the sole sponsor [1]. - The Shanghai State-owned Assets Supervision and Administration Commission approved the company's plan to issue H-shares, allowing for a maximum of 15% of the total share capital post-issue, with an additional 15% over-allotment option based on market conditions [3]. Group 2: International Strategy and Market Conditions - The chairman of the company highlighted the favorable market conditions, including the recovery of the Hang Seng Index, as an opportunity to advance its international capital market layout [4]. - As of December 31, 2024, the company operates 13,416 hotels with a total of 1.29 million rooms, including 1,171 hotels located overseas [4]. Group 3: Historical Performance and Challenges - The company previously acquired the Louvre Hotels Group in 2015 for €1.288 billion, which significantly boosted its hotel count by 129.65% post-acquisition [4]. - However, since 2020, the Louvre Group has faced financial losses, impacting the company's overseas operations, with losses recorded from 2020 to 2024 totaling €5.689 million in the latest year [4]. Group 4: Market Outlook - Analysts suggest that expanding into overseas markets is a necessary step for domestic hotel companies, particularly in Europe and America where competition is less intense [5]. - However, there are concerns regarding the uncertainties of operating in foreign markets, emphasizing the importance of establishing a competitive advantage in the domestic market [5].

Investment Rating - The report maintains an "Outperform" rating for the travel chain industry [1][5][7]. Core Insights - The demand for service consumption shows resilience, with different opportunities corresponding to various urban depths and generational segments in China [1][61]. - The online travel agency (OTA) sector benefits from the recovery in tourism and upstream expansion, with leading companies maintaining stable profit margins [2][62]. - The hotel industry faces a supply-demand imbalance, with leading players actively seeking to expand their market share through refined operations and high-quality growth [3][63]. Demand Trends - Service consumption is experiencing robust growth, with a notable increase in consumer confidence and spending [14][18]. - The tourism sector is expected to maintain strong demand, particularly during the summer season, with a significant increase in travel intentions [35][54]. - Different generational groups exhibit varying consumption patterns, with younger consumers prioritizing experiences and social connections [25][40]. Platform Dynamics - The ecological value of platforms is becoming increasingly prominent, with competition intensifying as new players enter the market [2][62]. - Leading platforms are leveraging their ecosystem to enhance supplier relationships and drive revenue growth through innovative product offerings [64][65]. - The competitive landscape remains stable, with established players maintaining their market positions despite new entrants [67][69]. Hotel Industry Insights - The hotel supply is expanding, with a projected growth rate of 5-10% in 2025, while the RevPAR (Revenue Per Available Room) is showing signs of recovery [3][63]. - High-end and mid-range hotels are focusing on brand differentiation and operational efficiency to capture market share [3][64]. - The trend towards chain hotels is expected to continue, particularly in lower-tier cities where expansion opportunities are significant [3][63]. Investment Recommendations - Short-term demand for travel is anticipated to remain strong, with specific recommendations for companies such as Ctrip Group, Meituan, and Atour [4][7]. - The report suggests that companies with efficient operational models and strong brand recognition are likely to outperform in the medium term [4][7].

Company Announcements - Jihua Group's existing product system does not involve brain-computer interface related fields [1] - Prit's plan to invest 1 billion yuan to build a plastic modification materials headquarters and R&D manufacturing base in South China [1][2] - Lian De Equipment won a contract worth 157 million yuan for BOE's 8.6 generation AMOLED production line project [1][2] - Jiadu Technology plans to issue shares (H-shares) overseas and list on the Hong Kong Stock Exchange [1][2] - Longdi Group intends to acquire no more than 20.1667% equity in Jujia Technology [1][4] - New Zhonggang plans to repurchase shares worth 40 million to 80 million yuan [1][4] - Xiaogoods City expects a net profit increase of 12.57% to 17.40% in the first half of the year [1][4] - Sinopec Capital plans to reduce its holdings by no more than 3.5256 million shares in Haizheng Materials through block trading [1][4] - Lihua Co., Ltd. intends to reduce its holdings by no more than 3.00% [1][4] - Zhimin Da plans to raise no more than 213 million yuan through a private placement [1][5] - Xiangtong Co. plans to issue corporate bonds not exceeding 4 billion yuan [1][5] Performance Forecasts - Hanyu Pharmaceutical expects a half-year profit of 142 million to 162 million yuan, turning a profit compared to the previous year [4] - Taotao Automotive anticipates a net profit increase of 70.34% to 97.81% in the first half of the year [4] - Weichai Heavy Machinery expects a net profit increase of 40% to 60% in the first half of the year [4] Shareholding Changes - Lihua Co., Ltd.'s actual controller Cheng Lili and his concerted actors plan to reduce their holdings by no more than 3.00% [4] - He Shi Eye Hospital's Advanced Manufacturing Fund plans to reduce its holdings by no more than 2% [4] - Haitan Ruisheng's shareholder He Lin and his concerted actors plan to reduce their holdings by no more than 2.9463% [4] - Sinopec Capital plans to reduce its holdings by no more than 3.5256 million shares in Haizheng Materials [4] Other Announcements - Zhimin Da plans to raise no more than 213 million yuan through a private placement [5] - Yuyuan Co. plans to issue corporate bonds not exceeding 40 billion yuan [5] - Jinhongshun has terminated the planning of a major asset restructuring [5]

Core Viewpoint - Jin Jiang Hotels has officially submitted its prospectus to accelerate the "A+H" listing process, aiming to enhance its financial position and operational efficiency amid ongoing challenges in its overseas business [1][6]. Fundraising Purpose - The funds raised will primarily be used for the construction and upgrading of overseas hotels, digital transformation, repayment of bank loans, and supplementing working capital [2]. Overseas Business Challenges - Jin Jiang's overseas asset, the Louvre Group, operates 1,168 hotels and generated revenue of €556 million by the end of 2024. However, it has faced continuous losses since 2020, with cumulative losses exceeding €210 million by the end of 2024 due to international environmental changes, economic slowdown in Europe, and intensified market competition [3]. - As of September 2024, the Louvre Group's total bank loans amounted to €180 million, with related party loans of €410 million, resulting in a debt ratio exceeding 70% [4]. Financial Support and Strategy - High financial leverage and rising overseas financing costs have led the Louvre Group to rely heavily on support from Jin Jiang. In April 2024, Jin Jiang increased its investment in the Louvre Group by ¥2.35 billion [5]. - Jin Jiang has also provided guarantees for refinancing, with an additional guarantee amount of €10,000 this year [6]. Business Recovery Plans - The Louvre Group is set to implement a five-year plan focusing on asset disposal, renovation, and improving system contribution rates to drive business recovery [6]. - Jin Jiang plans to renovate 80 repositioned hotels, primarily in France [7]. Market Expansion Strategy - With the easing of outbound travel restrictions, domestic hotel companies are increasingly looking to expand overseas, shifting focus from Europe and the US to Southeast Asia and Belt and Road countries. Jin Jiang has announced a partnership with Malaysian hotel management group RIYAZ to launch five brands in Southeast Asia [8]. - The expansion strategy will involve a shift to a model led by Chinese teams while attracting local and Chinese investors [9]. Industry Trends - The domestic hotel industry is facing oversupply and intensified competition, prompting companies to accelerate overseas expansion. By the end of 2024, Jin Jiang's overseas limited-service hotel RevPAR has recovered to 112.27% of 2019 levels, showing a 0.35% increase from 2023 [10]. - In contrast, the domestic limited-service hotel RevPAR has decreased by 5.78%, remaining roughly stable compared to 2019 [11]. Future Growth Plans - Jin Jiang plans to open 1,300 new hotels, representing an increase of approximately 9.7%. The company will also accelerate the construction of its membership system to convert OTA channel customers to its official website, aiming to boost revenue and reduce commission costs for franchisees [13]. Financial Performance - In the first quarter, Jin Jiang's revenue and net profit declined by 8% and 81% year-on-year, respectively. By the end of the first quarter, the company's cash reserves decreased by 23.2% to ¥8.1 billion, indicating ongoing short-term debt repayment pressure [15].

申万宏源证券承销保荐有限责任公司 关于上海锦江国际酒店股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 （一）现金管理目的 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"或"本 保荐机构"）作为上海锦江国际酒店股份有限公司（以下简称"锦江酒店"或"公 司"）2021 年非公开发行股票的保荐机构，根据《证券发行上市保荐业务管理办 法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作（2025 年 5 月修订）》《上市公司募集资金监管规则》等有关规 定，就锦江酒店使用本次非公开发行股票部分闲置募集资金进行现金管理事宜进 行了审慎核查，发表核查意见如下： 一、募集资金的基本情况 经中国证券监督管理委员会《关于核准上海锦江国际酒店股份有限公司非公 开发行股票的批复》（证监许可[2021]208 号）核准，公司于 2021 年 3 月以每股 人民币 44.60 元的发行价格非公开发行 112,107,623 股人民币普通股（A 股），股 款计人民币 4,999,999,985.80 元，扣除发行费用（不含税）人民币 21,454,818.50 元后，公司实 ...

中文： https://www1.hkexnews.hk/app/sehk/2025/107508/documents/sehk250629 00243_c.pdf 英文： https://www1.hkexnews.hk/app/sehk/2025/107508/documents/sehk250629 00244.pdf 1 证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-036 上海锦江国际酒店股份有限公司 关于向香港联交所递交 H 股发行上市的申请 并刊发申请资料的公告 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。 上海锦江国际酒店股份有限公司（以下简称"公司"）已于 2025 年 6 月 29 日 向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市外资 股（H 股）股票并在香港联交所主板挂牌上市（以下简称"本次发行上市"）的申 请，并于同日在香港联交所网站刊登了本次发行上市的申请资料。该申请资料为 公司按照香港证券及期货事务监察委员会（以下简称"香港证监会" ...

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-035 上海锦江国际酒店股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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： 现金管理产品种类：安全性高、流动性强的保本型产品（包括但不限于定 期存款、通知存款、大额存单、协定存款、不含衍生品的理财产品等），投资期限 不超过 12 个月。 现金管理额度：不超过人民币 190,000.00 万元的 2021 年非公开发行股票 闲置募集资金，在确保不影响公司募集资金使用和保证募集资金安全的前提下， 资金可以循环滚动管理。 现金管理履行的审议程序：上海锦江国际酒店股份有限公司（以下简称"锦 江酒店"或"公司"）使用 2021 年非公开发行股票部分闲置募集资金进行现金管 理的事项，已经公司第十一届董事会第二次会议审议通过，保荐机构出具了明确 无异议的核查意见。本事项无需提交公司股东大会审议。 风险提示：公司选择安全性高、流动性强的保本型产品，总体风险可控， 但金融市场受宏观经济的影 ...

Core Viewpoint - The tourism industry, once expected to thrive, is now facing significant challenges, highlighted by the bankruptcy of Qinghai Tourism Investment Group and the struggles of various tourism companies despite an increase in domestic travel and spending [2][3][4][8]. Group 1: Industry Challenges - Qinghai Tourism Investment Group and its subsidiaries have filed for bankruptcy, shocking the tourism sector [3]. - The company, which aimed for significant growth and public listing, mismanaged its resources, leading to a loss of 4.8 billion in registered capital [4]. - 44 listed companies in the tourism sector reported their Q1 earnings, with 25 experiencing negative revenue growth, accounting for 56.8% of the total [4]. Group 2: Financial Performance - Major airlines like China Southern Airlines, China Eastern Airlines, and Air China reported substantial losses in Q1, with losses of 747 million, 995 million, and 2.044 billion respectively [7]. - Despite a 26.4% increase in domestic travel and an 18.6% rise in spending, the tourism industry is struggling financially [8][9]. Group 3: Market Dynamics - The tourism market is saturated, with an increase in A-level scenic spots and travel agencies, yet average income has dropped by nearly 40% [31]. - Online travel platforms like Ctrip and Tongcheng are thriving, with Ctrip reporting a net profit of approximately 4.3 billion in Q1, showcasing the "shovel effect" where service providers profit while actual tourism businesses struggle [28][30]. Group 4: Shifts in Consumer Behavior - The tourism industry is transitioning to a 2.0 era, where experiential value is prioritized over mere scarcity of resources [46][50]. - Successful attractions like Jiuhua Mountain and Disney have capitalized on immersive experiences, contrasting with traditional scenic spots that fail to adapt [39][41]. Group 5: Future Outlook - Many tourism platforms are likely to face severe financial difficulties or bankruptcy if they cannot adapt to the changing market dynamics and consumer preferences [55][56]. - The current environment suggests a need for a significant restructuring within the tourism sector to eliminate ineffective players and allow successful entities to thrive [58][59].

Core Viewpoint - The performance of Jin Jiang International Hotel Co., Ltd. is under scrutiny, particularly regarding its overseas market adjustments and the progress of its Hong Kong listing, with a focus on the recovery plan for its Louvre Group subsidiary [2][8]. Financial Performance - In 2024, Jin Jiang Hotel reported a total revenue of 14.063 billion yuan, a decrease of 4% year-on-year [3]. - The full-service hotel segment saw a revenue increase of 49.57% to 238 million yuan, while the limited-service hotel segment experienced a revenue decline of 4.62% to 13.583 billion yuan [3][4]. - The net profit for 2024 was 911 million yuan, down 9.06%, with a non-recurring net profit of 539 million yuan, down 30.32% [3]. Overseas Market Performance - The Louvre Group achieved a revenue of 556 million euros in 2024, with a net loss of 10.79 million euros [2][4]. - The overseas limited-service hotel segment's revenue was 556 million euros, a decline of 1.80% year-on-year, with a net loss of 56.89 million euros, worsening by 3.39 million euros [4]. RevPAR Metrics - The RevPAR for overseas limited-service hotels was 41.68 euros, up 0.4%, while the domestic limited-service hotels saw a RevPAR of 157.5 yuan, down 5.8% [3]. Strategic Initiatives - Jin Jiang Hotel is focusing on a five-year recovery plan for the Louvre Group, emphasizing asset disposal, renovation, and improving system contribution rates [2]. - The company plans to reposition 80 hotels, primarily in France, to enhance asset layout and returns [5]. Expansion Plans - Jin Jiang Hotel opened 1,515 new hotels last year, bringing the total to over 13,500, with plans to open an additional 1,300 hotels and sign 2,000 contracts in 2025 [6]. - The company aims for a revenue target of 14.3 billion to 15 billion yuan in 2025, representing a year-on-year growth of 2% to 7% [6]. Market Strategy - The company is adopting a differentiated brand strategy to cover various customer segments, focusing on both high-end and budget markets [7]. - Jin Jiang Hotel is increasing its presence in lower-tier cities while maintaining a stronghold in first and second-tier cities [7]. Internationalization Efforts - Jin Jiang Hotel plans to issue H-shares and list on the Hong Kong Stock Exchange to support its internationalization strategy and enhance its brand image [8]. - The company is in the early stages of this listing plan, considering market conditions and shareholder interests [8].

Group 1 - Warren Buffett announced a donation of $6 billion worth of Berkshire Hathaway stock, bringing his total donations to over $60 billion [2] - Anker has modified its recall plan for power banks, allowing users to soak the devices in saltwater for compensation [2] - Hikvision strongly opposes the Canadian government's order to cease operations in Canada, citing compliance with local laws [4] Group 2 - Anpurs is investigating safety issues related to power banks, with reports indicating that some products may have used unapproved materials [6] - Lotus Cars denied plans to close its Hethel factory, stating that operations are normal [6] - Xiaomi responded to reports of brake fires during track testing of the YU7, attributing the incident to extreme conditions without cooling [9] Group 3 - A significant number of unapproved power banks are being intercepted at airports, with many appearing on second-hand platforms at low prices [11] - NVIDIA executives have sold over $1 billion in stock amid a surge in AI investments [16] - Meta has recruited four AI researchers from OpenAI to bolster its AI team [16] Group 4 - Neuralink has expanded its trials to seven participants, with plans for future control of humanoid robots [17] - Xiaomi's app will dynamically update delivery estimates based on order volume and production capacity [20] - LEGO Land Shanghai addressed a ride malfunction, confirming safety protocols were followed [22] Group 5 - Huang Zitao announced that his brand Duowei achieved over 80 million GMV in its first month [24] - VinFast opened its second electric vehicle factory in Vietnam, with an initial capacity of 200,000 vehicles [26] - Honor's 400 series saw a 1052% increase in sales compared to the previous series in the Philippines [31] Group 6 - BlissBio Inc. submitted a listing application to the Hong Kong Stock Exchange, focusing on next-generation antibody-drug conjugates [32] - Jinjiang Hotels also filed for a listing on the Hong Kong Stock Exchange [32] - Volkswagen plans to invest $1 billion in Rivian to strengthen their partnership [32]