证券代码：600754/900934 证券简称：锦江酒店/锦江 B 股 公告编号：2025-044 上海锦江国际酒店股份有限公司 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公告 3、公司内部对激励对象名单进行了公示，公示期自 2024 年 9 月 2 日至 2024 年 9 月 11 日。截至公示期满，公司监事会未收到任何人对本激励计划激励对象 提出的异议，并于 2024 年 9 月 13 日对外披露了《上海锦江国际酒店股份有限公 司监事会关于公司 2024 年限制性股票激励计划首次授予部分激励对象名单的公 示情况说明及核查意见》。 4、2024 年 9 月 13 日，公司披露了《关于 2024 年限制性股票激励计划获上 海市国有资产监督管理委员会批复的公告》，上海市国有资产监督管理委员会出 具了《市国资委关于同意上海锦江国际酒店股份有限公司实施限制性股票激励计 划的批复》（沪国资委分配[2024]176 号）。 5、2024 年 9 月 20 日，公司召开了 2024 年第一次临时股东大会，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） ...

证券代码：600754/900934 证券简称：锦江酒店/锦江 B 股 上海荣正企业咨询服务（集团）股份有限公司 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 预留授予相关事项 注：本草案中部分合计数与各明细数直接相加之和在尾数上如有差异，是由于四舍五入所造成。 之 独立财务顾问报告 2025 年 8 月 | | | | 一、释义 3 | | --- | | 二、声明 4 | | 三、基本假设 5 | | 四、本激励计划的授权与批准 6 | | 五、独立财务顾问意见 8 | | 六、备查文件及咨询方式 12 | 一、 释义 本独立财务顾问报告中，除非文义载明，下列简称具有如下含义： | 锦江酒店、 | 指 | 上海锦江国际酒店股份有限公司 | | --- | --- | --- | | 公司、本公司 | | | | 本计划、本激 | 指 | 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 | | 励计划 | | | | 限制性股票 | 指 | 公司依照本计划授予的 A 股普通股股票，激励对象只有在相应考核结 | | | | 果符合本计划规定条件时，才可以出售限制性股票并获益 ...

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预留部分授予事项的 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》）、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）》1（以下简称 《激励计划》）的有关规定，就公司向激励对象授予预留部分限制性股票的相关事 项（以下简称"本次授予"）出具本法律意见书。 为出具本法律意见书，本所依据《律师事务所从事证券法 ...

上海锦江国际酒店股份有限公司 第十一届董事会第四次会议决议公告 证券代码：600754/900934 证券简称：锦江酒店/锦江 B 股 公告编号：2025-043 表决结果：同意 9 票，反对 0 票，弃权 0 票。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《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公告》（公 告编号：2025-044）。 特此公告。 上海锦江国际酒店股份有限公司董事会 2025 年 8 月 9 日 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8月4日以电 话、电子邮件和书面形式发出会议通知，2025年8月8日以通讯方式召开第十一届 董事会第四次会议，会议应到表决董事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、审议通过《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》 根据《上市公司股权激励管理办法》、公司《2024 年限制性股票激 ...

（二）公司董事会薪酬与考核委员会对本次激励对象的核查方式 公司董事会薪酬与考核委员会核查了本激励计划拟预留授予激励对象的名 单、身份证件、激励对象与公司签订的劳动合同。 上海锦江国际酒店股份有限公司 董事会薪酬与考核委员会关于 2024 年限制性股票激励计划 预留授予激励对象名单的公示情况说明及核查意见 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》")、《上海证券交易所股票上市规则》、 《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《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》"）、《关 于规范国有控股上市公司实施股权激励制度有关问题的通知》等有关法律、法规 及规范性文件以及《上海锦江国际酒店股份有限公司章程》（以下简称"《公司 章程》"）、《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》"）的规定，上海锦江国际酒店股份有限公司 （以下简称"公司"）对 2024 年限制性股票激励计划（以下简称"本激励计划"） 拟预留授予激励对象名单在公司内部进行了公示。公司董事 ...

Investment Rating - The industry is rated as "Market Perform" [31] Core Insights - The consumer service industry index experienced a decline of 2.17% from July 25 to August 7, 2025, underperforming the CSI 300 index by approximately 1.35 percentage points, primarily due to adverse weather conditions affecting travel data and declining performance in some companies' semi-annual reports [7][8] - In the first half of 2025, the total number of domestic trips reached 3.285 billion, a year-on-year increase of 20.6%, with total spending of 3.15 trillion yuan, up 15.2% [22] - Recent heavy rainfall has led to the temporary closure of several tourist attractions, impacting the tourism and hotel sectors [23] - Positive policy signals have emerged, including subsidies for childbirth and reductions in childcare fees, indicating potential future support for consumption and fertility [31] Summary by Sections Market Review - The consumer service index has shown a decline, with significant underperformance compared to the CSI 300 index [7] - The tourism and hotel sectors have been particularly affected by recent heavy rainfall, while the education sector has seen an uptick due to supportive policies [8] Industry News - The South Korean government will implement a temporary visa exemption for Chinese group tourists starting September 29, 2025, which has led to a surge in travel searches [20] - The introduction of a new membership system by Taobao integrates various services, enhancing travel-related benefits for users [21] Company Announcements - Action Education proposed a mid-year dividend distribution of 10 yuan per 10 shares [24] - Huangshan Tourism plans to invest in a new subsidiary and participate in a land bidding process [25] - China Duty Free Group reported a decline in revenue and net profit for the first half of 2025, but maintained a strong market position in Hainan [29] Weekly Outlook - The report suggests focusing on companies that may benefit from the current market conditions, including China Duty Free Group, Jinjiang Hotels, and others in the cyclical sectors [31][32]

Market Overview - On August 8, the hotel and catering sector rose by 0.34% compared to the previous trading day, with Quan Jud leading the gains [1] - The Shanghai Composite Index closed at 3635.13, down 0.12%, while the Shenzhen Component Index closed at 11128.67, down 0.26% [1] Individual Stock Performance - Quan Jud (002186) closed at 11.40, up 2.24% with a trading volume of 136,800 shares and a turnover of 156 million yuan [1] - Junting Hotel (301073) closed at 22.61, up 1.21% with a trading volume of 73,000 shares and a turnover of 165 million yuan [1] - Shoulv Hotel (600258) closed at 13.99, up 0.65% with a trading volume of 106,400 shares and a turnover of 148 million yuan [1] - Jinling Hotel (601007) closed at 7.63, up 0.53% with a trading volume of 90,800 shares and a turnover of 69.05 million yuan [1] - Huatian Hotel (000428) closed at 3.36, up 0.30% with a trading volume of 119,500 shares and a turnover of 40.08 million yuan [1] - Tongqinglou (605108) closed at 19.37, up 0.26% with a trading volume of 27,800 shares and a turnover of 53.96 million yuan [1] - Xianyin Food (000721) closed at 8.51, up 0.12% with a trading volume of 81,300 shares and a turnover of 69.08 million yuan [1] - Jinjiang Hotel (600754) closed at 22.19, down 0.27% with a trading volume of 48,900 shares and a turnover of 109 million yuan [1] - ST Yunwang (002306) closed at 1.83, down 0.54% with a trading volume of 155,500 shares and a turnover of 28.41 million yuan [1] Capital Flow Analysis - The hotel and catering sector saw a net inflow of 21.09 million yuan from institutional investors, while retail investors experienced a net outflow of 16.66 million yuan [1] - The main capital inflow and outflow for individual stocks are as follows: - Quan Jud: Net inflow of 11.92 million yuan from main capital, net outflow of 14.14 million yuan from retail investors [2] - Junting Hotel: Net inflow of 10.88 million yuan from main capital, net outflow of 11.30 million yuan from retail investors [2] - Shoulv Hotel: Net inflow of 7.70 million yuan from main capital, net outflow of 2.06 million yuan from retail investors [2] - Jinjiang Hotel: Net outflow of 0.14 million yuan from main capital, net outflow of 2.25 million yuan from retail investors [2] - Jinling Hotel: Net outflow of 0.73 million yuan from main capital, net outflow of 0.23 million yuan from retail investors [2] - Tongqinglou: Net outflow of 1.03 million yuan from main capital, net inflow of 6.68 million yuan from retail investors [2] - Huatian Hotel: Net outflow of 1.18 million yuan from main capital, net inflow of 0.15 million yuan from retail investors [2] - ST Yunwang: Net outflow of 1.27 million yuan from main capital, net inflow of 0.90 million yuan from retail investors [2] - Xianyin Food: Net outflow of 0.50 million yuan from main capital, net inflow of 0.56 million yuan from retail investors [2]

Core Viewpoint - The hotel industry is facing intense competition and is at a critical juncture where transformation is necessary for survival, leading to the emergence of street food stalls by luxury hotels as a new revenue stream [4][5][8]. Group 1: Industry Challenges - The hotel industry is experiencing oversupply, with major hotel groups rapidly expanding their presence, leading to a situation where more hotels are competing for fewer customers [5][8]. - Key performance indicators for major hotel chains have declined, with Jinjiang Hotels reporting a 5.78% drop in RevPAR and a 11.19 yuan decrease in ADR [5][7]. - The high-end hotel sector has seen a significant reduction in revenue from dining services, which were previously a major income source, as traditional banquet bookings have decreased [6][8]. Group 2: Transformation Strategies - Hotels are increasingly adopting street food stalls as a strategy to diversify income and attract customers, leveraging their brand reputation and supply chain advantages [9][12]. - The average daily revenue from these street food operations ranges from 10,000 to 60,000 yuan, indicating a potential but limited revenue source compared to traditional banquet services [11]. - The shift towards street food is seen as a temporary measure to generate additional revenue while hotels continue to focus on their core business of meetings and banquets [12][13]. Group 3: Consumer Perception and Market Response - Consumers appreciate the hygiene and quality associated with food from luxury hotels, which is a significant advantage over traditional street vendors [9][11]. - There are concerns regarding food safety and the sustainability of outdoor food stalls, prompting hotels to consider indoor setups and delivery options to enhance customer experience [11][12]. - Regulatory support is emerging to facilitate outdoor operations, indicating a potential for the "outdoor economy" to become a more structured part of the hotel industry [12][13].

Core Insights - The hotel industry is facing intense competition and many traditional five-star hotels are at a critical juncture where transformation is necessary to avoid closure [1][6] - The rapid expansion of large hotel groups has led to an oversupply in the market, particularly in first and second-tier cities, resulting in declining key performance indicators for established hotels [2][6] - High-end hotels have seen a significant reduction in revenue from dining services, which were previously a major income source, further exacerbating financial challenges [3][4] Industry Trends - The number of five-star hotels in China has decreased from 850 in 2020 to 736 by the third quarter of 2024, indicating a contraction in the market [6] - Average room prices for five-star hotels have dropped to 599.72 yuan, a year-on-year decrease of 4.78%, with an average occupancy rate of only 60.73% [6] - Hotels are increasingly diversifying their services, with a focus on life services such as laundry and catering, as part of their transformation strategy [6] Revenue Insights - For Huatian Hotel, dining revenue fell by 19.72%, which was a larger decline than the 18.43% drop in room revenue, highlighting the struggles in both segments [4] - Daily revenue from hotel street stalls ranges from 10,000 to 60,000 yuan, but this is seen as insufficient compared to lost business from traditional banquet services [8] - The overall revenue for Huatian Hotel in 2024 was 603.90 million yuan, a decrease of 12.17% from 2023 [5] Consumer Perception - Consumers appreciate the hygiene and quality of food offered by five-star hotels compared to street vendors, which has contributed to the popularity of hotel street stalls [7] - However, concerns about food safety due to outdoor conditions have been raised, indicating a need for hotels to address these issues [8] Future Outlook - Hotels are exploring ways to sustain their street stall operations, including potential indoor setups and delivery services, while recognizing that these initiatives are supplementary to their core business [9] - The concept of "street economy" is expected to become more prevalent in the hotel industry, with regulatory support from local governments to facilitate this trend [9][10]

Core Viewpoint - The domestic hotel industry is experiencing a paradox where, despite a booming tourism market in 2024, hotel profitability is declining due to increased competition and cost pressures, leading to a decrease in key performance metrics such as RevPAR, ADR, and occupancy rates [1][4][6]. Industry Overview - The domestic tourism market is thriving, with significant increases in travel volume and spending, yet the hotel industry is facing challenges with declining revenue per available room (RevPAR) across all hotel tiers [3][4]. - In 2023, the hotel industry transitioned from a high base to a normalized state, with many companies struggling due to intense competition and rising costs [6]. Financial Performance - Major hotel chains like Huazhu Group reported a revenue of 23.89 billion yuan, with a net profit of 3.048 billion yuan, reflecting a year-on-year revenue growth of 9.18% but a profit decline of 25.39% [7]. - RevPAR for Huazhu was 235 yuan, with an average daily rate (ADR) of 289 yuan, both showing declines of 3% and 3.2% respectively, while occupancy rate (OCC) slightly increased to 81.2% [8]. - Other hotel brands also reported similar declines in RevPAR and ADR, indicating a widespread trend across the industry [8]. Market Dynamics - The hotel market is shifting towards a supply-demand imbalance, with the number of hotels exceeding pre-pandemic levels while tourism numbers remain below 2019 figures [15]. - The total number of hotels in China surpassed 360,000 in 2024, representing 109% of the 2019 hotel count, while domestic tourism was only at 90% of 2019 levels [15]. Expansion Strategies - Despite the challenging environment, hotel companies continue to expand aggressively, with Huazhu Group planning to open 2,300 new hotels in 2025, maintaining a strong growth trajectory [13]. - Huazhu's expansion strategy focuses on a franchise and licensing model, with over 90% of new hotels opened under these models, allowing for a lighter asset operation [14]. - Other hotel chains like Jinjiang and Shoulv also reported significant new openings, indicating a competitive push for market share [12]. Emerging Trends - The hotel industry is increasingly targeting lower-tier cities for growth, as these areas show potential for higher revenue due to rising disposable incomes [15]. - The shift from a seller's market to a buyer's market is evident, with high-end hotels being put up for sale and increased competition leading to price reductions in hotel supplies [16]. Challenges and Risks - The rapid expansion of hotel chains may lead to intensified price wars and further pressure on profitability, as evidenced by declining ADR and RevPAR across the board [15]. - Companies like Atour are also diversifying into retail, with significant revenue from products like sleep pillows, but face increasing competition from other brands entering the retail space [20].