根据《中华人民共和国公司法》等相关法律法规以及《公司章程》的规定， 经上海锦江国际酒店股份有限公司（以下简称"公司"）工会委员会召开全体委 员会议，选举李红女士为公司第十一届董事会职工董事。李红女士将与公司股东 大会选举产生的新一届董事会成员共同组成公司第十一届董事会，任期自公司股 东大会审议通过第十一届董事会成员之日起三年。 证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-026 特此公告。 上海锦江国际酒店股份有限公司 关于选举职工董事的公告 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董事会 2025 年 6 月 13 日 附：李红女士简历： 李红，女，1973 年 11 月出生，中共党员，硕士研究生，高级政工师，企业人 力资源管理师一级；曾任上海宾馆党委书记、总经理；现任上海锦江国际酒店股 份有限公司党委副书记、纪委书记、工会主席，锦江国际酒店管理有限公司党委 书记。 ...

Core Viewpoint - The dual listing model of "A+H" is gaining momentum in China, with Jinjiang Hotels being the first hotel giant to pursue an H-share listing in Hong Kong to enhance its global strategy and connect with international capital markets [1][4]. Company Overview - Jinjiang Hotels plans to issue H-shares not exceeding 15% of its total share capital post-issuance, with an option for an additional 15% through an overallotment [4]. - The company aims to use the raised funds for expanding overseas operations, repaying bank loans, and supplementing working capital, indicating a focus on internationalization despite current performance challenges [4][5]. Financial Performance - In 2024, Jinjiang Hotels reported total revenue of 14.063 billion yuan, a decrease of 4% year-on-year, and a net profit of 911 million yuan, down 9.06% [6]. - The company experienced a significant decline in quarterly performance, with the fourth quarter showing a net loss of 195 million yuan and a gross margin drop of 7.05 percentage points to 33.09% [6][8]. - The limited-service hotel segment, which constitutes 99.37% of its portfolio, saw a revenue decline of 4.62% to approximately 13.58 billion yuan [8]. Market Context - Jinjiang Hotels' move to list in Hong Kong is seen as a catalyst for accelerating its international expansion, providing access to global investors and enhancing its capital structure [11]. - The company has previously faced challenges in its overseas ventures, particularly with the acquisition of the Louvre Hotels Group, which has been underperforming since 2020 [12][14]. - The competitive landscape shows that while Jinjiang remains a leader in scale, its performance contrasts sharply with peers like Huazhu Group and Shoulv Hotels, which have shown growth [9][11]. Future Outlook - Jinjiang Hotels plans to open 1,300 new hotels in 2025, a reduction from 1,515 in 2024, with projected revenue growth of 2% to 7% [14]. - The company’s recent financial results indicate ongoing challenges, with a first-quarter revenue drop of 8.25% and a net profit decline of 81.03% [14]. - The current IPO climate in Hong Kong, with a significant increase in new listings and capital raised, presents a potential opportunity for Jinjiang to secure funding for its international operations [15].

Group 1: Education Industry Insights - The high school education sector is expected to benefit from demographic and policy dividends, leading to an increase in degree supply [1][3] - There is a strong demand for high school education, with a stable population demand projected for the next 7-8 years, as the number of eligible students is expected to remain robust until around 2032-2033 [2][3] - Government policies are supporting the expansion of high school education resources, promoting the integration of vocational and general education [3][4] Group 2: Private High School Growth - The proportion of private high schools is continuously increasing, with private high schools accounting for 30% of the total number of high schools in 2023, up from 17% in 2011 [4] - In 2023, there were 15,381 high schools in China, with 4,567 being private institutions, and the number of students in private high schools reached 548,000, representing 20% of total high school enrollment [4] Group 3: Company Overview - Taili Technology - Taili Technology is a leading provider of home storage solutions, with its core product, vacuum storage bags, leading in e-commerce market share and steady revenue growth [1][6] - The company is expected to achieve revenues of 1.148 billion, 1.262 billion, and 1.369 billion yuan from 2025 to 2027, with corresponding net profits of 99 million, 103 million, and 108 million yuan, reflecting growth rates of 12.5%, 4.8%, and 4.3% respectively [6][7] - Taili Technology's products are characterized by significant competitive advantages in material research and development, with a focus on innovation and a dual-track operation model of self-owned brands and ODM/OEM [7][8] Group 4: Market Trends and Sales Channels - The global home goods market is projected to exceed 851.98 billion USD by 2025, with a high demand for storage products [6] - Taili Technology has established a diversified sales model, with online direct sales contributing 71% of revenue in 2024, and its vacuum storage bags ranking first in category sales on platforms like Tmall and JD [8] - The company has successfully implemented a data-driven operation model, enhancing customer retention rates between 18% and 23% [8]

Core Viewpoint - Jinjiang Hotels plans to issue H shares and list on the Hong Kong Stock Exchange to enhance its global strategy and improve governance transparency [2] Group 1: H Share Issuance and Listing - The company intends to issue H shares not exceeding 15% of its total share capital post-issuance, with funds allocated for expanding overseas operations, repaying bank loans, and supplementing working capital [2] - The move follows the example of Huazhu Group, which completed a secondary listing in Hong Kong to enhance liquidity and valuation [2] Group 2: International Expansion Strategy - Jinjiang Hotels has previously entered international markets through acquisitions, such as the purchase of the Louvre Hotels Group in 2015, and a joint acquisition of Radisson Hotel Group in 2018 [3] - The company plans to expand its brands into Southeast Asia, partnering with RIYAZ Group to develop over 100 hotel projects in Malaysia, Indonesia, Vietnam, Laos, Cambodia, and the Philippines over the next five years [3][4] Group 3: Current Performance and Challenges - Despite the expansion efforts, Jinjiang Hotels' overseas operations are currently unprofitable, with the Louvre Hotels Group reporting continuous losses due to international market competition and economic slowdowns [4] - In the first quarter of 2025, the overseas limited-service hotel business generated €5.56 million in revenue, a 1.80% decline year-on-year, with net losses increasing to €5.689 million [4][5] Group 4: Future Plans and Strategic Focus - The company aims to enhance the competitiveness of its overseas brands and implement a recovery plan focusing on cost control and debt restructuring [4][8] - Jinjiang Hotels is committed to deepening its international strategy, leveraging opportunities in Southeast Asia, and integrating resources to boost global competitiveness [9]

Investment Rating - The report rates the social services industry as "Overweight" indicating a positive outlook for the sector [4]. Core Insights - The report highlights the resurgence of instant film photography, particularly the popularity of "Peel Apart" film and the new "Life Four Frames" photo booths, driven by nostalgia and unique consumer experiences [5][11]. - The scarcity of Peel Apart film, with global inventory dropping below 500,000 boxes, has led to a dramatic price increase, with prices soaring from around 65-70 RMB per pack to 2800-3300 RMB on second-hand platforms, earning it the nickname "Paper Moutai" [9][11]. - The "Life Four Frames" photo booths have modernized the traditional photo booth experience, offering various backgrounds and instant photo printing, appealing to younger consumers [11][12]. Summary by Sections 1. New Trends in Photography - Peel Apart film has gained immense popularity due to its unique aesthetic and the limited availability of products from major manufacturers like Polaroid and Fujifilm, which have ceased production [8][9]. - The "Life Four Frames" photo booths have evolved from traditional photo booths, providing a more interactive and customizable experience for users [11]. 2. Market Performance Review - The social services sector saw a 2.09% increase in its index from June 2 to June 6, outperforming the broader market [13]. - Key stocks in the social services sector, such as ST United and Jinling Hotel, experienced significant gains, with increases of 21.46% and 11.87% respectively [18]. 3. Company Announcements - Companies in the retail and social services sectors are actively engaging in stock buybacks and shareholder reduction plans, indicating a focus on enhancing shareholder value [26][27]. 4. Industry Developments - The report notes significant developments in the social services industry, including record passenger numbers during the Dragon Boat Festival, showcasing a recovery in travel and tourism [30]. - The introduction of new technologies and partnerships, such as the investment in Acai Travel by Amadeus, reflects ongoing innovation within the industry [30]. 5. Valuation of Key Companies - The report provides a detailed valuation of key companies in the human resources, tourism, and hotel sectors, indicating a favorable outlook for these industries as they recover from previous downturns [32][33].

Company Developments - Xiaomi plans to open 10,000 stores overseas within the next five years as part of its global new retail strategy [2] - Xiaohongshu's valuation has surged to $26 billion following a recent transaction, significantly increasing from a previous valuation of $20 billion [2] - Tianshanla's 10 new stores have opened simultaneously in North Sumatra, Indonesia, bringing its total to 127 stores in the country [2] - Miniso is evaluating the potential spin-off of its TOP TOY brand for independent listing to optimize shareholder value [3] - Stone Technology plans to issue H shares and list on the Hong Kong Stock Exchange [3] - Jinjiang Hotels intends to issue H shares and list in Hong Kong to expand its overseas business [3] - Meituan has launched its first regular drone delivery route in Hong Kong, connecting the Science Park to Ma On Shan [4][5] - BYD is set to launch a micro electric vehicle in Japan next year [5] - Aishida plans to invest up to 150 million yuan in Vietnam for the construction of a cookware and small appliance project [5] - NIO reported Q1 revenue of 12.03 billion yuan, a 21.5% year-on-year increase, with vehicle deliveries up 40.1% [5] - Jovi, a Chinese smartphone brand, has officially launched its products in Brazil [6] - TikTok has opened its first offline selection center in Vietnam [6] - Tencent Cloud has successfully migrated GoTo Group's Gojek to its cloud services, completing the process in under five hours [7] - ZhiYuan Robotics' A2 humanoid robot has become the first to receive certifications from China, the EU, and the US [7] - Kuaishou's Keling AI has achieved an annualized revenue run rate exceeding $100 million within ten months of launch [8] - Skyworth Auto has rolled out its first locally produced vehicle in Indonesia [8] - Didi's international ride-hailing business reported a 24.9% year-on-year increase in orders for Q1 [8] - AliExpress continues to grow in South Korea, with a significant market share in cross-border e-commerce [9] - Cainiao has achieved unexpected profitability in its international logistics and technology business [9] - PingPong has received preliminary approval for a payment license in the UAE [10] Macro Policies & Industry Data - China's service trade reached 26,320.6 billion yuan in the first four months of 2025, growing by 8.2% year-on-year [11] - Trade between China and South Asian countries is expected to approach $200 billion in 2024, doubling over the past decade [11] - Negotiations on price commitments regarding electric vehicles between China and the EU are in the final stages [11] - The Hong Kong government plans to invest over 10 billion HKD in developing artificial intelligence [12] - The global download volume of AI apps reached 280 million in May, a decrease of 16.4% from April [12] - The African small appliance market is projected to reach $26 billion by 2025, with a compound annual growth rate of 7.24% from 2025 to 2030 [13] Investment and Financing - BoCui Recycling has completed a B round financing of over 100 million yuan, with funds allocated for product development and overseas projects [13] - Dezhihangchuang has raised 50 million yuan in A+ round financing to accelerate its technology breakthroughs in the drone sector [13] - Photon Leap has completed several hundred million yuan in angel round financing to enhance AI imaging algorithm development [13] - "Captain BI" has secured tens of millions in financing to focus on AI advertising and global service deployment [13]

Group 1: Domestic Travel Trends - During the 2025 Dragon Boat Festival holiday, domestic travel reached 119 million trips, a year-on-year increase of 5.7% [1] - Total domestic travel expenditure during the holiday was 42.73 billion yuan, reflecting a year-on-year growth of 5.9% [1] - In Beijing, 8.21 million tourists were received during the holiday, marking a 5.4% increase compared to the previous year [1] - Beijing's tourism revenue during the holiday was 10.77 billion yuan, up 6.7% year-on-year [1] Group 2: Commercial Developments - The Wuhan Shanshan Outlets project is 95% complete, with the first batch of merchants expected to enter by mid to late June [2] - The project covers approximately 130,000 square meters and aims to attract over 250 well-known brands, marking Hubei's first lakeside outlet [2] Group 3: Corporate Investments - Haichang Ocean Park announced a strategic investment from Xiangyuan Holdings, involving the issuance of 5.1 billion new shares at a subscription price of 0.45 HKD per share, totaling 2.295 billion HKD [3] - The subscription price represents a discount of approximately 46.43% compared to the previous trading day's closing price [3] - If successful, Xiangyuan Holdings will become the controlling shareholder of Haichang Ocean Park [3] Group 4: Corporate Actions - Jinjiang Hotels plans to issue H-shares overseas and list on the Hong Kong Stock Exchange to enhance its global strategy and improve governance transparency [4] - The proposed issuance will not exceed 15% of the total share capital post-issuance, with an option for overall coordinators to exercise an additional 15% over-allotment [4] Group 5: Operational Issues - At the Atour Hotel in Hangzhou, a "hospital pillowcase" incident led to the hotel being removed from the Atour Group's app and mini-program [5] - The hotel acknowledged a serious operational oversight due to a supplier's error and has terminated its relationship with the supplier [5] - The hotel has conducted a thorough inspection of all room linens to prevent similar issues in the future [5]

Group 1 - The core point of the article is that Shanghai Jin Jiang International Hotel Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and attract international capital for overseas business expansion [2][6] - The funds raised from the H-share issuance will be used for strengthening and expanding overseas operations, repaying bank loans, and supplementing working capital [2][6] - Jin Jiang Hotel's H-share issuance scale will not exceed 15% of the total share capital after issuance, with an option for an additional 15% through an over-allotment option [2] Group 2 - Jin Jiang Hotel's main business includes full-service and limited-service hotel operations and management, as well as food and beverage services [3] - The company aims to improve corporate governance transparency and standardization through the H-share listing [6] - Jin Jiang Hotel's overseas hotel business generated revenue of 4.256 billion yuan, accounting for over 30% of total hotel revenue in 2024 [7] Group 3 - The company is focusing on debt restructuring and optimizing its organizational structure to improve profitability in its overseas operations [8] - Jin Jiang Hotel is accelerating its expansion into Southeast Asia, with plans to develop projects in Malaysia, Indonesia, Vietnam, Laos, Cambodia, and the Philippines [8] - The international listing is expected to enhance the company's global brand recognition and attract international talent [9]

Group 1: Hong Kong Stock Market Performance - As of May 2025, the total market capitalization of the Hong Kong securities market reached HKD 40.9 trillion, representing a 5% increase month-on-month and a 24% increase year-on-year [1] - The average daily trading amount in May was HKD 210.3 billion, up 50% compared to the same period last year [1] - In the first five months of the year, there were 29 new listings on the Hong Kong Stock Exchange, a 38% increase year-on-year, with IPO fundraising amounting to HKD 77.7 billion, a staggering 709% increase from the previous year [1] Group 2: Company Developments - Sanhua Intelligent Controls successfully passed the hearing for listing on the Hong Kong Stock Exchange, marking a significant step in its internationalization strategy. The company's projected revenues for 2022, 2023, and 2024 are RMB 21.348 billion, RMB 24.558 billion, and RMB 27.947 billion, respectively, with net profits of RMB 2.608 billion, RMB 2.934 billion, and RMB 3.112 billion [2] - Jiangnan Buyi announced plans to acquire land use rights in Hangzhou for a modern park integrating digital R&D and intelligent warehousing, indicating a proactive approach to business expansion despite the uncertainty of the bidding outcome [3] - Jinjiang Hotels announced its intention to issue shares and list in Hong Kong to enhance its global strategy and improve governance. The funds raised will be used to expand overseas operations, repay bank loans, and supplement working capital, despite a decline in revenue and net profit in 2024 [4] Group 3: Market Indices - The Hang Seng Index closed at 23,906.97, with a daily increase of 1.07% [5] - The Hang Seng Tech Index reached 5,319.96, reflecting a 1.93% increase [5] - The National Enterprises Index stood at 8,684.73, up by 1.26% [5]

Core Viewpoint - The company, Jinjiang Hotels, has announced the decision to issue H-shares and list them on the Hong Kong Stock Exchange, aiming to raise capital for future business development [1][2]. Group 1: H-share Issuance Details - The H-shares will be issued at a nominal value of RMB 1.00 per share, with the issuance method being a public offering in Hong Kong and international placement [1]. - The total number of H-shares to be issued will not exceed 15% of the company's total share capital post-issuance, with an option for an additional 15% through an overallotment option [2]. - The pricing of the H-shares will be determined based on market conditions and will consider the interests of existing shareholders [2]. Group 2: Target Investors and Regulatory Compliance - The issuance will target both international investors and qualified domestic investors, including those participating in the public offering in Hong Kong [3]. - The validity period for the resolutions related to the H-share listing is set for 24 months from the date of approval by the shareholders' meeting [3]. Group 3: Previous Fundraising Activities - Jinjiang Hotels has previously raised a total of RMB 9.518 billion through two rounds of fundraising, with the latest round occurring in 2021 at a price of RMB 44.60 per share [6]. - The company’s stock is currently trading below the price at which it was issued in previous fundraising rounds [6].