关于上海锦江国际酒店股份有限公司 前次募集资金使用情况报告的鉴证报告 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 按照《监管规则适用指引——发行类第 7 号》的要求编制前次募集资金使用情况报告是锦 江酒店董事会的责任，这种责任包括设计、执行和维护与前次募集资金使用情况报告编制相关 的内部控制，以及保证前次募集资金使用情况报告内容的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏。 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码：100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 关于上海锦江国际酒店股份有限公司 前次募集资金使用情况报告的鉴证报告 毕马威华振专字第 250 ...

Group 1 - The core viewpoint of the news is that the Wutong Fund's Wutong CSI Tourism Theme ETF has increased its stake in Jinjiang Hotels and has reported a year-to-date return of -5.43%, ranking 3073 out of 3437 in its category [1][2]. Group 2 - The Wutong CSI Tourism Theme ETF has experienced a return of -5.43% this year, with a recent one-week increase of 0.05% and a one-month decrease of -4.43% [2]. - The fund's performance is below the average of its peers, which have shown a year-to-date return of 1.05% [2]. - The fund manager, Cao Ludi, has been with Wutong Fund Management since July 2016 and has held various positions, currently managing multiple funds including the Wutong CSI Tourism Theme ETF since July 2021 [3][4]. Group 3 - Wutong Fund Management Company was established in April 1999 and has four shareholders, with Guotai Junan Securities, Shenwan Hongyuan Securities, and the Bank of Montreal each holding 27.77%, and Shandong Financial Asset Management holding 16.68% [4].

Core Viewpoint - Jinjiang Hotel Group is facing a trust crisis due to "price inversion" issues, where prices on its official platform are significantly higher than those on third-party platforms [1][3][4]. Group 1: Price Inversion Issues - Investigations revealed that some Jinjiang franchise hotels set prices on the Jinjiang Hui app five times higher than on third-party platforms [1][2]. - During the May Day holiday, certain hotels showed full bookings on the official platform while being available on OTA platforms [2][4]. - Jinjiang's official platform has been reported to have higher prices compared to OTA platforms multiple times in recent months, indicating a systemic issue [5][9]. Group 2: Franchise and Group Dynamics - The "price inversion" reflects a growing conflict between franchise hotels and the Jinjiang Group over profit-sharing and visibility on booking platforms [3][4]. - Franchise hotels are increasingly favoring OTA platforms due to higher traffic and visibility, leading to a weakening of the official booking channels [3][11]. - The lack of effective price monitoring and management by Jinjiang has contributed to these issues, as franchisees feel empowered to prioritize their own revenue [8][11]. Group 3: Membership and Revenue Challenges - Despite having over 200 million members, Jinjiang's occupancy and repurchase rates are lower than competitors like Huazhu and Atour, indicating a lack of attractive member benefits [9][11]. - Jinjiang's net profit for 2024 was only 9.11 billion RMB, a decline of 9.06% year-on-year, highlighting a disparity in performance compared to other hotel groups [9][11]. - The company plans to enhance its membership system to improve member engagement and loyalty, but the effectiveness of these measures remains uncertain [11][12].

Core Viewpoint - The Jinjiang Hotel Group is facing a trust crisis due to significant price discrepancies between its official member platform and OTA platforms, leading to a need for improved membership strategies and pricing consistency [1][14]. Pricing Discrepancies - Some franchise hotels under Jinjiang have set prices on the Jinjiang Hui platform at five times higher than those on OTA platforms like Ctrip, with one example showing a price of 635 yuan per night on Jinjiang Hui compared to 122 yuan on Ctrip for the same hotel [1][3][4]. - The Jinjiang Hui platform's commission rate of 6% is less competitive compared to the 10%-15% charged by OTA platforms, prompting some franchisees to prefer OTA channels despite higher costs [1][8]. Membership Challenges - Jinjiang's membership count stands at approximately 205 million, lagging behind Huazhu's 270 million, indicating a struggle in member acquisition and retention [14]. - The company has seen a decline in various operational metrics in 2024, with plans to reduce new hotel openings from 1,515 in 2024 to 1,300 in 2025, highlighting the impact of membership growth on overall performance [14]. Franchisee Behavior - Franchisees are increasingly opting to close official booking channels in favor of OTAs, which provide greater customer traffic and order volume, despite the lower commission rates offered by Jinjiang Hui [15]. - The reliance on OTAs for customer acquisition is exacerbated by the lack of a robust independent sales system among soft brands like Pai Hotel, leading to diminished motivation for franchisees to support official channels [15]. Strategic Response - In response to these challenges, Jinjiang has prioritized the enhancement of its membership system in its 2025 strategy, aiming to optimize member marketing through data tools and improve the benefits offered via the Jinjiang Hui app [14][15]. - The company recognizes the need to balance low commission rates with effective traffic support for franchisees and to integrate soft brands with the membership system to enhance overall value [15].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In Q1 2025, the company achieved operating revenue of 2.942 billion yuan, a year-on-year decrease of 8.25%, and a net profit attributable to the parent company of 27 million yuan, down 57.29% year-on-year. The company plans to continue a high opening rate, expecting to add 1,300 new hotels and sign 2,000 new contracts in 2025. The restructuring in the China region in 2024 is anticipated to enhance management efficiency. The long-term outlook is positive due to the "12+3+1" brand development strategy and the strengthening of three platforms: global hotel internet, global procurement platform, and global shared services platform [2][6][12]. Summary by Sections Financial Performance - In Q1 2025, the company reported operating revenue of 2.942 billion yuan, a decrease of 8.25% year-on-year, and a net profit of 27 million yuan, down 57.29% year-on-year [2][6]. - The gross profit margin decreased by 3.53 percentage points to 31.85%, while the net profit margin fell by 6.18 percentage points to 1.76% [12]. Store Growth and Structure Optimization - The company opened 226 new hotels in Q1 2025, with 2 full-service and 224 limited-service hotels, while closing 129 hotels. The net increase in hotels was 97, bringing the total to 13,513 [12]. - The proportion of mid-range hotels and franchise stores increased, with mid-range hotels and franchise stores accounting for 60.8% and 94.32%, respectively [12]. RevPAR and Market Dynamics - The RevPAR for full-service and limited-service hotels in mainland China decreased by 8.3% and 5.31% year-on-year, respectively. The average daily rate (ADR) for full-service and limited-service hotels fell by 9.61% and 6.84% year-on-year [12]. - The overseas limited-service hotel RevPAR decreased by 3.09% year-on-year, primarily due to occupancy rate pressure [12]. Future Outlook - The company plans to maintain a high opening rate, with expectations of 1,300 new hotels and 2,000 new contracts in 2025. The restructuring in 2024 is expected to improve management efficiency [12]. - The long-term strategy focuses on the "12+3+1" brand development and enhancing the three platforms to reduce performance pressure [12]. Profit Forecast - The forecasted net profit attributable to the parent company for 2025-2027 is 1.193 billion, 1.367 billion, and 1.555 billion yuan, corresponding to PE ratios of 22, 19, and 17 times, respectively [12].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company experienced pressure on performance in Q1 2025, with a year-on-year decline in profitability [4] - Q1 2025 revenue was 2.942 billion yuan, down 8.25% year-on-year, and net profit attributable to the parent company was 36 million yuan, down 81.03% year-on-year [4] - The company plans to accelerate its opening of new hotels, with a target of 1,300 new openings in 2025 [7] Summary by Sections Financial Performance - Q1 2025 revenue from domestic hotel operations was 2.116 billion yuan, down 6.37% year-on-year [5] - The full-service hotel segment generated revenue of 59 million yuan, up 31.39% year-on-year, while the RevPAR was 192.19 yuan, down 8.30% year-on-year [5] - The limited-service hotel segment generated revenue of 2.057 billion yuan, down 7.14% year-on-year, with a RevPAR of 137.53 yuan, down 5.31% year-on-year [5] Profitability and Cost Management - The company's gross margin in Q1 2025 was 31.85%, down 3.52 percentage points year-on-year [6] - The operating profit margin for Q1 2025 was 1.2%, down 4.70 percentage points year-on-year [6] Expansion Plans - In Q1 2025, the company opened 226 new hotels, with a net increase of 97 hotels [7] - The company has a total of 13,513 hotels in operation as of the end of Q1 2025 [7] Earnings Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025 has been adjusted to 1.040 billion yuan, a decrease of 12.4% from previous estimates [7] - The expected EPS for 2025 is 0.97 yuan, with corresponding P/E ratios of 25, 20, and 17 for 2025, 2026, and 2027 respectively [8]

表决结果：同意 3 票，反对 0 票，弃权 0 票。 特此公告。 上海锦江国际酒店股份有限公司监事会 一、关于 2025 年第一季度报告的议案 表决结果：9 票同意、0 票反对、0 票弃权。 二、关于回购注销 2024 年限制性股票激励计划部分限制性股票的议案 根据《上市公司股权激励管理办法》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）》（以下简称"《2024 年限制性股票激励计划》"） 的相关规定，鉴于《2024 年限制性股票激励计划》第一个解除限售期公司层面业 绩考核不达标及部分首次授予激励对象离职或发生职务变更情形，同意回购并注 销首次授予激励对象已授予但尚未解除限售的 2,625,259 股限制性股票，回购资 金总额为 31,111,737.76 元。本次回购注销完成后，公司限制性股票激励计划将 按照法规要求继续执行。 证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-017 上海锦江国际酒店股份有限公司 第十届监事会第二十一次会议决议公告 本公司监事会及全体监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 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-015 上海锦江国际酒店股份有限公司 第十届董事会第三十九次会议决议公告 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"）于 2025 年 4 月 24 日 以电话、电子邮件和书面形式发出会议通知，2025 年 4 月 29 日以通讯方式召开第 十届董事会第三十九次会议，会议应参加表决董事 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、关于公司 2024 年度环境、社会与公司治理（ESG）报告的议案； 2024 年度 ESG 报告详见上海证券交易所网站（www.sse.com.cn）。 表决结果：9 票同意、0 票反对、0 票弃权。 二、关于 2025 年第一季度报告的议案 根据《上市公司股权激励管理办法》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）》（以下简称"《2024 年限制性股票激励计划》"） 的相关规定，鉴于《2024 年限制性股票激 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-016 一、本次激励计划已履行的相关程序及实施情况 1.2024年8月9日，公司召开第十届董事会第三十二次会议和第十届监事会第十 六次会议，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）>及其摘要的议案》、《关于<上海锦江国际酒店股份有限2024年 限制性股票激励计划实施考核办法>和<上海锦江国际酒店股份有限2024年限制性股 1 票激励计划实施管理办法>的议案》等议案。公司监事会对本激励计划的相关事项 进行核实并出具了相关核查意见。 上海锦江国际酒店股份有限公司 关于回购注销 2024 年限制性股票激励计划 部分限制性股票的公告 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： 本次回购激励对象已获授但尚未解除限售的限制性股票 2,625,259 股，涉及 人数 142 人，占公司回购前总股本的 0.25%；本次回购注销完成后，公司总股本将 减少至 1,067,418,804 股。 本次 ...