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].

Group 1: Core Views - The recent upgrades in stock ratings by brokerages are primarily concentrated in sectors with significant performance growth, rising industry sentiment, or turnaround situations, particularly in AI and robotics [2][5] - The number of stocks downgraded by brokerages has reached a year-to-date high, with notable downgrades in the coal and tourism sectors [5][6] Group 2: Upgraded Stocks - Multiple stocks in the AI and robotics sectors have received rating upgrades, including: - Platinum New Materials, with a projected net profit of 376 million yuan for 2024, a year-on-year increase of 46.9% [2] - Huichang Communications, expected to achieve a net profit of 29 million yuan in 2024, turning profitable with a 12.28% year-on-year revenue growth in Q1 [2] - Beijing Junzheng, with Q1 revenue of 1.06 billion yuan, a 5.3% year-on-year increase, and anticipated market recovery [3] - Keli Sensor, reporting a net profit of 76 million yuan in Q1, a nearly 76% year-on-year increase [3] - Nanshan Zhishang, recognized for its leading position in domestic wool spinning and new materials applications [3][4] Group 3: Downgraded Stocks - Several coal stocks have been downgraded, including: - Shanxi Coking Coal and Pingmei Shenma, downgraded to "overweight" due to weak coking coal prices [5] - Shanmei International, also downgraded to "overweight" despite low mining costs and potential production increases [5] - The tourism sector has seen downgrades, such as: - Jinjiang Hotels, with a Q1 net profit of 36 million yuan, down 81% year-on-year [5] - Miao Exhibition, downgraded due to declining revenue amid intensified competition [6] Group 4: Market Outlook - Brokerages are optimistic about AI and high-dividend sectors for May, with expectations of a continued oscillating market [7] - Recommendations include focusing on three main directions: financial dividends, self-sufficiency in industries like military, and domestic consumption [7] - The market is expected to follow a gentle recovery path, with attention on cyclical sectors and growth styles, particularly in AI and robotics [7]

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]

Core Viewpoint - The incident involving the 7 Days Inn at Taiyuan Airport South Station highlights serious issues regarding fire safety compliance and brand management within the hotel industry, raising concerns about the integrity of franchise operations and the responsibilities of brand owners [1][3][6]. Company Summary - 7 Days Inn was founded in 2005 and went public in 2009, later privatized by Plateno Group in 2013, and subsequently acquired by Jinjiang International in 2015, becoming part of one of the largest hotel chains in China [1]. - The current operator of the implicated hotel has filed a lawsuit against 7 Days Inn (Shenzhen) Management Co., Ltd. and its former shareholders for failing to provide necessary fire safety certifications [1][3]. - The hotel operator claims that upon taking over the hotel in May 2023, they were assured that all necessary permits were in place, yet discovered that the fire sprinkler system was not connected to any water supply [3][5]. Industry Summary - Jinjiang Hotels has accelerated its expansion in 2024, opening 1,515 new hotels, bringing the total to over 13,000, despite facing a decline in revenue and net profit, with a revenue of 14.063 billion yuan, down 4% year-on-year, and a net profit of 911 million yuan, down 9.06% [6]. - The average daily rate (ADR), occupancy rate (OCC), and revenue per available room (RevPAR) for budget hotels, including 7 Days Inn, have all seen declines in 2024 [6]. - The legal responsibilities regarding fire safety in franchise models remain ambiguous, with existing laws not clearly delineating the responsibilities of brand owners and franchisees, leading to potential gaps in oversight [9][10][11].

Core Viewpoint - The company reported a decline in key financial metrics for the first quarter of 2025, indicating challenges in the hotel business amidst a complex global economic environment. The company aims to enhance its operational capabilities and maintain a focus on high-quality development. Financial Performance - As of March 31, 2025, total assets amounted to 45.51 billion yuan, a decrease of 1.30% from the previous year. Total liabilities were 29.73 billion yuan, down 2.28%. The net assets attributable to shareholders increased by 0.51% to 15.49 billion yuan [5]. - For Q1 2025, the company achieved operating revenue of 294.16 million yuan, a decline of 8.25% year-on-year. Operating profit fell by 71.71% to 9.39 million yuan, and net profit attributable to shareholders dropped by 81.03% to 3.60 million yuan [5]. - The net cash flow from operating activities was 60.28 million yuan, down 40.84% compared to the same period last year [5]. Hotel Business Overview - In Q1 2025, the hotel business generated consolidated revenue of 288.82 million yuan, a decrease of 8.15% year-on-year. Full-service hotel revenue increased by 31.39% to 5.92 million yuan, while limited-service hotel revenue decreased by 8.72% to 282.90 million yuan [5]. - Revenue from hotels in mainland China was 211.60 million yuan, down 6.37%, while revenue from overseas hotels was 77.22 million yuan, a decline of 12.69% [5]. - The company opened 226 new hotels and closed 129, resulting in a net increase of 97 hotels, bringing the total number of operating hotels to 13,513 with a total of 1,308,751 rooms as of March 31, 2025 [6]. Shareholder Information - The company received a plan from its controlling shareholder to increase its holdings of B shares by no less than 9 million shares and no more than 18 million shares within 12 months [9]. - As of March 31, 2025, the controlling shareholder held 3,769,990 B shares [9]. Stock Repurchase Plan - The company plans to repurchase and cancel 2,625,259 shares of restricted stock due to performance criteria not being met, with a total repurchase amount of approximately 31.11 million yuan [19][29]. - Following the repurchase, the total share capital will decrease to 1,067,418,804 shares [27].

Group 1 - The A-share tourism and hotel sector is experiencing a downturn, with companies like Zhongxin Tourism and Xiangyuan Cultural Tourism seeing declines of over 3% [1] - Other companies such as Lijiang Co., Three Gorges Tourism, Jinjiang Group, and China Youth Travel also followed the downward trend [1]

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 ...