证券日报网讯 9月23日晚间，锦江酒店发布公告称，截至本公告披露日，公司及下属全资子公司实际发 生的对外担保（均为对下属全资子公司的担保）总额为人民币982，056.47万元（其中欧元担保为109， 095.04万元，折合人民币为915，056.47万元；人民币担保为67，000万元），占公司最近一期经审计的 归母净资产的63.73%，不存在逾期担保。 （文章来源：证券日报） ...

Group 1 - The company, Jinjiang Hotels, announced that as of the date of the announcement, the total external guarantees provided by the company and its wholly-owned subsidiaries amounted to approximately RMB 9.821 billion, with Euro guarantees around RMB 1.091 billion and RMB guarantees of RMB 670 million [1] - The total guarantees represent 63.73% of the company's most recent audited net assets attributable to shareholders, indicating a significant level of leverage [1] - The company confirmed that there are no overdue guarantees, suggesting a stable financial position regarding its obligations [1] Group 2 - The industry is currently facing heightened scrutiny regarding bidding processes, particularly in large-scale national procurement, where companies are required to provide clear explanations for low bids [1] - This situation has garnered widespread attention across the industry, indicating potential shifts in procurement practices and regulatory oversight [1]

被担保人名称：Groupe du Louvre（卢浮集团，以下简称"GDL"） 本次担保金额：7,350 万欧元，截至本公告日，公司为 GDL 担保的余额为 28,700 万欧元。 证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-052 上海锦江国际酒店股份有限公司 关于为全资子公司 GDL 提供担保的公告 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： 特别风险提示：GDL 存在资产负债率超过 70%的情形，请投资者注意投资 风险。 一、担保情况概述 于 2025 年 9 月 23 日，上海锦江国际酒店股份有限公司（以下简称"锦江酒 店"、"本公司"或"公司"）与中国工商银行股份有限公司上海市外滩支行（以 下简称"工商银行"）就 GDL 申请 7,350 万欧元（系借新还旧）流动资金借款合 同签署《保证合同》。 上述担保事项已经公司第十届董事会第三十八次会议、2024年年度股东会审 议通过。股东会批准并授权公司经营管理层在不超过150,000万欧元的额度范围内 操作上海 ...

Core Insights - The global hotel industry is witnessing significant changes, with Jin Jiang International Group ranking second globally and first in China according to the 2024 "Top 205 Global Hotel Groups" list by HOTELS magazine [1] - Jin Jiang Hotels (China) is leveraging a refined brand matrix to cater to diverse market needs and investment preferences, focusing on three key brands: Radisson RED, Kyriad, and Campanile [1] Radisson RED - Radisson RED targets the high-end lifestyle segment, appealing to Gen Z and emerging middle-class consumers who seek emotional value, design, and immersive cultural experiences [2][3] - The brand emphasizes a unique positioning as a lifestyle destination, integrating local culture into modern design, with each hotel reflecting its locality [3] - The product concept "Room + X" enhances the traditional lodging experience by offering a multifaceted space that includes social, artistic, dining, and fitness elements [5] - Investment potential is strong, with a room cost of 180,000 to 200,000 RMB and an average room rate of 800 to 1,000 RMB in prime locations, with a payback period of 4 to 5 years [5] Kyriad - Kyriad is positioned as an international mid-range business hotel brand, focusing on local market needs while maintaining international standards [6][7] - The brand has rapidly expanded in China, with over 560 locations expected by the end of 2024, indicating strong market acceptance [7] - The V3.0 product version offers five core experiences: sleep quality, health, intelligence, environmental sustainability, and exploration, enhancing guest engagement [9][10][11][12] - The investment model is characterized by stability and efficiency, with a total cost of 95,000 to 100,000 RMB per room and a payback period of approximately 3.4 years [13] Campanile - Campanile, also from the Louvre Hotels Group, targets the mid-range market with a focus on flexibility, style, and operational efficiency [17][18] - The brand is designed as a "city living room," appealing to young business travelers who value quality and cost-effectiveness [18] - The product design is adaptable, offering various investment models to suit different property conditions, enhancing operational viability [24] - The investment cost is approximately 85,000 RMB per room, with a payback period of around 3 years, making it attractive for investors seeking quick returns [24] Conclusion - Jin Jiang Hotels (China) has established a comprehensive brand pyramid with Radisson RED for high-end markets, Kyriad for mid-range business travelers, and Campanile for flexible mid-range solutions [25] - Each brand benefits from Jin Jiang International Group's robust platform, including a vast membership base, supply chain management, operational expertise, and financial support, making them viable options for hotel investors [26]

Core Insights - The rise of domestic brands in China's consumer market is a significant trend, with local brands achieving remarkable success and market penetration [2][3][4] - The hospitality industry is undergoing a transformation, challenging the long-standing dominance of international hotel brands and redefining high-end standards [6][7][9] Domestic Brand Success - Anker's power banks and other local brands have shown impressive growth, with Anker achieving a 66.96% revenue increase in Europe and Suida River Coffee topping sales charts on Tmall [2] - During the "618" shopping festival, 70% of the top 100 brands on JD.com were domestic, with a 270% year-on-year increase in searches for products featuring intangible cultural heritage [2] Hospitality Industry Transformation - The traditional perception of high-end hotels being synonymous with international brands is fading, as local hotel groups like Jin Jiang, Huazhu, and Shoulv expand rapidly [6][10] - The average room rates and occupancy rates of five-star hotels in China have shown a downward trend, contrasting with the growth of local hotel brands [6] Local Hotel Brand Innovations - Local hotel brands are innovating by integrating cultural experiences into their offerings, challenging the conventional high-end hotel model [9][10][26] - Jin Jiang's new "National Goods Alliance" concept aims to create a brand cluster that emphasizes Chinese culture and digital operations, positioning itself against international hotel brands [9][10] Market Positioning and Strategy - Jin Jiang Group holds a significant market share, with 60.48% of the top 10 hotel groups in China, indicating a shift from scale expansion to value output [10][25] - The "National Goods Alliance" reflects a collective effort to enhance cultural confidence and redefine quality in the hospitality sector [10][29] Consumer Preferences and Feedback - Consumer feedback on platforms like Ctrip and Meituan highlights the appeal of local hotel brands, emphasizing cultural atmosphere, attentive service, and high cost-performance ratios [30][34] - The "National Goods Alliance" is gaining recognition not only among domestic travelers but also among international visitors, enhancing its brand image globally [30][34] Future Outlook - The "National Goods Alliance" aims to transition from a local benchmark to a global brand by focusing on product innovation, service quality, and cultural output [39] - The collaboration with Malaysian hotel management groups signifies a strategic move to explore international markets while maintaining quality and cultural relevance [35][36]

Core Insights - The collaboration between Jinjiang Hotels and JD aims to address the challenges in the restaurant sector of the hotel industry, which is seen as a significant opportunity for cost reduction and increasing non-room revenue [1][2][3] - Jinjiang Hotels is focusing on optimizing brand strategies and developing mature core brands while exploring growth opportunities in corporate apartments, senior travel markets, and cultural tourism integration [1][9] - The hotel industry is currently facing challenges due to oversupply and declining performance metrics, with RevPAR dropping by 5% in the first half of 2025 [7][9] Company Strategy - Jinjiang Hotels is not prioritizing rapid expansion but is instead focusing on long-term, stable development by enhancing quality and efficiency [1][9] - The company has a strategic plan to develop 12 mature brands by 2028, cultivate three competitive mid-to-high-end brands, and support one apartment and vacation segment [9][10] - The partnership with JD includes the introduction of JD's "Qixian Xiaochu" into Jinjiang Hotels, which aims to utilize hotel resources more effectively and meet the dining needs of guests [2][3][5] Market Opportunities - Jinjiang Hotels sees significant potential in the Southeast Asian market, planning to sign over 500 hotel projects in the region within five years [11][12] - The company aims to leverage its domestic experience and operational efficiency to establish a competitive presence in Southeast Asia, where local hotel chains are relatively weak [12] - The increasing number of Chinese tourists traveling to Southeast Asia presents a lucrative opportunity for Jinjiang Hotels to expand its footprint in the region [12]

Investment Rating - Industry rating: Recommended [4] Core Viewpoints - The tourism market is experiencing significant growth ahead of the upcoming Mid-Autumn Festival and National Day, with a forecasted increase in travel bookings by double digits compared to last year [1][21] - High-quality hotel bookings are expected to continue their upward trend during the holiday period, with a year-on-year increase of over 20% [2] - The expansion of visa-free policies is boosting both inbound and outbound tourism, with a notable 75% increase in booking volumes for inbound travelers from Russia [2][23] Summary by Sections 1. Market Overview - The upcoming "double holiday" is expected to generate an 8-day vacation period, with potential for a 12-day extended holiday through leave arrangements [1] - Domestic travel demand is strong, with a more than 115% increase in bookings for domestic charter tours and over 200% for nearby travel products compared to last year [1] 2. Investment Recommendations - Focus on five investment themes: 1. Continuous upgrades in AI technology, benefiting companies like Core Technology and Focus Technology [3] 2. Increased consumer willingness to pay for emotional value, with high-growth potential in new retail sectors, benefiting brands like Miniso and Pop Mart [3] 3. Recovery of cyclical sectors under domestic demand stimulation, with companies like Haidilao and Jinjiang Hotels expected to benefit [3] 4. Broad prospects for consumer brands going overseas, with support for domestic brands expanding internationally [3] 5. Revitalization of traditional business formats as offline traffic returns, benefiting supermarkets and retail chains [3] 3. Industry Dynamics - The consumer service index outperformed the CSI 300 index by 3.97 percentage points, indicating a positive trend in the consumer services sector [12] - The tourism sector is characterized by short-distance frequent travel and high-quality long-distance travel, with significant growth in bookings for both [21][22] 4. Macro & Industry Data - In August, the total retail sales reached 3.97 trillion yuan, with a year-on-year growth of 3.4% [29] - Online retail sales of physical goods increased by 6.4% year-on-year from January to August, indicating a shift towards e-commerce [30]

Group 1 - The hotel and catering sector increased by 2.4% on September 18, with Huazhen Hotel leading the gains [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] - Major stocks in the hotel and catering sector showed varied performance, with Huazhen Hotel rising by 6.19% to a closing price of 4.12 [1] Group 2 - The net inflow of main funds in the hotel and catering sector was 249 million yuan, while retail investors saw a net outflow of 258 million yuan [1] - Huazhen Hotel had a main fund net inflow of 77.08 million yuan, accounting for 12.78% of its total [2] - The overall trend showed that while main funds were entering the sector, retail investors were withdrawing, indicating a divergence in investment behavior [2]

Investment Rating - The report maintains a positive outlook on the travel industry, particularly on Ctrip, with a target price of $82 based on a 20x PE for 2026 N-GAAP OP of 20.851 billion RMB [4]. Core Insights - The global travel market has recovered to pre-pandemic levels, with a significant increase in inbound tourism driven by visa-free policies, showing a 15.8% year-on-year growth in inbound visitors in the first half of 2025 [3][7]. - The hotel industry is facing an oversupply, with a supply growth rate of 11.8% in the first half of 2025, leading to a potential 2-3 year period for inventory digestion [3][11]. - Ctrip is focusing on enhancing hotel efficiency and creating new demand scenarios, such as inbound tourism and performance markets [3][4]. - The importance of membership ecosystems is emphasized, as loyalty programs significantly influence the travel behavior of the new generation of travelers [3][7]. - AI applications in the travel industry are on the rise, with over 64% of consumers having used AI for travel planning, although concerns about data security and decision transparency remain barriers [3][15]. Summary by Sections Global Travel Market - The global travel market has returned to pre-pandemic levels, with online penetration rates continuing to rise. Inbound tourism saw a 15.8% increase in visitor numbers in the first half of 2025, with visa-free visitors growing by 53.9% [3][7]. - The demand for outbound travel is also recovering, with short-haul outbound travel increasing by 38.1% and long-haul by 22.3% [3][7]. Hotel Industry - The hotel industry is experiencing oversupply, with a 11.8% growth in hotel supply in the first half of 2025. Ctrip's CEO suggests that it may take 2-3 years to digest this inventory [3][11]. - Major hotel groups like Huazhu, Jinjiang, and Shoulv are focusing on deepening domestic market operations, with Huazhu making progress in Southeast Asia [3][11]. Ctrip - Ctrip is implementing strategies to help hotels improve efficiency and create new demand scenarios, such as inbound tourism and performance markets [3][4]. - The company is also enhancing its marketing efforts in overseas markets to capture the spending mindset of inbound foreign tourists [4]. Membership Ecosystem - The loyalty programs are increasingly influential among younger travelers, with 15-20% of the younger generation willing to spend more for membership upgrades [7]. AI Applications - AI is being increasingly utilized in the travel industry, with 64% of consumers having used AI for travel planning. However, issues like data security and decision transparency are still significant concerns [15].

Market Overview - The hotel and catering sector experienced a decline of 1.62% on September 17, with Junting Hotel leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Jinjiang Hotels closed at 24.26, with a slight increase of 0.33% and a trading volume of 234,600 shares, totaling a transaction value of 568 million yuan [1] - ST Yunwang closed at 1.92, down 0.52%, with a trading volume of 213,700 shares and a transaction value of 41.11 million yuan [1] - Shoulv Hotels closed at 15.04, down 1.64%, with a trading volume of 191,400 shares and a transaction value of 290 million yuan [1] - Tongqinglou closed at 20.35, down 2.40%, with a trading volume of 151,900 shares and a transaction value of 106 million yuan [1] - Jinling Hotel closed at 8.00, down 2.44%, with a trading volume of 211,600 shares and a transaction value of 171 million yuan [1] - Quanjude closed at 12.36, down 2.83%, with a trading volume of 146,000 shares and a transaction value of 182 million yuan [1] - Xi'an Catering closed at 10.32, down 3.01%, with a trading volume of 482,600 shares and a transaction value of 502 million yuan [1] - Huatian Hotel closed at 3.88, down 3.48%, with a trading volume of 624,300 shares and a transaction value of 245 million yuan [1] - Junlin Hotel closed at 25.36, down 5.30%, with a trading volume of 160,400 shares and a transaction value of 414 million yuan [1] Capital Flow Analysis - The hotel and catering sector saw a net outflow of 211 million yuan from main funds, while retail investors contributed a net inflow of 151 million yuan [1] - The detailed capital flow for individual stocks indicates that Jinjiang Hotels had a net inflow of 2.526 million yuan from main funds, while it faced a net outflow of 800,140 yuan from retail investors [2] - ST Yunwang experienced a net outflow of 2.608 million yuan from main funds, with a net inflow of 971,300 yuan from retail investors [2] - Tongqinglou had a net outflow of 4.278 million yuan from main funds, but a net inflow of 607,620 yuan from retail investors [2] - Jinling Hotel faced a significant net outflow of 20.608 million yuan from main funds, with a small net inflow of 218,210 yuan from retail investors [2] - Quanjude had a net outflow of 22.918 million yuan from main funds, while retail investors contributed a net inflow of 2.914 million yuan [2] - Shoulv Hotels saw a net outflow of 34.115 million yuan from main funds, with a net inflow of 1.640 million yuan from retail investors [2] - Xi'an Catering had a net outflow of 45.444 million yuan from main funds, but a net inflow of 4.596 million yuan from retail investors [2] - Junting Hotel experienced a net outflow of 69.421 million yuan from main funds, while retail investors contributed a net inflow of 4.838 million yuan [2]