证券代码：600754/900934 证券简称：锦江酒店/锦江 B 股 公告编号：2026-010 上海锦江国际酒店股份有限公司 2026年第一次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 529 | | --- | --- | | 其中：A 股股东人数 | 482 | | 境内上市外资股股东人数（B 股） | 47 | | 2、出席会议的股东所持有表决权的股份总数（股） | 585,439,601 | | 其中：A 股股东持有股份总数 | 548,698,744 | | 境内上市外资股股东持有股份总数(B 股) | 36,740,857 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 54.9039 | 1 (一) 股东会召开的时间：2026 年 3 月 25 日 (二) 股东会召开的地点：上海黄浦区茂名南路 59 号锦江小礼堂 (三) 出席会议的普通股股东和恢复表决权的优先 ...

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 2026 年第一次临时股东会 之法律意见书 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）接受上海锦江国际酒店 股份有限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简 称《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监 督管理委员会《上市公司股东会规则》（以下简称《股东会规则》）等中华人民 共和国（以下简称中国，为本法律意见书之目的，不包括中国香港特别行政区、 中国澳门特别行政区和中国台湾省）现行有效的法律、行政法规、规章和规范 性文件和现行有效的公司章程有关规定，指派律师出席了公司于 2026 年 3 月 25 日召开的 2026 年第一次临时股东会（以下简称本次股东会），并就本次股东 会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限 于： 1. 公司现行有效的《上海锦江国际酒店股份有限公司章程》（以下简称《公 司章程》）； 2. 公司 2026 年 3 月 10 日刊登于上海证券交易所等网站的《上海锦江国际 酒店股份有限公司第 ...

Investment Rating - The report maintains a positive investment rating for the service consumption sector, highlighting various opportunities across different segments [4]. Core Insights - The service consumption sector is experiencing a policy-driven upswing, with traditional consumption patterns improving and new consumption trends maintaining high levels of activity [3]. - The report emphasizes the importance of government policies in stimulating demand, particularly in areas such as travel, education, and healthcare, which are expected to enhance disposable income and reduce precautionary savings [4][6]. - The tourism market in China is poised for growth, with significant potential for increasing per capita spending and length of stay, indicating a shift towards higher-value consumption [11][12]. Summary by Sections Service Consumption - The report notes that service consumption is being catalyzed by favorable policies, leading to an upward trend in economic activity [3]. - Key areas of focus include travel, education, and healthcare, with policies aimed at expanding service offerings and enhancing consumer experiences [4][6]. Traditional Consumption - Some traditional consumption sectors are seeing improvements in market dynamics, particularly in gold investment and duty-free shopping, which are benefiting from new tax regulations and expanded product offerings [4][58]. - Companies like Cai Bai and China Duty Free are highlighted for their strategic advantages in the evolving market landscape [4]. New Consumption Trends - New consumption continues to thrive, with sectors like consumer technology and retail undergoing rapid transformation, driven by changing consumer preferences and technological advancements [4]. - The report identifies opportunities in companies that are adapting to these trends, such as Ugreen Technology and KANAT Optical [4]. Tourism Sector - The domestic tourism market is projected to grow significantly, with 2024 estimates indicating 56.2 billion domestic tourist trips and a total consumption of 57,500 billion yuan [11]. - The report highlights that China's per capita tourism spending remains low compared to developed countries, suggesting substantial room for growth in this area [12][17]. Policy Developments - The report outlines a timeline for policy evolution in service consumption, emphasizing the government's commitment to enhancing service quality and expanding consumer access [8]. - Key initiatives include promoting leisure travel, improving consumer rights protection, and expanding service sector investments [9]. Company-Specific Opportunities - The report recommends specific companies for investment based on their strategic positioning and growth potential, including Huazhu Group, Jin Jiang Hotels, and various educational and retail firms [4]. - It also notes the importance of adapting to changing consumer behaviors and preferences, particularly in the context of new consumption trends [4].

Investment Rating - The industry rating is "Recommended" [4] Core Insights - The service consumption market is experiencing rapid growth, with a total retail sales increase of 2.8% year-on-year in January-February, and a 3.7% increase in retail sales excluding automobiles [29][30] - The growth in service consumption is driven by policies aimed at expanding service consumption, leading to an increase in quality service supply and the emergence of new consumption formats [29][30] - The report highlights the potential for a turning point in the service industry, particularly in areas such as duty-free shopping, silver-haired tourism, and parenting consumption [3][49] Summary by Sections 1. Market Review - The consumer service index and retail index underperformed compared to the CSI 300 index, with declines of 3.01% and 5.02% respectively [11] - Key sub-sectors showed varied performance, with hotels increasing by 0.76% while restaurants and general retail saw declines of 5.30% and 5.59% respectively [11][15] 2. Industry & Company Dynamics 2.1 Industry News - The LABUBU movie, based on the popular IP THE MONSTERS, is being developed in collaboration with Sony Pictures, indicating a significant expansion of the brand into film [21] - New store formats in the tea beverage sector, such as Nai Xue's "Fiber Studio," are emerging to meet health-conscious consumer demands [20] 2.2 Industry Investment and Financing - Notable financing events include Chowbus raising $81 million in Series B funding to support Chinese restaurants in the U.S. market [22][26] - Lanestar, focusing on outdoor smart cooling technology, secured A+ round financing [22][26] 2.3 Key Company Announcements - Huazhu Group reported a revenue increase of 8.3% in Q4 2025, with a net profit growth of 35.1% [24] - China Duty Free Group achieved a revenue of 138.31 billion yuan in Q4 2025, marking a 2.81% increase [25] 3. Macroeconomic & Industry Data - The retail sales growth in January-February was supported by the long Spring Festival holiday, with urban and rural retail sales increasing by 2.7% and 3.2% respectively [29][30] - Online retail sales grew by 10.3%, accounting for 24.2% of total retail sales, indicating a strong shift towards e-commerce [30] 4. Investment Recommendations - Focus on high-growth sectors supported by policy and technology, including duty-free shopping, silver-haired tourism, and parenting consumption [3][49] - New consumption trends are expected to maintain their growth trajectory, with leading companies in sectors like trendy toys and health products positioned for growth [3][49]

Summary of Jin Jiang Hotels Conference Call Company Overview - Jin Jiang Hotels is a leading player in the domestic chain hotel industry, ranking second globally in terms of room count and first in China, backed by the Shanghai State-owned Assets Supervision and Administration Commission [3][3] - The company has undergone four development phases, with significant acquisitions and a shift towards a light-asset management model [3][3] Key Financial Insights - The company established a light-asset model, aiming for 95% of managed stores by Q3 2025, with mid-range stores increasing to 62% [2][2] - Revenue for 2024 is projected at 14.1 billion yuan, a 7.4% decline year-on-year, primarily due to losses from domestic and overseas operations [2][2] - Domestic direct store losses are expected to narrow to under 100 million yuan by 2026, with overseas losses projected at 5.5 to 6 billion yuan in 2025 [2][2][7][7] - The company plans to invest 2 billion yuan over two years to renovate over 130 stores, expecting a RevPAR increase of over 10% post-renovation [2][2][7][7] Management Changes and Strategic Initiatives - The company has seen a change in leadership, with the new chairman expected to maintain strategic continuity while pushing for more aggressive reforms starting Q1 2025 [5][5] - Significant improvements in management efficiency have been noted, with a marked reduction in headquarters management costs in 2025 [6][6] Operational Performance and Future Expectations - Domestic direct store losses have shown improvement, with net losses decreasing from 380 million yuan in 2024 to 230 million yuan in 2025, and further expected to drop to under 100 million yuan in 2026 [7][7][8][8] - RevPAR for direct stores increased by over 17% in January 2026, with further acceleration in February [7][7][8][8] - The company plans to conduct a Hong Kong IPO in H1 2026, aiming to raise 500 million USD for store upgrades and debt repayment [9][9] Financial Projections and Valuation - Profit forecasts have been revised upwards, with expected profits of 1.25 billion yuan in 2026, 1.55 billion yuan in 2027, and 1.85 billion yuan in 2028 [10][10] - Valuation estimates suggest a market cap potential exceeding 40 billion yuan based on a PE ratio of 26-30 times the 2027 earnings [11][11] Additional Insights - The company has focused on enhancing direct sales and improving store management, with operational data consistently outperforming industry averages since April 2025 [8][8] - The strategic focus on high-quality development has stabilized the number of signed stores at over 3,000, supporting the goal of opening over 1,000 new stores annually [3][3]

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The report highlights the frequent emergence of new policies supporting service consumption, particularly in the travel chain sector, indicating a positive outlook for investment opportunities [3] - Key investment points include a continued focus on tourism and travel, with specific recommendations for hotel chains and scenic spots [4] - The competitive landscape is improving significantly, with several companies showing strong performance and potential for growth [4] Summary by Relevant Sections Investment Outlook - Continued optimism for tourism and travel sectors, recommending companies such as Huazhu Group, ShouLai Hotels, and JinJiang Hotels, as well as scenic spots like Jiuhua Tourism and Huangshan Tourism [4] - Notable individual stock opportunities include Jiangsu Guotai, SuMeida, HaiDiLao, and GuMing [4] Market Performance - Last week's performance saw the retail sector decline by 5.02%, while consumer services fell by 3.01%, ranking 11th and 20th respectively among 30 industries [4] - Among non-suspended stocks, Anker Innovations and GuoQuan showed significant gains of 9.8% and 8.8% respectively [4] Industry Updates - Recent policies from the Ministry of Commerce and other departments aim to promote travel service exports and expand inbound consumption [4] - Data from Haikou Customs indicates a significant increase in duty-free shopping, with total spending reaching 10.59 billion yuan, a year-on-year growth of 25.9% [4] Company Announcements - Huazhu Group reported Q4 2025 revenue of 6.525 billion yuan, an increase of 8.3% year-on-year [4] - Didi Chuxing achieved Q4 2025 revenue of 58.445 billion yuan, a 10% increase compared to the previous year [4] - Focus Technology reported a revenue of 1.92 billion yuan for 2025, reflecting a growth of 15.1% [4]

上海锦江国际酒店股份有限公司 SHANGHAI JIN JIANG INTERNATIONAL HOTELS CO., LTD. | 案····································································3 | | --- | 上海锦江国际酒店股份有限公司 2026 年第一次临时股东会须知 为确保公司股东会的顺利召开，根据《中华人民共和国公司法》《上市公司股 东会规则》《上海锦江国际酒店股份有限公司章程》等有关规定，特制定股东会须 知如下，望出席股东会的全体人员遵照执行。 一、股东会设秘书处，负责会议的组织工作和处理相关事宜。 2026 年第一次临时股东会 The 2026 First Temporary Shareholders' Meeting 会议材料 Meeting Files 2026 年 3 月 25 日 | | | 2026 年 3 月 25 日 1 上海锦江国际酒店股份有限公司 二○二六年第一次临时股东会会议议程 二、董事会将维护股东的合法权益，以确保股东会正常秩序和议事效率为原 则，认真履行法定职责。 三、出席股东会的股东， ...

Investment Rating - The industry investment rating is "Outperform the Market" [1][29] Core Insights - The report highlights that the total retail sales in January-February 2026 increased by 2.8% year-on-year, showing an improvement from 0.9% in December 2025. The restaurant revenue grew by 4.8%, outperforming the retail goods sales [1][3] - The service sector's PMI for January and February was 49.5% and 49.7%, respectively, indicating a stable performance. The government work report suggests ongoing support for service consumption, which is expected to drive growth in the sector [1][3] - The report emphasizes the government's focus on boosting domestic demand and consumption, which is likely to enhance consumer confidence and spending capacity [1][3] Summary by Sections Domestic Macro Data - Retail sales in January-February reached 86,079 billion, with a year-on-year growth of 2.8%, an increase of 1.9 percentage points from December 2025. The growth in retail sales was influenced by the extended Spring Festival holiday [1][3] - The service sector's production index grew by 5.2% year-on-year, and the consumer confidence index stood at 90.6, indicating a gradual recovery in consumer sentiment [1][3] Investment Recommendations - The report suggests focusing on companies that are expected to benefit from the recovery in tourism and business travel, such as Lingnan Holdings and Zhongxin Tourism. Other recommended companies include Tianmu Lake, Lijiang Co., Songcheng Performance, and various hotel chains [3]

Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Core Viewpoints of the Report - The geopolitical tensions persist, and concerns about inflation have led to a decline in US Treasuries. The yields of 10 - year and 2 - year US Treasuries have risen significantly, with the 2 - year yield rising more, reflecting concerns about limited Fed rate - cut space due to rising inflation expectations. The situation's uncertainty remains high, and the duration of the Holmuiz Strait's navigation restrictions is crucial [1][2]. - Affected by the sharp rise in US Treasury yields, Chinese - funded US dollar bonds have declined for two consecutive weeks, with the Bloomberg Barclays Chinese - funded US dollar bond total return index falling 0.5% last week [1][3]. - In the on - shore market, the yields of 3 - year and 10 - year government bonds have risen. Factors such as improved inflation expectations, good industrial production and export performance, improved fixed investment data, and reduced expectations of future monetary policy easing have jointly promoted the rise in government bond yields. However, overall, monetary policy will remain supportive, and there is no basis for a continuous rise in interest - rate bond yields [1][4]. Summary According to Relevant Catalogs Off - shore Market - There were 3 new issuances of Chinese - funded US dollar bonds exceeding $100 million last week, totaling $1.45 billion, mainly financial bonds; about 17.5 billion RMB of off - shore RMB bonds were newly issued, also mainly financial bonds [2]. - The yields of 10 - year and 2 - year US Treasuries rose 14 and 16 basis points respectively to 4.28% and 3.72% last week, mainly due to market concerns about potential inflation problems caused by the continuous high oil price [1][2]. - Key - term US Treasuries have fully reversed all their gains this year. The yields of 10 - year and 2 - year US Treasuries have risen 11 and 24 basis points respectively compared to the end of 2025 [1][2]. - Affected by the sharp rise in US Treasury yields, Chinese - funded US dollar bonds have declined for two consecutive weeks. The Bloomberg Barclays Chinese - funded US dollar bond total return index fell 0.5% last week, and the spread narrowed by 2 basis points. Among them, the high - rating index fell 0.5%, and the spread narrowed by 3 basis points; the high - yield index fell 0.4%, and the spread widened by 3 basis points [1][3]. On - shore Market - The People's Bank of China net - withdrew 10.11 billion RMB of short - term liquidity through reverse repurchase operations last week, and inter - bank funding rates rebounded. The weighted average interest rates of 7 - day deposit - type institutional pledged repurchase and 7 - day inter - bank pledged repurchase rose 5 and 1 basis points respectively to 1.46% and 1.50% [4]. - The yields of 3 - year and 10 - year government bonds rose 1 and 3 basis points respectively to 1.37% and 1.81% last week [4]. - February's inflation data showed improved price pressure, and the continuous geopolitical tensions pushed up oil prices, improving market expectations of subsequent inflation. The macro data from January to February showed good industrial production and export performance, improved fixed investment data, and although retail data was still weak, it was better than market expectations. Coupled with the guidance of the People's Bank of China, market expectations of future monetary policy easing have weakened, jointly promoting the rise in government bond yields. However, overall, monetary policy will remain supportive, and there is no basis for a continuous rise in interest - rate bond yields [4]. Recent Newly Issued Chinese - funded US Dollar Bonds - Beijing Construction Engineering (Hong Kong) Co., Ltd. issued bonds with a coupon rate of 4.10%, an issue amount of $300 million, and a maturity date of March 19, 2029 [5]. Appendix: List of Chinese - funded US Dollar Bonds - The appendix provides a detailed list of various Chinese - funded US dollar bonds, including information such as the issuer, guarantor, coupon rate, issue amount, maturity date, and ratings from Moody's, S&P, and Fitch [17][19][21].

证券代码：600754/900934 证券简称：锦江酒店/锦江 B 股 公告编号：2026-009 上海锦江国际酒店股份有限公司 上海锦江国际酒店股份有限公司（以下简称"公司"）于 2026 年 3 月 13 日收到公司控股股东上海锦江资本有限公司（以下简称"锦江资本"）的通知， 锦江资本一致行动人锦江国际酒店集团（香港）投资管理有限公司（以下简称"锦 江香港"）自 2025 年 6 月 19 日至 2026 年 3 月 13 日通过上海证券交易所交易系 统以集中竞价方式增持公司 B 股股份 10,619,953 股，占公司总股本的 1.00%， 增持金额为 1,498.34 万美元。锦江香港的增持计划尚未实施完毕，后续将按照 增持计划，继续择机增持公司股份。 现将有关权益变动情况公告如下： 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 关于控股股东及其一致行动人权益变动触及1%刻度 的提示性公告 上海锦江资本有限公司及其一致行动人锦江国际酒店集团（香港）投资管理 有限公司保证向本公司提供的信息真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露 ...