Financial Performance - The company's operating revenue for Q1 2025 was ¥2,941,576,615.63, a decrease of 8.25% compared to ¥3,206,217,975.61 in the same period last year[4]. - Net profit attributable to shareholders was ¥36,012,056.27, down 81.03% from ¥189,885,897.98 year-on-year[4]. - The net cash flow from operating activities decreased by 40.84% to ¥602,813,184.39 from ¥1,018,979,657.96 in the previous year[4]. - Basic and diluted earnings per share were both ¥0.0337, reflecting an 81.01% decline from ¥0.1775 in the same period last year[4]. - The company reported a total revenue of RMB 294.16 million for Q1 2025, representing a decline of 8.25% year-over-year[13]. - The net profit attributable to shareholders for Q1 2025 was RMB 36.01 million, down 81.03% compared to the same period last year[13]. - The company reported a decrease in sales revenue from services, with cash received from sales of goods and services at approximately ¥3.22 billion, down 11.3% from ¥3.63 billion in Q1 2024[35]. - Total operating revenue for Q1 2025 was approximately ¥2.94 billion, a decrease of 8.25% from ¥3.21 billion in Q1 2024[32]. - Net profit for Q1 2025 was approximately ¥51.85 million, a significant decline of 79.6% compared to ¥254.57 million in Q1 2024[33]. - Total comprehensive income for Q1 2025 was approximately ¥92.22 million, down 66.1% from ¥272.32 million in Q1 2024[33]. Assets and Liabilities - Total assets at the end of the reporting period were ¥45,508,565,552.75, a decrease of 1.30% from ¥46,109,968,568.56 at the end of the previous year[5]. - As of March 31, 2025, the company's total current assets amounted to approximately CNY 11.45 billion, a decrease of 8.06% from CNY 12.46 billion on December 31, 2024[27]. - The company's cash and cash equivalents were CNY 8.11 billion, down from CNY 9.09 billion, reflecting a decline of 10.75%[27]. - The total liabilities of the company as of March 31, 2025, were CNY 29.73 billion, a decrease of 2.28% from CNY 30.43 billion at the end of 2024[29]. - The company's non-current assets totaled CNY 34.06 billion, an increase of 1.20% from CNY 33.65 billion at the end of 2024[28]. - The company's total equity as of March 31, 2025, was CNY 15.77 billion, an increase from CNY 15.68 billion at the end of 2024[29]. - The company's short-term borrowings increased to CNY 1.09 billion, up from CNY 950.81 million, reflecting a rise of 14.36%[29]. Hotel Operations - The hotel business generated consolidated revenue of RMB 288.82 million in Q1 2025, a decrease of 8.15% year-over-year[14]. - The company opened 226 new hotels and closed 129, resulting in a net increase of 97 hotels, totaling 13,513 hotels as of March 31, 2025[15]. - The total number of hotels in operation reached 12,348 as of March 31, 2025, an increase from 12,245 at the end of 2024[40]. - The average occupancy rate for full-service hotels was 42.52% in Q1 2025, compared to 41.91% in Q1 2024, showing an increase[20]. - The average occupancy rate for limited-service hotels in Q1 2025 is 53.34%, down from 60.66% in Q4 2024[44]. - The total number of signed limited-service hotels is 1,306 as of March 31, 2025, up from 1,302 as of December 31, 2024[44]. - The total number of rooms in signed limited-service hotels is 107,987 as of March 31, 2025, an increase from 107,815 as of December 31, 2024[44]. Cash Flow and Investments - The net cash flow from operating activities for Q1 2025 was RMB 602.81 million, down 40.84% year-over-year[13]. - Cash inflow from investment activities in Q1 2025 was approximately ¥389.40 million, compared to ¥43.78 million in Q1 2024[35]. - The company reported a net cash flow from investing activities of approximately ¥119.74 million, a significant improvement compared to a net outflow of ¥333.42 million in the previous period[36]. - The company experienced a net decrease in cash and cash equivalents of approximately ¥622.09 million, contrasting with an increase of ¥211.37 million in the previous period[36]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 67,340, including 47,378 A-share shareholders and 19,962 B-share shareholders[10]. - The largest shareholder, Shanghai Jinjiang Capital Co., Ltd., held 45.05% of the shares, totaling 482,007,225 shares[10]. - The controlling shareholder plans to increase its stake in the company by acquiring between 9 million and 18 million B shares within 12 months[22]. Strategic Developments - The company completed the acquisition of 100% equity in Lavande, Xana, and Coffetel, finalizing the buyout of minority shareholders and the cancellation of the remaining 5% equity[24]. - The company plans to continue expanding its hotel portfolio and enhancing its service offerings to improve overall performance in the upcoming quarters[36].

| 关于本报告 | 02 | | --- | --- | | 董事长致辞 | 03 | | 走进锦江酒店 | 04 | | 共赴锦程 ESG 蓝图 | 08 | | --- | --- | | ESG 战略及路径 | 09 | | ESG 管治架构 | 10 | | ESG 意识提升 | 12 | | 利益相关方沟通 | 13 | | 双重重要性调研评估结果 | 14 | | 2024 年 ESG 核心亮点 | 16 | | 附录 | 100 | | --- | --- | | 附录一：ESG 绩效表 | 100 | | 附录二：指标索引表 | 106 | | 推行绿色建造 | 20 | | --- | --- | | 践行绿色经营 | 23 | | 创新绿色服务 | 38 | 01 锦色 - 绿色礼遇 02 锦心 - 人本关怀 03 锦诚 - 责任治理 | 助力员工发展 | | --- | | 聚力伙伴权益 | | 致力社会公益 | | 坚守尽责治理 | 80 | | --- | --- | | 保障合法合规 | 86 | | 规范企业行为 | 96 | 目录 CONTENTS 41 55 73 关于本报告 ...

Core Viewpoint - The overall performance of the company is negatively impacted by the downturn in industry prosperity, with limited improvements in direct operations and overseas loss reduction, indicating significant room for future enhancement [1] Financial Performance Summary - The company's performance fell short of expectations, with a downward revision of EPS for 2025/26 to 0.99/1.19 yuan (-0.28/-0.27) and a new EPS forecast of 1.42 yuan for 2027, leading to net profits of 9.61/11.74/14.16 billion yuan for 2025/26/27 [2] - For the full year 2024, revenue was 14.063 billion yuan, down 4.0%, and net profit attributable to shareholders was 911 million yuan, down 9.06% [2] - In Q4 2024, revenue was 3.273 billion yuan, down 8.51%, with a net loss of 195 million yuan compared to a profit of 26.73 million yuan in Q4 2023 [2] Loss Expansion Analysis - The expansion of losses is primarily due to a decrease in operating profit of 37 million yuan in the domestic limited-service hotel segment and a net loss of 437 million yuan in overseas operations, compared to a loss of 409 million yuan in 2023 [3] - Revenue from direct operations decreased by 18%, mainly due to a reduction in the number of stores, while the total franchise fees from domestic and overseas businesses fell by 19% [3] - The revenue growth rate from booking channel fees declined by 11.4% [3] Efficiency Improvement Potential - The company has several avenues for efficiency improvement, including reducing losses in direct operations, increasing the proportion of CRS, and improving capital structure [3] - In 2024, the company closed 63 direct stores, contributing to loss reduction, but overall losses expanded due to a decline in RevPAR driven by industry downturn [3] - The company confirmed a credit impairment of 130 million yuan for 2024, with 117 million yuan recognized in Q4, primarily related to accounts receivable impairment [3] - The company projects revenue for 2025 to be between 14.3 billion and 15 billion yuan, with a growth rate of 2-7%, and plans to open 1,300 new stores and sign 2,000 new contracts [3]

Investment Rating - The investment rating for the company is "Buy" with an expected return exceeding 10% relative to the CSI 300 index over the next six months [12]. Core Views - The company reported a revenue of 14.063 billion yuan in 2024, a decrease of 4.00% year-on-year, and a net profit attributable to shareholders of 911 million yuan, down 9.06% year-on-year. The adjusted net profit after excluding non-recurring items was 539 million yuan, a decline of 30.32% [1][10]. - The company experienced a decline in performance due to weak market demand and rising cost pressures, particularly in Q4 2024, where revenue fell to 3.273 billion yuan, a year-on-year decrease of 11.24% [1][10]. - The company is focusing on expanding its brand matrix and accelerating its asset-light franchise model, with plans to open 1,300 new hotels and sign 2,000 new contracts in 2025 [9][10]. Financial Performance Summary - In 2024, the company achieved a gross margin of 39.52%, down 2.47 percentage points year-on-year, and a net margin of 8.14%, down 0.58 percentage points year-on-year [1][10]. - The company’s total assets were reported at 46.109 billion yuan, with a debt-to-asset ratio of 65.99% [3][11]. - The company’s earnings per share (EPS) for 2025 is projected to be 1.06 yuan, with net profits expected to reach 1.133 billion yuan, reflecting a growth of 24.36% [10][11]. Business Strategy and Outlook - The company is enhancing its digital platform, WeHotel, which has reached 205 million effective members, and is integrating various digital channels to improve operational efficiency [9][10]. - The overseas business is undergoing restructuring, with a focus on transitioning to an asset-light model, which is expected to drive profitability in the long term [9][10]. - The company aims to optimize its brand structure and expand its franchise operations, which is anticipated to improve operational leverage and scale advantages [9][10].

Investment Rating - The investment rating for the company is "Buy" with an expected return exceeding 10% relative to the CSI 300 index over the next six months [12]. Core Views - The company reported a revenue of 14.063 billion yuan in 2024, a decrease of 4.00% year-on-year, and a net profit attributable to shareholders of 911 million yuan, down 9.06% year-on-year. The adjusted net profit after excluding non-recurring items was 539 million yuan, a decline of 30.32% year-on-year [1][10]. - The company experienced a decline in performance due to weak market demand and rising cost pressures, with a gross margin of 39.52%, down 2.47 percentage points year-on-year, and a net margin of 8.14%, down 0.58 percentage points year-on-year [1][10]. - The company plans to open 1,300 new hotels and sign 2,000 new contracts in 2025, aiming to enhance its brand structure and operational efficiency [9][10]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 3.273 billion yuan, a year-on-year decrease of 11.24%, and a net profit of -195 million yuan, marking a shift to negative profitability [1][10]. - The annual revenue for 2024 was 14.063 billion yuan, with a year-on-year growth rate of -4.00%, while the net profit attributable to shareholders was 911 million yuan, reflecting a decline of 9.06% [10]. Business Segments - The hotel room business generated a revenue of 5.517 billion yuan in 2024, down 10.94% year-on-year. Other segments, including continuous franchise and labor dispatch services, saw varied performance with revenues of 4.797 billion yuan (+2.46%) and 999 million yuan (+2.68%) respectively [10]. - The company added 968 hotels in 2024, with a focus on expanding its asset-light franchise model, resulting in a total of 13,416 hotels and 1.291 million rooms by the end of 2024 [9][10]. Digital Transformation - The company has enhanced its digital platform, WeHotel, which reached 205 million effective members by the end of 2024, integrating various customer engagement channels [9][10]. - The GPP global procurement platform aims to standardize operations and reduce costs across hotel lifecycle management [9][10]. Future Outlook - The company anticipates a recovery in performance driven by the ongoing recovery in the cultural and tourism market, operational adjustments, and improvements in overseas business [9][10]. - Forecasts for net profit attributable to shareholders are 1.133 billion yuan, 1.389 billion yuan, and 1.668 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.06 yuan, 1.30 yuan, and 1.56 yuan [10].

Core Viewpoint - Jinjiang Hotels reported a decline in revenue and net profit for 2024, with total revenue at 14.063 billion yuan, down 4.00% year-on-year, and net profit at 911 million yuan, down 9.06% year-on-year [2] Financial Performance - The company experienced a significant drop in non-recurring net profit, which fell by 30.32% to 539 million yuan, attributed to the high base from 2023 and increased credit impairment losses [2] - In Q4 2024, the company recorded a non-recurring net profit of -99.29 million yuan, a decrease of 253.21% year-on-year [3][5] - The overall average RevPAR for limited-service hotels in 2024 was 100.13% of 2019 levels, with a year-on-year decline of 5.78% [5][7] Business Segmentation - The performance of Jinjiang Hotels showed a stark contrast between its business segments: limited-service hotels faced pressure with a RevPAR decline of 5.78%, while high-end hotels saw a revenue increase of 49.57% and net profit growth of 163.1% [2][10] - The limited-service hotel segment generated a revenue of 9.326 billion yuan in 2024, down 6.22% year-on-year, while the net profit for this segment was 1.204 billion yuan, up 3.33% [6][10] International Operations - The overseas limited-service hotel business generated revenue of 5.6 billion euros (approximately 4.26 billion yuan) in 2024, a slight decrease of 1.8%, with a net loss of 56.89 million euros, widening by 3.39 million euros year-on-year [11] - The Laville Group, a key part of Jinjiang's overseas operations, reported a revenue of 5.56 billion euros in 2024 but remained in a loss position with a net loss of 10.79 million euros [12] Strategic Developments - Jinjiang Hotels is expanding its presence in Southeast Asia, with plans to develop projects in Malaysia, Indonesia, Vietnam, Laos, Cambodia, and the Philippines [12] - The company announced a cash dividend of 3.80 yuan per share, totaling 533 million yuan for 2024, which represents 58.54% of the annual net profit [12]

Core Viewpoint - Shanghai Jin Jiang International Hotel Co., Ltd. reported a significant decline in both revenue and net profit for the year 2024, indicating a challenging operational environment for the company [1][2][3]. Financial Performance - The company experienced a 4% year-on-year decrease in revenue, totaling 14.063 billion yuan, and a 9.06% decline in net profit, amounting to 911 million yuan [2][3]. - The average room rate for domestic limited-service hotels fell by 11.19 yuan to 240.67 yuan, while the occupancy rate decreased by 0.93 percentage points to 65.43% [2][3]. - The overseas operations, particularly the Louvre Group, reported a net loss of 10.79 million euros, with the limited-service chain hotel business suffering an expanded net loss of 56.89 million euros [2][3]. Business Operations - The company opened 1,515 new hotels in 2024, bringing the total to over 17,300 hotels, but faced challenges in its core limited-service hotel segment [2][4]. - The decline in revenue and net profit was attributed to decreased performance in domestic limited-service hotels and the impact of asset disposals [2][3]. Strategic Initiatives - In response to performance pressures, the company is optimizing its brand matrix and has restructured its organizational framework from "7 major centers and 37 departments" to "13 departments and 2 business units" [4]. - The company introduced a "12+3+1" brand strategy, aiming to cultivate three core mid-to-high-end brands by 2028 and expand into the vacation segment [4]. - Plans for 2025 include opening 1,300 new hotels and signing 2,000 new contracts, alongside exploring the long-term apartment sector to create new growth opportunities [4].

Group 1 - The core issue raised by investors is the continuous decline in the stock price of Jinjiang Hotels (600754.SH) over the past two years, leading to questions about undisclosed negative factors affecting the company [1] - Jinjiang Hotels responded that the stock price fluctuations are influenced by multiple factors, asserting that the company's operations are normal and there are no undisclosed significant issues [1] - As of April 15, the stock price of Jinjiang Hotels fell by 0.85% to 25.81 CNY per share, representing a decline of over 60% from its historical high of 66.21 CNY per share two years ago, with a total market value of 25.3 billion CNY [1] Group 2 - The 2024 financial report indicates that Jinjiang Hotels is facing a decline in both revenue and net profit, with revenue at 14.063 billion CNY, down 4% year-on-year, and net profit attributable to shareholders at 911 million CNY, down 9.06% year-on-year [3] - In the fourth quarter of 2024, Jinjiang Hotels reported a net profit loss of 195 million CNY [3] Group 3 - Despite the financial and stock price pressures, Jinjiang Hotels maintains an optimistic outlook for 2025, planning to open 1,300 new hotels and sign contracts for 2,000 hotels [4] - The company expects total revenue for 2025 to reach between 14.3 billion and 15 billion CNY, representing a year-on-year growth of 2% to 7%, with a projected revenue increase of 5% to 10% from its mainland China operations [4]

Core Insights - The domestic hotel market in China is experiencing rapid growth, with the total number of hotels expected to exceed 370,000 by December 31, 2024, marking a net increase of nearly 30,000 hotels [2] - Major hotel groups such as Jinjiang, Huazhu, and Atour have significantly expanded their hotel numbers, but this has led to oversupply and intense competition in the market [2][5] - Jinjiang Hotel, despite being the largest chain, reported a decline in both revenue and net profit in 2024, facing challenges in profitability due to increased competition and market saturation [2][3] Company Performance - Jinjiang Hotel opened 1,515 new hotels in 2024, bringing its total to over 13,000, yet it faced a revenue drop of 4% to 14.063 billion yuan and a net profit decline of 9.06% to 911 million yuan [2][3] - The company's limited-service hotel segment saw a revenue decrease of 4.62%, with domestic revenue dropping by 6.22% [3] - The average daily room rate (ADR) for Jinjiang's limited-service hotels fell to 240.67 yuan, a decrease of 11.19 yuan, while the occupancy rate dropped to 65.43% [7][8] Market Dynamics - The hotel industry is undergoing a price war due to oversupply, with many hotels lowering prices to attract customers, which has negatively impacted revenue per available room (RevPAR) [7] - Jinjiang's RevPAR for its limited-service hotels was reported at 157.47 yuan, down 5.78% year-on-year [7] - The overall performance of Jinjiang's overseas hotel business was also disappointing, with a net loss of 56.89 million euros, reflecting challenges in international operations [4] Future Outlook - Despite current challenges, Jinjiang plans to continue expanding, with a target of opening 1,300 new hotels and signing 2,000 new contracts in 2025 [10] - The company aims to enhance its market share and maintain its competitive edge in the rapidly growing limited-service hotel sector, particularly in second and third-tier cities [10]

上海锦江国际酒店股份有限公司 关于为全资子公司海路投资提供担保的公告 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： 被担保人名称：本公司全资子公司 Sailing Investment Co, S.à r.l. （卢森堡海路投资有限公司，以下简称"海路投资"） 证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-014 二、被担保人的基本情况 本次担保金额：8,000 万欧元，截至本公告日，公司为海路投资担保的余 额为 80,480 万欧元。 特别风险提示：海路投资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 4 月 11 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"）与中国银行股份有限公司上海市分行（以下简称 "中国银行"）就海路投资申请 8,000 万欧元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二十七次会议、2023年年度股东大会 审议通过。股东大会批准并授 ...