证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-022 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 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。 根据中国证券监督管理委员会《监管规则适用指引——发行类第 7 号》，上 海锦江国际酒店股份有限公司 (以下简称"本公司"或"锦江酒店")，编制了截 至 2024 年 12 月 31 日止 (以下或简称"截止日") 的前次募集资金使用情况报告。 一、前次募集资金基本情况 （一）前次募集资金的数额、资金到账时间 根据中国证券监督管理委员会于 2021 年 1 月 25 日签发的《关于核准上海锦 江国际酒店股份有限公司非公开发行股票的批复》(证监许可 [2021] 208 号)，核 准公司非公开发行不超过 1.5 亿股新股。本公司于 2021 年 3 月以每股人民币 44.60 元的发行价格非公开发行 112,107,623 股人民币普通股 (A 股)，股款计人民币 4,999,999,985.80 元，扣除发行费用 (不含税) 人民币 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江 B 股 公告编号：2025-024 上海锦江国际酒店股份有限公司 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会 召开的日期时间：2025 年 6 月 25 日 13 点 30 分 召开地点：上海黄浦区茂名南路 59 号锦江小礼堂 (五) 网络投票的系统、起止日期和投票时间。 1 股东大会召开日期：2025年6月25日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 25 日 至2025 年 6 月 25 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-025 上海锦江国际酒店股份有限公司 第十届监事会第二十二次会议决议公告 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 5 月 30 日 以电话、电子邮件和书面形式发出了关于召开第十届监事会第二十二次会议的通 知，会议于 2025 年 6 月 4 日下午在上海以现场表决方式召开，会议应到监事三名， 实到监事三名。本次会议出席人数、召开程序、议事内容均符合《中华人民共和 国公司法》（以下简称"《公司法》"）和《上海锦江国际酒店股份有限公司章 程》（以下简称"《公司章程》"）的规定。会议由公司监事会主席管丽娟女士 主持，全体监事均出席会议，会议审议并通过了以下议案: 详见公司《关于部分募投项目增加实施主体、增加募集资金专户的公告》（公 告编号：2025-020）。 表决结果：3 票同意、0 票反对、0 票弃权。 二、关于取消监事会并修订《公司章程》的议案 为进一步提高公司规范运 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-019 上海锦江国际酒店股份有限公司 第十届董事会第四十一次会议决议公告 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"、"本公司"）于 2025 年 5 月 30 日以电话、电子邮件和书面形式发出了关于召开第十届董事会第四十一 次会议的通知，会议于 2025 年 6 月 4 日上午在上海以现场会议方式召开，会议应 到董事 9 名，实到董事 9 名。本次会议出席人数、召开程序、议事内容均符合《中 华人民共和国公司法》（以下简称"《公司法》"）和《上海锦江国际酒店股份 有限公司章程》（以下简称"《公司章程》"）的规定。会议由公司董事长张晓 强先生主持，公司监事会成员列席了本次会议。会议审议并通过了如下决议： 一、关于部分募集资金投资项目增加实施主体的议案 董事会认为，本次部分募投项目增加实施主体是公司结合募投项目实施进度 以及经营战略等情况作出的审慎决定，有利于优化公司内部资源配置。本次部分 募 ...

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 ...

锦江酒店：拟于境外发行股份（H股）并在香港联交所上市 智通财经6月4日电，锦江酒店(600754.SH)公告称，为深入推进公司的全球化战略，加强与境外资本市 场对接，进一步提升公司治理透明度和规范化水平，公司拟于境外发行股份（H股）并在香港联合交易 所有限公司（简称"香港联交所"）上市（简称"本次H股上市"）。 ...

金十数据6月4日讯，锦江酒店公告称，于2025年6月4日召开第十届董事会第四十一次会议及第十届监事 会第二十二次会议，分别审议通过了《关于公司聘请H股发行及上市的审计机构的议案》，同意公司聘 请毕马威会计师事务所为公司本次H股上市的审计机构，为公司出具本次H股上市相关的会计师报告并 就其他申请相关文件提供意见；并聘请其担任公司完成本次H股上市后首个会计年度的境外审计机构。 锦江酒店：聘请H股发行及上市审计机构 ...

Financial Performance - Atour Group reported total revenue of 1.906 billion yuan in Q1, a year-on-year increase of 29.8%, with adjusted net profit of 345 million yuan, up 32.3%, marking it as the fastest-growing company in the sector [2] - Huazhu Group achieved a net profit of 894 million yuan, making it the most profitable company [2] - Jinjiang Hotels experienced a dramatic net profit decline of 81% due to reduced government subsidies and losses from fair value changes of financial assets, making it the most pressured company in terms of performance [2] - Shoulv Hotels saw a revenue decrease of 4.34% to 1.765 billion yuan, yet net profit increased by 18.37% to 143 million yuan, driven by growth in net profits from its core hotel and scenic business [2] Operational Efficiency - Huazhu Group operated 11,685 hotels in Q1, with 45% in the mid-to-high-end segment and a franchise rate of 92%; however, its RevPAR was 208 yuan, down 3.9%, and occupancy rate was 76.2%, down 1 percentage point [3] - Atour Group had 1,727 hotels, with a RevPAR of 304 yuan, recovering to 92.8% of 2013 levels, and an occupancy rate of 70% [3] - Shoulv Hotels had 7,084 hotels, with a RevPAR of 141 yuan, down 4.6%, and an occupancy rate of 61.7%, indicating challenges in pricing power despite rapid network growth [4] - Jinjiang Hotels operated 13,513 hotels, with a RevPAR of 152.65 yuan, down 7.88%, and an occupancy rate of 63.1%, facing significant pressure in its transition to mid-to-high-end markets [4] Industry Trends - The industry is increasingly adopting a high franchise rate and light-asset model as mainstream strategies, while overall operational efficiency is under pressure ahead of the peak travel season [5] - The decline in consumer spending willingness and the loss of competitive vitality among companies are seen as more critical challenges than the current market conditions [5]

Core Insights - The opening of Atour Group's high-end lifestyle brand "Saha" flagship store in Shenzhen is seen as a potential game-changer for the high-end hotel market in China [1][3] - Domestic hotel groups are increasingly focusing on the high-end segment, with several new brands and strategic partnerships being announced [2][3][4] Domestic High-End Market Development - Domestic hotel groups are actively expanding into the high-end market, with notable announcements from ShouLai Hotel Group regarding new brands and partnerships [3][4] - Huazhu Hotel Group has been enhancing its high-end offerings through acquisitions and partnerships, including a joint venture with Sunac [4] - Jin Jiang International is also exploring high-end opportunities, forming a strategic partnership with Radisson Hotel Group to focus on high-end market upgrades [4] Historical Context - The high-end hotel sector in China has historical roots dating back to the early days of reform and opening up, with many hotels serving as symbols of modernization [5][6] - The rise of real estate developers in the late 2000s led to a second wave of high-end hotel development, with companies like Wanda and Greenland launching their own brands [6][7] Current Challenges - Despite the growth in high-end hotels, domestic brands face challenges in competing with established international hotel groups, which dominate consumer perception [8][10] - The high capital investment and long return periods associated with high-end hotels pose challenges for domestic investors, who often prefer quicker returns [9][10] Market Opportunities - As the market for high-end hotels becomes saturated in first-tier cities, there is a growing trend for brands to explore opportunities in lower-tier cities [12] - The high-end select service hotel segment is emerging as a viable investment opportunity, with expected growth rates exceeding 30% [13] Inventory Market Dynamics - The trend of rebranding existing high-end hotels is gaining traction, with a significant number of hotels expected to be auctioned in 2024 [14][15] - Various hotel groups are launching brands targeting the high-end inventory market, indicating a shift towards revitalizing existing properties [15]

Core Viewpoint - The Chinese hotel industry is experiencing a "tale of two cities" with significant performance disparities among the four major groups: Huazhu, Jinjiang, Shoulu, and Atour, despite the overall market growth [3][8]. Group 1: Performance Overview of Major Hotel Groups - Huazhu Group leads with a revenue of 5.4 billion yuan and a net profit of 890 million yuan in Q1 2025, but its revenue growth has slowed to 2.2% [4][10]. - Atour Group, with 1,727 hotels, is the only group to achieve significant revenue and profit growth, with a revenue increase of 29.8% and a net profit increase of 32.3% in Q1 2025 [5][10]. - Jinjiang Group and Shoulu Group are struggling, with Jinjiang's revenue down 8.25% and net profit down 81.03%, while Shoulu's revenue decreased by 4.34% [4][10]. Group 2: Market Dynamics and Strategies - The hotel industry is facing a "volume increase, price decrease" scenario, with all major players experiencing pressure on occupancy rates and room prices [7][8]. - Huazhu maintains operational efficiency through high occupancy rates, while Atour focuses on retail growth, which has increased its retail revenue share to 30.3% [22][27]. - Jinjiang and Shoulu are attempting to pivot towards membership growth and high-end offerings, but their efforts have yet to yield significant results [7][36]. Group 3: Retail Strategies - Atour has successfully integrated retail into its business model, with retail revenue growing by 66.5% to 694 million yuan in Q1 2025, despite a 61.7% increase in sales expenses [27][28]. - Huazhu has also ventured into retail but remains cautious, with its retail initiatives not yet significantly impacting overall revenue [30][32]. - The competition in the retail space is intensifying, with Atour's approach focusing on online sales channels [24][25]. Group 4: Challenges for Jinjiang and Shoulu - Jinjiang's core mid-to-low-end hotel segment continues to decline, with Q1 2025 revenue down 8.72% [37][40]. - Shoulu's revenue also decreased by 4.34% in Q1 2025, with its membership strategies facing similar challenges in conversion efficiency [44][47]. - Both companies are struggling to effectively leverage their large membership bases to drive revenue growth [48]. Conclusion - The hotel industry is at a critical juncture, with Huazhu and Atour adopting distinct strategies to navigate the challenges of growth and profitability [50]. - The ability to balance expansion with operational quality will be crucial for all players moving forward [50].