Company and Industry Summary Company Overview - The company has successfully acquired strategic investments in the French Louvre Group and the Vienna Hotel Group, enhancing its hotel scale and implementing a global layout for limited-service hotel operations in 2022 and 2023. The company completed the acquisition of 70% of PPP's equity and 90% of Hotel's equity, along with a 100% acquisition of Jinjiang Tavern, making it a wholly-owned subsidiary, which promotes deep integration with the Chinese market and enhances operational capabilities, successfully expanding into full-service hotels to achieve comprehensive coverage of all hotel categories [1][1][1]. Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 10.79 billion yuan, a year-on-year decrease of 2.55%. The net profit attributable to the scale was 1.106 billion yuan, a year-on-year increase of 12.13%. After deducting fees, the net profit was 639 million yuan, a year-on-year decrease of 20.39%. The cash flow from operating activities was a net inflow of 3.469 billion yuan [1][1][1]. Hotel Operations - As of the end of September 2024, the company had a total of 13,186 opened hotels with a total of 1.26 million guest rooms. Among these, 83 were full-service hotels, and limited-service direct-operated hotels accounted for 5.3% of all hotels. Franchise hotels made up 94%. The limited-service hotel segment saw the opening of 1,122 new hotels in the first three quarters of 2024, with 715 new openings in recent years. The total number of terminal hotels reached 7,866, accounting for 60% of all opened hotels. Based on the number of opened guest rooms, terminal hotels accounted for 67% [2][2][2]. Performance Metrics - The average UFPA (Unit Floor Price Average) for domestic limited-service hotels in the first to third quarters decreased by 1.54%, 7.18%, and 8.38% compared to the same period in 2023, but increased by 1.02%, 1.44%, and 3.15% compared to 2019. The average REFPA (Revenue per Available Room) for overseas limited-service hotels remained flat, decreased by 1.03%, and increased by 3.08% compared to 2023, with increases of 10%, 10%, and 18% compared to 2019 [3][3][3]. Brand Development - The company currently operates 43 hotel brands covering luxury, high-end, boutique, preferred, and comfort categories, forming a diverse market coverage that meets different consumer experiences for business activities and leisure vacations. The company is also developing vacation apartments and other brand categories to enrich its product portfolio [3][4][4]. ESG Initiatives - In 2023, the company established an ESG governance structure led by senior management, ensuring the implementation of ESG initiatives through a three-tier management framework. In 2024, the company plans to enhance this structure by establishing ESG functional teams at the working and execution levels, focusing on nine core functions related to ESG information disclosure [4][4][4]. Corporate Governance and Incentives - The company aims to improve its corporate governance structure to achieve long-term incentives and constraints for directors, senior management, and other key personnel, aligning their interests with the company's long-term development for sustainable growth. The 2024 restricted stock incentive plan includes an initial grant of 6,034,240 shares to 142 individuals, with performance indicators including net asset return rate and net profit growth rate [5][5][5]. Future Outlook - The company plans to focus on the French economy hotel market while expanding its terminal hotel market in key countries. It aims to enhance brand competitiveness through renovations and management improvements, optimizing assets by selling underperforming hotels to reinvest in renovations [6][6][6]. Conclusion - The company is positioned for high-quality development while navigating a complex global economic environment, with a focus on brand quality and operational efficiency [7][7][7].

Investment Rating - Buy rating with a target market value of 35 2 billion yuan, implying a 23% upside from the current market value [7][12] Core Views - The hotel industry is in a bottoming phase with potential for upward elasticity as inefficient supply clears out [4] - The company has undergone four stages of development: asset integration, transformation, M&A expansion, and optimization, achieving significant growth and self-renewal [5] - Key growth drivers include self-innovation, brand matrix upgrades, store renovations, and membership system enhancements [6] - Overseas operations, particularly Louvre Hotels, are expected to improve through asset structure optimization and operational efficiency [6] Financial Projections - Expected net profit for 2024-2026: 1 235, 1 373, and 1 467 million yuan, respectively [7][9] - Revenue growth for 2024-2026: -0 7%, 6 2%, and 11 6% year-over-year [9] - EPS for 2024-2026: 1 15, 1 28, and 1 37 yuan per share [9] Industry Analysis - The hotel industry is cyclical, with supply-demand mismatches driving cycles of recovery, prosperity, recession, and depression [4] - Light-asset models are becoming a major trend, with franchise models offering stronger economic resilience and higher profitability [4] - The industry is expected to recover as demand rebounds, driving occupancy rates (OCC) and revenue per available room (RevPAR) higher [5] Company Strategy - Focus on mid-to-high-end brands such as Liyi, Baiyulan, Lirui, Jinjiang Capital, Campanile, and Hilton Garden Inn to strengthen market competitiveness [6] - Renovation of existing stores and reduction of losses in directly operated stores to improve performance [6] - Enhance the membership ecosystem to increase direct sales ratio and customer loyalty [6] - Optimize the overseas balance sheet, particularly for Louvre Hotels, to reduce financial leverage and improve operational efficiency [6] Market Position - The company has a strong scale advantage, ranking second globally in terms of the number of hotels and rooms [100] - In 2023, the company's domestic market share was 17 62%, maintaining its leading position in China [100] - The company plans to develop 12 brands with over 1,000 stores by 2028, focusing on mid-to-high-end and economy segments [39][40] Operational Performance - Domestic RevPAR in Q1-Q3 2024 showed steady growth but faced slight pressure year-over-year due to changes in supply-demand dynamics [5] - Overseas RevPAR in Q3 2024 increased by 3 08% year-over-year, reaching 47 57 euros, with ADR rising by 6 3% to 73 04 euros [51] - The company's net profit in 2023 recovered to 91 7% of 2019 levels, with revenue reaching 97 0% of 2019 levels [45] Growth Catalysts - Recovery in tourism and travel demand, with non-manufacturing PMI showing signs of improvement [14] - Structural price increases in the industry, driven by supply-demand dynamics and market consolidation [70] - Expansion into lower-tier cities, where the hotel chain penetration rate is still low, presents significant growth opportunities [87]

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2024-065 上海锦江国际酒店股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 11 月 20 日（星期三）至 11 月 26 日（星期二）16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 JJIR@jinjianghotels.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 上海锦江国际酒店股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布《上海锦江国际酒店股份有限公司 2024 年第三季度报告》，为便于广大投 资者更全面深入地了解公司 2024 年第三季度的经营成果、财务状况，公司计划于 2024 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江 B 股 公告编号：2024-064 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首次授予结果公告 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： 根据《上市公司股权激励管理办法》的规定，按照上海证券交易所、中国证 券登记结算有限责任公司上海分公司的有关要求，上海锦江国际酒店股份有限公 司（以下简称"公司"）于近日在中国证券登记结算有限责任公司上海分公司办 理完成公司 2024 年限制性股票激励计划（以下简称"激励计划"）的首次授予 登记工作，现将相关事项公告如下： 一、限制性股票授予情况 公司于 2024 年 10 月 11 日召开第十届董事会第三十四次会议、第十届监事 会第十八次会议，审议通过了《关于调整公司 2024 年限制性股票激励计划相关 事项的议案》、《关于向公司 2024 年限制性股票激励计划激励对象首次授予限 制性股票的议案》。公司监事会发表了同意的核查意见。首次授予具体情况如下： （一）限制性股票首次授予的具体情况 ...

石基信息：全资子公司与锦江酒店（中国区）签订战略合作框架协议 财联社11月10日电，石基信息公 告，全资子公司西软信息与深圳锦江酒店管理有限公司南山分公司签订战略合作协议。 西软信息将为锦江酒店（中国区）成员酒店提供酒店数字化管理的软件产品及服务，服务范围包括已经 或将要与西软信息达成《项目工作书》的锦江酒店（中国区）旗下各品牌酒店。 协议期限自2024年10月1日起至2029年9月30日止。 查看公告原文 ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 30.2 yuan, compared to the current price of 28.32 yuan [1]. Core Views - The company's revenue and profit for Q3 2024 fell short of expectations, primarily due to increased industry supply and average room price impacts [2]. - Domestic hotel operations are under pressure, while overseas performance remains stable [2]. - The company has a steady opening speed but a slowdown in signing new contracts [2]. - The report adjusts the profit forecast for 2024-2026, reflecting increased pricing pressure in the hotel industry [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 10.79 billion yuan, a decrease of 2.55% year-on-year, and a net profit of 1.106 billion yuan, an increase of 12.13% year-on-year [1]. - In Q3 2024, the company reported revenue of 3.898 billion yuan, down 7.10% year-on-year, and a net profit of 258 million yuan, down 43.08% year-on-year [1]. - The company opened 469 new hotels in Q3 2024, with a net increase of 248 hotels for the first three quarters [2]. Revenue and Profit Forecast - The forecast for total revenue is adjusted to 14.328 billion yuan for 2024, with a projected growth of 5.0% in 2025 and 5.1% in 2026 [3]. - The forecast for net profit is adjusted to 1.232 billion yuan for 2024, with expected growth rates of 23.0% in 2025 and 25.7% in 2026 [3]. Market Position and Valuation - The company has a total market capitalization of 30.304 billion yuan and a debt-to-asset ratio of 63.26% [4]. - The price-to-earnings ratio is projected to be 25 for 2025, 23 for 2026, and 19 for 2026 [3].

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2024-063 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： 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 23,100 万欧元。 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 2024 年 11 月 7 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 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江 B 股 公告编号：2024-062 上海锦江国际酒店股份有限公司 关于股份性质变更暨 2024 年限制性股票激励计划 首次授予的进展公告 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。 目前，本次激励计划首次授予的激励对象已完成缴款。在实际认购过程中， 有 6 名激励对象自愿放弃认购，涉及股数 439,760 股；有 1 名激励对象部分放弃认 购，涉及股份 3,000 股。立信会计师事务所（特殊普通合伙）已对认购缴款进行了 验资，并于 2024 年 10 月 29 日出具了《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验资报告》（信会师报字[2024]第 ZA14359 号），截至 2024 年 10 月 28 日止，公司已收到 142 名激励对象缴纳的股权激励出资款人民币 71,505,744.00 元。 经公司与上海证券交易所和中国证券登记结算有限责任公司上海分公司确 认，本次授予 142 名激励对象 603.424 万股的 A 股限制性股票 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Views - The company reported a revenue of 3.9 billion yuan in Q3 2024, a year-on-year decrease of 7.1%, with a net profit attributable to shareholders of 258 million yuan, down 43% year-on-year [2][4]. - The company has opened 1,149 new hotels in the first three quarters, achieving over 95% of its target, with a pipeline of 3,986 hotels [1][2]. - Despite the pressure on earnings due to domestic and overseas factors, the company is expected to improve its performance in Q4 2024, with a focus on operational improvements and a strong pipeline for future growth [4][5]. Summary by Sections Financial Performance - In Q3 2024, the hotel business revenue decreased by 7% to 3.84 billion yuan, while the restaurant business revenue fell by 9% to 59 million yuan [3]. - The company’s revenue for the first three quarters was 10.8 billion yuan, a decrease of 2.55% year-on-year, while the net profit attributable to shareholders was 1.1 billion yuan, an increase of 12.1% year-on-year [2][3]. Revenue and Profit Forecast - The forecast for 2024-2026 projects net profits of 1.2 billion, 1.25 billion, and 1.49 billion yuan respectively, reflecting a downward adjustment from previous estimates [4][5]. - The company’s earnings per share (EPS) are expected to be 1.13 yuan in 2024, 1.17 yuan in 2025, and 1.39 yuan in 2026 [2][5]. Market Position and Strategy - The company’s RevPAR (Revenue per Available Room) in Q3 2024 decreased by 8.4%, with occupancy rates showing slight growth but average daily rates declining [3]. - The company is actively expanding its hotel network, with a significant number of new openings planned, indicating a positive outlook for future growth despite current challenges [1][4].

Investment Rating - The report maintains a **Buy** rating for Jinjiang Hotels, with a target price of RMB 27.10 [4] Core Views - Jinjiang Hotels' Q3 2024 performance was under pressure, with revenue declining by 7.10% YoY to RMB 3.898 billion and net profit attributable to shareholders dropping by 43.08% YoY to RMB 258 million [1] - Domestic revenue in Q3 2024 fell by 10.88% YoY, while overseas revenue grew by 1.93% YoY [1] - The company's expansion plan is progressing well, with 469 new hotels opened in Q3 2024 (net increase of 248), bringing the total number of new hotels opened in the first three quarters to 1,149, nearly meeting the annual target of 1,200 [1] - The report adjusts the EPS forecast for 2024-2026 to RMB 1.15, RMB 1.19, and RMB 1.43, respectively, with corresponding P/E ratios of 23.6x, 22.7x, and 18.9x [1] Financial Performance - In Q3 2024, Jinjiang Hotels' domestic limited-service hotel RevPAR decreased by 8.38% YoY to RMB 174.41, with ADR and OCC at RMB 237.74 and 73.36%, respectively [1] - Overseas limited-service hotel RevPAR in Q3 2024 was EUR 43.36, down 6.05% YoY, with ADR and OCC at EUR 67.81 and 63.94%, respectively [1] - For the first three quarters of 2024, the company achieved revenue of RMB 10.79 billion, a decrease of 2.55% YoY, and net profit attributable to shareholders of RMB 1.106 billion, an increase of 12.13% YoY (including a one-time gain of RMB 420 million from the disposal of Fashion Travel) [1] Valuation and Forecasts - The report forecasts Jinjiang Hotels' revenue for 2024-2026 to be RMB 14.428 billion, RMB 15.055 billion, and RMB 16.178 billion, respectively, with growth rates of -1.5%, 4.3%, and 7.5% [3] - EBITDA for 2024-2026 is projected to be RMB 4.460 billion, RMB 5.031 billion, and RMB 5.549 billion, respectively [3] - Net profit attributable to shareholders is expected to grow by 22.5%, 4.1%, and 20.1% in 2024-2026, reaching RMB 1.227 billion, RMB 1.277 billion, and RMB 1.533 billion, respectively [3] Industry and Market Performance - The hotel and catering industry is rated as **Outperform** [4] - Jinjiang Hotels' stock performance has been weak, with a year-to-date decline of 34% and a 3-month decline of 15% [4]