证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-059 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：2,600 万欧元，截至本公告日，公司为 GDL 担保的余额为 23,950 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 2025 年 11 月 5 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"）与中信银行股份有限公司上海分行（以下简称"中 信银行"）就 GDL 申请 2,600 万欧元流动资金贷款合同签署《保证合同》。 1 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 操作上海锦江股份（香港）有限公 ...

Core Viewpoint - The economic hotel sector in China is facing significant challenges, with many brands, including Pudong Hotel, being forced to exit the market due to financial difficulties and declining performance metrics like RevPAR (Revenue per Available Room) [3][4][5]. Group 1: Economic Hotel Sector Decline - The economic hotel segment is experiencing a collective retreat, with projections indicating that by the end of 2024, the share of economic rooms will drop to 54% [4]. - Major hotel chains like Jinjiang, Shoulv, and Huazhu have added over 3,400 hotels in the past year, with less than 600 being economic hotels, representing only 17.6% of new additions [4]. - The average room rates for these major chains have increased significantly, while occupancy rates for mid-to-high-end hotels have surpassed those of economic hotels [4][5]. Group 2: Vulnerabilities of Economic Hotels - Economic hotels have a fragile business model characterized by low pricing power and limited revenue elasticity, making them more susceptible to market fluctuations [7][8]. - The pricing structure of economic hotels is constrained, with limited ability to increase rates compared to mid-to-high-end hotels, which can offer additional services and amenities [9][10]. - Economic hotels often suffer from high competition and low differentiation, leading to a scenario where they are unable to capitalize on peak demand periods effectively [11][12]. Group 3: Market Dynamics and Trends - The hotel industry has seen a shift towards higher-end offerings, with mid-to-high-end hotels gaining market share and occupancy rates [31][33]. - The consolidation of the hotel market has led to increased chain hotel prevalence, with the top three hotel groups controlling 75% of room inventory by 2016 [20][22]. - The pandemic has accelerated the decline of weaker economic hotels, while stronger chains have expanded their market presence, increasing the overall chain hotel rate to over 40% [26][29]. Group 4: Future Outlook - The economic hotel sector is likely to continue facing challenges as consumer preferences shift towards mid-to-high-end accommodations, driven by both supply-side and demand-side factors [35][36]. - The ongoing trend of increasing chain hotel rates and occupancy for higher-end hotels suggests a potential long-term decline for the economic hotel segment [39].

Core Viewpoint - The announcement of the 2026 holiday schedule, particularly the extended Spring Festival break from February 15 to 23, has significantly boosted interest in long-distance travel, igniting the tourism market [2]. Group 1: Market Reaction - On November 5, tourism-related stocks saw a collective rise, with *ST Zhang (000430.SZ) hitting the daily limit with a price of 8.28 yuan and a market capitalization exceeding 3 billion yuan [3]. - Other notable stock performances included: - Caesar Travel (000796.SZ) reaching a limit-up price of 7.47 yuan, up 10.01%, with a market cap of 11.98 billion yuan [3]. - Tianfu Cultural Tourism (000558.SZ) increased by 3.70% [3]. - Yunnan Tourism (002059.SZ) rose by 2.91%, peaking at 5.79 yuan [3]. - Shoulv Hotel (600258.SH) gained 2.64%, reaching a high of 14.83 yuan [3]. - Other companies like Jiuhua Tourism (603199.SH) and Jinjiang Hotel (600754.SH) also experienced modest increases [3]. Group 2: Travel Trends - Data from Qunar indicates that travelers from major cities like Shanghai, Beijing, and Guangzhou are already booking flights for the pre-Spring Festival period, with popular domestic destinations including Haikou, Sanya, and Hangzhou, and international hotspots like Seoul and Tokyo [4]. - The search volume for domestic travel during the Spring Festival is notably high for cities such as Sanya, Dali, and Harbin, while international interest has surged for Berlin, Busan, and Melbourne [4]. Group 3: Industry Insights - Spring and Autumn Travel's deputy general manager reported a 200% increase in inquiries for European travel packages during the Spring Festival, with searches for destinations like Greece, Norway, and Iceland doubling [5]. - According to Tongcheng Travel, hotel search volumes for February 14 and 15 have more than doubled compared to the previous day, reflecting the impact of the extended holiday on consumer behavior [6]. - The introduction of AI tools for travel planning is becoming more prevalent, with users utilizing platforms like DeepTrip for itinerary planning [6]. - The extended holiday is expected to lead to a more balanced daily flow of travelers, enhancing overall travel comfort and potentially setting new records for travel volume during the Spring Festival [6].

Group 1 - The tourism sector experienced a collective rise in stock prices following the announcement of the 2026 holiday schedule, particularly the Spring Festival break from February 15 to 23, which lasts for 9 days [1] - Notable stock performances include *ST Zhang (000430.SZ) reaching a limit up at 8.28 yuan with a market cap exceeding 3 billion yuan, and Caesar Travel (000796.SZ) also hitting the limit up at 7.47 yuan, reflecting a 10.01% increase and a market cap of 11.98 billion yuan [1] - Other companies such as Tianfu Culture Tourism (000558.SZ) and Yunnan Tourism (002059.SZ) also saw significant increases in their stock prices, indicating strong investor interest in the tourism sector [1] Group 2 - Data from Qunar indicates that travelers from major cities like Shanghai, Beijing, and Guangzhou are booking flights for the Spring Festival, with popular domestic destinations including Haikou and Sanya, and international destinations like Seoul and Tokyo [2] - Spring and Autumn Tourism reported a 200% increase in inquiries for European tours during the Spring Festival, with significant interest in destinations such as Greece and Norway, suggesting a robust demand for international travel [2] - The overall search volume for domestic hotels has more than doubled for the days leading up to the Spring Festival, indicating a surge in travel planning and consumer interest [3] Group 3 - The extended Spring Festival holiday and pilot programs for student breaks are seen as effective tools for enhancing macroeconomic consumption and population mobility [3] - The integration of AI technology in travel planning is becoming more prevalent, with users utilizing tools like DeepTrip for itinerary planning, reflecting a shift in consumer behavior [3] - The longest Spring Festival holiday in history is expected to lead to a balanced daily flow of travelers, potentially resulting in record-high travel and tourism activity during the holiday period [3]

Core Insights - The hotel and catering sector experienced a rise of 1.83% on November 5, with *ST Yunwang leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Sector Performance - The following companies showed notable performance: - *ST Yunwang: Closed at 2.04, up 5.15%, with a trading volume of 712,200 shares and a turnover of 144 million yuan [1] - Shoulv Hotel: Closed at 14.80, up 2.64%, with a trading volume of 164,300 shares and a turnover of 24.2 million yuan [1] - Huatian Hotel: Closed at 3.38, up 1.81%, with a trading volume of 241,100 shares and a turnover of 81.3 million yuan [1] - Jinjiang Hotel: Closed at 23.34, up 1.66%, with a trading volume of 118,800 shares and a turnover of 276 million yuan [1] - Junxi Hotel: Closed at 21.96, up 1.39%, with a trading volume of 91,200 shares and a turnover of 203 million yuan [1] Capital Flow - The hotel and catering sector saw a net inflow of 7.03 million yuan from institutional investors, while retail investors contributed a net inflow of 6.04 million yuan [1] - Notable capital flows for specific companies include: - Junxi Hotel: Net inflow of 18.90 million yuan from institutional investors, but a net outflow of 26.04 million yuan from retail investors [2] - Shoulv Hotel: Net inflow of 7.34 million yuan from institutional investors, with a net outflow of 2.94 million yuan from retail investors [2] - *ST Yunwang: Net inflow of 5.40 million yuan from institutional investors, with a net outflow of 0.77 million yuan from retail investors [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a recovery in profitability with significant growth in performance, despite a decline in revenue [5][12] - The overall market demand remains weak, but the company has effectively controlled costs, leading to improved net profit [12] - The company is experiencing continued pressure on RevPAR, with a slight slowdown in expansion speed [13] - The company's leading position is stable, and the momentum for reform is gradually being released, justifying the "Buy" rating [14] Financial Performance Summary - In Q3 2025, the company achieved revenue of 3.715 billion yuan, a year-on-year decline of 4.7%, while net profit attributable to shareholders was 375 million yuan, a year-on-year increase of 45.5% [5][11] - For the first three quarters of 2025, the company reported revenue of 10.241 billion yuan, a year-on-year decline of 5.1%, with a net profit of 746 million yuan, down 32.5% [5][11] - The company’s gross margin decreased by 2.6 percentage points in Q3 2025, but cost control measures led to a reduction in sales, management, and financial expense ratios [12] Market and Operational Insights - The company opened 343 new hotels in Q3 2025, with a net increase of 212 hotels, indicating a slight slowdown in expansion [13] - The RevPAR for domestic full-service and limited-service hotels decreased by 4.7% and 2.0% respectively, with the main pressure coming from a decline in occupancy rates [13] - The overseas hotel RevPAR saw a year-on-year decline of 10.5%, primarily due to a drop in ADR [13] Future Projections - Revenue projections for 2025-2027 are estimated at 13.525 billion yuan, 14.185 billion yuan, and 14.759 billion yuan, with year-on-year growth rates of -3.8%, +4.9%, and +4.1% respectively [15] - Net profit projections for the same period are 832 million yuan, 1.116 billion yuan, and 1.260 billion yuan, with growth rates of -8.6%, +34.1%, and +12.8% respectively [15]

Core Viewpoint - The ocean economy concept stocks are experiencing significant activity and growth, driven by government support and emerging technologies in deep-sea sectors [1] Group 1: Stock Performance - Ocean economy stocks such as Xue Ren Group, Caesar Travel, Haixia Co., and Tebian Electric are hitting the daily limit up, indicating strong market interest [1] - Aerospace Intelligent Manufacturing has surged over 14%, while Zhu Mian Group and Fei Wo Technology have increased by over 7% and 5%, respectively [1] Group 2: Industry Insights - The ocean economy is expected to drive domestic demand growth, with deep-sea technology empowering industrial upgrades [1] - The 2025 government work report has identified "deep-sea technology" as a core emerging industry, prompting coastal provinces to release plans supporting the development of marine equipment, energy, and aquaculture [1] Group 3: Sector Opportunities - Offshore power generation is advancing towards deep waters, with floating wind and solar power showing significant potential [1] - The marine aquaculture sector has vast growth opportunities, particularly in deep-sea farming, with upstream feed companies likely to benefit from market expansion [1] - Policy support and recovering demand are expected to benefit marine tourism specialty companies [1]

Core Insights - Chinese hotel operators are expanding into Southeast Asia to meet the growing outbound tourism demand from China [1][2] - Southeast Asia is a popular travel destination for Chinese tourists, with countries like Thailand, Malaysia, and Singapore ranking high among preferred destinations [1] - The region is expected to attract over 120 million international tourists in 2025, with tourism revenue projected to exceed $350 billion [1] Group 1: Market Expansion - Jinjiang Hotels (China) is targeting Southeast Asia as a key market for its second growth curve, with plans to expand its 7 Days Inn brand [2][5] - The company has signed intentions for 10 projects in Malaysia, focusing on major cities and popular tourist areas [4] - Jinjiang Hotels aims to establish a self-circulating management system for development, construction, and operation in Southeast Asia [5] Group 2: Strategic Approach - The company is adopting a "light asset entry + localized deep cultivation" strategy for its overseas expansion [5] - Jinjiang Hotels has deployed management teams to key markets such as Malaysia, Indonesia, and Vietnam to enhance local operations [4][5] - The brand is building a diverse portfolio that includes high-end to budget options, catering to various traveler segments [5] Group 3: Market Impact - The expansion of Jinjiang Hotels is expected to enrich the hotel supply in emerging cities in Southeast Asia [5] - The loyalty program coverage is anticipated to expand, providing more reasons for diverse traveler groups to explore new destinations in the region [5]

格隆汇11月4日｜中银证券研报指出，锦江酒店2025Q3实现归母净利润3.75亿元，同比增长45.45%。酒 店RevPAR方面，2025年Q3较去年同期也有小幅减少。整体来看受市场整体需求减弱影响，公司收入端 略有下滑。公司单三季度受控费等因素影响归母净利润有所增长，前三季度归母净利润则有所下滑，主 要是去年存在时尚之旅酒店管理有限公司转让带来的投资收益等因素。商旅出行需求仍有待充分修复， 致使酒店市场需求端有所承压。但在当前背景下公司营收利润皆显示出一定韧性，期待后续经营持续优 化带来的利润释放。考虑到公司当前实际经营情况逐步改善，但市场仍承压，预测25-27年EPS为 0.91/1.07/1.27元，对应市盈率为24.9/21.0/17.7倍，维持"增持"评级。 ...

Market Overview - The hotel and catering sector experienced a slight decline of 0.1% on November 4, with Jinjiang Hotels leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Notable stock performances in the hotel and catering sector included: - Jinling Hotel (601007) closed at 7.50, up 0.67% with a trading volume of 74,200 shares and a turnover of 55.52 million yuan - ST Yunwang (002306) closed at 1.94, up 0.52% with a trading volume of 329,000 shares and a turnover of 63.39 million yuan - Tongqinglou (605108) closed at 18.86, up 0.43% with a trading volume of 16,500 shares and a turnover of 31.20 million yuan - Huatian Hotel (000428) closed at 3.32, up 0.30% with a trading volume of 190,500 shares and a turnover of 63.08 million yuan - Junting Hotel (301073) closed at 21.66, up 0.23% with a trading volume of 35,200 shares and a turnover of 76.23 million yuan - Xianyin Food (000721) closed at 8.76, up 0.11% with a trading volume of 150,400 shares and a turnover of 131 million yuan - Quanjude (002186) remained unchanged at 11.60 with a trading volume of 54,500 shares and a turnover of 63.27 million yuan - Shoulv Hotel (600258) closed at 14.42, down 0.28% with a trading volume of 79,000 shares and a turnover of 114 million yuan - Jinjiang Hotels (600754) closed at 22.96, down 0.43% with a trading volume of 93,500 shares and a turnover of 215 million yuan [1] Capital Flow - The hotel and catering sector saw a net outflow of 59.25 million yuan from institutional investors, while retail investors contributed a net inflow of 49.24 million yuan [1] - Detailed capital flow for selected stocks included: - Shoulv Hotel (600258) had a net inflow of 7.56 million yuan from institutional investors, but a net outflow of 14.12 million yuan from retail investors - Tongqinglou (605108) experienced a net inflow of 1.91 million yuan from institutional investors, with a net outflow of 2.48 million yuan from retail investors - Jinling Hotel (601007) faced a net outflow of 2.29 million yuan from institutional investors, while retail investors contributed a net inflow of 4.42 million yuan - Junting Hotel (301073) had a net outflow of 3.49 million yuan from institutional investors, with a net inflow of 1.78 million yuan from retail investors - Quanjude (002186) saw a net outflow of 7.89 million yuan from institutional investors, but a net inflow of 9.85 million yuan from retail investors - ST Yunwang (002306) had a net outflow of 9.93 million yuan from institutional investors, with a net inflow of 1.68 million yuan from retail investors - Huatian Hotel (000428) experienced a net outflow of 11.18 million yuan from institutional investors, while retail investors contributed a net inflow of 9.53 million yuan - Jinjiang Hotels (600754) faced a net outflow of 12.06 million yuan from institutional investors, but a net inflow of 23.48 million yuan from retail investors - Xianyin Food (000721) had a net outflow of 21.87 million yuan from institutional investors, with a net inflow of 12.04 million yuan from retail investors [2]