Market Overview - The hotel and catering sector increased by 0.99% on September 5, with Junting Hotel leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Stock Performance - Junting Hotel (301073) closed at 26.05, with a rise of 2.92% and a trading volume of 176,600 shares, amounting to 443 million yuan [1] - Other notable stocks include: - ST Yunwang (002306): closed at 1.91, up 1.60% with a trading volume of 191,700 shares [1] - Jinjiang Hotel (600754): closed at 23.27, up 1.35% with a trading volume of 141,600 shares [1] - Tongqinglou (605108): closed at 21.50, up 1.22% with a trading volume of 105,300 shares [1] - Shoulv Hotel (600258): closed at 15.23, up 1.06% with a trading volume of 203,800 shares [1] - Huatian Hotel (000428): closed at 3.88, up 1.04% with a trading volume of 727,100 shares [1] - Jinling Hotel (601007): closed at 8.20, down 0.49% with a trading volume of 234,500 shares [1] - Quanjude (002186): closed at 12.71, down 0.55% with a trading volume of 176,700 shares [1] - Xi'an Catering (000721): closed at 10.22, down 0.78% with a trading volume of 469,400 shares [1] Capital Flow - The hotel and catering sector experienced a net outflow of 134 million yuan from institutional investors, while retail investors saw a net inflow of 133 million yuan [1] - Specific capital flows for key stocks include: - Shoulv Hotel: net inflow of 3.29 million yuan from institutional investors, but a net outflow of 15.44 million yuan from retail investors [2] - ST Yunwang: net inflow of 3.05 million yuan from institutional investors, with a net outflow of 1.88 million yuan from retail investors [2] - Jinjiang Hotel: net outflow of 8.19 million yuan from institutional investors, with a net inflow of 9.39 million yuan from retail investors [2] - Quanjude: net outflow of 8.65 million yuan from institutional investors, but a net inflow of 9.76 million yuan from retail investors [2] - Xi'an Catering: net outflow of 51.19 million yuan from institutional investors, with a net inflow of 64.94 million yuan from retail investors [2]

Core Viewpoint - Jinling Hotel announced the election of Wu Haiyan as the employee director of the company's eighth board of directors, with her term starting from the date of the meeting until the end of the board's term [1] Group 1 - The fourth meeting of the fourth Workers' Union Committee was held on September 3, 2025 [1] - Wu Haiyan was unanimously elected by the committee members [1] - The term of the newly elected employee director will last until the eighth board's term expires [1]

Market Overview - The hotel and catering sector increased by 1.15% on September 4, with Tongqinglou leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Key stocks in the hotel and catering sector showed varied performance, with Tongqinglou closing at 21.24, up 3.11%, and Quanjude at 12.78, down 0.16% [1] - The trading volume and turnover for major stocks included: - Junting Hotel: 25.31, up 1.61%, with a turnover of 494 million [1] - Huatian Hotel: 3.84, up 1.59%, with a turnover of 316 million [1] - Xianyin Restaurant: 10.30, up 1.38%, with a turnover of 570 million [1] Capital Flow - The hotel and catering sector experienced a net outflow of 86.87 million from institutional investors and 67.67 million from retail investors, while retail investors saw a net inflow of 155 million [1] - Detailed capital flow for selected stocks showed: - Junting Hotel: Institutional net inflow of 16.16 million, retail net inflow of 1.23 million [2] - Huatian Hotel: Institutional net inflow of 11.60 million, retail net outflow of 14.36 million [2] - Quanjude: Institutional net outflow of 38.44 million, retail net inflow of 56.47 million [2]

特此公告。 金陵饭店股份有限公司 董事会 证券代码：601007 证券简称：金陵饭店 公告编号：临 2025-023 号 金陵饭店股份有限公司 关于选举第八届董事会职工董事的公告 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个别及连带责任。 根据《公司法》等法律法规、规范性文件及《公司章程》的相关规定，金陵 饭店股份有限公司（以下简称"公司"或"本公司"）于 2025 年 9 月 3 日召开 第四届工会委员会第四次会议。经与会委员审议，一致选举吴海燕女士为公司第 八届董事会职工董事（简历附后），任期自本次会议通过之日起至公司第八届董 事会任期届满之日止。 本次选举职工董事工作完成后，吴海燕女士将与第八届董事会现任成员以及 公司 2025 年第一次临时股东会选举产生的 2 名董事，共同组成新的第八届董事 会。届时，公司第八届董事会成员将由原来的 10 人调整为 11 人。公司第八届董 事会中兼任公司高级管理人员职务以及由职工代表担任的董事，总计未超过公司 董事总数的 1/2，符合有关法律法规、规范性文件及《公司章程》的规定。 吴海燕女士 ...

Core Viewpoint - Jinling Hotel (601007.SH) reported a decline in revenue and net profit for the first half of 2025, but showed growth in core operating metrics, indicating resilience and potential for recovery in a challenging market environment [2][3]. Financial Performance - Revenue for the first half of the year was 851 million yuan, a year-on-year decrease of 7.03% - Net profit was 23.251 million yuan, down 3.74% year-on-year - Non-recurring net profit increased by 13.60% year-on-year, highlighting core operational strength [2]. Business Segments - Room revenue decreased by 16.77% and dining revenue fell by 4.33%, attributed to a "volume and price drop" trend and supply-demand imbalance in the hotel industry [2]. - Hotel management business grew by 22.44% year-on-year, providing crucial support for overall business development [2]. Strategic Initiatives - The company is implementing a "Renewal Plan" and advancing digital transformation to enhance competitiveness - The "Whale Spirit" operational management platform has been fully rolled out, and the direct sales ratio for room bookings has increased [3]. - Future expansion will focus on quality and efficiency, targeting major cities in the Yangtze River Delta and enhancing the presence of Jinling chain hotels [3]. Alcohol Trade Business - The alcohol trade segment faced revenue and gross margin declines but is considered an integral part of the company's diversified structure - The subsidiary Su Tang Company is actively optimizing its product matrix and enhancing brand management [4][5]. Food Technology Sector - The food technology segment reported revenue of 41.078 million yuan, a year-on-year increase of 19.04%, with a profit total of 2.4905 million yuan, up 289.09% [5]. - The company plans to strengthen brand development, expand sales channels, and improve supply capabilities in this strategic emerging industry [5]. Company Overview - Jinling Hotel was established in December 2002 and became the first publicly listed hotel in China in April 2007 - The company has diversified into hotel investment management, commercial complex operations, alcohol trade, property management, and food technology, with 229 signed Jinling chain hotels across 18 provinces [6].

Group 1 - The 2025 National Day and Mid-Autumn Festival holiday will have a total of 8 consecutive days off, which is expected to boost travel demand [1] - The Chinese government announced a temporary visa-free policy for Russian passport holders from September 15, 2025, to September 14, 2026, leading to a significant increase in flight searches from Moscow [1] - South Korea will implement a temporary visa-free policy for Chinese group tourists starting September 29, 2025, lasting until June 2026, further enhancing travel opportunities [1] Group 2 - International flight bookings for popular cities have rebounded to over 50% of pre-pandemic levels during this summer, indicating a strong recovery in outbound tourism [2] - Japan and South Korea have emerged as popular destinations, with booking volumes increasing nearly tenfold compared to the beginning of the year, and flight prices dropping by approximately 40% [2] - Visa applications on the Fliggy platform surged over 13 times year-on-year in July, with Japan's visa applications surpassing 2019 levels [2] Group 3 - Various cities in China, including Guangdong, Hangzhou, and Chengdu, are set to issue cultural and tourism consumption vouchers in September to stimulate local tourism [3] - Guangdong will distribute 20 million yuan worth of vouchers starting September 12, while Chengdu will launch its second round of tourism accommodation vouchers from September 21 to October 28 [3] - Other regions, such as Huangshan and Yulin, are also implementing similar voucher programs to encourage spending in the tourism sector [3] Group 4 - The National Development and Reform Commission has proposed measures to cultivate new consumption scenarios in cultural tourism, aiming to create influential themed tourism routes [4] - Following this announcement, stocks related to tourism, such as Tibet Tourism and Dalian Shengya, experienced significant price increases [5] Group 5 - Related concept stocks include travel agencies like Zhongxin Tourism and China Youth Travel Service, scenic spots like Songcheng Performance and Huangshan Tourism, and hotel chains such as Jinjiang Hotels and Huazhu Group [8]

Market Overview - On September 2, the Jiangsu state-owned enterprise reform sector fell by 0.85% compared to the previous trading day, with Lianhuan Pharmaceutical leading the decline [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable gainers in the Jiangsu state-owned enterprise reform sector included: - Huami Environmental Energy (600475) with a closing price of 23.86, up 10.00% [1] - Zhongsheng High-Tech (002778) with a closing price of 20.94, up 5.23% [1] - Nanjing Port (002040) with a closing price of 10.03, up 3.62% [1] - Major decliners included: - Lianhuan Pharmaceutical (600513) with a closing price of 21.96, down 6.63% [2] - Tongxingbao (301339) with a closing price of 16.73, down 4.35% [2] - Nanjing Chemical Fiber (600889) with a closing price of 15.16, down 4.29% [2] Capital Flow - The Jiangsu state-owned enterprise reform sector experienced a net outflow of 720 million yuan from institutional investors, while retail investors saw a net inflow of 409 million yuan [2][3] - The capital flow for specific stocks showed: - Huami Environmental Energy (600475) had a net inflow of 1.421 billion yuan from institutional investors [3] - Jiangsu Jinzhu (002091) had a net inflow of 12.13 million yuan from institutional investors [3] - Nanjing Travel (600250) had a net inflow of 10.72 million yuan from institutional investors [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 851 million yuan for 1H2025, a year-on-year decrease of 7.03%, with a net profit attributable to shareholders of 23 million yuan, down 3.74% year-on-year [7] - The company is facing pressure on profitability due to market conditions, with a gross margin of 24.77% for 1H2025, down 1.28 percentage points year-on-year [7] - The company is implementing reforms to strengthen hotel brand management and has initiated a renovation plan for its owned hotels [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 42 million, 55 million, and 62 million yuan respectively, corresponding to PE ratios of 72x, 56x, and 49x [7] Financial Performance Summary - Revenue forecast for 2023A is 1,834 million yuan, with a growth rate of 29.7%, and for 2024A is 1,870 million yuan, with a growth rate of 2.0% [5][8] - The net profit for 2023A is projected at 61 million yuan, with a growth rate of 47.2%, while for 2024A it is expected to drop to 33 million yuan, reflecting a decline of 45.8% [5][8] - The company’s EPS for 2025E is estimated at 0.11 yuan, with a PE ratio of 71.9 [5][8] Market Environment and Challenges - The decline in revenue is attributed to the impact of market conditions on hotel services and leasing business, as well as competition in office buildings [7] - The liquor trading business is undergoing a deep adjustment period, facing changes in consumption scenarios and supplier channel policies [7] Strategic Initiatives - The company has started a governance reform for entrusted hotels to enhance overall operations and management [7] - The renovation plan for owned hotels includes upgrades to family and parent-child room types, which have become sales highlights [7]

Core Viewpoint - The hotel and catering sector experienced a rise of 0.91% on September 1, with Quan Juding leading the gains, while the overall market indices also showed positive performance [1][2]. Group 1: Market Performance - The Shanghai Composite Index closed at 3875.53, up by 0.46% [1] - The Shenzhen Component Index closed at 12828.95, up by 1.05% [1] Group 2: Individual Stock Performance - Quan Juding (002186) closed at 14.39, with a gain of 3.53% and a trading volume of 347,800 shares, totaling a transaction value of 492 million yuan [1] - Junting Hotel (301073) closed at 25.99, up by 3.22%, with a trading volume of 147,500 shares and a transaction value of 381 million yuan [1] - Jinling Hotel (601007) closed at 8.07, gaining 3.07%, with a trading volume of 231,300 shares and a transaction value of 185 million yuan [1] - Tongqinglou (605108) closed at 21.61, up by 2.42%, with a trading volume of 74,300 shares and a transaction value of 159 million yuan [1] - Huatian Hotel (000428) closed at 3.73, gaining 1.91%, with a trading volume of 295,800 shares and a transaction value of 110 million yuan [1] - Xi'an Catering (000721) closed at 10.55, up by 1.15%, with a trading volume of 821,200 shares and a transaction value of 880 million yuan [1] - Shoulv Hotel (600258) closed at 15.35, gaining 0.66%, with a trading volume of 322,200 shares and a transaction value of 493 million yuan [1] - *ST Yunwang (002306) closed at 1.88, up by 0.53%, with a trading volume of 186,200 shares and a transaction value of 34.93 million yuan [1] - Jinjiang Hotel (600754) closed at 23.04, down by 0.82%, with a trading volume of 159,000 shares and a transaction value of 367 million yuan [1] Group 3: Fund Flow Analysis - The hotel and catering sector saw a net outflow of 38.80 million yuan from institutional funds, while retail investors contributed a net inflow of 30.77 million yuan [2] - Speculative funds recorded a net inflow of 803.19 million yuan into the sector [2]

Core Viewpoint - The financial performance of Jinling Hotel (601007) for the first half of 2025 shows a decline in revenue and net profit compared to the previous year, indicating challenges in the hospitality sector amidst increasing competition [1][3]. Financial Performance - Total revenue for the first half of 2025 was 851 million yuan, a decrease of 7.03% year-on-year [1]. - Net profit attributable to shareholders was 23.25 million yuan, down 3.74% year-on-year [1]. - In Q2 2025, total revenue was 404 million yuan, an increase of 14.34% year-on-year, while net profit was 16.81 million yuan, up 3.3% year-on-year [1]. - The gross margin was 24.77%, a decrease of 4.21% year-on-year, and the net margin was 4.07%, down 17.64% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 144 million yuan, accounting for 16.97% of revenue, an increase of 1.19% year-on-year [1]. - The company reported a significant increase in interest-bearing debt, rising 60% to 255 million yuan [1]. Cash Flow and Receivables - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 70.71% and the average operating cash flow over the past three years to current liabilities at only 15.8% [4]. - Accounts receivable reached 674.83 million yuan, representing 202.9% of net profit, indicating potential liquidity issues [1][4]. Business Model and Strategy - The company's return on invested capital (ROIC) was 3% last year, reflecting weak capital returns, with a historical median ROIC of 3.94% over the past decade [3]. - The business model relies heavily on marketing-driven strategies, necessitating a deeper analysis of the underlying drivers [3]. - Jinling Hotel has been expanding its brand through various operational models, including self-operated, managed, leased, and franchised hotels, with a total of 215 signed hotels across 18 provinces [5][6]. Marketing Initiatives - The company has launched several marketing campaigns, such as the "Jinling Carnival" summer theme and "618 Shopping Festival" promotions, leveraging its extensive hotel network in Jiangsu province [6]. - To attract younger consumers, Jinling Hotel is utilizing new media strategies, including short videos and internet trends, to enhance brand visibility and engagement [6].