Financial Performance - The company's operating revenue for 2021 was approximately CNY 11.34 billion, an increase of 14.56% compared to CNY 9.90 billion in 2020[22]. - The net profit attributable to shareholders for 2021 was CNY 100.62 million, a decrease of 8.70% from CNY 110.21 million in 2020[22]. - The net cash flow from operating activities reached CNY 2.07 billion, a significant increase of 1,264.42% compared to CNY 151.64 million in 2020[22]. - Total assets at the end of 2021 amounted to CNY 48.26 billion, reflecting a growth of 24.92% from CNY 38.64 billion in 2020[22]. - The company's net assets attributable to shareholders increased by 30.70% to CNY 16.61 billion from CNY 12.71 billion in 2020[22]. - Basic earnings per share for 2021 were CNY 0.0966, down 16.07% from CNY 0.1151 in 2020[23]. - The weighted average return on equity for 2021 was 0.65%, a decrease of 0.20 percentage points from 0.85% in 2020[23]. - The total share capital increased to 1,070,044,063 shares, an increase of 11.70% from 957,936,440 shares in 2020[22]. - The company reported a net profit of CNY -121.88 million after deducting non-recurring gains and losses, compared to CNY -669.71 million in 2020[22]. Dividend and Capital Management - The company plans to distribute a cash dividend of RMB 0.53 per 10 shares based on a total share capital of 1,070,044,063 shares as of December 31, 2021[2]. - There is no proposal for capital reserve to increase share capital for the year 2021[2]. - The company has a cash dividend policy that mandates at least 50% of the net profit attributable to shareholders be distributed as cash dividends when conditions are met[147]. Audit and Compliance - The financial statements for 2021 were prepared in accordance with Chinese accounting standards and received an unqualified audit opinion from Deloitte[4]. - The report confirms that all directors and senior management guarantee the authenticity and completeness of the annual report[4]. - The company has not violated decision-making procedures for providing guarantees[5]. - The company has maintained compliance with regulatory requirements and has not faced any delisting risks[171]. - The independent audit of internal control effectiveness by Deloitte received a standard unqualified opinion, with the report to be disclosed on March 29, 2022[154]. Business Operations and Strategy - The company aims to enhance its market presence and expand its product offerings in the coming years[21]. - The improvement in operating performance was attributed to the gradual recovery of the company's domestic and overseas limited-service hotel operations[32]. - The company is actively pursuing brand revitalization, product upgrades, and new concept innovations to prepare for accelerated growth post-pandemic[43]. - The company plans to open 1,500 new limited-service hotels and sign contracts for 2,500 new limited-service hotels in 2022[98]. - The company is committed to a strategy of "limited-service hotels" and aims to strengthen its brand advantages while expanding its global footprint[95]. Market and Industry Insights - The limited-service hotel market in China is experiencing rapid growth, with a total of 47,922 limited-service hotels as of January 1, 2021, an increase of 1,458 hotels year-on-year[91]. - The report emphasizes the importance of the tourism industry in driving the hotel sector's growth, with a focus on high-quality development and innovation[94]. - The company acknowledges the risk of macroeconomic fluctuations impacting the hospitality and restaurant sectors, which could adversely affect financial performance[99]. Risk Management - The company has established a risk response plan and conducted risk self-assessments to prepare for 2022's risk management initiatives[151]. - The company is exposed to risks from infectious disease outbreaks and food safety concerns, which could significantly impact tourism and dining[105]. - The company faces risks from rising operating costs, particularly in fixed asset depreciation and rental expenses, which are significantly impacted by commercial real estate price fluctuations[100]. Corporate Governance - The company has established a performance evaluation mechanism linking executive compensation to company performance, ensuring transparency and compliance with regulations[112]. - The company has implemented measures to enhance information disclosure and governance, ensuring compliance with relevant laws and regulations[113]. - The company has a structured training program for employees, emphasizing skill enhancement and professional development[145]. Environmental and Social Responsibility - The company emphasizes environmental protection and sustainable development, achieving compliance with national and local pollution discharge standards[156]. - The company has implemented measures to reduce energy consumption and pollution emissions, including the use of solar energy and efficient waste management systems[157]. - The company actively participated in COVID-19 prevention efforts by converting several hotels into quarantine facilities and providing support through donations and volunteer services during the pandemic[163]. Future Outlook - The company expects to achieve revenue of 13.6 to 14.2 billion yuan in 2022, representing a growth of 20% to 25% year-on-year, with domestic revenue expected to grow by 9% to 14% and international revenue by 65% to 70%[96]. - The company plans to disclose its 2021 Corporate Social Responsibility report by the end of April 2022, highlighting its social contributions and initiatives[164].

Financial Performance - The company's operating revenue for Q3 2021 was CNY 3,086,973,614.41, representing a 6.00% increase compared to the same period last year[4] - The net profit attributable to shareholders was CNY 92,120,668.51, a significant increase of 491.49% year-on-year[4] - The cash flow from operating activities for the year-to-date period reached CNY 1,447,648,707.71, indicating a recovery in hotel operations[4] - Total revenue for the first three quarters of 2021 reached ¥8,349,514,569.45, an increase of 19.2% compared to ¥7,002,246,628.56 in the same period of 2020[36] - Net profit for the first three quarters of 2021 was ¥259,117,707.34, a decrease of 29.1% from ¥365,213,927.00 in the same period of 2020[38] - Operating profit for the first three quarters of 2021 was ¥407,560,513.83, compared to ¥312,518,664.37 in 2020, indicating an increase of 30.4%[37] Assets and Liabilities - The total assets as of September 30, 2021, amounted to CNY 49,826,443,477.92, reflecting a 28.96% increase from the end of the previous year[5] - The total assets of the company amounted to ¥49,826,443,477.92, up from ¥38,636,562,063.46 in the previous year, representing a growth of 29.5%[34] - Total liabilities increased to ¥32,019,915,490.54 from ¥24,930,541,136.31, marking a rise of 28.1%[34] - The company's total liabilities decreased by CNY 206,916,701.48 in the transition from December 31, 2020, to January 1, 2021[43] Shareholder Equity - The equity attributable to shareholders increased by 31.38% year-on-year, totaling CNY 16,697,368,958.34[5] - The company's equity attributable to shareholders reached ¥16,697,368,958.34, compared to ¥12,709,518,765.44 in the previous year, reflecting a growth of 31.0%[34] Hotel Operations - The limited-service hotel business generated operating revenue of RMB 3,025.57 million in Q3 2021, a year-on-year increase of 6.14%[16] - As of September 30, 2021, the company had opened a total of 10,195 hotels, with a total of 989,003 guest rooms[17] - The total number of signed hotels reached 15,344, with a total of 1,497,612 guest rooms as of September 30, 2021[19] - The total number of operating hotels increased from 8,943 to 10,195, reflecting a growth of approximately 14.0%[49] Occupancy and Revenue Metrics - The average occupancy rate for mid-range hotels in Q3 2021 was 67.09%, while for economy hotels it was 58.97%[21] - The RevPAR for mid-range hotels in mainland China in Q3 2021 was RMB 167.48, a decrease of 9.60% compared to the same period in 2020[21] - The average occupancy rate for mid-range hotels increased to 69.48% in the first nine months of 2021, up 5.23% from 64.25% in 2020[54] - The RevPAR (Revenue per Available Room) for mid-range hotels improved to ¥170.59, a 15.80% increase from ¥147.31 in 2020[54] Cash Flow and Financial Health - The company's cash flow from operating activities showed a significant improvement, contributing positively to the overall financial health[36] - Cash inflow from operating activities increased to CNY 8,615,326,289.28 in 2021 from CNY 7,581,895,402.88 in 2020, representing a growth of approximately 13.7%[39] - Cash and cash equivalents stood at ¥9.95 billion as of September 30, 2021, compared to ¥6.79 billion at the end of 2020[32] Government Support and Strategic Initiatives - The company received government subsidies amounting to CNY 31,750,538.24 during the reporting period, contributing to its financial performance[7] - The company is actively promoting digital transformation and fine management to enhance brand quality and operational efficiency[13] - The company plans to continue improving its hotel operations and expanding its market presence in the upcoming quarters[8]

Financial Performance - Operating revenue for the first quarter was CNY 2.30 billion, a 5.06% increase from CNY 2.19 billion in the same period last year[4] - Net profit attributable to shareholders was a loss of CNY 182.70 million, a decrease of 207.12% compared to a profit of CNY 170.56 million in the previous year[4] - Operating profit was RMB -186.59 million, a decline of 414.65% compared to the same period last year[14] - The company reported a significant increase in accounts receivable, rising to CNY 25,692,995.50 from CNY 22,471,734.82, indicating a growth of 9.87%[52] - The company reported a total comprehensive income of CNY -152,712,156.62 for Q1 2021, compared to CNY 103,913,512.24 in Q1 2020[55] - The company’s financial performance indicates a need for strategic adjustments to address the significant losses and declining profitability[55] Assets and Liabilities - Total assets increased by 35.11% to CNY 52.20 billion compared to the end of the previous year[4] - The total liabilities amounted to RMB 34,429.00 million, reflecting a growth of 38.10% year-on-year[13] - The company’s total current assets amounted to CNY 14.06 billion, up from CNY 9.42 billion, representing a growth of approximately 49.5%[47] - The company has a significant amount of lease liabilities totaling CNY 9.31 billion, which were not present in the previous reporting period[49] - The total liabilities increased to CNY 34.43 billion from CNY 24.93 billion, reflecting a rise of approximately 38.3%[49] Shareholder Equity - Net assets attributable to shareholders rose by 32.31% to CNY 16.82 billion year-over-year[4] - The company's equity attributable to shareholders rose to CNY 16.82 billion, compared to CNY 12.71 billion at the end of 2020, marking an increase of around 32.9%[49] Cash Flow - Cash flow from operating activities showed an improvement, with a loss of CNY 496.20 million compared to a loss of CNY 1.35 billion in the same period last year[4] - Net cash flow from operating activities improved to -¥496,203,675.90, a reduction in outflow of ¥853,806,641.63 compared to -¥1,350,010,317.53 in the previous year, due to improved operations of domestic limited-service hotels[38] - Net cash flow from financing activities increased significantly to ¥4,788,134,158.44, up 2,852.77% from ¥162,157,221.33, primarily due to the completion of a non-public issuance of A-shares[40] Hotel Operations - The limited service hotel business generated consolidated revenue of RMB 2,234.74 million, a 4.64% increase year-on-year, with domestic revenue growing by 27.76%[18] - As of March 31, 2021, the total number of opened hotels reached 9,563, with a total of 934,301 rooms[19] - The average RevPAR for the company's hotels in mainland China in March 2021 recovered to 95.98% of the same period in 2019, with an expected RevPAR of 96% in April 2021[21] - The average occupancy rate for mid-range hotels in Q1 2021 was 64.92%, up 22.89% from 42.03% in Q1 2020, but down 9.36% from 74.28% in Q1 2019[80] Strategic Initiatives - The company is actively optimizing its debt structure and reducing operational costs in response to the uncertain recovery of the overseas market[24] - The company has initiated brand restructuring, product upgrades, and new concept innovations to prepare for accelerated growth post-pandemic[24] - The company has committed to avoiding any business that may compete with Jin Jiang Hotels, ensuring no conflicts of interest arise post-restructuring[42] Other Financial Metrics - Basic earnings per share were -CNY 0.1836, a decrease of 203.15% from CNY 0.1780 in the previous year[4] - The company reported non-recurring losses of CNY 21.54 million, primarily due to depreciation and rent expenses from hotels affected by the pandemic[8] - Interest expenses rose to ¥185,665,724.49, an increase of 171.82% from ¥68,303,633.06, primarily due to the implementation of new leasing standards[35]

Financial Performance - The company's operating revenue for 2020 was approximately ¥9.90 billion, a decrease of 34.45% compared to ¥15.10 billion in 2019[21]. - The net profit attributable to shareholders for 2020 was ¥110.21 million, down 89.91% from ¥1.09 billion in 2019[21]. - The net cash flow from operating activities was ¥151.64 million, a decline of 94.25% compared to ¥2.64 billion in 2019[21]. - The basic earnings per share for 2020 was ¥0.1151, a decrease of 89.91% from ¥1.1405 in 2019[23]. - The total assets at the end of 2020 were approximately ¥38.64 billion, a slight decrease of 0.61% from ¥38.87 billion at the end of 2019[21]. - The weighted average return on equity decreased to 0.85% in 2020 from 8.35% in 2019, indicating a significant decline in profitability[23]. - The net profit after deducting non-recurring gains and losses was -¥669.71 million, reflecting a 175.05% decline compared to ¥892.33 million in 2019[21]. - The company achieved government subsidies amounting to RMB 448,263,379.85 in 2020, a substantial rise from RMB 90,823,667.03 in 2019[27]. - The company reported a decrease in other non-current financial assets by RMB 746,892,661.09, with a current balance of RMB 452,100,000.00[29]. - The company’s total revenue from hotel operations and management is primarily derived from room and food services, with a focus on limited-service hotels[31]. Dividend and Shareholder Information - The proposed profit distribution plan for 2020 is a cash dividend of RMB 0.58 per 10 shares, based on a total share capital of 957,936,440 shares[2]. - The company’s cash dividend for 2020 amounted to CNY 55,560,313.52, representing 50.41% of the net profit attributable to shareholders, which was CNY 110,210,911.66[112]. - In 2019, the company distributed a cash dividend of CNY 574,761,864.00, which accounted for 52.61% of the net profit attributable to shareholders of CNY 1,092,499,077.90[112]. - The company has a cash dividend policy that mandates a minimum of 50% of the net profit attributable to shareholders to be distributed as cash dividends when conditions are met[111]. - As of the end of the reporting period, the total number of ordinary shareholders was 37,191, with 14,567 being A-share shareholders and 22,624 being B-share shareholders[156]. - The largest shareholder, Shanghai Jinjiang Capital Co., Ltd., holds 482,007,225 shares, representing 50.32% of the total shares[158]. Operational Developments - The company opened 1,842 new hotels in 2020, resulting in a net increase of 892 hotels, with a total of 9,406 hotels in operation by the end of the year[47]. - The company is focused on enhancing its core competitiveness in management, brand, network, and talent to maintain its market leadership in the limited-service hotel sector[36]. - The company plans to focus on market expansion and new product development to recover from the downturn caused by the pandemic[21]. - The company plans to open 1,500 new limited-service hotels and sign contracts for 2,500 new limited-service hotels in 2021[97]. - The company aims to enhance its core competitiveness in management, branding, network, and talent, focusing on domestic and global expansion[93]. Risk Factors - The company faces risks related to macroeconomic fluctuations, which can negatively impact financial performance due to reduced consumer spending during economic downturns[98]. - Rising operating costs pose a risk, particularly from fixed costs such as depreciation and rent, which may increase with commercial real estate prices[99]. - The company is at risk of falling behind competitors in expansion speed, especially in second and third-tier cities where market demand is high[100]. - Franchise management risks exist, as the company cannot fully control franchisees, which may lead to customer dissatisfaction and revenue loss[100]. - There are ownership risks associated with leased properties, with 30 out of 86 "Jinjiang Inn" locations lacking valid ownership documentation, potentially disrupting operations[100]. - The company has committed to resolving ownership issues related to 30 "Jinjiang Inn" properties within specified timeframes, aiming to reduce issues to 20% within 12 months, 10% within 24 months, and fully resolve them within 36 months[114]. Corporate Governance and Management - The board of directors confirmed the authenticity and completeness of the annual report[4]. - The company has a diverse board with members having extensive experience in various sectors, including finance, hospitality, and investment management[170]. - The company has maintained a stable leadership structure, with no changes in shareholding among the top executives during the reporting period[168]. - The company appointed Zhu Qian as the new CEO effective from March 19, 2021, following the departure of Zhang Xiaoqiang[169]. - The company has established a performance evaluation mechanism linking executive compensation to company performance, promoting transparency and fairness[186]. Social Responsibility and Sustainability - The company donated a total of ¥868,217.5 to the Shenzhen One Foundation for warmth packages, benefiting 2,378 children[142]. - The company conducted vocational skills training for 30 individuals as part of its social responsibility initiatives[144]. - The company has implemented energy-saving and pollution reduction measures in new and renovated properties to promote sustainable development[146]. - The company requires hotels to adopt energy-efficient designs based on local climate and energy-saving standards, including minimizing window areas and utilizing renewable energy sources[146]. Audit and Compliance - The financial statements for 2020 were audited by Deloitte, receiving a standard unqualified opinion[4]. - The company has engaged Deloitte Huayong as its accounting firm, with an audit fee of RMB 1.775 million and an internal control audit fee of RMB 1.1 million[122]. - The company has not been subject to any penalties from securities regulatory agencies in the past three years[177]. - The company strictly adheres to corporate governance regulations, ensuring independent operations from its controlling shareholder[185].

Financial Performance - Operating revenue for the first nine months of 2020 was approximately CNY 7.00 billion, a decrease of 37.93% year-on-year[5] - Net profit attributable to shareholders for the first nine months of 2020 was approximately CNY 300.88 million, down 65.54% compared to the same period last year[5] - Basic earnings per share for the first nine months of 2020 were CNY 0.3141, a decrease of 65.54% compared to the previous year[5] - The company reported a total revenue of RMB 291,227,000 for Q3 2020, down 29.64% compared to the same period last year[13] - The company reported a total operating revenue for Q3 2020 of CNY 2,912,273,499.84, a decrease of 29.4% compared to CNY 4,139,230,152.95 in Q3 2019[57] - The company reported a total profit of CNY 131,249,774.27 for Q3 2020, compared to CNY 456,577,265.61 in Q3 2019, representing a decrease of 71.3%[58] - The net profit for Q3 2020 was CNY 65,508,994.09, a decline of 82.1% from CNY 366,568,676.03 in Q3 2019[58] Assets and Liabilities - Total assets as of September 30, 2020, were approximately CNY 40.52 billion, an increase of 4.22% compared to the end of 2019[5] - As of the end of the reporting period, total assets increased while net assets attributable to shareholders decreased by 2.65% to approximately CNY 12.90 billion[5] - The total liabilities amounted to RMB 2,656,470,000, reflecting an increase of 8.35% from the end of the previous year[12] - Total liabilities amounted to CNY 26.56 billion, compared to CNY 24.52 billion, reflecting a growth of approximately 8.3%[52] - The company's equity decreased to CNY 13.95 billion from CNY 14.36 billion, a decline of about 2.9%[52] - Non-current liabilities totaled CNY 17.66 billion, an increase from CNY 16.90 billion, reflecting a rise of about 4.5%[52] Cash Flow - Cash flow from operating activities for the first nine months of 2020 was negative CNY 586.88 million, a decline of 136.69% year-on-year[5] - The net cash flow from operating activities was negative RMB 586,879,680.91, a decline of 136.69% compared to RMB 1,599,751,311.70 in the previous year[40] - The net cash flow from investing activities was RMB 557,698,434.87, a significant increase from negative RMB 460,273,515.14 in the same period last year[40] - The net cash flow from financing activities was RMB 1,516,368,527.79, an increase of RMB 4,135,358,822.14 compared to negative RMB 2,618,990,294.35 in the previous year[40] Hotel Operations - The company opened 1,266 new hotels and closed 663, resulting in a net increase of 603 hotels by September 30, 2020[17] - The total number of hotels in operation reached 9,117, with a total of 896,121 rooms[17] - The average occupancy rate for owned and leased hotels was 73.43% in Q3 2020, compared to 77.92% in Q3 2019[83] - The average room price for owned and leased hotels was CNY 174.95 in Q3 2020, down from CNY 207.64 in Q3 2019[83] - The revenue per available room (RevPAR) for owned and leased hotels was CNY 128.47 in Q3 2020, compared to CNY 161.79 in Q3 2019[83] - The total number of signed hotels reached 14,166, with a total of 1,408,080 rooms[19] Government Support and Subsidies - Government subsidies recognized during the reporting period amounted to CNY 30.12 million, contributing to the financial results[8] - Other income surged by 632.92% to RMB 404,253,107.19 from RMB 55,156,159.56, mainly due to government subsidies related to the COVID-19 pandemic[36] Cost Management - Operating costs increased by 369.62% to RMB 5,439,250,112.85 from RMB 1,158,216,638.99 year-on-year, primarily due to the implementation of new revenue standards[36] - The company is implementing cost control measures and innovative marketing strategies to mitigate the pandemic's impact and seize recovery opportunities[47] Investment and Financing - The company reported a significant increase in short-term loans, rising by 5,848.07% to CNY 1,108.76 million due to new borrowings[31] - The company raised 3,450,000,000.00 RMB through borrowings in Q3 2020, compared to 400,000,000.00 RMB in Q3 2019[68] - The company established a new wholly-owned subsidiary, Shanghai Jinjiang Doucheng Hotel Management Co., Ltd., to enhance its operational capabilities[28] Revenue Standards and Accounting - The company adopted new revenue accounting standards effective January 1, 2020, impacting financial reporting[74] - The company executed the new revenue accounting standards starting January 1, 2020, impacting financial reporting[78]

Financial Performance - The company reported a significant decline in revenue for the first half of 2020, with total revenue dropping by approximately 50% compared to the same period in 2019[12]. - The company's operating revenue for the first half of 2020 was approximately CNY 4.09 billion, a decrease of 42.74% compared to CNY 7.14 billion in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2020 was approximately CNY 285.30 million, down 49.75% from CNY 567.73 million year-on-year[19]. - The net cash flow from operating activities was negative CNY 1.36 billion, a decline of 309.35% compared to a positive CNY 649.19 million in the previous year[19]. - The total assets at the end of the reporting period were approximately CNY 37.79 billion, a decrease of 2.79% from CNY 38.87 billion at the end of the previous year[19]. - The weighted average return on net assets for the first half of 2020 was 2.15%, down 2.24 percentage points from 4.39% in the same period last year[20]. - The basic earnings per share for the first half of 2020 were CNY 0.2978, a decrease of 49.75% compared to CNY 0.5927 in the same period last year[20]. - The company reported a total of CNY 663.79 million in non-recurring gains and losses, primarily from government subsidies and subsidiary disposal gains[23]. - The company achieved a consolidated revenue of 11.735 million euros from overseas limited-service hotels in the first half of 2020, a decrease of 54.37% year-on-year[46]. - The net profit attributable to the parent company from overseas operations was -3.718 million euros, a decline of 4.468 million euros compared to the same period last year[46]. Operational Metrics - The average occupancy rate for the hotels was reported at 30%, a decrease from 70% in the previous year, reflecting the impact of the COVID-19 pandemic on the hospitality industry[10]. - The average room rate decreased to RMB 300 per night, down from RMB 500 per night in the same period last year, indicating a challenging pricing environment[10]. - The company opened 651 new hotels and closed 346, resulting in a net increase of 305 hotels, with a total of 8,819 hotels in operation by June 30, 2020[37]. - The revenue from limited-service hotels was CNY 3,985.44 million, a decrease of 43.28% year-on-year, with domestic revenue accounting for 77.16% of total hotel business revenue[37]. - The average RevPAR for the company across all hotel categories in mainland China was 87.10 RMB in the first half of 2020, down from 152.13 RMB in the same period of 2019, a decrease of 42.75%[44]. - The average occupancy rate for mid-range hotels decreased to 52.01% in the first half of 2020, down from 76.59% in the first half of 2019[44]. - The average occupancy rate for economy hotels fell to 40.32% in the first half of 2020, compared to 70.63% in the first half of 2019[44]. Cost Management - The company has implemented cost-cutting measures, resulting in a reduction of operating expenses by 40% during the first half of 2020[12]. - Operating costs increased by 369.29%, reaching 3,503,292,537.63 CNY, primarily due to the implementation of new revenue standards[52]. - The company continues to focus on expanding its limited-service hotel operations and enhancing its food and beverage management capabilities[26][28]. Strategic Initiatives - The company is focusing on expanding its digital services and enhancing online booking capabilities to adapt to changing consumer behaviors[12]. - The company continues to explore new product offerings and services to attract customers post-pandemic[12]. - The board of directors has emphasized the importance of risk management strategies to navigate the ongoing market challenges[5]. - The company has committed to reducing the proportion of leased properties with ownership issues to below 20% within 12 months post-restructuring, and to 0% within 36 months[75]. - The company plans to leverage opportunities for high-quality development as the industry recovers from the pandemic[71]. Risks and Challenges - Future outlook remains cautious, with the company expecting a gradual recovery in the second half of 2020, contingent on the control of the pandemic[12]. - The company faces risks related to macroeconomic fluctuations, which can negatively impact financial performance due to reduced consumer spending on domestic travel and dining as economic growth slows[72]. - Rising operational costs pose a risk, particularly due to significant fixed costs associated with direct hotel operations and rental properties, which may increase with commercial real estate price changes[73]. - Franchise management risks exist as the company cannot fully control the operations of its franchised brands, which may lead to customer dissatisfaction and revenue loss if standards are not met[74]. - There are concerns regarding the ownership rights of leased properties, with 30 out of 86 "Jinjiang Inn" locations lacking valid ownership proof, which could disrupt operations and negatively affect business results[74]. Financial Position - The total liabilities decreased to CNY 23,820,847,687.74 from CNY 24,518,216,677.89, reflecting a reduction of 2.84%[123]. - The total equity attributable to shareholders was CNY 12,889,576,795.16, down from CNY 13,255,122,012.84, representing a decline of 2.76%[123]. - Cash and cash equivalents decreased to CNY 4,323,302,365.96 from CNY 5,919,686,146.37, a significant drop of 27.00%[121]. - The company maintains a reasonable debt structure and good repayment capability, but cash flow shortfalls could adversely affect its debt servicing ability[79]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 43,547, including 19,792 A-share shareholders and 23,755 B-share shareholders[106]. - The largest shareholder, Shanghai Jinjiang Capital Co., Ltd., held 482,007,225 shares, representing 50.32% of total shares[108]. - The top ten shareholders collectively held a significant portion of the company's shares, with the largest shareholder alone holding over 50%[109]. Compliance and Governance - The financial statements were reviewed without any significant issues noted, indicating compliance with accounting standards[117]. - The report does not indicate any new strategic investments or mergers during the reporting period[110]. - The company has not reported any significant litigation or arbitration matters during the reporting period[86].

Financial Performance - The company reported a significant decline in revenue for the first half of 2020, with total revenue dropping by approximately 50% compared to the same period in 2019[12]. - The company's operating revenue for the first half of 2020 was approximately CNY 4.09 billion, a decrease of 42.74% compared to CNY 7.14 billion in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2020 was CNY 285.30 million, down 49.75% from CNY 567.73 million year-on-year[19]. - The net cash flow from operating activities was negative CNY 1.36 billion, a decline of 309.35% compared to a positive CNY 649.19 million in the previous year[19]. - The total assets at the end of the reporting period were CNY 37.79 billion, a decrease of 2.79% from CNY 38.87 billion at the end of the previous year[19]. - The net assets attributable to shareholders decreased by 2.76% to CNY 12.89 billion from CNY 13.26 billion at the end of the previous year[19]. - The basic earnings per share for the first half of 2020 was CNY 0.2978, a decrease of 49.75% from CNY 0.5927 in the same period last year[20]. - The company reported a significant increase in non-operating income, with a total of CNY 663.79 million from non-recurring gains, primarily due to subsidiary equity transfer gains[23]. - The company achieved a consolidated revenue of 11.735 million euros from overseas limited-service hotels in the first half of 2020, representing a 54.37% decrease year-on-year[46]. - The net profit attributable to the parent company from overseas operations was -3.718 million euros, a decrease of 4.468 million euros compared to the same period last year[46]. Operational Challenges - The average occupancy rate for the hotels was reported at 30%, a decrease from 70% in the previous year, reflecting the impact of the COVID-19 pandemic on the hospitality industry[10]. - The average room rate decreased to RMB 300 per night, down from RMB 500 per night in the same period last year, indicating a 40% reduction[10]. - The company’s EBITDA for the first half of 2020 was negative, reflecting the operational challenges faced during the pandemic[10]. - The company has been impacted by the pandemic, leading to hotel closures and related financial adjustments[23]. - The company implemented various measures to mitigate the impact of COVID-19, including offering free cancellations and support for franchisees[41]. - The company is focusing on crisis management and recovery strategies in response to the COVID-19 pandemic, with gradual reopening of overseas hotels starting in May 2020[46]. Strategic Initiatives - The company plans to expand its market presence by opening new hotels in key cities, aiming for a 10% increase in total room inventory by the end of 2021[12]. - The company is investing in technology to enhance customer experience, including the development of a mobile app for booking and customer service[12]. - The company continues to explore market expansion opportunities and new product development in the hospitality sector[26]. - The company has expanded its business and asset distribution to over 60 countries following the acquisition of the Louvre Group, significantly increasing its operational scale and total business volume[78]. - The company plans to continue expanding its market presence through strategic partnerships and acquisitions in the hospitality sector[92]. Cost Management - The company has initiated cost-cutting measures, including a reduction in staff and operational expenses, to mitigate the financial impact of the pandemic[12]. - Operating costs increased to 3,503,292,537.63, up 369.29% year-over-year, primarily due to the implementation of new revenue standards[52]. - The company has committed to reducing the proportion of leased properties with ownership issues to below 20% within 12 months post-restructuring, and to 0% within 36 months[75]. Risks and Compliance - The company faces risks related to macroeconomic fluctuations, which can negatively impact financial performance due to reduced consumer spending on domestic travel and dining during economic downturns[72]. - Rising operational costs pose a risk, particularly due to significant fixed costs associated with direct hotel operations and rental properties, which may increase with commercial real estate price changes[73]. - Franchise management risks exist as the company cannot fully control the operations of its franchised brands, which may lead to customer dissatisfaction and revenue loss if standards are not met[74]. - There are concerns regarding the ownership rights of leased properties, with 30 out of 86 "Jinjiang Inn" locations lacking valid ownership proof, which could disrupt operations and negatively affect business results[74]. - The company has not engaged in any external guarantees that violate regulatory procedures, maintaining compliance with financial regulations[5]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 43,547, including 19,792 A-share shareholders and 23,755 B-share shareholders[106]. - The largest shareholder, Shanghai Jinjiang Capital Co., Ltd., holds 482,007,225 shares, representing 50.32% of total shares[108]. - The report indicates no changes in the controlling shareholder or actual controller during the reporting period[110]. - The company has not proposed any profit distribution or capital reserve transfer plans for the half-year period[83]. Environmental and Social Responsibility - The company is committed to reducing energy consumption and pollution emissions through various environmental measures in new and renovated properties[100]. - The company has established guidelines for energy-saving designs in new hotel projects, including the use of solar energy and heat pumps[100]. Accounting and Financial Reporting - The company has implemented new revenue recognition standards effective January 1, 2020, which unify the revenue recognition model and provide clearer guidance on various transactions[102]. - The financial statements were reviewed without any significant issues noted, ensuring compliance with accounting standards[117]. - The company follows the accrual basis of accounting, with historical cost as the measurement basis for financial reporting, except for certain financial instruments measured at fair value[159].

Financial Performance - Operating revenue for Q1 2020 was CNY 2.189 billion, down 34.41% from CNY 3.337 billion in Q1 2019[4] - Net profit attributable to shareholders for Q1 2020 was CNY 170.556 million, a decline of 42.26% compared to CNY 295.378 million in the same period last year[4] - The company reported a net loss of CNY 93.630 million after deducting non-recurring gains and losses, compared to a profit of CNY 70.839 million in Q1 2019[4] - The total revenue for the first quarter of 2020 was CNY 2,189,016,422.49, a decrease of 34.41% compared to CNY 3,337,177,320.89 in the same period last year[27] - The company's operating profit for Q1 2020 was CNY 59,301,793.63, down 86.3% from CNY 433,268,631.66 in Q1 2019[62] - The total profit for Q1 2020 was CNY 63,448,979.65, a decrease of 85.7% compared to CNY 442,414,631.45 in Q1 2019[63] - Basic earnings per share for Q1 2020 were CNY 0.1780, down from CNY 0.3083 in Q1 2019, representing a decrease of 42.3%[63] Cash Flow - Cash flow from operating activities for Q1 2020 was negative CNY 1.350 billion, compared to a positive CNY 52.239 million in Q1 2019[4] - The net cash flow from operating activities for Q1 2020 was -1,350,010,317.53 RMB, a decrease of 1,402,249,644.99 RMB compared to the same period last year[41] - The net cash flow from investing activities was -32,729,392.99 RMB, a decrease of 206,670,106.04 RMB compared to the previous year[41] - The net cash flow from financing activities was 162,157,221.33 RMB, an increase of 917,493,557.07 RMB compared to the same period last year[41] - Total cash inflow from operating activities decreased to 1,984,454,318.84 RMB in Q1 2020, down from 3,504,144,923.68 RMB in Q1 2019, representing a decline of approximately 43.4%[70] - Cash outflow from operating activities was 3,334,464,636.37 RMB in Q1 2020, slightly lower than 3,451,905,596.22 RMB in Q1 2019, indicating a decrease of about 3.4%[70] Assets and Liabilities - Total assets as of March 31, 2020, were CNY 37.998 billion, a decrease of 2.25% compared to the end of 2019[4] - The company's cash and cash equivalents decreased to CNY 4,679,175,562.46 from CNY 5,919,686,146.37, representing a decline of about 20.97%[55] - Total liabilities decreased from CNY 24.52 billion to CNY 23.62 billion, a reduction of approximately 3.67%[57] - The total current liabilities decreased to CNY 6,966,945,867.74 from CNY 7,613,698,804.10, a reduction of about 8.49%[56] - Long-term borrowings slightly decreased to CNY 14,002,962,732.02 from CNY 14,116,412,782.68, indicating a decrease of approximately 0.80%[56] Shareholder Information - The total number of shareholders as of the report date was 45,320, with 21,619 A-share shareholders and 23,701 B-share shareholders[10] - The largest shareholder, Shanghai Jinjiang Capital Co., Ltd., held 50.32% of the shares[10] Revenue Segments - The limited-service hotel business generated combined revenue of CNY 2,135.74 million in Q1 2020, a decrease of 34.89% year-on-year[16] - The food and beverage business achieved combined revenue of CNY 53.25 million in Q1 2020, a decline of 6.65% year-on-year[24] Hotel Operations - The number of newly opened hotels in Q1 2020 was 253, with a net increase of 133 hotels, bringing the total to 8,647 hotels as of March 31, 2020[16] - The average occupancy rate for all operating hotels was 34.04%, a decrease from 73.39% in the previous quarter[88] - The average room price for all operating hotels was CNY 199.59, down from CNY 211.30 in the previous quarter[88] - The average occupancy rate for mid-range hotels decreased by 36.59% to 41.24% in Q1 2020 compared to Q1 2019[89] - RevPAR for mid-range hotels dropped by 50.05% to 105.81 CNY in Q1 2020 from 211.85 CNY in Q1 2019[89] Non-Recurring Gains and Losses - The company recognized non-recurring gains of CNY 264.186 million, primarily from the disposal of subsidiaries and government subsidies[8] - The company reported a significant loss in fair value changes amounting to CNY -215,467,257.34 in Q1 2020, contrasting with a gain of CNY 298,802,025.73 in Q1 2019[62] Investment and Expenses - Investment income surged to CNY 591,426,156.98, a 399.19% increase compared to CNY 118,476,935.94 in the previous year, mainly from the transfer of subsidiary equity[38] - Research and development expenses increased by 32.44% to CNY 23,621,263.29, driven by higher software development costs[38]

Financial Performance - The total operating revenue for 2019 was CNY 15,099,024,459.57, representing a 2.73% increase compared to CNY 14,697,420,033.67 in 2018[21]. - The net profit attributable to shareholders of the listed company was CNY 1,092,499,077.90, a slight increase of 0.93% from CNY 1,082,460,074.86 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was CNY 892,325,019.73, which is a 20.69% increase from CNY 739,346,531.29 in 2018[21]. - The cash flow from operating activities was CNY 2,637,918,098.67, showing a decrease of 24.96% compared to CNY 3,515,211,065.53 in 2018[21]. - The total assets at the end of 2019 were CNY 38,874,271,205.78, a decrease of 3.14% from CNY 40,132,501,034.56 at the end of 2018[21]. - The basic earnings per share for 2019 was CNY 1.1405, reflecting a 0.93% increase from CNY 1.1300 in 2018[22]. - The weighted average return on net assets was 8.35%, a decrease of 0.25 percentage points from 8.60% in 2018[22]. - The company reported a total investment income of CNY 280,054,805.10 from the disposal of Beijing Bank shares[27]. - The company reported a loss of CNY 61,318,013.15 due to income tax impacts[27]. - The company’s financial assets increased by CNY 532,744,823.24 during the reporting period[29]. Dividend and Profit Distribution - The proposed profit distribution plan for 2019 is a cash dividend of RMB 6.00 per 10 shares, based on a total share capital of 957,936,440 shares[2]. - The company has a cash dividend policy that mandates a minimum distribution of 50% of the net profit attributable to shareholders when conditions are met[114]. - The company proposed a cash dividend of 6.00 RMB per 10 shares for the 2018 fiscal year, totaling approximately 574.76 million RMB, which represents 52.61% of the net profit attributable to shareholders[114]. - The company has established a comprehensive decision-making process for dividend distribution, ensuring the protection of minority shareholders' rights[114]. - The company has not proposed a cash profit distribution plan for the reporting period despite having positive distributable profits, which requires detailed disclosure of reasons and future plans[116]. Operational Metrics - The average room rate and occupancy rate metrics are defined, with RevPAR calculated as average room rate multiplied by average occupancy rate[11]. - The average room rate for mid-range hotels in 2019 was 260.07 CNY, with an average occupancy rate of 77.94%, resulting in a RevPAR of 202.70 CNY, a decrease of 6.03% year-on-year[58]. - The company opened 1,617 new hotels in 2019, resulting in a net increase of 1,071 hotels, bringing the total number of opened hotels to 8,514 by December 31, 2019[51]. - The total number of members reached 19.972 million by December 31, 2019[37]. - The company operates both direct and franchise models in its hotel and restaurant businesses[32][34]. Market and Industry Insights - The report includes detailed descriptions of industry risks and market risks[5]. - The company is positioned for significant expansion in the limited service hotel market, capitalizing on the growing demand in China[92]. - The company’s main business, limited-service hotel operations, is in a rapid growth phase, requiring substantial funding to support expansion[110]. - The company’s expansion strategy includes increasing the number of mid-range hotels in second and third-tier cities to enhance market coverage and maintain competitive advantage[104]. Corporate Governance and Management - The company’s board of directors and management guarantee the accuracy and completeness of the annual report[4]. - The company has a diverse board with members having extensive experience in various sectors, enhancing its strategic decision-making capabilities[172]. - The company has established a performance evaluation mechanism linking executive compensation to company performance[192]. - The company is focused on maintaining strong governance practices, as evidenced by the consistent remuneration structure for its board members[170]. Social Responsibility and Sustainability - The company is committed to strengthening global talent strategies and optimizing resource allocation to improve service quality and product updates[102]. - The company actively implements energy-saving measures and pollution reduction strategies to promote sustainable development[147]. - The company has set annual energy consumption plans and energy-saving targets to ensure compliance with sustainability goals[149]. - The company donated RMB 200,000 to the education bureau of Pingbian Miao Autonomous County for poverty alleviation efforts in May 2019[139]. - The company plans to continue its commitment to social responsibility through various charitable activities and partnerships[142]. Risks and Challenges - The company faces risks related to macroeconomic fluctuations and rising operational costs, which could adversely affect financial performance[103]. - The company may increase debt financing to meet acquisition and operational funding needs, potentially raising the debt-to-asset ratio[110]. - The company is exposed to risks from infectious disease outbreaks and food safety concerns, which could significantly reduce tourism and dining out, impacting business development[109]. - The company faces risks related to the management of franchise stores, which could affect brand reputation and operational performance if franchisees do not meet management standards[105]. Financial Reporting and Compliance - The financial statements for 2019 were prepared in accordance with Chinese accounting standards and received an unqualified audit opinion from Deloitte[4]. - The company has adopted new financial instrument standards effective January 1, 2019, which include changes in the classification and measurement of financial assets[119]. - The company has not executed the new revenue and leasing standards, but has made adjustments to financial statement formats as per the revised guidelines issued by the Ministry of Finance[123]. - There are no significant litigation or arbitration matters reported for the year[126]. - The company has not faced any risks of suspension or termination of its listing during the reporting period[126].

Financial Performance - Operating revenue for the first nine months of 2019 was CNY 11.28 billion, reflecting a growth of 2.97% compared to the same period last year[6] - Net profit attributable to shareholders was CNY 873.23 million, a slight increase of 0.15% year-over-year[6] - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 799.65 million, up 18.08% from the previous year[6] - The company reported a net profit warning for the year, indicating potential losses or significant changes compared to the previous year[48] - The net profit for the first three quarters of 2019 was not explicitly stated, but the total revenue for the first nine months was ¥11,282,092,198.03, up from ¥10,956,648,296.35 in the same period of 2018, indicating a growth of 3.0%[58] - The company reported a significant increase in other receivables, which rose to ¥206,712,282.05 from ¥143,538,001.11, an increase of about 44.0%[55] - The company recorded a fair value loss of CNY 214,033,710.34 in Q3 2019, compared to a gain of CNY 124,432.80 in Q3 2018[59] - The company’s operating profit for Q3 2019 was CNY 451,321,227.82, down 22.5% from CNY 582,493,308.58 in Q3 2018[59] Assets and Liabilities - Total assets as of September 30, 2019, were CNY 38.81 billion, a decrease of 3.30% compared to the end of the previous year[6] - The total liabilities amounted to CNY 24,659.77 million, down 6.36% from the end of last year[12] - The company's current assets decreased to CNY 8.69 billion from CNY 9.84 billion year-over-year, reflecting a decline of approximately 11.6%[51] - The total liabilities decreased to CNY 24.66 billion from CNY 26.33 billion, a reduction of approximately 6.3%[53] - Long-term borrowings decreased to CNY 13.91 billion from CNY 15.51 billion, representing a decline of about 10.3%[53] - The total owner's equity decreased to ¥11,528,131,917.50 from ¥11,781,570,877.19, a decline of approximately 2.1%[57] Revenue and Growth - The company achieved a consolidated operating revenue of CNY 1,128.21 million for the first nine months of 2019, an increase of 2.97% compared to the same period last year[13] - The limited service hotel business generated consolidated operating revenue of CNY 1,109.37 million from January to September 2019, up 2.92% year-on-year[15] - The revenue from front-end service fees in the mainland China limited service hotel business for Q3 2019 was CNY 236.44 million, an increase of 52.26% year-on-year[18] - The total revenue for limited-service hotel operations and management was approximately RMB 11.09 billion, with a gross margin of 90.39%[24] - Revenue from mainland China was RMB 8.21 billion, representing a year-over-year increase of 4.31%[25] - The company’s overseas revenue was RMB 3.07 billion, showing a slight decline of 0.44% compared to the previous year[25] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 1.60 billion, down 36.59% compared to the same period last year[6] - The net cash flow from operating activities for the first nine months was CNY 159.98 million, a decrease of 36.59% compared to the previous year[13] - Operating cash flow for the first nine months of 2019 was CNY 1,599,751,311.70, a decrease of 36.5% from CNY 2,522,970,446.36 in the previous year[66] - The company reported a net cash outflow from investment activities of CNY 460,273,515.14 in Q3 2019, compared to a net outflow of CNY 247,003,499.35 in Q3 2018[67] - The net cash flow from financing activities for Q3 2019 was negative CNY 2,618,990,294.35, compared to negative CNY 5,294,013,005.50 in Q3 2018[67] Hotel Operations - The number of newly opened hotels in the first nine months was 1,107, with a net increase of 718 hotels[16] - As of September 30, 2019, the total number of signed hotels reached 12,390, with a total of 1,270,340 rooms[17] - The company operated 8,161 hotels as of September 30, 2019, with a net increase of 718 hotels year-to-date[80] - The average occupancy rate for all operating hotels was 78.49% in Q3 2019, compared to 82.65% in Q3 2018[83] - The average room rate for all operating hotels was CNY 215.41 in Q3 2019, up from CNY 207.66 in Q3 2018[83] - The total number of hotels in operation as of September 30, 2019, was 1,269, a slight decrease from 1,278 in the same period of 2018[87] Expenses and Costs - Total operating costs for Q3 2019 were ¥3,554,885,576.22, compared to ¥3,470,361,405.79 in Q3 2018, reflecting an increase of 2.4%[58] - Research and development expenses rose by 299.25% to CNY 36,225,696.07 from CNY 9,073,349.93, mainly due to increased software development costs[33] - The company’s management expenses for the first nine months of 2019 were CNY 65,309,206.11, down from CNY 70,507,499.41 in the previous year[63] Market Conditions - In Q3 2019, the RevPAR for mid-range hotels in China was RMB 213.53, a decrease of 5.66% compared to RMB 226.34 in Q3 2018[19] - The RevPAR for economy hotels in China was RMB 126.00, down 8.12% from RMB 137.13 in the same period last year[19] - The average occupancy rate for mid-range hotels decreased by 1.55% to 81.83% in the first nine months of 2019 compared to the same period in 2018[85] - The RevPAR for mid-range hotels slightly declined by 0.35% to 220.23 CNY per room in the first nine months of 2019[85] - The average occupancy rate for economy hotels dropped by 5.25% to 73.38% in the first nine months of 2019 compared to the same period in 2018[85] - The RevPAR for economy hotels decreased by 7.47% to 117.92 CNY per room in the first nine months of 2019[85]