SSAW Hotels(301073)2024-10-29 09:15Financial Performance - The company's revenue for Q3 2024 was ¥172,509,402.36, representing a 7.27% increase year-over-year, while year-to-date revenue reached ¥503,016,707.35, up 31.84% compared to the same period last year[3]. - Net profit attributable to shareholders for Q3 2024 was ¥4,615,587.74, a 19.03% increase year-over-year, but year-to-date net profit decreased by 23.59% to ¥18,313,183.55[3]. - Total operating revenue for the third quarter reached ¥503,016,707.35, a significant increase of 31.9% compared to ¥381,523,384.08 in the same period last year[24]. - Net profit for the quarter was ¥23,181,446.72, a decrease of 30.3% from ¥33,298,500.70 in the previous year[25]. - The net profit attributable to shareholders of the parent company was ¥18,313,183.55, down 23.5% from ¥23,966,900.67 year-on-year[26]. - Earnings per share for the quarter were ¥0.09, compared to ¥0.12 in the same quarter last year[26]. Cash Flow and Assets - The company reported a net cash flow from operating activities of ¥174,801,519.60 for the year-to-date, reflecting a 20.55% increase compared to the same period last year[3]. - The company achieved a net cash flow from operating activities of CNY 174.80 million, representing a 20.55% increase compared to the same period last year[15]. - Cash flow from operating activities totaled ¥640,166,147.19, an increase from ¥431,832,554.38 in the previous year[27]. - The company's cash and cash equivalents decreased by 43.80% to CNY 273.73 million, mainly due to investments in financial products and dividend payments[13]. - The total cash and cash equivalents at the end of the period were 516.58 million[28]. - The company reported a decrease in cash and cash equivalents by $213.32 million during the period[28]. Hotel Operations and Development - The total number of hotels operated by the company is 236, with a total of 46,398 rooms, while there are 187 hotels with 40,610 rooms under development[10]. - The company signed 13 new hotel projects during the reporting period, adding nearly 3,000 rooms, with over 420 projects and more than 87,000 rooms in total for mid-to-high-end brands[11]. - The company signed 6 new projects under the Junlan brand, including 3 resort hotels, marking a significant expansion in the vacation market[11]. - The average daily rate (ADR) and occupancy rate (OCC) in the hotel industry saw declines of 4% and 2% respectively year-over-year, indicating a shift in revenue generation from ADR to OCC[7]. - The RevPAR for the company's operating hotels decreased by 15.06% compared to the same period last year, but increased by 6.38% compared to 2019[8]. Financial Position and Liabilities - The total assets of the company at the end of the reporting period were ¥2,458,176,775.87, a 1.38% increase from the end of the previous year[3]. - The total liabilities increased to ¥1,494,525,980.37, compared to ¥1,448,939,759.81 in the previous year, reflecting a growth of 3.2%[25]. - Non-current liabilities totaled ¥1,206,095,938.89, up from ¥1,143,165,850.07, marking an increase of 5.5%[25]. - The total equity attributable to shareholders of the parent company decreased to ¥967,083,952.04 from ¥977,938,425.39, a decline of 1.8%[25]. - The company’s net assets attributable to shareholders decreased by 1.11% to CNY 96.71 million as of September 30, 2024[11]. Strategic Initiatives - The company plans to enhance product quality, optimize services, and strengthen brand power to capture higher premium space in response to market demand changes[9]. - The company is focusing on enhancing its market presence and exploring new product development opportunities[22]. Financial Challenges - The company experienced a decline in net profit excluding non-recurring gains and losses, which was ¥3,051,464.53 for Q3 2024, down 15.18% year-over-year[3]. - The company's financial expenses increased by 61.78% to CNY 35.88 million, primarily due to more leasing projects and reduced interest income[14]. - The company reported a financial expense of ¥35,876,936.09, which is an increase of 61.5% compared to ¥22,176,800.04 in the previous year[25].