锦江酒店(600754) - 2024 Q3 - 季度财报

Revenue and Profit Performance - Revenue for Q3 2024 decreased by 7.10% YoY to RMB 3,898,309,786.12[2] - Net profit attributable to shareholders dropped by 43.08% YoY to RMB 258,094,492.34 in Q3 2024[2] - Cumulative revenue for the first nine months of 2024 decreased by 2.55% YoY to RMB 10,790,338,252.67[2] - Net profit attributable to shareholders for the first nine months of 2024 increased by 12.13% YoY to RMB 1,105,665,079.29[2] - Total revenue for Q3 2024 was RMB 389.831 million, a decrease of 7.10% year-over-year[13] - Net profit attributable to shareholders for Q3 2024 was RMB 25.809 million, a decrease of 43.08% year-over-year[13] - Total revenue for the first three quarters of 2024 was RMB 10.79 billion, a slight decrease from RMB 11.07 billion in the same period of 2023[28] - Operating profit for the first three quarters of 2024 increased to RMB 1.81 billion, up from RMB 1.60 billion in 2023[28] - Net profit attributable to parent company owners was RMB 3.07 billion in Q3 2024, down from RMB 3.51 billion at the end of 2023[27] - Net profit attributable to parent company shareholders increased to RMB 1,105,665,079.29, up 12.1% YoY[29] - Total comprehensive income reached RMB 1,318,943,707.11, a 7.1% increase compared to the same period last year[29] - Basic earnings per share rose to RMB 1.0341, up 12.2% from RMB 0.9215 in the previous year[29] Non-Recurring Items and Investment Income - Non-recurring gains of RMB 466,891,988.29 were recorded, mainly from the disposal of subsidiaries and government subsidies[5] - Investment income for the first three quarters of 2024 surged to RMB 631.95 million, compared to RMB 188.19 million in 2023[28] - Disposal of subsidiaries and other business units generated RMB 1,709,795,462.48 in cash inflow[31] Asset and Liability Changes - Total assets decreased by 5.35% compared to the end of 2023, reaching RMB 47,879,278,303.03[2] - Total assets as of September 30, 2024, were RMB 4,787.928 million, a decrease of 5.35% compared to the end of the previous year[12] - Total liabilities as of September 30, 2024, were RMB 3,029.068 million, a decrease of 8.84% compared to the end of the previous year[12] - Total assets as of Q3 2024 stood at RMB 50.59 billion, up from RMB 47.88 billion at the end of 2023[26] - Long-term equity investments increased to RMB 512.33 million in Q3 2024, up from RMB 509.09 million at the end of 2023[26] - Fixed assets grew to RMB 4.96 billion in Q3 2024, compared to RMB 3.48 billion at the end of 2023[26] - Total liabilities increased to RMB 33.23 billion in Q3 2024, up from RMB 30.29 billion at the end of 2023[27] - Long-term borrowings decreased to RMB 9.89 billion in Q3 2024, down from RMB 7.09 billion at the end of 2023[27] - As of September 30, 2024, the company's monetary funds amounted to 9.83 billion yuan, a decrease from 10.29 billion yuan at the end of 2023[25] Hotel Business Performance - Hotel business revenue for Q3 2024 was RMB 383.904 million, a decrease of 7.07% year-over-year[14] - Full-service hotel revenue for Q3 2024 was RMB 5.749 million, an increase of 42.85% year-over-year[14] - Limited-service hotel revenue for Q3 2024 was RMB 378.155 million, a decrease of 7.56% year-over-year[14] - Domestic revenue from hotel business in Q3 2024 was RMB 258.779 million, a decrease of 10.88% year-over-year[14] - Overseas revenue from hotel business in Q3 2024 was RMB 125.125 million, an increase of 1.93% year-over-year[14] - In mainland China, the company's full-service hotel business achieved consolidated revenue of 57.49 million yuan in Q3 2024, a year-on-year increase of 42.85%. Limited-service hotel revenue was 2.53 billion yuan, a decrease of 11.63% year-on-year[19] - The company's limited-service hotel business outside mainland China generated consolidated revenue of 162.32 million euros in Q3 2024, a year-on-year increase of 2.30%[21] Hotel Expansion and Operations - The company opened 469 new hotels and closed 221 hotels from July to September 2024, resulting in a net increase of 248 hotels. Among these, 22 were full-service hotels and 446 were limited-service hotels, with a net increase of 226 limited-service hotels[16] - As of September 30, 2024, the company had a total of 13,186 operating hotels with 1,257,996 rooms. Limited-service hotels accounted for 99.37% of the total hotels and 98.22% of the total rooms[16] - The company's signed hotel portfolio reached 17,172 hotels with 1,613,088 rooms as of September 30, 2024, covering 338 cities in China and 56 countries or regions outside mainland China[18] - The total number of opened hotels reached 13,186, with 738 net openings in the first nine months of 2024[34] - The number of opened mid-scale hotels increased by 623 to 7,866, with notable growth in brands like Vienna International (70 new openings) and Vienna Hotel (86 new openings)[34] - The number of opened economy hotels increased by 92 to 5,237, with IU brand showing significant growth (54 new openings)[34] - The number of opened high-star hotels increased by 23 to 83, with a focus on the high-end segment (23 new openings)[34] - The total number of signed hotels reached 15,875, with 15,772 being limited-service hotels[35] - The total number of signed hotel rooms reached 1,506,705, with 1,479,991 being limited-service hotel rooms[35] - The number of self-owned and leased hotels decreased from 285 in Q3 2023 to 278 in Q3 2024[37] - The number of franchised and managed hotels decreased from 924 in Q3 2023 to 901 in Q3 2024[37] - Total operating hotel rooms decreased from 97,344 in Q3 2023 to 95,365 in Q3 2024[37] - Total signed hotel rooms increased from 105,737 in Q3 2023 to 106,383 in Q3 2024[37] Hotel Performance Metrics - The average daily rate (ADR) for full-service hotels in mainland China was 465.54 yuan in Q3 2024, a decrease of 18.17% year-on-year. The RevPAR for full-service hotels was 272.34 yuan, down 18.17% year-on-year[20] - The ADR for mid-scale hotels outside mainland China was 77.65 euros in Q3 2024, a decrease of 10.15% year-on-year. The RevPAR for mid-scale hotels was 46.75 euros, down 10.15% year-on-year[22] - The occupancy rate for full-service hotels improved to 58.50% in Q3 2024, up from 52.17% in Q2 2024[35] - The average daily rate (ADR) for limited-service hotels decreased to 237.74 RMB in Q3 2024, down from 249.86 RMB in Q2 2024[35] - The RevPAR for mid-scale hotels decreased by 8.90% year-over-year to 179.20 RMB in the first nine months of 2024[36] - The RevPAR for economy hotels decreased by 6.02% year-over-year to 108.18 RMB in the first nine months of 2024[36] - The occupancy rate for self-owned and leased hotels decreased from 69.21% in Q3 2023 to 65.85% in Q3 2024[37] - The occupancy rate for franchised and managed hotels decreased from 66.41% in Q3 2023 to 64.89% in Q3 2024[37] - The average daily rate (ADR) for self-owned and leased hotels increased from €69.71 in Q3 2023 to €79.26 in Q3 2024[37] - The average daily rate (ADR) for franchised and managed hotels increased from €68.33 in Q3 2023 to €70.88 in Q3 2024[37] - Revenue per available room (RevPAR) for self-owned and leased hotels increased from €48.25 in Q3 2023 to €52.19 in Q3 2024[37] - Revenue per available room (RevPAR) for franchised and managed hotels increased from €45.38 in Q3 2023 to €45.99 in Q3 2024[37] Cash Flow and Financial Activities - Cash flow from operating activities decreased by 20.2% YoY to RMB 3,468,880,561.14[31] - Cash flow from investing activities surged 98.0% YoY to RMB 2,806,628,259.66[32] - Cash flow from financing activities showed a net outflow of RMB 5,182,548,847.78, a 114.4% increase in outflow compared to the previous year[32] - Cash and cash equivalents at the end of the period stood at RMB 9,615,367,952.97, a 5.4% increase from the beginning of the period[32] - Revenue from sales of goods and services decreased by 7.9% YoY to RMB 11,449,627,330.06[31] - Payments for employee benefits increased by 5.5% YoY to RMB 3,950,122,640.72[31] Other Financial Metrics - The weighted average return on equity (ROE) increased by 0.8 percentage points to 6.49% for the first nine months of 2024[2] - Research and development expenses for the first three quarters of 2024 were RMB 20 million, a decrease from RMB 24.24 million in 2023[28] - The company's largest shareholder, Shanghai Jinjiang Capital Co., Ltd., holds 45.05% of the shares[7] - The company completed the acquisition of 100% equity of Jinjiang Hotel Management in December 2023, impacting year-over-year comparisons[3] - The decrease in net profit excluding non-recurring items was attributed to stabilized post-pandemic travel demand and reduced revenue scale[6] - Total membership reached 198.99 million as of September 30, 2024[12] - The company's food and catering business achieved consolidated revenue of 59.25 million yuan in Q3 2024, a year-on-year decrease of 8.95%. For the first nine months of 2024, the revenue was 180.77 million yuan, a slight increase of 0.20% year-on-year[24]