JINLING HOTEL(601007)2024-03-29 16:00Financial Performance - Revenue for 2023 reached RMB 1,812,469,336.50, a 28.10% increase compared to 2022[25] - Net profit attributable to shareholders of the company in 2023 was RMB 59,535,122.53, up 42.86% year-on-year[25] - Net cash flow from operating activities in 2023 was RMB 297,432,580.37, a significant improvement from the negative RMB 4,276,672.86 in 2022[25] - Total assets at the end of 2023 were RMB 3,567,072,974.40, a decrease of 14.56% compared to the end of 2022[25] - The company's net profit margin improved significantly, with net profit attributable to shareholders increasing by 42.86% year-on-year[25] - The company's operating cash flow turned positive in 2023, reaching RMB 297,432,580.37, compared to a negative RMB 4,276,672.86 in 2022[25] - The company's total assets decreased by 14.56% in 2023, reflecting strategic adjustments in asset management[25] - The company's revenue growth of 28.10% in 2023 indicates strong market performance and recovery[25] - The company's net profit attributable to shareholders increased by 42.86% in 2023, reflecting improved operational efficiency[25] - Revenue for 2023 reached RMB 1.812 billion, a year-on-year increase of 28.10%[34] - Net profit attributable to shareholders of the listed company in 2023 was RMB 59.5351 million, up 42.86% year-on-year[34] - Basic earnings per share (EPS) for 2023 was RMB 0.153, a 42.99% increase compared to the previous year[26] - Diluted EPS for 2023 was RMB 0.153, also a 42.99% increase year-on-year[26] - Weighted average return on equity (ROE) for 2023 was 3.77%, an increase of 1.10 percentage points from the previous year[26] - The company's total operating income reached 1,812,469,336.50 yuan, a year-on-year increase of 28.10%[51] - Operating costs increased to 1,309,488,651.45 yuan, a year-on-year increase of 32.66%[51] - Sales expenses decreased to 96,139,156.86 yuan, a year-on-year decrease of 21.79%[51] - Management expenses increased to 222,487,452.95 yuan, a year-on-year increase of 29.50%[51] - R&D expenses increased to 4,297,439.48 yuan, a year-on-year increase of 33.93%[51] - Net cash flow from operating activities was 297,432,580.37 yuan, compared to -4,276,672.86 yuan in the same period last year[51] - Hotel service revenue increased by 41.56% to RMB 564.05 million, driven by the recovery of the business travel market and enhanced operational innovation[55] - Commodity trade revenue rose by 28.98% to RMB 1.02 billion, attributed to revenue growth in both Sutong Company and Food Technology Company[56] - Property leasing revenue decreased by 3.34% to RMB 135.91 million due to lower occupancy rates in office buildings and shops[56] - Property management revenue increased by 15.86% to RMB 78.76 million, supported by new projects from Jinling Huide Apartments and Bibo Property Management[56] - Hotel service gross margin improved by 10.65 percentage points to 43.82%, reflecting better cost management and operational efficiency[54] - Commodity trade gross margin decreased by 6.64 percentage points to 10.61%, as costs grew faster than revenue[54] - Property leasing gross margin slightly declined by 0.29 percentage points to 86.55%, maintaining a high profitability level[54] - Property management gross margin dropped by 5.71 percentage points to 27.09%, impacted by rising costs[54] - Nanjing region contributed RMB 1.73 billion in revenue, accounting for 27.58% of total revenue, with a slight gross margin decline of 1.98 percentage points[55] - Zhenjiang region saw a significant revenue increase of 353.48%, with gross margin improving by 28.59 percentage points to 44.56%[55] - Property management revenue increased by 25.70% to 57,420,517.56 yuan, driven by higher project income and increased labor and material costs[58] - Hotel management costs rose by 31.71% to 35,267,882.37 yuan due to increased management income[58] - Commodity trade costs surged by 39.33% to 913,414,506.62 yuan, reflecting higher trade revenue[58] - R&D expenses totaled 4,297,439.48 yuan, accounting for 0.24% of total revenue, with no capitalised R&D costs[61] - The company has 14 R&D personnel, making up 0.87% of total staff, with 2 holding master's degrees and 6 holding bachelor's degrees[62] - Cash received from sales of goods and services increased by 31.20% to 2,055,932,909.92 yuan, driven by growth in hotel and trade sectors[63] - Cash from disposal of fixed assets rose by 174.49% to 279,080.00 yuan due to vehicle disposals[63] - Cash received from borrowings decreased by 33.86% to 484,013,180.00 yuan, reflecting reduced participation in short-term financing programs[64] - Payments related to financing activities increased by 62.39% to 37,628,789.48 yuan, mainly due to higher land and property rental payments[64] - Currency funds decreased by 39.48% to 24.895 billion yuan, mainly due to the redemption of matured bills by Su Tang Company[66] - Prepayments decreased by 80.12% to 6.980 billion yuan, primarily due to changes in the timing of Spring Festival stockpiling by Su Tang Company[66] - Other current assets decreased by 52.47% to 615.66 million yuan, mainly due to a reduction in deductible input taxes for Su Tang Company[66] - Construction in progress decreased by 96.63% to 94.78 million yuan, as office building renovations were completed and transferred to long-term deferred expenses[66] - Notes payable decreased by 92.53% to 4.843 billion yuan, mainly due to a reduction in bills used for payment of goods by Su Tang Company[66] - Accounts payable decreased by 35.36% to 5.096 billion yuan, primarily due to changes in the timing of Spring Festival stockpiling by Su Tang Company[66] - Long-term payables decreased by 35.10% to 1.950 billion yuan, mainly due to the settlement of expired membership points by Jinling Hotel Management Company[66] - Restricted monetary funds amounted to 100.325 million yuan, primarily due to bank acceptance bill deposits by Su Tang Company[68] - Trust products had a fair value change of 24.051 million yuan, with a total investment of 887 million yuan and an ending balance of 549.999 million yuan[71] - The company's major subsidiary, Nanjing New Jinling Hotel Co., Ltd., reported a net profit of 536.909 million yuan for 2023[72] - Total assets of the partnership at the end of the reporting period were 46.2012 million yuan, with net assets of 45.1788 million yuan, and the company's share of investment losses under the equity method was -354,000 yuan[74] - The company received a cash dividend of 660,000 yuan (including tax) from ZJ Property Insurance Co., Ltd. for the 2022 profit distribution[74] - The company's total revenue for 2023 was RMB 181,246.93 million, with hotel service revenue accounting for 31.19% and commodity trade revenue accounting for 56.92% of the total revenue[197] - The company's financial statements for 2023 were audited and found to be in compliance with Chinese Accounting Standards, reflecting the company's financial position and operating results fairly[196] - The company's hotel service revenue and commodity trade revenue were identified as key audit areas due to their significant impact on the company's financial performance and the high risk of misstatement[197] - The company's revenue recognition process for hotel services and commodity trade was rigorously tested, including internal control evaluations, analytical procedures, and detailed testing of transaction records[197] - The company's IT systems were audited to assess the effectiveness of internal controls and to identify any significant deficiencies in information technology governance[197] - The company's sales contracts and delivery records for commodity trade were reviewed to ensure accurate revenue recognition and to assess the timing of revenue recognition[197] - The company's financial report for 2023 did not include any significant misstatements or inconsistencies in the other information provided outside of the financial statements[200] Dividend Distribution - The company plans to distribute a cash dividend of RMB 1.20 per 10 shares, totaling RMB 46.8 million[7] - The total cash dividend for the year was RMB 46.8 million, accounting for 78.61% of the net profit attributable to ordinary shareholders of the listed company[130] - The company's 2022 profit distribution plan was to distribute a cash dividend of RMB 1 per 10 shares, totaling RMB 39 million, with the remaining undistributed profits carried forward to future years[127] Business Expansion and Market Performance - Jinling Hotels Group signed a total of 246 hotels by the end of 2023, covering 87 cities across 18 provinces[34] - Jinling VIP membership exceeded 20.25 million by the end of 2023[34] - Revenue increased by 30% year-over-year, with single-room revenue,餐饮收入, and婚喜宴收入 reaching historical highs[35] - Beijing Jinling Hotel's revenue grew by 49% year-over-year[35] - The "尊享金陵" platform achieved a GMV of 181 million yuan, a 68% increase year-over-year, with金陵贵宾会员消费 growing by 48% and direct booking比例 rising to 8.4%[36] - The "金采网" platform achieved a transaction volume of 43.56 million yuan within six months of its升级上线, with自有酒店集采率 increasing by 50%[37] - The酒类贸易板块 revenue突破 10 亿元, a 28% increase year-over-year[38] - The物业管理板块新增管理面积超 5 万㎡, including projects like "艺术金陵产业园" and "省公安厅特勤局办公楼"[38] - The company has 246 signed连锁酒店 across 87 cities in 18 provinces, with金陵贵宾会员总数突破 2025 万名[42] - The国内旅游市场 in 2023 saw 48.91 billion domestic trips, a 93.3% increase year-over-year, with total spending reaching 4.91 trillion yuan, a 140.3% increase[41] - The国内酒店业 in 2023 experienced significant growth in入住率 and平均房价, driven by the recovery of the文旅市场 and increased consumer demand for个性化体验 and品质化设施[41] - The company's酒类贸易板块 established茅台等品牌专卖店 and习酒品牌部, contributing to the 28% revenue growth[38] - Su Tang Company achieved operating income of 1,000.178 million yuan, a year-on-year increase of 28.18%[44] - Hui De Property Management Company achieved main business income of 78.7591 million yuan, a year-on-year increase of 15.86%[44] - Food Technology Company achieved operating income of 40.3719 million yuan, a year-on-year increase of 27.72%[45] - Tourism Development Company achieved operating income of 16.8273 million yuan[45] - The domestic hotel market in third- and fourth-tier cities has significant room for growth, with a chain rate of only 30.7% as of December 31, 2022, compared to 60.6% in first-tier cities and 48.6% in sub-provincial and provincial capital cities[76] - The company plans to focus on brand building, digital transformation, and capital operation to strengthen its core competitiveness and expand its market presence[78] - In 2024, the company aims to enhance its hotel business, optimize synergistic operations, and accelerate the development of strategic emerging industries to achieve high-quality growth[79] - The company will implement a "Renewal Plan" to renovate and upgrade facilities, including the completion of the Jinling Building renovation project and the transformation of guest rooms on floors 10-13[80] - The company will expand its hotel chain through various models such as self-operation, joint operation, and franchise management, focusing on key cities and core areas[81] - The company will increase investment in innovation and R&D, promoting the construction of "One Center, Three Platforms" and the development of digital core technologies[82] - The company will optimize its product structure and business model, focusing on high-margin products and expanding its retail and group purchasing channels[83] - The company will implement a diversified incentive mechanism, including talent rotation and performance-based compensation systems, to enhance internal motivation[84] Risk Management - Operating costs are at risk of increasing due to rising raw material procurement costs, labor costs, and energy expenses, with potential short-term increases in investment and depreciation due to hotel renovations[86] - The company faces operational risks from safety incidents, which could impact production, operations, and brand image, especially in sectors like hotel management, commercial complex operations, and food technology[86] - Risks in synergistic business development include channel reforms by liquor manufacturers affecting regional dealers, low market entry barriers in food technology, and potential delays in tourism resource development projects[86] - The company has implemented measures to address policy, market, and operational challenges, detailed in the "Management Discussion and Analysis" section of the report[87] Corporate Governance and Leadership - The company maintains a robust corporate governance structure, with a board of 10 directors, including 4 independent directors, and four specialized committees to ensure efficient decision-making[91] - The company has a strong focus on investor relations, conducting three performance briefings in 2023, including an innovative "video + text interaction" format for the 2022 annual performance briefing[93] - The company has received an "A" rating for information disclosure from the Shanghai Stock Exchange for three consecutive years (2021-2023)[94] - To address historical issues of competition with its parent company, the company has integrated hotel and tourism assets and signed management agreements for 11 hotels to minimize competition[95] - The company held its 2022 Annual General Meeting on June 20, 2023, where all proposals, including the Board of Directors' and Supervisory Committee's work reports, were approved without any rejections[96] - The 2023 First Extraordinary General Meeting was held on December 18, 2023, approving proposals such as the renewal of borrowing funds from the controlling shareholder and the independent director system[96] - The company's senior management, including the Chairman and Directors, did not hold any shares during the reporting period, with no changes in their shareholdings[97] - The total pre-tax remuneration for the company's directors, supervisors, and senior management in 2023 was 4.4191 million yuan[97] - The company's Chairman, Bi Jinbiao, has extensive experience in international business and finance, having held various leadership roles in Jiangsu HuiHong International Group and its subsidiaries[98] - The company held its first extraordinary general meeting in 2023, electing Bi Jinbiao, Zhang Shengxin, and Zhang Ping as the seventh board of directors (non-independent directors)[103] - Bi Jinbiao was elected as the chairman of the board during the 22nd meeting of the seventh board of directors[103] - Qin Langlang resigned as vice president in January 2024 due to work changes and no longer holds any position in the company[103] - The company appointed Zhou Lei, Zhou Qian, and Liu Yuxin as vice presidents during the 23rd meeting of the seventh board of directors in January 2024[103] - Li Qian resigned as chairman and director in November 2023 due to work transfer, and no longer holds any position in the company or its subsidiaries[102] - Chen Jianwei resigned as director and member of the board's special committees in November 2023 due to work transfer[102] - Total actual remuneration for all directors, supervisors, and senior management at the end of the reporting period was 4.4191 million yuan[108] - Independent director allowances are set at 80,000 yuan per year (pre-tax) as determined by the shareholders' meeting[108] - Liu Yuxin was appointed as a director for multiple subsidiaries, including Jiangsu Jinling Tourism Development Co., Ltd. and Nanjing Jinling Cultural Tourism Hotel Management Co., Ltd.[106][107] - Qin Langlang resigned as Vice President due to job transfer[110] - Yang Xiaogang resigned as Vice President due to job transfer[110] - Zhang Ping was elected as Chairman of Nanjing New Jinling Hotel Co., Ltd. and Jiangsu Jinling Trading Co., Ltd. in February 2023[105] - Chen Zhongyang served as Deputy General Manager and Party Committee Member of Jiangsu Transportation Holdings Co., Ltd. until September 2023[104] - Liu Feiyan serves as Chairman of the Supervisory Board for Jiangsu Tianquan Lake Development and Construction Co., Ltd.[106] - Zhou Lei holds multiple roles, including General Manager of Nanjing World Trade Center Co., Ltd. and Nanjing New Jinling Hotel Co., Ltd.[106] - Shi Hongwei serves as Chairman of Jiangsu Sutang Sugar, Wine, and Food Co., Ltd. and Executive Director of Beijing Jinling Hotel Co., Ltd.[107] - The company held 7 board meetings in 2023, with key resolutions including the 2022 annual report, financial statements, and profit distribution plan[111] - The company's 2023 financial budget report and Q1 report were approved during the 7th 17th board meeting on April 28, 2023[111] - The company's 2023 semi-annual report was approved during the 7th 19th board meeting on July 28, 2023[111] - The company's 2023 Q3 report was approved during the 7th 20th board meeting on October 27, 2023[111] - The audit committee held 6 meetings in 2023, reviewing the 2022 annual report, financial statements, and 2023 audit plan[116]