JINJIANG HOTELS(SH:900934)2024-04-01 16:00Dividend and Capital Management - The company plans to distribute a cash dividend of RMB 5.00 per 10 shares based on a total share capital of 1,070,044,063 shares as of December 31, 2023[2]. - The company has no plans for capital reserve transfer to increase share capital for the 2023 fiscal year[2]. - The company has not disclosed any plans for capital increase or share issuance in the current report[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[162]. - For the fiscal year 2022, the company declared a cash dividend of 0.60 RMB per 10 shares, totaling 535,022,031.50 RMB, which represents 53.41% of the net profit attributable to shareholders[166]. Financial Performance - The company's operating revenue for 2023 reached approximately RMB 14.65 billion, representing a 29.53% increase compared to RMB 11.31 billion in 2022[24]. - Net profit attributable to shareholders was approximately RMB 1.00 billion, a significant increase of 691.14% from RMB 126.62 million in the previous year[24]. - The net profit after deducting non-recurring gains and losses was approximately RMB 774.27 million, recovering from a loss of RMB 206.65 million in 2022[24]. - Cash flow from operating activities amounted to approximately RMB 5.16 billion, a 177.59% increase from RMB 1.86 billion in the previous year[24]. - Total assets as of December 31, 2023, were approximately RMB 50.59 billion, reflecting a 3.68% increase from RMB 48.79 billion at the end of 2022[24]. - The company's net assets attributable to shareholders decreased by 2.91% to approximately RMB 16.68 billion from RMB 17.18 billion in 2022[24]. Audit and Compliance - The board of directors confirmed the authenticity, accuracy, and completeness of the annual report, with no false records or major omissions[5]. - The company has received a standard unqualified audit report from Deloitte Huayong Certified Public Accountants for the 2023 financial statements[4]. - There are no non-operating fund occupations by controlling shareholders or related parties reported[4]. - The annual report is printed in both Chinese and English, with the Chinese version prevailing in case of discrepancies[6]. - The company has not faced any penalties from securities regulatory agencies in the past three years, indicating compliance with regulations[143]. Market and Operational Strategy - The company plans to continue expanding its market presence and invest in new product development to enhance customer experience[24]. - The average room rate and occupancy rate are expected to improve, contributing to revenue growth in the upcoming quarters[24]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its offerings[24]. - New technology initiatives are being implemented to optimize operational efficiency and enhance service delivery[24]. - The company aims to enhance its core competitiveness in management, branding, network, and talent[111]. Hotel Operations and Performance - The hotel business achieved consolidated revenue of CNY 1,439,954,000, a year-on-year increase of 29.97%[35]. - The operating profit for the hotel business reached CNY 163,688,000, up 494.04% compared to the previous year[35]. - The net profit attributable to the hotel business segment was CNY 76,831,000, an increase of CNY 95,247,000 year-on-year[35]. - The company opened 1,407 new hotels in 2023, resulting in a net increase of 888 hotels, bringing the total to 12,448 hotels by December 31, 2023[37]. - Revenue from limited-service hotels in mainland China was CNY 994,531,000, a growth of 33.68% year-on-year[40]. Employee and Management Changes - The total remuneration for senior management during the reporting period amounted to 5.9286 million yuan[136]. - The company appointed Mr. Mao Xiao as Vice President, with a term consistent with the current board of directors[137]. - Mr. Wang Guoxing resigned as Chairman of the Supervisory Board due to age reasons, and Ms. Guan Lijuan was elected as the new Chairman[137]. - The company’s management compensation is linked to the completion of annual operational targets, reflecting a performance-based approach[141]. - The company has seen changes in its supervisory board, with a new chairperson elected to replace the outgoing member due to age reasons[142]. Environmental and Social Responsibility - The company invested approximately 22.20 million yuan in environmental protection during the reporting period[175]. - Jin Jiang Hotels recycled 3.13 tons of old linens, resulting in a reduction of 208,034 MJ in energy consumption and a decrease of 23,012 kg in greenhouse gas emissions in 2023[181]. - The "Green Stay" initiative, in collaboration with Alipay, saw participation from 6,248 guests, leading to the issuance of 574 kg of green energy credits[182]. - Jin Jiang Hotels replaced small plastic toiletries with large bottles and biodegradable materials, achieving 100% replacement in some brands by 2023[182]. - The company allocated 50 million yuan to the construction and operation of public libraries, supporting children's education and rural development[186]. Risks and Challenges - The company faces risks related to macroeconomic fluctuations, which can negatively impact consumer spending on domestic travel and dining, affecting financial performance[116]. - Rising operational costs, particularly in fixed asset depreciation and rental expenses, pose a risk to the company's profitability if average room rates and occupancy do not increase correspondingly[117]. - The company acknowledges the risk of franchise management, where it cannot fully control the operations of franchised hotels, potentially impacting brand reputation and revenue[116]. - The company is exposed to foreign exchange risks due to operations in multiple currencies, including Euro, GBP, and USD, which may impact future operations[124]. - The company recognizes the competitive pressure in the limited-service hotel sector, particularly in second and third-tier cities, which may affect its market coverage and customer satisfaction if expansion lags behind competitors[117].