JINJIANG HOTELS(600754) 深圳商报·2025-04-02 06:56Core Viewpoint - The financial performance of Jin Jiang International Hotel Co., Ltd. for the year 2024 shows a decline in both revenue and net profit, primarily due to the underperformance of its limited-service hotel segment and increased operational costs [4][5]. Financial Performance Summary - The total operating revenue for 2024 was 14.063 billion yuan, a decrease of 4.00% compared to 2023 [2][4]. - The net profit attributable to shareholders was 911 million yuan, down 9.06% year-on-year [2][4]. - The net profit after deducting non-recurring gains and losses was 539 million yuan, reflecting a significant decline of 30.32% [2][4]. - Basic earnings per share were 0.8535 yuan, representing an 8.83% decrease from the previous year [3][4]. Cash Flow and Asset Management - The net cash flow from operating activities was 3.562 billion yuan, a decline of 31.00% compared to 2023 [2][4]. - The net assets attributable to shareholders decreased by 7.61% to 15.409 billion yuan by the end of 2024 [2][4]. - Total assets were reported at 46.110 billion yuan, down 8.85% from the previous year [2][4]. Business Segment Analysis - The limited-service hotel segment, which is the main revenue driver, experienced a decline in revenue, average daily rate, and revenue per available room (RevPAR), indicating a contraction in market demand and intensified competition [5][6]. - Conversely, the full-service hotel segment showed growth in management fee income, benefiting from high-value services and management output models [5][6]. Strategic Direction - The company is shifting its strategy from expansion to optimizing existing assets, aiming to improve revenue structure by increasing the proportion of mid-to-high-end hotels [6]. - Despite maintaining cash dividends to signal stable cash flow, concerns about debt repayment capacity remain, as indicated by the asset-liability ratio and liquidity ratio [6].