JINJIANG HOTELS(600754) 金融界·2025-04-02 07:47Core Insights - The company reported a total revenue of 14.063 billion yuan for 2024, a decrease of 4% year-on-year, with a net profit attributable to shareholders of 911 million yuan, down 9.06% [1] - The full-service hotel segment showed a nearly 50% growth year-on-year, while the limited-service hotel segment experienced a decline of 4.62% [1] Global Expansion and Domestic Performance - In 2024, the company opened 1,515 new hotels, achieving a net increase of 968 hotels, bringing the total signed hotels to 17,391 across 55 countries and regions [2] - The limited-service hotel segment in mainland China generated revenue of 9.326 billion yuan, down 6.22% year-on-year, with RevPAR at 100.13% of 2019 levels, a decrease of 5.78% from 2023 [2] - In contrast, the full-service hotel segment in mainland China saw a revenue increase of 49.57%, indicating strong demand in the high-end hotel market [2] Financial Pressure and Cash Flow Challenges - The company's debt-to-asset ratio rose to 65.99%, an increase of 0.31 percentage points year-on-year, indicating growing financial pressure [4] - Net cash flow from operating activities decreased by 31% to 3.562 billion yuan, primarily due to the decline in performance of limited-service hotels [4] - Non-recurring gains from asset sales provided temporary relief, but the net profit excluding these gains fell by 30.32%, highlighting weakened core business profitability [4] Food and Beverage Business Struggles - The food and beverage segment reported revenue of 240 million yuan, down 3.15% year-on-year, with a net profit of 185 million yuan, a decline of 38.06% [5] - The underperformance of this segment further contributed to the overall decline in the company's performance, indicating challenges in the diversification strategy [5] Future Outlook - The company needs to balance global expansion with domestic market recovery, leveraging brand influence and local strategies to explore overseas opportunities while optimizing the limited-service hotel segment [6] - There is a need to enhance product structure and service quality in the domestic market to improve competitiveness [6]