财面儿·年报深解丨锦江酒店营利双降 负债高企

Core Insights - Jin Jiang Hotels, one of China's "big three" hotel groups, reported a decline in both revenue and profit for the year 2024, with total revenue at 14.063 billion yuan, down 4% year-on-year, and net profit attributable to shareholders at 910 million yuan, down 9.06% [1] - The company's core limited-service hotel segment has become a significant obstacle to performance growth, reflecting operational pressures [1] Revenue Breakdown - The revenue structure of Jin Jiang Hotels consists of hotel operations, food and beverage, and other businesses, with hotel operations being the dominant segment [2] - In 2024, the hotel business generated a total revenue of 13.821 billion yuan, with limited-service hotels accounting for 96.6% of this revenue at 13.583 billion yuan [3] - The average room rate for domestic mid-range hotels decreased to 260.12 yuan, down 6.14% from the previous year, while the average revenue per available room (RevPAR) fell by 8.33% to 175.79 yuan [3] Operational Challenges - Jin Jiang Hotels faced challenges in cash flow and debt management, with net cash flow from operating activities decreasing by 31% to 3.56 billion yuan [4] - The total assets of the company decreased by 8.85% to 46.11 billion yuan, while total liabilities also fell by 8.42% to 30.43 billion yuan, resulting in a slight increase in the debt-to-asset ratio [4] Strategic Shifts - The company is transitioning towards a lighter asset model by reducing the number of directly operated hotels and increasing franchise operations [4] - In 2024, Jin Jiang Hotels added 1,515 new hotels while exiting 519, resulting in a net increase of 968 hotels, with the proportion of directly operated hotels dropping to 5.11% [4]