经营业绩不振的锦江酒店，三年后想重返港股了

Core Viewpoint - The dual listing model of "A+H" is gaining momentum in China, with Jinjiang Hotels being the first hotel giant to pursue an H-share listing in Hong Kong to enhance its global strategy and connect with international capital markets [1][4]. Company Overview - Jinjiang Hotels plans to issue H-shares not exceeding 15% of its total share capital post-issuance, with an option for an additional 15% through an overallotment [4]. - The company aims to use the raised funds for expanding overseas operations, repaying bank loans, and supplementing working capital, indicating a focus on internationalization despite current performance challenges [4][5]. Financial Performance - In 2024, Jinjiang Hotels reported total revenue of 14.063 billion yuan, a decrease of 4% year-on-year, and a net profit of 911 million yuan, down 9.06% [6]. - The company experienced a significant decline in quarterly performance, with the fourth quarter showing a net loss of 195 million yuan and a gross margin drop of 7.05 percentage points to 33.09% [6][8]. - The limited-service hotel segment, which constitutes 99.37% of its portfolio, saw a revenue decline of 4.62% to approximately 13.58 billion yuan [8]. Market Context - Jinjiang Hotels' move to list in Hong Kong is seen as a catalyst for accelerating its international expansion, providing access to global investors and enhancing its capital structure [11]. - The company has previously faced challenges in its overseas ventures, particularly with the acquisition of the Louvre Hotels Group, which has been underperforming since 2020 [12][14]. - The competitive landscape shows that while Jinjiang remains a leader in scale, its performance contrasts sharply with peers like Huazhu Group and Shoulv Hotels, which have shown growth [9][11]. Future Outlook - Jinjiang Hotels plans to open 1,300 new hotels in 2025, a reduction from 1,515 in 2024, with projected revenue growth of 2% to 7% [14]. - The company’s recent financial results indicate ongoing challenges, with a first-quarter revenue drop of 8.25% and a net profit decline of 81.03% [14]. - The current IPO climate in Hong Kong, with a significant increase in new listings and capital raised, presents a potential opportunity for Jinjiang to secure funding for its international operations [15].