推进上市，锦江酒店港股IPO获批复

Core Viewpoint - The company, Jin Jiang Hotels, has received preliminary approval from the Shanghai State-owned Assets Supervision and Administration Commission for its proposed H-share issuance and listing on the Hong Kong Stock Exchange, pending further approvals from shareholders and regulatory bodies [1] Group 1: Company Developments - Jin Jiang Hotels plans to issue H-shares not exceeding 15% of the total share capital post-issuance, with an option for an additional 15% in case of over-allotment [1] - The proceeds from the issuance are intended to strengthen and expand overseas operations, repay bank loans, and supplement working capital [1] - The company has appointed KPMG as the auditing firm for this issuance [1] Group 2: Financial Performance - In the previous year, Jin Jiang Hotels reported a revenue decline of 4% to 14.063 billion yuan, with a net profit drop of 9.06% to 911 million yuan, resulting in a gross margin of 39.52%, down 2.47 percentage points year-on-year [1] - Quarterly revenue growth rates showed significant pressure, with the fourth quarter experiencing a decline of 11.24%, leading to a net profit loss of 195 million yuan and a gross margin decrease to 33.09%, down 7.05 percentage points year-on-year [2] - In the first quarter of this year, the company’s revenue fell by 8.25% to 2.94 billion yuan, and net profit decreased by 81.03% to 36.01 million yuan, with operating cash flow down 40.84% to approximately 600 million yuan [3] Group 3: Future Outlook - For 2025, Jin Jiang Hotels plans to open 1,300 new hotels and sign contracts for 2,000 new hotels, aiming for revenue between 14.3 billion and 15 billion yuan, representing a growth of 2% to 7% year-on-year, with domestic revenue expected to grow by 5% to 10% [4]