锦江酒店递表港交所加速出海：欧洲、亚太市场“双管齐下”

Core Viewpoint - Jin Jiang Hotels is set to become the first hotel group in China to be listed on both the A-share and Hong Kong stock markets, aiming to raise funds primarily for overseas expansion and digital transformation [1][2]. Group 1: Company Overview - Jin Jiang Hotels is the largest hotel group in China and globally by the number of operating hotels, and the second largest globally by the number of guest rooms [1]. - The number of operating guest rooms increased from 1.1198 million as of December 31, 2022, to 1.1907 million as of December 31, 2023, with a projected increase to 1.291 million by December 31, 2024, reflecting a compound annual growth rate of 7.4% [1]. Group 2: International Expansion Strategy - The company plans to enhance its infrastructure to promote growth in the Europe, Middle East, and Africa markets, including opening new hotels and renovating existing ones [2]. - Jin Jiang Hotels aims to penetrate high-growth Asia-Pacific markets such as India, Indonesia, Malaysia, and Thailand, expanding its hotel management teams and increasing hotel numbers through organic growth and strategic acquisitions [2][3]. Group 3: Financial Performance - The company's revenue for 2022, 2023, and 2024 was RMB 11.31 billion, RMB 14.65 billion, and RMB 14.06 billion, respectively, with net profits of RMB 126.6 million, RMB 1.002 billion, and RMB 911 million [5]. - In the first quarter of 2025, net profit dropped to RMB 36.01 million, a year-on-year decline of 81% [5]. Group 4: Debt Management and Recovery - The company's debt ratio decreased from 138.15% as of December 31, 2023, to 133.43% as of December 31, 2024, due to loan repayments [4]. - The RevPAR (Revenue Per Available Room) for overseas limited-service hotels reached 112.27% of 2019 levels in 2024, indicating a recovery in international operations [4].