【IPO前哨】全球门店王冲刺港股！锦江酒店“真强”还是“虚胖”？

Core Viewpoint - Jinjiang Hotels plans to list on the Hong Kong Stock Exchange, aiming to become the first "A+H" hotel chain group, but faces challenges in attracting investment due to a significant decline in its A-share market performance [2][11]. Company Overview - Established in 1993 in Shanghai, Jinjiang Hotels is a multinational hotel group with over 13,000 hotels globally, making it the largest hotel group by number of hotels [3]. - The company operates nine hotel brands, with four exceeding 1,000 hotels, covering various market segments from economy to mid-high end [3]. - By the end of 2024, Jinjiang Hotels is projected to have 13,400 hotels and approximately 1.29 million rooms, maintaining a 13.0% market share in China's hotel market for nine consecutive years [3]. Financial Performance - In 2024, Jinjiang Hotels expects revenue of 14.06 billion RMB, a 4% decrease year-on-year, and a net profit of 1.14 billion RMB, down 10.4% [4]. - Despite the revenue decline, the company plans to distribute over 660 million RMB in dividends for 2024, a significant increase from 64 million RMB in 2023 [4]. Market Conditions - The hotel industry is experiencing oversupply, leading to intensified competition and price wars, particularly in the mid to low-end segments [5]. - Jinjiang Hotels' occupancy rate for 2024 is projected at 65.2%, a slight decline from the previous year, with average daily room rates dropping by 11.3 RMB to 244.3 RMB [5][6]. International Expansion - Jinjiang Hotels has pursued a global strategy, acquiring several hotel groups to expand its brand portfolio and international presence [8]. - In 2024, revenue from international markets reached 4.26 billion RMB, accounting for 30.3% of total revenue, although this segment also faced a slight decline [9]. Challenges Ahead - The company faces dual challenges: navigating the cyclical nature of the hotel industry and addressing the complexities of international operations [11]. - The success of its upcoming IPO and future growth will depend on balancing scale advantages with operational quality in a competitive market [11].