36氪出海·港股｜锦江国际赴港上市：出海十年，为何至今难盈利？

Core Viewpoint - Jinjiang International Group is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its extensive global presence while addressing significant losses in its overseas operations over the past five years, totaling over 2.3 billion yuan [2][7]. Group 1: Company Overview - Jinjiang International is the largest hotel group in China, with a diverse portfolio of brands including Jinjiang Inn, Lavande, and Vienna, catering to various market segments from budget to mid-range [2]. - The company has expanded its footprint to 55 countries, with a notable presence in France, where it operates 773 hotels, and nearly 400 additional locations across Europe, Asia, the Americas, and Africa [2]. Group 2: Financial Performance - In 2024, Jinjiang's overseas market revenue reached 4.256 billion yuan, accounting for 30.8% of total revenue, with a gross margin of 41.9%, significantly higher than the domestic market [6]. - Despite the high gross margin, the overseas operations have faced continuous losses, accumulating over 300 million euros (approximately 2.35 billion yuan) in losses over five years, primarily due to high operational costs in Europe [7][9]. Group 3: Business Strategy - Jinjiang's business model includes both heavy asset and light asset strategies, with a shift towards a light asset model starting in 2024, focusing on franchising rather than direct ownership [5][8]. - The company plans to utilize funds from its IPO to enhance overseas operations, optimize debt, and invest in digital systems, with 50% of the raised capital earmarked for upgrading overseas business and digital infrastructure [10]. Group 4: Challenges and Future Outlook - The company faces significant challenges in its European operations, including high operational costs and cultural integration issues following large-scale acquisitions, particularly with the Louvre Hotels Group [9][13]. - Jinjiang is now targeting Southeast Asia for expansion, adopting a light asset strategy in collaboration with local partners, aiming to capitalize on the region's growing middle class and tourism industry [12][13]. - The success of Jinjiang's expansion into Southeast Asia will depend on its ability to address past integration challenges and avoid resource dispersion across multiple brands [13][14].