锦江酒店：上半年扣非归母净利润同比增长5.17%

Core Viewpoint - Jinjiang Hotels reported a revenue of 6.526 billion yuan and a net profit attributable to shareholders of 371 million yuan for the first half of 2025, with a year-on-year growth of 5.17% in net profit after deducting non-recurring items, despite a decline in net profit compared to the same period last year due to the absence of non-recurring gains from asset disposals [1] Group 1: Financial Performance - The company achieved an operating income of 6.526 billion yuan and a net profit of 371 million yuan in the first half of 2025 [1] - The net profit attributable to shareholders decreased year-on-year primarily due to the lack of non-recurring gains from the previous year's asset disposals, which amounted to 459 million yuan [1] - The net profit after deducting non-recurring items was 409 million yuan, reflecting a year-on-year growth of 5.17% [1] Group 2: Strategic Initiatives - Jinjiang Hotels is implementing a reform program focused on "refining, strengthening, and solidifying" its operations, which includes a significant restructuring of its organizational framework to enhance management efficiency [1] - The company has streamlined its domestic limited-service hotel segment from "7 major centers and 37 departments" to "13 departments and 2 business units," consolidating regional units into 6 for localized management [1] - The company is adopting a "12+3+1" brand strategy to strengthen its core brands, which is expected to enhance market presence and create a positive interaction between brand momentum and scale effects [1] Group 3: Digital Transformation - The WeHotel global hotel internet platform is facilitating the digital transformation of Jinjiang Hotels, with a focus on developing a member management system and comprehensive technical product matrix [2] - The company is enhancing its member system by breaking down data barriers and linking various online platforms to provide differentiated and scenario-based member experiences [2] - As of June 30, 2025, the total number of effective members reached 20.163 million, indicating a strong focus on member engagement and contribution [2] Group 4: Global Expansion - Jinjiang Hotels is accelerating its globalization strategy, particularly in Southeast Asia, by partnering with local hotel management groups and establishing localized teams for integrated management [3] - The company aims to achieve a target of opening 500 hotels in Southeast Asia within five years, emphasizing industry chain collaboration and the integration of tourism routes and supply chain systems [3] - In Europe, the company is revitalizing its operations by focusing on core businesses, disposing of non-core assets, and planning to issue H-shares for funding hotel upgrades and digital transformation [3]