金陵饭店上半年业绩承压，扣非净利增长彰显经营韧性

Core Viewpoint - Jinling Hotel (601007.SH) reported a decline in revenue and net profit for the first half of 2025, but showed growth in core operating metrics, indicating resilience and potential for recovery in a challenging market environment [2][3]. Financial Performance - Revenue for the first half of the year was 851 million yuan, a year-on-year decrease of 7.03% - Net profit was 23.251 million yuan, down 3.74% year-on-year - Non-recurring net profit increased by 13.60% year-on-year, highlighting core operational strength [2]. Business Segments - Room revenue decreased by 16.77% and dining revenue fell by 4.33%, attributed to a "volume and price drop" trend and supply-demand imbalance in the hotel industry [2]. - Hotel management business grew by 22.44% year-on-year, providing crucial support for overall business development [2]. Strategic Initiatives - The company is implementing a "Renewal Plan" and advancing digital transformation to enhance competitiveness - The "Whale Spirit" operational management platform has been fully rolled out, and the direct sales ratio for room bookings has increased [3]. - Future expansion will focus on quality and efficiency, targeting major cities in the Yangtze River Delta and enhancing the presence of Jinling chain hotels [3]. Alcohol Trade Business - The alcohol trade segment faced revenue and gross margin declines but is considered an integral part of the company's diversified structure - The subsidiary Su Tang Company is actively optimizing its product matrix and enhancing brand management [4][5]. Food Technology Sector - The food technology segment reported revenue of 41.078 million yuan, a year-on-year increase of 19.04%, with a profit total of 2.4905 million yuan, up 289.09% [5]. - The company plans to strengthen brand development, expand sales channels, and improve supply capabilities in this strategic emerging industry [5]. Company Overview - Jinling Hotel was established in December 2002 and became the first publicly listed hotel in China in April 2007 - The company has diversified into hotel investment management, commercial complex operations, alcohol trade, property management, and food technology, with 229 signed Jinling chain hotels across 18 provinces [6].