筹划一年多收购四星级酒店告吹，南京商旅股价四天下跌17%

Core Viewpoint - Nanjing Commercial Travel (600250.SH) announced the termination of its acquisition of Nanjing Huangpu Hotel, leading to a 17.32% drop in stock price over four trading days. The company emphasized its development strategy during an investor briefing on December 25, 2025 [1][9]. Financial Performance - Nanjing Commercial Travel, formerly known as Nanfang Co., has seen fluctuating revenues: 2022 revenue was 822 million yuan, 2023 was 856 million yuan, and 2024 was 776 million yuan. The company reported a net profit of -122 million yuan in 2022, 31 million yuan in 2023, and 6 million yuan in 2024. For the first three quarters of 2025, revenue was 552 million yuan, down 8.07% year-on-year, with a net profit of 18 million yuan, a 14% decline [3]. Business Segment Performance - The company's core business segments faced challenges: - Import and export trade revenue was 194 million yuan, down 11.75% year-on-year - Domestic trade revenue was 104 million yuan, down 31.34% - Retail department store revenue was 59 million yuan, down 49.87% - Tourism services revenue was 280 million yuan, up 29.39%, but with a 95.36% increase in costs, leading to an 18.35 percentage point drop in gross margin [3][4]. Acquisition Details - On May 25, 2024, Nanjing Commercial Travel announced plans to acquire 100% of Nanjing Huangpu Hotel and 49% of Nanjing South Commercial Operation Management Co. The hotel, a four-star establishment, has seen declining revenues: 67 million yuan in 2023, 60 million yuan in 2024, and 15 million yuan in Q1 2025, with net profits also decreasing [6][8]. Market Environment - The hotel industry is experiencing accelerated clearing, with single hotels facing significant risks. The trend is shifting towards increased chain hotel rates. The termination of the acquisition was attributed to changes in market conditions and the need to protect the interests of the company and its investors [8][9]. Future Strategy - In the December 25 briefing, the company reiterated its commitment to a dual business strategy of "tourism + commerce," focusing on existing business while seeking new growth opportunities to enhance core competitiveness and improve operational performance [9].