锦江酒店2.07亿元转让四家公司股权 行业“去重转轻”仍在持续

Company Summary - Jin Jiang Hotels announced the transfer of 100% equity in four wholly-owned subsidiaries to its controlling shareholder, Shanghai Jin Jiang Capital Co., Ltd., for a total price of 207 million yuan [2] - The subsidiaries involved in the transfer include Shanghai Jichangkun Hotel Management Co., Ltd., Shanghai Huailian Hotel Management Co., Ltd., Shanghai Ehan Kun Hotel Management Co., Ltd., and Shanghai Liaokun Hotel Management Co., Ltd., with individual transfer prices of 42.8 million yuan, 40 million yuan, 79.3 million yuan, and 44.9 million yuan respectively [2] - The transaction prices reflect a premium rate between 117.51% and 192.28% compared to their book values, and the payment will be settled in full within five working days after all payment conditions are met, no later than December 31, 2025 [2] Strategic Focus - The asset transfer is part of Jin Jiang Hotels' ongoing strategy to deepen its light asset model, which has been a long-term focus for the company [3] - Jin Jiang Group has been implementing a "light and heavy separation, dual-wheel drive" model, with both light asset management and heavy asset investment businesses valued at over 50 billion yuan [3] - The company has successfully practiced large transactions and asset securitization, including the sale of two hotels in Shanghai in 2015 and the issuance of 1.775 billion yuan in REITs in 2024 [3] Financial Performance - In Q3 2025, Jin Jiang Hotels reported an operating income of 3.715 billion yuan, a year-on-year decrease of 4.71%, while net profit attributable to shareholders was approximately 375 million yuan, a year-on-year increase of 45.45% [3] - For the first three quarters of 2025, the company's operating income was 10.241 billion yuan, down 5.09% year-on-year, and net profit was 746 million yuan, down 32.52% year-on-year [3] Industry Trends - The light asset model has become a mainstream trend in the hotel industry, with domestic hotel groups accelerating the shift from heavy to light assets [4] - Research indicates that management and franchise hotel models are increasingly being adopted, with a focus on the mid-to-high-end market to meet consumer upgrade demands [4] - As of September 2025, the proportion of management and franchise hotels for Jin Jiang, Huazhu, Shoulv, and Atour reached 94.86%, 95.78%, 92.49%, and 98.77% respectively, reflecting a 1-2 percentage point increase compared to the same period last year [4]