Core Viewpoint - The focus on enhancing member experience and direct sales is crucial for hotel groups, particularly for Jinjiang Hotels, which aims to improve its member direct sales business and address pricing discrepancies in its membership system [2][6][7]. Group 1: Membership Strategy - Jinjiang Hotels emphasizes the importance of member loyalty and repeat purchases, which can lead to predictable and sustainable revenue streams [2][3]. - The company has established a comprehensive membership ecosystem that integrates dining, accommodation, travel, and entertainment services [2][3]. - Jinjiang Hotels aims to improve its central reservation rate, currently at 56.9%, by enhancing direct sales channels and reducing reliance on third-party platforms [3][4]. Group 2: Pricing Issues - A significant challenge for Jinjiang Hotels is the pricing discrepancy, where member rates are often higher than those offered by third-party platforms like Meituan and Ctrip [6][8]. - The company is implementing measures to address this issue, including a project to ensure price protection for members and real-time price monitoring across platforms [7][8]. - Industry experts note that pricing issues are common in the hotel sector, often due to a lack of professional pricing strategy and the influence of OTA channels [8][9]. Group 3: Competitive Landscape - Compared to its peers, Jinjiang Hotels' central reservation rate is competitive, but there is still room for improvement [4][5]. - Other hotel groups, such as Huazhu and Atour, report higher central reservation rates, indicating a competitive advantage in member engagement and direct sales [4][5]. - The industry is moving towards a "big membership" era, where hotel groups must develop tailored membership strategies to maintain competitiveness in a growing market [12].

Core Viewpoint - The company anticipates a slight decline in revenue for the first half of 2025, while projecting significant profit growth compared to the same period in 2024 [3][4]. Revenue and Profit Forecast - For the first half of 2025, the company expects revenue to be between 1.2 billion to 1.24 billion yuan, representing a year-on-year decline of 1.5% to 4.7%. Profit is projected to be between 90 million to 113 million yuan, a growth of 55.2% to 94.8% compared to 58 million yuan in the first half of 2024 [3]. Operational Adjustments and Reforms - The company has actively adjusted its store structure since 2024, closing underperforming stores, which has led to a stabilization in single-store performance. The revenue decline has narrowed significantly compared to previous periods [4]. - The management has implemented a more flexible organizational structure and clear strategic priorities, which are expected to continue improving operational performance [4]. Specific Reform Actions 1. **Store Closures and Employee Incentives**: The company has closed low-efficiency stores and improved employee motivation by linking sales growth to staff commissions, resulting in over a thousand stores achieving positive sales growth by July 2024 [4]. 2. **Membership System Enhancement**: The company has strengthened its membership program to increase average transaction value and repurchase rates, with membership sales showing a significant increase [4]. 3. **Brand Youthfulness and Store Format Adjustments**: The company is focusing on brand rejuvenation and plans to adjust store layouts in key locations to enhance customer experience and increase transaction values [4]. 4. **Capacity Utilization and New Channel Development**: To improve operational efficiency, the company has established a special department to develop new products for various retail channels, which is expected to contribute to revenue growth [5].